DAMPAK KONSERVATISMA TERHADAP

RELEVANSI NILAI INFORMASI AKUNTANSI

DI INDONESIA


DISERTASI








Oleh:
DARSONO
99/837/PS







PROGRAM DOKTOR AKUNTANSI
FAKULTAS EKONOMIKA DAN BISNIS
UNIVERSITAS GADJAH MADA
YOGYAKARTA
2012

130

RINGKASAN
A. Pengantar
Relevansi nilai informasi akuntansi sangat rendah dan terjadi penurunan dari
tahun ke tahun. Hasil reviu Lev (1989) menunjukkan relevansi nilai laba bersih
sekitar 4-7 persen dan Barth et al. (2001) melaporkan relevansi nilai laba bersih
paling tinggi sebesar 10 persen. Hasil penelitian di Indonesia menunjukkan kondisi
hampir sama. Selama kurun waktu 1995-2004, relevansi nilai informasi akuntansi
pada perusahaan pemanufakturan berkisar 2,1-8,5 persen (Lako, 2006).
Penurunan relevansi nilai buku ekuitas dan laba bersih dilaporkan oleh
Collins et al. (1997), Francis dan Schipper (1999), serta Lev dan Zarowin (1999).
Brown et al. (1999) menguji ulang data yang digunakan oleh Collins et al. (1997)
dengan mendeflasi variabel-variabel penelitian untuk menghilangkan bias
pengukuran. Hasilnya konsisten dengan penelitian sebelumnya, relevansi nilai
buku ekuitas bersama laba bersih menurun sebesar 0,3 persen per tahun selama
kurun waktu 1958-1996. Gu (2007) memperkuat hasil penelitian di atas dan
mendapat bukti baru bahwa relevansi nilai informasi akuntansi menurun semakin
tajam sejak tahun 1970-an.
Relevansi adalah unsur utama dari kualitas informasi akuntansi. Relevansi
nilai diukur dari kekuatan asosiasi angka-angka statemen keuangan dengan harga
saham. Informasi akuntansi yang rendah relevansinya tidak dapat digunakan
sebagai dasar pengambilan keputusan ekonomik oleh investor, calon investor, dan
pihak-pihak lain yang berkepentingan karena menunjukkan kualitas statemen
keuangan yang rendah (Sinha dan Watts, 2001; Dontoh et al., 2004).
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Hasil-hasil penelitian di Indonesia menunjukkan arah tidak konsisten.
Penurunan relevansi nilai buku ekuitas dan laba bersih terjadi selama kurun waktu
1995-1998 (Mayangsari, 2004). Suwardi (2005) mendapatkan bukti bahwa
relevansi nilai buku ekuitas dan laba bersih meningkat selama tahun 1992-1994,
1996-1997, dan 1999-2001, namun menurun pada tahun 1995 dan 1998. Fluktuasi
relevansi nilai informasi akuntansi dideteksi juga oleh Lako (2006). Relevansi nilai
informasi akuntansi tahun 1997, 1999, 2001, dan 2003 menurun sedangkan tahun
1996, 1998, 2000, 2002, dan 2004 meningkat.
Penyebab rendah dan semakin menurun relevansi nilai informasi akuntansi
adalah (Lo dan Lys, 2000; Givoly dan Hayn, 2000; 2002; Watts, 2003a; Monahan,
2005): (1) mengabaikan peran informasi akuntansi dinamis dalam penelitian, dan
(2) praktik konservatisma yang semakin meningkat. Barth et al. (1998), Kothari
(2001), serta Pope dan Wang (2005) menyatakan bahwa nilai buku ekuitas
melengkapi laba dalam kajian relevansi nilai.
Peran informasi akuntansi dinamis penting dalam menilai harga saham (Lo
dan Lys, 2000). Aset/perubahan aset direspon oleh investor (Ou, 1990; Park dan
Pincus, 2001). Berbagai kelompok aset seperti aset lancar (Ou, 1990; Lev dan
Thiagarajan, 1993; Seng dan Hancock, 2012), aset tetap (Kerstein dan kim, 1995;
Cahan et al., 2000; Osborne dan Ingles, 2003), dan aset takberwujud (Sougiannis,
1994; Nelson, 2006; Camara, 2007) berasosiasi dengan harga saham.
The Association for Investment Management and Research (AIMR)
mengusulkan pendekatan semua-termasuk (all-inclusive) dalam penyajian statemen
laba-rugi. Sejak saat itu standar akuntansi global termasuk Indonesia mengarah
132



pada pelaporan laba komprehensif (Johnson et al., 1995; Kanagaretnam et al.,
2009; PSAK No. 1, revisi 2009). Hasil penelitian Chambers et al. (2007)
menunjukkan sebelum penerapan laba komprehensif (data 1994-1997), laba
komprehensif lain (other comprehensive income/OCI) tidak direspon oleh investor
namun setelah mengadopsi laba komprehensif (data 1998-2003), OCI
menunjukkan relevansi nilai.
Menurut Givoly dan Hayn (2000) penurunan relevansi nilai informasi
akuntansi disebabkan oleh sikap managemen yang konservatif dalam menyajikan
statemen keuangan. Selama kurun waktu 1956-1998, konservatisma laba
meningkat. Dalam kondisi konservatif, nilai buku aset (laba) pada statemen
keuangan disajikan bias ke bawah, yaitu lebih rendah dari nilai ekonomik aset (laba
ekonomik).
Konservatisma telah menjadi praktik yang lazim sejak 500 tahun lalu (Basu,
1997). Hingga kini belum diperoleh bukti empiris yang kuat tentang pengaruh
konservatisma pada relevansi nilai informasi akuntansi (Balachandran dan
Mohanram, 2011).

B. Tujuan Penelitian
Penelitian ini dilakukan untuk mengkonfirmasi model harga (Ohlson, 1995)
dengan pengaruh faktor lingkungan berupa konservatisma. Penelitian dilakukan
untuk menginvestigasi relevansi nilai informasi akuntansi secara luas, meliputi
komponen kunci statemen keuangan (nilai buku ekuitas dan laba bersih), laba
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komprehensif lain, dan informasi akuntansi dinamis. Selain itu diuji pula pengaruh
konservatisma pada relevansi nilai informasi akuntansi.

C. Kajian Pustaka
1. Penilaian Harga Saham
Kajian relevansi nilai merupakan bagian dari analisis faktor fundamental.
Fokus kajian relevansi nilai adalah menguji kebermanfaatan angka-angka statemen
keuangan sebagai hasil proses akuntansi (Bernard, 1995). Keberadaan kajian
relevansi nilai dapat ditelusur dari teori penilaian perusahaan. Menurut Holthausen
dan Watts (2001), Beaver (2002), serta Jenkins dan Kane (2006) penilaian dapat
dilakukan dengan tiga pendekatan, yaitu; (1) pendekatan neraca, (2) pendekatan
laba, dan (3) pendekatan hubungan linear nilai pasar saham dengan nilai buku
ekuitas dan laba akuntansi (disebut juga diskonto laba residual).
1


2. Relevansi Nilai Informasi Akuntansi
Penelitian relevansi nilai menjadi bidang kajian yang banyak dilakukan sejak
dikenalkan oleh Ohlson (1995) dan didukung oleh Bernard (1995). Kajian relevansi
nilai berasumsi bahwa tujuan utama statemen keuangan adalah untuk (1) mengukur
nilai ekuitas atau mengukur asosiasi dengan nilai ekuitas, atau (2) menyajikan
informasi yang relevan untuk menilai ekuitas. Beaver (1998) menggambarkan

1
Setiap penulis membagi model penilaian berbeda-beda. Pembagian selain di atas dilakukan juga
oleh Liu et al. (2002). Mereka mengindentifikasi model penilaian berdasarkan pada aliran kas
atau akrual sebagai berikut: (1) accrual flows, (2) accrual stocks, (3) cash flows, (4) forward
looking information, (5) intrinsic value measures, dan (6) sum of forward earnings. Palepu et al.,
(2004) membagi metoda penilaian menjadi; (1) diskonto terhadap dividen, (2) penilaian
berdasarkan pada kelipatan harga (price multiples), (3) diskonto terhadap aliran kas, (4) diskonto
terhadap laba residual.
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proses hubungan laba terhadap ekuitas ke dalam tiga urutan, yaitu (1) laba sekarang
berguna untuk memprediksi laba masa depan, (2) laba masa depan adalah indikator
kemampuan membayar atau membagi dividen, dan (3) dividen masa depan
didiskontokan ke nilai sekarang untuk menentukan nilai ekuitas.
Angka-angka statemen keuangan dikatakan memiliki relevansi nilai jika
terdapat hubungan (related) dengan harga saham (Francis dan Schipper, 1999;
Barth et al., 2001). Terdapat dua model untuk menguji relevansi nilai informasi
akuntansi, yaitu model return dan model harga (Barth et al., 2001; Kothari dan
Zimmerman, 1995). Model return digunakan untuk menguji kandungan informasi
tepat pada saatnya (in timely basis) dan cocok untuk studi peristiwa (event studies)
(Fama, 1991). Barth et al. (2001) menggolongkan model return dengan studi
peristiwa ke dalam relevansi keputusan, bukan relevansi nilai.
Pada awalnya relevansi nilai (model harga) dianggap sebagai pesaing
relevansi keputusan (model return), tetapi kemudian mulai dipahami bahwa kedua
model tersebut saling melengkapi (Kothari dan Zimmerman, 1995; Barth et al.,
2001). Sebuah penelitian sering menggunakan dua pendekatan secara bersamaan,
misalnya penelitian oleh Marquardt dan Wieldman (2004), Ali dan Hwang (2000)
serta Lev dan Zarowin (1999).

3. Model Harga
Penilaian harga saham menurut pendekatan tradisional dimulai dari
memprediksi dividen-dividen dengan persamaan sebagai berikut:
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]
~
[
1
t
t
t
+

=
=
t
D
E
t
R
f
HS
t
...........(1)
Dalam hal ini,
HS
t
= harga saham pada tanggal t
D
t
= dividen pada tanggal t
R
f
= suku bunga tanpa risiko plus satu
E
t
[.] = nilai harapan pada tanggal t.
Persamaan di atas memperlihatkan harga sebagai nilai sekarang dari serangkaian
dividen harapan (expected dividends) yang dibayarkan.
Dalam model harga, hubungan nilai buku ekuitas dengan laba dan dividen
harus bersifat hubungan surplus bersih (clean surplus relationship). Semua
komponen pembentuk laba harus dilaporkan pada statemen laba-rugi yang disebut
laba komprehensif. Nilai buku akhir tahun berasal dari nilai buku ekuitas awal
tahun ditambah laba dikurangi pembagian laba (dividen). Persamaan pertama dan
hubungan surplus bersih tersebut membentuk model harga Ohlson (1995). Dengan
demikian, nilai ekuitas dapat dinyatakan sebagai berikut:
c
| | |
o
t
I
t
LBK
t
NBE
t
HS
t
+ + + + =
3 2 1
....(2)
Dalam hal ini,
NBE
t
= nilai buku ekuitas pada tanggal t
LBK
t
= laba komprehensif tahun berjalan
I
t
= informasi lain.
= konstanta/intersep
136

1
:
2
:
3
= slope/koefisien

t
= kesalahan residual.
Persamaan 2 menjadi persamaan dasar penelitian relevansi nilai dan telah
digunakan oleh banyak peneliti, diantaranya Collins et al. (1997), Barth et al.
(1998), Ou dan Sepe (2002), Landsman et al. (2007), Gu (2007), dan Landsman et
al. (2011). Di Indonesia, model tersebut digunakan dalam penelitian Sasongko
(2008) serta Almilia dan Sulistyowati (2007).

4. Komponen Laba Komprehensif
Model harga mensyaratkan penyajian laba komprehensif. Laba komprehensif
disebutkan dalam SFAC No. 6 paragraf 70 sebagai berikut:
Laba komprehensif adalah perubahan ekuitas dari perusahaan bisnis
selama suatu perioda dari transaksi dan kejadian-kejadian lain dan
sejenisnya (circumstances) dari sumber nonpemilik. Hal tersebut
meliputi semua perubahan ekuitas selama suatu perioda kecuali yang
dihasilkan dari investasi oleh para pemilik dan distribusi kepada para
pemilik.

