Pengaruh Perubahan Leverage pada Manajemen Laba
Abstract
This research analyses the effect of changes in leverage on earnings management. Changes in leverage are changes in debt-to-equity ratio from previous years, and earnings management is measured by discretionary accruals estimated by the Modified Jones Model. Return to equity, net profit margin, company size, return on assets, and the level of leverage are treated as control variables. They are identified from the results of previous researches. The research population is nonfinancial companies listed in the Bursa Efek Indonesia in 2018. Sample size is calculated using the Slovin Formula, resulted in 225 companies in the sample which is further randomly stratified. Data were analyzed by multiple regression technique. Contrary to the hypothesis, changes in leverage are negatively affect earnings management. The result was probably caused by the fact that companies with improving leverage have much higher level of leverage than companies with worsening leverage from the previous year.
Keywords: Agency Theory; Earnings Management; Leverage Change.
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References
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Fischer, M. ., & Rosenzweig, K. (1995). Attitudes of Students and Accounting Practitioners Concerning the Ethical Acceptability of Earnings Management. Journal of Business Ethics, 14, 433–444.
Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings Management: An Analysis of Opportunistic Behaviour, Monitoring Mechanism and Financial Distress. Procedia Economics and Finance, 28(April), 190–201. https://doi.org/10.1016/s2212-5671(15)01100-4
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Gul, F. A., Leung, S., & Srinidhi, B. (2000). The Effect of Investment Opportunity Set and Debt Level on Earnings-Returns Relationship and the Pricing of Discretionary Accruals. SSRN Electronic Journal, (July), 1–36. https://doi.org/10.2139/ssrn.236080
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Hill, C. W., & Jones, T. M. (1992). Stakeholder-Agency Theory Charles. Journal of Management Studies, 29(2), 131–154.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Manajerial Behavior, Ageny Cost and Ownership structure. Journal of Financial Economics, 3, 305–360.
Kalay, A. (1982). Stockholder-Bondholder Conflict and Dividend Constraints. Journal of Financial Economics, 10(2), 211–233. https://doi.org/10.1016/0304-405X(82)90014-9
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Merchant, K. A., & Rockness, J. (1994). The Ethics of Managing Earnings: An Empirical Investigation. Journal of Accounting and Public Policy, 13(1), 79–94. https://doi.org/10.1016/0278-4254(94)90013-2
Nahar, M., & Erawati, T. (2017). Pengaruh NPM, FDR, Komite Audit, Pertumbuhan Usaha, Leverage, Dan Size Terhadap Manajemen Laba. Akuntansi Dewantara, 1(1), 63–74.
Othman, H. Ben, & Zeghal, D. (2006). A study of earnings-management motives in the Anglo-American and Euro-Continental accounting models: The Canadian and French cases. International Journal of Accounting, 41(4), 406–435. https://doi.org/10.1016/j.intacc.2006.09.004
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Pramesti, I. A. J., & Budiasih, I. G. A. N. (2017). Pengaruh Asimetri Informasi, Leverage, dan Kepemilikan Manajerial Pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 21(1), 200–226.
Salleh, N. M. Z. N., & Haat, M. H. C. (2014). Audit Committee and Earnings Management: Pre and Post MCCG. International Review of Management and Business Research, 3(1), 307–318.
Sari, P., & Astika, P. (2015). Moderasi Good Corporate Governance pada pengaruh Antara Leverage dan Manajemen laba. E-Jurnal Akuntansi Universitas Udayana, 12(3), 752–769.
Scott, W. R. (1997). Fnancial Accounting Theory (Seventh Ed). Pearson: Toronto.
Siallagan, H., & Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi, 23–26.
Sweeney, A. P. (1994). Debt-covenant violations and managers’ accounting responses. Jounal of Accounting and Economics, 17, 281–308.
Watts, R. L., & Zimmerman, J. L. (1990). Positive Accounting Theory: A Ten Year Perspective. The Accounting Review, 65(1), 131–156.
Yanti, N. P. T. R., & Setiawan, P. E. (2019). Pengaruh Asimetri Informasi, Ukuran Perusahaan, Leverage dan Profitabilitas pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 27(1), 708–736.
Amertha, I. S. P. (2013). Pengaruh Return on Asset Pada Praktik Manajemen Laba Dengan Moderasi Corporate Governance. E-Jurnal Akuntansi, 4(2), 373–387.
Astuti, A. Y., Nuraina, E., & Wijaya, A. L. (2017). Pengaruh Ukuran Perusahaan Dan Leverage Terhadap Manajemen Laba. Forum Ilmiah Pendidikan Akuntansi, 5(1), 501–514.
Bassiouny, S. W. (2016). The Impact Of Firm Characteristics On Earnings Management: An Empirical Study On The Listed Firms In Egypt. The Business and Management Review, 7(2), 91–101.
Bosse, D. A., & Phillips, R. A. (2014). Agency Theory and Bounded Self-Interest. Academy of Management Review, 1–56. https://doi.org/10.5465/amr.2013.0420
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193–225.
