Accounting 7 (2021) 1009–1016Contents lists available at GrowingScienceAccountinghomepage: impacts of earnings volatility, net income and comprehensive income on share Price: Evidence fromIndonesia Stock ExchangeHadi Susantoa, Indra Prasetyoa*, Trisa Indrawatia, Nabilah Aliyyaha, Rusdiyantob,d, Heru Tjarakab,Nawang Kalbuanac, Arif Syafi'ur Rochmand, Gazalie and ZainurrafiqieaFaculty of Economics and Business, Universitas Wijaya Putra, Jl. Raya benowo 1-3 Benowo Surabaya, East Java 60197 IndonesiaFaculty of Economics and Business, Universitas Airlangga, Jl. Airlangga No.4, Airlangga, Gubeng, Surabaya, East Java 60286 IndonesiacPoliteknik Penerbangan Indonesia Curug, Jl. Raya PLP Curug, Serdang Wetan, Kec. Legok, Tangerang, Banten 15820 IndonesiadFaculty of Economics, Universitas Gresik, Jl. Arief Rahman Hakim 2B Gresik, East Java 61111 IndonesiaeFaculty of Economics, Universitas Madura, Jl. Raya Panglegur Km 3.5, Tlanakan, Pamekasan, East Java 69317 Indonesia.bCHRONICLEArticle history:Received: November 25, 2020Received in revised format:January 29 2021Accepted: March 7, 2021Available online:March 7, 2021Keywords:Stock PriceEarnings VolatilityNet IncomeComprehensive IncomeABSTRACTThis study aims to estimate and predict the effect of stock prices on profit volatility, net profit,and comprehensive income on the Indonesia Stock Exchange for the period 2014-2019. The studyuses quantitative analysis with secondary data consisting of 98 banking companies on the Indonesiastock exchange from 2014 to 2019. The results prove that the share price has a significant effect onnet income and comprehensive income but does not have a significant effect on profit volatility, sothat net and comprehensive income has relevance to the share price and investors can make bothvariables in conducting further fundamental research. Previous studies measured the level ofvolatility of earnings, net income, and comprehensive income on the share price, but when trialingother approaches by causality, share prices affect net income and comprehensive income but not forprofit volatility. In this study, however, the change includes detailed income variables due toFinancial Accounting Standard No. 1, a shift in terms from profit and loss statements to systematicprofit and loss statements. 2021 by the authors; licensee Growing Science, Canada1. IntroductionTrend of stock price volatility on the financial market is the reason for the comparison of opinions about where the profitabilityof the industry and a high stock price level is still large and has an effect on the uncertainty of shareholder return. Many investorsare likely to look at high-quality stocks so is a high opportunity to earn capital gains, although the risk is high (Nikmah &Sitohang, 2015). Investors tend to see stocks with high levels (Iqbal, Chaudry, & Iqbal, 2015; Rozak, 2015; Sutrisno, 2017;Nurliza, 2017). Many variables affect the stock price. This research is structured to test those variables: stock price / industrialvalue metrics affected by the benefit dimension are earnings fluctuations, net profits, detailed income at Indonesia stockexchange banks, updates to this research are in maximum income variables, as there have not been a complete income indicatorin previous research.* Corresponding author.E-mail address: [email protected] (I. Prasetyo) 2021 by the authors; licensee Growing Science, Canadadoi: 10.5267/

1010The importance of the formula for the profit estimate to the stock market valuation can be determined on the significance ofnormal value accounting for the financial instruments and profit measurement model relevance research (Handy, 2013; Hodderet al., 2006; Barth, Beaver, & Landsman, 2001; Antoniou et al., 2002). Some authors (e.g., Khan & Bradbury; 2016, Procházka,2011; Francis & Schipper, 1999; Fiechter et al., 2017; Ota, 2001) investigated whether the basic features of the market areimportant to the interpretation of the change in stock prices. However the data on normal value profits does not impact the stockprice substantially. The reality that earnings