Profitabilitas, Koefisien Respon Laba, dan Kesempatan Bertumbuh sebagai Variabel Pemoderasi
Abstract
This research aims to determine the effect of profitability on the earnings response coefficient, as well as the moderating effect of growth opportunities on the relationship between profitability and the earnings response coefficient. This research examines 216 financial reports published by mining companies listed on the Indonesia Stock Exchange in 2017-2021. Profitability is proxied by ROA and ROE operated as independent variables; growth opportunities proxied by the MBV and Ln (RE) ratio are operated as moderating variables; and control variables in this research include company size, company age, and capital structure. Signal theory is used to explain research findings. To achieve the research objectives, this research uses multiple linear regression analysis. The analysis results show that profitability has a significant effect on the earnings response coefficient, and growth opportunities can moderate the effect of profitability on the earnings response coefficient. The implications of this research provide additional information regarding the earnings response coefficient which is significantly influenced by the company's ability to generate profits, the moderating effect of retained earnings weakens this influence.
Keywords: Earnings response coefficient; mining companies; profitability; growth opportunity; signaling theory
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References
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Rahmawati, Q., & Asyik, N. F. (2020). Pengaruh Struktur Modal, Profitabilitas, Risiko Sistematis, Dan Pertumbuhan Perusahaan Terhadap Earnings Response Coefficient. JIRA:Jurnal Ilmu Dan Riset Akuntansi, 9(1).
Rajagukguk, S. M. (2017). Hubungan Antara Earning Response Coefficient dengan Karakteristik Perusahaan. 9(2), 121–130,
Ratnasari, H., & Priantinah, D. (2018). The Effect Working Capital Eficiency, Company’s Measurement and Growth Opportunity on Manufacturing Company’s in 2014-2016. Jurnal Fakultas Ekonomy UNY.
Rizki, A. F., & Murwaningsari, E. (2022). Effect of Corporate Performance, Voluntary Disclosure on Earnings Response Coefficient (ERC) Moderated Liquidity. International Journal of Advanced Research in Economics and Finance, 4(1), 99–111.
https://doi.org/10,55057/ijaref.2022.4.1.11
Ross, S. . (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40, https://doi.org/https://doi.org/10,2307/3003485
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/https://doi.org/10,2307/1882010
Sarahwati, Y., & Setiadi, I. (2021). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Earnings Response Coefficient. KOMPARTEMEN: JURNAL ILMIAHAKUNTANSI, 19(2), 121–135.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10,2307/1882010
Suardana, K. A., & Dharmadiaksa, I. B. (2018). Earnings Response Coefficient: Analisis Faktor-Faktor yang Mempengaruhinya. JUARA: Jurnal Riset Akuntansi, 8(2), 1–10,
Subramanyam, K. R. (2014). Financial Statement Analysis, Eleventh Edition (11th ed.). McGraw-Hill Education.
Sun, Y., Sari, N., & Dewi, K. (2021). Factors Affecting the Earnings Response Coefficient: An Indonesian Perspective. In Journal Of Archaeology Of Egypt/Egyptology (Vol. 18, Issue 1).
Tamara, I. G. A. A. A., & Suaryana, I. G. N. A. (2020). Pengaruh Growth Opportunity dan Leverage pada Earning Response Coefficient. E-Jurnal Akuntansi, 30(6), 1414–1424.
Ulum, I. (2009). Intellectual capital : konsep dan kajian empiris. Graha Ilmu.
Wiguna, S., & Murwaningsari, E. (2022). The Effect of Systematic Risk, Operating Cash Flow and Growth Opportunities on Future Earnings Response Coefficients (FERC), Working Capital as A Moderation Variable. International Journal of Social and Management Studies (IJOSMAS), 3(2), 34–45.
Winisaputri, R., Ethika, & Darmayanti, Y. (2014). Pengaruh Corporate Sosial Responsibility (Csr), Firm Size, Leverage, Growth Opportunities Terhadap Earning Response Coefficient (ERC). Kumpulan Artikel Mahasiswa Prodi Akuntansi Fakultas Ekonomi Wisuda Ke 61 April 2014, 4(1).
Aryanti, G. A. P. S., & Sisdyani, E. A. (2016). Profitabilitas Pada Earnings Response Coefficient Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana , 15(1), 171–199.
Attia, M. B. R., Lassoued, N., & Sassi, H. (2019). Financial reporting timeliness and the value relevance of earnings: Evidence from banks in the MENA countries. The International Trade Journal, 33(3). https://www.tandfonline.com/doi/abs/10,1080/08853908.2018.1459212
Awawdeh, H. Al, Al-Sakini, S. A., & Nour, M. (2020). Factors affecting Earnings Response Coefficient in Jordan: applied study on the Jordanian industrial companies. Investment Management and Financial Innovations, 17(2), 255. https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/13697/IMFI_2020_02_Awawdeh.pdf
Badan Pusat Statistik. (2021). Analisis Komoditas Ekspor 2013-2020, Juni. BPS RI
Badan Pusat Statistik. (2022). Analisis Komoditas Ekspor 2017-2021. Juni. BPS RI
Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159–178.
Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar manajemen keuangan (A. A. Yulianto, Ed.; 11th ed.). Salemba Empat.
Chaney, P. K., & Jeter, D. C. (1991). The Effect of Size on The Magnitude of Long-Window Eamings Response Coefficients. Contemporary Accounting Research, 2(8), 540–560,
Cho, J. Y., & Jung, K. (1991). Earnings Response Coefficient: A Sythesis of Theory and Empirical Evidence. Journal of Accounting Literature, 10, 85–116.
Ferina, I. S., Tjandrakirana, R., & Ismail, I. (2015). Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Akuntanika, 2(1), 52–66.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 edisi ke-9. Badan Penerbit-Undip.
