ABSTRACT
This study examines whether market reactions to earnings announcements vary in the infrastructure, utilities, and transportation industry. Specifically, this study investigates the effect of growth opportunity, leverage, and financial quality on the earnings response coefficient. This study analyzes 30 firm-year observations from 10 firms over the period 2015–2018. This study finds growth opportunity has a positive effect on the earnings response coefficient, while leverage has a negative effect on the earnings response coefficient. Meanwhile, financial quality has no effect on the earnings response coefficient.
