Analisis Pengaruh Laba, Total Arus Kas dan Komponen Arus Kas Terhadap Harga dan Return Saham
Tobing, Martin HL (Pemb : Wiwin Rahmanti, SE.,M.Com.,Ak), Wiwin Rahmanti, SE.,M.Com.,Ak
2007 | Skripsi | S1 Accounting-
In the SFAC no. 1, 1978:7, stated that the objective of Financial Statement is provide information that is useful to those making investment and credit decisions who have a reasonable understanding of business activities, helpful to present and potential investors, creditors, and others in assessing future cash flows and about economic resources and the claims to and changes in them. (SFAC No.1, 1978: 7). Income Statement and Statement of Cash flows are believed as the parts of financial statement that can describe the performance of the Company in a period. These reports are expected as references for investor in making decision in capital market. The information contained in these reports expected has effect in prices and returns of the stock. Furthermore, Statement of Financial Accounting Standard no 2 stated that Cash flow from an entity can be divided in to three components (cash flow from operating, financing, and investing activities). The objective of the study is to examine the effect of information content of total cash flows, components of cash flows, and accounting income with the stock prices and stock returns.
As much as 50 manufacturing firms listed in the Jakarta Stock Exchange were taken as a sample using a purposive sampling method. With data observation period from 2003-2005. Data from audited financial statements were taken from Indo-Exchange files. The statistics method used to test hypotheses is a linear multiple regression.
The empirical result indicate that accounting income affect the stock prices and total cash flow does not affect the stock prices. But disaggregation of total cash flows into their components are significantly affect the stock prices except cash flows from investing activity. In contrast, the result of the study indicate that all of independent variables are not associated with stock returns.
Kata Kunci : Cash flows, Component of cash fows, Infomation content, Accounting income
