PERNYATAAN STANDAR AKUNTANSI KEUANGAN No. 46 DAN KOEFISIEN RESPON LABA AKUNTANSI

The objective of this study is to examine: (1) the difference of stock price change in the period before and after PSAK No.46 was implemented; (2) the effect of interperiod tax allocation based on PSAK No.46 on the earning response coefficient (ERC); and (3) the ERC difference between companies which reported deferred tax income and companies which reported deferred tax expenses.The result of this study provide empirical evidence that: (1) stock price change in the period after implementing of the PSAK No.46 are higher than the period before the PSAK No.46 was implemented; (2) interperiod tax allocation based on the PSAK No.46 have negative effects on the ERC; and (3) earnings response coefficient (ERC) for companies which reported deferred tax income were not differ from companies which reported deferred tax expenses. The result of this study indicate that interperiod tax allocation based on the PSAK No.46 was succesfully improve the income statement informativeness and earnings quality. However, interperiod tax allocation based on the PSAK No.46 generate perceive noise embedded in the reported earnings. Therefore, additional disclosures are needed, particularly for economic substance of deferred tax income and deferred tax expenses reported in income statement.

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PENGARUH ALOKASI PEMBEBANAN PAJAK PENGHASILAN ANTAR PERIODE TERHADAP KOEFISIEN RESPON LABA

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v9i1.664 ◽

2009 ◽

Vol 9 (1) ◽

pp. 1

Author(s):

Endang Kiswara

Keyword(s):

Income Tax ◽

Stock Exchange ◽

Financial Statements ◽

Going Public ◽

Taxable Income ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Before And After ◽

Earnings Response ◽

Deferred Tax

Abstract Inter period tax allocation is noise factor of earnings content of financial statements. Earnings is important component of taxable income assessment that difference from accounting treatment. This research investigate effect of inter period tax allocation toward earnings response coefficient (ERC). Research conducted for 38 samples companies from any industries that going public at Indonesia Stock Exchange 1997 to 2004. Data is analyze by multiple regression, and t-test. Output of this research stated that ERC before and after tax allocation based on PSAK 46 are the same, at significance value 0,404. This implied that inter period tax allocation is not having impact on ERC, at significance value 0,489. This researchfound that usefulness of accounting for income tax based on PSAK 46 is not difference with the non applicant.Keywords: Earnings Response Coefficient (ERC), inter period tax allocation,deferred tax expense, deferred income tax.

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Analisis Pengaruh Kandungan Informasi Komponen Laba Dan Rugi Terhadap Koefisien Respon Laba (Erc) Studi Empiris Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia (Bei)

Jurnal Ilmiah Manajemen Kesatuan ◽

10.37641/jimkes.v7i1.212 ◽

2019 ◽

Vol 7 (1) ◽

pp. 188-200

Author(s):

Annisa Lutvy Amanda ◽

Desi Efrianti ◽

Bintang `Sahala Marpaung

Keyword(s):

Information Content ◽

Market Reaction ◽

Control Variable ◽

Share Price ◽

Earnings Response Coefficient ◽

Earnings Information ◽

Basic Industry ◽

Response Coefficient ◽

Income Statement ◽

Earnings Response

The income statement can be a reliable decision-making material, if the income statement has a valuable information content. Profit (loss) information is said to be valuable if the information contained in the income statement causes the movement of market reaction. The market reaction is indicated by a change in the price of the relevant securities which is typically measured using the stock return as the value of the change. Return or share price in response to earnings information can be measured using earnings response coefficient or ERC (Earnings Responses Coeffficient). The purpose of this research is to analyze the influence of each independent variable that is PEPS, LEPS, PORD, LORD, POP, LOP, PFIN, LFIN, PEXT, LEXT, TAX and Book Value control variable to dependent variable that is Coefficient of Profit Response (ERC) . This research was conducted on 33 companies manufacturing basic industry sectors and chemicals in 2012 until 2015. Supporting data used are financial statements obtained from www.idx.co.id in the year 2012-2015. From the research that has been done show that the variables of PEPS, PORD, POP, PEXT have information content that influence to earnings response coefficient (ERC) while LEPS, LORD, LOP, PFIN, LFIN, LEXT, TAX do not have information content that influence to coefficient Profit response (ERC).

