Pengaruh komponen laba permanen dan transitori terhadap price-earnings ratio

ZULFIATI, Lies, Prof.Dr. Zaki Baridwan, MSc

2004 | Tesis | S2 Akuntansi

Penelitian ini bertujuan untuk mengetahui dan membuktikan pengaruh komponen laba permanen dan transitori dengan model penilaian yang sering digunakan investor, Price Earnings Ratio (PER). PER merupakan angka yang menggambarkan hubungan antara kinerja perusahaan (laba) dengan penilaian pasar terhadap kinerja perusahaan (harga). Penilaian pasar dipengaruhi oleh kualitas laba yang dihasilkan. Penelitian ini mencoba menjelaskan kualitas laba melalui komponen-komponen laba. Terdapat dua komponen utama dalam laba, komponen laba permanen dan komponen laba transitori. Komponen laba permanen merupakan pendapatan perusahaan yang stabil yang diekspektasi akan diperoleh selama kelangsungan bisnisnya. Komponen laba transitori dihasilkan dari transaksi sesaat, laba transitori relevan dalam penilaian tetapi sifatnya tidak berulang di masa depan. Sampel penelitian terdiri dari perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta dengan perioda pengamatan data 4 tahun (1999-2002). Jumlah sampel 135 perusahaan. Data dikumpulkan dengan metoda penyampelan bersasaran. Komponen laba permanen diukur dari laba operasi. Komponen transitori dalam penelitian dibagi ke dalam dua elemen. Komponen transitori-laba rugi dan komponen transitori-akrual diskresioner. Hasil penelitian menunjukkan pengaruh positif komponen laba permanen terhadap PER. Komponen laba transitori-akrual diskresioner menunjukkan pengaruh negatif terhadap PER. Namun demikian, pengujian yang terkait dengan pengaruh komponen laba transitori-laba rugi menunjukkan arah yang berlawanan. Komponen transitori-laba rugi berpengaruh positif terhadap PER. Hal ini menjelaskan bahwa investor tidak menilai dengan tepat laba yang dilaporkan perusahaan.

The objective of the study was to examine the effect of permanent and transitory components of earnings on Price Earnings Ratio (PER). The PER summarizes in a single number which show the relationship between the financial performance of a company (earnings) and the stock market's valuation of expected performance (share price). Market's valuation depends on earnings quality. This research tries to explain earnings quality through earnings components. There are two main components of earnings, which are permanent earnings and transitory earnings. Permanent earnings is the sustainable average income which is expected being earned over a company's life. Transitory earnings result from one-time events or transactions, it has value relevance but not expected to persist in the future. The sample of the study was the manufacturing companies listed in the Jakarta Stock Exchange with 4 years observation periods (1999-2002). The data was collected using purposive sampling method. The number of the company was 135. Permanent earnings was measured using income from continuing operations. Transitory earnings was divided into two main elements, which are business activities (income statement) transitory and discretionary accruals transitory. The result of the multiple regression analysis showed that permanent earnings have positive effect on PER. Discretionary accruals transitory have negative effect on PER. Nevertheless, business activities transitory showed different effect from expected. It showed positive effect on PER. This implied that investors fail to recognize appropriately earnings reported by a company.

Kata Kunci : Price Earning Ratio,Laba Permanen dan Transitori, Price-Earnings Ratio, permanent earnings, transitory earnings.