Reaksi Pasar Atas Pengungkapan Management Discussion and Analysis

  • Putu Aldhi Surata Fakultas Ekonomi dan Bisnis Universitas Udayana
  • Ida Bagus Putra Astika Fakultas Ekonomi dan Bisnis Universitas Udayana

Abstract

OJK issues POJK No.29 / POJK.04 / 2016 which requires MD & A disclosure in the annual report. The purpose of this study is to prove empirically that there are (1) market reactions in annual report disclosures, (2) the effect of MD & A disclosure level on abnormal returns. The study population used the KOMPAS100 index of 100 issuers with a total sample of 63 samples. The Wilcoxon statistical test results state that there are differences before and after the disclosure of the annual report. Furthermore, a simple linear regression test was conducted which gave the results that the MD & A disclosure had a positive effect on the market reaction that was proxied using abnormal return. The test results produce MD & A disclosures that have a positive effect on market reactions through abnormal returns so that the market is known to use the information contained in MD & A.
Keywords : Management discussion and analysis, abnormal return, annual report.

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Published
2019-08-10
How to Cite
SURATA, Putu Aldhi; ASTIKA, Ida Bagus Putra. Reaksi Pasar Atas Pengungkapan Management Discussion and Analysis. E-Jurnal Akuntansi, [S.l.], v. 28, n. 2, p. 987 - 1011, aug. 2019. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/48184>. Date accessed: 04 nov. 2024. doi: https://doi.org/10.24843/EJA.2019.v28.i02.p08.
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