Dharma, Fitra (2020) Similarity Check Investor reaction to earnings announcements moderated by management discussion and analysis (MD&A). Taylor & Francis eBooks, Proceedings of the 2nd International Conference on Economics, Business and Entrepreneurship (ICEBE 2019).
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Abstract
This study aims to find empirical evidence of MD&A (Management Discussion and Analysis) information content on investors’ reactions to earnings announcements. MD&A disclosures using Annual Report Award (ARA) index by The Financial Services Authority (OJK) on a sample of large capitalized companies five days after earnings announcements in 2014-2016 were examined, It was found that the low net profit value and complete MD&A information could influence investors’ decisions which led to the increase of stock trading volume and trading frequency. Conversely, investors’ reactions were low with high earnings announcements and reinforcement of complete MD&A disclosures. It is because the earnings announcements employed net income only and were not measured by other profits or by samples from all types of companies. However, the MD&A actual disclosure is qualitative information content, which is greatly useful for investors in making decisions to invest, particularly on low earnings information and earnings information in MD&A disclosures, which provide clear and comprehensive views of future earnings
| Item Type: | Other |
|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HJ Public Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis (FEB) > Prodi Akuntansi |
| Depositing User: | DR Fitra dharma |
| Date Deposited: | 10 Feb 2023 08:28 |
| Last Modified: | 10 Feb 2023 08:28 |
| URI: | http://repository.lppm.unila.ac.id/id/eprint/48348 |
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