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RISK RELEVANCE OF COMPREHENSIVE INCOME: EVIDENCE FROM NON-FINANCIAL INDONESIA COMPANIES
Corresponding Author(s) : Amrie Firmansyah
Humanities & Social Sciences Reviews,
Vol. 8 No. 3 (2020): May
Abstract
Purpose of the study: This study aims to examine the effects of net income volatility, other comprehensive income volatility, and comprehensive income volatility on stock return volatility.
Methodology: This study employed a quantitative method with multiple linear regression. The sample is all non-financial companies listed on the Indonesia Stock Exchange from 2012 to 2017. Data used in this study are panel data sourced from www.idx.co.id and www.finance.yahoo.com. The sample selection in this study used a purposive sampling method with a total sample of 246 observations.
Results: This study suggests that net income volatility is not associated with stock return volatility. However, other income volatility and comprehensive income volatility are positively associated with stock return volatility.
Implications: Future studies can employ data from other developing country companies and developed countries to be able to compare the results of this study. Based on the result findings, the existing and potential investors must improve their ability and understanding of IFRS-based financial accounting standards. The Accounting Standard Board, especially in Indonesia, is expected to be able to improve the rules of financial accounting standards as well as the access to the availability of financial accounting standards for financial statements users, primarily related to the disclosure policies.
Novelty: This study calculates risk-relevant, which is different from the previous studies, namely annual stock return volatility and annual comprehensive income components volatility. Annual stock return volatility is calculated based on the standard deviation of monthly stock return volatility, which is multiplied by √12. Besides, the annual comprehensive income components volatility is generated from the standard deviation of comprehensive income components generated every three months divided by the market value of equity at the beginning of the period, and multiplied by √4.
Keywords
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- Alali, F. A., & Foote, P. S. (2012). The value relevance of international financial reporting standards: empirical evidence in an emerging market. International Journal of Accounting, 47(1), 85–108. https://doi.org/10.1016/j.intacc.2011.12.005 DOI: https://doi.org/10.1016/j.intacc.2011.12.005
- Bamber, L. S., Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). Comprehensive income: who’s afraid of performance reporting? The Accounting Review, 85(1), 97–126. https://doi.org/10.2308/accr.2010.85.1.97 DOI: https://doi.org/10.2308/accr.2010.85.1.97
- Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3). https://doi.org/10.1111/j.1475-679X.2008.00287.x DOI: https://doi.org/10.1111/j.1475-679X.2008.00287.x
- Barth, M. E., Landsman, W. R., & Wahlen, J. M. (1995). Fair value accounting: effects on banks’ earnings volatility, regulatory capital, and value of contractual cash flows. Journal of Banking and Finance, 19, 577–605. https://doi.org/10.1016/0378-4266(94)00141-O DOI: https://doi.org/10.1016/0378-4266(94)00141-O
- Barton, J., Hansen, T. B., & Pownall, G. (2010). Which performance measures do investors around the world value the most—and why? The Accounting Review, 85(3), 753–789. https://doi.org/10.2308/accr.2010.85.3.753 DOI: https://doi.org/10.2308/accr.2010.85.3.753
- Baskoro, M. P., & Wardhani, R. (2014). Analisis pengaruh volatilitas laba dan manajemen laba riil dan akrual terhadap kebijakan investasi. In SNA 17 Mataram, Lombok (Issue June).
- Beaver, W., Kettler, P., & Scholes, M. (1970). The association between market determined and accounting determined risk measures. The Accounting Review, 45(4), 654–682.
- Biddle, G. C., & Choi, J. (2006). Is comprehensive income useful? Journal of Contemporary Accounting & Economics, 2(1), 1–32. https://doi.org/10.1016/S1815-5669(10)70015-1 DOI: https://doi.org/10.1016/S1815-5669(10)70015-1
- Bima, P. G., & Afri, Y. E. N. (2017). Dampak pengungkapan pendapatan komprehensif lain terhadap manajemen laba pada perusahaan manufaktur di Indonesia. Diponegoro Journal Of Accounting, 6, 1–15.
- Black, D. E. (2014). Essays on Other Comprehensive Income. Duke University.
