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All Journal MLJ SENTRALISASI Management Studies and Entrepreneurship Journal (MSEJ) International Journal Of Economics Social And Technology Contemporary Journal on Business and Accounting Enrichment: Journal of Multidisciplinary Research and Development Akrual: Jurnal Bisnis dan Akuntansi Kontemporer Jurnal Cendekia Ilmiah Jurnal Ekonomi, Manajemen, Akuntansi
Amiruddin Amiruddin
Universitas Hasanuddin
Humanities Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Health Professions Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Analysis of the Future Earnings Response Coefficient: The Role of Earnings Volatility, Stock Price Crash Risk, Shareholder Value, and Growth Opportunities Henny Wirianata; Viriany Viriany; Amiruddin Amiruddin; Syarifuddin Rasyid
Enrichment: Journal of Multidisciplinary Research and Development Vol. 4 No. 7 (2026): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v4i7.788

Abstract

The informativeness of stock prices regarding future earnings is essential for investment decisions, particularly when corporate risks and financial indicators provide conflicting signals. This study examined the relationships between earnings volatility, stock price crash risk, shareholder value, growth opportunities, and the future earnings response coefficient (FERC) among IDX45 companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative approach was employed using secondary data from annual financial statements published by the exchange and company websites. Panel data regression incorporated earnings, stock returns, and interaction terms to assess how current stock returns reflected information about future earnings. Chow and Hausman tests supported the selection of a fixed-effects model. The results showed that stock price crash risk was significantly and negatively associated with FERC, with an interaction coefficient of ?285.823 and a p-value of 0.0040. Conversely, earnings volatility, shareholder value, and growth opportunities showed no statistically significant associations with FERC. The regression model was significant overall (p = 0.000343), while its adjusted R² of 0.288309 indicated that approximately 28.83% of variation in the dependent variable was explained. These findings suggest that greater crash risk is associated with less future earnings information being reflected in current stock returns, potentially weakening stock price informativeness. The study concludes that stock price crash risk is an important consideration for investors assessing future earnings expectations and corporate financial prospects in Indonesia. The findings also highlight the importance of considering downside risk alongside conventional financial indicators when interpreting market signals and making informed investment decisions.
Co-Authors Abdillah Abdillah ABDUL HAMID HABBE Aini Indrijawati Arifuddin Arifuddin Asnawir `Asnawir Asri Usman Fitriadi Fitriadi Henny Wirianata Inayati Inayati Jeremy, Viriany Maudy Junywanti Nurkholifah Burhanuddin Ratna Ayu Damayanti Reski Anggreani Syamsu Alam Syamsuddin Syamsuddin Syarifuddin Rasyid Wahyuddin Wahyuddin