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LEVERAGE, PERSISTENSI LABA DAN SISTEMATIK RISK, TERHADAP EARNINGS RESPONSE COEFFICIENT PADA ENTITAS INDUSTRI

JMM UNRAM - MASTER OF MANAGEMENT JOURNAL ◽

10.29303/jmm.v7i2.286 ◽

2018 ◽

Vol 7 (2) ◽

Author(s):

Lalu Takdir Jumaidi ◽

Rijal Rijal

Keyword(s):

Stock Price ◽

Stock Exchange ◽

Systematic Risk ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Earnings Information ◽

Response Coefficient ◽

Economic Decision Making ◽

Other Information ◽

Earnings Response

Investors use financial statement information in their investment decisions. Earnings is usually the main consideration of investors in making decision. However, the increase in earnings is not always followed by positive stock price changes. It shows that in economic decision-making the investors not only need information about the company's financial condition, i.e profit, but also other information. Therefore, investors need useful tool to predict the up or rise of stock price namely earnings response coefficient which shows market reaction on earnings information published by company. If the investor perceived the information content of the announced profits as good quality then the investors will react positively to earnings anouncement.Therefore purpose of this study is to examine the effect of systematic risk, leverage and earnings persistence on earnings response coefficient at manufacturing companies listed on the Stock Exchange. The population in this study are all manufacturing companies listed on the IDX in 2015. The sample of this study is determined by the method of purposive sampling and this study obtained 56 sample companies. The study usesecondary data which is obtained from www.idx.co.id. The results of this study based on multiple regression analysis indicate that systematic risk, leverage and profit persistence have no effect on earnings response coefficient.

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Pengaruh Tingkat Pengungkapan Sukarela Dalam Laporan Tahunan Terhadap Koefisien Respon Laba

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v8i3.982 ◽

2008 ◽

Vol 8 (3) ◽

pp. 236 ◽

Cited By ~ 1

Author(s):

Sovi Ismawati Rahayu

Keyword(s):

Cross Section ◽

Voluntary Disclosure ◽

Negative Influence ◽

Manufacturing Companies ◽

Voluntary Disclosures ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Before And After ◽

Earnings Response ◽

The Impact

The objectives of the research is to find out the impact of luntaty disclosures on earnings response coefficient (ERC). The populati n of this study was public manufacturing companies listed at Jakarta Stoc Exchange in 2005 period. There were 31 manufacturing companies meet th criteria was chosen as sample. This research is explanatory research, and th data analysis were treated as cross-section. Earning persistence, systematic risk company growth, leverage and company size which in prior stOies described ERC variation, in this research used as controlling vaable. The research hypothesis were tested using the multiple regression analysis. The result ofthis research before and after use the which described ERC variation show that voluntary disclosure had significantly negative influence on earnings response coefficientKeywords: Voluntary Disclosures, Earnings Response Coeficient

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Peran Moderasi Konvergensi IFRS Dalam Hubungan Antara Agresivitas Pelaporan Keuangan dan Return

Jurnal Akuntansi dan Keuangan ◽

10.23960/jak.v24i2.55 ◽

2019 ◽

Vol 24 (2) ◽

pp. 35-56

Author(s):

Saring Suhendro

Keyword(s):

Stock Price ◽

Information Quality ◽

Stock Exchange ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Earnings Information ◽

Response Coefficient ◽

Earnings Response ◽

Reported Earnings

The purpose of this study is to examine the effect of accrual information quality and the role of IFRS convergence on earnings informativeness measured by ERC in relation to stock price movements occurring in Indonesia. Using manufacturing companies that went public and were listed on the Indonesia Stock Exchange in 2004-2013. The use of sample companies in 2004-2007 was before the IFRS convergence and in 2008-2013 after the IFRS convergence. The results showed that earnings response coefficient on earnings information decreased due to reported earnings containing high discretionary accruals. While investor perceptions (ERC) increased after the IFRS convergence.

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Review of earnings response coefficient studies

Corporate Ownership and Control ◽

10.22495/cocv14i3c2art4 ◽

2017 ◽

Vol 14 (3) ◽

pp. 299-308 ◽

Cited By ~ 4

Author(s):

Ahmed Al-Baidhani ◽

A. Abdullah ◽

M. Ariff ◽

F.F. Cheng ◽

Y. Karbhari

Keyword(s):

