DETERMINAN FAKTOR FUNDAMENTAL DAN NON-FUNDAMENTAL TERHADAP EARNINGS RESPONSE COEFFICIENT (ERC) DENGAN FREE CASH FLOW SEBAGAI VARIABEL INTERVENING - Dwi Meyliani Riswanti; Suratno Suratno; Chairul Anwar (Universitas Pakuan, 2022)
ABSTRAKPenelitian ini untuk menguji pengaruh current ratio, debt to equity ratio, inflasi dan suku bunga terhadap earnings response coefficient dengan free cash flow sebagai variabel intervening pada perusahaan sub sektor makanan dan minuman di BEI periode 2011–2017. Sampel diperoleh sebanyak 12 perusahaan yang terdaftar di BEI. Metode analisis data menggunakan analisis jalur (path analysis). Hasil analisis menunjukan bahwa secara simultan jalur sub struktur 1 menghasilkan bahwa variabel current ratio, debt to equity ratio, inflasi dan suku bunga berpengaruh terhadap free cash flow. Secara parsial current ratio berpengaruh negatif terhadap free cash flow. Analisis jalur sub struktur 2 menunjukan debt to equity ratio berpengaruh positif dan suku bunga berpengaruh negatif terhadap earnings response coefficient. Namun variabel current ratio, debt to equity ratio, inflasi, suku bunga, free cash flow secara simultan tidak berpengaruh terhadap earnings response coefficient. Hal ini mengindikasikan bahwa dalam kinerja keuangan sebaiknya investor mempertimbangkan faktor akuntansi fundamental secara keseluruhan sebagai prediktor dalam mempengaruhi keputusan investasi.ABSTRACTThis study examines the effect of the current ratio, debt to equity ratio, inflation and interest rates on the earnings response coefficient with free cash flow as an intervening variable in the Food and Beverage Sub-Sector Companies on the Indonesia Stock Exchange for the period 2011–2017. The sample obtained is 12 companies listed on the Indonesian Stock Exchange. BEI. Methods of data analysis using path analysis (path analysis). The results of the analysis show that the sub-structure path 1 simultaneously results in that the variables current ratio, debt to equity ratio, inflation and interest rates have a significant effect on free cash flow. Partially, the current ratio has a negative effect on free cash flow. The analysis of path sub structure 2 shows that the debt to equity ratio has a positive and significant effect and interest rates have a significant negative effect on the earnings response coefficient. However, the variables current ratio, debt to equity ratio, inflation, interest rates, free cash flow simultaneously have no effect on the earnings response coefficient. This indicates that in terms of financial performance, investors should consider fundamental accounting factors as a predictor in influencing investment decisions.