Analisis Reaksi Pasar dan Risiko Investasi antara Perusahaan Perata Laba dan Buka Perata Laba

Abstract

The research aims to: 1) Analyzing is there any difference of market reaction between income
smoothers and non income smoothers companies. 2) Analyzing is there any difference of investment
risk between the income smoothers and non income smoothers companies. The research was done
to manufactures companies listed in BEI. Among 149 manufactures companies listed in BEI, 48
companies were taken to become sample. Using Eckel Index, the sample were divided into two
type, 9 income smoothers and 39 non income smoothers. Documentation technique was used to
gather data. Independent sample t-test was used to analyzed data if it has normal distribution in
Kolmogorov-Smirnov test. The result show that there was no difference of the market reaction
between income smoothers and non income smoothers companies, and there was no difference
of investment risk between income smoothers and non income smoothers companies. It’s because
the result of independent sample t-test show the probability of amount market reaction and
investment risk were not significant in 5%.