Analisis Pengaruh Kandungan Laba, Timeliness Publikasi Laba, Dan Kualitas Laba Terhadap Relevansi Nilai Laba Untuk Pasar Saham Dengan Laba Ditahan Dan Arus Kas Bersih Sebagai Variabel Kontrol

SANTOSO, DEVI LIANAWATI (2009) Analisis Pengaruh Kandungan Laba, Timeliness Publikasi Laba, Dan Kualitas Laba Terhadap Relevansi Nilai Laba Untuk Pasar Saham Dengan Laba Ditahan Dan Arus Kas Bersih Sebagai Variabel Kontrol. Other thesis, Prodi Akuntansi Unika Seogijapranata.

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Abstract

This research analyses the effect of earnings’ information content, timeliness of earnings announcement, and the earnings quality to the relevance of earnings value for the stock market. Retained earnings and net cash flow will be analysed as a control variables too. The analysis to the issue is crucial to be investigated due to earnings is considered as a principal information that becomes an attention for the users of accounting information in taking the investment decision, credit decision, etc. The differences from previous researches are: First, on the previous researches consider the information contents of earning, timeliness of earnings announcement, and the earnings quality, whereas on the other researches the three variables were not analysed together. Second, the previous researches haven’t put retained earnings and net cash flow as control variables, because they are supposed to have effect to the causal relation. This research apply both the Ohlson (1995) valuation theory and efficient capital market theory (Beaver, 1998) as a valuation basis to investigating the effect of earnings’ information contents, timeliness of earnings announcement, and the earnings quality, also retained earning, and net cash flow as a control variables to the relevance of earnings value for the stock market. This research hypothesizes that: First, earnings has value relevancy for the stock market. Second, earnings’ information contents, timeliness of earnings announcement, and the earnings quality have positive effect to increase the relevancy of earnings value for the stock market. Third, retained earnings ad net cash flow have positive effect to increase the relevancy of earnings value for the stock market. Fourth, earnings’ information contents, timeliness of earnings announcement, and the earnings quality, also retained earning, and net cash flow as a control variables have positive effect to increase the relevancy of earnings value for the stock market. By using sample from listed manufacture firms at the Jakarta Stock Exchange (JSX) over 2003-2006, the results indicate that earnings has value relevancy for the stock market generally. As especially, the results indicate that: First, significantly earnings has positive effect to the stock return (accept Ha1). Second, earnings’ information contents, timeliness of earnings announcement, and the earnings quality increase the relevancy of earnings value for the stock market. Earnings’ information contents proxied by direction of earnings growth and timeliness of earnings announcement proxied by reporting velocity of earnings have positive effect to the stock return while earnings quality proxied by earnings management has negative effect to stock return (reject Ha2). Third, by putting retained earnings and net cash flow as control variables, the relevancy of earnings value for the stock market is increased. Retained earnings has negative effect to stock return and net cash flow has positive effect to stock return (reject Ha3). Forth, earnings’ information contents, timeliness of earnings announcement, and the earnings quality, also retained earning, and net cash flow as a control variables increase the relevancy of earnings value for the stock market. Earnings’ information contents, timeliness of earnings announcement, and net cash flow have positive effect to stock return but the effects of earnings quality and retained earnings are negative (reject Ha4).

Item Type: Thesis (Other)
Subjects: > 650 Management > 658 Management
> 650 Management > 658 Management > Marketing Management
Divisions: Faculty of Economics and Business > Department of Accounting
Depositing User: Mrs Christiana Sundari
Date Deposited: 17 Sep 2015 12:00
Last Modified: 17 Sep 2015 12:00
URI: http://repository.unika.ac.id/id/eprint/3030

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