- Black, D. E. (2016). Other comprehensive income: a review and directions for future research. Accounting and Finance, 56, 9–45. https://doi.org/10.1111/acfi.12186 DOI: https://doi.org/10.1111/acfi.12186
- Bloomfield, R. J., Nelson, M. W., & Smith, S. D. (2006). Feedback loops, fair value accounting and correlated investments. Rev Acc Stud, 11, 377–416. https://doi.org/10.1007/s11142-006-9003-2 DOI: https://doi.org/10.1007/s11142-006-9003-2
- Cahan, S. F., Courtenay, S. M., Gronewoller, P. L., & Upton, D. R. (2000). Value relevance of mandated comprehensive income disclosures. Journal of Business Finance & Accounting, 27(9), 1273–1301. https://doi.org/10.1111/1468-5957.00356 DOI: https://doi.org/10.1111/1468-5957.00356
- Cahyonowati, N., & Ratmono, D. (2012). Adopsi IFRS dan relevansi nilai informasi akuntansi. Jurnal Akuntansi Dan Keuangan, 14(2), 105–115. https://doi.org/10.9744/jak.14.2.105-115 DOI: https://doi.org/10.9744/jak.14.2.105-115
- Chambers, D., Linsmeier, T. J., Shakespeare, C., & Sougiannis, T. (2007). An evaluation of SFAS No. 130 comprehensive income disclosures. Rev Acc Stud, 12, 557–593. https://doi.org/10.1007/s11142-007-9043-2 DOI: https://doi.org/10.1007/s11142-007-9043-2
- Chen, H., & Lin, Z. (2010). The Role of international financial reporting standards in accounting quality: evidence from the European Union. Journal of International Financial Management and Accounting, 21(3), 220–278. https://doi.org/10.1111/j.1467-646X.2010.01041.x DOI: https://doi.org/10.1111/j.1467-646X.2010.01041.x
- Choi, J., & Zang, Y. (2006). Implications of comprehensive income disclosure for future earning and analysts’ forecasts. Seoul Journal of Business, 12(2), 77–109.
- Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: early evidence. Journal of Accounting Research, 46(5), 1085–1142. https://doi.org/10.1111/j.1475-679X.2008.00306.x DOI: https://doi.org/10.1111/j.1475-679X.2008.00306.x
- Devalle, A., & Magarini, R. (2012). Assessing the value relevance of total comprehensive income under IFRS : an empirical evidence from European stock exchanges. Int. J. Accounting, 8(1), 43–68. https://doi.org/10.1504/IJAAPE.2012.043965 DOI: https://doi.org/10.1504/IJAAPE.2012.043965
- Dhaliwal, D., Subramanyam, K. R., & Trezevant, R. (1999). Is comprehensive income superior to net income as a measure of firm performance ? Journal of Accounting and Economics, 26, 43–67. https://doi.org/10.1016/S0165-4101(98)00033-0 DOI: https://doi.org/10.1016/S0165-4101(98)00033-0
- Easton, P. D., & Zmijewski, M. E. (1989). Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics, 11, 117–141. https://doi.org/10.1016/0165-4101(89)90003-7 DOI: https://doi.org/10.1016/0165-4101(89)90003-7
- Goncharov, I., & Hodgson, A. (2011). Measuring and reporting income in Europe. Journal of International Accounting Research, 10(1), 27–59. https://doi.org/10.2308/jiar.2011.10.1.27 DOI: https://doi.org/10.2308/jiar.2011.10.1.27
- Harimurti, A. A., & Hidayat, T. (2013). Value Relevance atas Pelaporan Laba Rugi Komprehensif.
- Hirst, D. H., & Hopkins, P. E. (1998). Comprehensive income reporting and analysts’ valuation judgments. Journal of Accounting Research, 36, 47–75. https://doi.org/10.2307/2491306 DOI: https://doi.org/10.2307/2491306
- Hodder, L. D., Hopkins, P. E., & Wahlen, J. M. (2006). Risk-relevance of fair value income measures for commercial banks. The Accounting Review, 81(2), 337–375. https://doi.org/10.2308/accr.2006.81.2.337 DOI: https://doi.org/10.2308/accr.2006.81.2.337
- Huang, P., Zhang, Y., Deis, D. R., & Moffitt, J. S. (2009). Do artificial income smoothing and real income smoothing contribute to firm value equivalently ? Journal of Banking and Finance, 33(2), 224–233. https://doi.org/10.1016/j.jbankfin.2008.07.012 DOI: https://doi.org/10.1016/j.jbankfin.2008.07.012
- Hung, M., & Subramanyam, K. (2007). Financial statement effects of adopting international accounting standards : the case of Germany. Rev Acc Stud, 12, 623–657. https://doi.org/10.1007/s11142-007-9049-9 DOI: https://doi.org/10.1007/s11142-007-9049-9
- IAI. (2018). SAK Efektif Per 1 Januari 2018 9. Ikatan Akuntasi Indonesia.
