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Journal : Global Financial Accounting Journal

Kualitas Akrual Dan Manajemen Aktivitas Riil Seasoned Equity Offering Perusahaan High Technology Di Asia Pasifik Sumiyati Sumiyati; Jogiyanto Hartono
Global Financial Accounting Journal Vol 1 No 1 (2017)
Publisher : Faculty of Economics, Universitas Internasional Batam

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Abstract

Seasoned Equity Offering is a public stock offering after the Initial Public Offering. This study aims to determine the effect of accrual quality and management of real activity toward market reaction and performance of companies employed Seasoned Equity Offering (SEO) in high-technology companies in Asia Pacific. Sample of this research is employed by using purposive sampling with this following criteria; high technology companies in Asia Pacific that offering SEO in 2001-2015 and sample data of company should be available on OSIRIS database. In ultimate, the total final sample is obtained from 40 companies spread in Australia, China, Indonesia, India, South Korea, Malaysia, New Zealand, Singapore and Taiwan. This research is a study of events (event study) using 5-year-window that is two years before SEO, current year of SEO and two years after SEO. The hypothesis is analyzed using Ordinary Least Square (OLS) for each events t-2, t-1, t0, t+1 dan t+2. The test results showed evidence that accrual quality had positive effects on performance of companies employed SEO. Yet, the results of second hypothesis testing, accrual quality measured by deviation standard, do not influence market reaction. This study can also prove management of real activity measured by abnormal cash flow. Abnormal can degrade the performance of SEO companies after the event, while the abnormal of cost discretioner does not influence performance. The fourth hypothesis testing results showed evidence that negative effect of SEO market reaction is definitely caused by pessimistic reaction of investor toward the performance of company employed SEO.
Co-Authors Ade Fitri Aditya Santoso Afridatul Ulwiyah Aini, Fajaria Nur Alfiatun NM Amy Wulandari Anak Agung Keswari Krisnandika Anita Widiastuti Ari Wahyono Ariani Ariani Aris Santjaka Aska Leonardi Bahtiar Yusuf Bambang Pujiasmanto David Kadar Saputro Deri Ciciria Dessy Rosalinda Desti Ratnasari Devi Yasmin Diki Retno Yuliani, Diki Retno Diva Amelia Merryana Putri Edy Suryadi Faisal Akbar, Muhammad Fikry Ulan Sari Firda Fibrila Gede Sedana Hapsari, Wanodya Helman Fachri Heni Marlina Hery Widijanto Hetti Latifah I K Asfarainy I Ketut Suamba I Made Merta Wiryawan I Nyoman Sumerta Miwada I Putu Surya Wirawan I Wayan Tika I WAYAN WINDIA I. A. G. Bintang Madrini Iwan Asmadi Jogiyanto Hartono Joko Warsito Joshua Christianto Khoirun Khoirun KOMANG AYU NOCIANITRI Lanmazi Lanmazi Lilik Sabdaningtyas Lutvia Tribuwana M Syikir Maemonah, Maemonah Maimaznah, Maimaznah Martini Martini Masharyono Masharyono Muh Fadli Muiszudin Muiszudin Muiszudin Muiszudin Nami Susilawati Ni Luh Nyoman Kebayantini Ni Nyoman Sulastri Novi Arniati Nur Fadila Nur Hidayah Nurul Anriani Puji Hastuti Putri Nawang Asri R Rahmadiah Rahman Rahman Rahmat, Syahrul Rajabbul Amin Ratna Ratna Rica Meiliani Rina Pratiwi Pudja I. A Rista Dilfa Riana Rizzaludin Rizzaludin Rochmiyati Rochmiyati Rony Jusfarani Saddam Hussaen Samsuddin Samsuddin Shofiyati Shofiyati Sinthya Mardarani Siswanto Masruri Suhendra Suhendra Sulaiman Sulaiman Sulastri Sulastri Suparmi Suparmi Sutri Wijayanti Syafuddin, Khairul Syamsul Hadi Senen, Syamsul Hadi Tri Widianto Tubagus Ali Rachman Puja Kesuma, Tubagus Ali Rachman Puja Uray Hanum Agustianti VEVI SURYENTI PUTRI, VEVI SURYENTI Wayan Tika Yani Setiani Yoga Tri Wijayanti Yuanita Hartiningsih Yuliana Yuliana Zarkiyah Ramadhaniah