HUBUNGAN NONLINEAR ANTARA EARNINGS DAN NILAI BUKU DENGAN KINERJA SAHAM
ABSTRACT: The purposes of this
research are to know: (1) is there nonlinearity relationship between earnings
and book value with stock return, (2) is there nonlinearity relationship
between earnings and book value with stock price. The result of this research
can be used on judgment for the practise in decision making with information
earnings, book value and what is primary to be expected. This research uses 41
manufacturing firms that listed in Jakarta Stock Exchanges, which are selected by
using purposive random sampling. Those selected firms announced their financial
statements during 1998 until 2002. Classics assumption test is done, there are normality
test with Jarque-Bera (JB) Test of Normality, linearity test with scatterplot,
heteroscedasticity test with White Heteroskedasticity test, autocorrelation
test with Durbin-Watson test. The hypothesis is tested by NLS (Nonlinier Least
Square) model regression. Value relevance earnings and book value with stock
return begin lost their value relevance but to earnings and book value with
stock price, there are significant examination year. This results are consistent
with Collins et.al. (1997), Warsidi (2002), Amir and Lev (1996), Graham et.al.
(1998), Francis and Schipper (1999).
Keyword: earnings, book value,
stock price, stock re-turn
Penulis: Rahmawati
Kode Jurnal: jpmanajemendd060051
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