PENGARUH KINERJA KEUANGAN DAN ARUS KAS TERHADAP REAKSI PASAR

Abstract

Financial performance was measured by accounting earnings and cash flow, which consists of several components, namely operating cash flow, investment cash flow and funding cash flows, while market reation was measured by shares return. The research was quantitative research. While, the data collection technique used purposive sampling. In line with, there were 29 samples from 145 observations. Moreover, the population was Goods and Consumption manufacturing companies which were listed on Indonesia Stock Exchange 2013-2017. In addiction, the data analysis technique used multiple linear regression with SPSS 20. The research result concluded accounting earnings and funding cash flow had positive and significant effect of return. It meant, the higher the value of shares return. Vice versa, if the accounting profit value and funding cash flow decreased, the value of shares return would also decrease. Furthermore, operating cash flow and investment cash flow had insignificant effect on the shares return. It happened as the investor did not consider operating cash flows and investment in having their investment. In addition, the market did not affected by operating or investment cash flow.
Keywords: financial performance, cash flow, shares return.