ANDRY IRWANTO, 090415328D (2011) ASOSIASI KONSERVATISME AKUNTANSI, FAKTOR RISIKO MAKRO, DAN KESALAHAN PENILAIAN MODEL LABA RESIDUAL STUDI PADA BURSA EFEK INDONESIA. Disertasi thesis, UNIVERSITAS AIRLANGGA.

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Abstract

This study examines the association of accounting conservatism, growth and macro-economic risk factors and valuation error of residual income model in Indonesian Stock Exchange. We use beta, book to market ratio, and size as proxies for macro-economic risk. Using the sample of 186 companies taken from LQ-45 for the year of 2001 – 2005, we find that accounting conservatism and growth, have no significant influence toward residual income model valuation error. B/M has significant influence toward valuation error and has consistent sign as predicted by theory. Beta and Size has no significant influence toward valuation error. Overall, macro-economic risk factors can explain the valuation error better than accounting-based factors. Future research is expected to find accounting variables that can represent macro-economic risk and test their ability in explaining valuation error. Also, future research need to confirm the relevance of accounting conservatism in stock valuation after implementation of IFRS in Indonesia.

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