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


Introduction
During the last decade, Indonesian capital market showed the important role to mobilize the fund in support of the national development. The role of capital market and financial institution here in below in the Indonesian economy will be increasingly important given the required fund need to maintain the speed of the economy growth is increasingly higher. Market capability to grow, thereby improving the more efficient fund intermediation which is needed to be supported by the financial institution under the capital market, namely such as reliable and efficient stocks company and mutual fund, and management of the efficient stock exchange in support of the conducive capital market authority towards the development of capital market.
Lately, the growth of the number of companies listed at the Indonesia Stock Exchange (BEI) has kept increasing. The achievement of BEI is irrespective of the Government's support creating the conducive economy climate and support from the Financial Service Authority (OJK) triggering the company to utilize the capital market in the business development. Therefore the company can accelerate the growth with the gained additional fund, and lastly the same is in support of growing the Indonesian economy. Based on the securities company gained from the website of Indonesia Stock Exchange as per April 2018, there are 106 stock securities registered as the members of the Indonesia Stock Exchange, including publicly listed securities company (Tbk) and non-publicly listed securities company (Non Tbk), in which there are 5 securities company registered as the publicly listed securities company (Tbk). The decision to become the Publicly Listed Company (Tbk) through IPO (Initial Public Offering) shall be a process made by the company to obtain the fund from the public where the fund is used to finance the company expansion and operating capital. However, the fund gained from the capital market has not guaranteed that the company can operate the same well. One of the ways to evaluate the company finance so submitted through the financial statement. Submission for the financial statement by the publicly listed securities company (Tbk) and non-Publicly Listed Company (Non Tbk) will obtain response from the market. Therefore, submission for the financial statement by the securities company will become concern. In other words, submission for the financial statement will become a signal for the volume of selling transaction in the said securities company. Based on the said matter, this research is intended to starting and comparing between the financial performance of publicly listed securities company (Tbk) and non-Publicly Listed Company (Non Tbk) as the members of Indonesia Stock Exchange through the financial ratio analysis, compliance to submit the financial statement and market response for the financial statement towards the trade transaction in a period of 2013-2017.

Type of Research
The research used is the descriptive one using the comparative design on the equation or differential two or more object characteristics or certain facts. This research uses sample more than one and the specified period of time within the different time.

Operational Definition
According to Notoatmojo (2010), operational definition means descriptions on the variable limit or any matters wished to be measured by the variable. According to Kountur (2007), that the operational definition is any definition giving explanation or any variable in the measured form.

Variable Measuring
All such variables are measured using the ratio approach.

Population
Population in this research amounts to 106 Securities Company registered as the member of the Indonesia Stock Exchange, consisting of: • 5 Publicly listed securities Company (Tbk) and; • 101 Non-Listed securities Company (Non Tbk)

Sample
Meanwhile the number of sample in this research shall be as follows: • For the publicly listed securities company (Tbk) uses the saturated sampling approach, namely all members of population used as the research sample; • For the non-publicly listed securities company (non-TBK) uses the purposive sampling approach, namely specification of the sample based on the consideration or the special criteria.  [14] Data Collection Method Data used in this research is the quantitative data, secondary data, data time series and data cross section collected using for the documentation technique.

Data Analysis Method
• Descriptive statistic analysis, namely describing variable research, without drawing generalization. Collected data is tabulated in the table and descriptive discussion is made; • Different test analysis includes different test including as follows: 1) Test Analysis on Mann Whitney U Test, namely to know about average difference/median of two different sample groups; 2) Test Analysis on WilcoxonRank Test, is to measure difference significance between two groups of pair data.

Company Description
The company which becomes a research sample is 10 Securities

Debt Value to Equity Ratio (DER)
The table shows that the minimum value for DER of Publicly listed securities Company (Tbk) of 0.02 and maximum value of 3.57. Meanwhile for the minimum value of DER, Non-Publicly listed securities Company (Non Tbk) of 0.04 and maximum value of 2,93. So that the Mean of DER for Publicly Listed Company (Tbk) is 0,59. In which the value is lower compared to the Non-Publicly listed securities Company (Non-Tbk) of 0,99.

Return on Asset (ROA)
The table shows that the minimum value for ROA on the Publicly listed securities Company (Tbk) of -0.15 and maximum of 0.20. Meanwhile for the minimum value of ROA of the Non-Publicly listed securities Company in the number of -0.14 and maximum value of 0.14. So that the Mean of ROA for the Publicly Listed Company (Tbk) shall be 0,03, in which the value is higher than the Non-Publicly listed securities Company (Non Tbk) in the number of 0,02.

Return on Equity (ROE)
The said table showed that the minimum value for ROEof the Publicly listed securities Company The said tables 4.4 and 4.5 showed that there was no sanction for the submission of the Quarterly II and Annual financial statement in the Publicly listed securities Company (Tbk) and Non-Publicly listed securities Company. • The variable of Debt To Asset Ratio (DAR) was obtained the significant value of 0.002 so that it can be meant that therehas been average difference of DAR in the group of Publicly listed securities Company (Tbk) and Non-Publicly listed securities Company (Non Tbk). • The variable of Debt To Equity Ratio (DER) was obtained significant value of 0,002 so that it can be meant that there has been average of DER difference at the group of the Publicly listed securities Company (Tbk) and Non-Publicly listed securities Company (Non Tbk).

3) Mann Whitney Test for Trading Volume
Based on the said result, the significant value is obtained in the amount of 0,00 in which this shows averagely significant difference from the average volume of trade between the Publiclylisted securities Company (Tbk) and Non-Publicly listed securities Company (Non Tbk). Based on the said result, 2 variables are obtained showing the average insignificant, so it may be concluded that there is no average difference on the compliance for the submission of the Financial Statement in the group of Publicly listed securities Company (Tbk) and Non-Publicly listed securities Company (Non Tbk)

5) Mann Whitney Test for the Sanctioning of Submission for the Financial Statement
The said result is gained in the fourth period in the variable of sanctioning and it shows that the average is no significantly different.

Current Ratio
That average Publicly listed securities Company (Tbk) has capability to meet current liabilities/short term compared to the Non-Publicly listed securities Company (Non Tbk). This means the Current Ratio of the Publicly listed securities Company (Tbk) is better than the Non-Securities Company (Non Tbk).

Cash Ratio
That average Publicly listed securities Company (Tbk) has capability to pay the current liabilities/short term compared to the Non-Publicly listed securities Company (Non Tbk). This

Conclusions
• There are significant differences for the average

Recommendations
Based on the research and discussion results, the writer gives the following suggestions: • To the Investor This research result is expected to be utilized for the investors and other parties who will carry out the investment in the Capital Market through the Securities Company. That the subsequent researcher can conduct other researches and others of the like relating to the Securities Company, chiefly with the difference of market response or customer response to deal with transaction.
• To Securities Company Since the Securities Company having the Non-Publicly listed securities Company (Non-Tbk) has the bad financial performance compared to that of the Publicly listed securities Company