Indra Wijaya Kusuma(1*)

(1) Gadjah Mada University
(*) Corresponding Author


Penelitian ini menguji reaksi pasar saham terhadap serangkaian peristiwa yang berkaitan dengan SFAS No. 95 untuk bank dan perusahaan investasi di Amerika Serikat. Investor menganggap bahwa SFAS no. 95 ini merupakan berita buruk (badnews) untuk bank dan perusahaan investasi. Dengan demikian, diprediksikan bahwa return kejutan (abnormal returns) untuk investor di bank dan perusahaan investasi akan turun selama periode peristiwa yang berkaitan dengan SFAS no. 95 tersebut.

Hasil yang diperoleh berdasarkan metode riset yang dipakai oleh Schipper dan Thompson (1983) tidak berhasil mengkonfirmasi bahwa return kejutan (abnormal returns) untuk investor di bank dan perusahaan investasi akan turun selama periode peristiwa yang berkaitan dengan SFAS no. 95 tersebut. Akan tetapi, hasil yang diperoleh menunjukkan bahwa return kejutan kumulatif (cumulative abnormal returns) untuk bank dan perusahaan investasi pada tanggal peristiwa lebih negatif dibandingkan dengan perusahaan dalam grup kontrol. Lebih lanjut, hasil menunjukkan bahwa peristiwa yang berkaitan dengan SFAS No. 95 mempunyai pengaruh yang negatif kepada bank, tetapi pengaruh yang positif terhadap perusahaan investasi.


Event Study, SFAS No. 85, Bank and Investment Companies, Cumulative Abnormal Returns, Bad News

Full Text:



Bryant, Julie (1984). Proposed: A New Statement of Changes. Management Accounting. Vol. 65(10): 49-52.

Buzby, Stephen (1974). A New Approach to the Funds Statement. Journal of Accountancy. Vol. 137(1): 55-61.

Cheng, C. S. Agnes, Chao-Shin Liu, and Thomas F. Schaefer (1996). Earnings Permanence and the Incremental Information Content of Cash Flows from Operations. Journal of Accounting Research, Spring, Vol. 34(1): 173-181.

Edward, James Don and Cynthia D. Heagy (1991). Relevance Gained: FASB Modifies Cash Flow Statement Requirements for Banks. Journal of Accountancy. June, Vol. 171(6): 79-90.

Financial Accounting Standard Board (1987). Statement of Financial Accounting Standard No. 95.

Hackel, Kenneth S. and Joshua Livnat (1992). Cash Flow and Security Analysis. New York: Business One

Irwin. Livnat, Joshua and Paul Zarowin (1990). The Incremental Information Content of Cash- Flow Components. Journal of Accounting and Economics. Vol. 13: 25-46.

Munter, Paul (1990). Form Over Substance: Another Look at the Statement of Cash Flows. CPA Journal. Vol. 60(9): 54-55.

Neil, John D., et al. (1991). The Usefulness of Cash Flow Data: A Review and Synthesis. Journal of Accounting Literature. Vol. 10: 117-149.

Nurnberg, Hugo (1993). Inconsistencies and Ambiguities in Cash Flow Statements Under FASB Statement No. 95. Accounting Horizon. June, Vol. 7(2): 6075.

Schipper, Katherine and Rex Thompson (1983). The Impact of Merger-Related Regulations on the Shareholders of Acquiring Firms. Journal of Accounting Research. Spring: 184-221.

Sefcik, Stephan E. and Rex Thompson (1986). An Approach to Statistical Inference in Cross-Sectional Models with Security Abnormal Returns as Dependent Variable. Journal of Accounting Research. Vol. 24(2): 316-334.

Stephens, Ray G. and Vijay Govindarajan (1990). On Assessing a Firm's Cash Generating Ability. Accounting Review. Vol. 65(1): 242-257.

Tandy, Paulette R. and Tommy Moores (1991). Cash Flow Reporting for Financial Institutions. Journal of Bank, Accounting and Auditing. Vol. 5(1): 39-48.

Thomas, Barbara S. (1983). Deregulation and Cash Flow Reporting: One Viewpoint. Financial Executive. Vol. 51(1): 20-24.

Valenza, Charlene G. (1989). Cash Flow Controversy. Bank Administration. Vol. 65(1): 40, 42.

Whisenant, Scott and G. Lee Willinger (1995). The Precision Effect and Information Content of SFAS No. 95 Disclosures. Working Paper: University of Oklahoma.

Article Metrics

Abstract views : 312 | views : 165


  • There are currently no refbacks.

Copyright (c) 2018 Journal of Indonesian Economy and Business

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Journal of Indonesian Economy and Business


Editorial Team
Focus and Scope
Peer Review Process
Publication Ethics
Screening for Plagiarism


Author Guidelines
Submission Guidelines
Online Submissions
Copyright Notice
Privacy Statement
Author Fees


Author Pack
Submission Form & Manuscript Template



Reviewer Guidelines
Reviewer Acknowledgement



General Search
Author index
Title index



The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

© 2019 Journal of Indonesian Economy and Business 
 Visitor Statistics