Risky debt and the earnings response coefficient: a reexamination in the presence of illiquid growth opportunities

2007 ◽  
Vol 1 (4) ◽  
pp. 404
Author(s):  
Zhaoyun Shangguan
Keyword(s):  
Growth Opportunities ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
Risky Debt

scholarly journals Analisis Pengaruh Beta, Leverage, Dividend Payout Ratio, dan Earnings Persistence terhadap Earnings Response Coefficient pada Indeks Kompas 100

2014 ◽  
Vol 1 (02) ◽  
pp. 121-135
Author(s):  
Dwi Husiano ◽  
Suratno Suratno
Keyword(s):  
Stock Prices ◽  
Systematic Risk ◽  
Jel Classification ◽  
Earnings Persistence ◽  
Growth Opportunities ◽  
Dividend Payout ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
The Relationship

ABSTRACT Earnings response coefficient (ERC) reflects the strength of the relationship between income with stock prices. This study aimed to analyze the determinants of the ERC. The population was 100 companies included in the Kompas 100 Index. Tests carried out by multiple regression test. The results show that the leverage, dividend payout ratio affects the ERC, while systematic risk and growth opportunities not significant effect on the ERC. The results are expected to contribute to the issuer, that the consideration of investors to invest in the stock market especially Kompas 100 Index shown to be affected by the level of risk and ividend payout ratio. ABSTRAK Earnings response coefficient (ERC) mencerminkan kekuatan hubungan antara laba dengan harga saham. Penelitian ini bertujuan untuk menganalisis faktor-faktor penentu ERC. Populasi adalah 100 perusahaan yang masuk dalam Indeks Kompas 100. Pengujian dilakukan dengan uji regresi berganda. Hasil pengujian menunjukkan bahwa leverage, dividend payout ratio berpengaruh terhadap ERC, sementara systematic risk dan growth opportunities berpengaruh tidak signifikan terhadap ERC. Hasil penelitian diharapkan yang dapat memberikan kontribusi kepada emiten, bahwa pertimbangan investor untuk berinvestasi di pasar modal khususnya saham yang Indeks Kompas 100 terbukti dipengaruhi oleh tingkat resiko dan rasio pembayaran deviden. JEL Classification: G14, G30

PENGARUH LEVERAGE, KESEMPATAN BERTUMBUH DAN UKURAN PERUSAHAAN TERHADAP KOEFISIEN RESPON LABA

Equity ◽  
2016 ◽  
Vol 19 (2) ◽  
pp. 129
Author(s):  
Meita Alifiana ◽  
Praptiningsih Praptiningsih
Keyword(s):  
Firm Size ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Growth Opportunities ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Auditor Quality ◽  
Earnings Response

This study aims to examine the variables of leverage, growth opportunities and the size of the companies that influence the earnings response coefficient. The purpose of the research is to empirically test the influence of Leverage, Growth Opportunities and Firm Size towards Earnings Response Coefficient. This research used 60 property & real estate companies listed on the Indonesia Stock Exchange in 2012-2014. The sampling technique used in this research was purposive sampling, based on criteria there are 35 companies and tested with multiple regression analysis. The type of data used is secondary data obtained from www.idx.co.id and www.yahoo.finance.com. These result indicate that that Leverage, Growth Opportunities and Firm Size has no significant effect on the Earnings Response Coefficient. The ability of independent variables (Leverage, Growth Opportunities and Firm Size) in explaining the dependent variable (Earnings Response Coefficient) is 0,9%. The remaining 99,1% is explained by another variables such as systematic risk, earning persistance, profitability, voluntary disclosure, auditor quality and others.

