ANALISIS KANDUNGAN INFORMASI ARUS KAS, KOMPONEN ARUS KAS, DAN LABA AKUNTANSI TERHADAP HARGA DAN RETURN SAHAM

Accounting information is used by potential users, especially Investors to make necessary economic decision. Earning and cash flow are some of the measure that show a firms successful management. Earning is useful for measuring a firms performance,and the cash flow information key measure of liquidity. Accounting information is not yet one of the fundamental analysis tools for trading in Indonesian Capital Market However, accounting information is necessary for making important decisions in capital market. The objective of this study is to examine the association of the information content of independent variables total cash flows, components of cash flows, and accounting income with stock price or stock return. As much 29 firms listed in Jakarta Stock Exchange (JSX) were taken as a sample using purposive sampling method. Data from audited financial statements in year 2006 and 2007 were taken from Indo-exchange files. The statistic method used to test hypothesis is a liner multiple regression Two models were considered: levels and return models. The statistical result of this shows that accounting income, cash flows and components of cash flows are significantly associated with stock price in levels model, in contrast,the result of this study shows that all independent variables (total cash flows, components of cash flows,and accounting income) are not associated with stock return in return model, except cash flows operation is significantly associated with stock return. Keywords : Information content, Cash Flows, Component of cash flows, Levels model, Return model