Pengaruh Firm Size, Leverage Dan Profitability Terhadap Earnings Response Coefficient (Erc) Dengan Voluntary Disclosure Sebagai Variabel Intervening
ABSTRAK
Penelitian ini bertujuan untuk meneliti pengaruh Firm Size, Leverage dan
Profitability terhadap Earnings Response Coefficient (ERC) dengan Voluntary
Disclosure sebagai variabel intervening pada perusahaan non keuangan yang
terdaftar di Bursa Efek Indonesia tahun 2010 hingga tahun 2013. Pengambilan
sampel menggunakan metode purposive sampling, diperoleh perusahaan sampel
sebanyak 146 perusahaan dari populasi 429 perusahaan dengan total observasi
584 unit analisis. Metode pengumpulan data teknik dokumentasi data sekunder
berupa laporan keuangan dan laporan tahunan yang dipublikasikan melalui
website www.idx.co.id serta harga pasar saham dan indeks harga saham
gabungan. Metode analisis data melalui regresi linear berganda dan PATH
analysis. Hasil penelitian ini menunjukkan bahwa firm size, leverage, profitability,
dan voluntary disclosure secara simultan berpengaruh signifikan terhadap
Earnings Response Coefficient pada perusahaan non keuangan yang terdaftar di
Bursa Efek Indonesia tahun 2010-2013. Firm size, profitability dan voluntary
disclosure secara parsial berpengaruh positif signifikan terhadap ERC, sedangkan
variabel leverage berpengaruh negatif signifikan terhadap ERC. Hasil pengujian
secara parsial firm size dan leverage berpengaruh positif signifikan terhadap
voluntary disclosure, namun variabel profitability berpengaruh tidak signifikan
terhadap voluntary disclosure. Pengaruh langsung variabel firm size, leverage dan
profitability terhadap ERC, lebih besar dari pengaruh tidak langsung dan nilai t
hitung uji Sobel lebih kecil dari t tabel untuk masing-masing variabel independen.
Hasil uji hipotesis menyatakan bahwa secara tidak langsung firm size, leverage
dan profitability tidak berpengaruh signifikan terhadap Earnings Response
Coefficient melalui voluntary disclosure sebagai variabel intervening.
Kata kunci : firm size, leverage, profitability, voluntary disclosure, Earnings
Response Coefficient (ERC).
ABSTRACT
The objective of to analyze the influence of Firm Size, Leverage, and
Profitability on Earnings Response Coefficient (ERC) with Voluntary Disclosure
ass the intervening variable in non-financial companies listed in the Indonesia
Stock Exchange ion the period of 2010-2013. The population was 429 companies
with the total observation of 584 analytical units, and 146 of them were used as
the samples, taken by using purposive sampling technique. The data were
gathered by conducting documentary study which consisted of financial statement
and annual report publicized through www.idx.co.id, and stock market price and
composite stock price index. The data were analyzed by using multiple logistic
regression analysis and PATH analysis. The result of the research showed that
firm size, leverage, profitability, and voluntary disclosure simultaneously had
significant influence on Earnings Response Coefficient in the non-financial
companies listed in the Indonesia Stock Exchange in the period of 2010-2013.
Partially, firm size, profitability, and voluntary disclosure had positive and
significant influence on ERC, while the variables of firm size and leverage had
negative but significant influence on ERC. The result of the research, partially,
firm size and leverage had positive and significant influence on voluntary
disclosure, but the variable of profitability had insignificant influence on
voluntary disclosure. The variables of firm size, leverage, and profitability had
direct influence on ERC, more than indirect influence and tcount of Sobel test was
smaller than ttable for each independent variable. The result of the hypothesis test
showed that indirectly firm size, leverage, and profitability had insignificant
influence on Earnings Response Coefficient through voluntary disclosure as
intervening variable.
Keywords: Firm Size, Leverage, Profitability, Voluntary Disclosure, Earnings
Response Coefficient (ERC)
Penelitian ini bertujuan untuk meneliti pengaruh Firm Size, Leverage dan
Profitability terhadap Earnings Response Coefficient (ERC) dengan Voluntary
Disclosure sebagai variabel intervening pada perusahaan non keuangan yang
terdaftar di Bursa Efek Indonesia tahun 2010 hingga tahun 2013. Pengambilan
sampel menggunakan metode purposive sampling, diperoleh perusahaan sampel
sebanyak 146 perusahaan dari populasi 429 perusahaan dengan total observasi
584 unit analisis. Metode pengumpulan data teknik dokumentasi data sekunder
berupa laporan keuangan dan laporan tahunan yang dipublikasikan melalui
website www.idx.co.id serta harga pasar saham dan indeks harga saham
gabungan. Metode analisis data melalui regresi linear berganda dan PATH
analysis. Hasil penelitian ini menunjukkan bahwa firm size, leverage, profitability,
dan voluntary disclosure secara simultan berpengaruh signifikan terhadap
Earnings Response Coefficient pada perusahaan non keuangan yang terdaftar di
Bursa Efek Indonesia tahun 2010-2013. Firm size, profitability dan voluntary
disclosure secara parsial berpengaruh positif signifikan terhadap ERC, sedangkan
variabel leverage berpengaruh negatif signifikan terhadap ERC. Hasil pengujian
secara parsial firm size dan leverage berpengaruh positif signifikan terhadap
voluntary disclosure, namun variabel profitability berpengaruh tidak signifikan
terhadap voluntary disclosure. Pengaruh langsung variabel firm size, leverage dan
profitability terhadap ERC, lebih besar dari pengaruh tidak langsung dan nilai t
hitung uji Sobel lebih kecil dari t tabel untuk masing-masing variabel independen.
Hasil uji hipotesis menyatakan bahwa secara tidak langsung firm size, leverage
dan profitability tidak berpengaruh signifikan terhadap Earnings Response
Coefficient melalui voluntary disclosure sebagai variabel intervening.
Kata kunci : firm size, leverage, profitability, voluntary disclosure, Earnings
Response Coefficient (ERC).
ABSTRACT
The objective of to analyze the influence of Firm Size, Leverage, and
Profitability on Earnings Response Coefficient (ERC) with Voluntary Disclosure
ass the intervening variable in non-financial companies listed in the Indonesia
Stock Exchange ion the period of 2010-2013. The population was 429 companies
with the total observation of 584 analytical units, and 146 of them were used as
the samples, taken by using purposive sampling technique. The data were
gathered by conducting documentary study which consisted of financial statement
and annual report publicized through www.idx.co.id, and stock market price and
composite stock price index. The data were analyzed by using multiple logistic
regression analysis and PATH analysis. The result of the research showed that
firm size, leverage, profitability, and voluntary disclosure simultaneously had
significant influence on Earnings Response Coefficient in the non-financial
companies listed in the Indonesia Stock Exchange in the period of 2010-2013.
Partially, firm size, profitability, and voluntary disclosure had positive and
significant influence on ERC, while the variables of firm size and leverage had
negative but significant influence on ERC. The result of the research, partially,
firm size and leverage had positive and significant influence on voluntary
disclosure, but the variable of profitability had insignificant influence on
voluntary disclosure. The variables of firm size, leverage, and profitability had
direct influence on ERC, more than indirect influence and tcount of Sobel test was
smaller than ttable for each independent variable. The result of the hypothesis test
showed that indirectly firm size, leverage, and profitability had insignificant
influence on Earnings Response Coefficient through voluntary disclosure as
intervening variable.
Keywords: Firm Size, Leverage, Profitability, Voluntary Disclosure, Earnings
Response Coefficient (ERC)