FINANCIAL PERFORMANCE PAPER, COMPLIANCE AND MARKET RESPONSE TO THE FINANCIAL STATEMENT AT THE PUBLICLY LISTED AND NON-PUBLICLY LISTED SECURITIES COMPANY

The role of the capital market and financial institutions below it in the Indonesian economy will be increasingly important given the need for funds needed to maintain an increasingly rapid rate of economic growth. The purpose of this study is to analyze differences in financial performance, compliance and market reaction to the submission of financial statements to the open and closed securities companies for the 2013 – 2017 period using the comparative method used in this study is the Mann Whitney U Test and the Wilcoxon Rank Test. This research variable uses financial ratios including liquidity, solvency, and profitability, the date of submission of financial statements, the volume of trading transactions and publicly listed securities companies as Stock Exchange Members. This study uses descriptive and panel data analysis. The results of the study show that the average financial performance of open securities companies is better compared to closed securities companies, although with a smaller transaction volume. In general, the two groups of securities companies have the same level of compliance in delivering financial statements with in the specified time limit.