EFEK NEGATIF KONSERVATISME TERHADAP REAKSI PASAR

Rini Indriani, Rizki Marfirani Amalia

Abstract


Abstrak: Efek Negatif Konservatisme terhadap Reaksi Pasar. Studi ini dilakukan untuk menginvestigasi pengaruh konservatisme terhadap reaksi pasar sehubungan perubahan saldo kas. Penelitian ini menggunakan metode regresi stepwise sebagai alat analisis dengan 248 perusahaan terbuka nonkeuangan di Indonesia sebagai sampel. Hasil analisis menunjukkan bahwa konservatisme yang tinggi pada laporan laba-rugi akan direaksi pasar sebagai berita buruk. Ketidakpastian informasi yang dikhawatirkan investor karena perilaku oportunis manajemen ditunjukkan melalui perubahan kas dan penerapan konservatisme yang tinggi. Oleh karena itu, perusahaan harus berhati-hati dalam memutuskan sejumlah kebijakan keuangan.

 

Abstract: The Negative Effects of Conservatism on Market Reactions. This study was carried out to investigate the effect of conservatism on market reactions regarding changes in cash balances. This research uses the stepwise regression method as an analysis tool with 248 non-financial public companies in Indonesia as a sample. The analysis shows that high conservatism on the income statement will be reacted by the market as bad news. The uncertainty of information that investors are concerned about because of the opportunistic behavior of management is shown through changes in cash and the application of high conservatism. Therefore, companies must be careful in deciding several financial policies.


Keywords


pelaporan keuangan; reaksi pasar; saldo kas

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References


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DOI: http://dx.doi.org/10.18202/jamal.2019.08.10023

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