Pengaruh Risiko Perusahaan dan Leverage terhadap Relevansi Nilai

Laba Akuntansi


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.

The focus of this research is testing the coefficient associated with accounting earnings information. This coefficient measures the response of stock price or market value of equity to the information contained in accounting earnings. Studies that examine the coefficient of earnings or the earnings response coefficient (ERC) found that the ERC varies in cross-section. The variation can be explained by several factors such as risk, growth, earnings persistence, and interest rates (eg Collins and Kothari, 1989; Easton and Zmijewski, 1989). The research is to discover the factors that affect earnings response coefficients.

(Simposium Nasional Akuntansi 11)

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