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asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
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Published: 25 January 2022

Market Responses Around the Publication Dates of Annual Financial Report

Julyana Julyana, Rosemarie Sutjiati Njotoprajitno, Bram Hadianto

Maranatha Christian University, Indonesia

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

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doi

10.31014/aior.1992.05.01.403

Pages: 46-51

Keywords: Inefficient Market in the Semi-Strong Shape, Informational Content, Market Reaction

Abstract

This research intends to investigate the market efficiency in the semi-strong shape by examining the response from the market participation around the annual financial report publication dates as the event. Moreover, to attain this intention, this study uses thirty-three consumer goods companies in the Indonesian capital market between 2018 and 2020 as samples. We use the Slovin formula and simple random sampling technique separately to count and take them. Furthermore, we check the proposed hypothesis by a one-sample t-test for each response from the market during the event period, i.e., twenty-one days. Based on the examination of market reaction, we infer that this reaction happens before, on, and after the publication date of the financial report. In other words, this circumstance supports the inefficient market in this shape.

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