THE EFFECT OF VOLUNTARY DISCLOSURE UPON THE EARNINGS RESPONSE COEFFICIENT

This research aims to examine the effect of voluntary disclosure by calculating the unexpected earnings and being measured thru the voluntary disclosure index upon the earning response coefficient measured by cumulative abnormal return and leverage, price to book value and the size of a company which is controlled variable. This research has been covering all the emitents on the Syariah Share Index which is the Jakarta Islamic Index (JII) registered at the Indonesia Stock Exchange (BEI) in 2014. The indicator of the voluntary disclosure has adopted the index of Global Reporting Initiative (GRI) G4 version (the newest) refers to 3 (three) selected main components which is the Economic performance, social and environment performance. Data collection method has applied a documentation study which is by studying the evident, scientific paper, article, journal and website relating to the research objects. The result of the research has indicated that an empiric study can not describe the effects of the voluntary disclosure upon the earning response coefficient (ERC). The same conclusion has been obtained regarding each kind of voluntary disclosure which is the voluntary disclosure related to the financial information and the voluntary disclosure related to the social and environment information.

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Refleksi Perataan Laba terhadap Respon Pasar

Journal of Research and Applications Accounting and Management ◽

10.18382/jraam.v2i2.180 ◽

2017 ◽

Vol 2 (2) ◽

pp. 129

Author(s):

Ratna Wijayanti Daniar Paramita

Keyword(s):

Voluntary Disclosure ◽

Stock Exchange ◽

Secondary Data ◽

Income Smoothing ◽

Market Response ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Earnings Information ◽

Response Coefficient ◽

Earnings Response

AbstractThe purpose of this study is to obtain empirical evidence, examine and explain the effect of companies that implement income smoothing towards the market response, with voluntary disclosure as moderating variables. This study uses the secondary data of 143 manufacturing companies that go public in BEI (Indonesian Stock Exchange) during 2011-2015. This research variables include income smoothing as an independent variable, the market response is proxies by Earnings Response Coefficient (ERC) as the dependent variable and voluntary disclosure is moderating variable. The data analysis methods is regression with single moderating variable. The study finds that income smoothing affects the market response both individually and partially. The results also reveal that earnings information delivered on the date of the announcement was responded positively by investors. However, the presentation of the full report in the form of voluntary disclosure actually reduces the market response to earnings at the date of announcement.AbstrakTujuan penelitian ini adalah untuk memperoleh bukti empirik, menguji dan menjelaskan pengaruh perusahaan yang melakukan income smoothing terhadap respon pasar dengan voluntary disclosure sebagai variabel pemoderasi pada perusahaan manufaktur yang go public di BEI tahun 2011-2015 sebanyak 143 perusahaan. Variable penelitian ini income smoothing sebagai variabel bebas, respon pasar diproksikan dengan Earnings Response Coefficient (ERC) sebagai variabel terikat dan voluntary disclosure adalah variabel moderasi. Metode analisis data menggunakan regresi dengan variabel moderasi tunggal. Income smoothing secara individu dan parsial berpengaruh terhadap respon pasar. Laba yang disampaikan pada tanggal pengumuman direspon positif oleh investor. Namun demikian penyajian laporan secara lengkap dalam bentuk voluntary disclosure justru mengurangi respon pasar terhadap laba pada tanggal pengumuman.

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PENGARUH VOLUNTARY DISCLOSURE DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP EARNINGS RESPONSE COEFFICIENT PADA PERUSAHAAN MANUFAKTUR YANG SAHAM TERDAFTAR DI INDEKS SYARIAH PADA BURSA EFEK INDONESIA

E-Mabis: Jurnal Ekonomi Manajemen dan Bisnis ◽

10.29103/e-mabis.v18i1.287 ◽

2018 ◽

Vol 18 (1) ◽

Author(s):

Wahyuddin Albra ◽

Afiza Fadila

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Voluntary Disclosure ◽

Stock Exchange ◽

Sampling Technique ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response ◽

Corporate Social

This research was conducted to analyze the influence of Voluntary disclosure andCorporate social responsibility toward Earnings response coefficient at manufacturingcompanies in Islamic Index of Indonesia Stock Exchange during 2012-2014. Thedata used in this research was secondary data and there were 29 samples taken by applying Purposive sampling technique. The method of data analysis was Multiple linearregression and Classical Assumption test. The result of analysis simultaneouslyindicated that the Voluntary disclosure influenced significantly on Earning responsecoefficient at manufacturing companies in Jakarta Islamic Index with the level ofsignificance about 0.000. Corporate Social Responsibility influenced positively andsignificantly toward Earning response coefficient at manufacturing companies inJakarta Islamic Index with the level of significance about 0,000. Simultaneously,Voluntary disclosure and Corporate social Responsibility influenced positively andsignificantly on the Earning Response Coefficient at manufacturing companies inJakarta Islamic Index.

