scholarly journals MODERASI FREE CASH FLOW TERHADAP FAKTOR-FAKTOR YANG MEMENGARUHI EARNINGS RESPONSE COEFFICIENT

2020 ◽  
Vol 8 (2) ◽  
Author(s):  
Filbert Nathaniel ◽  
Rizka Indri Arfianti
Keyword(s):  
Cash Flow ◽  
Structural Equation ◽  
Market Reaction ◽  
Sampling Technique ◽  
Equation Model ◽  
Free Cash Flow ◽  
Earnings Persistence ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response

Financial statements are the information used by investors and stakeholders for consideration of decision making. One of the important information is earnings. Quality earnings information can be relied on by users to predict the company's performance in the future. Earnings response coefficient (ERC) is a variable that measures the level of market reaction to the publication of earnings. Increasingly high market reaction means the earnings are qualified. But many other pieces of information that affect ERC, the increase in earnings is not always followed by an increase in market reaction. In this research, the other pieces of information are leverage, earnings persistence, size, and growth with free cash flow (FCF) as a moderating size and growth. The Sample of this research is 31 LQ45 companies which are listed in the IDX period 2015-2017. Sampling techniques to be used are the Non-Probability Sampling technique with Judgement Sampling Method. The data analysis method which is used in this research is the Structural Equation Model in WarpPls 5.0. The results' inner model and overall fittest are fulfilled. The conclusion showed that the leverage, size, and growth hasn’t affected the ERC, and free cash flow is not able to strengthen influence growth on ERC. However, earnings persistence has affected positively on ERC and free cash flow can strengthen influence size on ERC.Keywords: Earnings Response Coefficient, Leverage, Earnings Persistence, Size, Growth, Free Cash Flow

scholarly journals 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)

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).    

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

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.

scholarly journals The Effect of Earnings Management and Earnings Persistence on Earnings Response Coefficient: Evidence from Indonesia

2018 ◽  
Vol 6 (1) ◽  
pp. 59
Author(s):  
Suwarno .
Keyword(s):  
Earnings Management ◽  
Stock Exchange ◽  
Earnings Persistence ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
Negative Effect ◽  
Positive Effect

This study aims to examine the effect of earnings management and earnings persistence on earnings response coefficient. The sample of research is consumer sector company period 2013 - 2016 which listed in Indonesia stock exchange. The results showed that earnings management had a negative effect not significant on the income response coefficient. The earnings management will reduce the quality of earnings that will negatively reacted investors. While earnings persistence positive effect on earnings response coefficient.

Accrual Quality, Realized Returns, and Expected Returns: The Importance of Controlling for Cash Flow Shocks

2012 ◽  
Vol 87 (4) ◽  
pp. 1415-1444 ◽  
Author(s):  
Maria Ogneva
Keyword(s):  
Asset Pricing ◽  
Cash Flow ◽  
Expected Returns ◽  
Accrual Quality ◽  
Earnings Response Coefficient ◽  
The Past ◽  
Return Decomposition ◽  
Response Coefficient ◽  
Earnings Response ◽  
Asset Pricing Tests

ABSTRACT This paper develops a simple methodology based on the earnings response coefficient framework that allows decomposing realized returns into cash flow shocks and returns excluding cash flow shocks. I find that stocks with poor (good) accrual quality were on average subject to relatively lower (higher) cash flow shocks over the past 37 years. These lower (higher) cash flow shocks offset the higher (lower) expected returns of poor (good) accrual quality firms. After excluding cash flow shocks, future realized returns are negatively associated with accrual quality. The premiums pertaining to accrual quality are both statistically and economically significant in standard asset-pricing tests when cash flow shocks are excluded by firm-specific return decomposition. Overall, this paper provides evidence on the existence of a priced accrual quality risk factor, and underscores the importance of controlling for cash flow shocks in asset-pricing tests that use realized returns.

scholarly journals OWNERSHIP STRUCTURE, DIVIDEND PAYMENT, AGENCY COST AND CORPORATE VALUE (SUATU PENGUJIAN MODEL STRUKTURAL)

2017 ◽  
Vol 14 (1) ◽  
pp. 39
Author(s):  
Isti Fadah
Keyword(s):  
Structural Equation Model ◽  
Cash Flow ◽  
Ownership Structure ◽  
Structural Equation ◽  
Agency Cost ◽  
Equation Model ◽  
Free Cash Flow ◽  
Corporate Value ◽  
Dividend Payment ◽  
Cash Flow Risk

The  agency problem come because of separation between ownership and management on large corporate, there is a conflict between shareholder as an owner and manager as an agent. Manager focus on high growth of corporate (low dividend) but the owner prefer high dividend. The aims of the research are (1)  to analysis the effect of free cash flow, risk and ownership structure to dividend payment ,(2) to analysis the effect of free cash flow, risk and ownership structure to  agency cost. (3) to analysis the effect of dividend payment to corporate value, and (4) to analysis the effect of and agency cost  to corporate value The technique sampling is purposive sampling. Secondary data is used in this research. It is from financial report like balance sheet, financial statement and cash flow report. It is gotten from Indonesian Stock Exchange. The research period is 2000 up to 2006. It uses pooled data ( joint of time series data and cross section data) so the analysis units are 271 (n=271).  To Analysis data  is used descriptive  analysis and also statistical analysis that’s name  structural equation model (SEM). It uses structural equation model (SEM) because the model has a ladder causality relationship and several variable like ownership structure, agency cost, risk , dividend payment and corporate value are latent variables.  The results show that (1)  risk has a positive significant effect to the agency cost, It means that agency cost can reduce the risk especially high risk investment that manger can do.  (2) Dividend payment  has a positive significant effect to the corporate value, It supports the-birds-in-the-hand theory and (3) risk has a positive significant effect to the corporate value. It means that investor always care about risk of corporate where they will invest.

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

scholarly journals PENGARUH CORPORATE SOCIAL RESPONBILITY, PERSISTENSI LABA, DAN STRUKTUR MODAL TERHADAP EARNINGS RESPONSE COEFFICIENT

2016 ◽  
Vol 11 (1) ◽  
pp. 1 ◽  
Author(s):  
Abdur Rahman Dalimunthe
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Earnings Persistence ◽  
Purposive Sampling ◽  
Earnings Response Coefficient ◽  
Response Coefficient ◽  
Earnings Response ◽  
Corporate Social

This study aims to examine the factors that influence the Earnings Response Coefficient on state-owned companies go public listed in Indonesia Stock Exchange. These factors are the corporate social responbility, earnings persistence, and capital structure.The study‟s population is a go-public SOEs company which is listed in Indonesia Stock Exchange within 2008-2011 period. The research sample using purposive sampling. Number of companies studied were 14 (fourteen) as samples and were taken by using purposive sampling method on state-owned companies went public within 2008-2011 period in Indonesia Stock Exchange, bringing the total observations in this research were 56 observations. Methods of data analysis use multiple linear regression analysis. Hypothesis tests using the t test and F test. These results indicate that corporate social responbility, earnings persistence, and capital structure affect the earnings response coefficient simultaneously at the state-owned company publicly traded on the Indonesia Stock Exchange listed period 2008-2011. Only the persistence of earnings are not significantly influence the earnings response coefficient. However, corporate social capital structure responbility and significant negative effect on earnings response coefficient. Keywords: corporate social responsibility, the persistence of earnings, capital structure, earnings response coefficient

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