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.

2001 | Tesis | S2 Accounting

Hubungan lab a-return telah mendapat banyak perhatian peneliti-peneliti

akuntansi karena keyakinan akan peranan informasi laba dalam merevisi ekspekatasi

pasar atas aliran kas masa depan. Jika laba 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 tentang perusahaan

besar. Lebih jauh lagi, informasi berkaitan dengan perusahan besar lebih cepat

tersedia dipasar dibandingkan perusahaan kecil. Jadi, jika investigasi hubungan laba-

return 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.

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' casn

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 panially support the

hypothesis.

Kata Kunci : Cash Flow, Earnings, Return, Accounting Recognition, Firm Size.