Reaksi Pasar terhadap Publikasi Opini Wajar Tanpa Pengecualian dengan Paragraf Penekanan Suatu Hal
Abstract
This study aims to examine the information content by looking at the market reaction to the publication of unqualified opinion with the paragraph emphasizing a matter as measured by abnormal returns and trading volume activity. This research is an event study with an observation period of 7 stock exchange days. The population in this study were manufacturing companies listed on the IDX in 2016-2018, totaling 177 companies. The sampling method used non-probability sampling with purposive sampling technique, in order to obtain a sample of 23 companies with 33 audited financial reports. The data analysis technique used paired samplesxt-test. The results of this study indicate that there is no difference in average abnormal return and average trading volume activity before and after the publication of unqualified opinion with an emphasis on a paragraph. This indicates that the publication of an unqualified opinion with an emphasis on a subject paragraph does not cause a market reaction because there is no information content on the event.
Keywords: Event Study; Abnormal Return; Trading Volume Activity.
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References
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Dewi, T. K., & Badera, D. N. (2016). Reaksi Pasar Terhadap Harga Saham Sebelum dan Setelah Publikasi Laporan Keuangan Auditan. E-Jurnal Akuntansi Universitas Udayana, 14(1), 198–225.
Fama, E. F. (1970). Efficient Market: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417. https://doi.org/10.1016/S2212-5671(15)00716-9
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Huang, J., & Yu, H. (2019). Does the Market Know ? Going Concern Opinion Release and Firm Fundamentals. International Journal of Accounting and Financial Reporting, 9(1), 135–151. https://doi.org/10.5296/ijafr.v9i1.13673
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Institut Akuntan Publik Indonesia. (2012a). Standar Audit 570 Kelangsungan Usaha. Diakses pada 16 Maret 2019, dari http://www.iapi-lib.com/spap/1/files/SA%20200/SA%20200.pdf
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Laksitafresti, A., & Laksito, H. (2012). Pengaruh Opini Wajar Tanpa Pengecualian dengan Paragraf Penjelas (WTP-PP) dan Opini Wajar dengan Pengecualian (WDP) Terhadap Harga Saham dan Volume Perdagangan Saham (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Pada Periode 2004-2010). Skripsi dipublikasikan. Universitas Diponegoro. http://eprints.undip.ac.id/35292/
Mahendra, I. K. R., & Rasmini, N. K. (2019). Reaksi Pasar Terhadap Kenaikan Bank Indonesia 7-Day Reverse Repo Rate Tanggal 15 Agustus 2018. E-Jurnal Akuntansi Universitas Udayana, 27, 2066–2099. https://doi.org/10.24843/EJA.2019.v27.i03.p16
Menon, K., & Williams, D. D. (2010). Investor Reaction to Going Concern Audit Reports. The Accounting Review, 85(6), 2075–2105. https://doi.org/10.2308/accr.2010.85.6.2075
Mustikarini, A., & Samudera, M. B. (2017). Does Modified Audit Opinion Matter to Investors ? Evidence from Indonesia. Proceedings of the 18th Asian Academic Accounting Association (FourA) Annual Conference 2017 22-23 November 2017, Bali, Indonesia, 151-159.
Nguyen, H. N. A., & Hung P. V. R. (2017). The Effects of Regulatory Announcements on Risk and Return: The Vietnamese Experience. Pacific Accounting Review the University of Newcastle Australia, 29(2), 66–69.
Nuari, M. G., & Setyani, A. Y. (2017). Pengaruh Publikasi Laporan Keuangan Terhadap Volume Perdagangan Saham di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 13(1), 19–29. https://doi.org/10.25105/mraai.v6i1.896
Otoritas Jasa Keuangan. (2019). Siaran Pers Survei OJK 2019: Indeks Literasi Dan Inklusi Keuangan Meningkat, SP 58/DHMS/OJK/XI/2019. Diakses pada 11 Septermber 2020, dari https://www.ojk.go.id/id/berita-dan-kegiatan/siaranpers/Pages/Siaran-Pers-Survei-OJK-2019-IndeksLiterasiDanInklusi-Keuangan-Meningkat.aspx
Pakdaman, H. (2018). Auditor’s Opinion and Market Reaction of Companies Listed on the Tehran Stock Exchange (TSE) Hasan. Revista Publicando, 5(14), 101–118.
