DAMPAK KINERJA LABA KEJUTAN TERHADAP RELEVANSI NILAI LAPORAN KEUANGAN UNTUK PASAR SAHAM

LAKO, ANDREAS (2008) DAMPAK KINERJA LABA KEJUTAN TERHADAP RELEVANSI NILAI LAPORAN KEUANGAN UNTUK PASAR SAHAM. LAPORAN KEUANGAN, 4.

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Abstract

This study examines two crucial issues in the accounting value relevance literature. The first issue is that the relevance of accounting information to stock markets declined and lost a significant portion of its relevance over time. The second issue is that unexpected earnings performance is expected to be significantly increasing the value relevance of financial statements to stock markets. The issues are examined by applying the Ohlson’ valuation model (1995) and using the listed manufacture firms at the Jakarta Stock Exchange over 1991-2003 as the sample. The study finds that relevance of financial statements tends to decline significantly over time. But, the surprising evidence shows that the relevance of financial statements during the peak economic and financial crisis periods (1997 and 1998) tends to increase significantly. This finding is contrary with the prior evidence that financial information has lost its relevance during the years. The empirical finding also shows that unexpected earnings performance does not has contingency effect to increase the relevance of financial statements over time. Generally, this study documents some new evidence. Firstly, the relevance of financial statements to stock markets tends to embarrassingly low (4.7%) for the 13 last years. Secondly, unexpected earnings performance does not have significant impact to the relevance of financial statements. Thirdly, the relevance of the negative unexpected earnings performance is higher than of the positive unexpected earnings performance. This study suggests that internalize the good corporate governance (CGC) principles is an appropriate strategy to improve the relevance of financial statements information to investors.

Item Type: Article
Subjects: > 650 Management > 657 Accounting
> 650 Management > 657 Accounting > Financial reports
Divisions: Faculty of Economics and Business > Department of Accounting
Depositing User: Mrs Christiana Sundari
Date Deposited: 20 Sep 2019 00:45
Last Modified: 20 Sep 2019 00:45
URI: http://repository.unika.ac.id/id/eprint/19995

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