GDL

Jurnal Keuangan dan Perbankan, Tahun XI, Nomor 1, Januari 2007
Journal from JIPTUNMERPP / 2008-01-09 09:44:54
Oleh : Abdul Syukur, Diploma_3_of_Finance_and_Banking_-_Merdeka_Univers (abdul_s@dosen.dinus.ac.id)
Dibuat : 2007-01-01, dengan file

Keyword : Industry structure characteristics, cumulative abnormal return, unexpectedearning, earnings response coefficient

This study aimed at testing the effects of industry structure characteristics that require proxies for the variables of financial leverage, operating leverage, accounting earnings growth, entry barriers, and product type on the earnings response coefficient : transaction gain or loss, earnings persistence, earnings predictability and firm size. The samples of this study were 241 firms listed at Jakarta Stock Exchange. This study used panel data for 3 years (2000-2002) that were used to regress the cumulative abnormal return as the dependent variable toward the independent variables: unexpected earnings, annual return, financial reverage, operating leverage, earnings growth, entry barriers, Product type, transaction of gain or loss, earnings persistence, earnings predictability, and firm size. The results of hypothesis testing showed that the variables of annual return, financial leverage, operating leverage and earnings growth which interact with unexpected earnings have significant effect on the earnings response coefficient. On the other hand, the variables of entry barriers and transaction gain or loss which interact with unexpected earnings do not have significant effect on the earnings response coefficient.

Deskripsi Alternatif :

This study aimed at testing the effects of industry structure characteristics that require proxies for the variables of financial leverage, operating leverage, accounting earnings growth, entry barriers, and product type on the earnings response coefficient : transaction gain or loss, earnings persistence, earnings predictability and firm size. The samples of this study were 241 firms listed at Jakarta Stock Exchange. This study used panel data for 3 years (2000-2002) that were used to regress the cumulative abnormal return as the dependent variable toward the independent variables: unexpected earnings, annual return, financial reverage, operating leverage, earnings growth, entry barriers, Product type, transaction of gain or loss, earnings persistence, earnings predictability, and firm size. The results of hypothesis testing showed that the variables of annual return, financial leverage, operating leverage and earnings growth which interact with unexpected earnings have significant effect on the earnings response coefficient. On the other hand, the variables of entry barriers and transaction gain or loss which interact with unexpected earnings do not have significant effect on the earnings response coefficient.

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