Pengaruh Risiko Perusahaan dan Leverage terhadap Relevansi Nilai
The objective of this study is to examine the value relevance of accounting earnings in explaining stock price. The study is aimed to identify the factors that influence earnings response coefficient. The factors are risk and leverage. The results show that accounting earnings and book value of equity are positively associated with stock price. This results support the prior studies that accounting earnings and book value of equity have value relevance (Ohlson, 1995; Burgthaler and Dichev, 1997, etc). Accounting earnings and book value of equity are useful to explain stock price changes. The results of this study are consistent with previous studies that earnings response coefficient is smaller in the firms that have high risk (Collins dan Kothari, 1989; Easton dan Zmijewski, 1989; dan Barth et al, 1998), and the firms that have high leverage (Dhaliwal et al, 1991; Dhaliwal dan Reynold, 1994; dan Billings, 1999).
Keywords: earnings response coefficients, book value response coefficients, risk and leverage.
1.1. Background and Research Problem
The financial statements issued by a company must be able to reveal the true condition of the company, so that it benefits the general public. Useful information for decision making must be information that has relevance. One indicator that a relevant accounting information is a reaction by investors at the time of the publication of any information that can be observed from the movement of stock prices.