The Effect of Earnings Persistence and Leverage on Earnings Response Coefficient with Good Corporate Governance as Moderator
Abstract
This study aims to determine the effect of earnings persistence and leverage on earnings response coefficient with good corporate governance as moderation. The population of this study are IDX80 companies listed on the Indonesia Stock Exchange for the period 2019-2023. The sample was selected using purposive sampling technique and obtained a sample of 120 observations. The data analysis technique was carried out by conducting the MRA test with SPSS software. The results of this study indicate that earnings persistence has a positive effect on ERC, the higher the earnings persistence generated by the company, the higher the ERC of the company. Leverage has a negative effect on ERC, when the company has a high level of leverage it can reduce investor interest in investing, so that ERC will decrease. This study also found that GCG was able to moderate the effect of earnings persistence and leverage on ERC.
Keywords: earnings response coefficient; earnings persistence; leverage; good corporate governance.
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References
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Apriani, n. R., & mutumanikam, p. R. (2021). Pengaruh ukuran perusahaan, leverage dan persistensi laba terhadap earnings response coefficient. Competitive Jurnal Akuntansi dan Keuangan, 5(1), 210–219.
Arifin, L. (2018). Earning on response coefficient in automobile and go public companies. Shirkah: Journal of Economics and Business, 2(2).
Assagaf,A., Murwaningsari,E., Gunawan,J., & Mayangsari,S. (2019). Factors Affacting the Earning Response Coefficient with Real Activities Earning Management as Moderator: Evidence from Indonesia Stock Exchange. Asian Journal of Economics, Business and Accounting, 11 (2), 1-14. https://doi.org/10.9734/ajeba/2019/v11i230124
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), 255–265. https://doi.org/10.21511/imfi.17(2).2020.20
Baroroh, N., Yanto, H., Khafid, M., Jati, K. W., & Setyowati, D. A. (2022). Determinant of earnings response coefficient on the Indonesian and Singaporean stock exchanges during the COVID-19 pandemic. Investment Management and Financial Innovations, 132-145.
Bashri, M., Pagalung, G., & Indrijawati, A. (2020). The Effect of Book-Tax Diffferences, Cash Flow Volatility, and Corporate Governance on Earning Quality. International Journal of Innovative Science and Research Technology, 5(11), 367-376.
Bawoni, T., & Shodiq, M. J. (2020). Pengaruh Likuiditas, Alokasi Pajak Antar Periode Dan Komite Audit Terhadap Kualitas Laba. Prosiding Konstelasi Ilmiah Mahasiswa Unissula (KIMU) Klaster Ekonomi.
Bulutoding, L., Parmitasari, R. D. A., & Maharani, N. D. (2020). The Connexion Of Financial Ratio And Islamic Social Reporting (Isr) On Earning Response Coefficient With Firm Size As A Moderating. International Journal Of Research Science And Management, 7(5), 1-16.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding Earnings Quality: A Review of The Proxies, Their Determinants and Their Consequences. Journal of Accounting and Economics, 50(2–3), https://doi.org/https://doi.org/10.1016/j.jacceco.2010.09.001
Dewi, N. H. U., & Diptyana, P. (2021). Faktor Determinan Erc Dengan Persistensi Laba Sebagai Variabel Intervening. Eqien-Jurnal Ekonomi dan Bisnis, 8(2), 438-450.
Dewi, N. S., & Yadnyana, I. K. (2019). Pengaruh profitabilitas dan leverage pada earning response coefficient dengan ukuran perusahaan sebagai variabel pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 26(3), 2041-2069.
Hakim, M. Z., Aulia, V., Hamdani, H., Hidayat, I., Abbas, D. S., & Pambudi, J. E. (2022). The Effect of Earning Persistence, Company Size, and Capital Structure on the Earning Response Coefficient. International Journal of Economics, Business and Innovation Research, 1(01), 68-81.
Handi, H., Rahmatika, D. N., & Fanani, B. (2022, January). Understanding Earnings Response Coefficient from Growth Opportunities, Earnings Persistence, and Intellectual Capital; Empirical Study from IDX-30 Indexed Companies. In 2nd International Conference on Social Science, Humanities, Education and Society Development (ICONS 2021) (pp. 127-134). Atlantis Press.
