PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP LIKUIDITAS SAHAM EMITEN DI BURSA EFEK JAKARTA

Rohman, Abdul and Mu'id, Dud and Kawedar, Warsito (2002) PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP LIKUIDITAS SAHAM EMITEN DI BURSA EFEK JAKARTA. Documentation. UNIVERSITAS DIPONEGORO.

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Abstract

The present research is intended to study and to analyze the influence of the operation cash flow and the accounting profit on the stock liquidity at the Jakarta Stock Exchange (JSX). The research was conducted at the JSX using 68 emitents as the samples based on Proportionate Stratified Random Sampling andtottery Method. The data used in this research are the total amount of the operation cash flow and the accounting profit during the accounting period of 1995, the announcement date of financial statement during the accounting period of 1995, the total amount of the trade shares, and the total amount of the outstanding shares or listing. The observation was carried out in 5 days before and after the announcement of the financial statement Trading Volume Activity was used to measure the stock liquidity. The first hypothesis was analyzed using the Path Analysis with F-test and t-test. Meanwhile, the second hypotheses were analyzed using the difference between means- test. The result of the first hypothesis analysis shows that the accounting profit has more influence on the stock liquidity. It means that the companies announcing more profit tend to achieve the increasement in their share trading volume. Nevertheless, the hypothesis test shows insignificant result. Then, the result of correlation test between the operation cash flow and the accounting profit shows very close correlation and significant. It mean that the change of the operation cash flow may change the accounting profit. The second hypothesis test shows that the average stock liquidity after the announcement oh the financial statement. But, based on the difference between means test, the result is insignificant It means that some investors react positively to the announcement of the operation cash flow and the accounting profit by doing buying transaction. Penelitian ini, bertujuan untuk mengetahui dan menganalisis pengaruh arus kas operasi dan laba akuntansi terhadap likuiditas saham di Bursa Efek Jakarta (BEJ). Penelitian dilakukan di BEJ dengan menggunakan 68 sampel berdasarkan Proportionate Stratified Random Sampling dan penetapan sampel berdasarkan undian. Data yang dibutuhkan dalam penelitian ini adalab; jumlah arus kas operasi dan laba akuntansi untuk periode akuntansi 1995, tanggal pengumuman laporan keuangan periode akuntansi 1995, jumlah saham yang diperdagangkan, dan jumlah saham yang beredar. Pengamatan dilakukan untuk 5 hart sebelum dan lima had sesudah pengumuman laporan keuangan. Trading Volume Activity (TVA) sebagai indikator untuk mengukur likuiditas saham. Hipotesis pertama, dianalisis dengan menggunakan path analysis dengan uji F dan uji t. Sedangkan hipotesis kedua menggunakan uji beda rata-rata. Hasil analisis hipotesis pertama menunjukkan bahwa laba akuntansi lebih berpengaruh terhadap likuiditas saham. Artinya, emiten yang melaporkan laba yang lebih baik ada kecenderungan naiknya volume perdagangan sahamnya. Namun, pengujian hipotesis menunjukkan hasil yang tidak signifikan. Selanjutnya, hasil uji korelasi antara arus kas operasi dan laba akuntansi menunjukkan adanya korelasi yang sangat tinggi dan signifikan, artinya perubahan pada ants kas operasi akan mengakibatkan perubahan pada laba akutansi. Pengujian terhadap hipotesis kedua menunjukkan bahwa rata-rata likuiditas saham sesudah tanggal pengumuman lebih besar dart sebelum pengumuman laporan keuangan. Namun berdasarkan uji beda hasilnya tidak si6mifrkan. Artinya, terdapat sebagian keel! investor yang bereaksi positif terhadap pengumuman arus kas operasi dan laba akutansi dengan melakukan trasaksi belt.

Item Type:Monograph (Documentation)
Subjects:H Social Sciences > HF Commerce > HF5601 Accounting
ID Code:23285
Deposited By:Mr UPT Perpus 2
Deposited On:19 Oct 2010 09:45
Last Modified:19 Oct 2010 09:45

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