Analisis Pengaruh Perubahan Arus Kas dan Laba Akuntansi Terhadap Return Saham pada Perusahaan Berkapitalisasi Besar

Azilia Yocelyn, Yulius Jogi Christiawan




Abstract


This study aims to examine whether the changes of cash flows and accounting profit, used by investors to make investment decision, reflected in the companies’ stock return. There are four independent variables includes in this study, that is cash flows from operating, investing, and financing activities, as well as accounting profit. The stock return is calculated by using the geometric mean method. Multiple regression analysis is used to examine the data on the top 97 public companies (based on market capitalization catagory) listed in Indonesia Stock Exchange for period 2009-2010. The result reveals that accounting profit disclosure markedly affected the stock return. This implies that investors took into account the publication of accounting profit in their decision making. On the other side, the study cannot prove the association of other independent variables to  the stock return.


Keywords


Stock return, cash flow, accounting profit and investment decisions.

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The Journal is published by The Institute of Research & Community Outreach - Petra Christian University. It available online supported by Directorate General of Higher Education - Ministry of National Education - Republic of Indonesia.

©All right reserved 2016.Jurnal Akuntansi dan Keuangan, ISSN: 1411-0288, e-ISSN: 2338-8137

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