- Kanagaretnam, K., Mathieu, R., & Shehata, M. (2009). Usefulness of comprehensive income reporting in Canada. J. Account. Public Policy, 28, 349–365. https://doi.org/10.1016/j.jaccpubpol.2009.06.004 DOI: https://doi.org/10.1016/j.jaccpubpol.2009.06.004
- Karampinis, N. I., & Hevas, D. L. (2011). Mandating IFRS in an unfavorable environment : the Greek experience. International Journal of Accounting, 46(3), 304–332. https://doi.org/10.1016/j.intacc.2011.07.001 DOI: https://doi.org/10.1016/j.intacc.2011.07.001
- Khan, S., & Bradbury, M. E. (2014). Volatility and risk relevance of comprehensive income. Journal of Contemporary Accounting & Economics, 10, 76–85. https://doi.org/10.1016/j.jcae.2014.01.001 DOI: https://doi.org/10.1016/j.jcae.2014.01.001
- Khan, S., & Bradbury, M. E. (2015). The volatility of comprehensive income and its association with market risk. Accounting and Finance, 56(3), 727–748. https://doi.org/10.1111/acfi.12108 DOI: https://doi.org/10.1111/acfi.12108
- Kubota, K., Suda, K., & Takehara, H. (2011). Information content of other comprehensive income and net income: evidence for Japanese firms. Asia-Pacific Journal of Accounting & Economics, 18(2), 145–168. https://doi.org/10.1080/16081625.2011.9720879 DOI: https://doi.org/10.1080/16081625.2011.9720879
- Liu, J., & Liu, C. (2007). Value relevance of accounting information in different stock market. Journal of International Accounting Research, 6(2), 55–81. https://doi.org/10.2308/jiar.2007.6.2.55 DOI: https://doi.org/10.2308/jiar.2007.6.2.55
- Maines, L. A., & Mcdaniel, L. S. (2000). Effects of comprehensive-nonprofessional characteristics on investors’ judgement: the role of financial-statement presentation format. The Accounting Review, 75(2), 179–207. https://doi.org/10.2308/accr.2000.75.2.179 DOI: https://doi.org/10.2308/accr.2000.75.2.179
- Mechelli, A., & Cimini, R. (2014). Is comprehensive income value relevant and does location matter ? A European study. Accounting in Europe, 11(1), 59–87. https://doi.org/10.1080/17449480.2014.890777 DOI: https://doi.org/10.1080/17449480.2014.890777
- Meulen, S. Van Der, Gaeremynck, A., & Willekens, M. (2007). Attribute differences between U.S. GAAP and IFRS earnings: an exploratory study. The International Journal of Accounting, 42, 123–142. https://doi.org/10.1016/j.intacc.2007.04.001 DOI: https://doi.org/10.1016/j.intacc.2007.04.001
- Nasser, O. M. Al, & Hajilee, M. (2016). Integration of emerging stock markets with global stock markets. Research in International Business and Finance, 36, 1–12. https://doi.org/10.1016/j.ribaf.2015.09.025 DOI: https://doi.org/10.1016/j.ribaf.2015.09.025
- Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51, 1–20. https://doi.org/10.1016/j.jacceco.2010.06.001 DOI: https://doi.org/10.1016/j.jacceco.2010.06.001
- Ryan, S. G. (2012). Risk reporting quality: implications of academic research for financial reporting policy. Accounting and Business Research, 42(3), 295–324. https://doi.org/10.1080/00014788.2012.681855 DOI: https://doi.org/10.1080/00014788.2012.681855
- Sinarto, R. J., & Christiawan, J. J. (2014). Pengaruh penerapan IFRS terhadap relevansi nilai laba laporan keuangan. Tax & Accounting Review, 4(1), 1–13.