Fischer, M. ., & Rosenzweig, K. (1995). Attitudes of Students and Accounting Practitioners Concerning the Ethical Acceptability of Earnings Management. Journal of Business Ethics, 14, 433–444.
Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings Management: An Analysis of Opportunistic Behaviour, Monitoring Mechanism and Financial Distress. Procedia Economics and Finance, 28(April), 190–201. https://doi.org/10.1016/s2212-5671(15)01100-4
Gujarati, D. N. (2003). Basic Econometrics (Fourth Edi; A. Bright, ed.). New York: Gary Burke.
Gul, F. A., Leung, S., & Srinidhi, B. (2000). The Effect of Investment Opportunity Set and Debt Level on Earnings-Returns Relationship and the Pricing of Discretionary Accruals. SSRN Electronic Journal, (July), 1–36. https://doi.org/10.2139/ssrn.236080
Gunawan, I. K., Darmawan, N. A. S., & Purnamawati, I. G. A. (2015). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Leverage Terhadap Manajemen Laba. E-Journal S1 Ak Universitas Pendidikan Ganesha, 03(1).
Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365
Herawati, N. (2007). Manajemen Laba Pada Perusahaan Yang Melanggar Perjanjian Utang. EKUITAS (Jurnal Ekonomi Dan Keuangan), 14(1), 97–113. https://doi.org/10.24034/j25485024.y2010.v14.i1.2121
Hill, C. W., & Jones, T. M. (1992). Stakeholder-Agency Theory Charles. Journal of Management Studies, 29(2), 131–154.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Manajerial Behavior, Ageny Cost and Ownership structure. Journal of Financial Economics, 3, 305–360.
Kalay, A. (1982). Stockholder-Bondholder Conflict and Dividend Constraints. Journal of Financial Economics, 10(2), 211–233. https://doi.org/10.1016/0304-405X(82)90014-9
Lestari, S. D., & Wirawati, N. G. P. (2016). Good Corporate Governance Sebagai Pemoderasi Pengaruh Asimetri Informasi Pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 16(1), 156–182. https://doi.org/10.32477/jkb.v26i1.265
Mahawyahrti, P. T., & Budiasih, I. G. A. N. (2016). Asimetri Informasi, Leverage, dan Ukuran Perusahaan Pada Manajemen Laba. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 100–110.
Mamu, Y. T. L., & Dhamayanthi, I. G. A. E. (2018). Moderasi Kualitas Auditor Terhadap Pengaruh Leverage , Kepemilikan Manajerial , dan Kepemilikan Institusional Pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 25, 272–299.
Merchant, K. A., & Rockness, J. (1994). The Ethics of Managing Earnings: An Empirical Investigation. Journal of Accounting and Public Policy, 13(1), 79–94. https://doi.org/10.1016/0278-4254(94)90013-2
Nahar, M., & Erawati, T. (2017). Pengaruh NPM, FDR, Komite Audit, Pertumbuhan Usaha, Leverage, Dan Size Terhadap Manajemen Laba. Akuntansi Dewantara, 1(1), 63–74.
Othman, H. Ben, & Zeghal, D. (2006). A study of earnings-management motives in the Anglo-American and Euro-Continental accounting models: The Canadian and French cases. International Journal of Accounting, 41(4), 406–435. https://doi.org/10.1016/j.intacc.2006.09.004
Partayadnya, I. M. A., & Suardikha, I. M. S. (2018). Pengaruh Mekanisme GCG, Kualitas Audit, dan Leverage Terhadap Manajemen Laba pada Perusahaan Manufaktur di BEI. E-Jurnal Akuntansi Universitas Udayana, Vol. 25(No. 1), 31–53.
Pramesti, I. A. J., & Budiasih, I. G. A. N. (2017). Pengaruh Asimetri Informasi, Leverage, dan Kepemilikan Manajerial Pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 21(1), 200–226.
Salleh, N. M. Z. N., & Haat, M. H. C. (2014). Audit Committee and Earnings Management: Pre and Post MCCG. International Review of Management and Business Research, 3(1), 307–318.
Sari, P., & Astika, P. (2015). Moderasi Good Corporate Governance pada pengaruh Antara Leverage dan Manajemen laba. E-Jurnal Akuntansi Universitas Udayana, 12(3), 752–769.
Scott, W. R. (1997). Fnancial Accounting Theory (Seventh Ed). Pearson: Toronto.
Siallagan, H., & Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi, 23–26.
Sweeney, A. P. (1994). Debt-covenant violations and managers’ accounting responses. Jounal of Accounting and Economics, 17, 281–308.
Watts, R. L., & Zimmerman, J. L. (1990). Positive Accounting Theory: A Ten Year Perspective. The Accounting Review, 65(1), 131–156.
Yanti, N. P. T. R., & Setiawan, P. E. (2019). Pengaruh Asimetri Informasi, Ukuran Perusahaan, Leverage dan Profitabilitas pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 27(1), 708–736.
Published
2020-06-26
How to Cite
ANDY SURYA DHARMA, S. Agus; WIRAMA, Dewa Gede.
Pengaruh Perubahan Leverage pada Manajemen Laba.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 6, p. 1344 - 1355, june 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/56109>. Date accessed: 20 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i06.p01.
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