Analisis pengaruh kinerja keuangan terhadap reaksi pasar pada perusahaan dengan kualitas audit yang berbeda = The analysis of the impact of financial performance towards market reaction at companies with different audit quality

Ludin, Dhermawan Ali and Widyanata, Kerin and Christanto, Kenny Osfredo (2020) Analisis pengaruh kinerja keuangan terhadap reaksi pasar pada perusahaan dengan kualitas audit yang berbeda = The analysis of the impact of financial performance towards market reaction at companies with different audit quality. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan terhadap reaksi pasar pada perusahaan dengan kualitas audit yang berbeda. Populasi penelitian adalah 60 perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode tahun 2016-2018. Penelitian ini menggunakan kualitas audit sebagai variabel moderasi. Sampel dipilih menggunakan metode purposive sampling dandiperoleh 169 sampel. Metode analisis yang digunakan adalah teori asumsi klasik. Reaksi pasar diproksikan oleh Earnings Response Coefficient (ERC) dengan menghitung cumulative abnormal return (CAR). Kinerja keuangan diproksikan dengan profitabilitas yang diukur dengan Return on Assets (ROA), Solvabilitas/ Leverage diukur dengan Debt to Equity Ratio (DER) dan Likuiditas yang diukur dengan Current Ratio. Berdasarkan hasil dari penelitian ini, leverage berpengaruh signifikan pada reaksi pasar, kualitas audit berpengaruh signifikan terhadap reaksi pasar dan adanya kualitas audit secara signifikan memperlemah hubungan negatif antara Solvabilitas dengan reaksi pasar. Likuiditas dan profitabilitas tidak mempengaruhi reaksi pasar secara signifikan, dan kualitas audit tidak memberi pengaruh secara signifikan hubungan profitabilitas dengan reaksi pasar dan likuiditas dengan reaksi pasar. Penelitian selanjutnya sebaiknya memperbanyak jumlah sampel, bisa dilakukan dengan cara menambah populasi atau perusahaan agar dapat menghasilkan data yang lebih akurat. / This research aims to analyze the the impact of financial performance towards market reaction at companies with different audit. The research population is 60 companies listed on indonesia stock exchange (IDX) in period 2016-2018. This research used audit quality as moderating variable. Samples were selected using the purposive sampling method and 169 samples were obtained. The analytical method used in this research is the classical assumption theory. Market reaction is proxied by earnings response coefficient (ERC) by calculating cumulative abnormal return (CAR). Financial performance is proxied by profitability as measured by return on assets (ROA), solvency/ leverage is measured by debt to equity ratio (der) and liquidity as measured by current ratio. Based on the results of this research, solvability has a significant effect on market reactions, audit quality has a significant effect on market reactions and audit quality has a significant effect on the negative relationship between solvability and market reaction. Liquidity and profitability do not significantly influence the market, and audit quality does not significantly influence profitability with market reaction and liquidity with market reaction. For further research increase the number of samples, which can be done by increasing the population or companies to provide a more accurate result.

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