PENGUJIAN SIMULTAN : BEBERAPA FAKTOR YANG MEMPENGARUHI EARNING RESPONSE COEFFICIENT (ERC)*
Etty Murwaningsari
Fakultas Ekonomi Universitas Trisakti
Abstract
The objective of this research are to identify the direct and indirect influences of leverage, disclosure, size, timeliness, persistence and growth to the firm’s Earning Response Coefficient (ERC).
This research examine 60 manufacturing companies listed in Jakarta Stock Exchange and issues audited financial statement since 2003-2006. The statistical methods used to test the hypothesis is Structural Equation Model (SEM).
The empirical result of this research indicates that leverage has negative influence to ERC. Test results suggest that by using the direct path analysis, both disclosure and timeliness have positive significant influences to ERC, while both leverage and firm’s size have negative significant influences to ERC. The subsequent test indicates that leverage and size, each has non-significant influence to disclosure and timeliness, respectively. The control variable Auditor Reputation and Earning Growth have positive significant influence to disclosure and ERC respectively, Auditor’s Opinion has negative significant influence to timeliness, whereas Earning Persistence has non-significant influence to ERC. The last test (indirect path analysis) both leverage and size have no influences to ERC through disclosure and timeliness, respectively. Thus it can be concluded that neither disclosure nor timeliness constitutes an intervening variable.
Keywords: size, leverage, disclosure, timeliness, persistence, growth, auditor’s opinion, auditor’s reputation
PENDAHULUAN
A. Latar Belakang Masalah
Statement of Financial Accounting Concept (SFAC) No. 1 stated income benefits to assess management performance, to help estimate the ability of a representative profit in the long term, predicting earnings and assess risk in the investment or loan.
Information gain is one part of the financial statements are a lot of attention. The study by Beaver et al (1979) show that earnings have information content that is reflected in the stock price. While Lev and Zarowin (1999) using the ERC as an alternative to measure the value relevance of income information. The low ERC indicates that the profit is less informative for investors to make economic decisions.
(Simposium Nasional Akuntansi 11)
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