Relevansi Nilai Laba dan Arus Kas : Studi Siklus Hidup Perusahaan (Metode Cash Flow Patterns)

Umi Prastitiningsih Diah (Alumnus Fakultas Ekonomi Universitas Sebelas Maret)
Sri Murni (Dosen Fakultas Ekonomi Universitas Sebelas Maret)

Jurnal Akuntansi dan Bisnis
Vol 9, No 2 (2009)

This study investigate the value relevance of earnings and cash flow measures in different life cycle stages. Corporate life cycle consists of four stages : start-up, growth, mature and decline. Firms in different life cycle stages have different characteristics. The differences in the life cycle stages affect the usefulness of accounting performance measures, such as earnings and cash flows. Earnings are expected to be more value relevance in mature stages. Cash flows are expected to be more value relevance in start-up, growth, and decline stages. The results in this study prove that in start-up stages, the analysis supports the hypothesis that cash flows are more value relevance than earnings. In growth stage, the results give evidence that cash flows are more value relevance than earnings. In mature stage, earnings appear to be more value relevance than cash flows. And in the decline stage, the results of this study provide evidence that cash flow are more value relevant than earnings. Overall, this study provides evidence that corporate life cycle influences the incremental value relevance of earnings and cash flows.