Faktor Determinan Earnings Response Coefficient pada Perusahaan Energy

https://doi.org/10.35912/jakman.v6i1.3576
Published: Dec 12, 2024

Abstract:

Purpose: This study aimed to determine the influence of the leverage, growth opportunity, and firm size on Earnings Response Coefficient (ERC) on the energy companies listed on the Indonesia Stock Exchange from 2018 to 2022

Methodology/approach: This research approach used quantitative research with descriptive research type. The research sample was determined by purposive sampling method to obtain 47 energy companies listed on the Indonesia Stock Exchange in 2018-2022. The independent variables used in this study are leverage, growth opportunity, and firm size. Earnings Response Coefficient serves as the dependent variable in this research. This study employs panel data with a Fixed Effect Model regression. The data used has passed the classical assumption tests.

Results/findings: The study results show that the growth opportunity has a positive and significant influence on the earnings response coefficient. However, the leverage and firm size do not have affect on the the earnings response coefficient.

Limitations: This study has limitations as it was conducted only in the energy sector listed on the Indonesia Stock Exchange, with an observation period of five years. The independent variables used are leverage, growth opportunity, and firm size. The Earnings Response Coefficient, as the dependent variable, is measured by regressing unexpected earnings against cumulative abnormal returns. Future research is expected to use other independent variables, such as capital structure, conservatism, and earnings persistence.

Contribution: This research can be used for adding knowledge in the financial field, especially for those who want to invest in a company by analyzing the Earnings Response Coefficient, which reflects the market's reaction to the company's earnings. This study contributes by showing that investors pay more attention to a company's growth opportunity when evaluating its earnings. This is because growth opportunity reflect the company's potential to generate profits. Investors are more interested when the company's profits are distributed in the form of dividends. However, investors also do not overlook other factors that could lead to speculation, which may impact the company's earnings.

Keywords:
1. Leverage
2. Growth Opportunity
3. Firm Size
4. Earnings Response Cofficient
Authors:
1 . Christian Sukendra
2 . Rousilita Suhendah
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How to Cite
Sukendra, C., & Suhendah, R. . (2024). Faktor Determinan Earnings Response Coefficient pada Perusahaan Energy . Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(1), 207–219. https://doi.org/10.35912/jakman.v6i1.3576
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Issue & Section
Vol. 6 No. 1 (2024): Desember
Articles
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References

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    Awawdeh, H. A., Al-Sakini, S. A., & Nour, M. (2020). Factors affecting earnings response coefficient in Jordan: applied study on the Jordanian industrial companies. Investment Management and Financial Innovations, 17(2), 255-265.

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    Bawamenewi, K., & Afriyeni, A. (2019). Pengaruh Profitabilitas, Leverage, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Pundi, 3(1).

    Christine, D., Wijaya, J., Chandra, K., Pratiwi, M., Lubis, M. S., & Nasution, I. A. (2019). Pengaruh profitabilitas, leverage, total arus kas dan ukuran perusahaan terhadap financial distress pada perusahaan property dan real estate yang terdapat di bursa efek indonesia tahun 2014-2017. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 2(2), 340-350.

    Dewi, A., & Putra, I. (2017). Pengaruh Leverage Dan Ukuran Perusahaan Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 19(1), 367-391.

    Fama, E. F. (1970). Efficient capital markets. Journal of finance, 25(2), 383-417.

    Fauzan, M., & Purwanto, A. (2017). Pengaruh Pengungkapan CSR, Timeliness, Profitabilitas, Pertumbuhan Perusahaan dan Resiko Sistematik Terhadap Earning Response Coefficient (ERC)(Studi Empiris Pada Perusahaan Manufaktur, Properti dan Pertambangan yang Terlisting di Bursa Efek Indonesia (BEI) pada periode 2013-2014). Diponegoro Journal of Accounting, 6(1), 256-270.

    Firman, M. (2014). Analisis Faktor-Faktor yang Mempengaruhi Earnings Response Coefficient. Jurnal Ilmiah Universitas Bakrie, 2(2).

    Fitriah, S. (2020). Pengaruh kesempatan bertumbuh dan leverage terhadap earnings response coefficient. AKURASI: Jurnal Studi Akuntansi Dan Keuangan, 3(1), 15-30.

