PENGARUH ARUS KAS OPERASI TERHADAP RETURN SAHAM DENGAN PERSISTENSI LABA SEBAGAI VARIABEL INTERVENING

This research is aimed to examine and find out empirical evidence of the positive influence of operation cash flow on stuck pike with earnings persistence as the intervening variable. Samples used in this research are manufacturing companies listed in Bursa Efek Jakarta in 4 years observation period (2002-2005). Total samples are 46 companies. The data collected using purposive sampling method. The component of cash flow report. Earnings persistence is measured using regression coefficient between current earnings and next period earnings. This method is used since it is appropriate with the condition in Indonesia. The earnings used is operating income. The result of path analysis shows that operating cash flow does not influence stock price with earnings persistence as the intervening variable. Thus, the hypothesis of the research is not empirically supported.