Irawan, F., & Talpia, L. (2021). The The Effect Of Leverage, Firm Size, Earning Growth, And Earning Persistence On Earning Response Coefficient. Bina Ekonomi, 25(1), 41-56.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kristanti, K. D., & Almilia, L. S. (2019). Factors Affecting Earnings Response Coefficient (ERC) in Manufacturing Companies Listed on BEI. The Indonesian Journal of Accounting Research, 22(2), 178.
Kurnia, I., Diana, N., & Mawardi, M. C. (2019). Pengaruh Pengungkapan Corporate Social Responsibility, Good Corporate Governance, Ukuran Perusahaan Dan Profitabilitas Terhadap Earning Response Coefficient (Studi Empiris Terhadap Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017). e Jurnal Ilmiah Riset Akuntansi, 8(01).
Kurniawati, H., & Dwi Mulyani, S. U. S. I. (2018). Determinants of earnings response coefficient (ERC) and its impact on trading volume. International Review of Management and Business Research, 7(4), 787-800.
Limtaroli, C., & Meiden, C. (2023). Meta Analisis: Beberapa Variabel yang Memengaruhi Earnings Response Coefficient (ERC). JURNAL RISET AKUNTANSI DAN MANAJEMEN, 12(1).
Mulyani, S., Asyik, N. F., & Andayani. (2007), Faktor-Faktor Yang Mempengaruhi Earnings Response Coefficient Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia.Jurnal Akuntansi dan Auditing Indonesia, Juni Vol. 11 No. 1.
Murwaningsari, Etty. 2008. Pengujian Simultan : Beberapa Faktor yang mempengaruhi Earnings Response Coefficient (ERC). Simposium Nasional Akuntansi Ke XI. Pontianak.
Natalia, D. dan Ratnadi, N. M. D. (2017). Pengaruh Konservatisme Akuntansi Dan Leverage Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 20(1), 61–86.
Nataliantari, N. W., Suaryana, I. G. N. A., Ratnadi, N. M. D., & Astika, I. P. (2020). The Effect of the Component of Good Corporate Governance, Leverage, and Firm Size in the Earnings Response Coefficient. American Journal of Humanities and Social Sciences Research, 4(3), 3-128.
Oktapiani, K. I. X. I., & Ruhiyat, E. N. D. A. N. G. (2019). Kualitas Laba: Investment Opportunity Set Dan Komite Audit. Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(2), 173-188.
Pratiwi, T. N., Salman, M., & Lubis, N. K. (2022). Pengaruh Alokasi Pajak Antar Periode, Return On Asset Dan Karakteristik Komite Audit Terhadap Kualitas Laba Pada Perusahaan Jasa Sektor Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia. Ekonomi Bisnis Manajemen dan Akuntansi (EBMA), 3(2), 589-598.
Rahmadani, R. A., & Achyani, F.(2023) The Influence of Growth Opportunities, Earnings Persistence, Accounting Conservatism, and Capital Structure on Earnings Response Coefficient (ERC). International Journal of Latest Research in Humanities and Social Science (pp. 107-117).
Ross, S. A. (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
Rusli, Y. M., Dahlan, K. S. S., Rani, E. D., & Harianto, D. (2023). Factors Influencing Investor Responses to Earnings Related Announcements in The Pandemic Era of Covid-19. Dinasti International Journal of Economics, Finance & Accounting, 4(3), 516-528.
Sasono, H. (2022). Pengaruh Return on Asset, Net Profit Margin, Debt To Equity Ratio, dan Earning Per Share Terhadap Harga Saham Perusahaan Perkebunan yang Tercatat Di Bursa Efek Indonesia Tahun 2016–2020. Jurnal Syntax Admiration, 3(2), 440-455.
