Pengaruh earnings surprise perusahaan terhadap stock price return

Putriani, Helena (2019) Pengaruh earnings surprise perusahaan terhadap stock price return. Masters thesis, Universitas Pelita Harapan.

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Abstract

Perception error due to contrast effects has the potential to cause bias in important decisions in various fields. Irrelevant comparisons can lead to recruitment errors, judgments, promotions and others. This study examines whether there is contrast effects in the financial market by analyzing the impact of previous earnings surprise with the return response on the current earnings announcement. The data used are all companies listed on the Indonesia Stock Exchange in 2016 and 2017. Based on the efficient market hypothesis, previous information cannot predict future returns. After being tested, the results of this study stated that there is a significant effect, meaning that earnings surprise yesterday affect the company's stock price return that announced earnings today. / Kesalahan persepsi karena contrast effect memiliki potensi untuk meyebabkan bias pada keputusan penting dalam berbagai bidang. Perbandingan yang tidak relevan dapat menyebabkan kesalahan perekrutan, penilaian, promosi dan lain-lain. Penelitian ini menguji apakah ada contrast effect dalam financial market dengan menganalisa pengaruh earnings surprise sebelumnya dengan return response pada earnings announcement saat ini. Data yang digunakan adalah seluruh perusahaan yang terdaftar di BEI dalam periode 2016 dan 2017. Berdasarkan hipotesis pasar efisien, informasi sebelumnya tidak dapat memprediksi return yang akan datang. Setelah diuji, hasil penelitian ini menyatakan bahwa ada pengaruh yang signifikan, artinya earnings surprise sebelumnya mempengaruhi stock price return perusahaan yang mengumumkan laba pada hari ini.

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