[ ABSTRAK
Ketidakpastian lingkungan menyebabkan adanya variabilitas dalam laba yangdilaporkan perusahaan, dan menyebabkan adanya asimetri informasi antaramanajer dan pemegang saham. Adanya hal tesebut membuat manajemenmelakukan perataan laba untuk meningkatkan keinformatifan laba. Penelitian iniakan menguji apakah interaksi antara perataan laba dengan keinformatifan labamasa depan berpengaruh positif terhadap imbal hasil saham dan bagaimana bilainteraksi tersebut terjadi pada perusahaan yang beroperasi pada lingkungan yangtidak pasti.Penelitian ini menggunakan sampel 169 perusahaan publik yang tercatat di BEI,kecuali perusahaan keuangan, selama periode 2000-2014. Hasil penelitian inimenunjukkan bahwa interaksi antara perataan laba dengan keinformatifan labamasa depan berpengaruh negatif terhadap imbal hasil saham, yang artinyamanajemen melakukan perataan laba dengan motif garbling. Ketika perusahaanberoperasi pada lingkungan yang tidak pasti, hubungan negatif antara interaksiantara perataan laba dengan keinformatifan laba masa depan dengan imbal hasilsaham semakin kuat.

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ABSTRACT
Environmental uncertainty induces variability in an organization's reportedearning and caused information asymmetry between management andshareholders. This makes management have an incentive to improve earninginformativeness to reduce information asymmtery. This study examine whether theinteraction between income smoothing and future earning informativeness havepositive effect on stock returns and how this interaction occur when thecompanies operating in an unceratin environment.This study used sampels of 169 public compnay listed on Indonesian StockExchange, exclude financial sector company, during the periods 2000-2014. Theresults indicates that the interaction between income smoothing with futureearning informativeness negatively affect stock returns, which means managementdoes this by garbling motif. When the company operates in an uncertainenvironment, the negative realtionship between interaction of income smoothingand future earning informativeness is stronger., Environmental uncertainty induces variability in an organization?s reportedearning and caused information asymmetry between management andshareholders. This makes management have an incentive to improve earninginformativeness to reduce information asymmtery. This study examine whether theinteraction between income smoothing and future earning informativeness havepositive effect on stock returns and how this interaction occur when thecompanies operating in an unceratin environment.This study used sampels of 169 public compnay listed on Indonesian StockExchange, exclude financial sector company, during the periods 2000-2014. Theresults indicates that the interaction between income smoothing with futureearning informativeness negatively affect stock returns, which means managementdoes this by garbling motif. When the company operates in an uncertainenvironment, the negative realtionship between interaction of income smoothingand future earning informativeness is stronger.]