Prediksi Harga Saham Menggunakan Model Valuasi Teori Surplus Bersih Berdasarkan Pendekatan Ohlson
DOI:
https://doi.org/10.26740/jaj.v1n2.p171-189Keywords:
valuation model, abnormal earning, marked capitalizedAbstract
Abstract
The aim of empirical research is continouing study about clean-surplus theory contributed to valuing firm that listed in Indonesian capital marked. Ohlson (1995) had resolved final counts by assuming that abnormal earning have a regressing time could be counted based on accounting data. The result have to be correlated with marked capitalized. Regression tested refer to positive correlation and significant with marked valued. Valuation adopted Ohlson (1995) count about 130%, when it could be in post of global monetary crisis, above of marked value differ with prior result. In summary, Ohlson model valuation can be adopted in Indonesia confidently.
References
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Hanlon, M.2005. The Persistence and Pricing Earnings, Accrual, and cash Flows when firm have large box-tax difference. The Accounting Review.80(March), 137-166 https://doi.org/10.2308/accr.2005.80.1.137
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Kormendi,R. dan R.Lipe.1987. Earnings Innovations,Earnings Persistence, and Stock Returns. Journal of Bussiness,60(March), 323-345 https://doi.org/10.1086/296400
Miller M.,dan Modilgianni F.1961. Dividend Policy, Growth and the valuation of shares, The Journal of Business. Vol.XXXIV,411-433 https://doi.org/10.1086/294442
Ohlson J. 1990. œA synthesis of Security Valuation Theory and the Role of Dividends, Cash Flows, and Earnings, Contemporary Accounting Research Vol.6,648-676 https://doi.org/10.1111/j.1911-3846.1990.tb00780.x
Ohlson J.1991. œThe Theory of Value and earnigs and an Introduction to the Ball-Brown Analysis, Contemporary Accounting Research Vol.11,661-687 https://doi.org/10.1111/j.1911-3846.1991.tb00831.x
Ohlson J. 1995. œEarnings Book Values and Dividends in Security Valuation, Contemporary Accounting Research, Vol.11,661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Watts,R.L.2003.Conservatism in Accounting Part I: Explanation and Implication, Accounting Horizons 17(3):207-221. https://doi.org/10.2308/acch.2003.17 .3.207
Williams J.B. 1938. The Theory of Investment Values. Harvard University Press
Wirama.D.G. 2008. Teori Surplus Bersih:Valuasi Perusahaan Berdasarkan Data Akuntansi. Tesis.Univ.Udayana
Ball,R. dan J.M.Wahlen.2003.Residual Income Risk, Intrinsic Vales, and Share Prices. The Accounting Review 78 (1):327-351.
Beaver,W.H.1989. Financial Reporting:An Accounting Revolution.2nd Edition.Englewwod Cliffs,NJ. https://doi.org/10.2307/2327718
Febriyanti, Galuh Artika.2004. Perbandingan Keakuratan Model Laba Permanen, Transitori dan Agregat dalam Memprediksi Laba Masa Depan. Makalah. Simposium Nasional Akuntansi VII.Bali
Francis J. Ohlson P. Dan Oswald D.2000.Comparing the accuracy and explainability of dividend, free cash flow, and abnormal earnings equity value estimates, Journal of Accounting Research, Vol.38,45-70 https://doi.org/10.2307/2672922
Hanlon, M.2005. The Persistence and Pricing Earnings, Accrual, and cash Flows when firm have large box-tax difference. The Accounting Review.80(March), 137-166 https://doi.org/10.2308/accr.2005.80.1.137
IASC.2000. International Accounting Standards Explained. John Wiley & Sons. New York
Karathanassis,G. 1981. Empirical Valuation Models: How Useful Have They Been?, Accounting and Business Research. https://doi.org/10.1080/00014788.1983.9729766
Karathanassis,G., dan Philippas, N. 1988. Estimation of bank stock price parameters and the variance components model,Applied Economics,20,497-507. https://doi.org/10.1080/00036848800000060
Karathanassis,G., dan Spilioti S. 2003. An Empirical Investigation of the Traditional and the clean surplus valuation model, Managerial Finance. https://doi.org/10.1108/03074350310768472
Kormendi,R. dan R.Lipe.1987. Earnings Innovations,Earnings Persistence, and Stock Returns. Journal of Bussiness,60(March), 323-345 https://doi.org/10.1086/296400
Miller M.,dan Modilgianni F.1961. Dividend Policy, Growth and the valuation of shares, The Journal of Business. Vol.XXXIV,411-433 https://doi.org/10.1086/294442
Ohlson J. 1990. œA synthesis of Security Valuation Theory and the Role of Dividends, Cash Flows, and Earnings, Contemporary Accounting Research Vol.6,648-676 https://doi.org/10.1111/j.1911-3846.1990.tb00780.x
Ohlson J.1991. œThe Theory of Value and earnigs and an Introduction to the Ball-Brown Analysis, Contemporary Accounting Research Vol.11,661-687 https://doi.org/10.1111/j.1911-3846.1991.tb00831.x
Ohlson J. 1995. œEarnings Book Values and Dividends in Security Valuation, Contemporary Accounting Research, Vol.11,661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Watts,R.L.2003.Conservatism in Accounting Part I: Explanation and Implication, Accounting Horizons 17(3):207-221. https://doi.org/10.2308/acch.2003.17 .3.207
Williams J.B. 1938. The Theory of Investment Values. Harvard University Press
Wirama.D.G. 2008. Teori Surplus Bersih:Valuasi Perusahaan Berdasarkan Data Akuntansi. Tesis.Univ.Udayana
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Published
2010-04-14
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Yuliarini, S. (2010). Prediksi Harga Saham Menggunakan Model Valuasi Teori Surplus Bersih Berdasarkan Pendekatan Ohlson. AKRUAL: Jurnal Akuntansi, 1(2), 171–189. https://doi.org/10.26740/jaj.v1n2.p171-189
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