RELEVANSI NILAI INFORMASI ARUS KAS DENGAN RASIO LABA HARGA DAN PERUBAHAN LABA HARGA SEBAGAI VARIABEL MODERASI: HUBUNGAN NONLINIER
Abstract: The objective of
this study is to examine the moderating impact of earnings price ratio and
change in earnings price ratio on the information content of cashflows. This
study used cashflows information from 41 samples of manufacture firms listed in
Jakarta Stock Exchange during 1999 until 2002.
Hypothesis state that there are relationship between cashflows and stock
return if they are moderated with earnings price ratio and also change in
earnings price ratio, are examined by Nonlinear Least Square Regression that
significant at 5%. Assumption classic tests are done, there are normality test
with Jarque-Bera (JB) test of normality, linearity test with scatterplot,
heterosce dasticity test with White Heteroscedasticity test, and
autocorrelation test with Durbin-Watson test.
The results of assumption classic shows that samples are not normal
distributed and nonlinear, the results also shows that there are some problems
heteroscedasticity but can be repaired with white heteroscedasticity consistent
variance and standard error. The result of hypothesis examination shows that if
they are moderated with earnings price ratio and also change in earnings price
ratio, cashflows have information content in nonlinear model. Cashflows data
that moderated with earnings price ratio have information relevant before, at
the publication date and after publication date of financial statement, but
cashflows data that moderated with change in earnings have information relevant
before and at the publication date of financial statement.
Keyword: cashflows, earnings
price ratio, change in earnings price ratio, stock return
Penulis: Astuti Sri Sumarni,
Rahmawati
Kode jurnal: jpakuntansidd070006
