Abstract
This study was conducted to examine the effect of variable Earning Per Share, Book Value of Equity, and Cash Flow of Operation on the Stock Price in manufacture sector listed on the Indonesia Stock Exchange (IDX) during the period 2012-2014. The data obtained in this study were published financial statements. The population in this study amounted to 44 companies and 132 samples obtained from 44 companies during the 3 years of observation. Techniques in sampling using purposive sampling method. The analysis technique used is multiple linear regression to examine the effect between dependent and independent variables and hypothesis testing using the simultan test and parsial test with a confidence level of 5%. The results showed that simultaneous Earning Per Share, Book Value of Equity, and Cash Flow of Operation have a significant effect on the Stock Price. While the partial test results showed that Earning Per Share, book value of Equity and Cash Flow of Operation have significant effect on the Stock Price.
Highlights
This study was conducted to examine the effect of variable Earning Per Share, Book Value of Equity, and Cash Flow of Operation on the Stock Price in manufacture sector listed on the Indonesia Stock Exchange (IDX) during the period 2012-2014
The data obtained in this study were published financial statements
The population in this study amounted to 44 companies and 132 samples obtained from 44 companies during the 3 years of observation
Summary
Laporan keuangan merupakan informasi penting yang dihasilkan dari proses akuntansi pada suatu perusahaan. Berdasarkan teori clean surplus, ohlson menyatakan bahwa nilai pasar perusahaan tercermin dalam data-data akuntansi yang terdapat di laporan keuangan yaitu pada komponen laporan laba rugi dan neraca (Scott 2011, hlm.209). Semakin tinggi nilai laba per saham menyebabkan semakin besar laba yang diperoleh sehingga perusahaan menyajikan kinerja yang baik dan membuat nilai perusahaan dimata investor meningkat serta investor tertarik untuk berinvestasi. Selain itu nilai buku dapat digunakan untuk memperkirakan batas bawah harga saham yang ditoleransi, karena dasar dari nilai buku ini dianggap sebagai batas aman atau ukuran safety plan dalam berinvestasi. Penelitian Sari (2004) menunjukan bahwa ada saat-saat tertentu yang membuat laba tidak lagi memiliki relevansi nilai, dan pada saat perusahaan merugi maka yang dapat digunakan untuk menilai perusahaan adalah informasi arus kas operasi.
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