The Effect of earning permanence of fundamental information analysis

ANGGRENI, Jeany, Dr. Jogiyanto Hartono, MBA

2002 | Tesis | Magister Manajemen

Hipotesis earning permanence menyatakan bahwa investor akan menggunakan signal fundamental sebagai sumber informasi pelengkap mengenai pendapatan dan pertambahan nilai relevan informasi fundamental terhadap pendapatan akan lebih bcsar jika pendapatan tersebut bersifat transitory. Thesis ini menguji tentang pertambahan nilai relevan, dimana pertambahan tersebut &an lebih besar jika pendapatan tersebut bersifat transitory, dan sebaliknya akan lebih kecil jika pendapatan tersebut bersifat permanen. Thesis ini juga akan menguji tentang penglasifikasian antara perusahaan yang menpunyai pendapatan permanen dan pendapatan transitory, serta pengaruhnya pada analysis fundamental dalam memprediksi harga saham. Dalam penelitian ini menggunakan beberapa variabel yang merupakan signal fundamental and return saham sebagai variabel dependen. Signal fundamental tersebut terdiri dari persediaan, piutang, laba kotor, biaya penjualan dan administrasi, tenaga kerja, serta perubahan pada EPS. Hasil penelitian ini menunjukan bahwa tidak terdapat bukti yang memadai untuk menolak hipotesis nol.

Earning permanence hypothesis asserts that investors consider fundamental signals as complementary source to earning and the incremental value-relevance of fundamental information over earnings is at the greatest when earnings are highly transitory. This thesis examines whether the incremental value relevance of fundamental information over earnings is greater (smaller) when earnings are predominantly transitory (permanent). This study also examines whether it is significant to distinguish between predominantly permanent and transitory earning firms for financial analysis in predicting stock price, This study use several variables as fundamental signals and the stock return as the dependent variables. The fundamental signals of this research consist of the change in inventory, account receivables, gross margin, selling and administrative expense, labor force, and also the change in earning per share. The result indicates that there is no sufficient evidence to reject the null hypothesis, and there is a rejection to the alternative hypothesis which state the Rsquare of fundamental information over earnings is greater (smaller) when earnings are predominantly transitory (permanent). There is also not significant to distinguishing between predominantly permanent or transitory earning firms for fundamental analysis to predict stock return.

Kata Kunci : Earning Permanent,Pendapatan Perusahaan,Harga Saham, 1 eurning permanence, permanent earning, transitory earning, fundamental analysis, fundamental signals