Laba akuntansi dan diskresi akrual dalam persepsi investor terhadap keinfonnatifan laba

This study analyzes rhe invesfor.{' rejponse towards accounting earnings. which comains discretionary accruals performed by management. Allegedly, excessive discretionary accruals might reduce the earnings informoriveness of company's performances. This phenomenon demons/rated by the lack of association between accounting earnings and slock returns. In order to examine slIch phenomenon. the earnings informativeness are measured llsing future earnings response coefficients (FERC) developed by Collins el 01. (1994). while lhe discretionary accruals are measured using modified Jones Model (/991). Mulliple regression analysis is performed to test the hyputhesis arid usirlg samples taken from mamtjacfllrillj! company listed in Indonesia Stock Exchange during 2002·2007. As a result, lhis research proves that discretionary accruals reduce Ihe earnings informativeness. If implies that investors might not fully understand about the information confained 011 accounting earnings and further misprice Ihe sLOck value. The result is obtained after col1lrolling for risk, earnings persistence, leverage, growth andfirm size