Pengaruh Public Ownership Dan Growth Opportunity Terhadap Leverage Dan Future Earnings Response Coefficient

Abstract

The purpose of the study to obtain empirical evidence regarding (1) The direct effect to Future Earnings Response Coefficient: (a) Public Ownership positive effect on Future Earnings Response Coefficient, (b) Growth Opportunity positive effect on Future Earnings Response Coefficient, (c) Leverage negatively affect Future Earnings Response Coefficient. (2) The indirect effect to Future Earnings Response Coefficient, through Leverage: (a) Public ownership through a leverage effect on Future Earnings Response Coefficient, (b) Growth Opportunity through a leverage effect on Future Earnings Response Coefficient. (3) The effect of direct and indirect effect that has the most significant effect on Future Earnings Response Coefficient. The method used is the Structure Equation Model (SEM) using AMOS 22, 2008-2011 with the data used from the years 2007 to 2014, bringing the total number of samples observed data 273 manufacturing companies. The results showed a variable that has a direct effect to Future Earnings Response Coefficient is variable Public Ownership, Growth Opportunity and Leverage, while the variable that most effect directly to Future Earnings Response Coefficient is variable Leverage. The variables that have an indirect effect to Future Earnings Response Coefficient through leverage is variable of Growth Opportunity, so variable of Growth Opportunity through this leverage that most have indirect effect on Future Earnings Response Coefficient.Keywords: Future Earnings Response Coefficient, Growth Opportunity, Leverage, and Public Ownership

The Effect of Earning Persistence and Growth Opportunities on Future Earning Response Coefficient with Public Ownership as Moderation

“…These results prove that growth opportunities have a statistically significant effect on strengthening the positive relationship between FERC and managerial ownership. These results are in line with Brown (2001), Muwarningsari (2013) and Henny (2017) which prove that management tends to maximize firm value with opportunities for company growth that tend to increase.…”

“…This is because companies that have high growth possibilities will also provide high benefits in the future for shareholders. Brown (2001); Muwarningsari (2013); Henny (2017), explains that growth opportunities are something that investors, including institutional investors, hope for, because growth opportunities can give positive signals to shareholders regarding future earnings information.…”

Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Future Earnings Response Coefficient Dengan Kesempatan Pertumbuhan Sebagai Variabel Moderasi

“…Semakin tinggi kepemilikan institusional akan memberikan signal positif terhadap peningkatan laba di masa depan. Berdasarkan analisis di atas, maka hipotesisnya adalah: H2 : Kepemilikan institusional berpengaruh positif terhadap future earnings response coefficient Kesempatan pertumbuhan sebagai variabel moderasi memperkuat hubungan positif kepemilikan manajerial dan future earnings response coefficient Perusahaan yang memiliki kesempatan pertumbuhan yang tinggi akan meningkatkan laba kejutan yang positif dan hal ini merupakan signal positif bagi para pemegang saham di pasar modal yang akan terlihat pada harga suatu perusahaan meningkat pula (Brown, 2001;Murwaningsari, 2013;Henny, 2017). Salah satu pemegang saham perusahaan adalah pihak manajemen, dimana pihak manajemen akan cenderung meningkatkan nilai perusahaan dengan kesempatan pertumbuhan perusahaan yang cenderung naik, sehingga pihak manajemen akan berusaha mengutamakan kepentingan sebagai pemilik perusahaan dalam proporsi kepemilikan manajerial.…”

“…Semakin tinggi kesempatan pertumbuhan maka akan memberikan signal positif yang kuat antara kepemilikan manajerial dan future earnings response coefficient. Berdasarkan analisis dan hasil penelitian di atas, maka hipotesisnya adalah: H3 : Kesempatan pertumbuhan sebagai variabel moderasi memperkuat hubungan positif kepemilikan manajerial dan future earnings response coefficient Kesempatan pertumbuhan sebagai variabel moderasi memperkuat hubungan positif kepemilikan institusional dan future earnings response coefficient Kesempatan pertumbuhan merupakan hal yang diinginkan para investor, termasuk investor institusional, karena kesempatan pertumbuhan akan memberikan signal positif kepada para investor tentang informasi laba di masa depan (Brown, 2001;Murwaningsari, 2013;Henny, 2017). Semakin tinggi kesempatan pertumbuhan maka akan memberikan signal positif yang kuat antara kepemilikan institusional dan future earnings response coefficient, karena manajer dalam tindakannya akan diawasi oleh para investor institusional sehingga akan berhati-hati dalam mengambil keputusan dan berusaha meningkatkan nilai perusahaan.…”

“…a. Murwaningsari (2013), dan Henny (2017), yang menyatakan bahwa kesempatan pertumbuhan merupakan hal yang diinginkan para investor, termasuk investor institusional, karena kesempatan pertumbuhan akan memberikan signal positif kepada para investor tentang informasi laba di masa depan.…”