Prasetyo, A. (2017). Study Respon Investor Terhadap Opini Going Concern. Majalah Ilmiah Institut STIAMI, 14(2), 236–247. https://doi.org/10.31334/bijak.v14i2.20
Prasetyo, A., & Junaidi. (2015). Reaksi Investor Atas Pengumuman Laporan Keuangan: Studi Atas Opini Going Concern. Jurnal Ekonomi Dan Bisnis, 9(2), 91–98.
PT Bursa Efek Indonesia. (2004). Peraturan Nomor I-I Tentang Penghapusan Pencatatan (Delisting) dan Pencatatan Kembali (Relisting) Saham di Bursa, No. Kep-308/BEJ/07-2004. Diakses pada 17 Maret 2019, dari https://www.idx.co.id/media/8341/peraturan_i_i_penghapusan_delisting_pencatatan_kembali_relisting_saham.pdf
Putra, I. G. B. Y. P., & Suarjaya, A. A. G. (2020). Analysis of Market Reaction to Announcements Of Stock Split. American Journal of Humanities and Social Sciences Research, 4(6), 114–120.
Reid, L. C. (2015). Are Auditor and Audit Committee Report Changes Useful to Investors ? Evidence from the United Kingdom. Trace: Tennessee Research and Creative Exchange, 5.
Siagian, H. L., & Putri, S. R. (2019). Analisis Reaksi Pasar Atas Perubahan Harga Saham Sesudah Pengumuman Opini Auditor Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurakunman, 12(2), 96–110. https://doi.org/ISSN: 2086-681X
Tandungan, D., & Mertha, I. M. (2016). Pengaruh Komite Audit, Ukuran Perusahaan, Audit tenure, dan Reputasi KAP Terhadap Opini Audit Going Concern. E-Jurnal Akuntansi Universitas Udayana, 16(1), 45–71.
Winarto, W., & Nugrahanti, Y. W. (2015). Reaksi Pasar di Sekitar Tanggal Pengumuman Opini Audit Wajar Tanpa Pengecualian dengan Paragraf Penjelasan dan Opini Audit Wajar dengan Pengecualian. Institutional Repository of Satya Wacana Christian University, 1–22.
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2015). Market Reaction to the Positiveness of Annual Report Narratives. British Accounting Review, 48(4), 415–430. https://doi.org/10.1016/j.bar.2015.12.001
Yuniati, T. (2017). Analisis Abnormal Return dan Trading Volume Activity Saham LQ45 pada Seputar Peristiwa Pengumuman Kebijakan Pengampunan Pajak (Tax Amnesty). Skripsi dipublikasikan. Universitas Lampung. https://adoc.pub/analisis-abnormal-return-dan-trading-volume
-activity-saham-l.html
Al-Attar, K. A. (2017). The Impact of Auditing on Stock Prices of Amman Stock Market’™s Listed Companies. International Journal of Academic Research in Business and Social Sciences, 7(6), 210–220. https://doi.org/10.6007/ijarbss/v7-i6/2958
Alakari, S. (2016). The Effect of Qualified Auditors’ Opinions on Share Prices: Evidence from Tunis. SSRN Electronic Journal, 1–14. https://doi.org/10.2139/ssrn.2846391
Ang, R. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Erlangga.
