Open AccessReaksi Pasar Atas Pengungkapan Management Discussion and Analysis
Author(s) -
Putu Aldhi Surata,
Ida Bagus Putra Astika
Publication year - 2019
Publication title -
e-jurnal akuntansi
Language(s) - English
Resource type - Journals
ISSN - 2302-8556
DOI - 10.24843/eja.2019.v28.i02.p08
Subject(s) - wilcoxon signed rank test , issuer , abnormal return , simple linear regression , population , index (typography) , accounting , sample (material) , regression analysis , test (biology) , actuarial science , business , econometrics , economics , statistics , medicine , mathematics , finance , mann–whitney u test , computer science , biology , environmental health , chemistry , paleontology , chromatography , world wide web , stock exchange
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.