Effect of Corporate Performance, Voluntary Disclosure on Earnings Response Coefficient (ERC) Moderated Liquidity
Adam Firman Rizki1*,Etty Murwaningsari1
1 Economy and Business Faculty, Trisakti University, Jakarta, Indonesia
*Corresponding Author: [email protected]
Accepted: 15 March 2022 | Published: 1 April 2022
DOI:https://doi.org/10.55057/ijaref.2022.4.1.11
_________________________________________________________________________________________
Abstract: The Purpose research to analyze about impact of corporate performance and voluntary disclosure with moderated liquidity on ERC. Quantitative method is used in the research and we utilize some secondary data in financial statements of manufacturing companies on IDX. Number of samples in this study were 49 companies with 245 sample data.
The result shows that Corporate Performance has no impact on ERC and Voluntary Disclosure has no impact on ERC. Liquidity Moderation strengthens influence corporate performance and voluntary disclosure on ERC.
Keywords: Earnings Response Coefficient, Corporate Performance, Voluntary Disclosure, Liquidity
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1. Introduction
The earnings response coefficient which is then abbreviated as ERC is one indicator of the good or bad of information on financial statements that have been announced by company's management, ERC shows market reaction to profits generated by company.
PT Unilever Indonesia Tbk (UNVR) which can be seen in the Figure below when in 2015 to 2017 the company's operating profit growth increased the share price value until 2017 at the point of Rp 55,900 per share, meaning that the market response was positive to the profits earned by UNVR, However, if you look at 2018 where operating profit continued to grow from 9,496 in 2017 and 12,324 in 2018, the market response was negative to UNVR's share price so that it fell to Rp 45,400 per share.
Source: Unilever.com
Awawdeh et al. (2020) conducted research related to ERC. The result is higher leverage, the less responsive the market. Systematic risk has a negative effect, company size has no effect and company growth opportunities have a negative effect.
Mashayenhi and Aghel (2016) conducted an ERC study, including firm size, profit growth, and earnings persistence. His research results show a positive relationship between firm size and ERC, and also between earnings growth and ERC; However, there is no significant relationship between earnings persistence and ERC.
This study has differences from previous studies because in this study researchers moderated liquidity with independent variables, namely corporate performance, and voluntary disclosure with the aim of knowing whether liquidity strengthens or weakens the influence of independent on the dependent.
2. Literature Review
Signalling Theory
Brigham and Houston (2011), state that signal theory is management behavior in providing information to the market about management's efforts to take advantage of existing opportunities in its current and future application. Market participants able to interpret and analyze some information first as a good or bad signal.
Efficient Market Theory
Tandelilin (2010), explains that the concept of an efficient market is when the price of the securities traded represents the available information, describes the results of investors' assessments of future earnings prospects, as well as the quality of the company's management.
Information asymmetry occurs when there is an imbalance of information held by one party with another party.
Agency theory
Agency theory implies existence of information asymmetry that happened between managers as an agent and also shareholders as principals. The possibility of the market responding more strongly to good or bad news on the condition of one company with another can be said to be the strength of the response. From this, it can be understood that the value of accounting information is very useful for investors, which leads to the accuracy of preparing financial statements that are more useful. So the above theories are related to ERC.
Damodaran (2002) states that while the market provides an estimate of the value of a business, accountants often provide very different estimates of the same business. Company assessment or corporate performance can provide a signal for investors.
Voluntary disclosure in PSAK No.1 paragraph 12 (IAI, 2019) explains regarding disclosure that entities able to present, separately from financial statements, reports on environment and value-added statements, especially to industries where environmental factors play a role. The important role for industry. This disclosure can provide a signal and provide an overview of the interests of the agent and the principal.
Kasmir (2010) states that one of the important values of company liquidity is to meet the required amount of funds when needed. The funds used must be used efficiently. Thus, liquidity
is not only closely related to signals to investors. This variable is also related to efficient market theory.
Previous Research
Murwaningsari. Etty (2008) conducted research related to ERC. Results research show that leverage, size has negative impact on ERC, Voluntary Disclosure, timelines have a positive effect on ERC, Leverage, size has no impact on ERC through Voluntary Disclosure and Timelines.
Then, Delvira and Nelvirita (2013) in their research mention that Systematic risk has a negative impact on ERC, Leverage has no effect on ERC, Earnings persistence variable has positive impact on ERC variable.
