Praktik Real Earning Management, Corporate Governance dan Nilai Perusahaan: Bukti Pada Industri Manufaktur di Indonesia
Abstract
This study aims to examine the effect of real earnings management on firm value with corporate governance as a moderating variable. The data used in this study are manufacturing companies listed on the Indonesia Stock Exchange for the fiscal year ending December 31, 2015 to 2019. The data collection technique is purposive sampling and comes from secondary data both from the IDX and from the website of each company. The research hypotheses were tested using regression analysis. The results of the study prove that corporate governance can weaken the relationship between real earnings management and firm value. Meanwhile, the direct influence of earnings management on firm value was not found to have a negative relationship, but the results were positive. This research is expected to contribute to the development of theories related to earnings management behavior and corporate governance practices, namely agency theory. Other contributions can be used as input for investors in assessing the company, especially those related to the transparency of the company's financial reporting.
Keywords: Abnormal Cash Flow From Operations; Corporate Governance; Firm Value; Agency Theory.
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References
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Partami, N. L. N., Sinarwati, N. K., & Darmawan, N. A. S. (2015). Pengaruh Manajemen Laba Riil Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). E-Journal S1 Ak Universitas Pendidikan Ganesha, 3(1), 1–12. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/4774
Rice. (2016). Manajemen Laba Dengan Corporate Governance. Jurnal Wira Ekonomi Mikroskil, 6(April), 55–72.
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Sa’diyah, S., & Hermanto, S. B. (2017). Pengaruh Manajemen Laba Akrual Dan Manajemen Laba Riil. Jurnal Ilmu Dan Riset Akuntansi, 6(9), 1–21.
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69. https://doi.org/10.24843/jiab.2019.v14.i01.p06
Tulcanaza-Prieto, A. B., & Lee, Y. (2022). Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010019
Vajriyanti, E., Widanaputra, A. A. G. P., & Putri, I. G. A. M. A. D. (2015). Pengaruh Manajemen Laba Riil pada Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. G Simposium Nasional Akuntansi XVIII Medan, 1–22.
Christiani, L., & Herawaty, V. (2019). Pengaruh Kepemilikan Manajerial, Komite Audit, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Prosiding Seminar Nasional Cendekiawan. https://doi.org/10.25105/semnas.v0i0.5824
Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. In Journal of Accounting and Economics (Vol. 50, Issue 1). https://doi.org/10.1016/j.jacceco.2010.01.002
Darmawan, I. P. E. (2020). Kualitas Audit Sebagai Pemoderasi Pengaruh Manajemen Laba Terhadap Nilai Perusahaan. Jurnal Akademi Akuntansi (JAA), 3(2), 174–190. https://doi.org/10.22219/jaa.v3i2.12269
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(20), 193–225.
Deva, B., & Machdar, N. M. (2017). Pengaruh Manajemen Laba Akrual dan Manajemen Laba Riil Terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Moderating. The First National Conference on Business & Management (NCBM) 2017, October 2017, 1–22. https://www.researchgate.net/publication/325487528
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). In Basic Econometrics.
Herawaty, V. (2008). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 10(2), 97–108. https://doi.org/10.9744/jak.10.2.PP.97-108
Irawan, E. D. H., Utami, E. S., & Fadah, I. (2018). The Effect of Riil Earning Management on Firm Value By Good Corporate Governance as Moderating. International Journal of Innovation Sciences and Research, 7(11), 1284–1291.
Jensen, C., & Meckling, H. (1976). Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305–360.
Junchristianti, Y., & Priyadi, M. P. (2015). Pengaruh Mekanisme Corporate Governance Terhadap Hubungan Antara Manajemen Laba Dengan Nilai Perusahaan. Jurnal Ilmu & Riset Akuntansi, 4(3), 1–25.
Krismiaji, K., & Perdana, D. (2018). Accounting Information Quality and Capital Investment Choice in the Governance Perspective – an Indonesian Evidence. International Journal of Business Management and Economic Research, 9(2), 1236–1243.
Kristanti, E. W., & Priyadi, M. P. (2016). Pengaruh Good Corporate Governance sebagai Pemoderasi Hubungan Manajemen Laba Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi :, 5(3), 1–16.
Kuang, W. (2021). Real Earning Smoothing and Crash Risk: Evidence From Japan. Journal of International Financial Management and Accounting, 87–156.
Machdar, N. M., Manurung, A. H., & Murwaningsari, E. (2017). The effects of earnings quality, conservatism, and real earnings management on the company’s performance and information asymmetry as a moderating variable. International Journal of Economics and Financial Issues, 7(2), 309–318.
Mellado-Cid, C., Jory, S. R., & Ngo, T. N. (2017). Real Activities Manipulation and Firm Valuation. Review of Quantitative Finance and Accounting, 50(4), 1201–1226.
Nazir, M. S., & Afza, T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4(1), 139–156. https://doi.org/10.1016/j.fbj.2018.03.001
Partami, N. L. N., Sinarwati, N. K., & Darmawan, N. A. S. (2015). Pengaruh Manajemen Laba Riil Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). E-Journal S1 Ak Universitas Pendidikan Ganesha, 3(1), 1–12. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/4774
Rice. (2016). Manajemen Laba Dengan Corporate Governance. Jurnal Wira Ekonomi Mikroskil, 6(April), 55–72.
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Sa’diyah, S., & Hermanto, S. B. (2017). Pengaruh Manajemen Laba Akrual Dan Manajemen Laba Riil. Jurnal Ilmu Dan Riset Akuntansi, 6(9), 1–21.
Sabatini, K., & Sudana, I. P. (2019). Pengaruh Pengungkapan Corporate Social Responsibility Pada Nilai Perusahaan Dengan Manajemen Laba Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 56–69. https://doi.org/10.24843/jiab.2019.v14.i01.p06
Tulcanaza-Prieto, A. B., & Lee, Y. (2022). Real Earnings Management, Firm Value, and Corporate Governance: Evidence from the Korean Market. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010019
Vajriyanti, E., Widanaputra, A. A. G. P., & Putri, I. G. A. M. A. D. (2015). Pengaruh Manajemen Laba Riil pada Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Pemoderasi. G Simposium Nasional Akuntansi XVIII Medan, 1–22.
Published
2022-04-26
How to Cite
SUPARDI, Supardi et al.
Praktik Real Earning Management, Corporate Governance dan Nilai Perusahaan: Bukti Pada Industri Manufaktur di Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 4, p. 845-858, apr. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/82196>. Date accessed: 25 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i04.p02.
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