Published: 2026-06-01

Analisis Pengaruh Perspektif Manajemen Laba Terhadap Earnings Response Coefficient (ERC) dengan Moderasi Skor Pengungkapan ESG

DOI: 10.35870/jemsi.v12i3.6343

Jauza Nada Alfiyah, Khomsiyah Khomsiyah
  • Jauza Nada Alfiyah: Universitas Trisakti
  • Khomsiyah Khomsiyah: Universitas Trisakti
Cover JEMSI Volume 12 Nomor 3 Juni 2026
Article Metrics
Share:

Abstract

This study was conducted to examine the effect of earnings management on market responses to earnings announcements, as well as to test the influence of ESG (Environmental, Social, and Governance) disclosure scores as corporate reputation insurance, which is assumed to affect market responses to managed earnings. The main focus is to determine whether a firm's commitment to sustainability can mitigate the potential negative impact of managed earnings on the Earnings Response Coefficient (ERC). This study utilizes 195 observation samples from non-financial public companies in Indonesia listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 observation period, employing the OLS (Ordinary Least Square) method with robust standard errors. The results indicate that earnings management during this period does not directly affect market reactions to the company's announced earnings; however, the company's ESG disclosure score has a significant impact on market reactions. Thus, it is concluded that ESG disclosure by companies serves as a positive signal that is highly valued by the market in the current era of sustainable investment.

Keywords

Earnings Response Coefficient (ERC); ESG Disclosure Score; Earnings Quality

Peer Review Process

This article has undergone a double-blind peer review process to ensure quality and impartiality.

Indexing Information

Discover where this journal is indexed at our indexing page.

Open Science Badges

This journal supports transparency in research and encourages authors to meet criteria for Open Science Badges.

How to Cite

Alfiyah, J. N., & Khomsiyah, K. (2026). Analisis Pengaruh Perspektif Manajemen Laba Terhadap Earnings Response Coefficient (ERC) dengan Moderasi Skor Pengungkapan ESG. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(3), 2741-2748. https://doi.org/10.35870/jemsi.v12i3.6343
Article Information

This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 12 No. 3 (2026)

  • Section: Articles

  • Published: 2026-06-01

AI Research Hub

This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem.

Semantic Scholar Scite Dimensions Connected Papers
Scholarly Connection Platforms
Dimensions Dimensions Connected Papers Connected Papers Scite Scite Google Scholar Google Scholar Semantic Scholar Semantic Scholar Garuda Garuda Scilit Scilit Crossref Crossref BASE BASE Zenodo Zenodo Unpaywall Unpaywall OpenCitations OpenCitations
Author Biographies
Jauza Nada Alfiyah, Universitas Trisakti
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Trisakti, Indonesia.

Khomsiyah Khomsiyah, Universitas Trisakti
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Trisakti, Indonesia.

References
  • Abidin, J., Sasana, L. P., & Ameli. (2022). Pengaruh struktur modal, pertumbuhan laba terhadap kualitas laba dan ukuran perusahaan sebagai variabel moderasi. Owner: Riset & Jurnal Akuntansi, 894-908.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Alharasis, E. E. (2025). Earnings management and the driving force behind sustainability reporting disclosure in the Jordanian banking industry. Emerald.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Azizah, V. N., & Asrori. (2022). Pengaruh ukuran perusahaan, leverage, dan likuiditas terhadap kualitas laba dengan profitabilitas sebagai variabel moderating. Owner: Riset & Jurnal Akuntansi, 1029-1042.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Cantero-Saiz, S. M. (2025). ESG and bank profitability: The moderating role of country sustainability in developing and developed economies. Green Finance, 288-331.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Cug, J., & Cugova, A. (2021). Relationship between earnings management and earnings quality in the globalized business environment. SHS Web of Conferences.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics. New York: Douglas Reiner.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ismail, T. H., & M. S.-D.-H. (2024). Ownership structure and financial reporting integrity: The moderating role of earnings quality in Egyptian practice. Emerald, 471-495.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Lajnef, K., & Ellouz, S. (2024). Do cultural differences moderate the relationship between CSR and earnings quality: Common law evidence pre and during COVID-19 crisis? Emerald, 213-240.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Lestari, A. D., & Khomsiyah. (2023). Pengaruh kinerja lingkungan, penerapan green accounting, dan pengungkapan sustainability report terhadap nilai perusahaan. Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (Jebma).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Lestari, R., & Muthmainnah, D. R. (2025). The impact of earnings management on perceived quality of earnings: The moderating role of ESG. Emerald, 258-276.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Martha, H., & Khomsiyah. (2022). The effects of environmental, social, and governance (ESG) on corporate performance. Jurnal Ilmiah Bisnis dan Ekonomi Asia, 17(1), 112-120.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Melinda, A., & Wardhani, R. (2020). The effect of environmental, social, governance, and controversies on firm's value: Evidence from Asia. Emerald, 147-173.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Nguyen, T. T., Ibrahim, S., & Giannopoulos, G. (2022). Detecting earnings management: A comparison of accrual and real earnings manipulation models. Emerald, 344-379.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • P.M., H. &. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 365-383.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Primacintya, V. A., & Kusuma, I. W. (2025). Environmental, social and governance (ESG) performance and earnings management: The role of gender diversity. Emerald, 294-314.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rankin, F., Ferlauto, M., & Stanton, P. (2018). Contemporary issues in accounting (2nd ed.). Milton: John Wiley & Sons Australia, Ltd.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rezaee, Z., & Tuo, L. (2019). Are the quantity and quality of sustainability disclosures associated with the innate and discretionary earnings quality? Springer Nature, 763-786.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Salehi, A. K., & Soleimanizadeh, E. (2023). Impact of accrual and real earnings management on the stock liquidity: The month-of-the-year and Ramadan effects. Emerald.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Scott, W. R. (2015). Financial accounting theory (7th ed.). Toronto: Pearson.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Tarjo, A. A., Said, J., & Sakti, E. (2024). Environmental, social, and governance (ESG) fraud: A bibliometric study and systematic literature review. E3S Web of Conferences, EDP Sciences.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Tsang, A., Frost, T., & Cao, H. (2023). Environmental, social, and governance (ESG) disclosure: A literature review. Elsevier.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Widagdo, R. K. (2021). Corporate social responsibility, earnings management, and firm performance: Are the companies really ethical? IOP Conference Series: Earth and Environmental Science.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Wu, S., & Liu, Z. (2025). Environment, social, governance and earning quality: The moderating effect of digital transformation. Elsevier B.V.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

1. Copyright Retention and Open Access License

Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).

This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

2. Rights Granted Under CC BY 4.0

Under this license, readers are free to:

  • Share — copy and redistribute the material in any medium or format
  • Adapt — remix, transform, and build upon the material for any purpose, including commercial use
  • No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed

3. Attribution Requirements

All uses must include:

  • Proper citation of the original work
  • Link to the Creative Commons license
  • Indication if changes were made to the original work
  • No suggestion that the licensor endorses the user or their use

4. Additional Distribution Rights

Authors may:

  • Deposit the published version in institutional repositories
  • Share through academic social networks
  • Include in books, monographs, or other publications
  • Post on personal or institutional websites

Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.

5. Self-Archiving and Pre-Print Sharing

Authors are encouraged to:

  • Share pre-prints and post-prints online
  • Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
  • Engage in scholarly communication throughout the publication process

6. Open Access Commitment

This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.

Downloads