PENGARUH INFORMASI LABA ALIRAN KAS DAN KOMPONEN ALIRAN KAS TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA
Ferry & Erni Eka Wati
Before 1994, the one way measured performance of go public company is earning after tax, but on September 7, 1994 the Indonesian Institute of Accountants (IAI) published the statement of financial Accounting Standard (PSAK) No.2, “Statement of Cash Flows” requires companies to publish the statement of cash flows beginning from January 1, 1995. So investors had two kinds measurement of performance go public companies. The objective of study is to explain the influence of information content of accounting income, total cash flows, and components of cash flow with stock price in Indonesian manufacturing firms. The accounting income is earning after tax before extra ordinary item and discontinued operations and total cash flows is a sum of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.
This study was constitute replicated study from Triyono and Yogiyanto (2000) about the association of information content of total cash flows, components of cash flows, and accounting income with stock prices or stock returns. This study took sample from manufacturing firms listed in the Jakarta Stock Exchange (BEJ) from 1999-2002 that had published audited financial statement. Stock prices using monthly prices that had ended December 1999-2002. The statistics method used to test hypotheses is a linier multiple regression. The model was considered: levels model.
The empirical results with using the first model levels about the influence information of accounting income and total cash flows with stock prices can be explained accounting income gave positive influence and significant with stock prices whereas total cash flows gave negative and significant with stock prices. In the second model levels about the influence information of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities with stock prices can be explained, separated total cash flows into components of cash flows gave negative influence and significant with stock prices especially cash flow from operating activities and cash flow from financing activities. In the third model levels about influence information of accounting income and components of cash flows with stock prices can be explained, accounting income gave positive influence and significant with stock prices whereas components of cash flows gave negative influence and significant with stock prices.
Keywords : Accounting Income, Cash Flows, Components of cash flows, levels model.
The performance of an enterprise is the result of a series of processes at the expense of resources. As one of the parameters of performance is profit. The importance of earnings information is expressly mentioned in SFAS (Statement of Financial Accounting Standards) 25, namely: the income statement is the main report to report on the performance of an enterprise during a certain period.
The purpose of this study was to obtain empirical evidence regarding the effect of information from the accounting profit, total cash flow, cash flow components as has been recommended in SFAS (Statement of Financial Accounting Standards) # 2 on reports of cash flow and accounting income with stock prices.
Some research on the information content of accounting earnings on stock prices of them done by Balls and Brown (1968) which proves that the information content of earnings is better than the information content of cash flows in predicting future cash flows. Other researchers are testing the predictive ability of earnings is the Finger (1994). Using a linear regression model, Finger provide conclusions on research that gives more profit than the incremental information content of cash flow. In line with Finger, Baridwan and Parawijati (1998) conducted a replication study with modifications and Finger can be concluded that the profit is a better predictor, although the cash flow can also be a good predictor.
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