Stock Price ◽

Accounting Information ◽

Financial Accounting ◽

Main Research ◽

Earnings Response Coefficient ◽

Regression Methods ◽

Evolution And Development ◽

Response Coefficient ◽

Holistic Understanding ◽

Earnings Response

The importance of earnings response coefficient (ERC) research arises mainly from the need to enhance confidence of a firm’s stakeholders in accounting information announcements, especially the equity investors, enabling them to make informed stock decisions. Due to the significance of this subject, this paper provides a review of the extant ERC literature and expounds on its evolution and development of the relevant theories, offers perspectives, and highlights the models used since 1968 when the earnings-to-returns relationship first became prominent. The study also evaluates the application of the ERC perspective and highlights the main empirical findings and also elucidates on related research methodologies applied to date and incorporates the relevant explicit and implied critiques. The main research results found while conducting this review supports the relevance of accounting information announcements to stock price formations, and therefore enhancing the confidence of investors and firm’s stakeholders in such announcements (Ball & Brown, 1968; Collins & Kothari, 1989; Cheng, 1994; Kothari et al., 2010; Ariff et al., 2011; Hwang & Zhang, 2012; Patatoukas, 2013; Mostafa & Dixon, 2013; Al-Baidhani et al., 2017). Researchers also calculated and evaluated relevant ERCs using different methods such as event study method and regression methods, and applying different approaches such as individual stocks approach and portfolios approach, as detailed in this review. In addition to the enhancement of the stakeholders’ confidence in the accounting information, this review paper will be useful to financial accounting standards setters and contributes to a holistic understanding of the literature on earnings-to-returns relationship.

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Analisis Perbedaan Earnings Response Coefficient (ERC) Sebelum dan Setelah Adopsi IFRS pada Perusahaan yang Tercatat dalam Bursa Efek Indonesia

MODUS ◽

10.24002/modus.v28i1.664 ◽

2016 ◽

Vol 28 (1) ◽

pp. 39

Author(s):

Fransisca Intan Galantika ◽

I Gede Siswantaya

Keyword(s):

Financial Reporting ◽

Stock Exchange ◽

Financial Statements ◽

Reporting Standards ◽

Earnings Response Coefficient ◽

Financial Reporting Standards ◽

Response Coefficient ◽

Significant Difference ◽

Before And After ◽

Earnings Response

AbstrakKonvergensi International Financial Reporting Standards (IFRS) menyebabkan Pernyataan Standar Akuntansi Keuangan (PSAK) mengalami beberapa perubahan. Perbedaan standar akuntansi keuangan menyebabkan komparibilitas laporan keuangan menurun sehingga investor dari berbagai negara sulit untuk mengambil keputusan investasi. Muncullah IFRS sebagai standar akutansi global sebagai acuan dalam menghasilkan pelaporan keuangan yang berkualitas. Penelitian ini bertujuan untuk melakukan analisis mengenai ada tidaknya perbedaan signifikan antara nilai Earning Response Coefficient (ERC) sebelum dan sesudah adopsi IFRS pada perusahaan yang tercatat di Bursa Efek Indonesia (BEI). ERC digunakan sebagai proksi untuk melihat reaksi pasar. Data yang digunakan dalam penelitian ini merupakan data sekunder berupa laporan keuangan tahunan dan harga saham bulanan. Sampel yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di BEI pada tahun 2009 hingga 2014. Pemilihan sampel didasarkan pada metode purposive sampling dengan kriteria yang telah ditentukan. Hasil penelitian ini membuktikan bahwa tidak terdapat perbedaan yang signifikan antara ERC sebelum dan sesudah adopsi IFRS ke dalam PSAK pada perusahaan yang terdaftar di BEI.Kata Kunci: IFRS, Earnings Response Coefficient, Laba, PSAK, Reaksi Pasar. Abstract Convergence of International Financial Reporting Standards (IFRS) causes the Pedoman Standar Akuntansi Keuangan (PSAK) undergo some changes. This then leads to differences in comparability of financial statements declining so that investors from various countries is difficult to make investment decisions. Then appeared IFRS as the global accounting standards as a reference in generating quality of financial reporting. This study aimed to analyze whether there was a significant difference between the value of Earning Response Coefficient (ERC) before and after the adoption of IFRS on the companies listed on the Indonesia Stock Exchange. ERC is used as a proxy to see the market reaction. The data used in this research is secondary data in the form of annual financial statements and monthly stock prices. The sample used in this study is a company listed on the Indonesia Stock Exchange (IDX) in 2009 to 2014. The sample selection was based on a random sampling method with predetermined criteria. The results of this study prove that there was no significant difference between the ERC before and after the adoption of IFRS into the FRS companies listed on the Stock Exchange.Keywords: IFRS, Earnings Response Coefficient, Earnings, PSAK, Market Reaction.

