Praktik Manajemen Laba dan Reaksi Pasar Setelah Event Pergantian Chief Executive Officer (CEO)

  • Desak Nyoman Sri Juliartini Fakultas Ekonomi dan Bisnis Universitas Udayana, Indonesia
  • Ida Bagus Putra Astika Fakultas Ekonomi dan Bisnis Universitas Udayana, Indonesia

Abstract

This research is to prove after the change of chief executive officer (CEO) of earnings management practices and market reaction. The total sample taken was using the nonprabability sampling method with a purposive sampling technique of 48 companies on the IDX which included the LQ45 index. The analysis technique used is simple linear regression and paired sample t-test on the DA and PER values of the company. Based on the results of the analysis found that there is no effect of earnings management on market reaction after one and two years of CEO turnover. These results prove that there is no important information on the announcement of CEO turnover, so it is less able to make significant stock price fluctuations. The next result is no difference in both earnings management and market reaction that occurs one and two years after CEO turnover.


Keywords: Chief Executive Officer (CEO); Earning Management; Market Reaction; Price Earning Ratio (PER).

Downloads

Download data is not yet available.

References

Adiasih, P., & Kusuma, I. W. (2011). Manajemen Laba Pada Saat Pergantian CEO (Dirut) Di Indonesia. Jurnal Akuntansi dan Keuangan, 13 (2), 67-79.

Ardiati Aloysia Yanti. 2005. Pengaruh Manajemen Laba Terhadap Return Saham pada Perusahaan yang Diaudit oleh KAP Big 5 dan KAP Non Big 5. Jurnal Riset Akuntansi Indonesia. Vol. 8 No. 3, Hal. 235-249.

Astika, I. B. Putra. (2009). Hubungan Keagenan dan Hukum Besi Dalam Manajemen Laba. Jurnal Ilmiah Akuntansi dan Bisnis, 4(2). 200-213

Bengtsson, Kristian, Class Bergstrom, dan Max Nilsson. (2006). Earnings Management and CEO Turnovers. Working Paper, School of Aconomics, Sweden.

Brigham, E. F., dan Houston, J. F. (2008). Dasar-Dasar Manajemen Keuangan. Diterjemahkan oleh Ali Akbar Yulianto, Buku 2, Edisi II. Jakarta: Salemba Empat.

Bursa Efek Indonesia. (2019). http://www.idx.co.id/perusahaan-tercatat/profil-perusahaan-tercatat. Diakses 15 Desember 2019.

Choi, J. S., Kwak, Y. M., & Choe, C. (2014). Earnings Management Surrounding CEO Turnover: Evidence from Korea. ABACUS, 50(1), 25-55.

Clayton, M. J., Hartzell, J.C., dan Rosenberg, J. (2003). The Impact CEO Turnover on Firm Volatility. http://www.ssrn.com

Dechow, P., Hutton, A., Kim, j. H., dan Sloan, R. G. (1995). Detecting Earnings Management. The Accounting Review, 70(2), pp. 193-225

Dhinata, I. P. S., & Wirama, D. G. (2015). Manajemen Laba Pada Event Pergantian Chief Executive Officer di Perusahaan yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana. 10(2), 326-339.

Eisenhardt, K. M. (1989). Agency Theory: An Assessment an Review. The Academy of Management Review, Vol.14, No.1 (Jan., 1989), pp. 57-74.

Erawan, I. G. P., & Ulupui, I. G. K. A. (2013). Manajemen Laba Sebelum dan Sesudah Pergantian Chief Executive Officer (CEO). E-Jurnal Akuntansi Universitas Udayana, 3(1), 55-72.

Febriani, D. (2014). Pengaruh Manajemen Laba terhadap Nilai Perusahaan dengan Mekanisme Corporate Governance sebagai Variabel Pemoderasi. Skripsi. Universitas Lampung.

Feng Yu-Chia. 2012. CEO Turnover, Earnings Management, and Big Bath.

Ferro, D., Haryetti, & Wijaya, E. Y. (2014). The Influence Earning Management on Firm Value by Good Corporate Governance Indeks as Moderating Variable. JOM FEKOM, 1(2), 1-17.

Fundenberg, Drew and Jean Tirole. (1995). "A Theory of Income and Devidend Smoothing Based on Incumbency Rates". Journal of Political Economy. February. 75-93.

Gill, A., Biger, N., Mand, H. S., & Mathur, N. (2013). Earning Management, Firm Performance, and The Value of Indian Manufacturing Firms. International Research Journal of Finance and Economics, (116), pp 120-132.

Hassen, R. M. (2014). Executive Compensation and Earning Management. International Journal of Accounting and Financial Reporting, 4(1): 84-105

Jayanthi, P. Y. and Putra, I. W. (2013) ‘Manajemen Laba dan Respon Pasar Di Sekitar Pergantian CEO’, 1, pp. 147–162.

Jensen, M.C dan Meckling, W.H. (1976). Theory of the Firm : Managerial Behavior, Agency Cost, Ownership Structure. Journal of Financial Economics, 3, hal. 1-78.

