RELEVANSI NILAI INFORMASI LAPORAN KEUANGAN UNTUK PASAR SAHAM : PENGUJIAN BERBASIS RETURN MODEL

LAKO, ANDREAS and HARTONO M., JOGIYANTO (2019) RELEVANSI NILAI INFORMASI LAPORAN KEUANGAN UNTUK PASAR SAHAM : PENGUJIAN BERBASIS RETURN MODEL. Working Paper. Unika Soegijapranata Semarang, Semarang.

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Abstract

This study investigates a considerable debate in recently accounting literature that financial statement numbers have lost a significant portion of their relevance over time for several last decades. Investigation is primarily focused on the value relevance of accounting numbers (i.e. unexpected stockholder’s equity and unexpected net income) from the listed manufacturing firms at the Jakarta Stock Exchange over 1990-2002 by using return model. The results show that value relevance of financial statement information has been declining over time for the last ten years. Its value relevance tends to embarrassingly low, that is, approximately 0.2 % - 29.8 % over time and 0.8 % by using pooled data. The value relevance of unexpected net income is higher than unexpected stockholder’s equity. The findings also demonstrate that value relevance of the good news unexpected stockholder’s equity is higher than the bad news unexpected stockholder’s equity, whereas the value relevance of the good news unexpected net income is lower than the bad news unexpected net income. Our findings also indicate that value relevance of unexpected accounting numbers for stock market during periods of heightened uncertainty (1997-2002) is more informative than during certainty periods (1990-1996). Generally, our findings indicate that a valuation of the value relevance of financial statements information by using return model and unexpected accounting numbers will produce a lower explanatory power than by using price model and actual accounting numbers.

Item Type: Monograph (Working Paper)
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 00:41
Last Modified: 20 Sep 2019 00:41
URI: http://repository.unika.ac.id/id/eprint/20001

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