- Wang, Y., Buijink, W., & Eken, R. (2006). The value relevance of dirty surplus accounting flows in The Netherlands. The International Journal of Accounting, 41, 387–405. https://doi.org/10.1016/j.intacc.2006.09.005 DOI: https://doi.org/10.1016/j.intacc.2006.09.005
- Zhang, H. (2009). Effect of derivative accounting rules on corporate risk-management. Journal of Accounting and Economics, 47(3), 244–264. https://doi.org/10.1016/j.jacceco.2008.11.007 DOI: https://doi.org/10.1016/j.jacceco.2008.11.007
- Finance Train. (n.d.). How to calculate annualized standard deviation. Retrieved from https://financetrain.com/calculate-annualized-standard-deviation
References
Alali, F. A., & Foote, P. S. (2012). The value relevance of international financial reporting standards: empirical evidence in an emerging market. International Journal of Accounting, 47(1), 85–108. https://doi.org/10.1016/j.intacc.2011.12.005 DOI: https://doi.org/10.1016/j.intacc.2011.12.005
Bamber, L. S., Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). Comprehensive income: who’s afraid of performance reporting? The Accounting Review, 85(1), 97–126. https://doi.org/10.2308/accr.2010.85.1.97 DOI: https://doi.org/10.2308/accr.2010.85.1.97
Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3). https://doi.org/10.1111/j.1475-679X.2008.00287.x DOI: https://doi.org/10.1111/j.1475-679X.2008.00287.x
Barth, M. E., Landsman, W. R., & Wahlen, J. M. (1995). Fair value accounting: effects on banks’ earnings volatility, regulatory capital, and value of contractual cash flows. Journal of Banking and Finance, 19, 577–605. https://doi.org/10.1016/0378-4266(94)00141-O DOI: https://doi.org/10.1016/0378-4266(94)00141-O
Barton, J., Hansen, T. B., & Pownall, G. (2010). Which performance measures do investors around the world value the most—and why? The Accounting Review, 85(3), 753–789. https://doi.org/10.2308/accr.2010.85.3.753 DOI: https://doi.org/10.2308/accr.2010.85.3.753
Baskoro, M. P., & Wardhani, R. (2014). Analisis pengaruh volatilitas laba dan manajemen laba riil dan akrual terhadap kebijakan investasi. In SNA 17 Mataram, Lombok (Issue June).
Beaver, W., Kettler, P., & Scholes, M. (1970). The association between market determined and accounting determined risk measures. The Accounting Review, 45(4), 654–682.
Biddle, G. C., & Choi, J. (2006). Is comprehensive income useful? Journal of Contemporary Accounting & Economics, 2(1), 1–32. https://doi.org/10.1016/S1815-5669(10)70015-1 DOI: https://doi.org/10.1016/S1815-5669(10)70015-1
Bima, P. G., & Afri, Y. E. N. (2017). Dampak pengungkapan pendapatan komprehensif lain terhadap manajemen laba pada perusahaan manufaktur di Indonesia. Diponegoro Journal Of Accounting, 6, 1–15.
Black, D. E. (2014). Essays on Other Comprehensive Income. Duke University.
