Reaksi Pasar Terhadap Penerapan International Financial Reporting Standard (IFRS) pada Perusahaan yang Go Public Di Bursa Efek Indonesia

Abstract

This research aims to see the changing of the market reaction in seconder market, between the period of  before and after the application of international financial reporting standard (IFRS). This research was conducted in 48 manufacture companies listed in Indonesia Stock Exchange. The sample was selected by using purposive sampling method. The data used was seconder data  from historical data taken from www.yahoo.com/finance. The period of the research was conducted from 2011- 2012. the variables used in this research were cumulative abnormal return and stocks trading volume. The period of the comparison used was 5 days and 6 months before and after the application of international financial reporting standard (IFRS) in the go public companies in Indonesia Stock Exchange. The data was processed by using the different- examiner. Based on the result, it was found that there is no difference of cumulative abnormal return between 5 days and 6 months before the application of IFRS, and the period after the application of IFRS. The result also showed that there is difference between the trading volume 5 days before and 5 days after the application of IFRS. Another result of the research showed that there is a difference to the trading volume 6 months before and 6 months after the application of international financial reporting standard (IFRS) in the manufacture companies in Indonesia Stock Exchange.

Key words: Cumulative Abnormal Return, Trading Volume, International financial Reporting Standard