Abstract
Market reactions as measured by Stock Trading Volume are often investigated due to the publication of financial statements (profit publications), dividend distribution announcements, announcement of dividend increases, announcement of changes in directors, or Indonesian macro conditions which theoretically have the possibility of influencing the volume of stock trading. The market reaction is measured by the Stock Trading Volume starting from one day after the information is announced until the next few days, even until the next few months. The purpose of this study is to determine the extent of the effect of bankruptcy potential, profit management strategy and investment risk simultaneously on the stock trading volume of companies listed on the Indonesia Stock Exchange.This study uses quantitative methods. The population to be studied in writing scientific papers are all LQ45 Index companies listed on the Indonesia Stock Exchange. The sample in this study were all LQ-45 stock indices that persisted in the 2009-2011 period. The results of multiple linear regression analysis show that partially the variable (H1) potential for bankruptcy has a significant effect on the volume of stock trading. Variable (H2) The earnings management strategy partially does not have a significant effect on the volume of stock trading. Variable (H3) Investment risk partially has a significant effect on stock trading volume. Simultaneously (H4) the potential for bankruptcy, earnings management strategies and investment risk have a significant effect on the volume of stock trading.
Highlights
Artinya secara bersama-sama potensi kebangkrutan, strategi manajemen laba dan resiko investasi mampu menjelaskan variasi dari variabel volume perdagangan saham sebesar 8,1% sedangkan sisanya (100% - 8,1% = 91,9%) dapat dijelaskan oleh faktor-faktor lain yang tidak dimasukkan ke dalam model regresi
Hipotesis ini secara simultan menunjukkan bahwa potensi kebangkrutan altman dengan Z-score sebagai alat ukur kesehatan perusahaan, strategi manajemen laba dengan Model Zmijewski merupakan implementasi kebijakan akuntansi untuk menaikkan atau menurunkan laba, dan risiko investasi dengan standar deviasi untuk membantu investor untuk menentukan jenis saham yang tergolong risiko tinggi maupun yang berisiko rendah
Summary
Berdasarkan tabel tersebut, untuk melihat pengaruh secara serentak dilakukan dengan uji F yaitu pengujian secara serentak pengaruh variabel Potensi kebangkrutan, strategi manajemen laba dan resiko investasi terhadap volume perdagangan saham (Y). Pada pengujian ini besarnya signifikansi F sebesar 0,003 lebih kecil dari 0,05 atau dengan nilai Fhitung sebesar 4,926 > Ftabel sebesar 2,712 sehingga Fhitung > Ftabel, maka Ha1 diterima dan model regresi dapat digunakan untuk memprediksi volume perdagangan saham atau dapat dikatakan bahwa potensi kebangkrutan, strategi manajemen laba dan resiko investasi berpengaruh terhadap volume perdagangan saham.
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