ANALISIS PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP RETURN SAHAM PERUSAHAAN PERAIH INVESTMENT AWARD (BEST ISSUERS) DI BURSA EFEK INDONESIA

Abstract

Investors in investing always expect high stock returns. Therefore, investors should be
able to assess which companies have good performance, so the stock return is also high. The
financial statements, particularly those relating to information on changes in operating cash
flows and corporate accounting profit, are one of the important information that can be used
by investors to assess company performance. This study aims to provide empirical evidence
related to the effect of operating cash flow and accounting earnings on stock returns.
The data in this study is secondary data obtained from the company's annual financial
statements in Indonesia Capital Market Directory (ICMD) and Indonesia Stock Exchange
(IDX). This study was conducted using the company population of the company winning the
investment award (best issues) 2017 listed on the Indonesia Stock Exchange in 2015 and 2016.
The result of this research is partially variable of operating cash flow (AKO) have
positive and significant effect to stock return, while partially, variable of accountancy profit
(LAK) have no effect to stock return and simultaneously variable operating cash flow (AKO)
and change of accountancy profit (LAK) jointly have a significant effect on stock returns in
the company's winning investment award (best issues) 2017 listed on the Indonesia Stock
Exchange in 2015 and 2016.
Keywords: Operating Cash Flow, Accounting Profit, and Stock Return