Arieza, U. (2018). Dwi Aneka Jaya Kemasindo Hengkang dari Bursa, Ini Penjelasan BEI. Okezone.com. Diakses pada 16 Maret 2019, dari https://economy.okezone.com/read/2018/05/22/278/1901277/dwi-aneka-jaya-kemasindo-hengkang-dari-bursa-ini-penjelasan-bei
Danescu, T., & Spatacean, O. (2017). Audit Opinion Impact in The Investors’ Perception – Empirical Evidence on Bucharest Stock Exchange. Audit Financiar, XVI(1(149)), 111–121. https://doi.org/10.20869/AUDITF/2018/1
49/003
Dewi, T. K., & Badera, D. N. (2016). Reaksi Pasar Terhadap Harga Saham Sebelum dan Setelah Publikasi Laporan Keuangan Auditan. E-Jurnal Akuntansi Universitas Udayana, 14(1), 198–225.
Fama, E. F. (1970). Efficient Market: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417. https://doi.org/10.1016/S2212-5671(15)00716-9
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (Edisi Kesebelas). Yogyakarta: BPFE.
Huang, J., & Yu, H. (2019). Does the Market Know ? Going Concern Opinion Release and Firm Fundamentals. International Journal of Accounting and Financial Reporting, 9(1), 135–151. https://doi.org/10.5296/ijafr.v9i1.13673
Ianniello, G., & Galloppo, G. (2015). Stock Market Reaction to Auditor Opinions – Italian Evidence. Managerial Auditing Journal, 30(6/7), 610–632.
Institut Akuntan Publik Indonesia. (2012a). Standar Audit 570 Kelangsungan Usaha. Diakses pada 16 Maret 2019, dari http://www.iapi-lib.com/spap/1/files/SA%20200/SA%20200.pdf
Institut Akuntan Publik Indonesia. (2012b). Standar Audit 706 Paragraf Penekanan Suatu Hal dan Paragraf Hal Lain Dalam Laporan Auditor Independen. Diakses pada 16 Maret 2019, dari http://www.iapi-lib.com/spap/1/files/SA%20500/SA%20570.pdf
Indriani, W., & Ratmono, D. (2015). Analisis Reaksi Investor Terhadap Penerimaan Laporan Opini Audit Going Concern. Diponegoro Journal of Accounting, 4(2001), 1–8.
Khan, S. A., Lobo, G., & Nwaeze, E. T. (2016). Public Re-release of Going-Concern Opinions and Market Reaction. Accounting and Business Research, 47(3), 237–267. https://doi.org/10.1080/00014788.2016.1255586
Laksitafresti, A., & Laksito, H. (2012). Pengaruh Opini Wajar Tanpa Pengecualian dengan Paragraf Penjelas (WTP-PP) dan Opini Wajar dengan Pengecualian (WDP) Terhadap Harga Saham dan Volume Perdagangan Saham (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Pada Periode 2004-2010). Skripsi dipublikasikan. Universitas Diponegoro. http://eprints.undip.ac.id/35292/
Mahendra, I. K. R., & Rasmini, N. K. (2019). Reaksi Pasar Terhadap Kenaikan Bank Indonesia 7-Day Reverse Repo Rate Tanggal 15 Agustus 2018. E-Jurnal Akuntansi Universitas Udayana, 27, 2066–2099. https://doi.org/10.24843/EJA.2019.v27.i03.p16
Menon, K., & Williams, D. D. (2010). Investor Reaction to Going Concern Audit Reports. The Accounting Review, 85(6), 2075–2105. https://doi.org/10.2308/accr.2010.85.6.2075
Mustikarini, A., & Samudera, M. B. (2017). Does Modified Audit Opinion Matter to Investors ? Evidence from Indonesia. Proceedings of the 18th Asian Academic Accounting Association (FourA) Annual Conference 2017 22-23 November 2017, Bali, Indonesia, 151-159.
Nguyen, H. N. A., & Hung P. V. R. (2017). The Effects of Regulatory Announcements on Risk and Return: The Vietnamese Experience. Pacific Accounting Review the University of Newcastle Australia, 29(2), 66–69.
