PENGARUH LABA OPERASI DAN ARUS KAS OPERASI TERHADAP RETURN SAHAM DENGAN PROFITABILITAS SEBAGAI PEMODERASI

The purpose of this study was to determine (1) a positive influence on
stock returns in operating income. (2) operating cash flow positive influence on
stock returns. (3) the influence of operating earnings in explaining stock returns
will be stronger when a high profitability. (4) the influence of operating cash
flows in explaining stock returns will be stronger when a high profitability.
Sampling in this study using purposive sampling method of manufacturing
companies listed on the Indonesia Stock Exchange (BEI) from 2005 to 2010.
Based on the criteria of the study sample obtained 65 companies and 390
observations. The research data was analyzed using moderated regression analysis
with SPSS version 16.0.
The results of linear regression test showed that the H1 operating income
positive influence on stock returns, and H2 operating cash flow positive influence
on stock returns. While the results of moderated regression analysis testing H3
denied that the variable operating income, profitability, and have a significant and
negative interaction with the profitability of a pure moderator variable. H4 denied
that the variable operating cash flow, profitability and positive interaction and not
significant effect with profitability as homologizer.