<![CDATA[The capital market is a meeting place for investors as owners of funds with issuers as companies seeking funds. Issuers offer shares to investors to meet the company's funding needs. Varied stock prices provide investors with a choice to invest their capital. Investors seek profits by investing their funds in issuers, so that the issuers provide returns to investors. In making a decision to invest, an investor needs a financial report to find out information and be taken into consideration if investors want to invest. The financial report itself is a tool to obtain financial information and the performance of a company. The approach used in this research is a quantitative approach. The sampling technique used in this study is a non-probability technique. The test results show that size has no significant effect on earning response. This negative relationship is because the amount of information available throughout the year on large companies will cause investors to react less when the earnings announcements are announced. The test results for the income smoothing variable are known that the regression coefficient is positive at 2.242. The t-statistical test for the Income Management variable obtained the t-count value of 2.242, which is greater than the t-table value of 1.668. The significance value obtained is 0.029, which is smaller than the predetermined significance value of 0.05. This shows that income smoothing has an effect on the market reaction of the company.]]>
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