Jin, Lianhua., Jung-Hwa, Lee & Zhi Hua, Zhang. 2010. CEO Behaviour Regarding Pre-Turnover Earnings Management.

Jogiyanto, H.M. (2017). Teori Portofolio dan Analisis Investasi, Edisi Kesebelas. Yogyakarta: BPFE

Larastomo, J. et al. (2016) ‘Pengaruh Tata Kelola Perusahaan dan Penghindaran Pajak Terhadap Manajemen Laba Pada Perusahaan Manufaktur di Indonesia’, Esensi, 6(1), pp. 63–74. doi: 10.15408/ess.v6i1.3121.

Noor, I. K., & Astika, I. B. (2016). Perbedaan Kinerjs dan Nilai Perusahaan Sebelum dan Setelah Pergantian Chief Executive Officer. E-Jurnal Akuntansi Universitas Udayana, 17(2), pp 1057-1082.

Novitasari, P. M., Suranta, S. and Setiawan, D. (2016) ‘PERGANTIAN CHIEF EXECUTIVE OFFICER (CEO) DAN KINERJA AKUNTANSI (Studi Empiris pada Perusahaan Non-Keuangan yang Listing di BEI Tahun 2001-2012)’, Jurnal Akuntansi, 3(2), pp. 1–15. doi: 10.24964/ja.v3i2.47.

Putri, N. and Fadhlia, W. (2017) ‘Pergantian Ceo, Penghindaran Pajak, Kompensasi Eksekutif dan Manajemen Laba Studi Kausalitas pada Perusahaan Manufaktur Indonesia’, Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 2(3), p. 1.

Ramantha, Wayan dan Kartika Putri (2014) ‘pengaruh pergantian ceo profitabilitas’, 26, pp. 2011–2012.

Ridwan, M., & Gunardi, A. (2013). Peran Mekanisme Corporate Governance sebagai Pemoderasi Praktik Earning Management Terhadap Nilai Perusahaan. Trikonomika, 12(1), pp 49-60.

Sadia, N. and Sukartha, I. (2014) ‘Pengaruh Pergantian Ceo Pada Praktik Manajemen Laba Perusahaan Publik Yang Terdaftar Di Bursa Efek Indonesia’, E-Jurnal Akuntansi, 8(1), pp. 200–210.

Scott, W., R. (2015). Financial Accounting. Seventh Edition. Pearson: Toronto.

Setiawan, Doddy, Santoso Tri Hananto dan Phua Lian Kee. (2011). An Analysis Of Market Reaction Executive Turnover Announcement In Indonesia : A Trading Volume Approach. Journal of Business and Economic Research. Vol.9 No.11.

Subramanyam, K. R., Wild, J. J. 2013. Analisis laporan keuangan. Buku 1 edisi 10. Jakarta: Salemba Empat.

Suffian, M. T. M., Sanusi, Z. M., & Mastuki, N. A. (2015). Real Earnings Management and Firm Value. Malaysian Accounting Review, 14(1), pp 26-47.

Sugiyono. (2018). Metode Penelitian Bisnis. Bandung: C.V. Alfabeta.

Susanto, S., & Christiawan, Y. J. (2016). Pengaruh Earning Management Terhadap Firm Value. Business Accounting Review, 4(1), 205-216.

Swasti, Ni Wayan Mahoni, Majidah dan Triyanto, Dodik, N. (2016) ‘ Praktik Manajemen Laba dan Reaksi Pasar Pada Event Pergantian CEO Di Perusahaan Go Public Non Keuangan Yang Terdaftar Di BEI Tahun 2010-2014’.

Warner, J. B., Watts, R. L., and Wruck, K. H. (1988). Stock Prices and Top Management Changes. Journal of Financial Economics, 20, pp 461-492

Wells, P. (2002). Earnings Management Surrounding CEO Changes Accounting and Finances, 42: 169-193.

Widyaningdyah, A.U. (2001). Analisis Faktor-Faktor Yang Berpengaruh Terhadap Earning Management Pada Perusahaan Go Public di Indonesia. Jurnal Akuntansi dan Keuangan. 3(2), hlm. 89-101.

Wijaya, B. A. and Ardiana, P. A. (2014) ‘Manajamen Laba Pada Peristiwa Pergantian Chief Executive Officer’, E-Jurnal Akuntansi Universitas Udayana, 2, pp. 263–278.

Yasa, G. W., & Novialy, Y. (2008). Manajemen Laba oleh Chief Executive Officer (CEO) Baru pada Perusahaan-perusahaan yang Terdaftar di Pasar Modal Indonesia. Jurnal Ilmiah Akuntansi Dan Bisnis Universitas Udayana, 7(1), pp 1-24.
Published
2021-04-25
How to Cite
JULIARTINI, Desak Nyoman Sri; ASTIKA, Ida Bagus Putra. Praktik Manajemen Laba dan Reaksi Pasar Setelah Event Pergantian Chief Executive Officer (CEO). E-Jurnal Akuntansi, [S.l.], v. 31, n. 4, p. 795-808, apr. 2021. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/60509>. Date accessed: 28 mar. 2024. doi: https://doi.org/10.24843/EJA.2021.v31.i04.p01.
Section
Artikel