Analisis Perbedaan Return dan Resiko Saham dengan dan Tanpa Perataan Laba pada Perusahaan Manufaktur yang Terdaftar di BEI

Abstract

Many research proved that listed in Indonesia Stock Exchange did
income smoothing. It means that management did an effort to decrease income
fluctuation to reach the favorable target, whether by manipulation of artificial (by
accounting method) or real (by transaction) variable. By this income smoothing they expect
the risk of company will be decreased- This research is designed to know whether
there are any difference between income-smoothed-company and non-income-smoothed
company in their returns and/or risk. Fifty five manufacture companies,
became this research samples, we selected by purposive sampling method. The
samples are classified as income-smooth group and non-income-smoothed by
Eckel's model. The findings showed that there is no significant difference for both stock
returns and risks between income-smoothed-companies and non-income-smoothed
companies. In the other words, although the income smoothing found in Indonesia but
there is no difference for returns and risks variable between income-smoothed companies
and non- income -smoothed-companies.

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