Setyowati, Rini (2024) Pengaruh Opini Audit, Financial Distress, Terhadap Return Saham Unusual Market Activity di Indonesia, dengan Corporate Governance sebagai Variabel Moderasi. Masters thesis, Program Pascasarjana Universitas Merdeka Malang.

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Abstract

This study aims to examine the effect of corporate governance as measured by the number of independent commissioners, in moderating audit opinion and financial distress prediction on Unusual Market Activity stock returns. Quantitative research type, using the Moderating Regression Analysis (MRA) method. The research sample uses secondary data in the form of financial statements ending in 2019 to 2022, companies listed in Unusual Market Activity in the 2023 IDX announcement. The sampling method uses purposive sampling. The results of the study state that audit opinion has a positive effect on stock returns. When the auditor states a fair opinion without it, it will increase the company's value, then the stock return value will increase. Conversely, when the auditor states that there are findings and opinions other than fair without being disclosed, the stock return will decrease. The number of independent commissioners has a positive effect on stock returns. Meanwhile, company size has a positive effect on stock returns. The larger the size of a company, the higher the stock return, conversely the smaller the size of the company, the smaller the stock return. Financial distress does not affect investor decisions in choosing stocks. The number of independent commissioners has a positive effect in moderating the influence of audit opinion on stock returns. However, the number of boards of commissioners does not moderate the effect of financial distress on stock returns. Financial distress conditions are not affected by the number of independent boards of commissioners in the company.

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