In addition, Widyasari and Nursopiatin (2020) in their research show that leverage has a significant negative impact on ERC, profitability and firm size have no effect on ERC, Sales Growth has a positive effect on ERC.
Awawdeh, Al sakini, and Nour (2020) also conducted research related to ERC, the results showed that leverage had no effect on ERC, Systematic Risk had negative and also significant impact on ERC, Firm Size had no significant effect on ERC, Growth had negative and significant influence on ERC. ERC, Profitability (ROA) has positive and also important impact for ERC.
Hypothesis Development
Effect of Corporate Performance on Earnings Response Coefficient (ERC)
Company performance is basis of a report that will be submitted to stakeholders as a source of information in decision-making. The results of a company's performance have an impact in the form of a response from investors for decision making, good company performance can provide a positive response and vice versa investor response to poor company performance causes investors to be reluctant to invest in the company.
Wallace (1994) hasanzade et al (2013) Awawdeh et al (2020) suggested that measuring company performance includes measuring profitability and company growth which has positive effect on ERC. Company's performance variable reflects the effectiveness and viability of the company as private information for investors which affects the investor's response to earnings information in making investment decisions which are described in the relationship between company performance and ERC. The company's liquidity ratio is a measure of company performance, namely the comparison of the company's asset value with short-term debt (current ratio), as the company's strength to remain efficient Beaver (1966) and Altman (1968).
Singhvi and Desai (1971) stated that high profitability and liquidity able to encourage managers to provide about more detailed information, because they need to convince investors of company's profitability and also encourage compensation to management. Good company performance will result in higher accounting profit. Investors are also more responsive to high profits which is the result of better performance with high ERC.
H1: There is a significant positive effect of Corporate Performance on ERC
Effect of Voluntary Disclosure on ERC
Voluntary disclosure is important when preparing financial statements. The information will be received by stakeholders in the context of making their decisions. If the company makes voluntary disclosure, the ERC will increase. On the other hand, if the company does not do voluntary disclosure, the ERC will decrease.
Widiastuti (2004) found that systematic disclosure about future prospects had a negative effect on ERC but was not statistically significant. Murwaningsari (2008) found a different thing that the breadth of financial reporting disclosures can strengthen the quality of earnings that are proxies in ERC. Kartadjummena (2010) examined impact of voluntary disclosure and Corporate Social Responsibility disclosure on ERC. Results of research indicate that Voluntary disclosure on financial information has no effect on ERC. Rahayu's research (2008), entitled the influence of the level of compliance with mandatory disclosures and the extent of voluntary disclosures on earnings quality measured by earnings response coefficient, concludes that the level of compliance with mandatory disclosures and the extent of voluntary disclosures partially have a negative effect on earnings quality as measured by ERC.
H2: There is a significant positive effect of Voluntary Disclosure on ERC Liquidity Effect Moderates Corporate Performance on ERC
High liquidity gets an aggressive response from investors which creates a high influence on ERC. Good company performance is supported by work results in the form of high liquidity.
In this study, the researcher moderates liquidity with corporate performance with the aim of ensuring that high liquidity strengthens the influence of corporate performance on ERC.
Rajagukguk (2017) states in his article that a high liquidity ratio is evidence of the smooth running of the company's business and good company viability and can increase investor confidence. The higher the investor confidence, the more sensitive earnings information will be reacted by investors, namely the increase in ERC.
H3: Liquidity strengthens the influence of corporate performance on ERC.
Effect of Liquidity Moderating Voluntary Disclosure on ERC
Voluntary disclosures can affect the level of market reaction to earnings reported by companies because a lot of accounting information related to companies that are disclosed voluntarily, can improve the quality of market reactions to earnings. High liquidity is mandatory in financial reporting in terms of the value of current assets and current liabilities of company. Researchers moderated liquidity with voluntary disclosure aimed at finding out whether it can strengthen its influence on ERC.
Sudarma (2015) conducted research on ERC with the aim of knowing the effect of Voluntary Disclosure on the Earnings Response Coefficient. Based on analysis is has been done, research proves that voluntary disclosure has negative impact on ERC. Relatively small average voluntary disclosure causes company's voluntary disclosures to be less responsive or provide a negative signal for users of financial statements.
H4: Liquidity strengthens the influence of Voluntary disclosure on ERC.