Sherlita, Erly., Ramadhian, Muhammad Ghassan Fadillah. The Influence of Capital Structure, Growth Opportunities and Earnings Persistence on Earnings Response Coefficient. Turkish Journal of Computer and Mathematics Education. Volume 12.2021
Soewardjono. (2005). Teori Akuntansi Perekayasaan dan Pelaporan Keuangan edisi ke 3. Yogyakarta.
Spence, M. 1973. Job Marketing Signalling. The Quarterly Journal of Economics. 87(3): 355-374.
Sutrisna Dewi, N., & Yadnyana, I. K. (2019). Pengaruh Profitabilitas dan Leverage Pada Earning Response Coefficient Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 26(3), 2041. https://doi.org/10.24843/eja.2019.v26.i03.p14
Suwarno, Tumirin, & Zamzam (2017). Influence of Size, Growth and Profitability of Company to Earnings Response Coefficient. International Journal of Advanced Research (IJAR), 5(12), 1463 1472. https://doi.org/10.21474/ IJAR01/6107
Tiwow, S., Tinangon, J. J., & Gamaliel, H. (2021). Pengaruh Ukuran Perusahaan, Financial Leverage Dan Struktur Kepemilikan Terhadap Perataan Laba (Income Smoothing) (Studi Pada Perusahaan Badan Usaha Milik Negara Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020). JURNAL RISET AKUNTANSI DAN AUDITING" GOODWILL", 12(2), 289-304.
Tuwentina, P., & Wirama, D. G. (2014). Pengaruh konservatisme akuntansi dan good corporate governance pada kualitas laba. E-Jurnal Akuntansi, 8(2), 185-201.
Widiatmoko, J., & Indarti, M. K. (2018). The determinans of earnings response coefficient: An empirical study for the real estate and property companies listed on the Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.
Wijayanti, I., Mawardi, R., & Halim, A. B. (2020). The Effect of Corporate Social Responsibility Disclosure, Leverage, Firm Size, and Profitability Toward Earnings Response Coefficient. International. Journal. Innov. Creat. Chang, 13, 1202-1216.
Almomani, T. M., Obeidat, M. I. S., Almomani, M. A., & Darkal, N. M. A. M. (2022). Capital Structure and Firm Value Relationship: The Moderating Role of Profitability and Firm Size: Evidence from Amman Stock Exchange. WSEAS Transactions on Environment and Development, 18(1), 1073–1084.
Amin, M. A. N. (2022). Analisis Potensi Abnormal Return Positif Terbesar Saham PT.Kalbe Farma Selama Pandemi Covid-19. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan, 2(1), 223–233.
Anggraini, D., & Tanjung, P. R. S. (2019). The Influence of Sustainability Report Disclosure and Implementation of Good Corporate Governance on Earning Response Coefficient. environment, 11(34).
Apriani, n. R., & mutumanikam, p. R. (2021). Pengaruh ukuran perusahaan, leverage dan persistensi laba terhadap earnings response coefficient. Competitive Jurnal Akuntansi dan Keuangan, 5(1), 210–219.
Arifin, L. (2018). Earning on response coefficient in automobile and go public companies. Shirkah: Journal of Economics and Business, 2(2).
Assagaf,A., Murwaningsari,E., Gunawan,J., & Mayangsari,S. (2019). Factors Affacting the Earning Response Coefficient with Real Activities Earning Management as Moderator: Evidence from Indonesia Stock Exchange. Asian Journal of Economics, Business and Accounting, 11 (2), 1-14. https://doi.org/10.9734/ajeba/2019/v11i230124
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), 255–265. https://doi.org/10.21511/imfi.17(2).2020.20
Baroroh, N., Yanto, H., Khafid, M., Jati, K. W., & Setyowati, D. A. (2022). Determinant of earnings response coefficient on the Indonesian and Singaporean stock exchanges during the COVID-19 pandemic. Investment Management and Financial Innovations, 132-145.
Bashri, M., Pagalung, G., & Indrijawati, A. (2020). The Effect of Book-Tax Diffferences, Cash Flow Volatility, and Corporate Governance on Earning Quality. International Journal of Innovative Science and Research Technology, 5(11), 367-376.