Black, D. E. (2016). Other comprehensive income: a review and directions for future research. Accounting and Finance, 56, 9–45. https://doi.org/10.1111/acfi.12186 DOI: https://doi.org/10.1111/acfi.12186
Bloomfield, R. J., Nelson, M. W., & Smith, S. D. (2006). Feedback loops, fair value accounting and correlated investments. Rev Acc Stud, 11, 377–416. https://doi.org/10.1007/s11142-006-9003-2 DOI: https://doi.org/10.1007/s11142-006-9003-2
Cahan, S. F., Courtenay, S. M., Gronewoller, P. L., & Upton, D. R. (2000). Value relevance of mandated comprehensive income disclosures. Journal of Business Finance & Accounting, 27(9), 1273–1301. https://doi.org/10.1111/1468-5957.00356 DOI: https://doi.org/10.1111/1468-5957.00356
Cahyonowati, N., & Ratmono, D. (2012). Adopsi IFRS dan relevansi nilai informasi akuntansi. Jurnal Akuntansi Dan Keuangan, 14(2), 105–115. https://doi.org/10.9744/jak.14.2.105-115 DOI: https://doi.org/10.9744/jak.14.2.105-115
Chambers, D., Linsmeier, T. J., Shakespeare, C., & Sougiannis, T. (2007). An evaluation of SFAS No. 130 comprehensive income disclosures. Rev Acc Stud, 12, 557–593. https://doi.org/10.1007/s11142-007-9043-2 DOI: https://doi.org/10.1007/s11142-007-9043-2
Chen, H., & Lin, Z. (2010). The Role of international financial reporting standards in accounting quality: evidence from the European Union. Journal of International Financial Management and Accounting, 21(3), 220–278. https://doi.org/10.1111/j.1467-646X.2010.01041.x DOI: https://doi.org/10.1111/j.1467-646X.2010.01041.x
Choi, J., & Zang, Y. (2006). Implications of comprehensive income disclosure for future earning and analysts’ forecasts. Seoul Journal of Business, 12(2), 77–109.
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: early evidence. Journal of Accounting Research, 46(5), 1085–1142. https://doi.org/10.1111/j.1475-679X.2008.00306.x DOI: https://doi.org/10.1111/j.1475-679X.2008.00306.x
Devalle, A., & Magarini, R. (2012). Assessing the value relevance of total comprehensive income under IFRS : an empirical evidence from European stock exchanges. Int. J. Accounting, 8(1), 43–68. https://doi.org/10.1504/IJAAPE.2012.043965 DOI: https://doi.org/10.1504/IJAAPE.2012.043965
Dhaliwal, D., Subramanyam, K. R., & Trezevant, R. (1999). Is comprehensive income superior to net income as a measure of firm performance ? Journal of Accounting and Economics, 26, 43–67. https://doi.org/10.1016/S0165-4101(98)00033-0 DOI: https://doi.org/10.1016/S0165-4101(98)00033-0
Easton, P. D., & Zmijewski, M. E. (1989). Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics, 11, 117–141. https://doi.org/10.1016/0165-4101(89)90003-7 DOI: https://doi.org/10.1016/0165-4101(89)90003-7
Goncharov, I., & Hodgson, A. (2011). Measuring and reporting income in Europe. Journal of International Accounting Research, 10(1), 27–59. https://doi.org/10.2308/jiar.2011.10.1.27 DOI: https://doi.org/10.2308/jiar.2011.10.1.27
Harimurti, A. A., & Hidayat, T. (2013). Value Relevance atas Pelaporan Laba Rugi Komprehensif.
Hirst, D. H., & Hopkins, P. E. (1998). Comprehensive income reporting and analysts’ valuation judgments. Journal of Accounting Research, 36, 47–75. https://doi.org/10.2307/2491306 DOI: https://doi.org/10.2307/2491306
Hodder, L. D., Hopkins, P. E., & Wahlen, J. M. (2006). Risk-relevance of fair value income measures for commercial banks. The Accounting Review, 81(2), 337–375. https://doi.org/10.2308/accr.2006.81.2.337 DOI: https://doi.org/10.2308/accr.2006.81.2.337
Huang, P., Zhang, Y., Deis, D. R., & Moffitt, J. S. (2009). Do artificial income smoothing and real income smoothing contribute to firm value equivalently ? Journal of Banking and Finance, 33(2), 224–233. https://doi.org/10.1016/j.jbankfin.2008.07.012 DOI: https://doi.org/10.1016/j.jbankfin.2008.07.012
Hung, M., & Subramanyam, K. (2007). Financial statement effects of adopting international accounting standards : the case of Germany. Rev Acc Stud, 12, 623–657. https://doi.org/10.1007/s11142-007-9049-9 DOI: https://doi.org/10.1007/s11142-007-9049-9
IAI. (2018). SAK Efektif Per 1 Januari 2018 9. Ikatan Akuntasi Indonesia.
