PERBEDAAN DIVIDEN PAYOUT RATIO DAN KINERJA PASAR PERUSAHAAN YANG MELAKUKAN DAN TIDAK MELAKUKAN MANIPULASI AKTIVITAS RIIL
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Institusion
Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya
Author
JI’AH, ANA
Subject
657.042 - FINANCIAL ACCOUNTING
Datestamp
2017-06-20 05:41:15
Abstract :
This research aims to provide empirical evidence of whether there is a difference of the dividend payout ratio and market performance of firms which manipulate and do not manipulate real activities at manufacturing firms, which are listed in Indonesia Stock Exchange period 2009 ? 2011. Model of real activities manipulation that is used is based on Roychowdhury (2006). Researchers used regression models to determine the value of abnormal operating cash flow. There are two hypothesis in this study, the first hypothesis testing researchers using Wilcoxon ? Mann ? Whitney Test to notice any difference dividend payout ratio of firms which manipulate and do not manipulate real activities. The second hypothesis test are also using Wilcoxon ? Mann ? Whitney Test to notice any difference market performance of firms which manipulate and do not manipulate real activities. Based on the results of the analysis show that many firms are manipulate real activities. So cash flow statement can be used as an indicator of whether the firms manipulate real activities. The first hypothesis test results found that there was no difference dividend payout ratio of firms which manipulate and do not manipulate real activities. And the second hypothesis test results also found that there was no difference market performance of firms which manipulate and do not manipulate real activities Keywords: The Real Activities Manipulation, Dividen Payout Ratio, Market Performance.
This research aims to provide empirical evidence of whether there is a difference of the dividend payout ratio and market performance of firms which manipulate and do not manipulate real activities at manufacturing firms, which are listed in Indonesia Stock Exchange period 2009 ? 2011. Model of real activities manipulation that is used is based on Roychowdhury (2006). Researchers used regression models to determine the value of abnormal operating cash flow. There are two hypothesis in this study, the first hypothesis testing researchers using Wilcoxon ? Mann ? Whitney Test to notice any difference dividend payout ratio of firms which manipulate and do not manipulate real activities. The second hypothesis test are also using Wilcoxon ? Mann ? Whitney Test to notice any difference market performance of firms which manipulate and do not manipulate real activities. Based on the results of the analysis show that many firms are manipulate real activities. So cash flow statement can be used as an indicator of whether the firms manipulate real activities. The first hypothesis test results found that there was no difference dividend payout ratio of firms which manipulate and do not manipulate real activities. And the second hypothesis test results also found that there was no difference market performance of firms which manipulate and do not manipulate real activities Keywords: The Real Activities Manipulation, Dividen Payout Ratio, Market Performance.
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