PERAN SALING MELENGKAPI LABA DAN ARUS KAS OPERASI DALAM MENJELASKAN VARIASI RETURN SAHAM
ABSTRACT: The purpose of this
study is to evaluate the effect of cash flow (earnings) extremity on the supplement
role of cash flows (earnings) to earnings (cash flows). It is believed that
investors always seek to find a sustainable performance measure such as earnings
and cash flows for firm evaluation. The value relevance for earnings and cash
flows decreases when they are extreme and increases when the other competing
mea-sure is extreme. It was found that the supplementary role of cash flows is
affected by their informativeness because extreme cash flows are less
informative than moderate cash flows. The supplementary role of cash flows
exists only when cash flows are not extreme. Different from results on cash
flows, these findings show that the supplementary role of earnings does not
exist. These results imply that earnings are the primary profitability
indicator and cash flows are viewed as secondary signal of firm value
Penulis: Djoko Susanto dan
Baldric Siregar
Kode Jurnal: jpmanajemendd050016
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