    Galingging, E. S. U. V., & Yulianto, E. (2024). Pengaruh Audit Tenure, Kepemilikan Manajerial, dan Ukuran Perusahaan terhadap Integritas Laporan Keuangan. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 467-479.

    Hakim, M. Z., Rohaeti, Y., Zulaecha, H. E., Rachmania, D., Pambudi, J. E., & Rohmansyah, B. (2022). The Influence Of Leverage, Earnings Persistence, And Firm Size On Earnings Responses Coeffient In Infrastructure Companies At Bei 2018–2021. International Journal of Economics, Business and Innovation Research, 1(01), 269-291.

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    Maulita, D., & Framita, D. S. (2021). Pengaruh pajak tangguhan dan ukuran perusahaan terhadap persistensi laba. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(2), 141-152.

    Muthingah, U. (2017). Pengaruh Rasio Profitabilitas, Konservatisme Laporan Keuangan, Siklus Kehidupan Perusahaan, Ukuran Perusahaan Dan Umur Perusahaan Terhadap Koefisien Respon Laba (Earnings Response Coefficient). Universitas Islam Negeri Sultan Syarif Kasim Riau.

    Nataliantari, N. W., Suaryana, I., Ratnadi, N. M. D., & Astika, I. P. (2020). The Effect of the Component of Good Corporate Governance, Leverage, and Firm Size in the Earnings Response Coefficient. American Journal of Humanities and Social Sciences Research, 4(3), 3-128.

    Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391-415.

    Pambudi, J. E., Febrianto, H. G., & Fitriana, A. I. (2022). Determinan Earning Response Coefficient (Erc) Dengan Ukuran Perusahaan Dan Leverage Sebagai Eksogen. Dynamic Management Journal, 6(1), 31-41.

    Putra, P. (2022). Does Firm Size, Leverage and Profitability Effect On Coefficient Earnings Response (ERC) with Islamic Social Reporting (ISR) As Intervening Variable? Jurnal Ilmiah Ekonomi Islam, 8(2), 1103-1114.

    Ramdani, D., & Prayitno, Y. H. (2023). The leverage and company size impact on delay in the audit. International Journal of Financial, Accounting, and Management, 5(3), 265-279.

    Ratnasari, D., Sukarmanto, E., & Sofianty, D. (2017). Pengaruh Persistensi Laba, Ukuran Perusahaan dan Default Risk Terhadap Earnings Response Coefficient (Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia). Proseding Akuntansi, 3(2), 117-124.

    Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap kebijakan dividen. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 195-206.

    Rohmansyah, B., Gunawan, I., & Januar Eky Pambudi, S. (2022). Pengaruh Ukuran Perusahaan, Struktur Modal, Likuiditas, Profitabilitas Dan Investment Opportunity Set Terhadap Kualitas Laba. Jurnal Sustainable, 2(2), 290-303.

    Sari, R. T. I., & Rokhmania, N. (2020). The effect of company size, company growth, earnings growth, and capital structure on earnings response coefficient. The Indonesian Accounting Review, 10(1), 83-94.

    Sasongko, N., Puspawati, R. K., & Wijayanto, K. (2020). Corporate Social Responsibility (CSR), firm size, profitability, and leverage on Earnings Response Coefficient (ERC). Riset Akuntansi Dan Keuangan Indonesia, 5(1), 21-35.

    Sofianty, D. (2020). The effect of size, leverage to earnings response coefficient (ERC) with earnings persistence as an intervening variable. Research Journal of Finance and Accounting, 11(8), 67-76.

    Spence, & Michael. (1973). Job Market Signaling.

    Tubagus, S. A. M., & Khuzaini, K. (2020). Pengaruh Ukuran Perusahaan, Struktur Modal, dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(5).

    Widiatmoko, J., & Indarti, M. K. (2018). The determinans of earnings response coefficient: An empirical study for the real estate and property companies listed on the Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.

    Wiguna, S., & Murwaningsari, E. (2022). The effect of systematic risk, operating cash flow and growth opportunities on future earnings response coefficients (FERC), working capital as A moderation variable. International Journal of Social and Management Studies, 3(2), 34-45.

    Wijaya, H., Adhitya, S., Cahyadi, H., & Salim, S. (2020). Factors Affecting Earning Response Coefficient With Profitability as Moderating Variable in Manufacturing Companies. Paper presented at the 8th International Conference of Entrepreneurship and Business Management Untar (ICEBM 2019).

