PENGARUH ETIKA PENGELOLAAN LABA DAN PENGUNGKAPAN TERHADAP KINERJA KEUANGAN PASCA-SEASONED EQUITY OFFERINGS

Abstract

This study aims to analyze the interdependency association between earnings management ethics and disclosure, and the simultaneous effect of those two on firms' financial performance post-seasoned equity offerings (SEO) by using three-stage least-squares analysis. This research use discretionary accruals (Rangan, 1998) as the measure of earnings management and stock exchange request of incidental public expose for the disclosure proxy. This proxy is employed considering the request is only carried out towards the companies with insufficient disclosure . For financial performance, return is used as theproxy. The samples of this study are each SEO activities performed by listed companies in 2001-2005, which are not categorized as financial nor real estate companies. The results of this study show whether there is no interdependency association between earnings management ethics and disclosure. As well, also showed that there is no effect of earnings management and disclosure on the financial performance post-SEO, whether it is simultaneously nor partially in 5% significance level. Keywords: Earnings management, disclosure, financialperformance, seasoned equity offerings.