Cheng et al. (1993) menguji relevansi nilai 3 tingkatan laba akuntansi, yaitu
laba operasi, laba bersih, dan laba komprehensif. Laba operasi lebih relevan
dibandingkan laba bersih, dan laba bersih lebih relevan dibandingkan laba
komprehensif. Kanagaretnam et al. (2009) mendapatkan bukti di Kanada dalam
kurun waktu 1998-2003, laba komprehensif lebih relevan dibandingkan dengan
laba bersih untuk memprediksi aliran kas. Strong dan Walker (1993) membagi laba
komprehensif ke dalam tiga komponen yang disebut preexceptional earnings,
exceptional earnings, dan laba luar biasa. Laba luar biasa meningkatkan koefisien
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determinasi sebesar 20 persen. Landsman et al. (2007) mendapatkan bukti bahwa
total exclusions (laba bersih dikurangi laba operasi IBES), pos khusus (laba bersih
dikurangi laba operasi), dan other exclusions (laba operasi dikurangi laba operasi
IBES) memiliki relevansi nilai. Laba komprehensif terdiri atas laba bersih
ditambah laba komprehensif lain.
Sebelum diterapkan IFRS (sebelum PSAK No 1 revisi 2009), standar
akuntansi di Indonesia mewajibkan statemen laba bersih. Akibatnya banyak
informasi yang menerobos menjadi bagian nilai buku ekuitas tanpa melalui
statemen laba-rugi, yang dinamakan pos surplus kotor. Pos surplus kotor tersebut
adalah laba komprehensif lain. Pos-pos surplus kotor menurut pedoman penyajian
statemen keuangan di Indonesia (SK Bapepam No. 06 tahun 2000 dan SE No. 2
tahun 2002) adalah:
2
(a) selisih kurs karena penjabaran statemen keuangan, (b)
selisih kurs tidak normal bilamana depresiasi mencapai 133 persen dari rata-rata
tiga tahun terakhir, maka dapat dikapitalisasi, (c) selisih transaksi perubahan
ekuitas perusahaan asosiasi, (d) laba (rugi) belum direalisasi dari efek tersedia
untuk dijual, dan (e) selisih revaluasi aset tetap.

5. Sumber Daya Perusahaan
Menurut Lako (2006) dan Canibano et al. (2000) terdapat tiga kelompok
pos neraca yang memiliki relevansi nilai, yaitu; (1) aset lancar operasi (current

2
PSAK No. 1 (revisi 2009) merinci pendapatan komprehensif lain pada paragraf 07, terdiri atas; (a)
perubahan dalam surplus revaluasi, (b) keuntungan dan kerugian aktuarial atas program manfaat
pasti, (c) keuntungan dan kerugian yang timbul dari penjabaran statemen keuangan dari entitas
asing, (d) keuntungan dan kerugian dari pengukuran kembali aset keuangan yang dikategorikan
sebagai tersedia untuk dijual, (e) bagian efektif dari keuntungan dan kerugian instrumen lindung
nilai dalam rangka lindung nilai aliran kas.
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operating asset), (2) aset tetap, dan (3) aset takberwujud. Ketiga kelompok tersebut
dinamakan akuntansi informasi dinamis (Lo dan Lys, 2000).
5.1. Aset Lancar Operasi. Aset lancar terdiri atas aset keuangan dan aset operasi.
Aset lancar operasi adalah aset lancar selain kas/bank dan investasi jangka pendek,
sehingga aset lancar operasi terdiri atas piutang, sediaan barang, dan aset lancar
lainnya (Fairfield et al., 2003). Peningkatan aset lancar operasi menunjukkan
penambahan aset yang kurang produktif.
5.2. Aset Tetap. Investasi atau pengeluaran untuk pembelian aset tetap (capital
expenditure) adalah pertumbuhan aset tetap yang dapat meningkatkan kinerja
perusahaan di masa datang. Core et al. (2003) serta Kerstein dan Kim (1995)
menyatakan bahwa pertumbuhan aset berhubungan erat dengan laba abnormal.
5.3. Aset Takberwujud. Keberadaan aset takberwujud direspon oleh investor ke
dalam dua arah, yaitu positif atau negatif (Ely dan Waymire, 1999). Respon positif
terjadi bila aset takberwujud menunjukkan aset yang memiliki nilai tambah
sehingga meningkatkan harga saham, sedangkan respon negatif terjadi bila aset
takberwujud merupakan biaya yang ditangguhkan pembebanannya. Penelitian Lako
(2006) searah dengan hasil penelitian Canibano et al. (2000), yaitu aset
takberwujud sebagai sumber laba ekonomik perusahaan di masa depan, sehingga
harus diakui sebagai aset karena berpengaruh positif terhadap harga saham.




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6. Konservatisma
Setiap standar akuntansi dan perusahaan memiliki tingkat konservatisma
yang bervariasi (Xu dan Lu, 2008). Lo (2005) dan Juanda (2006) mengkonfirmasi
bahwa praktik konservatisma terjadi juga di Indonesia.
Konservatisma telah mempengaruhi praktik akuntansi sejak 500 tahun yang
lalu (Basu, 1997). Menurut Kam (1990) konservatisma di bidang akuntansi dapat
ditelusur di Inggris sejak jaman pertengahan. Pada tahun 1920-an praktisi
perbankan di AS meminta agar statemen keuangan nasabah disajikan lebih
konservatif agar tidak overstatement (melaporkan aset/laba lebih tinggi dari
kenyataan). Selama 30 tahun terakhir praktik akuntansi semakin konservatif
(Watts, 2003a) bahkan dengan aplikasi IFRS, konservatisma tetap dipraktikan
(Hellman, 2008).
Konservatisma adalah prilaku melaporkan aset (pendapatan) lebih rendah dan
kewajiban (biaya) lebih tinggi dari nilai ekonomiknya (Hendriksen dan Van-Breda,
1992; Suwardjono, 2005). Hal serupa dinyatakan dalam SFAC No. 2 paragraf 95
yang menyebutkan...jika terdapat dua estimasi angka yang akan diterima/dibayar
di masa depan, maka konservatisma menghendaki angka yang digunakan adalah
nilai yang paling tidak optimis.
Menurut Watts (2003b) konservatisma diukur dengan tiga pendekatan, yaitu
aset bersih, hubungan laba terhadap return saham, laba dan akrual.
3
Pendekatan

3
Wang et al. (2009) merinci metoda pengukuran konservatisma akuntansi. Mereka
mengelompokkan metoda pengukuran konservatisma, sebagai berikut: (1) Differential Timeliness
(Basu, 1997), (2) Asymmetric Accrual-to-Cash-Flow (Ball dan Shivakumar, 2005), (3) BTM atau
MTB (Beaver dan Ryan, 2000), (4) Negative Accrual (Givoly dan Hayn, 2000), (5) Hidden
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aset bersih dilakukan oleh Beaver dan Ryan (2000). Konservatisma diukur dengan
cara membandingkan nilai buku ekuitas terhadap harga saham (selanjutnya
disingkat B/M). Semakin rendah rasio BM, maka semakin konservatif karena nilai
buku ekuitas semakin jauh lebih rendah dari nilai pasar saham.
Pendekatan kedua dilakukan oleh Basu (1997). Konservatisma diukur dengan
cara menghubungkan laba dengan return, yaitu melalui regresi perubahan laba
yang dideflasi dengan harga pasar awal terhadap return yang dideflasi dari
perubahan laba positif dan negatif. Koefisien (
3
) menunjukkan konservatisma.
Model Basu (1997) adalah sebagai berikut:
X
it
/ P
it-1
=

+
1
DR
it
+
2
R
it
+
3
R
it
*DR
it
+
t
....(3)

Dalam hal ini,
X
it
= laba per saham perusahaan i pada tahun t
P
it-1
= harga per saham perusahaan i pada awal perioda
R
it
= return perusahaan i untuk 12 bulan
DR
it
= variabel dummy, 0 bila R
it
> 0, dan 1 bila R
it
< 0.

t
= kesalahan residual.
Ball dan Shivakumar (2005) melakukan modifikasi terhadap model Basu (1997),
dengan cara meregresi aliran kas operasi terhadap akrual.
Pendekatan ketiga, konservatisma diukur dengan cara membandingkan laba
akuntansi dengan akrual. Givoly dan Hayn (2000; 2002) menyatakan bahwa tanda
dan besaran akrual dalam jangka panjang menunjukkan konservatisma.

Reserve yang diukur dengan indeks konservatisma (Penman dan Zhang, 2002), (6) Accounting-
chioce-based.
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Konservatisma dalam model ini dideteksi dari akrual nonoperasi negatif (NNA),
seperti pada persamaan berikut ini.
Cn
it
= -NA
it
= -(TA
it
-OA
it
) ................................................................................. (4)
Dalam hal ini,
Cn
it
= konservatisma perusahaan i perioda t
NA
it
= nonoperating accrual perusahaan i perioda t
TA
it
= total akrual perusahaan i perioda t, yaitu laba bersih + depresiasi aliran kas
dari operasi
OA
it
= operating accrual perusahaan i perioda t, yaitu piutang usaha + sediaan
barang + biaya dibayar di muka - hutang usaha - hutang pajak.

D. Perumusan Hipotesis
Berdasarkan tinjauan pustaka dan hasil kajian seperti diuraikan di atas, dapat
dirumuskan hipotesis-hipotesis di bawah ini.

1. Relevansi Nilai Ekuitas
Secara konsepsi informasi akuntansi mencerminkan sumber daya perusahaan,
hak atas sumber daya perusahaan, dan perputaran sumber daya perusahaan. Hak
atas sumber daya terdiri atas hak pemilik dan hak nonpemilik. Hak pemilik atas
sumber daya perusahaan merupakan hak residual pemegang saham (Suwardjono,
2005).
Hak residual pemegang saham atau ekuitas dilaporkan dalam neraca sebagai
nilai buku ekuitas. Ekuitas mengandung nilai ekonomik yang berpengaruh positif
142



pada nilai pasar perusahaan (Ohlson, 1995; Suwardi, 2005; Sasongko, 2008).
Hipotesis relevansi nilai ekuitas sebagai berikut (dalam bentuk alternatif):
H
1
= Ekuitas berpengaruh positif terhadap nilai pasar perusahaan.

2. Relevansi Nilai Kinerja Perusahaan
Kinerja perusahaan dihasilkan dari perputaran aset perusahaan yang
membentuk nilai tambah. Kinerja perusahaan tercermin dari laba bersih. Chambers
et al. (2007) menyatakan bahwa laba inti (core earnings) berpengaruh pada nilai
saham dalam dua cara, yaitu (1) berpengaruh pada nilai buku ekuitas dan nilai
pasar saham dollar-for-dollar, dan (2) laba inti abnormal dikapitalisasi dan
berasosiasi dengan nilai pasar saham melalui muhibah harapan. Dalam
hubungannya dengan nilai pasar perusahaan, hipotesis tentang kinerja perusahaan
sebagai berikut (dalam bentuk alternatif):
H
2
= Kinerja perusahaan berpengaruh positif terhadap nilai pasar perusahaan.

3. Relevansi Nilai Laba Komprehensif Lain
Laba komprehensif terdiri atas laba bersih dan laba komprehensif lain (OCI).
OCI menunjukkan kinerja perusahaan selain pendapatan dan beban yang
dilaporkan pada statemen laba bersih. Pada pendekatan operasi-sekarang, OCI
dilaporkan pada nilai buku ekuitas yang dikenal sebagai pos surplus kotor. OCI
tidak berpengaruh pada nilai pasar perusahaan, terutama sebelum adopsi laba
komprehensif (Chambers et al., 2007; Dhaliwal et al., 1999; Cheng et al., 1993)
tetapi berpengaruh setelah adopsi IFRS (Chambers et al., 2007; Cahan et al., 2000).
143



Meskipun terdapat bukti yang saling bertentangan, secara konsepsi OCI
berpengaruh pada nilai pasar perusahaan (Johnson et al., 2005). Dalam
hubungannya dengan nilai pasar perusahaan, hipotesis tentang OCI sebagai berikut
(dalam bentuk alternatif):
H
3
= Laba komprehensif lain berpengaruh positif terhadap nilai pasar perusahaan.