PENGARUH CSR DISCLOSURE, KESEMPATAN BERTUMBUH DAN RISIKO KEGAGALAN PERUSAHAAN TERHADAP EARNINGS RESPONSE COEFFICIENT

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 54-65
Author(s):  
Lely Indriaty ◽  
Della Tania
Keyword(s):  
Significant Influence ◽  
Default Risk ◽  
Linear Regression Analysis ◽  
Sample Collection ◽  
Growth Opportunities ◽  
Purposive Sampling ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
Csr Disclosure

The aims of this research are to know the influence of CSR disclosure, growth opportunities and default risk to earnings response coefficient in the manufacturing company of pharmaceutical sub sector listed on the Indonesia Stock Exchange period 2010-2015. This research belongs to quantitative research. Sample collection technique used purposive sampling. Using purposive sampling technique, 6 companies is used as research sample. The analysis method of this research used multiple linear regression analysis. The results showed that: (1) CSR disclosure has positive and significant influence to earnings response coefficient (sig t 0.0002 < 0.05), (2) Growth opportunities has positive and significant influence to earnings response coefficient (sig t 0.0169 < 0.05), (3) Default risk has negative and significant influence to earnings response coefficient (sig t 0.0045 < 0.05). Simultaneously, CSR disclosure, growth opportunities, and default risk has significant influence to earnings response coefficient (sig f 0.000000 < 0.05).

scholarly journals PENGARUH LEVERAGE, KESEMPATAN BERTUMBUH DAN UKURAN PERUSAHAAN TERHADAP KOEFISIEN RESPON LABA

Equity ◽  
2016 ◽  
Vol 19 (2) ◽  
pp. 129
Author(s):  
Meita Alifiana ◽  
Praptiningsih Praptiningsih
Keyword(s):  
Firm Size ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Growth Opportunities ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Auditor Quality ◽  
Earnings Response

This study aims to examine the variables of leverage, growth opportunities and the size of the companies that influence the earnings response coefficient. The purpose of the research is to empirically test the influence of Leverage, Growth Opportunities and Firm Size towards Earnings Response Coefficient. This research used 60 property & real estate companies listed on the Indonesia Stock Exchange in 2012-2014. The sampling technique used in this research was purposive sampling, based on criteria there are 35 companies and tested with multiple regression analysis. The type of data used is secondary data obtained from www.idx.co.id and www.yahoo.finance.com. These result indicate that that Leverage, Growth Opportunities and Firm Size has no significant effect on the Earnings Response Coefficient. The ability of independent variables (Leverage, Growth Opportunities and Firm Size) in explaining the dependent variable (Earnings Response Coefficient) is 0,9%. The remaining 99,1% is explained by another variables such as systematic risk, earning persistance, profitability, voluntary disclosure, auditor quality and others.

scholarly journals THE EFFECTS OF CORPORATE GOVERNANCE, FIRM SIZE, PROFITABILITY, AND GROWTH OPPORTUNITIES ON THE VALUE RELEVANCE OF ACCOUNTING EARNINGS – A STUDY OF THE INDONESIA STOCK EXCHANGE

2020 ◽  
Vol 12 (2) ◽  
pp. 174-193
Author(s):  
Surinastiti Eka Putri ◽  
Rosinta Ria Panggabean
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Value Relevance ◽  
Stock Exchange ◽  
Growth Opportunities ◽  
Accounting Earnings ◽  
Earnings Response Coefficient ◽  
Good Corporate Governance ◽  
Response Coefficient ◽  
Earnings Response

Capital market serves as an alternative financing-wise and as a means investment-wise. Relevance of accounting information comes out as profound to investors as can be observed within the financial statements of a company. The aim of this study was to figure out the effects of corporate governance, firm size, profitability, and growth opportunities on the value relevance of accounting earnings. The present research used a quantitative method and secondary data in the form of annual reports, and the objects hired were 22 companies listed on the LQ45 index (August of 2018–January of 2019) of the Idonesia Stock Exchange for the period 2015–2017. Analysis was conducted by a descriptive statistical method. The results obtained showed that the variable profitability, which was measured on return on asset, affected the value relevance of accounting earnings, while the variables good corporate governance, firm size, and growth opportunities did not affect the value relevance of accounting earnings. Companies’ management is advocated to optimize the management of the assets in place as it was found in this research that return on asset had an effect on earnings response coefficient. This is necessary so that the companies are able to generate earnings response coefficients to which investors can respond positively.   Keywords: Earnings Response Coefficient, Firm Size, Good Corporate Governance, Growth Opportunities, Indonesia, Return On Asset  

scholarly journals Analisis Pengaruh Beta, Leverage, Dividend Payout Ratio, dan Earnings Persistence terhadap Earnings Response Coefficient pada Indeks Kompas 100

