ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PERATAAN LABA DAN PENGARUHNYA TERHADAP KINERJA SAHAM PERUSAHAAN PUBLIK DI INDONESIA

Abstract

Abstract This research is done to find empirical evidence of the factors that affect income smoothing practice and empirical evidence about the difference of stock performance (return and risk) between smoother companies and non smoother companies. Independent variables that have been analyzed by this research are company size, profitability, leverage ratio, industrial sector, investment ratio, winner/ losser stocks. While, dependent variables that have been analyzes by this research are stock’s return and stock’s risk. Return and risk variables are utilized to observe the distinction between smoother companies and non smoother companies. Subsequently, income smoothing status is intervening variable. Data presented in this research consists of 101 public listed companies in Jakarta Stock Exchange (BEJ) which is now changed to be Indonesian Stock Exchange (BEI) on the period 2002-2006. Samples are selected by using purposive judgement sampling method, and then they are classified into smoother and non smoother group’s using eckel index. This research has used One-Sample Kolmogorov Smirnov Test to test data normality. Logistic Regression test is used to identify factors that affect smoothing income. To test the difference of return between smoother and non smoother is used T test. Whereas, Mann-Whitney U Test is used to analyze the difference of risk between smoother companies and non smoother companies. The result of this research indicates that company size, profitability, leverage ratio, industrial sector, investment ratio, winner/ losser stocks do not affect income smoothing practice. There is no difference of risk and return between smoother companies and non smoother companies. Keywords: Income smoothing practice, company size, profitability, leverage ratio, industrial sector, investment ratio, winner/ losser stocks, stock’s return, stock’s risk.