ANALISIS RELEVANSI NILAI VARIABEL FUNDAMENTAL PADA PERUSAHAAN E&P MIGAS DI KAWASAN ASIA

RADITYA HARI SAKSANA, Fu’ad Rakhman, M.Sc., Ph.D.

2014 | Skripsi | AKUNTANSI

Studi bertujuan untuk menguji relevansi nilai dari sekumpulan variabel fundamental industri hulu miga terhadap harga pasar ekuitas. Varibel fundamental digunakan oleh analis industri migas dalam mengevaluasi kinerja perusahaan hulu migas. Lebih lanjut, studi ini juga memberikan bukti bahwa variabel fundamental memiliki relevansi nilai secara inkremental di atas laba akuntansi dan nilai buku ekuitas. Sampel terdiri dari 20 perusahaan yang terdaftar di bursa saham kawasan Asia (Singapura, Indonesia, Thailand, India, Hong Kong, dan Jepang) pada periode 2003-2012. \\" Hasil\\" studi\\" ini\\" menunjukkan\\" bahwa\\" beberapa\\" varibel\\" fundamental\\" memiliki\\" hubungan\\" yang\\" signifikan\\" dengan\\" harga\\" pasar\\" ekuitas.\\" Selain\\" itu,\\" penelitian\\" ini\\" juga\\" membuktikan\\"bahwa\\"sekelompok\\"variabel\\"fundamental\\"memiliki\\"relevansi\\"nilai\\"secara\\" inkremental\\" di\\" atas\\" laba\\" akuntansi\\" dan\\" nilai\\" buku\\" ekuitas\\" bahkan\\" setelah\\" mengendalikan\\" perbedaan\\" pada\\" metode\\" akuntansi\\" dan\\" standar\\" akuntansi\\" yang\\" digunakan\\" oleh\\" perusahaan\\" hulu\\" migas.\\" Oleh\\" karena\\" itu\\" dapat\\" disimpulkan\\" bahwa\\" variabel\\" fundamental\\"dapat\\"menjadi\\" instrumen\\"dalam\\"memprediksi\\"nilai\\"ekuitas\\"pada\\" industri\\"hulu\\"migas.\\"

This study aims to examine the value-relevance of a group of upstream oil and gas industry’s fundamental variables to the market value of equity. The fundamental variables are used by oil and gas industry analyst in evaluating the performance of upstream company. Furthermore, this study also provides the evidence that the fundamental variables are incrementally value-relevant over the accounting earnings and the book value of equity. Sample consists of 20 firms listed in Asian regional stock exchanges (Singapore, Indonesia, Thailand, India, Hong Kong, and Japan) for the year of 2003 – 2012. The result of this study shows that several fundamental variables have a significant relationship with the market value of equity. In addition, this paper also captures that a group of fundamental variables are incrementally value-relevant over the accounting earnings and the book value of equity even after controlling for difference in accounting method and in accounting standard that used by upstream companies. Therefore we can conclude that the fundamental variables can be an instrument in predicting the value of equity at upstream oil and gas industry.

Kata Kunci : analisis\