2014 ◽  
Vol 1 (02) ◽  
pp. 121-135
Author(s):  
Dwi Husiano ◽  
Suratno Suratno
Keyword(s):  
Stock Prices ◽  
Systematic Risk ◽  
Jel Classification ◽  
Earnings Persistence ◽  
Growth Opportunities ◽  
Dividend Payout ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
The Relationship

ABSTRACT Earnings response coefficient (ERC) reflects the strength of the relationship between income with stock prices. This study aimed to analyze the determinants of the ERC. The population was 100 companies included in the Kompas 100 Index. Tests carried out by multiple regression test. The results show that the leverage, dividend payout ratio affects the ERC, while systematic risk and growth opportunities not significant effect on the ERC. The results are expected to contribute to the issuer, that the consideration of investors to invest in the stock market especially Kompas 100 Index shown to be affected by the level of risk and ividend payout ratio. ABSTRAK Earnings response coefficient (ERC) mencerminkan kekuatan hubungan antara laba dengan harga saham. Penelitian ini bertujuan untuk menganalisis faktor-faktor penentu ERC. Populasi adalah 100 perusahaan yang masuk dalam Indeks Kompas 100. Pengujian dilakukan dengan uji regresi berganda. Hasil pengujian menunjukkan bahwa leverage, dividend payout ratio berpengaruh terhadap ERC, sementara systematic risk dan growth opportunities berpengaruh tidak signifikan terhadap ERC. Hasil penelitian diharapkan yang dapat memberikan kontribusi kepada emiten, bahwa pertimbangan investor untuk berinvestasi di pasar modal khususnya saham yang Indeks Kompas 100 terbukti dipengaruhi oleh tingkat resiko dan rasio pembayaran deviden. JEL Classification: G14, G30

PENGARUH CSR DISCLOSURE, KESEMPATAN BERTUMBUH DAN RISIKO KEGAGALAN PERUSAHAAN TERHADAP EARNINGS RESPONSE COEFFICIENT

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 54-65
Author(s):  
Lely Indriaty ◽  
Della Tania
Keyword(s):  
Significant Influence ◽  
Default Risk ◽  
Linear Regression Analysis ◽  
Sample Collection ◽  
Growth Opportunities ◽  
Purposive Sampling ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
Csr Disclosure

The aims of this research are to know the influence of CSR disclosure, growth opportunities and default risk to earnings response coefficient in the manufacturing company of pharmaceutical sub sector listed on the Indonesia Stock Exchange period 2010-2015. This research belongs to quantitative research. Sample collection technique used purposive sampling. Using purposive sampling technique, 6 companies is used as research sample. The analysis method of this research used multiple linear regression analysis. The results showed that: (1) CSR disclosure has positive and significant influence to earnings response coefficient (sig t 0.0002 < 0.05), (2) Growth opportunities has positive and significant influence to earnings response coefficient (sig t 0.0169 < 0.05), (3) Default risk has negative and significant influence to earnings response coefficient (sig t 0.0045 < 0.05). Simultaneously, CSR disclosure, growth opportunities, and default risk has significant influence to earnings response coefficient (sig f 0.000000 < 0.05).

scholarly journals PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP FUTURE EARNINGS RESPONSE COEFFICIENT DENGAN KESEMPATAN PERTUMBUHAN SEBAGAI VARIABEL MODERASI

2020 ◽  
Vol 4 (2) ◽  
pp. 374
Author(s):  
Henny Henny ◽  
Thio Lie Sha
Keyword(s):  
Regression Analysis ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Growth Opportunities ◽  
Purposive Sampling ◽  
Future Earnings ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response

