RELEVANSI NILAI LABA DAN NILAI BUKU EKUITAS TERHADAP HARGA SAHAM YANG DIMODERASI OLEH MANAJEMEN LABA PADA PERUSAHAAN – PERUSAHAAN LQ45 YANG TERDAFTAR DI BEI PERIODE 2012 – 2013

Abstract

Accounting information such as financial statements are expected to describe the actual financial condition of a company. The information which is usually used as a parameter of company’s performance  are  earnings and book value of equity. Earnings and book value of equity are relevant if shareholders give response through the movement of share price during the announcement of the information. The relevance of the value can be affected by earnings management. The management can manipulate the value of information so that the value of the information was not able to describe the actual performance of the company.

The grand theory of this research is clean surplus theory. Clean Surplus Theory emphasizes the fundamental aspects of the financial information to determine the company value and predict earnings in the future. While the signal theory discusses how  the signals of success or agent should be presented to the principle.

The objects of this research are 24 LQ45 company listing in Indonesian Stock Exchange in 2012-2013. Tools for data analysis are pooling, multiple regression that are t-test, f-test, coefficient determination of R square, and classical assumption test. Data are obtained from www.idx.co.id.

From the results of pooling test and classical assumption test , the data are used to qualify in each test. The results of F test discover that the earnings and book value of equity have value relevance simultaneously to the stock price. T test results show that the earnings and book value of equity has a value relevance of the stock price, earnings management proved to weaken the value relevance of earnings on stock prices.  However it is not proved that earnings management weaken the value relevance of equity book value of the stock price. The test results of coefficient determination show that earnings, book value of equity, and earnings and book value of equity are moderated by earnings management can explain the variation of the stock price by 85.3%.

The conclusion of this research proves that earnings and book value of equity have value relevance on stock prices. This research also found that earnings management weaken the value relevance of earnings to the stock prices. Meanwhile, earnings management is not proved weakens the value relevance of book value of equity.