This study also uses control variables including Auditor Reputation (REP), Leverage (LEV), firm size (SIZE), and also Firm Age (AGE). This variable was chosen because the researcher
wanted optimal results so that this variable was used to find out other variations of factors that affect ERC.
3. Methodology
Research design
This is a quantitative research with analysis unit is manufacturing company listed on Indonesia Stock Exchange in period 2015-2019. Sampling technique is used purposive sampling with three sample criteria as follows:
1) Company is listed on Indonesia Stock Exchange
2) Complete financial statements based on IDX information, namely audited financial statements
3) The reporting currency is consistent, namely Rupiah or with the code IDR Operational Definition of Variables and Measurement
Dependent Variable
Earnings Response Coefficient (ERC) defined by Cho and Jung (1991) Teets and Wasley (1996)) Murwaningsari (2008) Earnings Response Coefficient defined as impact of each dollar of unexpected earnings on stock returns, and also usually measured by slope coefficient in abnormal stock returns regression. Unexpected earnings refer to the following:
Independent Variable
Corporate Performance. Damodaran (2002) in this research is measured by Return on Assets by dividing total net income divided by total assets:
ROA = Total Net Income / Total Asset
Voluntary disclosure is calculated by dividing the number of information items that are fulfilled by total number of information items, its may be fulfilled voluntarily by each sample of companies in financial reporting with a checklist of items proposed by Susanto, 1992; Choi and Mueller, 1992; Meek et al, 1995 and Wulandari (2015) and rachmawati (2021) as many as 23.
Moderating Variables
Liquidity is financial ratio that shows or represents financial condition of company that can pay off its short-term obligations with its current assets. Palepu, Krishna G and Paul M. Healey (2013:5-16) formulate the Current ratio as follows:
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑅𝑎𝑡𝑖𝑜 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 Control Variable
Leverage
Kasmir formulates the debt to asset ratio as follows:
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐴𝑠𝑠𝑒𝑡𝑠 𝑅𝑎𝑡𝑖𝑜 = 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
Kasmir (2010:112) states that the Debt to equity ratio of total debt to capital is ratio used to assess debt to equity. Ratio is sought by comparing all debt, including current debt with all equity.
Auditor Reputation (Murwaningsari, 2008) measures auditor reputation with a dummy variable KAP Big 4 = 1 KAP non-Big 4 = 0. Rajagukguk (2017) researched auditor reputation with ERC and Voluntary disclosure. Audit firms are divided into two groups, namely the so-called large (Big 4) and small (non-Big 4) audit firms. Large audit firm has a wider scope than audit firms. small ones operating domestically.
Firm Size proxy used as a measurement of the company is not only the market value of equity, in addition, there are total assets, total sales, and the number of employees (Zarzesky, 1996).
In this study, firm size is measured by logarithm of total assets.
Firm Age in this study was measured by measuring the age of the company from the date of its listing on the Indonesian stock exchange (Uwusu and Ansah, 2000). This measurement is carried out from the date the company is listed on the IDX because at that time the company will begin to publish its financial statements to users of financial statements.
Analysis Data
Research using multiple linear regression analysis with data distribution form of panel data.
Analysis tool used is in the form of software version views 10. The research model built is:
ERCi = βO + β1CPi + β2DISCi + β3 LKDi*CPi + β4 LKDi*DISCi+ β5REPi + β6SIZEi + β7AGEi
+ β8LEVi + ei
Note: ERCi= Earnings Response Coefficient; CPi = Corporate Performance; DISCi= Voluntary Disclosure; LKDi*CPi= Liquidity Moderation with Corporate Performance;
LKDi*DISCi= Liquidity Moderation with Voluntary Disclosure; LEVi = Leverage; REP=
Auditor Reputation; SIZE= Firm Size; AGEi= Firm Age 4. Result
Based on the research sample, the following are the data used in this study:
Table 1: Distribution of Research Sample
Description Total
The population of manufacturing companies in Indonesia for the 2015-2019
126 Less:
Companies with inconsistent financials (27)
Companies with financial statements that experience losses (50)
Sample 49
The population of these companies during the study period was 126 companies. Researchers conducted purposive sampling to obtain complete data. So, based on the purposive sampling that the researcher did. This study only used 49 companies with 245 sample data.
Table 2: Statistic Descriptive
Mean Median Max. Min. Std. Dev.
