HUBUNGAN MANAJEMEN LABA DENGAN KINERJA KEUANGANM DAN KINERJA SAHAM PADA PERUSAHAAN YANG MELAKUKAN IPO PERIODE 2007-2009

• Main Authors: , Rosita Dwi Nugrahasti Adi Suyono, , Dra. Sri Handaru Yuliati, M.B.A.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/119179/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=59174
• Institution: Universitas Gadjah Mada

A company must have information either before or after the Initial Public Offering (IPO) to go public. Before a company went public, investors only have company's information described in the prospectus. Information about company that is going public is still limited due to rareness of media the company before the IPO. Investors only rely on information from the prospectus, while the management is very aware of corporate information. The management has opportunity to perform earnings management before IPO in order to presented good company performance to investors. This study aims to provide evidence of earnings management, identify financial ratios that are changing, discover evidences of cumulative abnormal return, analyze the relationship between earnings management with financial ratios and relationship between earnings management with stock performance (cumulative abnormal return) during the IPO period. The object of this study consists of companies offering IPOs between 2007-2009 from all industries except the financial industry. The results show that there is no earnings management in the IPO periods. Financial performance of the company based on the current ratio, debt to assets ratio, and return on equity ratio are proven to have changes in the IPO period. While the financial performance of the company based on the ratio of return on assets, total asset turnover and fixed asset turnover has not been proven to have changed during the IPO period. The stock performance (cumulative abnormal return) also does not appear to have changed in the IPO period. Earnings management has a weak positive relationship with financial performance (financial ratios) while earnings management has a weak negative relationship with stock performance (cumulative abnormal return).