    Wijayanti, I., Mawardi, R., & Halim, A. B. (2020). The Effect of Corporate Social Responsibility Disclosure, Leverage, Firm Size, and Profitability Toward Earnings Response Coefficient. Int. J. Innov. Creat. Chang, 13, 1202-1216.

  1. Alkartobi, M. Z. (2017). Analisis faktor-faktor yang mempengaruhi koefisien respon laba. Jakarta: Fakultas Ekonomi dan Bisnis UIN Syarif Hidayatullah Jakarta.
  2. Awawdeh, H. A., Al-Sakini, S. A., & Nour, M. (2020). Factors affecting earnings response coefficient in Jordan: applied study on the Jordanian industrial companies. Investment Management and Financial Innovations, 17(2), 255-265.
  3. Barlinti, R. A., & Aris, M. A. (2023). Analisis kinerja keuangan, ukuran perusahaan, leverage, dan volume penjualan terhadap corporate social responsibility. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(3), 235-247.
  4. Bawamenewi, K., & Afriyeni, A. (2019). Pengaruh Profitabilitas, Leverage, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Pundi, 3(1).
  5. Christine, D., Wijaya, J., Chandra, K., Pratiwi, M., Lubis, M. S., & Nasution, I. A. (2019). Pengaruh profitabilitas, leverage, total arus kas dan ukuran perusahaan terhadap financial distress pada perusahaan property dan real estate yang terdapat di bursa efek indonesia tahun 2014-2017. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 2(2), 340-350.
  6. Dewi, A., & Putra, I. (2017). Pengaruh Leverage Dan Ukuran Perusahaan Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 19(1), 367-391.
  7. Fama, E. F. (1970). Efficient capital markets. Journal of finance, 25(2), 383-417.
  8. Fauzan, M., & Purwanto, A. (2017). Pengaruh Pengungkapan CSR, Timeliness, Profitabilitas, Pertumbuhan Perusahaan dan Resiko Sistematik Terhadap Earning Response Coefficient (ERC)(Studi Empiris Pada Perusahaan Manufaktur, Properti dan Pertambangan yang Terlisting di Bursa Efek Indonesia (BEI) pada periode 2013-2014). Diponegoro Journal of Accounting, 6(1), 256-270.
  9. Firman, M. (2014). Analisis Faktor-Faktor yang Mempengaruhi Earnings Response Coefficient. Jurnal Ilmiah Universitas Bakrie, 2(2).
  10. Fitriah, S. (2020). Pengaruh kesempatan bertumbuh dan leverage terhadap earnings response coefficient. AKURASI: Jurnal Studi Akuntansi Dan Keuangan, 3(1), 15-30.
  11. Galingging, E. S. U. V., & Yulianto, E. (2024). Pengaruh Audit Tenure, Kepemilikan Manajerial, dan Ukuran Perusahaan terhadap Integritas Laporan Keuangan. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 467-479.
  12. Hakim, M. Z., Rohaeti, Y., Zulaecha, H. E., Rachmania, D., Pambudi, J. E., & Rohmansyah, B. (2022). The Influence Of Leverage, Earnings Persistence, And Firm Size On Earnings Responses Coeffient In Infrastructure Companies At Bei 2018–2021. International Journal of Economics, Business and Innovation Research, 1(01), 269-291.
  13. Hery, S. E., M.Si., CRP., RSA., CFRM. (2017). Kajian Riset Akuntansi.
  14. Irawan, F., & Talpia, L. (2021). The The Effect Of Leverage, Firm Size, Earning Growth, And Earning Persistence On Earning Response Coefficient. Bina Ekonomi, 25(1), 41-56.
  15. Kurniawati, H., & Dwimulyani, S. (2018). Determinants of earnings response coefficient (ERC) and its impact on trading volume. International Review of Management and Business Research, 7(4), 787-800.
  16. Liviani, R., & Rachman, Y. T. (2021). The influence of leverage, sales growth, and dividend policy on company value. International Journal of Financial, Accounting, and Management, 3(2), 165-178.
  17. Mahendra, I. P. Y., & Wirama, D. G. (2017). Pengaruh Profitabilitas, Struktur Modal, dan Ukuran Perusahaan pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 20(3), 2566-2594.
  18. Martika, L. D., Rahmawati, T., & Yunus, S. (2021). Konservatisme Akuntansi: Telaah Mendalam Dalam Kerangka Teori Akuntansi Positif. Logika: Jurnal Penelitian Universitas Kuningan, 12(02), 119-129.