4. Relevansi Nilai Informasi Akuntansi Dinamis
Informasi akuntansi dinamis adalah informasi dari pos-pos statemen
keuangan selain nilai buku ekuitas dan laba bersih, yaitu aset dan liabilitas.
Berbagai kelompok aset seperti aset lancar (Ou, 1990; Lev dan Thiagarajan, 1993;
Seng dan Hancock, 2012), aset tetap (Kerstein dan kim, 1995; Cahan et al., 2000;
Osborne dan Ingles, 2003), dan aset takberwujud (Sougiannis, 1994; Nelson, 2006;
Camara, 2007) berasosiasi dengan harga saham.
4.1. Pertumbuhan Aset Lancar Operasi. Aset lancar operasi diperlukan untuk
mendukung dan meningkatkan aktivitas utama perusahaan. Ou (1990) serta Lev
dan Thiagarajan (1993) mendapatkan bukti bahwa aset lancar operasi dipersepsi
sebagai sediaan potensi ekonomik yang belum dimanfaatkan. Nilai aset lancar
operasi meningkat karena managemen tidak dapat mengalokasi sumber daya pada
aset yang lebih produktif. Hipotesis relevansi nilai aset lancar operasi adalah
(ditulis dalam bentuk alternatif):
H
4
= Sumber daya perusahaan berupa pertumbuhan aset lancar operasi berpengaruh
negatif terhadap nilai pasar perusahaan.
144



4.2. Pertumbuhan Aset Tetap. Pengeluaran untuk kapital menunjukkan
keyakinan managemen atas peluang investasi guna meningkatkan kemakmuran
perusahaan. Osborne dan Ingles (2003) menyatakan bahwa investasi hanya dapat
meningkatkan kemakmuran jika investasi menunjukkan satu dari empat keadaan
sebagai berikut. Pertama, investasi membentuk aset baru. Kedua, investasi
menambah aset yang sudah ada. Ketiga, investasi mengganti aset lama. Keempat,
investasi meningkatkan masa manfaat atau kapasitas aset lama. Oleh karena itu
hipotesis relevansi nilai pertumbuhan aset tetap adalah (ditulis dalam bentuk
alternatif):
H
5
= Sumber daya perusahaan berupa pertumbuhan aset tetap berpengaruh positif
terhadap nilai pasar perusahaan.
4.3. Aset Takberwujud. Aset takberwujud yang dicatat pada neraca terdiri atas
kos dari pengeluaran untuk riset, promosi, pengembangan produk baru, muhibah,
dan paten. Pengaruh aset takberwujud bersifat kontingensi karena aset takberwujud
dapat berupa kumpulan biaya yang ditangguhkan tanpa manfaat masa depan atau
kos yang memiliki nilai tambah bagi perusahaan (Ely dan Waymire, 1999). Oleh
karena itu hipotesis relevansi nilai aset takberwujud adalah (ditulis dalam bentuk
alternatif):
H
6
= Sumber daya perusahaan berupa aset takberwujud berpengaruh positif
terhadap nilai pasar perusahaan.



145



5. Dampak Konservatisma pada Relevansi Nilai Informasi Akuntansi
Konservatisma mengakibatkan laba (aset) ditunda pengakuannya sampai
terdapat bukti transaksi yang kuat tetapi kerugian (biaya) diakui segera, sehingga
laba (aset) tahun ini lebih kecil dibandingkan laba (aset) ekonomik. Terjadi aliran
kas dengan pengakuan aset (laba) secara akrual. Penyajian lebih rendah
mengakibatkan distorsi pada statemen keuangan.
5.1. Dampak Konservatisma terhadap Relevansi Nilai Ekuitas. Nilai buku
ekuitas bersama laba menentukan harga saham, dan satu dari kedua nilai tersebut
hilang mengarah pada model yang salah spesifikasi (misspecification) (Kothari dan
Zimmerman, 1995; Ohlson, 1995). Konservatisma menimbulkan nilai buku aset
(laba) lebih rendah dari nilai ekonomiknya. Akibatnya laba bersifat transitory dan
nilai buku ekuitas menyajikan nilai inti (Dichev, 2008; Balachandran dan
Mohanram, 2011). Investor lebih memperhatikan nilai buku ekuitas. Oleh karena
itu, dapat dirumuskan hipotesis pengaruh konservatisma terhadap relevansi nilai
ekuitas sebagai berikut (ditulis dalam bentuk alternatif):
H
7
= Konservatisma memperkuat relevansi nilai ekuitas.
5.2. Dampak Konservatisma terhadap Relevansi Nilai Kinerja Perusahaan.
Laba merupakan perputaran sumber daya yang menghasilkan nilai tambah bagi
pemilik. Laba menyediakan informasi untuk memprediksi aliran kas masuk masa
depan. Konservatisma mengakibatkan terjadi mismatch antara pengakuan
pendapatan dengan biaya. Akibatnya laba mengandung bias ke bawah karena
pengakuan laba (aset) secara akrual lebih rendah dibandingkan dengan aliran kas.
Laba banyak mengandung pos transitory sehingga direspon negatif oleh investor.
146



Oleh karena itu hipotesis pengaruh konservatisma terhadap relevansi nilai kinerja
perusahaan sebagai berikut (ditulis dalam bentuk alternatif):
H
8
= Konservatisma memperlemah relevansi nilai kinerja perusahaan.
5.3. Dampak Konservatisma terhadap Relevansi Nilai Laba Komprehensif
Lain. Laba komprehensif lain (OCI) menunjukkan kinerja perusahaan selain laba
bersih. OCI bermakna dalam memprediksi nilai perusahaan tergantung lokasi
penyajiannya (Chambers et al., (2007). Dalam penelitian ini, OCI dikutip dari nilai
buku ekuitas, oleh karena itu karakter OCI mirip nilai buku ekuitas. Konservatisma
akan meningkatkan relevansi pos surplus kotor. Hipotesis pengaruh konservatisma
terhadap relevansi nilai OCI sebagai berikut (ditulis dalam bentuk alternatif):
H
9
= Konservatisma memperkuat relevansi nilai laba komprehensif lain.
5.4. Dampak Konservatisma terhadap Relevansi Pertumbuhan Aset Lancar
Operasi. Aset lancar operasi mengandung nilai yang persisten, menyajikan
informasi return masa depan (Dichev, 2008). Dalam keadaan konservatif, maka
nilai aset lancar operasi menunjukkan bias ke bawah. Oleh karena itu, hipotesis
dampak konservatisma terhadap pertumbuhan aset lancar operasi dirumuskan
sebagai berikut (ditulis dalam bentuk alternatif):
H
10
= Konservatisma memperlemah relevansi nilai sumber daya perusahaan berupa
pertumbuhan aset lancar operasi.
5.5. Dampak Konservatisma terhadap Relevansi Nilai Pertumbuhan Aset
Tetap. Pengeluaran untuk kapital (aset tetap) dilakukan sejalan dengan
pertumbuhan perusahaan. Dalam keadaan konservatif, aset tetap dinilai lebih
rendah dari nilai ekonomiknya. Oleh karena itu, hipotesis dampak konservatisma
147



terhadap relevansi nilai pertumbuhan aset tetap dapat dirumuskan sebagai berikut
(ditulis dalam bentuk alternatif):
H
11
= Konservatisma memperlemah relevansi nilai pertumbuhan sumber daya
perusahaan berupa aset tetap.
5.6. Dampak Konservatisma terhadap Relevansi Nilai Aset Takberwujud. Aset
takberwujud adalah sumber daya yang paling sulit dinilai karena sumbangan
terhadap kemakmuran perusahaan sulit diukur. Dalam keadaan konservatif, aset
takberwujud cenderung dinilai lebih rendah dari nilai ekonomiknya. Managemen
lebih cepat membebankan kos menjadi biaya, akibatnya terjadi bias ke bawah. Oleh
karena itu, hipotesis dampak konservatisma terhadap relevansi nilai aset
takberwujud dapat dirumuskan sebagai berikut (ditulis dalam bentuk alternatif):
H
12
= Konservatisma memperlemah relevansi nilai sumber daya perusahaan berupa
aset takberwujud.

E. Metoda Penelitian
1. Variabel Penelitian
Dalam penelitian ini terdapat tiga jenis variabel, yaitu variabel dependen
berupa harga saham, variabel independen berupa nilai buku ekuitas neto, laba
bersih, OCI, pertumbuhan aset lancar operasi, pertumbuhan aset tetap, dan aset
takberwujud, serta variabel pemoderasi adalah konservatisma.
9. Harga Saham. Harga saham dikutip dari harga penutupan pada hari publikasi
statemen keuangan tercepat di bursa atau surat kabar. Harga saham diukur
dengan harga pasar per saham.
148



10. Nilai Buku Ekuitas. Penelitian ini menggunakan nilai buku ekuitas neto, yaitu
nilai buku ekuitas akhir tahun (NBE) dikurangi laba bersih tahun berjalan (LB)
dan pos surplus kotor (OCI). Nilai buku ekuitas neto per saham, yaitu nilai
buku ekuitas neto dibagi saham beredar akhir tahun (SHM) dengan perhitungan
sebagai berikut:

) (SHM
OCI LB NBE
NBEn

=

11. Laba Bersih. Laba bersih adalah laba setelah pajak dan dinyatakan per saham
(EPS), yaitu laba bersih setelah pajak (LB) dibagi rata-rata bobotan saham
beredar (SHMb) dengan perhitungan sebagai berikut:
) (SHMb
LB
EPS =

12. Laba Komprehensif Lain (OCI). OCI adalah pos surplus kotor yang dikutip
dari nilai buku ekuitas. Pos surplus kotor diukur dengan dummy. Angka 1
mewakili perusahaan yang melaporkan surplus kotor dan 0 sebaliknya.
13. Pertumbuhan Aset Lancar Operasi. Pertumbuhan aset lancar operasi diukur
dari perubahan nilai aset lancar operasi per saham. Perubahan nilai aset lancar
operasi per saham (ALOPS) dihitung dari aset lancar operasi (ALOP) per
saham akhir tahun berjalan dikurangi dengan aset lancar operasi per saham
tahun sebelumnya dengan perhitungan sebagai berikut:

1
1

=
t
t
t
t
SHM
ALOP
SHM
ALOP
ALOPS

14. Pertumbuhan Aset Tetap. Penambahan aset tetap berwujud per saham (INV)
diperoleh dengan cara harga perolehan aset tetap (AT) akhir tahun berjalan per
149



saham dikurangi harga perolehan aset tetap akhir tahun sebelumnya per saham
dengan perhitungan sebagai berikut:
1
1

=
t
t
t
t
SHM
AT
SHM
AT
INV

15. Aset Takberwujud. Aset takberwujud adalah pengeluaran yang membentuk
kos dan memiliki potensi menghasilkan pendapatan. Aset takberwujud diukur
dengan dummy, angka 1 mewakili perusahaan yang memiliki aset takberwujud
dan 0 sebaliknya.
16. Konservatisma. Konservatisma adalah ukuran perbedaan antara nilai buku aset
dengan nilai ekonomiknya. Untuk mengukur konservatisma, dalam penelitian
ini digunakan negative nonoperating accrual (NNA) per saham yang dihitung
dengan persamaan 4.

2. Teknik Analisis
Persamaan statistik untuk menguji hipotesis adalah sebagai berikut:
HSu
it
=

+
1
NBEn
it
+
2
EPS
it
+
3
DAKOT
it
+
4
ALOPS
it
+
5
INV
it
+

6
DATW
it
+

7
Cn
it
+
8
Cn
it
*NBEn
it
+
9
Cn
it
EPS
it
+
10
Cn
it
*DAKOT
it
+

11
Cn
it
*ALOPS
it
+
12
Cn
it
*INV
it
+
13
Cn
it
*DATW
it
+
it
......................(5)



Dalam hal ini,
HSu
it
= harga saham perusahaan i pada hari publikasi statemen keuangan tercepat
di bursa/surat kabar.
NBEn
it
= nilai buku ekuitas neto perusahaan i pada tanggal t (akhir tahun)
EPS
it
= laba bersih perusahaan i perioda t
DAKOT
it
= pos surplus kotor perusahaan i pada akhir tahun (dummy).
150



ALOPS
it
= Pertumbuhan aset lancar operasi per saham perusahaan i perioda t.
INV
it
= Pertumbuhan aset tetap per saham perusahaan i perioda t.
DATW
it
= Aset takberwujud perusahaan i pada tanggal t (dummy).
Cn
it
= Konservatisma perusahaan i pada perioda t.
= konstanta/intersep

1:

13
= slope/koefisien

it
= kesalahan residual.

