Suaryana, IGustiNgurahAgung (2014) Pengaruh Kualitas Laba, Perbedaan Opini Investor, dan Return Awal terhadap Kinerja Harga Saham Jangka Panjang dengan Pemoderasi Motif Penawaran Umum Perdana (PUP) Saham. Doctor thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menganalisis dan menguji (1) pengaruh kualitas laba bawaan dan diskresioner terhadap perbedaan opini investor, (2) pengaruh perbedaan opini investor, kualitas laba bawaan dan diskresioner terhadap return awal, (3) pengaruh return awal, perbedaan opini investor, kualitas laba bawaan, dan kualitas laba diskresioner terhadap kinerja harga harga saham jangka panjang dan (4) efek moderasi motif penawaran umum perdana (PUP) saham atas pengaruh kualitas laba bawaan, kualitas laba diskresioner, dan return awal terhadap kinerja harga saham jangka panjang. Populasi penelitian adalah seluruh perusahaan yang melakukan PUP pada tahun 1998 sampai dengan 2009. Jumlah sampel akhir sebesar 132 perusahaan. Alat analisis yang digunakan adalah analisis jalur. Hasil pengujian menemukan kualitas laba bawaan memengaruhi perbedaan opini investor, sebaliknya kualitas laba diskresioner terbukti tidak memengaruhi perbedaan opini investor. Perbedaan opini investor dan return awal terbukti memengaruhi return awal, sebaliknya kualitas laba diskresioner tidak memengaruhi return awal. Return awal, perbedaan opini investor, dan kualitas laba diskresioner terbukti memengaruhi kinerja harga saham jangka panjang, sebaliknya kualitas laba bawaan tidak memengaruhi kinerja harga saham jangka panjang. Hasil pengujian menemukan pengaruh tidak langsung kualitas laba bawaan terhadap kinerja harga saham jangka panjang karena kualitas laba bawan memengaruhi perbedaan opini investor, perbedaan opini investor memengaruhi return awal, dan return awal memengaruhi kinerja harga saham jangka panjang. Hasil pengujian efek moderasi menemukan motif PUP memoderasi pengaruh return awal terhadap kinerja harga saham jangka panjang.
English Abstract
This research aims to analyze and test (1) the effect of innate and discretionary earnings quality on the differences of investors` opinions; (2) the effect of investors` opinions differences, innate and discretionary earnings quality on initial return; (3) the effect of initial return, investors` opinions differences, innate earnings quality, and discretionary earnings quality on the performance of long-term stock price; and (4) the moderating effect of initial public offering (IPO) motive on the effect of innate and discretionary earnings quality, and initial return on the performance of long-term stock price. Research population includes all companies conducting IPO between 1998 and 2009, with the total sample of 132 firms. Data then are analyzed by employing Path Analysis technique. The results show that innate earnings quality affects investors` opinion differences, but this is not the case for discreationary earnings quality. Investors` opinions differences and innate earnings quality affect initial return, on the other side discretionary earnings quality does not. Initial return, investors` opinions differences, and discretionary earnings quality affect the performance of long-term stock price, but innate earnings quality does not. Indirect effect of innate earnings quality on long-term stock price performance is also supported because innate earnings quality affects investors` opinions differences which then influences initial return, and finally this return affects long-term stock price performance The result of moderating effect test demonstrates that IPO motive moderates the effect of initial return on the performance of long-term stock price.
| Item Type: | Thesis (Doctor) |
|---|---|
| Identification Number: | DES/332.632 2/SUA/p/061406278 |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment |
| Divisions: | S2/S3 > Doktor Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 09 Oct 2014 14:39 |
| Last Modified: | 09 Oct 2014 14:39 |
| URI: | http://repository.ub.ac.id/id/eprint/160750 |
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