Pengaruh Kualitas Laba terhadap Reaksi Pasar setelah Pengumuman Laporan Keuangan

Earnings is one of the information that has been used by analysts and investors. Quality of earnings held important role to produce a desired expected return, reflecting the condition of a firm. Moreover, the existence of market reaction based on new information in financial reports is indicated by changes in stock returns around earnings announcement. This research focuses on market reactions before and after earnings announcement, and simultaneously analyzes relationship between quality of earnings and market reactions after earnings announcement. Event study used as a method to test market reactions around earnings announcement and regression method used for testing relationship between qualities of earnings towards market reactions. The number of sample used was 1,066 firm-years for event study purposes and 967 firm-years for regression test purposes. Results show existences of market reaction in twenty days around earnings announcement. In addition, there is relationship between qualities of earnings towards market reaction after earnings announcement. The delay of market reaction could possibly cause by uneven distribution of information among the recipients which are market players. Relationship between quality of earnings towards market reaction showed that market players did utilize those information in order to execute investment action.