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Penelitian ini bertujuan untuk menguji relevansi nilai laba atau arus kas terhadap hargasaham dalam tahap siklus hidup yang berbeda. Siklus hidup perusahaan terdiri dari empat tahap: start up, growth, mature dan decline. Penelitian ini menggunakan data sekunder pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2010-2012. Sampel yang digunakan dalam penelitian ini adalah 77 perusahaan dari industri manufaktur. Metode yang digunakan dalam pemilihan objek dalam penelitian ini adalah purposive sampling. Model analisis yang digunakan adalah analisis regresi berganda. Hasilnya membuktikan bahwa baik pada tahap growth, mature maupun laba lebih memiliki relevansi nilai dari pada arus kas terhadap harga saham. Penelitian ini tidak dapat menganalisis untuk tahap start-up, karena keterbatasan data sampel. The objective of the study was to test the relevance of profit value and cash flow toward the share price in different life cycle stages. The corporate life cycle consists of four stages: start up, growth, mature, and decline stage. This study used secondary data on the companies listed on the Indonesian Stock Exchange in the period of 2010-2012. The samples of this study were 77 companies from manufacture industries. It was a purposive sampling. The data were analyzed by multiple regression analysis using SPSS 17. The results showed that in the mature stage, the analysis accepted the hypothesis that net income are more value relevance than cash flow toward the share price. However, in the growth stage and decline stage, the analysis rejected the hypothesis. This research did not analyze the start-up stage because of the sample data limitation.
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