  19. Maulita, D., & Framita, D. S. (2021). Pengaruh pajak tangguhan dan ukuran perusahaan terhadap persistensi laba. Jurnal Akuntansi, Keuangan, Dan Manajemen, 2(2), 141-152.
  20. Muthingah, U. (2017). Pengaruh Rasio Profitabilitas, Konservatisme Laporan Keuangan, Siklus Kehidupan Perusahaan, Ukuran Perusahaan Dan Umur Perusahaan Terhadap Koefisien Respon Laba (Earnings Response Coefficient). Universitas Islam Negeri Sultan Syarif Kasim Riau.
  21. Nataliantari, N. W., Suaryana, I., Ratnadi, N. M. D., & Astika, I. P. (2020). The Effect of the Component of Good Corporate Governance, Leverage, and Firm Size in the Earnings Response Coefficient. American Journal of Humanities and Social Sciences Research, 4(3), 3-128.
  22. Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391-415.
  23. Pambudi, J. E., Febrianto, H. G., & Fitriana, A. I. (2022). Determinan Earning Response Coefficient (Erc) Dengan Ukuran Perusahaan Dan Leverage Sebagai Eksogen. Dynamic Management Journal, 6(1), 31-41.
  24. Putra, P. (2022). Does Firm Size, Leverage and Profitability Effect On Coefficient Earnings Response (ERC) with Islamic Social Reporting (ISR) As Intervening Variable? Jurnal Ilmiah Ekonomi Islam, 8(2), 1103-1114.
  25. Ramdani, D., & Prayitno, Y. H. (2023). The leverage and company size impact on delay in the audit. International Journal of Financial, Accounting, and Management, 5(3), 265-279.
  26. Ratnasari, D., Sukarmanto, E., & Sofianty, D. (2017). Pengaruh Persistensi Laba, Ukuran Perusahaan dan Default Risk Terhadap Earnings Response Coefficient (Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia). Proseding Akuntansi, 3(2), 117-124.
  27. Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap kebijakan dividen. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 195-206.
  28. Rohmansyah, B., Gunawan, I., & Januar Eky Pambudi, S. (2022). Pengaruh Ukuran Perusahaan, Struktur Modal, Likuiditas, Profitabilitas Dan Investment Opportunity Set Terhadap Kualitas Laba. Jurnal Sustainable, 2(2), 290-303.
  29. Sari, R. T. I., & Rokhmania, N. (2020). The effect of company size, company growth, earnings growth, and capital structure on earnings response coefficient. The Indonesian Accounting Review, 10(1), 83-94.
  30. Sasongko, N., Puspawati, R. K., & Wijayanto, K. (2020). Corporate Social Responsibility (CSR), firm size, profitability, and leverage on Earnings Response Coefficient (ERC). Riset Akuntansi Dan Keuangan Indonesia, 5(1), 21-35.
  31. Sofianty, D. (2020). The effect of size, leverage to earnings response coefficient (ERC) with earnings persistence as an intervening variable. Research Journal of Finance and Accounting, 11(8), 67-76.
  32. Spence, & Michael. (1973). Job Market Signaling.
  33. Tubagus, S. A. M., & Khuzaini, K. (2020). Pengaruh Ukuran Perusahaan, Struktur Modal, dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(5).
  34. Widiatmoko, J., & Indarti, M. K. (2018). The determinans of earnings response coefficient: An empirical study for the real estate and property companies listed on the Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.
  35. Wiguna, S., & Murwaningsari, E. (2022). The effect of systematic risk, operating cash flow and growth opportunities on future earnings response coefficients (FERC), working capital as A moderation variable. International Journal of Social and Management Studies, 3(2), 34-45.
  36. Wijaya, H., Adhitya, S., Cahyadi, H., & Salim, S. (2020). Factors Affecting Earning Response Coefficient With Profitability as Moderating Variable in Manufacturing Companies. Paper presented at the 8th International Conference of Entrepreneurship and Business Management Untar (ICEBM 2019).
  37. Wijayanti, I., Mawardi, R., & Halim, A. B. (2020). The Effect of Corporate Social Responsibility Disclosure, Leverage, Firm Size, and Profitability Toward Earnings Response Coefficient. Int. J. Innov. Creat. Chang, 13, 1202-1216.