管理层讨论与分析、公司治理感知指数与市场反应

Lindrianasari, S. Gultom, Liza Alvia
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引用次数: 3

摘要

本研究的总体目的是为投资者对2011-2013年印尼证券交易所上市公司管理层讨论与分析披露的反应提供经验证据。本研究的动机是,印度尼西亚没有关于影响投资者投资企业决策的管理层讨论和分析的介绍的研究,这可以通过市场对股票回报和交易量活动的反应来说明。本研究在2011-2013年期间共有827个样本。本研究发现,印尼资本市场对公司提供的管理层讨论与分析的披露是有反应的。管理层讨论分析中的信息披露越完整,市场反应越好。公司治理感知指数对股票交易量也有显著的正向响应。这些发现表明,信息披露包含在管理层的讨论和分析和公司治理感知指数用于市场参与者在印度尼西亚的决策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
MANAGEMENT DISCUSSION AND ANALYSIS, CORPORATE GOVERNANCE PERCEPTION INDEX AND MARKET REACTION
This research generally aims to provide empirical evidence on investor reaction to the disclosure of Management's Discussion and Analysis of the companies listed on the Indonesia Stock Exchange in the period of 2011-2013. The motivation of this study is that there is no study in Indonesia concerning the presentation of the Management's Discussion and Analysis that affect investors' decision to invest in an enterprise, which is illustrated by the market reaction to stock returns and trading volume activity. There are 827 samples in this study in the period of 2011-2013. This study found that Indonesian capital market is responding to the disclosure of Management's Discussion and Analysis provided by the company. The more complete disclosure of the information in the Management's Discussion and Analysis, the better the market response. Corporate Governance Perception Index also responded positively and significantly to the stock trading volume. These findings indicate that the disclosure of information contained in Management's Discussion and Analysis and Corporate Governance Perception Index utilised for market participants in Indonesia in decision-making.
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