This study aims to test and analyze Income Smoothing as a moderating variable in the relationship between the Investment Opportunity Set, Accounting Conservatism, and Earnings Persistence on the Earnings Response Coefficient in finance companies listed on the Indonesia Stock Exchange from 2019 to 2023. This research adopts a quantitative approach using secondary data. The data analysis method involves panel data regression tests and Moderated Regression Analysis (MRA) using Microsoft Excel and EViews 9 software. The population of this study consists of companies in the financial sector. Data were collected using a purposive sampling technique, resulting in 31 samples from a total population of 104 companies. The findings reveal that the Investment Opportunity Set, Accounting Conservatism, and Earnings Persistence collectively influence the Earnings Response Coefficient in finance companies from 2019 to 2023. Moreover, the results indicate that the Investment Opportunity Set and Earnings Persistence individually affect the Earnings Response Coefficient, while Accounting Conservatism does not have a significant effect.