Bawoni, T., & Shodiq, M. J. (2020). Pengaruh Likuiditas, Alokasi Pajak Antar Periode Dan Komite Audit Terhadap Kualitas Laba. Prosiding Konstelasi Ilmiah Mahasiswa Unissula (KIMU) Klaster Ekonomi.
Bulutoding, L., Parmitasari, R. D. A., & Maharani, N. D. (2020). The Connexion Of Financial Ratio And Islamic Social Reporting (Isr) On Earning Response Coefficient With Firm Size As A Moderating. International Journal Of Research Science And Management, 7(5), 1-16.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding Earnings Quality: A Review of The Proxies, Their Determinants and Their Consequences. Journal of Accounting and Economics, 50(2–3), https://doi.org/https://doi.org/10.1016/j.jacceco.2010.09.001
Dewi, N. H. U., & Diptyana, P. (2021). Faktor Determinan Erc Dengan Persistensi Laba Sebagai Variabel Intervening. Eqien-Jurnal Ekonomi dan Bisnis, 8(2), 438-450.
Dewi, N. S., & Yadnyana, I. K. (2019). Pengaruh profitabilitas dan leverage pada earning response coefficient dengan ukuran perusahaan sebagai variabel pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 26(3), 2041-2069.
Hakim, M. Z., Aulia, V., Hamdani, H., Hidayat, I., Abbas, D. S., & Pambudi, J. E. (2022). The Effect of Earning Persistence, Company Size, and Capital Structure on the Earning Response Coefficient. International Journal of Economics, Business and Innovation Research, 1(01), 68-81.
Handi, H., Rahmatika, D. N., & Fanani, B. (2022, January). Understanding Earnings Response Coefficient from Growth Opportunities, Earnings Persistence, and Intellectual Capital; Empirical Study from IDX-30 Indexed Companies. In 2nd International Conference on Social Science, Humanities, Education and Society Development (ICONS 2021) (pp. 127-134). Atlantis Press.
Irawan, F., & Talpia, L. (2021). The The Effect Of Leverage, Firm Size, Earning Growth, And Earning Persistence On Earning Response Coefficient. Bina Ekonomi, 25(1), 41-56.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kristanti, K. D., & Almilia, L. S. (2019). Factors Affecting Earnings Response Coefficient (ERC) in Manufacturing Companies Listed on BEI. The Indonesian Journal of Accounting Research, 22(2), 178.
Kurnia, I., Diana, N., & Mawardi, M. C. (2019). Pengaruh Pengungkapan Corporate Social Responsibility, Good Corporate Governance, Ukuran Perusahaan Dan Profitabilitas Terhadap Earning Response Coefficient (Studi Empiris Terhadap Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017). e Jurnal Ilmiah Riset Akuntansi, 8(01).
Kurniawati, H., & Dwi Mulyani, S. U. S. I. (2018). Determinants of earnings response coefficient (ERC) and its impact on trading volume. International Review of Management and Business Research, 7(4), 787-800.
Limtaroli, C., & Meiden, C. (2023). Meta Analisis: Beberapa Variabel yang Memengaruhi Earnings Response Coefficient (ERC). JURNAL RISET AKUNTANSI DAN MANAJEMEN, 12(1).
Mulyani, S., Asyik, N. F., & Andayani. (2007), Faktor-Faktor Yang Mempengaruhi Earnings Response Coefficient Pada Perusahaan Yang Terdaftar di Bursa Efek Indonesia.Jurnal Akuntansi dan Auditing Indonesia, Juni Vol. 11 No. 1.
Murwaningsari, Etty. 2008. Pengujian Simultan : Beberapa Faktor yang mempengaruhi Earnings Response Coefficient (ERC). Simposium Nasional Akuntansi Ke XI. Pontianak.
Natalia, D. dan Ratnadi, N. M. D. (2017). Pengaruh Konservatisme Akuntansi Dan Leverage Pada Earnings Response Coefficient. E-Jurnal Akuntansi Universitas Udayana, 20(1), 61–86.
