Dampak Pengumuman Laporan Keuangan Terhadap Kegiatan Perdagangan Saham dan Variabilitas Tingkat Keuntungan  

Oleh:

Hanafi, Mamaduh M. ; Wibowo, Amin ; Hassan, F.X. Tarmidi

Jenis: Article from Bulletin/Magazine
Dalam koleksi: KELOLA Gadjah Mada University Business Review vol. VI no. 11 (1996), page 110-125.
Topik: Laporan keuangan; finance; stock exchange; keuntungan; saham; laporan keuangan

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: KK11.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper investigates the impact of financial statements of trading activities on stock volume and return variabilities. In general we found that there is an increase in trading activities in the period in which financial statemeents are published. Trading activities in this period are higher then trading activities in other periods. There is a significant differences between trading activities for december financial statements (audited) and trading activities for march financial statements (unaudited). We conclude that formalization of accounts has some values, despite lower recognition of public accounts and financial statements. We also found somewhat dissapointing results for the impact of financial statements on return variability. In general there are no differences in return variability before and after the publication of financial statements and there aren't significant differences between return variability during period in which the financial statements aer announced and other periods. We found a significant diffrence in return variability before and after the publication of march financial statements, but no differences between the december and march financial statements. These results lead us to conclude that march financial statements convey new information a higher return variability before the financial statements are published than after. We also conclude that december financial statements do not convey new information because they represent only a confirmation of the interim reports. If december financial statements showed some adjustment (possibly negative) on the interim reports, significant differences between return variability on the interim reports, significant differences between return variability in december and march could be expected.

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