STUDI EMPIRIS TERHADAP HUBUNGAN KANDUNGAN INFORMASI LABA AKUNTANSI, ARUS DANA, DAN ARUS KAS DENGAN RETURN SAHAM PADA PERUSAHAAN PUBLIK DI BURSA EFEK JAKARTA

Abstract

The objective of this study is to provide empirical evidence for the existence of the information content of accounting earnings, funds flows. and cash flows in relation to company stock returns. Differ from PSAK Pio. 2 (IN, 1994) about cash flows statement, basically We unexpected return model employed in this study is using dividend as a proxy for aggregate cash flows. This matter is supported by Lawson (1981 and 7985) findings which cited by Clubb (1995) that dividend or net dividend is the appropriate measures of aggregate cash flow for equity valuation purposes. While PSAK No. 2 defined cash flow as cash inflow and cash outflow of the cash or cash equivalent (par 05). The result of this study conclude that accounting earnings and funds flows (working capital from operation) have information content in relation to company stock returns. Beside that, it is also conclude that funds flows have incremental information content beyond accounting earnings in relation to company stock returns and cash flows have incremental information content beyond accounting earnings (the "institutional" perspective). As recommended by PSAK No. 2, par 09 fo present the statement of cash flows to be classified according to operating, investing, and financing activity so this study is also testing the information content of these three components of cash flows The result indicates that cash flows (dividend) and these three components of cash flows have information content in relationto company stock returns, but these three components have no Information content beyond cash flows The other conclusion is that accounting earnings have incremental information content beyond cash flows (the perspective that cash flows are the "primitive" concept) in relation to company stock returns. Keywords : Information Content, Earnings, Fund Flows. Cash Flows