The Influence of Earnings Opacity on Cost of Equity with Earnings Persistence as a Moderating Variable

Authors

  • Divani Aulia Universitas Islam Nahdlatul Ulama Jepara, Indonesia
  • Fitri Ella Fauziah Universitas Islam Nahdlatul Ulama Jepara, Indonesia

DOI:

https://doi.org/10.32493/jiaup.v14i1.54941

Keywords:

Cost of Equity, Earnings Aggressiveness, Earnings Smoothing, Earnings Persistence, Earnings Opacity

Abstract

This research aims to understand and evaluate the role of earnings persistence as a moderating variable, as well as to examine the influence of earnings aggressiveness and earnings smoothing on cost of equity. Employing a quantitative research approach with secondary data sourced from financial statements of manufacturing companies listed on the IDX during the 2021-2023 period. The sample was selected based on purposive sampling criteria, yielding 114 data samples. Data analysis utilized multiple regression and absolute difference value test through SPSS 25. The results indicate that earnings aggressiveness and earnings smoothing demonstrate a significant positive influence on cost of equity. The main findings reveal that earnings persistence only moderate and weaken the relationship between earnings smoothing and cost of equity, but fails to moderate the relationship between earnings aggressiveness and cost of equity. This suggests that earnings persistence only reduces investor risk perception in earnings smoothing practices, but not in earnings aggressiveness practices

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Published

2026-01-22

Issue

Vol. 14 No. 1 (2026): Jurnal Ilmiah Akuntansi Universitas Pamulang

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Copyright (c) 2026 Divani Aulia, Fitri Ella Fauziah

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