ERC -0.0947 -0.0193 0.2750 -0.6535 0.3101
CP 0.0763 0.0542 0.5267 0.0001 0.0816
DISC 0.6992 0.6956 0.9565 0.4782 0.0751 CP_LKD 0.2303 0.0976 1.8023 4.0500 0.3475 DISC_LKD 1.7368 1.2583 6.7121 0.0235 1.2830
REP 0.3877 0.0000 1.0000 0.0000 0.4882
LEV 1.0688 0.6182 23.9173 0.0266 1.8326
SIZE 10.2224 11.6298 13.3067 5.3899 2.3838 AGE 22.3020 25.0000 37.0000 3.0000 8.5213
Source: Data processed with views 10
Table 2 presents mean, median, maximum, minimum, and also standard deviation of the 245 sample data processed in the study. It can be seen that mean value of ERC is 0.094776 with the highest mean in AGE variable of 22.30204. The median with the lowest value on the audit reputation variable with a median value of 0.00000 and the highest value on the age variable of 25. The highest maximum and minimum value on the age variable and the lowest on the audit reputation variable.
Based on the tests performed. Thus, the most appropriate model used in study is pooled effect model. Then, classical assumptions have been made to determine data is free from BLUE. The following are results of the testing of each test:
Table 3: Chow Test, LM Test and Hausman Test
Testing Prob. Significant Selected model
Chow Test 0,6127 0,05 Pooled Effect model
LM Test 1,0000 0,05 Pooled Effect model
Hausman Test 0,7524 0,05 Random Effect model
Source: Data processed with views 10
Research Hypothesis Testing
Table 4: Interpretation Results
ERCi = βO + β1CPi + β2DISCi + β3 LKDi*CPi + β4 LKDi*DISCi+ β5REPi + β6SIZEi + β7AGEi + β8LEVi + ei
Hypothesis Analysis Prediction Coefficient t-Statistic Prob. Remark
C + 0.1160 0.5412 0.5529
H1 : CP → ERC + 0.1682 0.4390 0.6361 Positive , No Significant H2 : DISC → ERC + 0.0799 2.2771 0.0078* Positive , Significant H3 : CP*LKD →ERC + 0.1935 1.4803 0.0140* Positive , Significant H4 : DISC*LKD → ERC + 0.0329 1.0969 0.0027* Positive , Significant
REP → ERC + 0.0194 1.4136 0.0095* Positive , Significant
LEV → ERC + -0.0018 -2.1584 0.0543 Negative, No Significant SIZE → ERC + -0.0011 -0.1198 0.0497* Negative, Significant AGE → ERC + -0.0004 -2.1940 0.0263 Negative, No Significant Note: ERCi= Earnings Response Coefficient; CPi = Corporate Performance; DISCi=
Voluntary Disclosure; LKDi*CPi= Liquidity Moderation with Corporate Performance;
LKDi*DISCi= Liquidity Moderation with Voluntary Disclosure; LEVi = Leverage; REP=
Auditor Reputation; SIZE= Firm Size; AGEi= Firm Age. * significant 5%
Discussion
Earnings quality which in this study is a proxy of the Earnings response coefficient is not positively influenced by corporate performance with a coefficient value of 0.168, so hypothesis one H1 is rejected. This result is in line with the research of Widyasari and Nursopiatin (2020), profitability has no significant effect on (ERC). Companies that have a high Return on Assets allow investors in Indonesia to consider other factors in their investment decisions, such as the extent of financial reporting disclosures, leverage, auditor reputation, size and age of company.
However, Results of research related to profitability with ERC are not in line with previous study conducted by Hasanzade, Darabi, and Mahfoozi (2013), Awadeh, Al Sakini, and Nour (2020) that profitability has an effect on ERC. The discrepancy in the results of this study allows for differences in the location of the countries where the research is carried out, namely Iran and Jordan, while this research was conducted in Indonesia which allows the nature or character of Indonesian investors to have more consideration when deciding their investment.
Disclosure of financial statements made by the company helps investors to obtain information related to the condition of the company. In this study, the probability value of the influence of the voluntary disclosure variable on the ERC is 0.0078, which is smaller than 0.05, which can be interpreted as having a significant positive effect and the second hypothesis H2 is accepted.
The more extensive information disclosed by company about condition of company's management, the more it supports the quality of earnings generated by the company, this result is in line with the findings of Murwaningsari (2008) but is not following the results and findings of research conducted by Widiastuti (2004) statistically. However, in further explanation, Widiastuti (2004) states that theoretically and analysis of voluntary disclosure supports the value of ERC.
