EARNINGS RESPONSE COEFFICIENT: THE ROLE OF INVESTMENT OPPORTUNITY SET, INSTITUTIONAL OWNERSHIP, AND LIQUIDITY
Keywords:
Earning Response Coefficient Invesment Opportunity Set Institutional Ownership LiquidityAbstract
The purpose of this study is to determine the effect of the Investment Opportunity Set, Institutional Ownership, and Liquidity on the Earnings Response Coefficient (ERC) of manufacturing companies listed on the Indonesia Stock Exchange (IDX). The study covers a five-year period from 2016 to 2020. The population includes all manufacturing companies listed on the IDX during this period. A purposive sampling technique was used to select samples, resulting in 43 companies that met the established criteria. Secondary data from the Indonesia Stock Exchange website was utilized. Panel data regression analysis was employed as the analytical method. The study results show that the Investment Opportunity Set has a negative and significant effect on the Earnings Response Coefficient, Institutional Ownership has no effect on the Earnings Response Coefficient, and Liquidity has a positive effect on the Earnings Response Coefficient.
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