Kanagaretnam, K., Mathieu, R., & Shehata, M. (2009). Usefulness of comprehensive income reporting in Canada. J. Account. Public Policy, 28, 349–365. https://doi.org/10.1016/j.jaccpubpol.2009.06.004 DOI: https://doi.org/10.1016/j.jaccpubpol.2009.06.004
Karampinis, N. I., & Hevas, D. L. (2011). Mandating IFRS in an unfavorable environment : the Greek experience. International Journal of Accounting, 46(3), 304–332. https://doi.org/10.1016/j.intacc.2011.07.001 DOI: https://doi.org/10.1016/j.intacc.2011.07.001
Khan, S., & Bradbury, M. E. (2014). Volatility and risk relevance of comprehensive income. Journal of Contemporary Accounting & Economics, 10, 76–85. https://doi.org/10.1016/j.jcae.2014.01.001 DOI: https://doi.org/10.1016/j.jcae.2014.01.001
Khan, S., & Bradbury, M. E. (2015). The volatility of comprehensive income and its association with market risk. Accounting and Finance, 56(3), 727–748. https://doi.org/10.1111/acfi.12108 DOI: https://doi.org/10.1111/acfi.12108
Kubota, K., Suda, K., & Takehara, H. (2011). Information content of other comprehensive income and net income: evidence for Japanese firms. Asia-Pacific Journal of Accounting & Economics, 18(2), 145–168. https://doi.org/10.1080/16081625.2011.9720879 DOI: https://doi.org/10.1080/16081625.2011.9720879
Liu, J., & Liu, C. (2007). Value relevance of accounting information in different stock market. Journal of International Accounting Research, 6(2), 55–81. https://doi.org/10.2308/jiar.2007.6.2.55 DOI: https://doi.org/10.2308/jiar.2007.6.2.55
Maines, L. A., & Mcdaniel, L. S. (2000). Effects of comprehensive-nonprofessional characteristics on investors’ judgement: the role of financial-statement presentation format. The Accounting Review, 75(2), 179–207. https://doi.org/10.2308/accr.2000.75.2.179 DOI: https://doi.org/10.2308/accr.2000.75.2.179
Mechelli, A., & Cimini, R. (2014). Is comprehensive income value relevant and does location matter ? A European study. Accounting in Europe, 11(1), 59–87. https://doi.org/10.1080/17449480.2014.890777 DOI: https://doi.org/10.1080/17449480.2014.890777
Meulen, S. Van Der, Gaeremynck, A., & Willekens, M. (2007). Attribute differences between U.S. GAAP and IFRS earnings: an exploratory study. The International Journal of Accounting, 42, 123–142. https://doi.org/10.1016/j.intacc.2007.04.001 DOI: https://doi.org/10.1016/j.intacc.2007.04.001
Nasser, O. M. Al, & Hajilee, M. (2016). Integration of emerging stock markets with global stock markets. Research in International Business and Finance, 36, 1–12. https://doi.org/10.1016/j.ribaf.2015.09.025 DOI: https://doi.org/10.1016/j.ribaf.2015.09.025
Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51, 1–20. https://doi.org/10.1016/j.jacceco.2010.06.001 DOI: https://doi.org/10.1016/j.jacceco.2010.06.001
Ryan, S. G. (2012). Risk reporting quality: implications of academic research for financial reporting policy. Accounting and Business Research, 42(3), 295–324. https://doi.org/10.1080/00014788.2012.681855 DOI: https://doi.org/10.1080/00014788.2012.681855
Sinarto, R. J., & Christiawan, J. J. (2014). Pengaruh penerapan IFRS terhadap relevansi nilai laba laporan keuangan. Tax & Accounting Review, 4(1), 1–13.
Wang, Y., Buijink, W., & Eken, R. (2006). The value relevance of dirty surplus accounting flows in The Netherlands. The International Journal of Accounting, 41, 387–405. https://doi.org/10.1016/j.intacc.2006.09.005 DOI: https://doi.org/10.1016/j.intacc.2006.09.005
Zhang, H. (2009). Effect of derivative accounting rules on corporate risk-management. Journal of Accounting and Economics, 47(3), 244–264. https://doi.org/10.1016/j.jacceco.2008.11.007 DOI: https://doi.org/10.1016/j.jacceco.2008.11.007
Finance Train. (n.d.). How to calculate annualized standard deviation. Retrieved from https://financetrain.com/calculate-annualized-standard-deviation