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KHAMIDA LASTUN NISA'A
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MARKET REACTION TO THE IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ADOPTION IN INDONESIA
Abstrak (Bhs. Indonesia)
Penelitian ini dilakukan untuk mengetahui reakasi pasar terhadap informasi yang tercermin didalam laporan keuangan sebagai dampak implementasi adopsi IFRS. Reaksi pasar tercermin dalam average abnormal return, cummulative average abnormal return dan average trading volume activity. Populasi yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia. Sampel penelitian ini dipilih berdasarkan kriteria yang telah ditentukan dan perusahaan yang termasuk kedalam indeks LQ 45 dipilih sebagai sampel. Terdapat 39 perusahaan yang diteliti dari 45 perusahaan yang ada. Penelitian ini dilakukan selama 67 bulan yang terbagi kedalam periode estimasi selama 60 bulan dan periode peristiwa selama 7 bulan. Sehingga, penelitian ini merupakan studi peristiwa. Hasil dari penelitian menunjukkan bahwa terdapat reaksi pasar yang tercermin dalam average abnormal return sebelum dan sesudah implementasi adopsi IFRS pada perusahaan yang terdaftar di Bursa Efek Indonesia. Akan tetapi, tidak terdapat perbedaan yang signifikan. Terungkap juga bahwa terdapat reaksi pasar yang tercermin dalam cummulative average abnormal return sebelum dan sesudah implementasi adopsi IFRS pada perusahan yang terdaftar di Bursa Efek Indonesia dan juga terdapat perbedaan yang signifikan. Average trading volume activity menunjukkan bahwa tidak terdapat perbedaan yang signifkan namun terdapat reaksi pasar positif pada perusahaan yang terdaftar di Bursa Efek Indonesia selama periode peristiwa.
Abtrak (Bhs. Inggris)
This research conducted to know market reaction towards the information generated by the implementation of IFRS adoption in the financial reporting reflected by average abnormal return, cummulative average abnormal return and average trading volume activity. The population used in this research were the companies listed in Indonesia Stock Exchange. The companies which were included in LQ 45 indices were selected as sample. There were 39 companies selected from 45 companies available. This research conducted during 67 months which devided into estimation period during 60 months and event period during 7 months. Thus, this research was an Event Study research. Results of this research represented that there is market reaction there is market reaction reflected by average abnormal return before and after the implementation of IFRS adoption in the company listed in Indonesia Stock Exchange but there was no significant difference in Average Abnormal Return during the event period. Revealed also that there is market reaction reflected by Cummulative Average Abnormal return before and after the implementation of IFRS adoption in the company listed in Indonesia Stock Exchange also and there was significant difference in Cummulative Average Abnormal return. Meanwhile, there is no significant difference reflected by Average Trading Volume Activity before and after the implementation of IFRS adoption in the company listed in Indonesia Stock Exchange even though, there is market reaction reflected by Average Trading Volume Activity during the event period.
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