Peranan Konservatisme Akuntansi dan Faktor Risiko Makro dalam Model Laba Residual: Sebuah Studi di Bursa Efek Indonesia
Keywords:Residual Income model, valuation error, accounting conservatism, growth, beta, book to market ratio, size.
AbstractThis study examines the association of accounting conservatism, growth and macro-economic risk factors and valuation error of residual income model in Indonesian Stock Exchange. We use beta, book to market ratio, and size as proxies for macro-economic risk. Using sample of 186 companies taken from LQ-45 for the year of 2001 – 2005, we find that accounting conservatism and growth, have no significant influence toward residual income model valuation error. B/M has significant influence toward valuation error and has consistent sign as predicted by theory. Beta and Size has no significant influence toward valuation error. Overall, macro-economic risk factors can explain the valuation error better than accounting-based factors.Future research is expected to find accounting variables that can represent macro-economic risk and test their ability to explain valuation error. Also, future research need to confirm the relevance of accounting conservatism in stock valuation after implementation of IFRS in Indonesia.
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