<p><em>The objective of this research is to test the impact of earnings, operating cash flow and asset growth to firm’s stock return which listed in LQ 45 index in Indonesian for 2009-2011. The result of this research is earnings, operating cash flow and asset growth have not significant effect to stock return both when those variabels is tested separately or silmutaneously. This result show that earnings, operating cash flow and asset growth are not only the one to be the basis of consideration for investor to make investment to get the stock return. Therefore, for making investment, investor should consider other factors which effect the firm’s stock return as macro economics and politics. Furthermore, from this result, be expected an improvement of quality financial statement which addopted IFRS.</em></p><p><em>Keyword: Earnings, Operating Cash Flow, Asset Growth, Stock Return.</em></p>

<p>The objective of this research is to test the impact of earnings, operating<br />cash flow and asset growth to firm’s stock return which listed in LQ 45<br />index in Indonesian for 2009-2011. The result of this research is earnings,<br />operating cash flow and asset growth have not significant effect to stock<br />return both when those variabels is tested separately or silmutaneously.<br />This result show that earnings, operating cash flow and asset growth are<br />not only the one to be the basis of consideration for investor to make<br />investment to get the stock return. Therefore, for making investment, investor<br />should consider other factors which effect the firm’s stock return as macro<br />economics and politics. Furthermore, from this result, be expected an<br />improvement of quality financial statement which addopted IFRS.<br />Keyword: Earnings, Operating Cash Flow, Asset Growth, Stock Return.</p>

Financial statement is one of the most important information which can be used by management and company's stakeholders as a basts for decision making. Business analysis, in the other hand, is the study of all aspects of the firm and its environment. Business analysis and financial statement analysis work hand in hand to help managers and stakeholders in understanding the target firm's potential. Business analysis will highlight issues that need to be studied further in the financial statement analysis stage. Likewise, financial statement analysis identifies concerns that require more detailed business analysis.