instability is profited and sales variance reflects risks not dependent upon netincome. Standard in Financial Statements number 1 the wording has been changed from a declaration of benefit and loss to acomplete statement of profit and loss. The detailed declaration of income contains other full income containing income postsand expenditures not included in the statement of income and loss. The postal jobs include surplus revaluation turnover, gainsand losses within a given period, gains and losses in trades in foreign currencies, re-measurement income and losses andproductive hedge pieces. These posts are more critical in terms of complete benefit and loss. In this basis it is very important toperform research into which the importance of financial statements can be improved by systematic income calculation at regularvalue.2. Theoretical framework and hypothesis development2.1 Efficient Market TheoriesA good business, according to Fama (1970) is the situation where the bond prices state all the data. The share price onlyrespondes rapidly to the latest knowledge reflected in the adjustment in stock prices. Data by researching the relationshipbetween asset prices and accounting data are the secret to calculating market efficiency. However what details can be used totake competitive economies into account? The three key types of effective market have been stated, (Fama, 2013; Fama, 1970)among other things: efficient market is small effective market is half solid and efficient market shape is sound.2.2 Accounting's Information significanceResearch to assess whether a value in a financial statement occurs between a value and an asset pricing on a stock exchange isan important relevance. Both valid and accurate financial reporting must be made. Financial statements are claimed to beessential for the prediction and affirmation of forecasts already implemented for the business decision. Income results havebeen said to be important as they contribute closely to industry importance (Barth et al., 2001; Hodder et al., 2006) in thefinancial statement. The importance for financial norm setting of the value-related literature' is defined by the relevance of thestudy value in 3: a.Relative correlation studies (equivalent to the relationship between stock market valuation and alternate scalebottom line, b. Incremental correlation analyses (financial statements are helpful in describing the valuation of the stock marketor its returns), c. Content research on marginal knowledge (accounting figures raise existing data information for investors).2.3 Ohlson Valuation ModelIt is a model of value significance intended to define the relationship between accounting principles and business value (Ohlson,1995). Ohlson's methodology is the accounting model where the calculation model applies to the underlying principles of thefinancial data. The paradigm of Ohlson is a sound statistical method for assessing basic accounting factors-based markets, aswell as other forms of data that may be applicable to forecasting business value. Ohlson's model is a straightforward one. Theparadigm of Ohlson assumes investors are neutral to risk, transparency unbiased, comprehensive accounting, absence ofasymmetry, that the tax rate faced by shareholders is insignificant (Heesameilita, 2012; Randy Kuswanto, Prima AprilyaniRambe & Sri Ruwanti, 2016). The industrial value in the Ohlson model (1995) is reflected in stock price, as seen in the followingequation:NPt NBt α1 LA1 LA2 α2 VLt.The above equation indicates the industrial importance (NPt) at the time t influences on earnings volatility (NBt), net income(LA1), comprehensive income (LA2) and other data (VLt) each multiplied by a constant (α1 and α2). Thus can be derived forthe value of the industry is as follows:NPt f (NBt, LA1, LA2,VLt).Surprisingly, the value model (Feltham & Ohlson, 1995) was merely reduced but successfully removed the need to estimatedividends in the business value estimation by means of assessment outcomes that were even equal with the present value of allprojected dividends.

