Pengaruh Kecanggihan Investor Dan Kualitas Auditor Terhadap Hubungan Antara Manajemen Laba Sebelum Initial Public Offering (IPO) Dengan Return Saham

Abstract

 The main purpose of this research is to examine the availability profit management in scheme of iPO. In addition to this, the influence of the profit management on share return and also the influence of the sophistication of investor and the quality of auditor in the moderation of the relation between profit management before iPO and share return.

Based on the selecteed samples, 38 companies which has undertake IPO during 1995-2008 and the examination of "one-sample test" is found the indication of profit management one year prior to IPO. Where as in the period of IPO and one year post-IPO, is not found such management in the companies that undertakes an IPO. Based on Regresiion-Moderation Analysis is found that the sophistication of investor significantly renders negative influence towards the the relation between manajement of profit prior to IPO and share return.

Key words: IPO, profit management, sophistication of investor, quality of auditor