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SISTEMATIK RISK, PERSISTENSI LABA TERHADAP EARNINGS RESPONSE COEFFICIENT PADA ENTITAS INDUSTRI

JMM UNRAM - MASTER OF MANAGEMENT JOURNAL ◽

10.29303/jmm.v7i2.378 ◽

2018 ◽

Vol 7 (2) ◽

pp. 1

Author(s):

Lalu Takdir Jumaidi ◽

Rijal Rijal

Keyword(s):

Stock Price ◽

Stock Exchange ◽

Systematic Risk ◽

Earnings Persistence ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Economic Decision Making ◽

Earnings Response

Investors use financial statement information in their investment decisions. Earnings is usually the main consideration of investors in making decision. However, the increase in earnings is not always followed by positive stock price changes. It shows that in economic decision-making the investors not only need information about the company's financial condition, i.e profit, but also other information. Therefore, investors need useful tool to predict the up or rise of stock price namely earnings response coefficient which shows market reaction on earnings information published by company. If the investor perceived the information content of the announced profits as good quality then the investors will react positively to earnings anouncement.Therefore purpose of this study is to examine the effect of systematic risk, and earnings persistence on earnings response coefficient at manufacturing companies listed on the Stock Exchange. The population in this study are all manufacturing companies listed on the IDX in 2015. This study is determined by the method of purposive sampling and this study obtained 56 sample companies. The study usesecondary data which is obtained from www.idx.co.id. The results of this study based on multiple regression analysis indicate that systematic risk, leverage and profit persistence have no effect on earnings response coefficient. Para Investor dalam pengambilan keputusan investasinya, menggunakan informasi laporan keuangan. Laba biasanya menjadi pertimbangan utama investor. Namun kenaikan laba tidak selalu diikuti dengan perubahan harga saham yang positif. Hal tersebut menunjukkan, dalam pengambilan keputusan ekonomi, para investor membutuhkan informasi tentang kondisi keuangan perusahaan tidak hanya informasi laba saja, tetapi banyak informasi lainnya. Untuk itu digunakanlah alat yang berguna untuk memprediksi naik turunnya harga saham, yaitu earnings response coefficient yang menunjukkan kuat lemahnya reaksi pasar terhadap informasi laba yang dipublikasikan. Jika investor memiliki persepsi bahwa kandungan informasi laba yang diumumkan berkualitas, maka investor akan bereaksi positif terhadap perngumuman laba perusahaan tersebut. Penelitian ini mengkaji earnings response coefficient dengan menggunakan variabel bebas seperti risiko sistematik dan persistensi laba. Adapun tujuan dari penelitian ini untuk menguji pengaruh risiko sistematik, dan persistensi laba terhadap earnings response coefficient pada perusahaan manufaktur yang terdaftar di BEI. Penelitian ini adalah penelitian kuantitatif. Populasi penelitian ini adalah seluruh perusahaan manufaktur yang terdaftar di BEI tahun 2015. Dengan menerapkan purposive sampling diperoleh 56 perusahaan sebagai sampel. Jenis data yang digunakan adalah data sekunder yang diperoleh dari www.idx.co.id. Metode analisis yang digunakan adalah analisis regresi berganda. Hasil penelitian ini menunjukkan bahwa risiko sistematik dan persistensi laba tidak berpengaruh terhadap earnings response coefficient.Keywords : systematic risk, earnings persistence, earnings response coefficient

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DAMPAK PENERAPAN PSAK NO. 50 DAN 55 (REVISI 2006) TERHADAP FORWARD EARNINGS RESPONSE COEFFICIENT DAN RELEVANSI NILAI DARI DERIVATIF KEUANGAN: (STUDI EMPIRIS PADA PERUSAHAAN KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA)

Jurnal Akuntansi ◽

10.24912/ja.v21i3.243 ◽

2017 ◽

Vol 21 (3) ◽

pp. 373

Author(s):

Oktavia Oktavia ◽

Sylvia Veronica N.P. Siregar ◽

Chaerul D. Djakman

Keyword(s):

Stock Price ◽

Positive Impact ◽

Fair Value ◽

Financial Instruments ◽

Price Informativeness ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response ◽

Stock Price Informativeness ◽

The Impact

This study aims to investigate the impact of Indonesian SFAS No. 50 and 55 (revised 2006) on the stock market’s ability to predict firms’ future earnings, which we refer to as stock price informativeness. Our proxy for the stock price informativeness is the forward earnings response coefficient, FERC. This study also investigated whether there is an increase in value-relevance of derivative financial instruments after the implementation of SFAS No. 50 and 55 (revised 2006) in Indonesia. This study found that: (1) the implementation of SFAS No. 50 and 55 (revised 2006) in financial firms which use derivative financial instruments, can increase the ERC but not increase the FERC, and; (2) After the implementation of SFAS No. 50 and 55 (revised 2006), the fair value of derivative financial instruments has significantly positive impact to the market value of equity. These findings suggest that the implementation of Indonesia SFAS No. 50 and 55 (revised 2006) has increased the transparency of derivative financial instrument.

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