H. Susanto et al. /Accounting 7 (2021)10112.4 Hypothesis DevelopmentVolatility in earnings is the high turnover rate of the companies' income. Some researchers (e.g. Rowena & Hendra, 2017b;Bathala et al., 1994) explained the earnings volatility business risk proxy, from the dividend program, has an effect on the stockprice since the decision has relevant details relating to the allocation of business profits and the output of the market. This dataprovides a response for investors, thus affecting the stock price in the market. Managers are required, by volatility profits, tomonitor the price of industrial securities. Investors tend to maintain their shares, resulting in low stock sales (Rowena & Hendra,2017b; Antoniou et al., 2002). Profit ups and downs will make it hard for the industry to attract foreign funding, because theindustry is not usual, the higher the degree of profit fluctuations, such that investors' capital profits continue to be significant.Investors thus prefer to hold their shares for the coming term. There are also not many trades, so the number of stock prices islimited. Volatility of profits is a comparison of operating profit with overall industrial wealth (Shahid et al., 2015; Rowena &Hendra, 2017b; Jondri, & Rohmawati, 2017). The hypotheses in this analysis are as follows:H1. Stock price has a significant positive effect on profit volatility.The importance of accounting data will clarify the significance of business accounting data (Barth et al., 2001). Net sales is anaccounting detail in the profit and loss financial statements that describes the industry's results for a span of one year. Themarket value of the industry is expressed at the price market of its stock. Net income is a risk-relevant dimension, expressed inthe financial market stock price (Arouri et al., 2012). The net profits of Biddle and Choi (2006) rather than the sales fluctuations,influences the stock price. Determined in previous studies was the course of the relation between industrial income and stockprices. In compliance with the desires of each investor, the relationships can be positive or negative between manufacturingwages and stock prices. Sourced from the description, so the hypotheses in this research are:H2. Stock price has a significant positive effect on net profit.Comprehensive sales in the profit and loss financial statements describes the performance of the industry throughout one periodof financial statements. Financial Accounting Standard Number. 1 explained that there has been a change in terminology fromprofit and loss statements to comprehensive profit and loss statements. The actual statement of income contains other detailedrevenue and expenditures not included in the statement of revenue. The postal posts include surplus revaluation turnover,income and losses over time, foreign exchange trade profits, benefits and losses as a result of capital asset reassessments andsuccessful hedging sections. The postal posts include the postal posts. Data on the industry's results becomes useful becausethey are expressed in the price transition. Comprehensive revenue reveals the threats to the industry's success. The importanceof the uncertainties that may justify the degree of market return on securities must be detailed revenues. The more risk the moreprice the stock. Sourced from the description, so the hypotheses in this research are:H3. Stock price has a significant positive effect on comprehensive profit.3.Research Methods3.1 Types of ResearchThis analysis uses a quantitative approach that creates information and uses evidence to convince theories. The informationused in this analysis is secondary and does not offer information for example by means of other data or records, directly to datacollectors (Rusdiyanto, Agustia, Soetedjo, & Septiarini, 2020; Juanamasta et al., 2019; Rusdiyanto, Hidayat, et al., 2020;Prabowo, Rochmatulaili, Rusdiyanto, & Sulistyowati, 2020; Syafii et al., 2020; Jannah et al., 2020).3.2 Population and Research SamplesIn this research the nonprobabilistic approach of sampling is demonstrated by purposeful judgement. In a population, purposefulsampling uses certain parameters to collect reliable information. Financial statements banking are taken from Indonesia StockExchange and, to calculate earnings volatility, net income, and comprehensive income.3.3 Variable Operational DefinitionsIn this research, the value of accounting data in business was measured by the use of four types of variables construct aregression model. The variables used have been analyzed:1) Independent Variables

