Penilaian Pasar Terhadap Manajemen Laba

Abstract

The objective of this research is to provide empirical evidence in pricing firm's earnings management. Earnings management can be motivated by the management intent to achieve or exceed three thresholds that is zero, past period earnings, and analyst forecast consensus. This research tries to examine how market reaction to earnings management that conducted to meet threshold number. The objective of hypothesis testing is to examine how market reaction to the firm that can exceed earnings threshold compare with the firm that can not meet earnings threshold. Earnings thresholds measured by zero earnings and past earnings. The market reaction is measured by firm abnormal return surrounding earnings announcement date. The sample is the firms that listed in IDX that published its financial statement at December 31, 2009-2011. The variables consist of dependent and independent variables. The dependent variables are cumulative abnormal return 3 days surroundings earnings announcement date; independent variables are asymmetry of information (info), a company that can exceed the earnings threshold (post), earnings (EARN) and changes in earnings (EARNCH). Abnormal return of the firms that can exceed earning threshold surrounding earning accouncement date is higher than the firm that cannot achieve earnings threshold. The higher of abnormal earnings of the firms that can exceed earnings threshold compare with the firm that cannot achieve earnings threshold would not reverse at the next earnings announcement date. The result shows that the firm that exceeded earnings threshold would receive lower return at the next period, only if the firm face higher information asymmetri. The research provides evidence that the abnormal reversal is the earnings announcement data one year after the initial earnings announcement. Keywords: earnings management, earnings threshold, the asymmetry of information