PENGARUH EARNINGS DAN ARUS KAS TERHADAP RETURN SAHAM TERKAIT DENGAN SIKLUS HIDUP PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di BEJ Tahun 2001 - 2005)
Abstract
The purpose of this study is to find whether the differences in life-cycle stages affect the usefulness of accounting performance measures, such as earnings and cash flow. Corporate life cycle consists of four stages: start-up, growth, mature and decline. Using financial data of companies listed in Jakarta Stock Exchange (JSE) from periods of 2001 to 2005, classified by pooled cross-sectional method, and tested by double regression - Ordinary Least Square (OLS) model, the study finds that stock return of start-up, growth, mature, and decline firms are influenced by earnings per share (EPS). Cash flows from finance activities have relevance to stock return in the decline stage. Overall, this study provides evidence that corporate life cycle influence the incremental valuerelevance of earnings and cash flows.
Keywords: Earnings, Cash Flows, Corporate life cycle, Stock Return and Value-relevance.
Full Text:
PDFReferences
Anthony, J.H. dan K. Ramesh. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis, journal of Accounting and economics 15.
Black, E. L. (1998). “Which Is More Value Relevant: earnings or Cash Flow. Journal of Financial Statemens Analysis 4.
Dechow, P. (1994). “Accounting Earnings and Cash Flow as Measures of Firm Performance: the role of accounting accrualsâ€. Journal of Accounting and Economic 18. 3 – 42 .
Durnev, A; Mork, R; Young, B; and Paul. (2001). “Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricingâ€. Journal of Accounting and Economic.
Gantyowati, Evi. (2001). “Hubungan Antara Operating Cash Flow dan Accrual dengan Return Sahamâ€. Kompak. 275-298.
Gunawan dan Bandi. (2000). “Analisis Kandungan Informasi Laporan Arus Kasâ€. Simposium Nasional Akuntansi III.
Kothari, S.P. and Jerold, L.Z. (1995). “Price and Return Modelsâ€. Journal of Accounting and Economics 20 :155 – 192.
Kusuma dan Diana, S . 2004. “The Effect of Contextual Factors on The Usefulness of Earnings dan Cash Flow from Operations in Explaining Stock Returnsâ€. Jurnal Riset Akuntansi Indonesia, Vol 7 No. 1.
Lerner, J.J. and Cashin J.A. (1998). “Principles Of Accounting IIâ€. Fourth edition. McGRAW-HILL.
Linda dan Syam Fazli BZ. (2005). “Hubungan Laba Akuntansi, Nilai Buku, dan Total Arus Kas dengan Market Value: Studi Akuntansi Relevansi Nilai. Jurnal Riset Akuntansi Indonesia. Vol 8 No.3 : 286-306.
Manurung, A.H. (1998). “Analisa Arus Kas Terhadap Tingkat Pengembangan Saham Di Bursa Efek Jakartaâ€. Usahawan 05.
Robert A. Pitts dan David Lei. (2000). “Strategic Managementâ€. South-Western College Publishing. USA.
Soepartiko, N.V. dan Hartono, J. (2005). “Pengaruh Atribut Perusahaan Terhadap Relevansi Laba dan Arus Kasâ€. Jurnal Riset Akuntansi Indonesia. Vol 8 No.3 : 211-234.
Suwardjono. (2005). “Terori Akuntansi – Perekayasaan Pelaporan Keuanganâ€. Edisi Kedua: BPFE – Jogjakarta.
Susanto, dan Ekawati. (2006). “Relevansi Nilai Informasi Laba dan Aliran Kas Terhadap Harga Saham Dalam Kaitannya Dengan Siklus Hidup Perusahaanâ€. SNA – Padang.
Sutopo, B. (2002). “Earnings-Price Ratio dan Kandungan Informasi Arus Kasâ€. Prespektif. Vol 7 No. 2 :105-112.
Sutrisno; Yuniartha; dan Susilowati. (1997). “Pengaruh Stock Split terhadap likuiditas dan return saham di Bursa Efek Jakartaâ€. Universitas Kristen Petra.
Triyono dan Hartono. (2000). “Hubungan Kandungan Informasi Arus Kas, Komponen Arus kas dan Laba Akuntansi dengan Harga atau Return Sahamâ€. Jurnal Riset Akuntansi Indonesia. Vol. 3 No. 1 : 54-68.
DOI: https://doi.org/10.35591/wahana.v15i1.61
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi
ISSN : 2685-1415 (Online) | 1410-8224 (Print)
Published by Pusat Penelitian dan Pengabdian Masyarakat Politeknik YKPN Yogyakarta.
Jl. Gagak Rimang No. 2-4 Balapan, Yogyakarta 55222
Phone (0274) 560159, 562317, 513413, 563516 Fax. (0274) 561591
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.