RELEVANSI NILAI DARI ALTERNATIF UKURAN KINERJA AKUNTANSI: STUDI EMPIRIS INDONESIA

Published financial statements are an important source of information
needed by the company internally and externally. Investors as external uses of
accounting information in financial statements to support the investment decision.
The quality of financial reports will be higher if the value relevance of accounting
information. The purpose of this study was to test the value relevance of
alternative accounting performance measures including total revenue, sub-item
accounting profit (gross profit, operating income, earning before tax, net income),
total cash flow and book value of equity to the return of shares in the Indonesia
Stock Exchange (BEI).
This study was conducted at the manufacturing companies listed on the
Stock Exchange in the period 2006-2010. Sampling technique based on purposive
sampling to obtain a sample of 58 companies. analytical model used is multiple
regression models to determine the relevance of the value of each alternative
accounting performance measures in explaining stock returns against. In
addition, to determine the ability of information in explaining the variability of
stock returns or explanatory power of accounting information then count adjusted
R-Square.
This study states that the total revenue, operating income, gross profit, and
the book has a relevance value, while the earning before tax, net income and total
cash flow does not have relevance in explaining the stock returns. This study also
shows that total revenues have the greatest explanatory power, or said the most
relevant, followed by the book value of equity, operating income, gross profit,
total revenue, and net income. Earning before tax anda total cash flow have the
smallest explanatory power than other information.