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

Equity ◽

10.34209/.v19i2.481 ◽

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.

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Is Accounting Information Still Relevant in the Internet Age? Research on the Determination of the Effect of Google Trends Data on Earnings Response Coefficient: Case of Vietnam

Journal of Asian Development ◽

10.5296/jad.v5i3.15924 ◽

2019 ◽

Vol 5 (3) ◽

pp. 69

Author(s):

Nguyen Duy Kieu Phung ◽

Nguyen Duy Can

Keyword(s):

Stock Exchange ◽

Accounting Information ◽

Google Trends ◽

The Internet ◽

Public Attention ◽

Earnings Response Coefficient ◽

Unexpected Earnings ◽

Internet Age ◽

Response Coefficient ◽

Earnings Response

When determining the role of accounting information, earnings response coefficient (ERC) is usually used for discovering the relationship between new earning information and unexpected share returns in relation to the event of releasing financial statements. In the context that most of the firm-related information is now available for investors via Internet platform, this study addresses the question how the public attention of the company through the Internet affects the response of the market to the accounting information releasing, or in other words, how market reaction to the firm’s unexpected earnings is affected by Internet information trends. Using a sample of VN30 baskets of Vietnamese listed firms (excluding the financial institutions) in the Ho Chi Minh Stock Exchange (HOSE) from 2015 to 2018 and the Google trends data from the same period, the study examines investigate the possible relationship between Google trend and the earnings response coefficient. The results from regression indicate that the ERCs of Vietnamese firms is positive and the interest of the firms on the Internet has no significant impact on ERC. The main findings expecting to contribute to providing direct support that the relevance of accounting information are still valuable in the Internet age. This paper is expected to make a contribution to research of accounting information relevance in terms of extending to sample in developing countries like Vietnam.

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

Equity ◽

10.34209/equ.v19i2.481 ◽

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

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The Effect of Corporate Social Responsibility, Voluntary Disclosure, Leverage, and Timeliness on Earnings Response Coefficient

Journal of Business Management Review ◽

10.47153/jbmr16.762020 ◽

2020 ◽

Vol 1 (6) ◽

pp. 413-424

Author(s):

Dirvi Surya Abbas ◽

Arry Eksandy ◽

Imam Hidayat

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Voluntary Disclosure ◽

Stock Exchange ◽

Secondary Data ◽

Sampling Technique ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response ◽

Corporate Social

The purpose of this study was to determine the effect of corporate social responsibility, voluntary disclosure, leverage, and timeliness on earnings response coefficient at LQ45 companies listed on the Indonesia Stock Exchange (IDX). The research time period used is 3 years, namely the 2015-2017 period. The population of this study includes all LQ45 companies listed on the Indonesia Stock Exchange (BEI) for the 2015-2017 period. The sampling technique was using purposive sampling technique. Based on the predetermined criteria, 10 companies were obtained. The type of data used is secondary data obtained from the Indonesia Stock Exchange website. The analysis method used is panel data regression analysis. The results showed that corporate social responsibility, voluntary disclosure, leverage and timeliness had no effect on earnings response coefficient.

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EFFECT OF VOLUNTARY DISCLOSURE ON EARNING RESPONSE CONTROLLING FOR PROFITABILITY, LEVERAGE AND SIZE

UNIMAS Review of Accounting and Finance ◽

10.33736/uraf.288.2016 ◽

2016 ◽

Vol 1 (1) ◽

Author(s):

Cheng Fan Fah ◽

Tan Suai Huei

Keyword(s):

Voluntary Disclosure ◽

Abnormal Return ◽

Company Performance ◽

Voluntary Disclosures ◽

Earnings Response Coefficient ◽

Unexpected Earnings ◽

Response Coefficient ◽

Earnings Response ◽

Investor Reaction ◽

Positive Effect

This study aim to investigate the effect of voluntary disclosures on earnings response and company performance in Malaysian listed companies control for profitability, leverage and size.. In the study using disclosure index adopted by Botosan (1997) to measure the scope of voluntary disclosure index; earnings response coefficient (ERC) is measure the regression of abnormal return and unexpected earnings; and company performance such as profitability, leverage and size of company are used in the measurement. The results concluded that voluntary disclosure has positive effect on earning response coefficient (ERC). And the unexpected earnings also have a significant positive effect on earnings response coefficient (ERC). On the other hand, it can explain that expected voluntary disclosure affect to investor reaction.

