Penelitian ini bertujuan untuk mendiskusikan faktor-faktor penentu kualitas laba dan konsekuensi ekonomi di pasar modal Indonesia. Faktor-faktor tersebut adalah bawaan, kinerja, risiko perusahaan, dan risiko industri. Kualitas earning diukur menggunakan atribut kualitas akrual, persistensi, prediktabilitas, kelancaran, dan kualitas earning faktorial, sedangkan konsekuensi ekonomi diukur menggunakan varians residual sekuritas. Penelitian ini menggunakan data sekunder berupa laporan keuangan perusahaan mulai tahun 2005 hingga 2010. Penelitian menggunakan tiga langkah pengujian, yaitu (1) pengujian atribut kualitas earning yang berbeda satu sama lain, (2) menganalisis faktor-faktor penentu kualitas earning dan (3) menguji pengaruh kualitas earning di pasar saham dalam konteks hubungan antara informasi asimetris dan kualitas earning. Hasil pengujian pertama menunjukkan bahwa semua dari empat atribut kualitas earning berbeda satu sama lain. Analisis faktor-faktor penentu menunjukkan bahwa variabel leverage memiliki hubungan yang signifikan dengan lima atribut kualitas earning, daripada penjualan dan ukuran perusahaan yang menunjukkan hubungan signifikan dengan empat atribut kualitas informasi earning. Variabel lain seperti siklus operasi, kinerja, dan klasifikasi industri menghasilkan dua atribut kualitas earning. Pengujian konsekuensi ekonomi menghasilkan tiga atribut kualitas laba yang memiliki hubungan signifikan dengan varians residual sekuritas yaitu atribut kualitas akrual, kelancaran, dan kualitas laba faktorial.

The research aimed to discuss the determinant factors of earnings quality and the economic consequences in Indonesian capital market. Those factors are innate, performance, company risk and industry risk. The quality of earnings was measured using attributes are accrual quality, persistence, predictability, smoothness, and the quality of factorial earnings, whereas the economic consequence was measured using security residual variance. The research employed the secondary data in the form of financial statement of the companies starting from 2005 until 2010. The research employed three steps of testing, namely (1) testing of the attributes of earnings quality were different from each other, (2) analyzing the determining factors of earnings quality and (3) testing the effect of earnings quality in the stock market in terms of the relationship between information asymmetric and the earnings quality. The result of the first testing showed that all of the four attributes of earnings quality were different from each other. The analysis of determinant factors showed that leverage variable had a significant relationship with five attributes of earnings quality, than sales and firm size showed significant relationship with four attributes of earnings information quality. The other variables such as operation cycle, performance and the classification of the industry resulted in two attributes of earnings quality. The economic consequence testing resulted in three attributes of earnings quality that had a significant relationship with the security residual variance. Those attributes were accrual quality, smoothness, and factorial earnings quality.