F. Hasil Penelitian
1. Pemilihan Sampel
Penelitian ini menggunakan data perusahaan-perusahaan dalam industri
pemanufakturan yang mempublik di Bursa Efek Indonesia (BEI) perioda tahun
2000-2009. Data statemen keuangan, tanggal publikasi, dan harga saham diperoleh
dari Pusat Referensi Pasar Modal (PRPM), Pojok BEJ Universitas Diponegoro, dan
pusat referensi PT Bursa Efek Jakarta/Bursa Efek Indonesia (BEI). Sampel dipilih
melalui metoda penyampelan bersasaran (purposive sampling) dengan kriteria: (a)
statemen keuangan disajikan dalam mata uang rupiah, (b) perusahaan
mengeluarkan satu jenis saham biasa, (c) nilai buku ekuitas positif, dan (d) perioda
akuntansi adalah tahun takwim.
Jumlah perusahaan pemanufakturan yang mempublik tahun 2000-2009
sebanyak 1.502 tahun-perusahaan dan setelah diseleksi, didapatkan sampel terpilih
sebanyak 840 observasi. Sampel terdistribusi pada 10 tahun pengamatan, paling
banyak adalah 94 observasi pada tahun 2006 (66,20% dari perusahaan
151



pemanufakuran tahun tersebut), sedangkan terendah pada tahun 2000 sebanyak 69
observasi (44,52%). Terdapat 506 observasi yang melaporkan pos surplus kotor
(60,24% dari seluruh sampel) dan sebanyak 364 observasi memiliki aset
takberwujud (43,33%).

2. Hasil Pengujian Relevansi Nilai Informasi Akuntansi
Hasil uji asumsi klasik terhadap data untuk menguji relevansi nilai informasi
menunjukkan bahwa: (1) tidak terdapat autokorelasi, (2) tidak terdapat masalah
multikolinearitas, (3) terdapat masalah heteroskedastisitas, dan (4) menunjukkan
data tidak normal.
Upaya memecahkan masalah heteroskedastisitas telah dilakukan dengan
melakukan deflasi, log/log natural namun tidak berhasil. Penelitian ini
menggunakan data besar (840 observasi), sehingga diasumsikan data berdistribusi
normal (Hair et al., 2010; Gujarati, 2003).
Persamaan relevansi nilai informasi akuntansi adalah sebagai berikut.
HSu
it
= 31,846 + 0,544NBEn
it
+ 3,431EPS
it
+ 244,549DAKOT
it
- 0,344LOPS
it

+ 0,158INV
it
+ 170,469DATW
it
.......................................................... (6)


R
2
(Adj.) = 0,840 (0,839)

Nilai F kalkulasian sebesar 727,067 dengan nilai probabilitas sebesar 0,000 yang
berarti secara statistik signifikan pada tingkat 1 persen. Nilai R
2
(adj.)
menunjukkan variasi nilai perusahaan dapat dijelaskan dengan 6 variabel
independennya sebesar 83,9 persen, sisanya (16,1 persen) dijelaskan oleh variabel
lain yang tidak masuk dalam model.
152



2.1. Hasil Uji Hipotesis 1. Hipotesis satu menyebutkan bahwa Ekuitas (NBEn)
berpengaruh positif terhadap nilai pasar perusahaan. Hasil uji statistik
menunjukkan t kalkulasian sebesar 20,028 dan nilai probabilitas sebesar 0,000 serta
koefisien bertanda positif, maka Ho
1
berhasil ditolak. Hasil uji tersebut
mengkonfirmasi penelitian sebelumnya (misalnya Ohlson, 1995; Cahan et al.,
2000; Sasongko, 2008).
2.2. Hasil Uji Hipotesis 2. Hipotesis dua menyebutkan bahwa kinerja perusahaan
(EPS) berpengaruh positif terhadap nilai pasar perusahaan. Hasil uji statistik
menunjukkan t kalkulasian sebesar 28,588 dan nilai probabilitas sebesar 0,000 serta
koefisien bertanda positif, maka Ho
2
berhasil ditolak. Hasil tersebut
mengkonfirmasi penelitian sebelumnya (misalnya Cahan et al., 2000; Mayangsari,
2004; Naimah dan Utama, 2006; Sasongko, 2008).
2.3. Hasil Uji Hipotesis 3. Hipotesis tiga menyebutkan bahwa laba komprehensif
lain (DAKOT) berpengaruh positif terhadap nilai pasar perusahaan. Hasil uji
statistik menunjukkan t kalkulasian sebesar 4,016 dan nilai probabilitas sebesar
0,000 dan koefisien bertanda positif, maka Ho
3
berhasil ditolak. Hasil uji tersebut
searah dengan temuan Cahan et al. (2000), Kanagaretnam et al. (2009) serta Jones
dan Smith (2011).
2.4. Hasil Uji Hipotesis 4. Hipotesis empat menyebutkan bahwa pertumbuhan
aset lancar operasi (ALOPS) berpengaruh negatif terhadap nilai pasar perusahaan.
Hasil uji statistik menunjukkan t kalkulasian sebesar -5,613 dan nilai probabilitas
sebesar 0,000 dan koefisien bertanda negatif, maka Ho
4
berhasil ditolak. Hasil uji
153



tersebut mengkonfirmasi hasil penelitian Ou (1990), Lev dan Thiagarajan (1993),
Machfoedz (1994) serta Seng dan Hancock (2012).
2.5. Hasil Uji Hipotesis 5. Hipotesis lima menghubungkan pertumbuhan
(investasi) sumber daya perusahaan berupa aset tetap dengan nilai pasar
perusahaan. Investasi pada aset tetap (INV) berpengaruh positif terhadap nilai pasar
perusahaan. Hasil uji statistik menunjukkan t kalkulasian sebesar 2,237 dan nilai
probabilitas sebesar 0,026 dan koefisien bertanda positif, maka Ho
5
berhasil
ditolak. Hasil tersebut mengkonfirmasi hasil penelitian sebelumnya (misalnya
Kerstein dan Kim, 1995; Cahan et al., 2000; Sasongko, 2008).
2.6. Hasil Uji Hipotesis 6. Hipotesis enam menyatakan bahwa sumber daya
perusahaan berupa aset takberwujud (DATW) berpengaruh positif terhadap nilai
pasar perusahaan. Hasil uji statistik menunjukkan bahwa t kalkulasian sebesar
2,776 dan nilai probabilitas sebesar 0,006 dan koefisien bertanda positif, maka Ho
6
berhasil ditolak. Hasil tersebut mengkonfirmasi hasil penelitian sebelumnya
(misalnya Sougiannis, 1994; Ely dan Waymire, 1999; Lako, 2006).

3. Hasil Pengujian Dampak Konservatisma terhadap Relevansi Nilai
Informasi Akuntansi
Uji asumsi klasik menunjukkan terdapat masalah heteroskedastisitas dan data
tidak normal. Namun karena menggunakan data besar (840 observasi), maka
diasumsikan normal (Gujarati, 2003). Upaya untuk memecahkan masalah
heteroskedastisitas telah dilakukan namun tidak berhasil.
154



Persamaan regresi tentang pengaruh konservatisma pada relevansi nilai
adalah di bawah ini.
HSu
it
= 71,318+ 0,490NBEn
it
+ 3,815EPS
it
+ 161,975DAKOT
it
- 0,303ALOPS
it

+ 0,222INV
it
+ 146,566DATW
it
+ 0,363Cn
it
+ 0,001Cn
it
*NBEn
it

0,001Cn
it
*EPS
it
+ 1,124Cn
it
*DAKOT
it
0,001Cn
it
*ALOPS
it
-
0,001Cn
it
*INV
it
- 0,590Cn
it
*DATW
it
.....(7)
R
2
(Adj.) = 0,858 (0,855)

Nilai F kalkulasian sebesar 382,874 dengan nilai probabilitas sebesar 0,000,
signifikan pada tingkat 1 persen. Nilai R
2
(adj.) menunjukkan bahwa variasi nilai
perusahaan dapat dijelaskan dengan 13 variabel independennya sebesar 85,5
persen, sisanya dijelaskan oleh variabel lain yang tidak masuk dalam model.
3.1. Hasil Uji Hipotesis 7. Hipotesis tujuh menyatakan bahwa konservatisma
memperkuat relevansi nilai ekuitas (Cn*NBEn). Hasil uji statistik menunjukkan
nilai t kalkulasian Cn*NBEn sebesar 2,047, probabilitas sebesar 0,041dan koefisien
bertanda positif, Ho
7
berhasil ditolak. Dalam keadaan konservatif, investor lebih
memperhatikan ekuitas dalam menilai harga saham (Barth et al., 1998; Collins et
al., 1999).
3.2. Hasil Uji Hipotesis 8. Hipotesis delapan menyatakan konservatisma
memperlemah relevansi nilai kinerja perusahaan (Cn*EPS). Hasil uji statistik
menunjukkan bahwa t kalkulasian Cn*EPS sebesar -4,329, probabilitas sebesar
0,000 dan koefisien bertanda negatif, maka Ho
8
berhasil ditolak. Hasil penelitian
ini mengkonfirmasi pernyataan Watts (2003a) dan hasil penelitian Barth et al.,
(1998), Collins et al., (1999), dan Gu, (2007).
3.3. Hasil Uji Hipotesis 9. Hipotesis sembilan menyatakan bahwa konservatisma
memperkuat relevansi nilai laba komprehensif lain (Cn*DAKOT). Hasil uji
155



statistik menunjukkan nilai t kalkulasian sebesar 5,984, probabilitas sebesar 0,000
dan koefisien bertanda positif, maka Ho
9
berhasil ditolak. Dalam penelitian ini,
OCI dikutip dari nilai buku ekuitas berupa pos surplus kotor, maka memiliki sifat
seperti nilai buku ekuitas. Temuan ini mendukung hasil penelitian Chambers et al.
(2007) yang menyatakan bahwa lokasi OCI berpengaruh pada perhatian investor.
3.4. Hasil Uji Hipotesis 10. Hipotesis sepuluh menyebutkan bahwa konservatisma
memperlemah relevansi nilai sumber daya perusahaan berupa aset lancar operasi
(Cn*ALOPS). Hasil uji statistik menunjukkan nilai t kalkulasian sebesar -1,735
dan probabilitas sebesar 0,083, signifikan pada tingkat 10 persen dan koefisien
bertanda negatif. Oleh karena itu Ho
10
berhasil ditolak pada tingkat moderat.
Pertumbuhan aset lancar operasi direspon oleh investor sebagai pertambahan aset
yang kurang produktif (Ou, 1990; Seng dan Hancock, 2012).
3.5. Hasil Uji Hipotesis 11. Hipotesis sebelas menyebutkan bahwa konservatisma
memperlemah relevansi nilai investasi pada sumber daya perusahaan berupa aset
tetap (Cn*INV). Hasil uji statistik menunjukkan nilai t kalkulasian sebesar -1,825
dan probabilitas sebesar 0,068. Hasil tersebut menunjukkan bahwa Cn*INV
signifikan pada tingkat moderat (10 persen) dan koefisien bertanda negatif, maka
Ho
11
berhasil ditolak. Dalam keadaan konservatif, pertumbuhan aset tetap
menunjukkan bias ke bawah. Investor merespon negatif atas pertumbuhan aset
tetap (Lev dan Zarowin, 1999; Gu (2007).
3.6. Hasil Uji Hipotesis 12. Hipotesis duabelas menyebutkan bahwa
konservatisma memperlemah relevansi nilai sumber daya perusahaan berupa aset
takberwujud (Cn*DATW). Hasil uji statistik menunjukkan nilai t kalkulasian
156



sebesar -3,093, probabilitas sebesar 0,002 dan koefisien bertanda negatif, maka
Ho
12
berhasil ditolak. Dalam keadaan konservatif, aset takberwujud dilaporkan
lebih kecil dari nilai ekonomiknya. Investor merespon negatif aset takberwujud
(Watts, 2003a).

