Pengaruh Enterprise Risk Management (ERM) dan Kebijakan Anti-Fraud terhadap Earnings Response Coefficient (ERC) pada Perusahaan Subsektor Batu Bara yang Terdaftar di Bursa Efek Indonesia Periode 2019-2023
DOI:
https://doi.org/10.61104/jq.v4i3.6101Keywords:
Enterprise Risk Management (ERM), Kebijakan Anti-Fraud, Earnings Response Coefficient (ERC), Subsektor Batu Bara, Pasar Modal.Abstract
Urgensi penelitian ini didasarkan pada pentingnya kredibilitas informasi laba di pasar modal, khususnya pada subsektor batu bara yang memiliki volatilitas tinggi akibat fluktuasi harga energi global. Penelitian ini bertujuan untuk menguji pengaruh Enterprise Risk Management (ERM) dan kebijakan anti-fraud terhadap Earnings Response Coefficient (ERC). Penelitian menggunakan paradigma positivis dengan pendekatan kuantitatif. Instrumen penelitian berupa data sekunder yang diperoleh dari laporan tahunan, laporan keuangan, dan data harga saham. Populasi penelitian adalah perusahaan subsektor batu bara yang terdaftar di Bursa Efek Indonesia, dengan teknik sampel jenuh sebanyak 16 perusahaan selama periode 2019–2023 (80 observasi). Teknik pengumpulan data menggunakan dokumentasi, sedangkan analisis data menggunakan regresi data panel dengan bantuan STATA serta pengujian asumsi klasik dan pemilihan model. Hasil penelitian menunjukkan bahwa ERM dan kebijakan anti-fraud berpengaruh positif namun tidak signifikan terhadap ERC, yang mengindikasikan bahwa kedua mekanisme tersebut belum menjadi pertimbangan utama investor. Sebaliknya, variabel COVID-19 berpengaruh positif dan signifikan, menunjukkan dominasi faktor eksternal. Kesimpulannya, mekanisme tata kelola internal belum mampu meningkatkan respons pasar secara signifikan dibandingkan faktor makroekonomi.
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