This document provides an example calculation of ERC (Earnings Response Coefficient) in two steps: 1. The first step calculates ERC using a regression equation relating CAR (Cumulative Abnormal Return) to UE (Unexpected Earnings). This results in an ERC of 0.192. 2. The second step calculates ERC using a regression equation relating the ERC from step 1 to Total Assets (A). This results in an ERC of -0.75 + 0.24A. The document shows the calculations and equations used to derive the ERC in each step.

1. CONTOH PERHITUNGAN ERC
1 Juni 2023

2. TAHAP 1: Perhitungan regresi dgn persamaan ==> CAR = b0 + b1 UE
n CAR = Y UE = X y=Y-Ybar x=X-Xbar xy x
2
ERC=b1
1 3 4 -1.00 0.60 -0.60 0.36 -0.09
2 4 3 0.00 -0.40 0.00 0.16 0.22
3 5 4 1.00 0.60 0.60 0.36 0.41
4 4 3 0.00 -0.40 0.00 0.16 0.22
5 3 4 -1.00 0.60 -0.60 0.36 -0.09
6 4 3 0.00 -0.40 0.00 0.16 0.22
7 5 4 1.00 0.60 0.60 0.36 0.41
8 3 3 -1.00 -0.40 0.40 0.16 -0.12
9 5 5 1.00 1.60 1.60 2.56 0.33
10 4 1 0.00 -2.40 0.00 5.76 0.65
Total 40 34 0.00 0.00 2.00 10.4 2.18
Ybar 4
Xbar 3.4
CAR = b0 + b1 UE ==> CAR = 3.346 + 0.192 UE CAR = b0 + b1 UE ==> b1 = ERC
b1 = xy / x
2
= 0.192 Y = b0 + b1 X ==> b1 = ERC
b0 = Ybar - b1(Xbar) = 3.346 Y - b0 = b1X
(Y- b0) / X = b1 ==> ERC pada perhitungan regresi berikutnya

3. TAHAP 2: Perhitungan regresi dgn persamaan ==> ERC = b0 + b1 A
n ERC = Y A = X y=Y-Ybar x=X-Xbar xy x2
1 -0.09 3 -0.30 -1.00 0.30 1
2 0.22 4 0.00 0.00 0.00 0
3 0.41 5 0.20 1.00 0.20 1
4 0.22 4 0.00 0.00 0.00 0
5 -0.09 3 -0.30 -1.00 0.30 1
6 0.22 4 0.00 0.00 0.00 0
7 0.41 5 0.20 1.00 0.20 1
8 -0.12 3 -0.33 -1.00 0.33 1
9 0.33 5 0.11 1.00 0.11 1
10 0.65 4 0.44 0.00 0.00 0
Total 2.18 40 0.00 0.00 1.45 6
Ybar 0.22
Xbar 4
ERC = b0 + b1 A ==> ERC = -0.75 + 0.24A
b1 = xy / x2
= 0.24
b0 = Ybar - b1(Xbar) = -0.75