G. Analisis Tambahan
Untuk mengetahui pengaruh konservatisma pada perusahaan berkinerja
positif dan negatif, maka sampel dibagi ke dalam dua kelompok. Pembagian ke
dalam dua sub sampel penting karena proporsi perusahaan merugi semakin
meningkat dan memiliki relevansi nilai yang berbeda (Hayn, 1995; Joos dan
Plesko, 2005). Perusahaan berkinerja positif sebanyak 660 observasi dan berkinerja
negatif sebanyak 180 observasi. Hasil uji statistik terhadap kedua kondisi
menunjukkan bahwa konservatisma berpengaruh berbeda pada Cn*NBEn
,
Cn*EPS
,
Cn*DAKOT
,
Cn*ALOPS
,
Cn*INV
,
dan Cn*DATW bagi perusahaan berkinerja
positif dan negatif.
Hasil uji pada perusahaan yang berkinerja positif menunjukkan hasil yang
konsisten dengan hasil uji hipotesis tujuh-sembilan dan duabelas. Dampak
konservatisma terhadap relevansi nilai pertumbuhan aset lancar operasi (ALOPS)
dan aset tetap (INV) tidak signifikan. Pada perusahaan berkinerja negatif,
konservatisma hanya berpengaruh pada NBEn dan INV. Hasil uji terhadap
perusahaan laba/(rugi) tersebut mengkonfirmasi hasil penelitian Hayn (1995), Joos
dan Plesko (2005).
157



Pada perusahaan berkinerja positif, konservatisma memperlemah relevansi
nilai EPS, DATW lebih kuat dibandingkan perusahaan berkinerja negatif. Hal
tersebut menunjukkan bahwa dalam keadaan konservatif, EPS dan DATW
mengandung nilai transitory. Sebaliknya pada perusahaan yang berkinerja negatif,
konservatisma memperkuat relevansi nilai NBEn, lebih tinggi dibanding pada
perusahaan berkinerja positif. Pada perusahaan merugi, investor lebih memilih nilai
buku ekuitas untuk menilai harga saham.

H. Uji Sensitivitas
Dalam penelitian ini dilakukan uji sensitivitas dengan dua cara sebagai
berikut.
1. Validasi Dengan Data Normal pada Harga Publikasi Tercepat di Bursa
atau Surat Kabar
Uji sensitivitas pertama dilakukan dengan data hasil trimming data utama
sehingga sampel menunjukkan distribusi normal pada 538 observasi (64,04% dari
sampel terpilih). Hasil uji asumsi klasik menunjukkan data normal dan tidak
terdapat masalah autokorelasi dan multikolinearitas namun masalah
heteroskedastisitas belum dapat diobati.
Informasi akuntansi NBEn, EPS, DAKOT, dan INV memiliki relevansi nilai
signifikan pada tingkat 1% dan koefisien bertanda positif. Adapun ALOPS dan
DATW tidak menunjukkan adanya relevansi nilai. Hasil uji statistik menunjukkan
empat variabel (NBEn, EPS, DAKOT, dan INV) konsisten dengan hasil uji regresi
data utama (840 observasi).
158



Hasil uji interaksi konservatisma dengan variabel informasi akuntansi
menunjukkan bahwa konservatisma memperlemah relevansi nilai EPS, DAKOT,
INV, dan DATW dan memperkuat relevansi nilai NBEn tetapi tidak berpengaruh
pada relevansi nilai ALOPS. Hasil uji tersebut konsisten dengan hasil uji data
utama (840 observasi) dalam hal NBEn, EPS, INV, dan DATW yang menunjukkan
hasil yang signifikan. Meskipun hasil uji statistik signifikan, Cn*DAKOT bertanda
negatif, berbeda arah dengan Cn*DAKOT data utama.

2. Validasi dengan Variabel Dependen Harga Saham Penutupan pada Hari
Publikasi di Surat Kabar
Uji validasi kedua dilakukan dengan mengganti variabel dependen menjadi
harga pada saat publikasi di surat kabar yang dibatasi sampai akhir masa
penyampaian statemen keuangan ke Bapepam, yaitu sampai dengan akhir April
(untuk data tahun 2002 dan sebelumnya) dan akhir Maret mulai statemen
keuangan tahun 2003. Harga saham pada kedua macam sampel memiliki korelasi
sangat kuat (100%). Harga pasar saham pada kedua jenis sampel memiliki nilai
minimum dan nilai rerata yang tidak jauh berbeda.
Hasil regresi informasi akuntansi terhadap harga saham penutupan pada hari
publikasi di surat kabar menunjukkan bahwa informasi akuntansi NBEn, EPS, dan
DAKOT memiliki relevansi nilai dengan probabilitas sebesar 0,000 (signifikan
pada tingkat 1%), sedangkan DATW memiliki relevansi nilai informasi dengan
probabilitas sebesar 0,030 (signifikan pada tingkat 5%) bertanda positif. Adapun
159



ALOPS signifikan pada tingkat 1% bertanda negatif. Pertumbuhan aset tetap (INV)
tidak menunjukkan relevansi nilai.
Hasil uji terhadap 6 variabel tersebut konsisten dengan hasil uji hipotesis
kesatu-keempat dan keenam. Koefisien () dari lima variabel yang signifikan
menunjukkan tanda yang sama dengan hasil uji sampel utama (840 observasi).
Hasil yang berbeda pada variabel kelima, yaitu INV menunjukkan tidak signifikan.
Hasil uji interaksi konservatisma dengan variabel informasi akuntansi
menunjukkan bahwa konservatisma memperlemah relevansi nilai EPS, INV, dan
DATW serta memperkuat NBEn dan DAKOT. Pengaruh konservatisma pada
relevansi nilai pertumbuhan aset lancar operasi tidak signifikan.
Dari hasil dua uji sensitivitas di atas, dapat disimpulkan bahwa hasilnya
cukup konsisten dengan hasil regresi data utama (840 observasi). Konsistensi
tersebut adalah: (1) nilai buku ekuitas dan laba bersih memiliki relevansi nilai, (2)
pos surplus kotor memiliki relevansi nilai, (3) informasi akuntansi dinamis berupa
penambahan aset tetap memiliki relevansi nilai, (4) konservatisma berfungsi
sebagai variabel pemoderasi, memperlemah relevansi nilai laba bersih, pos surplus
kotor, investasi aset tetap, dan aset takberwujud serta memperkuat relevansi nilai
buku ekuitas.

I. Kesimpulan
Dari hasil pengujian dengan model harga pada 840 observasi untuk periode
2000-2009 dapat disimpulkan sebagai berikut.
160



1. Informasi komponen kunci statemen keuangan (nilai buku ekuitas neto dan laba
bersih) memiliki relevansi nilai. Semakin tinggi ekuitas dan kinerja perusahaan,
semakin tinggi nilai pasar perusahaan. Penggunaan nilai buku ekuitas neto
(NBEn) hasilnya searah dengan penelitian sebelumnya yang menggunakan nilai
buku ekuitas (NBE).
2. OCI memiliki relevansi nilai informasi akuntansi. Hal itu searah dengan
harapan AIMR dan IFRS bahwa laba komprehensif menunjukkan kemanfaatan
bagi pengambilan keputusan, khususnya dalam menentukan harga saham.
3. Informasi akuntansi dinamis berupa penambahan aset tetap dan adanya aset
takberwujud memiliki relevansi nilai informasi akuntansi dan hubungannya
bertanda positif. Hal ini menunjukkan bahwa perusahaan yang menambah
investasi pada aset tetap dan memiliki aset takberwujud dapat meningkatkan
nilai pasar perusahaan.
4. Informasi akuntansi dinamis berupa pertumbuhan aset lancar operasi direspon
negatif oleh investor. Pertumbuhan aset lancar operasi dipersepsi sebagai
ketidakseimbangan antara kinerja perusahaan dengan aliran kas masuk/
pemanfaatan sumber daya perusahaan.
5. Konservatisma sebagai pemoderasi memperlemah relevansi nilai kinerja
perusahaan (EPS), pertumbuhan aset lancar operasi (ALOPS), investasi aset
tetap (INV), dan aset takberwujud (DATW), namun memperkuat relevansi nilai
ekuitas dan pos surplus kotor.
6. Hasil uji tambahan menunjukkan terdapat perbedaan pengaruh konservatisma
terhadap relevansi nilai informasi akuntansi pada perusahaan yang berkinerja
161



positif dan negatif. Hal itu memperkaya temuan Hayn (1995) dan Joos dan
Plesko (2005) yang hanya membedakan relevansi nilai laba (rugi).

J. Saran
Beberapa hal yang dapat diperbaiki dan dikembangkan adalah sebagai
berikut.
8. Standar akuntansi keuangan berbasis IFRS memberi peluang pada kajian
relevansi nilai, baik angka statemen keuangan sebagai agregat maupun individu
(pos per pos).
9. Ekuitas sebaiknya diukur dengan nilai buku ekuitas neto karena bebas dari
pengaruh laba bersih dan pos surplus kotor.
10. Penelitian yang menggunakan harga saham perlu memperhatikan likuiditas
perdagangannya. Saham yang aktif diperdagangkan berhubungan erat dengan
informasi terpublikasi, sedangkan saham yang pasif cenderung diperdagangkan
dalam jumlah yang sangat kecil dan tidak berkaitan dengan informasi
terpublikasi.
11. Untuk memecahkan masalah heteroskedastisitas, perlu dicarikan skala
pengukuran dan transformasi data yang tepat.


---o0o---

162

SUMMARY
A. Introduction
Value relevance of accounting information is very low and declines
continuously. Based on the review of Lev (1989), the value relevance of net
income was about 4-7 percent and Barth et al. (2001) reported the highest of value
relevance of net income was up to 10 percent. The study in Indonesia showed
almost the same conditions. During the period of 1995-2004, the value relevance of
accounting information ranged from 2.1 to 8.5 percent for manufacturing
companies (Lako, 2006).
Declining in value relevance of equity book value and net income is reported
by Collins et al. (1997), Francis and Schipper (1999), and Lev and Zarowin (1999).
Brown et al. (1999) reexamined the data that were used by Collins et al. (1997)
with deflate of their variables to eliminate the measurement bias. The conclusions
are consistent with previous research, the value relevance of the book value of
common equity and net income has been declined by 0.3 percent yearly during the
period of 1958-1996. Gu (2007) reinforces the above findings and got a new
evident that the value relevance of accounting information dropped more sharply
since the 1970s.
Relevance is a primary decision-specific quality of information. Value
relevance is measured by the strength of association of financial statement numbers
to its stock price. Low value relevance of accounting information shows the low
quality of financial statements and it cant be used as a basis of economic decisions


163
making by investors, potential investors and other parties (Sinha and Watts, 2001;
Dontoh et al., 2004).
The results of the study in Indonesia on the value relevance of accounting
information showed inconsistent. There was declining in value relevance of equity
book value and net income during the period of 1995-1998 (Mayangsari, 2004).
Suwardi (2005) found the value relevance of equity book value and net income has
been increased during the years 1992-1994, 1996-1997, and 1999-2001, but
declined in 1995 and 1998. Fluctuation in the value relevance of accounting
information also was detected by Lako (2006). Value relevance of accounting
information in 1997, 1999, 2001, and 2003 has been decreased, while the 1996,
1998, 2000, 2002, and 2004 increased.
Factors that cause of low and declining of the value relevance of accounting
information are (Lo and Lys, 2000; Givoly and Hayn, 2000; 2002; Watts, 2003a;
Monahan, 2005): (1) ignores the role of dynamic accounting information in
research model, and (2) increasing in conservatism practice. Barth et al. (1998),
Kothari (2001), as well as the Pope and Wang (2005) stated that the book value of
equity is complement to net income in predicting an equity value.
Role of dynamic accounting information is also important in assessing the
stock prices (Lo and Lys, 2000). Asset/asset changes are responded by investors
(Ou, 1990; Park and Pincus, 2001). Various assets such as current asset (Ou, 1990;
Lev and Thiagarajan, 1993; Seng and Hancock, 2012), fixed asset (Kerstein and
Kim, 1995; Cahan et al., 2000; Osborne and Ingles, 2003), and intangible asset
(Sougiannis, 1994; Nelson, 2006; Camara, 2007) influence a stock price.