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PENGARUH PENGUNGKAPAN TANGGUNG JAWAB SOSIAL TERHADAP KOEFISIEN RESPON LABA

Jurnal Akuntansi ◽

10.46806/ja.v7i1.452 ◽

2018 ◽

Vol 7 (1) ◽

Author(s):

Muhammad Nurkholis, Carmel Meiden

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Stock Exchange ◽

Global Reporting Initiative ◽

Fiscal Year ◽

Publication Date ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response ◽

Corporate Social

The purpose of this research is to measure the influence of disclosure corporate social affected to earnings response coefficients, especially in companies listed in Indonesia Stock Exchange in the year 2007-2011. Corporate Social Responsibility (CSR) disclosures is the independent variable of this research, with leverage and size as control variables. Measurement of CSR disclosures is based on the index Global Reporting Initiative (GRI) G3 2006. Object research used 7 companies in the Indonesia Stock Exchange (IDX) that have sustainability reports in the period 2007-2011, the end of the fiscal year or fiscal month December and has a publication date of the financial statements, with the total sample for five years as many as 35. Analysis technique used are F-Test, t-Test, and R2, and multiple regression analysis. CSR disclosures have positif effect to earnings response coefficient not significantly on α = 5% both model I and model II. In summary, the result of this research not found proper evidence that CSR disclosures has negative effect to earnings response coefficient. Keyword: Corporate Social Responsibility Disclosure, Earnings Response Coefficient, GRI

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PENGARUH VOLUNTARY DISCLOSURE TERHADAP EARNINGS RESPONSE COEFFICIENT

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v8i1.27 ◽

2018 ◽

Vol 8 (1) ◽

pp. 69

Author(s):

Teguh Gunawan Setyabudi

Keyword(s):

Voluntary Disclosure ◽

Stock Exchange ◽

Investment Decisions ◽

Financial Statements ◽

Real Income ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response ◽

Variable Quality

This study aims to examine and obtain empirical evidence on the effects of voluntary disclosure of earnings response coefficient. Research conducted at the manufacturing companies listed in Indonesia Stock Exchange. The results showed that the voluntary disclosure significant effect on earnings response coefficient. From the results of the regression analysis, it can be said that the greater voluntary disclosure, the lower the market response on earnings announcements. It is possible that the information voluntarily disclosed by the company are not sufficiently represent the expected future profits of investors, so that the shareholders would prefer to use the information in real income in the financial statements alone. Shareholders are not quite sure use voluntary information in making investment decisions that are not directly responding on the market. Variable quality auditor shown to have a significant effect on earnings response coefficient. Meanwhile, the variable leverage proven no effect on earnings response coefficient.

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PENGARUH KONSERVATISMA AKUNTANSI TERHADAP EARNINGS RESPONSE COEFFICIENT (ERC) DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI

Jurnal Kajian Akuntansi dan Auditing ◽

10.37301/jkaa.v0i0.6485 ◽

2008 ◽

Author(s):

Olliza Mayesti ◽

Resti Yulistia Muslim

Keyword(s):

Corporate Governance ◽

Stock Exchange ◽

Negative Influence ◽

Accounting Conservatism ◽

Managerial Ownership ◽

Net Income ◽

Manufacturing Companies ◽

Earnings Response Coefficient ◽

Response Coefficient ◽

Earnings Response

The objective of this study is to examine whether corporate governance influence the relation between accounting conservatism and Earnings Response Coefficient (ERC). The accounting conservatism proxy used in this research is accruals obtained from differences between net income and cash flow. Sample consists of 31 manufacturing companies that listed in Indonesian Stock Exchange since 20032006. Hypotheses are examined by using multiple regressions. The result shows that there is a negative influence of accounting conservatism to Earnings Response Coefficient. Managerial ownership as a moderating variable did not affect the relation between accounting conservatism and Earnings Response Coefficient, but independent board of commissioner composition as a moderating variable affected the relation between accounting conservatism and Earnings Response Coefficient.

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