PENGARUH INFORMASI ARUS KAS OPERAS! dan PENYESUAIAN AKRUAL TERHADAP UNEXPECTED TRADING VOLUME ( STUDI EMPIRIS di BURSA EFEK JAKARTA }

Abstract

Many methods can be used to detect market reactions as a responds to a financial statement announcement. One of Those is to observe market behaviour as proxied by unexpected trading volume in the earning anoouncernents periods. This study investigates whether operating cash flow and accrual adjusment information have a significant influence on unexpected trading volume with company size as control variable in the earning announcements periods. The research was conducted at the JSX using 118 emitens as the samples based on Purposive Sampling. The data used in this research are the total amount of operation cash flow and accrual adjust-ment during the accounting period of 2000, 2001 and 2002. the announcement date of financial statement during the accounting period of 2000,2001 and 2002, the total amount of the trade shares, the total amount of the outstanding shares or listing and the total assets. The analyzed method used in this research is Moderated Regression Analysis (MRA). There are three hypothesis in this research. The first and second hypothesis were analyzed using Hest Meanwhile, the third hypothesis was analyzed using F•test. The result of the hypothesis test shows significant result. It means that significant influence is found from operating cash how dan accrual adjusment to unexpected trading volume with regard to company size. Keywords: Unexpected Trading Volume, Operating Cash flow, Accrual Adjusment, Company Size.