164
Since the proposal of the Association for Investment Management and
Research (AIMR) to adopt all-inclusive approach, global accounting standards
including Indonesia led to the reporting of comprehensive income (Johnson et al.,
1995; Kanagaretnam et al., 2009; SFAS No. 1, revised 2009). The study of
Chambers et al. (2007) showed that before the implementation of comprehensive
income (data 1994-1997), other comprehensive income (OCI) didnt responded by
the investor, but after the adoption of comprehensive income (data 1998-2003), the
OCI was responded by investors.
According to Givoly and Hayn (2000) declining in the value relevance of
accounting information is caused by an attitude of management to perform
conservatively in presenting of the financial statements. During the period of 1956-
1998, conservatism in reporting income has increased. In a conservative condition,
the book value of asset (income) on the financial statements is presented downward
biased, which is lower than the economic value of asset (economic income).
Conservatism has been practicing since 500 years ago (Basu, 1997). Up to
now, it has no strong empirical evidence about the effect of accounting
conservatism on the value relevance of the accounting information (Balachandran
and Mohanram, 2011).

B. Purposes of Research
This research is conducted to confirm the pricing model (Ohlson, 1995) with
the influence of environmental factors, i.e. conservatism. The study is conducted to
investigate value relevance of accounting information extensively, covering the key


165
components of financial statements (the book value of equity and net income),
other comprehensive income, and dynamic accounting information. In addition,
this study is conducted to test the effect of accounting conservatism on the value
relevance of accounting information.

C. Literature Review
1. Valuation of Common Stock
Value Relevance is a part of the analysis of fundamental factors. The focus of
the study is to test the usefulness of the value relevance of the financial statement
figures as an output of accounting practice (Bernard, 1995). The existence of value
relevance studies can be traced from the theory of corporate valuation. According
to Holthausen and Watts (2001), Beaver (2002), and Jenkins and Kane (2006)
valuation can be done by the three approaches, namely: (1) the balance sheet
approach, (2) income approach, and (3) the linear relationship of book value of
equity and accounting earnings to stock price approach (also called the discounted
of residual income).
1


2. Value Relevance of Accounting Information
Value relevance becomes an interesting area of research since its introduced
by Ohlson (1995) and supported by Bernard (1995). It assumes that the primary

1
Liu et al. (2002) identified valuation model is based on cash flows or accruals basis as follows: (1)
accrual flows, (2) accrual stocks, (3) cash flows, (4) forward looking information, (5) intrinsic
value measures, and (6) sum of forward earnings. Palepu et al., (2004) divided the methods of
valuation to: (1) discount to the dividend, (2) a valuation based on a multiple of the price (price
multiples), (3) discount to the cash flow, (4) discount on residual income.


166
objective of financial statements is to (1) measure value of equity or association to
equity value, or (2) provide relevant information for assessing equity. Beaver
(1998) described the relationships between earnings and equity value into three
sequences, namely (1) current earnings are useful for predicting future earnings, (2)
future earnings is an indicator of liquidity or ability to pay dividends, and (3) future
dividends are discounted to present value to determine the value of equity.
Financial statement figures are said to have "value relevance" if they
associated to the stock price (Francis and Schipper, 1999; Barth et al., 2001). There
are two models to assess the value relevance of the accounting information, e.g. the
return and price models (Barth et al., 2001; Kothari and Zimmerman, 1995). Return
model is used to assess the information content in timely basis and suitable for the
event studies (Fama, 1991). Barth et al. (2001) classified the return model into the
decisional relevance, not the value relevance.
At the first time introduction, value relevance (pricing model) is considered
as a competitor of decision relevance (return model), but now to be accepted as
complement (Kothari and Zimmerman, 1995; Barth et al., 2001). Some studies
using two approaches simultaneously, for example, research by Marquardt and
Wieldman (2004), Ali and Hwang (2000), and Lev and Zarowin (1999).

3. Price Model
According to traditional approach, valuation of the stock price as a present
value of the dividends, stated by the following equation:


167
]
~
[
1
t
t
t
+

=
=

t
D E R HS
t
f
t
................. (1)
In this case,
HS
t
= price of the common stock at date t
D
t
= dividend at date t
R
f
= free risk interest rate plus 1
E
t
[.] = Expected value at date t.
The equation above shows the price as the present value of a series of expected
dividends.
All components of earnings must be reported on the statement of income that
be called as comprehensive income. Price model requires clean surplus relationship
that is the year-end book value of equity comes from the beginning book value of
equity plus income reduced by income distributions (dividends). The first model
and clean surplus relationship formulated a price model of Ohlson (1995). Thus,
the equity value can be expressed as follows:
c | | | o
t t t t t
I LBK NBE HS
+ + + + =
3 2 1
.....................(2)
In this case,
NBE
t
= book value of equity at date t
LBK
t
= comprehensive income current year
I
t
= other information.
= constant / intercept

1
:
2
:
3
= slope / coefficient
t = residual error.


168
Equation 2 is the basic equation of value relevance that has been used by
many researchers, including Collins et al. (1997), Barth et al. (1998), Ou and Sepe
(2002), Landsman et al. (2007), Gu (2007), and Landsman et al. (2011). In
Indonesia, that model was used in the study by Sasongko (2008) and Almilia and
Sulistyowati (2007).

4. Component of Comprehensive Income
Price model requires the presentation of comprehensive income (all inclusive
approach). Comprehensive income stated in SFAC No.6 paragraph 70 as follows:
Comprehensive income is the change in equity of a business
enterprise during a period from transactions and other events and
circumstances from nonowner sources. It includes all changes in
equity during a period except those resulting from investments by
owners and distributions to owners.

Cheng et al. (1993) compared the value relevance of the three levels of
accounting income, i.e. the operating income, net income and comprehensive
income. Operating income is more relevant than net income, and net income is
more relevant than comprehensive income. Kanagaretnam et al. (2009) reported in
Canada for sample period of 1998-2003, comprehensive income is more relevant
than net income to predict cash flow. Strong and Walker (1993) divided
comprehensive income into three components called pre-exceptional income,
exceptional income, and extraordinary items. Extraordinary items increased a
coefficient of determination by 20 percent. Landsman et al. (2007) reported that
total exclusions (net income minus operating earnings IBES), specific account (net


169
income minus operating income), and other exclusions (operating income minus
operating earnings IBES) have a value relevance.
Before adoption of IFRS (before revision of SFAS No.1, 2009), accounting
standards in Indonesia require statement of income based on current operating
approach. In that circumstance, a lot of information goes through the book value of
equity, called the dirty surplus relationship. Dirty surplus items under the
guidelines of the presentation of financial statements in Indonesia (regulation of
Bapepam No.06 of 2000 and No. 2 of 2002) are:
2
(a) foreign currency translation
of financial statements, (b) abnormal foreign exchange when the depreciation
reaching 133 percent of the average of the last three years, so that it can be
capitalized, (c) differences arising from transaction of changes in equity of
associated companies, (d) unrealized gain (loss) of securities available for sale, and
(e) the revaluation effect of fixed asset.

5. Corporate Resources
According to Lako (2006) and Canibano et al. (2000) there are three groups
of balance sheet items which have value relevance, namely: (1) current operating
asset, (2) fixed asset, and (3) intangible asset.
5.1. Current operating asset. Current asset consist of financial asset and operating
asset. Current operating asset are current asset other than cash / bank and short-

2
Indonesian SFAS No. 1 (revised 2009) detailing other comprehensive income at paragraph 07,
comprising: (a) changes in revaluation surplus, (b) actuarial gains and losses on defined benefit
program, (c) gains and losses arising from translation of financial statements of the foreign entity,
(d) the gains or losses of financial asset are classified as 'available for sale', (e) an effective part of
the gains or losses of hedging instruments in order to cash flow hedges.



170
term investments, therefore the current operating asset consist of accounts
receivable, inventory, and other current asset (Fairfield et al., 2003). Increase in
current operating asset shows that the addition of less productive asset.
5.2. Fixed Asset. Capital expenditures or investment of fixed asset is the growth of
fixed asset that can improve the performance of companies in the future. Core et al.
(2003) and Kerstein and Kim (1995) stated that fixed asset growth is closely linked
to abnormal earnings.
5.3. Intangible asset. Intangible asset is responded by investors in two directions,
i.e. positive or negative (Ely and Waymire, 1999). Positive response occurs when
intangible asset show asset that has added value and increases common stock value,
whereas a negative response occurs when an asset is deferred expenses. Findings of
Lako (2006) have the same direction of research results by Canibano et al. (2000),
which intangible asset as a source of economic income in the future, so it should be
recognized as an asset.

6. Conservatism
Each accounting standards and companies have varying levels of
conservatism (Xu and Lu, 2008). Lo (2005) and Juanda (2006) confirmed that the
practice of accounting conservatism is common in Indonesia.
Conservatism has influenced an accounting practice since 500 years ago
(Basu, 1997). According to Kam (1990) conservatism in accounting can be traced
in England since medieval times. In the 1920's banking practitioners in the U.S.
have requested that their financial statements are presented more conservative in


171
order to anticipate overstatement. Over the last 30 years accounting practices is
more conservative (Watts, 2003a) even with the application of IFRS, conservatism
still exists (Hellman, 2008).
Conservatism is the behavior to report asset (income) are lower and liabilities
(the expense) is higher than the economic value (Hendriksen and Van-Breda, 1992;
Suwardjono, 2005). The similar statement is expressed in SFAC No. 2 paragraph
95 which states ... "if two estimates of amounts to be received or paid in the future
are about equally likely, conservatism dictates using the less optimistic
estimate".
According to Watts (2003b) conservatism is measured by three approaches,
namely the net asset, earnings relationship of stock returns, earnings and accruals.
3

The net asset approach undertaken by Beaver and Ryan (2000). Conservatism is
measured by comparing the book value of equity shares to price of common stock
(hereinafter referred to as B/M). The lower BM ratio, the more conservative
because of the equity book value is much lower than the price of common stock.
The second approach was formulated by Basu (1997). Conservatism is
measured by connecting earnings to return, i.e. through a regression of earnings
changes are deflated by beginning price of common stock to return deflated by
positive and negative earnings changes. Coefficient (3) shows an accounting

3
Wang et al. (2009) classified conservatism measurement methods, as follows: (1) Differential
Timeliness (Basu, 1997), (2) Asymmetric Accrual-to-Cash-Flow (Ball and Shivakumar, 2005),
(3) BTM or MTB (Beaver and Ryan, 2000), (4) Negative Accrual (Givoly and Hayn, 2000), (5)
Hidden reserve as measured by the index conservatism (Penman and Zhang, 2002), (6)
Accounting-choice-based.



172
conservatism. Model of Basu (1997) is as follows:
X
it
/ P
it-1
=

+
1
DR
it
+
2
R
it
+
3
R
it
*DR
it
+
t
........................................(3)

In this case,
X
it
= earnings per share of firm i in year t
P
it-1
= price per share of firm i at the beginning of period
R
it
= return of firm i in 12 months
DR
it
= dummy variable, 0 if R
it
> 0, and 1 if R
it
< 0.

t
= residual error.
Ball and Shivakumar (2005) modified the model of Basu (1997) by regressed of
operating cash flow to accrual.
The third approach, conservatism is measured by comparing earnings to
accrual accounting. Givoly and Hayn (2000; 2002) stated that the sign and
magnitude of long-term accruals indicate conservatism. Conservatism in that model
is detected from the negative non operating accrual (NNA), as stated in the
following equations.
Cn
it
= -NA
it
= -(TA
it
-OA
it
) ................................................................................. (4)
In this case,
Cn
it
= conservatism of firm i period t
NA
it
= non operating accrual of firm t period t
TA
it
= total accruals firm i period t, i.e. net income + depreciation - cash flow from
operations
OA
it
= operating accrual firm t period t, i.e. account receivable + inventory +
prepaid expenses account payable - tax debt.


173
D. Hypothesis Developments
Based on a literature review as described above, it can be formulated
hypotheses below.
1. Value Relevance of Equity
Financial statement reflects the company's resources, the owners claim to
resources, and turnover of resources. The claim over resources consists of equity
and creditors right. The equity is the residual claim of the companys resources
(Suwardjono, 2005).
Residual rights of shareholders or equity is reported in the balance sheet as
book value of equity. Equity refers to economic value that has a positive effect on
the company's market value (Ohlson, 1995; Suwardi, 2005; Sasongko, 2008). The
hypothesis of value relevance of equity as follows (in alternative form):
H
1
= Equity positively influences on the company's market value.

