Pengaruh Akuntansi Akrual, Kas, dan Apresiasi Pasar terhadap Return Saham

Abstrak

Research on the effect of accrual accounting, cash, and market appreciation on stock returns aims to provide empirical evidence on the fundamental factors that influence stock returns. In market-based accounting research, accounting information is associated with investor response. Accounting information is formed on an accrual basis and cash basis. The accrual basis is represented by Earnings per Share which is the bottom line of the company's performance. The cash basis is often used to test the quality of accruals by providing information about the availability of cash to shareholders. In this case, represented by Free Cash Flow to Equity. Meanwhile, the size of market appreciation can be determined through Price to Book Value. So these three things are a fundamental part of the investment decision-making process that will have an impact on stock returns. With companies listed as investors33 on the IDX during 2017-2020 after multiple linear regression analysis (OLS) was carried out, it shows that the research model can be used to explain variations in stock returns. The results of the study provide empirical evidence that Free Cash Flow (FCF) and Price to Book Value (PBV) have a positive effect on stock returns, while Earnings per Share (EPS) has no effect on stock returns. With this, it is hoped that it can increase knowledge and provide a broader view in making investment decisions without focusing on one particular company's fundamental information such as profit as described by earnings per share.