ANALISIS TERHADAP HARGA SAHAM DENGAN PERSISTENSI LABA SEBAGAI VARIABEL INTERVENING [JURNAL]

Stock price is stock market price prevailing in the stock exchange where stock prices will rise
and decrease is influenced by the demand and supply of investors to the shares. This study
aims to examine the effect of operating cash flows on stock prices with earnings persistence
as intervening variable and the effect of operating cash flow and book tax differences on
earnings persistence. The population of this research is property, real estate and
construction development company listed in Indonesia Stock Exchange during 2014-2016,
collected using purposive sampling method. The data analysis method using descriptive
statistics, classical assumptions and multiple linear regressions extended by path analysis.
The test results show operating cash flow and book tax difference has significantly influence
the earnings persistence, operating cash flow has significantly influence the stock price. The
test result using path analysis show that operating cash flow has no influence on stock price
through earnings persistence so that earnings persistence has no charge of information to
stock price causing no influence between operating cash flow to stock price with earnings
persistence as intervening variable and investors don’t differentiate between the information
contained in the earnings and only see earnings in whole.

Keywords: Stock Price, Earnings Persistence, Operating Cash Flow and Book Tax Difference

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