2. Value Relevance of Firm Performance
Performance of the company resulting from the turnover of asset that builds
the value-added of an enterprise. Company's performance reflected in net income.
Chambers et al. (2007) stated that core earnings effect on the value of the shares in
two ways, i.e. (1) effect on equity book value and stock market value dollar-for-
dollar, and (2) an abnormal core earnings are capitalized and associated with the
price of stock through the expected return. In conjunction with the company's
market value, the hypothesis about the performance of the company as follows (in


174
alternative form):
H
2
= Firm performance is positively influences on the company's market value.

3. Value Relevance of Other Comprehensive Income
Comprehensive income consists of net income and other comprehensive
income (OCI). OCI shows the performance of companies in addition to revenues
and expenses are reported on the statement of net income. In current operating
approach, OCI is reported on book value of equity as dirty surplus accounts. OCI
has no effect on the company's market value especially prior to the adoption of
accounting standards of comprehensive income (Chambers et al., 2007; Dhaliwal et
al., 1999; Cheng et al., 1993) however it has effect after the adoption of IFRS
(Chambers et al., 2007; Cahan et al., 2000).
Although there is conflicting evidence, the concept is that OCI influences on
the company's market value (Johnson et al., 2005), therefore the hypothesis of OCI
as follows (in alternative form):
H
3
= Other comprehensive income positively affects the company's market value.

4. Value Relevance of Dynamic Accounting Information
Dynamic accounting information is information that taken from the financial
statement other than the book value of equity and net income, which is an asset or a
liability. Various assets such as current asset (Ou, 1990; Lev and Thiagarajan,
1993; Seng and Hancock, 2012), fixed asset (Kerstein and Kim, 1995; Cahan et al.,


175
2000; Osborne and Ingles, 2003), and intangible asset (Sougiannis, 1994; Nelson,
2006; Camara, 2007) associated with stock prices.
4.1. Value Relevance of Current Operating Asset Growth. Current operating
asset is needed to support and enhance the company's activity. Ou (1990) and Lev
and Thiagarajan (1993) reported that the current operation asset was perceived as a
stock of potential economic value that is not used yet. Current operating asset
increases due to management cant allocate resources to more productive asset.
Hypothesis of value relevance of current operating asset is (stated in alternative
form):
H
4
= Company resource in the form of a growth of current operating asset
negatively affects the company's market value.
4.2. Value Relevance of Fixed Asset Growth. Capital expenditure shows that
management believes on investment opportunities in order to increase the
prosperity of the company. Osborne and Ingles (2003) stated that investment can
only improve welfare if it represents one of four conditions as follows. First, forms
a new asset. Second, adds to the existing asset. Third, replaces an old asset. Fourth,
increases the useful life or capacity of the old asset. Therefore hypothesized of
value relevance of fixed asset growth is (written in an alternative form):
H
5
= Company resource in the form of fixed asset growth positively influences on
the company's market value.
4.3. Value Relevance of Intangible asset. Intangible asset consists of research and
development cost, promotion, new product development, goodwill, and patents.
Intangible asset has contingency effect because the asset is deferred expense


176
without effect in the future or actual cost that has added value to the company (Ely
and Waymire, 1999). It is therefore hypothesized of value relevance of intangible
asset is (written in alternative form):
H
6
= Company resource in the form of intangible asset positively influences on the
company's market value.

5. Impact of Conservatism on the Value Relevance of Accounting Information
Conservatism recognizes income (asset) delayed until there is strong
evidence that the transaction occurred but the loss (expense) are recognized
immediately, so that the income (asset) is lower than economic income (asset).
There is different between cash inflow and recognition of asset based on accrual
basis. Presentation of understatement distorts the financial statements figures.
5.1. Impact of Conservatism on the Value Relevance of Equity. The book value
of common equity and earnings determine stock prices, if one of the two values is
lost leading to the misspecification model (Kothari and Zimmerman, 1995; Ohlson,
1995). Conservatism cause the book value of asset (income) is lower than the
economic value. As a result, earnings are transitory and book value of equity
presents the core value (Dichev, 2008; Balachandran and Mohanram, 2011).
Investors pay more attention to the book value of equity. Therefore, the hypothesis
of the impact of accounting conservatism on the value relevance of equity as
follows (written in alternative form):
H
7
= Conservatism strengthen the value relevance of equity.


177
5.2. Impact of Conservatism on the Value Relevance of company performance.
Earning as company performance is the movement of the resources that generate
added value for owners. It provides information to predict future cash flow.
Conservatism resulting mismatch between the recognition of revenues and
expenses, so that the earning downward bias. Net income as accrual basis is lower
than cash flow. Earnings that contain a lot of transitory items are negatively
responded by investors. Therefore, the hypothesis of the accounting conservatism
that influence the value relevance of the companys performance as follows
(written in an alternative form):
H
8
= Conservatism weaken the value relevance of the company's performance.
5.3. Impact of Conservatism on the Value Relevance of Other Comprehensive
Income. Other comprehensive income (OCI) shows the company's performance
other than net income. OCI affects in predicting the company's value depends on
the location of it (Chambers et al., (2007). In this study, OCI quoted from the book
value of equity, therefore the OCI character similar to the book value of equity.
Conservatism will increase the relevance of dirty surplus items. Hypothesis on
influence of conservatism to the value relevance of the OCI as follows (written in
alternative form):
H
9
= Conservatism strengthen the value relevance of other comprehensive income.
5.4. Impact of Conservatism on the Value Relevance of Current Operating
Asset Growth. Current operation asset contains the value that is persistent,
presents of future information of the return (Dichev, 2008). In a conservative
condition, the value of current operating asset shows downward bias. Therefore, the


178
hypothesis of conservatism impact on the growth of current operating asset is
defined as follows (written in alternative form):
H
10
= Conservatism weaken the value relevance of the growth of current operating
asset.
5.5. Impact of Conservatism on the Value Relevance of Fixed Asset Growth.
Expenditures for capital (fixed asset) are in line with company growth. In a
conservative condition, fixed asset reported less than its economic value.
Therefore, the hypothesis of conservatism impact on the value relevance of fixed
asset growth can be formulated as follows (written in alternative form):
H
11
= Conservatism weaken the value relevance of the growth of fixed asset.
5.6. Impact of Conservatism on the Value Relevance of Intangible Asset.
Intangible asset is resource that is most difficult to measure because of the
contributions to the prosperity of the company is difficult to be measured. In a
conservative condition, intangible asset is reported lower than its economic value.
Management is faster expensing intangible asset, so that its downward bias.
Hypothesis of conservatism impact on the value relevance of intangible asset can
be formulated as follows (written in alternative form):
H
12
= Conservatism weaken the value relevance of intangible asset.

E. Research Design
1. Interest Variables
In this study there are three types of variables, the dependent variable in the
form of stock prices, the independent variables in the form of net book value of


179
equity, net income, OCI, current operating asset growth, growth in fixed asset, and
intangible asset, as well as a moderating variable, i.e. conservatism.
(1). Stock Price. Stock price is quoted from closing price on the day of
publication of financial statements in organized stock market or the
newspaper, where the faster. The stock price is measured by the market price
per share.
(2). Book Value of Equity. This study uses the net book value of equity, i.e. the
end of the book value of equity (NBE) minus current year's net income (LB)
and dirty surplus items (OCI). Net book value of equity per share, i.e. the net
book value of equity divided by shares outstanding at the end of year (SHM)
is calculated as follows:
) (SHM
OCI LB NBE
NBEn

=

(3). Net Income. Net income is earning after tax and declared per share (EPS),
the net income after tax (LB) divided by average shares outstanding (SHMb)
is calculated as follows:
) (SHMb
LB
EPS =

(4). Other Comprehensive Income (OCI). OCI is dirty surplus item that quoted
from the book value of equity. Dirty surplus item is measured by a dummy.
Figure 1 represents the company reported a dirty surplus and 0 otherwise.
(5). Current Operating Asset Growth. Growth in current operating asset is
measured from changes in current operating asset value per share. Change in
current operating asset is measured per share (ALOPS) that is calculated from


180
the current operating asset (ALOP) per share at the end of the current year is
reduced by the current operating asset per share at the previous year,
calculated as follows:
1
1

=
t
t
t
t
SHM
ALOP
SHM
ALOP
ALOPS

(6). Growth of Fixed Asset. The growth of tangible fixed asset per share (INV)
is obtained by the historical cost of fixed asset (AT) at the end of the year per
share minus it of fixed asset per share beginning of the year, calculated as
follows:
1
1

=
t
t
t
t
SHM
AT
SHM
AT
INV

(7). Intangible asset. Intangible asset is expenditure that makes up the cost and
has the potential economic value to generate revenue. Intangible asset is
measured with a dummy, figure 1 represents a company that has intangible
asset and 0 otherwise.
(8). Conservatism. Conservatism is a measurement of the difference between the
book value of asset to its economic value. To measure conservatism, this
study uses the negative non-operating accruals (NNA) per share, calculated
by equation 4.

2. Technical Analysis
Statistical equation to test the hypotheses is as follows:
HSu
it
=

+
1
NBEn
it
+
2
EPS
it
+
3
DAKOT
it
+
4
ALOPS
it
+
5
INV
it
+

6
DATW
it
+

7
Cn
it
+
8
Cn
it
*NBEn
it
+
9
Cn
it
EPS
it
+
10
Cn
it
*DAKOT
it
+

11
Cn
it
*ALOPS
it
+
12
Cn
it
*INV
it
+
13
Cn
it
*DATW
it
+
it
................(5)




181

In this case,
HSu
it
= stock price of firm i on the day of publication of financial statements fastest
in the organized stock market or a newspaper.
NBEn
it
= net book value of equity of firm i on date t (the year ended)
EPS
it
= net income of firm i period t
DAKOT
it
= dirty surplus items of firm i at the year ended (dummy).
ALOPS
it
= Growth in current operating asset per share of firm i period t.
INV
it
= Growth of fixed asset per share of firm i period t.
DATW
it
= intangible asset of firm i on date t (dummy).
Cn
it
= Conservatism firm i in period t.
= constant/intercept
1:
13
= slope/coefficient

it
= residual error.

F. Empirical Results
1. Sample Selection
This study uses data of companies in the manufacturing industry that are
listing in Indonesia Stock Exchange (BEI) of 2000-2009. Financial statement,
publication date, and stock price obtained from the Capital Market Reference
Center (PRPM), JSX of Diponegoro University corner, and a reference center of
the Jakarta Stock Exchange/ Indonesia Stock Exchange (BEI). The sample is
selected through a purposive sampling with the following criteria: (a) the financial


182
statements are presented in the rupiah currency, (b) the company issued one type of
common stock, (c) the book value of equity is positive, and (d) the accounting
period is the year calendar.
The number of manufacturing companies that is listing in BEI for years of
2000-2009 is 1502 firm-years. After the selection process is done, obtained a
selected sample is 840 observations. Samples distributed in 10 years of
observation, the most is 94 observations in 2006 (66.20% of the manufacturing
companies), while the lowest in 2000 is 69 observations (44.52%). There are 506
observation reported dirty surplus items (60.24% of all samples) and 364
observations have intangible asset (43.33%).

