The Role of Corporate Governance to the Relationship Between Income Smoothing, Dividend, Growth and Earnings Informativeness

Proceedings of the International Conference on Management, Accounting, and Economy (ICMAE 2020) Pub Date : 2020-09-15 DOI:10.2991/aebmr.k.200915.071

V. Herawaty, Anggun Prabowo

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引用次数: 1

Abstract

The objective of this empirical study is to analyse the influence of dividend policy, company growth, and income smoothing to earnings informativeness on manufacturing companies listed on Indonesia Stock Exchange in 2016 – 2018. Earnings informativeness represents market reaction of price change to company’s unexpected earnings which is proxied by earnings response coefficient. This study also uses corporate governance measured by the ASEAN Corporate Governance Scorecard as moderating variable. The samples used in this research were 129 originating observations from 47 manufacturing companies listed on the Indonesia Stock Exchange during period of 2016 to 2018. The results show that income smoothing has a positive influence to earnings response coefficient while dividend policy, and company growth do not have positive influences to earnings response coefficient. CG strengthens the influence of income smoothing to earnings response coefficient. However, CG does not moderate the influence of dividend policy and company growth to earnings response coefficient. Keywords—corporate governance, dividend policy, earnings informativeness, company growth, income smoothing

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公司治理对收益平滑、股利、成长性和盈余信息性关系的作用

本实证研究的目的是分析2016 - 2018年印度尼西亚证券交易所上市的制造业公司的股息政策、公司成长和收入平滑对盈余信息的影响。盈余信息性是价格变动对公司意外盈余的市场反应，由盈余反应系数表示。本研究亦以东盟公司治理记分卡衡量的公司治理作为调节变量。本研究中使用的样本是2016年至2018年期间在印度尼西亚证券交易所上市的47家制造公司的129个原始观察结果。结果表明，收益平滑对盈余反应系数有正向影响，而股利政策和公司成长性对盈余反应系数没有正向影响。CG强化了收入平滑对盈余反应系数的影响。然而，CG并没有调节股利政策和公司成长对盈余反应系数的影响。关键词:公司治理，股利政策，盈余信息，公司成长性，收益平滑

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Proceedings of the International Conference on Management, Accounting, and Economy (ICMAE 2020)

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