Seminar Essay

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JURNAL RISET AKUNTANSI INDONESIA Vol. 7 , No. 3, September 2004 . Hal. 295-315 Dampak Earnings Reporting Lags terhadap Koefisien Respon Labal JAS WADI Politeknik Negeri Malang - Universitas Brawijaya The objectives of the study are: (I) to analyze the mean d~xerence market reacof tion to semi-annual versus annual earnings announcement; (2) to analyze the mean difference ofsemi-annual versus annual ERC; and (3) to empirically investigate the impact of reporting lags on ERC. This study uses a time-series of 47-listed company on the JSX during 1992-2001. The sample was proportionally selected from 8 industries. This study uses the 10years time-series on the equation I and 10 yearspooled-time series on the equation 2. The t test on semi-annual versus annual abnormal return and ERC of equation I was used to test the hypotheses I and 2. Furthermore, multiple-regression analysis of equation 2 was used to test the hypotheses 3. The result of this study are as follows:(l) the investors respond indiflerently of semi-annual and annual earnings announcement, but cumulatively the semi-annual abnormal return is larger relatively to the annual CAR; (2) semi-annual ERC is greater relatively to the annual ERC; (3) there is negative direction of length of reporting lags on the ERC; and (4) based on sensitivity analysis, the determinants of ERC are earnings persistence, earnings predictabiliiy, growth opportuniiy, leverage and industrial effect. The systematic risk andfirm size was inconsistent to the previous studies. The reason is probably caused by the structural change bias during 1997-1998 period. The study extent the ERC issues and contribute to BAPEPAM mainly to the decrees No. 17/PM2002 that revisedthe decreesNo. 80/PU/1996. This new decrees shorten the reporting lags of semi-annual and annual financial statement to BAPEPAM Based on the finding that J W S

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