1012Independent variables used in this study are the projected industry value with the stock market price (NPt) on April 1. Priceor worth of capital market shares at a given time resulting from demand and supply by market actors is called the stockmarket price (Rusdiyanto & Narsa, 2019).2) Dependent Variables1.Earnings volatility means the degree of volatility of business income, describing profits is difficult to forecast and ismuch harder to predict at high volatility (Antoniou et al., 2002). The ups and downs in industry sales will obstruct theindustry's access to investors' funds. The higher the volatility of the industry's earnings, which ensures that buyersexpect to make massive capital returns at a profit hit optimum rate. Investors therefore prefer for a long time to holdtheir shares. Volatility of earnings is the contrast between assets and the overall wealth of business, with the followingformulas:ை ௧ ௧Earnings Volatility 2.3.் ௧ ௦ ௧Net income is one of the corporate benefit and loss accounting data that outlines the business's results over a particularaccounting cycle. Net income is the dimension of a risk, on the contrary the value of profit has the relevance of riskreflected in market stock price (Rusdiyanto & Narsa, 2019). Earning/the income is related to stock price rather thannet income. A valuable dimension of risk as stated in the share price is net income.Financial Accounting Standard Number. 1 there was a change in terminology from a profit and loss statement to acomprehensive profit and loss statement. This report covers supplementary compensation containing income andexpenditures not included in the income disclosure. These include revaluation surplus turnover, income and losses inthe interim, foreign-exchange trade earnings and losses, profits and losses as a result of re-measured financial asset.These posts make comprehensive profit and loss more relevant. Comprehensive income describes predictions frominvestors towards the stock price (Rusdiyanto & Narsa, 2019; Ilmiyono, 2017).3.4 Types and Data SourcesThe research used data from Indonesia Stock Exchange banking industry, variable data to calculate net income, earningsvolatility and comprehensive income.3.5 Analysis ModelThis research measures the impact of independent variables on dependent variables using a multiple linear regression analysiswith pls SEM application:Table 1Variable DescriptionCodeDescriptionSPStock PriceEVEarning volatilityNINet IncomeCIComprehensive Income4. Analysis And Discussion4.1 Research Results DescriptionIn order to give an understanding of the variables investigated, the properties of the testing data should be deciphered usinginformative analyzes before the theory is checked. The distribution of the analysis data used is often subject to data normalitychecking. Data from 126 out of 29 companies in the Indonesian Stock Exchange which fulfill previously laid down criteria areobtained from the sample results collection. The statistical knowledge from the survey is descriptive:Table 2The results of statistical observationsVariablesSPEVNICIValid N rd ,66

H. Susanto et al. /Accounting 7 (2021)1013Table 2 indicates a high value on net interest and overall income relative to income fluctuations. The volatility of earnings issubstantially smaller than net profits and overall income because the volatility of earnings includes more market value elementsthan net income and full income of financial assets and liabilities. Successive improvement in net sales valuation and detailedrevenue suggest that it provides details about the fair value importance of the liabilities and financial assets associatedbusinesses. That means, mark size is much more volatile to business profits than net profit to date. Higher earnings wouldimpact on a growing, weakening and dysfunctional state of the economy. Fig. 1 and Fig. 2 show the structures of the conceptualmodel as well as the first round of running the model. Also, Table 3 shows the results of convergent validity as well as compositereliability and the results confirm the validity of all variables.Fig. 1. The structure of the proposed studyFig. 2. The results of running the modelTable 3The results of convergent validity and internal consistenctVariableStock PriceEarning VolatilityNet incomeComprehensive ValidValidComposite idValidFig. 3. The results of final resultsFrom the bootstrapping model above, the T-statistic value and Hypothesis Test are used to conclude. The T-table value, of 5percent for 98 data, explains that if the T-static value exceeds the T-table of 1,666, the internal model will be significant.Table 4The results of path analysisStock price Earning VolatilityStock price Net IncomeStock price Comprehensive 42-0,140-0,140StandardError0,0880,0360,036T- StatisticP Value0,3363,9353,9510,7370,0000,000