Nuari, M. G., & Setyani, A. Y. (2017). Pengaruh Publikasi Laporan Keuangan Terhadap Volume Perdagangan Saham di Bursa Efek Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 13(1), 19–29. https://doi.org/10.25105/mraai.v6i1.896
Otoritas Jasa Keuangan. (2019). Siaran Pers Survei OJK 2019: Indeks Literasi Dan Inklusi Keuangan Meningkat, SP 58/DHMS/OJK/XI/2019. Diakses pada 11 Septermber 2020, dari https://www.ojk.go.id/id/berita-dan-kegiatan/siaranpers/Pages/Siaran-Pers-Survei-OJK-2019-IndeksLiterasiDanInklusi-Keuangan-Meningkat.aspx
Pakdaman, H. (2018). Auditor’s Opinion and Market Reaction of Companies Listed on the Tehran Stock Exchange (TSE) Hasan. Revista Publicando, 5(14), 101–118.
Prasetyo, A. (2017). Study Respon Investor Terhadap Opini Going Concern. Majalah Ilmiah Institut STIAMI, 14(2), 236–247. https://doi.org/10.31334/bijak.v14i2.20
Prasetyo, A., & Junaidi. (2015). Reaksi Investor Atas Pengumuman Laporan Keuangan: Studi Atas Opini Going Concern. Jurnal Ekonomi Dan Bisnis, 9(2), 91–98.
PT Bursa Efek Indonesia. (2004). Peraturan Nomor I-I Tentang Penghapusan Pencatatan (Delisting) dan Pencatatan Kembali (Relisting) Saham di Bursa, No. Kep-308/BEJ/07-2004. Diakses pada 17 Maret 2019, dari https://www.idx.co.id/media/8341/peraturan_i_i_penghapusan_delisting_pencatatan_kembali_relisting_saham.pdf
Putra, I. G. B. Y. P., & Suarjaya, A. A. G. (2020). Analysis of Market Reaction to Announcements Of Stock Split. American Journal of Humanities and Social Sciences Research, 4(6), 114–120.
Reid, L. C. (2015). Are Auditor and Audit Committee Report Changes Useful to Investors ? Evidence from the United Kingdom. Trace: Tennessee Research and Creative Exchange, 5.
Siagian, H. L., & Putri, S. R. (2019). Analisis Reaksi Pasar Atas Perubahan Harga Saham Sesudah Pengumuman Opini Auditor Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurakunman, 12(2), 96–110. https://doi.org/ISSN: 2086-681X
Tandungan, D., & Mertha, I. M. (2016). Pengaruh Komite Audit, Ukuran Perusahaan, Audit tenure, dan Reputasi KAP Terhadap Opini Audit Going Concern. E-Jurnal Akuntansi Universitas Udayana, 16(1), 45–71.
Winarto, W., & Nugrahanti, Y. W. (2015). Reaksi Pasar di Sekitar Tanggal Pengumuman Opini Audit Wajar Tanpa Pengecualian dengan Paragraf Penjelasan dan Opini Audit Wajar dengan Pengecualian. Institutional Repository of Satya Wacana Christian University, 1–22.
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2015). Market Reaction to the Positiveness of Annual Report Narratives. British Accounting Review, 48(4), 415–430. https://doi.org/10.1016/j.bar.2015.12.001
Yuniati, T. (2017). Analisis Abnormal Return dan Trading Volume Activity Saham LQ45 pada Seputar Peristiwa Pengumuman Kebijakan Pengampunan Pajak (Tax Amnesty). Skripsi dipublikasikan. Universitas Lampung. https://adoc.pub/analisis-abnormal-return-dan-trading-volume
-activity-saham-l.html
Published
2020-12-14
How to Cite
SEMITAYANI, Ni Kadek Ayu; RASMINI, Ni Ketut.
Reaksi Pasar terhadap Publikasi Opini Wajar Tanpa Pengecualian dengan Paragraf Penekanan Suatu Hal.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 12, p. 3136 - 3149, dec. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/62554>. Date accessed: 24 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i12.p11.
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