ANALISIS MANAJEMEN LABA DAN ROA SEBELUM IPO SERTA PENGARUHNYA TERHADAP RETURN SAHAM (Studi Empiris Pada Perusahaan Yang Melakukan IPO Pada Tahun 2016-2018)

The purpose of this study was to determine the indications of the practice of earnings management one year before IPO, and two years before IPO. This study also examined the effect of earnings management and ROA on stock returns. The study sample comprised 47 company that doing IPO in year 2016 to 2018 using a purposive sampling method. Earnings management as variables independent is proxied by discretionary accruals using the Modified Jones Model, while for other independent variables which used ROA and stock return as the dependent variable. The results showed that there were indications of earnings management one year before IPO, and two years before IPO with using method income decreasing. Earnings management has no significant effect on stock returns. ROA one year before IPO has an effect significantly on stock returns and ROA two year before IPO has no effect on stock returns