Pengaruh Cost Stickiness Terhadap Earnings Per Share (EPS) Forecast Error pada Perusahaan Consumer Non-Cyclical Di Bursa Efek Indonesia

Jaisyurrahman, Ahmad Hanif (2026) Pengaruh Cost Stickiness Terhadap Earnings Per Share (EPS) Forecast Error pada Perusahaan Consumer Non-Cyclical Di Bursa Efek Indonesia. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini dilatarbelakangi oleh perilaku cost stickiness, yaitu kondisi ketika biaya perusahaan tidak menurun secara proporsional saat penjualan mengalami penurunan, yang dalam penelitian terdahulu dikaitkan dengan terjadinya kesalahan dalam peramalan laba per saham (EPS forecast error). Penelitian ini bertujuan untuk menganalisis pengaruh cost stickiness terhadap EPS forecast error pada perusahaan sektor consumer non-cyclical yang terdaftar di Bursa Efek Indonesia selama periode 2021-2025. Cost stickiness diukur melalui tiga ukuran, yaitu total cost stickiness, cost of goods sold (COGS) stickiness, dan selling, general, and administrative (SG&A) stickiness. Untuk populasi dalam penelitian ini mencakup seluruh perusahaan sektor consumer non-cyclical yang terdaftar di Bursa Efek Indonesia, sedangkan pemilihan sampel dilakukan dengan menggunakan teknik purposive sampling. Berdasarkan kriteria yang telah ditetapkan, diperoleh 67 perusahaan dengan total 335 observasi. Penelitian ini menggunakan enam variabel kontrol, yaitu nilai pasar (market value), status kerugian (loss), prediksi kerugian (down), perubahan penjualan, margin laba (profit margin), dan perubahan laba bersih. Analisis data dilakukan dengan menggunakan regresi data panel dengan pendekatan common effect model (CEM) dan cluster-robust standard errors. Hasil penelitian menunjukkan bahwa total cost stickiness tidak berpengaruh signifikan terhadap EPS forecast error, baik pada kondisi penjualan meningkat maupun menurun, sehingga hipotesis pertama tidak didukung oleh hasil pengujian. Hasil yang sama juga ditemukan pada COGS stickiness dan SG&A stickiness, sehingga hipotesis kedua dan ketiga juga tidak didukung oleh hasil pengujian. Temuan ini menunjukkan bahwa perilaku biaya asimetris belum terbukti memengaruhi EPS forecast error secara signifikan pada perusahaan sektor consumer non-cyclical di Indonesia selama periode penelitian. Secara teoretis, penelitian ini memperluas literatur mengenai hubungan antara cost stickiness dan akurasi peramalan laba pada negara berkembang. Secara praktis, hasil penelitian ini menunjukkan bahwa informasi mengenai cost stickiness tidak dapat digunakan sebagai satu-satunya dasar dalam mengevaluasi ketepatan proyeksi EPS. Penelitian ini memiliki keterbatasan karena hanya berfokus pada satu sektor industri serta menggunakan periode pengamatan yang terbatas pada tahun 2021-2025.
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This study is motivated by the phenomenon of cost stickiness, which refers to a condition in which corporate costs do not decrease proportionally when sales decline and has been associated in previous studies with earnings per share (EPS) forecast errors. This study aims to examine the effect of cost stickiness on EPS forecast error in consumer non-cyclical companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Cost stickiness is measured using three proxies, namely total cost stickiness, cost of goods sold (COGS) stickiness, and selling, general, and administrative (SG&A) stickiness. The population consists of all consumer non-cyclical companies listed on the Indonesia Stock Exchange, while the sample is selected using purposive sampling. Based on the predetermined criteria, 67 companies with a total of 335 observations are obtained. This study employs six control variables, namely market value, loss status, loss prediction (down), sales changes, profit margin, and changes in net income. Data are analyzed using panel data regression with the common effect model (CEM) approach and cluster-robust standard errors. The results indicate that total cost stickiness has no significant effect on EPS forecast error under both increasing and decreasing sales conditions; therefore, the first hypothesis is not supported. Similar findings are obtained for both COGS stickiness and SG&A stickiness, indicating that the second and third hypotheses are also not supported. These findings suggest that asymmetric cost behavior has not been proven to significantly affect EPS forecast error in Indonesian consumer non-cyclical companies during the observation period. Theoretically, this study extends the literature on the relationship between cost stickiness and earnings forecast accuracy in developing countries. Practically, the results imply that information regarding cost stickiness cannot be used as the sole basis for evaluating the accuracy of EPS projections. This study is limited by its focus on a single industrial sector and by the observation period, which is restricted to 2021–2025.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	consumer non-cyclical, cost stickiness, EPS forecast error
Subjects:	H Social Sciences > HG Finance > HG3751 Credit--Management. H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value H Social Sciences > HG Finance > HG4529.5 Portfolio management
Divisions:	Faculty of Business and Management Technology > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Ahmad Hanifjaisyurrahman
Date Deposited:	05 Aug 2026 03:42
Last Modified:	05 Aug 2026 03:42
URI:	http://repository.its.ac.id/id/eprint/143971

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