PENGARUH TINDAKAN PERATAAN LABA TERHADAP REAKSI PASAR DENGAN KUALITAS AUDITOR DAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL PEMODERASI

Abstract

Financial statement is to represent result of from operational activity done by reported company to external and also internal side of company. One of the most parameter is often used for measure or improvement degradation of performance at company is profit. Profit which mounting from previous period is indication that company performance is nicely and this matter can influence the make-up of share price. Management action do policy of income smoothing is to represent action to create stable profit and lessen covariance from market return, also expected can give influence which to the advantage of price of stocks and also assessment of manager performance defending it self in management of company utilize importance of prosperity of company employees and also to facilitate all investor for the predicted of return for future period. This research is to test reaction of market to action income smoothing to the manufacturing business audit financial statement by independent public accountant which with quality and less with quality which listed in the Indonesia Stock Exchange (IDX). Besides also examine reaction of market to income smoothing to the ownership of managerial. Population in this research is manufacturing business which listed in Indonesia Stock Exchange from year 2004 until year 2006, while its determination of use sampling purposive method and pursuant to criterion obtained by sample counted 84 manufacturing business. this Research data represent obtained secondary data from Indonesian Capital Market Directory (ICMD). Analysis data use multivariate regression analysis. Result of from this research is showed that according to together all free variable in this research have an effect on positive and significant to reaction of market. Results also showed that the variable of the Auditor quality was not to influence relation between action income smoothing with reaction of market at period announcement of company profit, and also to the ownership of managerial can not influence relation between react of market with action income smoothing at period announcement of company profit.

Key Words: Market reaction, income smoothing, Auditors quality