2. Empirical Results of Value Relevance on the Accounting Information
Classical assumptions of data show that: (1) no autocorrelation, (2) no
multicollinearity problem, (3) there is a heteroscedasticity problem, and (4) indicate
not normal ditstribution. Efforts have been made to solve the problem of
heteroscedasticity by deflation, logs/ natural logs, but it doesnt solve the problem.
This study uses a large data (840 observations), so the assumed as normal
distribution (Hair et al., 2010; Gujarati, 2003). Equation of value relevance of
accounting information is as follows.
HSu
it
= 31,846 + 0,544NBEn
it
+ 3,431EPS
it
+ 244,549DAKOT
it
- 0,344LOPS
it

+ 0,158INV
it
+ 170,469DATW
it
............................................. (6)

R
2
(Adj.) = 0,840 (0,839)

It shows that F value is 727.067 with a probability value is 0.000, which it means
statistically significant at 1 percent. Value of R
2
(adj.) showing the variation can be


183
explained by the six company's independent variables are 83.9 percent, the
remainder (16.1 percent) is explained by other variables not included in the model.
2.1. Hypothesis 1. The hypothesis one states that equity (NBEn) positively affects
the company's market value. Statistical test result shows that t-calculation is 20.028
and the probability is 0.000 and the coefficient is positive, so that the Ho
1

successfully rejected. This result confirms previous studies (e.g. Ohlson, 1995;
Cahan et al., 2000; Sasongko, 2008).
2.2. Hypothesis 2. The hypothesis two states that the performance of the company
(EPS) positively affects on the company's market value. Statistical test result shows
that t-calculation is 28.588 and the probability is 0.000 and the coefficient is
positive, then the Ho
2
successfully rejected. This result confirms previous studies
(e.g. Cahan et al., 2000; Mayangsari, 2004; Naimah and Main, 2006; Sasongko,
2008).
2.3. Hypothesis 3. The hypothesis three states that other comprehensive income
(DAKOT) positively affects the company's market value. The result of the
statistical test shows that t-calculation is 4.016 and the probability is 0.000 and the
coefficient is positive, then the Ho
3
successfully rejected. The test result is in line
with the findings of Cahan et al. (2000), Kanagaretnam et al. (2009) and Jones and
Smith (2011).
2.4. Hypothesis 4. The hypothesis four states that growth in current operating asset
(ALOPS) negatively affects the company's market value. The result of the
statistical test shows t-calculation is -5.613 and probability value is 0.000 and the
coefficient is negative, then Ho
4
successfully rejected. The test result confirms the


184
results of research Ou (1990), Lev and Thiagarajan (1993), Machfoedz (1994) as
well as Seng and Hancock (2012).
2.5. Hypothesis 5. The hypothesis five links the growth (investment) company
resource in the form of fixed asset to a market value of the company. Investment in
fixed asset (INV) has a positively effect on the company's market value. The result
of the statistical test shows t-calculation is 2.237 and probability value is 0.026, and
the coefficient is positive, then Ho
5
successfully rejected. This result confirms
previous research results (for example, Kerstein and Kim, 1995; Cahan et al., 2000;
Sasongko, 2008).
2.6. Hypothesis 6. The hypothesis six states that the company's resource in the
form of intangible asset (DATW) positively affects the company's market value.
Statistical test result showed that t is 2.776 and the probability value is 0.006, and
the coefficient is positive, then Ho
6
successfully rejected. This result confirms
previous research results (e.g., Sougiannis, 1994, Ely and Waymire, 1999; Lako,
2006).

3. Empirical result of the Conservatism Impact on Value Relevance of
Accounting Information
Classical assumption test shows there is a heteroscedasticity problem and the
data is not normal. Because of using 840 observations, it is assumed to be normal
distribution (Gujarati, 2003). Attempts to solve the problem of heteroscedasticity
has been done but was not successful.


185
Regression equation of conservatism impact on the value relevance of
accounting information is below.
HSu
it
= 71,318+ 0,490NBEn
it
+ 3,815EPS
it
+ 161,975DAKOT
it
- 0,303ALOPS
it

+ 0,222INV
it
+ 146,566DATW
it
+ 0,363Cn
it
+ 0,001Cn
it
*NBEn
it

0,001Cn
it
*EPS
it
+ 1,124Cn
it
*DAKOT
it
0,001Cn
it
*ALOPS
it
-
0,001Cn
it
*INV
it
- 0,590Cn
it
*DATW
it
(7)
R
2
(Adj.) = 0,858 (0,855)

It shows that F value is 382.874 with a probability value is 0.000, significant at 1
percent. Value of R
2
(adj.) shows that the variation can be explained by the 13
company's independent variables are 85.5 percent, the rest of it is explained by
other variables not included in the model.
3.1. Hypothesis 7. The hypothesis seven states accounting conservatism strengthen
the value relevance of equity (Cn*NBEn). Statistical test result shows the value of t
is 2.047, a probability is 0.041 and the coefficient is positive, so that Ho
7

successfully rejected. In a conservative condition, investors pay more attention to
equity in assessing stock prices (Barth et al., 1998; Collins et al., 1999).
3.2. Hypothesis 8. Hypothesis eight states accounting conservatism weaken the
value relevance of corporate performance (Cn*EPS). Statistical test result shows
that t is -4.329, the probability is 0.000 and the coefficient is negative, then Ho
8

successfully rejected. This result confirms the statement of Watts (2003a) and the
findings of Barth et al., (1998), Collins et al., (1999), and Gu, (2007).
3.3. Hypothesis 9. The hypothesis nine states conservatism strengthen the value
relevance of the other comprehensive income (Cn*DAKOT). The result of
statistical test shows that t is 5.984, the probability is 0.000 and the coefficient is
positive, then Ho
9
successfully rejected. In this study, OCI is quoted from the book


186
value of equity in form of dirty surplus items, it has the nature of the book value of
equity. This finding supports the results of the study by Chambers et al. (2007)
which stated that the location of OCI affects on investor concern.
3.4. Hypothesis 10. The hypothesis ten states conservatism weaken the value
relevance of corporate resource in the form of current operating asset
(Cn*ALOPS). Statistical test result shows the value of t is -1.735 and a probability
is 0.083, significant at 10 percent and the coefficient is negative. Therefore Ho
10
successfully rejected at moderate level. Growth in current operating asset is
responded by investors as the accretion of less productive asset (Ou, 1990; Seng
and Hancock, 2012).
3.5. Hypothesis 11. The hypothesis eleven states conservatism weaken the
relevance of corporate resources in the form of fixed asset growth (Cn*INV).
Statistical test result shows t is -1.825 and probability is 0.068. This result indicates
that Cn*INV significant at moderate levels (10 percent) and the coefficient is
negative, therefore Ho
11
successfully rejected. In a conservative condition, the
growth of fixed asset shows a downward bias. Investors responded negatively on
the growth of fixed asset (Lev and Zarowin, 1999; Gu (2007).
3.6. Hypothesis 12. The hypothesis twelve states conservatism weaken the value
relevance of corporate resource in the form of intangible asset (Cn*DATW).
Statistical test result shows the value of t is -3.093, the probability is 0.002 and the
coefficient is negative, so that Ho
12
successfully rejected. In a conservative
condition, intangible asset is reported less than its economic value. The investor
responses negatively to intangible asset (Watts, 2003a).


187

G. Additional Test
To determine the effect of conservatism on the corporate positive or negative
performance, the sample is divided into two groups. Its important because the
increasing of proportion of loss firm and has different of value relevance between
loss and profit firm (Hayn, 1995; Joos and Plesko, 2005). There are 660
observations of positive performance and 180 observations of negative
performance. The results of statistical tests show that on these two circumstances,
conservatism has different effect on Cn*NBEn, Cn*EPS, Cn*DAKOT,
Cn*ALOPS, Cn*INV, and Cn*DATW for positive companies performing and its
negative.
Test results on the company's positive performance show consistent with the
results of hypothesis testing seven-nine and twelve. Conservatism impact on the
value relevance of growth in current operating asset (ALOPS) and fixed asset
(INV) is not significant. At the company's negative performance, conservatism
only affects NBEn and INV. The test results of the company's income (loss)
confirm the results of the findings of Hayn (1995), Joos and Plesko (2005).
At the company's positive performance, conservatism weaken the relevance
of the EPS, DATW more powerful than its negative. It shows that in a
conservative condition, the EPS and DATW contain transitory value. In contrast to
the negative-performing companies, conservatism reinforces the value relevance of
NBEn, higher than the company's positive performance. At the company's losses,
investors prefer to use equity book value to assess the stock price.


188

H. Sensitivity Test
To check the robustness of my findings, I run two sensitivity tests are below.
1. Reexamining with Normal Data
The first sensitivity test is done with the trimming data (reduced data) of
main sample so that the samples showed normal distribution in 538 observations
(64.04% from the selected sample). There are no autocorrelation and
multicollinearity problems but the problem of heteroscedasticity cant be treated.
Accounting information of NBEn, EPS, DAKOT, and INV has a value
relevance and significant at 1%, and the coefficient is positive. The DATW and
ALOPS dont indicate a value relevance. The results of statistical tests show the
four variables (NBEn, EPS, DAKOT, and INV) are consistent with the results of
the regression test of the main data (840 observations).
The test results show that conservatism interaction to accounting information
indicates that conservatism weaken the value relevance of the EPS, DAKOT, INV,
and DATW and strengthen the value relevance of the NBEn, but has no effect on
the value relevance of ALOPS. The test results are consistent with the results of
testing the main data (840 observations) in the case of NBEn, EPS, INV, and
DATW. Although statistically significant, coefficient of Cn*DAKOT is negative,
in contrast to the direction of the Cn*DAKOT in main data.




189
2. Validation with the Price of Common Stock at the Time of Publications of
Financial Statement on Newspapers
The second validation test is done by replacing the dependent variable to the
price at the time of publication of financial statement in the newspapers that are
restricted until the end of the submission of financial statements to Bapepam, i.e.
until the end of April (for 2002 data and earlier) and the end of March (for 2003
data and after). Stock prices in both kinds of samples have a very strong correlation
(100%). Stock prices on both kinds of samples have minimum and average values
are not much different.
Regression results of accounting information on stock prices suggest that the
accounting information of NBEn, EPS, and DAKOT has value relevance with
probability value is 0.000 (significant at 1%), whereas DATW has value relevance
with probability is 0.030 (significant at the 5 %) in positive direction. The ALOPS
is significant at 1 percent in negative direction. The growth of fixed asset (INV)
does not indicate value relevance.
The test results of the 6 variables are consistent with the results of hypothesis
testing first-fourth and sixth. Coefficients () of the five variables are significant
and show the same sign with the result of main sample (840 observations).
Different result is on the fifth variable, which INV shows no significant.
The test of influence of conservatism to accounting information indicates that
it weakens the value relevance of the EPS, INV, and DATW and strengthens the
value relevance of the NBEn and DAKOT. The impact of conservatism on the
value relevance of the growth in current operating asset is not significant.


190
The results of both sensitivity tests report that the results are quite consistent
with the results of regression of main data (840 observations). Their consistency
are: (1) the book value of equity and net income have value relevance, (2) dirty
surplus items (OCI) has value relevance, (3) the dynamic accounting information in
the form of the growth of fixed asset has value relevance, (4) conservatism as
moderating variable, weaken the value relevance of net income, dirty surplus items,
growth of fixed asset, and intangible asset and reinforce the value relevance of
equity book value.

I. Conclusions
Using a large sample, i.e. 840 observations over the period of 2000-2009, my
findings are summarized as follows.
1. A key component of financial statements (the net book value of equity and net
income) has relevance value. The higher equity and corporate performance will
increase market value of the company. Net book value of equity (NBEn)
positively influences to stock price. It has the same direction to book value of
equity (NBE) as used by former researchers.
2. OCI has value relevance of accounting information. This is in line with
expectations of IFRS and AIMR that suggest applying comprehensive income
is more benefits for decision-making, particularly in determining stock price.
3. Dynamic accounting information in the form of fixed asset growth and the
intangible asset has value relevance and their relationship is positive. This


191
shows that companies that increase capital expenditure (fixed asset) and have
intangible asset will increase the company's market value.
4. Dynamic accounting information in the form of growth in current operating
asset is responded negatively by investors. Growth in current operating asset is
perceived as mismatch between the performances of companies and cash
inflow/utilization of company resources.
5. Conservatism as a moderating variable weaken the value relevance of corporate
performance (EPS), growth in current operating asset (ALOPS), investment in
fixed asset (INV), and intangible asset (DATW), but reinforce the value
relevance of equity and dirty surplus items (OCI).
6. Additional test results show there are differences in the influence of
conservatism to the value relevance of accounting information between
companies positive performance and its negative. It enriches the findings of
Hayn (1995) and Joos and Plesko (2005) which distinguishes only value
relevance of the income (loss).

J. Suggestions
Some opportunities and problems that can be improved and developed are as
follows.
1. IFRS-based accounting standards provide an opportunity to study the value
relevance of financial statements as an aggregate figure and the individual
(item per item).


192
2. Equity should be measured by the net book value of equity because it is free
from the influence of net income and dirty surplus items.
3. Studies that use stock prices should be pay attention to liquidity trading.
Actively traded stocks is closely related to published information, while the
passive stock tends to trade in very small quantities and not related to the
information published.
4. To solve the problem of heteroscedasticity, it is important to look for an
appropriate data transformation and measurement.


--o0o--

193

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