Tujuan penelitian ini adalah untuk memperoleh bukti empiris mengenai pengaruh kepemilikan manajerial dan kepemilikan institusional terhadap future earnings response coefficient dengan kesempatan pertumbuhan sebagai variabel moderasi pada perusahaan manufaktur di Bursa Efek Indonesia. Populasi dalam penelitian ini merupakan perusahaan manufaktur yang memenuhi kriteria penelitian, sehingga penarikan sampelnya sebanyak 36 perusahaan manufaktur dengan menggunakan metode purposive sampling. Analisis yang digunakan dalam penelitian ini adalah moderated regression analysis.  Hasil penelitian ini adalah kesempatan pertumbuhan sebagai variabel moderasi memperkuat hubungan positif kepemilikan manajerial dan kepemilikan institusional terhadap future earnings response coefficient, sedangkan kepemilikan manajerial dan kepemilikan institusional tidak berpengaruh langsung terhadap future earnings response coefficient. The purpose of this study is to obtain empirical evidence about the effect of managerial ownership and institutional ownership on future earnings response coefficient with growth opportunities as a moderating variable in manufacturing companies in the Indonesia Stock Exchange. The population in this study is a manufacturing company for the period 2010-2017 that meets the research criteria, so that the sample is 36 manufacturing companies using the purposive sampling method. The analysis used in this study is moderated regression analysis with SPSS. The results of this study is growth opportunities as a moderating variable to strengthen the positive relationship of managerial ownership and institutional ownership on future earnings response coefficient, while managerial ownership and institutional ownership do not directly influence future earnings response coefficient.

scholarly journals Pengaruh Kesempatan Bertumbuh Dan Leverage Terhadap Earnings Response Coefficient

2020 ◽  
Vol 3 (1) ◽  
pp. 15-30
Author(s):  
Suryani Fitriah
Keyword(s):  
Least Square ◽  
Growth Opportunities ◽  
Purposive Sampling ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response

Penelitian ini bertujuan untuk menguji (1) pengaruh kesempatan bertumbuh terhadap earning response coefficient, (2) pengaruh leverage terhadap earning response coefficient pada sektor property dan real estateyang terdaftar di Bursa Efek Indonesia tahun 2015 – 2018. Jenis penelitian ini tergolong penelitian asosiatif yaitu hubungan antara dua variabel atau lebih. Populasi dari penelitian ini adalah sektor pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2015 sampai dengan tahun 2018. Sampel ditentukan berdasarkan metode purposive sampling, sehingga didapatkan sampel sebanyak 100 perusahaan. data yang digunakan dalam penelitian ini berupa data sekunder yang diperoleh melalui situs resmi IDX: www.idx.co.id dan diperoleh dari website masing-masing perusahaan. Analisis data yang digunakan adalah analisis regresi berganda metode GLS (Generalized Least Square) dengan menggunakan program pengolahan data Eviews. Hasil penelitian membuktikan bahwa (1) kesempatan bertumbuh tidak berpengaruh terhadap earning response coefficient, (3) leverage tidak berpengaruh terhadap earning response coefficient. berdasarkan hasil penelitian diatas, disarankan: (1) bagi peneliti selanjutnya diharapkan menambahkan variabel independen yang lain seperti ukuran perusahaan, persistensi laba, dan Corporate Sosial Responsibility. (2) bagi investor, sebaiknya lebih memperhatikan faktor-faktor seperti growth opportunities, dan leverage dalam pengambilan keputusan investasi

scholarly journals RESPON INVESTOR ATAS SINYAL LABA, PELUANG BERTUMBUH, STRUKTUR MODAL, DAN UKURAN PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2014-2018

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Jessica Jessica ◽  
Ari Hadi Prasetyo
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Stock Exchange ◽  
Earnings Persistence ◽  
Company Size ◽  
Manufacturing Companies ◽  
Growth Opportunities ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response

This study aims to examine the financial performance of public companies viewed from the effects of earnings persistence, growth opportunities, profitability, capital structure, and company size that affect market response to earnings information measured using earnings response coefficient (ERC). From the perspective of the Signaling theory, management releases information related to the company's performance for investors regarding the company's actual fundamental condition. Companies that have a competitive advantage and good financial performance, have the potential to generate high profits because the company able to manage its resources in the perspective of Resources Based Theory, but in the context of Agency Theory the agent's relationship with the principal, causes agency problems due to differences in interests caused agency conflict. This study uses a sample of 31 manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2014-2018 period. Based on the results of the regression analysis, it can be concluded that there are enough dependent variables together that significantly influence the earnings response coefficient. The results of this study indicate enough evidence is found that earnings persistence has a positive effect on ERC. Also, growth opportunities influence ERC and give a negative direction. While the capital structure, profitability, and size of the company were not found enough evidence of influence on ERC.Keywords: earnings persistence, growth opportunities, capital structure, profitability, company size, and earnings response coefficient.

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