<![CDATA[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.]]>
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