Nataliantari, N. W., Suaryana, I. G. N. A., Ratnadi, N. M. D., & Astika, I. P. (2020). The Effect of the Component of Good Corporate Governance, Leverage, and Firm Size in the Earnings Response Coefficient. American Journal of Humanities and Social Sciences Research, 4(3), 3-128.
Oktapiani, K. I. X. I., & Ruhiyat, E. N. D. A. N. G. (2019). Kualitas Laba: Investment Opportunity Set Dan Komite Audit. Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(2), 173-188.
Pratiwi, T. N., Salman, M., & Lubis, N. K. (2022). Pengaruh Alokasi Pajak Antar Periode, Return On Asset Dan Karakteristik Komite Audit Terhadap Kualitas Laba Pada Perusahaan Jasa Sektor Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia. Ekonomi Bisnis Manajemen dan Akuntansi (EBMA), 3(2), 589-598.
Rahmadani, R. A., & Achyani, F.(2023) The Influence of Growth Opportunities, Earnings Persistence, Accounting Conservatism, and Capital Structure on Earnings Response Coefficient (ERC). International Journal of Latest Research in Humanities and Social Science (pp. 107-117).
Ross, S. A. (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
Rusli, Y. M., Dahlan, K. S. S., Rani, E. D., & Harianto, D. (2023). Factors Influencing Investor Responses to Earnings Related Announcements in The Pandemic Era of Covid-19. Dinasti International Journal of Economics, Finance & Accounting, 4(3), 516-528.
Sasono, H. (2022). Pengaruh Return on Asset, Net Profit Margin, Debt To Equity Ratio, dan Earning Per Share Terhadap Harga Saham Perusahaan Perkebunan yang Tercatat Di Bursa Efek Indonesia Tahun 2016–2020. Jurnal Syntax Admiration, 3(2), 440-455.
Sherlita, Erly., Ramadhian, Muhammad Ghassan Fadillah. The Influence of Capital Structure, Growth Opportunities and Earnings Persistence on Earnings Response Coefficient. Turkish Journal of Computer and Mathematics Education. Volume 12.2021
Soewardjono. (2005). Teori Akuntansi Perekayasaan dan Pelaporan Keuangan edisi ke 3. Yogyakarta.
Spence, M. 1973. Job Marketing Signalling. The Quarterly Journal of Economics. 87(3): 355-374.
Sutrisna Dewi, N., & Yadnyana, I. K. (2019). Pengaruh Profitabilitas dan Leverage Pada Earning Response Coefficient Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 26(3), 2041. https://doi.org/10.24843/eja.2019.v26.i03.p14
Suwarno, Tumirin, & Zamzam (2017). Influence of Size, Growth and Profitability of Company to Earnings Response Coefficient. International Journal of Advanced Research (IJAR), 5(12), 1463 1472. https://doi.org/10.21474/ IJAR01/6107
Tiwow, S., Tinangon, J. J., & Gamaliel, H. (2021). Pengaruh Ukuran Perusahaan, Financial Leverage Dan Struktur Kepemilikan Terhadap Perataan Laba (Income Smoothing) (Studi Pada Perusahaan Badan Usaha Milik Negara Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020). JURNAL RISET AKUNTANSI DAN AUDITING" GOODWILL", 12(2), 289-304.
Tuwentina, P., & Wirama, D. G. (2014). Pengaruh konservatisme akuntansi dan good corporate governance pada kualitas laba. E-Jurnal Akuntansi, 8(2), 185-201.
Widiatmoko, J., & Indarti, M. K. (2018). The determinans of earnings response coefficient: An empirical study for the real estate and property companies listed on the Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.
Wijayanti, I., Mawardi, R., & Halim, A. B. (2020). The Effect of Corporate Social Responsibility Disclosure, Leverage, Firm Size, and Profitability Toward Earnings Response Coefficient. International. Journal. Innov. Creat. Chang, 13, 1202-1216.
Published
2025-01-06
How to Cite
ADYANI, Ni Putu Hena; WIRAKUSUMA, Made Gede.
The Effect of Earnings Persistence and Leverage on Earnings Response Coefficient with Good Corporate Governance as Moderator.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 3, jan. 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/122419>. Date accessed: 05 apr. 2025.
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