1014The original sample value in Table 4 is the latent influence coefficient of another latent variable. The sample value is the midvalue of the path coefficient in the mid-column (m). Otherwise, we will be able to see the standard deviation (stdev), and defectsin the T-statistical mean sample showing the T-value for the hypothesis test. T- Statistics on the effect of stock price on earningvolatility show a number 0,336 smaller than T- Table 1,666 with a probability value of 0,737 which is bigger than 5%, meaningthat stock price has no a significant effect on earning volatility. T- Statistics on the effect of stock price on net income show anumber 3,935 bigger than T- Table 1,666 with a probability value of 0,000 that is smaller than 5%, meaning that stock price hasa significant positive effect on net income. And the last T- Statistics on the effect of stock price on comprehensive income showa number 3,951 bigger than T- Table 1,666 with a probability value of 0,000 that is smaller than 5%, meaning that stock pricehas a significant positive effect on comprehensive income.5. DiscussionThe hypothesis suggests that benefit influences the buying ability of individuals, so it also affects the company'svalue/acquisition price. High return adjustments will further decrease buying power and contribute to lower market values andlower potential dividends. The average equity prices for the financial market should then adjust. Volatility in profits does notchange stock price favorably and dramatically. The findings revealed that uncertainty in earnings does not have an effect oninventory values. The coefficient suggests a favorable association between income fluctuations and stock price and to allowinvestors to use knowledge about volatility income to determine their stock price. Volatilization of earnings is a typicalinvestment assumption. Based on the findings of this survey, Investors are most interested in high gains per share than in poorearnings per share stocks. The strong demand for profitable stocks brought the stock price of the firm up. On the other hand,low profits per share continues to reduce asset prices. The results of this analysis are not in line with his research findings(Rowena & Hendra, 2017a; Rusdiyanto & Narsa, 2019; Satriawan, 2017), which demonstrate that benefit uncertainty greatlyaffects the stock prices (Rusdiyanto & Narsa, 2019; Iatridis, 2015; Romli et al., 2017). Net sales affect the market priceoptimistic and dramatically. This means that investors can make fundamental analytical use of the net income value relevant atstock price equity book valuation because it has stock pricing knowledge. The result further enhances the belief that high-equityfirms will draw buyers to purchase the company's shares. This optimistic coefficient proves that investors have a larger stakein higher net income firms and have been the fundamental knowledge in decision-making on investment. The study findingsare consistent with his analysis results (Rusdiyanto & Narsa, 2019; Biddle & Choi, 2006; Mahlindiani et al., 2017). Net Profitshave greater effects on equity markets than fluctuations of income. Comprehensive profits do not change stock price favorablyand substantially. This means that full revenue is not applicable to the inventory price. The coefficient shows that the netrevenue has no positive relation to the stock price. Investor information on the company's stock price should be usedcomprehensively. For borrowers, high yields are a shared dream. Based on the findings of this survey, investors would be moreinvolved in stocks with large income per share than stocks with low incomes per share. Investors' strong demand for highprofit inventories would raise stock prices of the firm. On the other hand, low profits per share continues to reduce asset prices(Sidantha et al., 2016; Rusdiyanto & Narsa, 2019; Trimono et al., 2017).The findings of the variable control test indicate that the results of this analysis did not help the research results (Rinati, 2008;Anisma, 2012; Muflihah, 2017; Rusdiyanto & Narsa, 2019) because of the lack of significant and relevant net profit margin(NPM) stock (Rusdiyanto & Narsa, 2019). The results of the analysis do not correspond to other conclusions (Ardiansyah &Isbanah, 2017; Priana & Rm, 2017; Rusdiyanto & Narsa, 2019; Rosyadi & Anggraita, 2015; Septiawan, 2016).6. ConclusionThe results of this study have proved that the share price had a significant effect on net income and comprehensive income butdid not have any significant effect on profit volatility so that net and comprehensive profit had relevance to the share price andinvestors can make both variables in conducting further fundamental research. 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cPoliteknik Penerbangan Indonesia Curug, Jl. Raya PLP Curug, Serdang Wetan, Kec. Legok, Tangerang, Banten 15820 Indonesia dFaculty of Economics, Universitas Gresik, Jl. Arief Rahman Hakim 2B Gresik, East Java 61111 Indonesia eFaculty of Economics, Universitas Madura, Jl. Raya Panglegu