Analisis Pengaruh Arus Kas Operasi Dan Modal Kerja Bersih Terhadap Laba Bersih ( Studi Kasus Pada Pt.Gudang Garam Tbk. )

Abstract

Investor in embedded the capital always expect high return stock.Therefore investors must have an eye for company which that has good performance, so that return stock also high. The financial statements, particularly those related to changes in operating cash flow of information and accounting profit company, is one of the important information that can be used by investors to assess corporate performance. This research aims is to provide empirical evidence relating to the influence of operating cash flow and accounting earnings  to stock return. The data in this study are secondary data obtained from the company's annual financial report in the Indonesian Capital Market Directory (ICMD) and Indonesia Stock Exchange  (IDX). This research was conducted by using the population companies engaged in manufacturing which is listed on the Indonesia Stock Exchange (IDX) with observation-year period 2006-2008. Recorded from 140 companies became members of the population, but only as many as 23 companies that are used as samples. Technique of multiple regression analysis  conducted to test the hypothesis that there is. The results of this study is that not all independent variables used in this study had a significant influence on stock return. Partially, accounting income significantly influence stock returns, while operating cash flow variables in a partial no effect on stock return. However, simultaneously operating cash flow and accounting income has a positive and significant influence on stock return. The coefficient of determination (R2) of 0.065, which means the independent variable stock returns can be explained by the regression equation at 6.50%, while the rest equal to 93.50% influenced by other factors not included in this study. Advice can be given is the investor needs to consider the accounting profit in investing in manufacturing companies, in addition to operating cash flow and accounting profit are other factors that influence the stock return and continued research is expected to increase the period of observation and other variable