Rezumat: This study aims to determine the effect of profitability, capital structure and liquidity on earnings response coefficient (ERC). The data used as research objects are 100 manufacturing companies listed on the Indonesia Stock Exchange in 2021. The results revealed that profitability and liquidity have a positive influence on ERC, while capital structure does not affect ERC. The value of profitability has a positive influence on market reactions in making decisions to invest. The high value of a company’s liquidity indicates that the company’s assets are easily sold or liquid, and the company can pay off its short-term debt well. Capital structure does not affect ERC because the information provided is irrelevant.