Penelitian ini bertujuan untuk melihat apakah Net Operating Asset yang dilaporkan di laporan keuangan perusahaan memiliki relevansi nilai terhadap return saham Selain itu penelitian ini juga menguji apakah Efektivitas Komite Audit berpengaruh pada relevansi nilai Net Operating Asset terhadap return saham Efektivitas Komite Audit diukur dengan menggunakan skor yang dikembangkan oleh Hermawan 2009 berdasarkan karakteristik aktivitas ukuran dan kompetensi komite audit Pengujian hipotesis dilakukan menggunakan model regresi data panel dari 1 694 observasi firm year pada perusahaan ndash perusahaan yang tercatat di Bursa Efek Indonesia selama tahun 2006 ndash 2012 Hasil penelitian ini memberikan bukti empiris bahwa nilai Net Operating Asset berpengaruh negatif dan signifikan terhadap return saham Hal ini mengindikasikan Net Operating Asset yang semakin efisien akan bisa memberikan return saham yang semakin tinggi Namun tingkat Efektivitas Komite Audit tidak terbukti memberikan pengaruh atas relevansi nilai Net Operating Asset terhadap return saham

---

This study examines whether Net Operating Asset that had been reported in the financial statement shows value relevance with the stock return This study also examines the impact of audit committee effectiveness towards relevance value of Net Operating Asset and stock return The effectiveness of the audit committee is measured using a score that had been developed by Hermawan 2009 based on several characteristics of audit committee such as activity size and competency Hypothesis testing is carried out by using multiple regression model of panel data using 1 694 observations firm year with the sample taken from listed companies on the Indonesian Stock Exchange in the period 2006 2012 Results of this study provide empirical evidence that Net Operating Asset has a significant and negative impact to stock return This indicate that more efficient Net Operating Asset value can impact to higher stock return On the other hand the audit committee effectiveness in this study shows no empirical evidence of value relevance between Net Operating Asset towards stock returns.