Pengaruh Perataan Laba, CSR Disclosure, dan Kebijakan Dividen Terhadap Reaksi Pasar pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia pada Tahun 2015 – 2019

This study examines the effect of income smoothing, corporate social responsibility disclosure, and dividend policy market reaction. Income smoothing is measured by the eckel index. Corporate social responsibility is measured by the Global Reporting Initiative (GRI) version 4. The dividend policy is measured by the dividend payout ratio. Market reaction is measured by trading volume activity. This study uses 66 manufacturing sector companies listed in Indonesia Stock Exchange period 2015 – 2019 with total sample 330 financial report and annual report. Analytical technique using multiple linear regression method. The results show that income smoothing and corporate social responsibility disclosure do not affect market reaction, while dividend policy influences positively to market reaction. Keywords : Income smoothing, CSR disclosure, Dividend polic