PENGARUH TOTAL ARUS KAS, KOMPONEN ARUS KAS DAN INFORMASI LABA TERHADAP HARGA SAHAM PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA (BEI) TAHUN 2008 – 2010

Abstract

The objectives of this study were to determine the effect of total cash flow, cash flow components and accounting income on stock prices of manufacturing companies that are listed on the Indonesian Stock Exchange during 2008-2010. Previous of this studies showed inconsistencies regarding the effect of total cash flow, cash flow component and accounting income on stock prices. The results of this study is expected to be a useful input in terms of publication of financial statements and its effect on stock prices. The variables of this study are total cash flow, components of cash flow, accounting income and stock price. The study population are manufacturing companies listed on Indonesian Stock Exchange in the period 2008-2010. There are 100 companies that consistently publish financial statements respectively, but there are five companies that did not undertake any investment and financing activities, so it acquired 95 companies which qualify as samples. Analytical technique used is multiple regression analysis to test the hypotheses put forward.. Results showed simultaneously that total cash flow, operating cash flow, invesment cash flow, financing cash flow and accounting income have positive and significantly effect on stock prices, but partially only total cash flow,operating cash flow,financing cash flow and accounting income have positive and significantly effect on stock prices. The result of this research recomend for making investation decision, the investor should considering the information from total cash flow, operating cash flow, financing cash flow and accounting income. Limitations of this study is the sample consists of only manufacturing companies, the study period only three (3) years and focused on stock prices. For the next studies may increase the number of samples, extend the period of research and using model of stock returns, so that result can be better and more accurate.