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"[Penerapan prinsip-prinsip tata kelola perusahaan yang baik oleh emiten merupakan pendukung pertumbuhan ekonomi suatu negara. Setiap emiten memiliki kewajiban kepada pemegang saham publik untuk melakukan prinsip-prinsip tata kelola yang baik kepada para pemegang sahamnya. Prinsip-prinsip tata kelola yang baik dapat dilakukan dengan berbagai cara, salah satunya yaitu laporan dokumen yang diumumkan kepada publik, akan tetapi, masih banyak emiten yang lalai atau sengaja memberikan laporan yang terlambat dan atau tidak sesuainya isi laporan dengan kondisi emiten tersebut. Tidak menerapkan prinsip-prinsip tata kelola perusahaan yang baik merupakan pelanggaran di dunia pasar modal bahkan bila suatu emiten terus-menerus melakukan pelanggaran dapat dikategorikan suatu kejahatan di bidang pasar modal. Hal tersebut sering terjadi disebabkan oleh karena rendahnya sanksi yang dapat dikenakan kepada emiten yang lalai melakukannya, rendahnya kuantitas penyidik di bidang pasar modal, dan rendahnya pengetahuan pemegang saham publik atas prinsip-prinsip tata kelola perusahaan yang baik.

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The application of the principles of good corporate governance by listed companies are supporting a country's economic growth. Each issuer has an obligation to shareholders to do the principles of good governance to its shareholders. The principles of good governance can be done in various ways, one of which is a report that documents be made public, however, still a lot of issuers who are negligent or deliberately delayed reporting and content of the report or incompatibility with the condition of the issuer. Not to apply the principles of good corporate governance is an infringement on the world capital markets even if an issuer's continuous violations can be categorized a crime in the capital market. It is often caused by the lack of sanctions that can be imposed on issuers who fails to do so, the low quantity of investigators in the field of capital markets, and lack of knowledge of public shareholders on the principles of good corporate governance., The application of the principles of good corporate governance by listed

companies are supporting a country's economic growth. Each issuer has an

obligation to shareholders to do the principles of good governance to its

shareholders. The principles of good governance can be done in various ways, one

of which is a report that documents be made public, however, still a lot of issuers

who are negligent or deliberately delayed reporting and content of the report or

incompatibility with the condition of the issuer. Not to apply the principles of

good corporate governance is an infringement on the world capital markets even if

an issuer's continuous violations can be categorized a crime in the capital market.

It is often caused by the lack of sanctions that can be imposed on issuers who fails

to do so, the low quantity of investigators in the field of capital markets, and lack

of knowledge of public shareholders on the principles of good corporate

governance.]"

"ABSTRAKPenelitian ini bertujuan untuk melihat relevansi nilai laba, nilai buku, dan investasi pada 81emiten Bursa Efek Indonesia tahun 2007-2012, dengan model Ohlson. Selain itu, dampakmasalah arus kas bebas juga dimasukkan ke dalam model sebagai dummy variabel untukmelihat dampaknya terhadap relevansi nilai tersebut. Hasil menunjukkan secara bersamasama,laba, nilai buku, dan investasi berpengaruh signifikan terhadap harga saham. Secaraparsial, laba, nilai buku, dan investasi secara signifikan mempengaruhi harga saham danberkorelasi positif. Indikasi masalah arus kas bebas menambah relevansi nilai laba dan nilaibuku terhadap harga saham, tetapi justru melemahkan relevansi nilai investasi terhadap hargasaham.

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ABSTRACTThis study aimed to examine the value relevance of earnings, book value, and investments of81 issuers in Indonesia Stock Exchange from 2007-2012, using the model of Ohlson’s. Theimpact of free cash flow problems are also incorporated into the model as a dummy variableto see its impact on the value relevance. The results show, simultaneously, earnings, bookvalue, and investments have a significant effect on stock prices. Partially, earnings, bookvalue, and investments significantly affect the stock prices and positively correlated.Indications of free cash flow problems add the value relevance of earnings and book value onstock prices, but it weakens the value relevance of the investments on the stock prices."