PENGARUH PERATAAN LABA TERHADAP REAKSI PASAR DENGAN KOMITE AUDIT DAN KOMISARIS INDEPENDEN
SEBAGAI VARIABEL PEMODERASI
ABSTRAK
Informasi laba adalah penting dalam proses pengambilan keputusan oleh para pemakai laporan keuangan. Hal tersebut memotivasi manajemen untuk melakukan manajemen laba. Salah satu tindakan manajemen laba adalah tindakan perataan laba. Tujuan penelitian ini adalah: 1) untuk menganalisis pengaruh perataan laba, komite audit, dan komisaris independen terhadap reaksi pasar secara parsial dan simultan; 2) untuk menganalisis apakah komite audit memoderasi pengaruh perataan laba terhadap reaksi pasar; 3) untuk menganalisis apakah komisaris independen memoderasi pengaruh perataan laba terhadap reaksi pasar. Penelitian ini menggunakan data laporan keuangan tahunan dan harga saham perusahaan-perusahaan non perbankan yang terdaftar di Bursa Efek Indonesia pada periode 2010 - 2012. Jumlah populasi penelitian sebanyak 454 perusahaan. Sampel penelitian sebanyak 100 perusahaan yang dipilih melalui metode purposive sampling selama 3 tahun. Jumlah observasi penelitian ini adalah 300 data. Data diuji dan dianalisis dengan uji regresi berganda dan uji residual. Hasil penelitian ini menunjukkan bahwa perataan laba, komite audit dan komisaris independen tidak berpengaruh signifikan terhadap reaksi pasar secara parsial dan simultan. Komite audit dan komisaris independen tidak mampu memoderasi pengaruh perataan laba terhadap reaksi pasar. Hasil penelitian ini membawa implikasi pada penelitian selanjutnya untuk mencoba menganalisis topik serupa dengan menambah variabel independen yang mempengaruhi reaksi pasar seperti pertumbuhan industri, audit internal, pengumuman dividen, dan pengumuman investasi.
Kata kunci: Perataan laba, Komite Audit, Komisaris Independen, Reaksi Pasar
THE INFLUENCE OF INCOME SMOOTHING ON MARKET REACTION WITH AUDIT COMMITTEE AND INDEPENDENT COMMISSIONER
AS MODERATING VARIABLES
ABSTRACK
Profit information is important in the process of decision making by financial statement users. This will motivate management to establish profit management. One of the actions in profit management is income smoothing. The objective of the research was 1) to analyze the influence of income smoothing, audit committee, and independent commissioners on market reaction partially and simultaneously, 2) to analyze whether audit committee moderated the influence of income smoothing on market reaction, 3) and to analyze whether independent commissioners moderated the influence income smoothing on market reaction. The research used the data of annual financial statement and stock price of non-banking companies listed in the Indonesia Stock Exchange in the period of 2010-2012. The population was 454 companies, and 100 of them were used as the samples within three years, using purposive sampling technique. The number of observations was 300 data which were tested and analyzed by using multiple regression analysis and residual test. The result of the research showed that, partially and simultaneously, income smoothing, audit committee, and independent commissioners did not have any significant influence on market reaction. Audit committee and independent commissioners were not able to moderate the influence of income smoothing on market reaction. The result of this research could be the implication of the next research to analyze the same topic by adding independent variables which influenced marke reaction such as industrial growth, internal audit, dividend announcement, and investment announcement.
Keywords: Income Smoothing, Audit Committee, Independent Commissioners, Market Reaction
