Abstract
This study was conducted on interim financial statements of companies included in the calculation of the KOMPAS 100 index on the Indonesia Stock Exchange (IDX) with the consideration that the companies' shares included in the KOMPAS 100 index on average per year control more than 75% in volume trade and market capitalization on the Indonesia Stock Exchange (IDX) so that it is considered the most widely traded stock. Hence, it is expected that many interested parties (especially active investors) of the interim financial report and use accounting information from the company in its investment decisions. The study was conducted on quarterly financial statements, mid-year financial reports and quarterly financial statements.The results of this study indicate that the market responds widely to the announcement of the Interim Financial Report I and Interim Financial Report II published by the issuer. On the other hand the market does not respond broadly to the announcement of the Interim Financial Report III published by the issuer.The involvement of auditors in interim financial reports in the form of reviews and complete audits does not have an impact on improving the quality of information on interim financial statements received by investors. This is demonstrated by the absence of differences in market reactions to the publication of interim financial statements.Keywords: Interim Financial Reports, Market Reactions
Highlights
Pendahuluan Reaksi pasar merupakan indikator terhadap penggunaan dan kebermanfaatan laporan keuangan oleh investor
This study was conducted on interim financial statements of companies included in the calculation of the KOMPAS 100 index on the Indonesia Stock Exchange (IDX) with the consideration that the companies' shares included in the KOMPAS 100 index on average per year control more than 75% in volume trade and market capitalization on the Indonesia Stock Exchange (IDX) so that it is considered the most widely traded stock
It is expected that many interested parties of the interim financial report and use accounting information from the company in its investment decisions
Summary
Menemukan bukti empiris yang menyatakan bahwa publikasi laporan keuangan interim tidak berpengaruh secara signifikan terhadap return saham abnormal untuk seluruh interim. Hasil penelitian ini konsisten dengan penelitian yang dilakukan oleh. Hakim dalam Jatiningrum (2009) yang menyimpulkan bahwa publikasi laporan keuangan interim tidak mempunyai pengaruh yang signifikan terhadap return saham abormal karena informasi akuntansi yang berupa laporan interim terlalu lambat diterima oleh investor sehingga menjadikan laporan keuangan interim tidak relevan. Hasil penelitiannya menunjukkan bahwa tidak ada pengaruh yang berarti antara pengumuman laporan keuangan interim dengan harga saham. Keterlibatan auditor dalam laporan keuangan interim juga menimbul-kan beberapa konsekuensi diantara peningkatan biaya audit yang signifikan yang sebenarnya tidak harus terjadi dan penundaan penyampaian laporan keuangan interim yang akan mengurangi relevansi laporan tersebut Mangena dan Tauringana (2012). Bedard dan Courteau (2004), menggunakan sampel sebanyak 1690 perusahaan di Kanada, menemukan bukti bahwa biaya audit untuk perusahaan yang melakukan reviu audit terhadap laporan keuangan interimya 15% lebih tinggi dibandingkan dengan perusahaan yang tidak melakukan reviu terhadap laporan keuangan interimnya
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