RELEVANSI NILAI INFORMASI LABA DAN ALIRAN KAS TERHADAP HARGA SAHAM DALAM KAITANNYA DENGAN SIKLUS HIDUP PERUSAHAAN
SAN SUSANTO1
Universitas Kristen Duta Wacana
ERNI EKAWATI
Universitas Kristen Duta Wacana

Abstract
This study was constitute replicated study from Atmini(2002) about the association between corporate life-cycle and the incremental value-relevance of earnings and cash flows. Corporate life cycle consists of four stages: start-up, growth, mature and decline. Firms in different life-cycle stages have different characteristics. The differences in the life-cycle stages affect the usefulness of accounting performance measures, such as earnings and cash flows.
Using financial data of companies listed in Jakarta Stock Exchange (JSE) from periods of 1993 to 2003 the study finds that stock price of start-up firms is influenced by cash flows from investment activities and cash flows from financing activities. In the second stage, stock price influenced by earnings, cash flows from operating activities, and cash flows from investment activities. Earnings and cash flows influence appear to be value-relevant in mature stage. In the last stage stock price influenced by cash flows from operating activities and cash flows from financing activities. Overall, this study provides evidence that corporate life-cycle influences the incremental value-relevance of earnings and cash flows.

Keywords: Earnings, Cash Flows, Corporate life-cycle, and Value-relevance

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