PENGARUH PERATAAN LABA DAN KEBIJAKAN DIVIDEN TERHADAP REAKSI INVESTOR PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (Studi Empiris Pada Perusahaan Yang Terdaftar di BEI Periode 2010-2012)

Abstract

The rate of return on investment is a basic objective for an investor. Stock returns that can trigger a reaction from investors often influenced by several internal and external factors of the company. Income smoothing is one of the methods that is used by the management to make the profit looked consistent from year to year. Investors often do not pay attention to the source of earnings information disclosed by the company. This is due to the information gap between management and investors. Dividend policy is a means to provide welfare for investors over the investment activities that have been carried out. GMS decision regarding dividend distribution is expected to attract investors, so the company's stock could rise. The purpose of this study was to analyze the effect of income smoothing practices and dividend policy on investor reaction. The sample used in this study came from non-financial companies listed on the Indonesia Stock Exchange (IDX) during the years 2010-2012. The results of multiple regression test showed there is no effect between income smoothing practices by the reaction of investors. The results also suggest that dividend policy has no effect on the reaction of the investors.