DEFAULT RISK, PROFITABILITAS, KEBIJAKAN DEVIDEN DAN EARNINGS RESPONSE COEFFICIENT
Abstract
Tujuan penelitian: Penelitian ini bertujuan untuk membuktikan secara empiris faktor-faktor seperti Default Risk, Profitabilitas, Kebijakan Deviden terhadap Earnings Response Coefficient. Variabel independen penelitian Default Risk, Profitabilitas, Kebijakan Deviden dan variabel dependen penelitian yaitu Earnings Response Coefficient. Perusahaan yang menjadi objek penelitian yaitu perusahaan farmasi yang terdaftar di Bursa Efek Indonesia pada periode amatan tahun 2015 sampai 2021.
Desain/metode/pendekatan: Sampel penelitian menggunakan 9 dari 12 perusahaan farmasi yang terdaftar di Bursa Efek Indonesia yang diambil berdasarkan teknik purposive sampling. Analisis penelitian menggunakan Regresi Data Panel dengan data cross section dan time series.
Hasil penelitian: Default Risk secara parsial mempunyai pengaruh negatif signifikan terhadap Earnings Response Coefficient. Profitabilitas secara parsial mempunyai pengaruh positif signifikan terhadap Earnings Response Coefficient. Sedangkan Kebijakan secara parsial tidak mempunyai pengaruh terhadap Earnings Response Coefficient. Secara simultan dapat disimpulkan bahwa Default Risk, Profitabilitas dan Kebijakan Dividen berpengaruh positif signifikan terhadap Earnings Response Coefficient.
Kontribusi teori: Hasil penelitian ini dapat dijadikan kontribusi bagi Signalling Theory dan Decision Theory.
Kontribusi praktik: dapat digunakan dalam pengambilan keputusan investasi karena unsur pembangun dari earnings response coefficient adalah cumulative abnormal return dan unexpected earning. Apabila earnings response coefficient-nya positif dan besar maka hal ini sesuai dengan harapan investor.
Keterbatasan: Perusahaan farmasi yang go public masih sedikit di Indonesia, sehingga sampel yang digunakan juga terbatas. Penelitian mengenai earnings response coefficient pada perusahaan farmasi juga masih sangat sedikit.
Keterbaruan: masih sangat sedikit penelitian-penelitian akuntansi yang terbaru mengenai Earnings Response Coefficient serta faktor-faktor yang mempengaruhinya.
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Billings, Bruce K., Revisiting the Relation between the Default Risk of Debt and the Earnings Response Coefficient. Available at SSRN: https://ssrn.com/abstract=185611.
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