FITRIANI, APRILIA (2026) PENGARUH DEPRECIATION INDEX, SALES GENERAL AND ADMINISTRATIVE EXPENSES INDEX, TOTAL ACCRUALS TO TOTAL ASSETS INDEX, LEVERAGE INDEX DAN KEPATUHAN PELAPORAN KEUANGAN TERHADAP KUALITAS LABA DAN RETURN SAHAM (Studi Empiris Pada Perusahaan Sektor Barang Konsumen Primer yang Terdaftar di Indeks Saham Syariah Indonesia (ISSI) Periode 2020-2024). S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
In Indonesia, the increasingly dynamic business environment and the growing competition within the Islamic capital market have encouraged companies not only to report high profits but also to ensure that those profits are of sufficient quality and can be trusted by stakeholders. This study aims to examine the effect of the Depreciation Index, Sales General and Administrative Expenses Index, Total Accruals to Total Assets Index, Leverage Index, and financial reporting compliance on earnings quality and stock returns. The research population was drawn from 46 primary consumer goods sector-based companies registered on the Indonesian Sharia Stock Index (ISSI) during the 2020–2024 period. Using a purposive sampling approach, 34 companies met the sample selection criteria throughout the five-year period, resulting in an initial total of 170 observations. Multiple regression analysis was applied to the data using SPSS version 30. The findings show that, in the first model, the Depreciation Index, Sales General and Administrative Expenses Index, Total Accruals to Total Assets Index, and Leverage Index do not have a proven effect on earnings quality. In contrast, financial reporting compliance has a positive and significant effect on earnings quality. In the second model, the Depreciation Index, Sales General and Administrative Expenses Index, Leverage Index, financial reporting compliance, and earnings quality do not affect stock returns. However, the Total Accruals to Total Assets Index shows a statistically significant positive effect on stock returns. Interestingly, the market responds more strongly to earnings that are considered reliable, sustainable, and reflective of the company’s actual economic condition, rather than merely focusing on the nominal amount of reported profit. This finding also integrates Agency Theory and Signaling Theory by showing that the market responds to earnings quality signals. The more credible the signals received by investors from financial reports, the stronger the demand for shares, which may ultimately lead to higher stock returns. Keywords: Depreciation Index, Sales General and Administrative Expenses Index, Total Accruals to Total Assets Index, Leverage Index, Earnings Quality, Financial Reporting Compliance, Stock Returns. Di Indonesia, dinamika di dalam dunia usaha dan persaingan di lingkungan pasar modal syariah yang lebih intensif mendorong perusahaan agar tidak terbatas pada tampilan laba yang besar, serta turut memastikan bahwa laba tersebut memiliki kualitas yang memadai dan dipercaya oleh stakeholder. Penelitian ini bertujuan memperoleh bukti empiris mengenai pengaruh depreciation index, sales general and administrative expenses index, total accruals to total assets index, leverage index, serta kepatuhan pelaporan keuangan terhadap kualitas laba dan return saham. Populasi penelitian mencakup 46 perusahaan sektor barang konsumen primer yang terdaftar di ISSI selama kurun waktu 2020–2024. Dengan pendekatan purposive sampling, diperoleh 34 perusahaan yang lolos kriteria pemilihan sampel dan dilakukan dalam periode 5 tahun, sehingga jumlah data observasi awal sebanyak 170. Data penelitian diolah dengan metode regresi berganda melalui program SPSS versi 30. Temuan dari hasil penelitian yang ditunjukkan pada pada model pertama, Depreciation Index, Sales General and Administrative Expenses Index, Total Accruals to Total Assets Index, dan Leverage Index tidak terbukti memengaruhi kualitas laba. Sebaliknya, kepatuhan pelaporan keuangan menunjukkan pengaruh dengan arah positif dan signifikan terhadap kualitas laba. Pada model kedua, Depreciation Index, Sales General and Administrative Expenses Index, Leverage Index, kepatuhan pelaporan keuangan, dan kualitas laba tidak berpengaruh terhadap return saham. Namun, Total Accruals to Total Assets Index menunjukkan pengaruh dengan arah positif dan signifikan terhadap return saham. Bagian yang menarik bahwa pasar merespons secara lebih kuat terhadap laba yang dinilai andal, berkelanjutan, dan mencerminkan kondisi ekonomi perusahaan yang sesungguhnya dibandingkan sekadar besaran laba nominal yang dilaporkan oleh Perusahaan. Temuan ini juga mengintegrasikan antara Agency Theory dan Signaling Theory sebagai bukti bahwa pasar merespons sinyal kualitas laba yaitu semakin kredibel sinyal yang ditangkap investor dari laporan keuangan, semakin kuat dorongan permintaan saham yang berujung pada peningkatan return. Kata Kunci: Depreciation Index, Sales General and Administrative Expenses Index, Total Accruals to Total Assets Index, Leverage Index, Kualitas Laba, Kepatuhan Pelaporan Keuangan, Return Saham
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