Hipotesis Pasar Efisien Berbasis Perspektif Pengukuran: Suatu Gagasan Dan Pengujian Alternatif Terhadap Efisiensi Pasar  

Oleh:

Pinasti, Margani

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: Modus Jurnal Ekonomi dan Bisnis vol. 21 no. 1 (Mar. 2009), page 1-11.
Topik: Market Efficiency; Measurement Perspective; Earnings Quality; Panel Data
Fulltext: Hipotesis Pasar Efisien Berbasis Perspektif Pengukuran Suatu Gagasan Dan Pengujian Alternatif Terhadap Efisiensi Pasar.pdf (9.41MB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: MM57.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

This paper aims to formulate a testable proposition of efficient market based on measurement perspective, and to test the proposition empirically. Market efficiency concept based on measurement perspective was not well developed in accounting literature. The proposition and empirical test in this paper also give a contribution in solving the joint test problem in market efficiency testing. The primary premise in this paper is that in an efficient market, security prices should have a strong association with accounting numbers that reflect value of firm, and on the contrary, should not have an association with accounting numbers cannot reflect value of the firm. This premise explains market efficiency concept based on measurement perspective. The quality of accounting numbers indicates the capability of accounting numbers that cannot reflect value of the firm. Accordingly, a testable proposition that can be derived from the premise is that association with association security prices with accounting numbers is influenced by the quality of that accounting numbers. The market efficiency concept based on measurement perspective is tested empirically in Indonesia Stock Exchange emiten firms sample. Regression analysis is used to test the hypothesis. There are several regression model based on two groups. One group is panel data that consists of 672 observation (48 firms, 14 years period, from 1990 up to 2003); and the other data group is cross-sectional data that consists of 41 firms. Several proxies are also used to measure the research variables. This design aims to increase the robustness of the result. Various proxies and two groups of data show a consistent result. The result of empirical test supports the conclusion that Indonesian Stock Exchange is an efficient market-based on measurement perspective. Earnings quality has a significant positive influence on the relationship of security prices and earning number. This result indicates that security prices of Indonesian Stock Exchanges have a strong association with accounting numbers that have a good quality only. In other words, the security prices have a strong association with the proxy of intrinsic value of the firm. (Upload Full-Text_Ali_Desember 2023)

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali