PENGARUH LEVERAGE DAN KUALITAS AUDIT TERHADAP EARNINGS RESPONSE COEFFICIENT
Putri, Maria Irene Anggara (adv.: Haryono, Drs., Akt., M.Com.), Haryono, Drs., Akt., M.Com.
Earnings Response Coefficient (ERC) didefinisikan sebagai ukuran besaran abnormal return suatu sekuritas sebagai respon terhadap laba kejutan. Penentuan besaran ERC diawali dengan menghitung Cummulative Abnormal Return (CAR) masing-masing sampel. Perhitungan CAR menggunakan Market Adjusted Model dan periode jendela 11 hari. Selanjutnya, menghitung Unexpected Earnings (UE) menggunakan data EPS aktual. ERC merupakan koefisien slope dari regresi antara cummulative abnormal return dan unexpected earnings. Penelitian ini bertujuan untuk menilai bagaimana pengaruh leverage dan kualitas audit terhadap earnings response coefficient. Penelitian ini menggunakan sampel sebanyak 120 data perusahaan manufaktur yang terdaftar di BEI pada periode 2008-2011. Variabel leverage diukur dengan debt ratio sedangkan kualitas audit diproksikan dengan jenis auditor (berafiliasi Big 4/ non Big 4). Hasil penelitian menunjukkan leverage berpengaruh negatif dan signifikan terhadap ERC. Begitu juga variabel kualitas audit teridentifikasi berpengaruh positif dan signifikan terhadap ERC.
Earnings Response Coefficient (ERC) is defined as a measure of the amount of the abnormal return of a securities in response to earnings surprises. Determination of the amount of ERC is begun by calculating Cummulative Abnormal Return (CAR) of each sample. CAR calculation using Adjusted Market Model with windows period of 11 days. Next, calculate the Unexpected Earnings (UE) using EPS actual data. ERC is the coefficient slope of the regression between cummulative abnormal returns and unexpected earnings. This study aimed to assess the influence of leverage and audit quality of earnings response coefficient. This study uses a data sample of 120 manufacturing companies listed on the Stock Exchange in the period 2008-2011. Leverage variable is measured by debt ratio, while the audit quality is proxied by auditor type (Big 4 affiliated / non-Big 4). The results showed that leverage has a negative and significant effect on the ERC and the audit quality is identified has a positive and significant effect on the ERC.
Kata Kunci : Kualitas Audit, Earnings Response Coefficient, Abnormal Return, Unexpected Earnings, Leverage, Audit Quality