Gumanti, T. A. (2009). Teori Sinyal Dalam Manajemen Keuangan. Manajemen Dan Usahawan Indonesia, 38, 4–13.
Herdirinandasari, S. S., & Asyik, N. F. (2016). Pengaruh Ukuran Perusahaan, Profitabilitas, Dan Voluntary Disclousure Terhadap Earning Response Coefficient (ERC) Nur Fadjrih Asyik Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Akuntansi, 5(11), 1–19.
Kasmir. (2014). Analisis Laporan Keuangan (7th ed.). PT Raja Grafindo Persada.
Mahendra, I. P. Y., & Wirama, D. G. (2017). Pengaruh Profitabilitas, Struktur Modal, Dan Ukuran Perusahaan Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 20,3, 2566–2594.
Marlina, L. S., & Anna, Y. D. (2018). Pengaruh Konservatisme Dan Profitabilitas Terhadap Earning Response Coefficient. JISRA: Jurnal Ilmu Sosial, Politik, & Humaniora, 2, 21–31.
Mashayekhi, B., & Aghel, Z. L. (2016). A-Study-on-the-Determinants-of-Earnings-Response-Coefficient-in-an- Emerging-Market. International Journal of Economics and Management Engineering, 10(7). https://doi.org/10,5281/zenodo.1125909
Megginson, W. L., Smart, S. B., & Graham, J. R. (2010). Financial Management (3rd ed.). South-Western.
Monalisa, A., & Riduwan, A. (2018). Pengaruh Growth Opportunity, Profitabilitas Struktur Aset Terhadap Struktur Modal. Jurnal Ilmu Dan Riset Akuntansi, 7(10).
Okalesa, Pratama, D., & Irman, M. (2022). Analysis Of The Effect Of Default Risk, Growth Opportunities, Profitability And Firm Size Toward Earnings Response Coefficient (ERC). LUCRUM: Jurnal Bisinis Terapan, 2(1), 94–108.
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42. https://pdfs.semanticscholar.org/3b9c/bcd66c8c6d1d03d400bd93e0ce484039cf5b.pdf
Purwanti. (2020). Pengaruh ROA, ROE, dan NIM terhadap Harga Saham padaPerusahaan Sektor Perbankan yang Terdaftar di BEI Periode 2015-2019. Jurnal Aplikasi Manajemen, Ekonomi Dan Bisnis, 5(1), 77–86.
Rahmawati, Q., & Asyik, N. F. (2020). Pengaruh Struktur Modal, Profitabilitas, Risiko Sistematis, Dan Pertumbuhan Perusahaan Terhadap Earnings Response Coefficient. JIRA:Jurnal Ilmu Dan Riset Akuntansi, 9(1).
Rajagukguk, S. M. (2017). Hubungan Antara Earning Response Coefficient dengan Karakteristik Perusahaan. 9(2), 121–130,
Ratnasari, H., & Priantinah, D. (2018). The Effect Working Capital Eficiency, Company’s Measurement and Growth Opportunity on Manufacturing Company’s in 2014-2016. Jurnal Fakultas Ekonomy UNY.
Rizki, A. F., & Murwaningsari, E. (2022). Effect of Corporate Performance, Voluntary Disclosure on Earnings Response Coefficient (ERC) Moderated Liquidity. International Journal of Advanced Research in Economics and Finance, 4(1), 99–111.
https://doi.org/10,55057/ijaref.2022.4.1.11
Ross, S. . (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40, https://doi.org/https://doi.org/10,2307/3003485
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/https://doi.org/10,2307/1882010
Sarahwati, Y., & Setiadi, I. (2021). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Earnings Response Coefficient. KOMPARTEMEN: JURNAL ILMIAHAKUNTANSI, 19(2), 121–135.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10,2307/1882010
Suardana, K. A., & Dharmadiaksa, I. B. (2018). Earnings Response Coefficient: Analisis Faktor-Faktor yang Mempengaruhinya. JUARA: Jurnal Riset Akuntansi, 8(2), 1–10,
Subramanyam, K. R. (2014). Financial Statement Analysis, Eleventh Edition (11th ed.). McGraw-Hill Education.
Sun, Y., Sari, N., & Dewi, K. (2021). Factors Affecting the Earnings Response Coefficient: An Indonesian Perspective. In Journal Of Archaeology Of Egypt/Egyptology (Vol. 18, Issue 1).
Tamara, I. G. A. A. A., & Suaryana, I. G. N. A. (2020). Pengaruh Growth Opportunity dan Leverage pada Earning Response Coefficient. E-Jurnal Akuntansi, 30(6), 1414–1424.
Ulum, I. (2009). Intellectual capital : konsep dan kajian empiris. Graha Ilmu.
Wiguna, S., & Murwaningsari, E. (2022). The Effect of Systematic Risk, Operating Cash Flow and Growth Opportunities on Future Earnings Response Coefficients (FERC), Working Capital as A Moderation Variable. International Journal of Social and Management Studies (IJOSMAS), 3(2), 34–45.
Winisaputri, R., Ethika, & Darmayanti, Y. (2014). Pengaruh Corporate Sosial Responsibility (Csr), Firm Size, Leverage, Growth Opportunities Terhadap Earning Response Coefficient (ERC). Kumpulan Artikel Mahasiswa Prodi Akuntansi Fakultas Ekonomi Wisuda Ke 61 April 2014, 4(1).
Published
2023-11-30
How to Cite
PUTRA, Putu Ariyuda; ARDIANA, Putu Agus.
Profitabilitas, Koefisien Respon Laba, dan Kesempatan Bertumbuh sebagai Variabel Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 11, p. 2996-3012, nov. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/103135>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i11.p13.
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