Fenomena Manajemen Laba dalam IPO (Initial Public Offering); Studi dengan Menggunakan Model Aharony dan Friedlan

Abstract

The research was done on PT Multistrada Arah Sarana, during 2002 to 2007, using modified- Jones Model. The research used two means differentiation tests. Based on the result of two means differentiation test, it can be said that there was no income increasing discretionary accruals one year before initial public offering (on 2004). Issuers also did not do income-decreasing discretionary accruals on one year after initial public offering and two years after initial public offering. Hipotesis 1 and hipotesis 2 a and 2 b were refused, or can not be accepted. So, it can be concluded that PT Multisrada Arah Sarana did not do income smoothing before and after initial public offering on Indonesia Stock Exchange. Keywords: income smoothing, income increasing discretionary accruals, income decreasing discretionary accruals, initial public offering.