Implikasi Konsep Pengakuan Akuntansi dan Ukuran Perusahaan Terhadap Kekuatan Laba Menjelaskan Return Saham
Butar Butar Sansaloni (Pembimbing): Dr. Jogiyanto HM., MBA., Dr. Jogiyanto HM., MBA.
INTISARI
Hubungan laba-return telah mendapat banyak perhatian peneliti-peneliti akuntansi karena keyakinan akan peranan informasi laba dalam merevisi ekspekatasi pasar atas aliran kas masa depan. Jika taba memang mampu merefleksikan kemampuan menghasilkan aliran kas masa depan maka diprediksikan adanya hubungan signifikan antara laba dan return saham. Hasil penelitian mendukung hipotesis ini. Untuk memahami kemampuan laba menjelaskan return saham, investigasi labih lanjut dilakukan dengan mengelompokkan sampel perusahaan sesuai dengan ukuran-nya. Alasan untuk menduga bahwa kekuatan hubungan laba-return antara perusahaan besar dan kecil berbeda timbul karena adanya perbedaan dalam lingkungan informasi. Media keuangan secara rutin menyediakan informasi ten:tang perusahaan besar. Lebih jauh lagi, informasi berkaitan dengan perusahan besar lebih cepat tersedia dipasar dibandingkan perusahaan kecil. Jadi, jika investigasi hubungan labareturn dilakukan dengan menggunakan periode return yang panjang maka diprediksikan semakin besar perusahaan semakin besar pula kemampuan laba dalam menjelaskan return. Hasil penelitian mendukung hipotesis ini. Penerapan konsep pengakuan akuntansi seperti objektivitas dan konservatisme cenderung menunda pengakuan peristiwa-peristiwa ekonomi yang mengandung nilai. Namun implikasi penerapan konsep pengakuan akuntansi berbeda antara kelas-kelas industri. Diprediksikan bahwa semakin sensitif pengukuran laba perusahaan terhadap pengakuan akuntansi maka semakin rendah kemampuan laba menjelaskan return saham. Hasil penelitian sebagian mendukung hipotesis ini.
ABSTRACT
Earnings-return association has drawn much attention of accounting researchers mostly because the conviction of the role of earnings information played in revising market expectation of future cash flow. If earnings do reflect firms' cash flow generating ability, then it is predicted that there is significant association between earnings and return. The result of this study supports the hypothesis. In order to assess the ability of earnings in explaining variation of return, further investigation is conducted by grouping the samples based on its size. The reason to believe that the strength of earnings-return association between large firm and small firm differs is based on information environment differences. Financial media frequently provide more information concerning large firm than small firm and earning information of larger firm is available earlier to the market. As a consequence, the information of the larger firm is impounded into stock price faster than small firm. If investigation of earnings-return association uses longer return period then it is hypothesized the larger the firm the greater the earnings explanatory power. The result support the hypothesis. The application of accounting recognition concept such as objectivity and conservatism tend to delay the recognition of value relevant economic events. But the impact of accounting recognition concept varies among class of industries. It is predicted that the more sensitive of firm earning measurement to accounting recognition the lower the earnings explanatory power. The result partially support the hypothesis.
Keywords :Cash Flow, Earnings, Return, Accounting Recognition, Firm Size.
Kata Kunci : Informasi Laba dan Reaksi Investor, Ukuran Perusahaan dan Kekuatan Penjelas Laba