In considering investment decisions in this study, ERC is not influenced by profitability, which is possible because of considerations other than the amount of ROA. In this study, the results of liquidity moderation strengthen the effect of CP on ERC which previously had no effect.
Sequentially, the value of liquidity moderation on CP and Vol Disc is 0.0140 and 0.0027 or less than 0.05, which means that liquidity moderation strengthens the influence of the two independent variables on ERC in this study, so H3 and H4 are accepted. This shows that investors' consideration of earnings quality which is supported by return on equity, good liquidity, and extensive voluntary disclosure will affect the response to earnings quality as reflected in stock prices. This result is following the findings of Singhvi and Desai (1971) which states that the high profitability and liquidity of company able to encourage managers to provide about more detailed and extensive information (voluntary disclosure) because they need to convince investors of company's profitability and encourage management compensation.
Audit reputation has a significant positive effect on ERC with a coefficient value of 0.019.
Murwaningsari (2008) found that the audit opinion expressed by a reputable audit had a significant negative effect. Size, as measured by total asset log, has negative significant effect with a prob value of 0.0497 but in a negative direction. Great asset management capabilities allow profits generated to be used for increasing value of company's assets so, response is high, but investors are worried about the transfer of profits to company assets. The results regarding the effect of size on ERC are not in line with the findings of Widyasari and Nursopiatin (2020), Mashayekhi and Aghel (2016), Collins and Kothari (1989), and Murwaningsari (2008).
Leverage and firm age have no negative effect on ERC, this is in line with research by Murwaningsari (2008), Delvira and Nelvirita (2013), Hasanzade et al (2013), Awawdeh et al (2020) these results allow that earnings quality is responded negatively by investors for
companies that have high leverage values. Likewise, the age of the company that is getting longer is not a guarantee for investors to decide on their investment in the company.
5. Conclusion
After processing and testing data and analyzing manufacturing financial reports from 2015 – 2019 listed on IDX with a total sample of 49 companies with 245 sample data. It was found that corporate performance does not affect ERC. This result is in line with the research of Widyasari and Nursopiatin (2020), profitability has no significant impact on (ERC). Voluntary disclosure has a positive effect on ERC which this study is in line with the findings of Murwaningsari (2008). Moderation of liquidity strengthens the influence of the two independent variables on ERC. This result is following the findings of Singhvi and Desai (1971).
Auditor reputation affects ERC following research conducted by Choi (1992), Cooke (1989), Wallace (1994), and Murwaningsari (2008). Size affects ERC and this result is not in line with the findings of Widyasari and Nursopiatin (2020), Mashayekhi and Aghel (2016), Collins and Kothari (1989), and Murwaningsari (2008). Leverage and company age have no direct negative effect on ERC, this finding is in line with research by Murwaningsari (2008), Delvira and Nelvirita (2013), Firmansyah and Herawati (2016), Hasanzade et al (2013), Awawdeh et al (2020).
This study has limitations that can be mentioned as follows: first, sample used in this research is only limited to type of manufacturing company and number of years for 5 years of reporting with consistently reporting as well as in the condition of companies that are always profitable or earning profits. Both studies are limited to corporate performance, voluntary disclosure, liquidity, leverage, size, age, and audit reputation variables on ERC and have not considered environmental uncertainty factors such as the COVID-19 pandemic. These three studies measured voluntary disclosure using a checklist assessment by reading reports. financial statements that allow for an imprecise quality of assessment.
This study has implications for theories related to the response of Indonesian investors, especially on the quality of earnings announced by companies, and can present new possibilities that can affect ERC. Managers of the company provide better information to improve the company's performance with wider disclosure, as well as improve the company's financial reporting process to increase the positive response from the market.
For regulation, the results of this study can be used as a reference for setting new rules that can support the needs of investors such as setting auditor qualifications or standards, and practically this research helps investors get more information as consideration for-profit information announced by the company whether it is qualified by factors its supporters on the independent and control variables in this study.
Further research can add other variables that may affect ERC such as operating cash flow, systematic risk, earnings persistence, growth opportunity, income smoothing, GCG, and other variables. Besides that, it can expand the number of samples not only in manufacturing companies, and also the research time can be increased to 10 years. Further research can also add the number of measurement indicators to the voluntary disclosure of a company's reporting.
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