PERAN PERSISTENSI LABA MEMPERLEMAH HUBUNGAN ANTARA EARNINGS OPACITY DENGAN COST OF EQUITY DAN TRADING VOLUME ACTIVITY Studi Empiris pada Perusahaan Go Public di Indonesia selain Sektor Keuangan dan Properti

Abstract

Studi ini bertujuan untuk menguji apakah persistensi laba memperlemah hubungan antara earnings opacity dengan cost of equity dan trading volume activity. Tujuan spesifik penelitian adalah untuk menguji apakah persistensi laba berperan memperlemah hubungan antara earnings aggressiveness dan earnings smoothing dengan cost of equity dan trading volume activity. Kegunaan penelitian adalah menjelaskan dan memperluas penelitian sebelumnya mengenai peran persistensi laba terhadap hubungan antara earnings opacity dengan cost of equity dan trading volume activity. Studi ini menggunakan sampel perusahaan yang membagi dividen dan sahamnya aktif diperdagangkan Bursa Efek Jakarta (BEJ) masing- masing 94 dan 109 perusahaan. Studi ini menggunakan dua periode observasi: 2004/2005 dan 2005/2006. Studi ini menguji hubungan antara earnings opacity (earnings aggressiveness dan earnings smoothing), persistensi laba, interaksi persistensi laba dan earnings aggressiveness, interaksi persistensi laba dan earnings smoothing dengan cost of equity dan trading volume activity. Metode analisis menggunakan regresi berganda berdasarkan model hierarchies dua tahap: regresi direct dan indirect. Hasil penelitian menunjukkan bahwa persistensi laba berbasis NIBE adalah robust sebagai variabel pemoderasi terhadap hubungan antara earnings opacity (earnings aggressiveness dan earnings smoothing) dan cost of equity berbasis dividend growth model. Hasil studi ini mengindikasikan bahwa persistensi laba berbasis NIBE memperlemah hubungan antara earnings aggressiveness dan cost of equity berbasis dividend growth model. Persistensi laba berbasis NIBE juga memperlemah hubungan antara earnings smoothing dan cost of equity berbasis dividend growth model. Sementara, earnings aggressiveness berpengaruh negatif terhadap trading volume activity. This study aims to investigate whether the role of earnings persistence and its interaction with earnings opacity on the cost of equity and trading volume activity. Specifically, this study examine whether earnings persistence have robustness to weak association between earnings aggressiveness and earnings smoothing with cost of equity and trading volume activity. The contribution of this study is explain and explore the previous research about the role of earnings persistence on the association between earnings opacity with cost of equity and trading volume activity. This study uses sample of the firm which divide of dividend and active traded of share in the Jakarta Stock Exchange of 94 and 109 firms, respectively. This study uses two observation periods: 2004/2005 and 2005/2006. This study to examine the association between earnings opacity (earnings aggressiveness and earnings smoothing), earnings persistence, interaction of earnings persistence and earnings aggressiveness, interaction of earnings persistence and earnings smoothing on the cost of equity and trading volume activity. Method of analysis uses multiple regression based on two-stage hierarchies model: direct and indirect regressions. Result of this study shows that NIBE based earnings persistence is robust as the moderating variable on the association between earnings opacity (earnings aggressiveness and earnings smoothing) and dividend growth based cost of equity. The result of this study indicate that NIBE based earnings persistence to weak on the association between earnings aggressiveness and dividend growth based cost of equity. So, that NIBE based earnings persistence to weak on the association between earnings smoothing and dividend growth based cost of equity. While, earnings aggressiveness to negative impact on trading volume activity.