CFO Sebagai Akuntan Profesional, Bankir, dan Kualitas Laporan Keuangan
Abstract
The research was conducted with the aim of examining the influence of the presence of a Chief Financial Officer with a professional accountant license on the quality of financial reports. Quantitative data was used in this research with a sample of 137 manufacturing companies listed on the Indonesia Stock Exchange for the 2016-2018 period. The results of this research indicate that the presence of a CFO licensed as a professional accountant does not have a significant positive effect on the quality of financial reports. The results of this research also show that the presence of bankers on the board of directors has a significant negative effect on the quality of financial reports as measured by earnings management.
Keywords: Bankers; Board of Directors; Chief Financial Officer; Quality of Financial Statements; Earnings Management
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References
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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
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Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/https://doi.org/10.1016/j.jacceco.2004.11.002
Libby, R., & Luft, J. (1993). Determinants of judgment performance in accounting settings: Ability, knowledge, motivation, and environment. Accounting, Organizations and Society, 18(5), 425–450. https://doi.org/10.1016/0361-3682(93)90040-D
Matsunaga, S., & Yeung, E. (2008). Evidence on the Impact of a CEO’s Financial Experience on the Quality of the Firm’s Financial Reports and Disclosures. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1014097
Plöckinger, M., Aschauer, E., Hiebl, M. R. W., & Rohatschek, R. (2016). The influence of individual executives on corporate financial reporting: A review and outlook from the perspective of upper echelons theory. Journal of Accounting Literature, 37, 55–75. https://doi.org/10.1016/j.acclit.2016.09.002
Rakhman, F. (2009). Earnings Quality and CFO.
Rashid, M. M. (2020). Presence of professional accountant in the top management team and financial reporting quality: Evidence from Bangladesh. Journal of Accounting and Organizational Change, 16(2), 237–257. https://doi.org/10.1108/JAOC-12-2018-0135
Stuart, A. (2005). Can You Spot the Finance Expert? CFO Magazine 21, 62–72.
Sun, J., Kent, P., Qi, B., & Wang, J. (2019). Chief financial officer demographic characteristics and fraudulent financial reporting in China. Accounting and Finance, 59(4), 2705–2734. https://doi.org/10.1111/acfi.12286
Surya, I., & Yustiavandana, I. (2006). Penerapan good corporate governance : mengesampingkan hak-hak istimewa demi kelangsungan usaha. Kencana.
Tenorio, V. (2003). The messy reality of SOX on private equity. The Deal, June.
Widayanti, C. A., Vestari, M., & Farida, D. N. (2014). Faktor-faktor yang mempengaruhi kualitas laba pada perusahaan high profile yang terdaftar di BEI. Jurnal Dinamika Ekonomi & Bisnis, 11, 46–64. https://doi.org/10.1017/S0266467408005026
Wijayanto, A., Rahmawati, & Suparno, Y. (2007). Pengaruh asimetri informasi terhadap hubungan antara penerapan sistem perdagangan dua papan di bursa efek Jakarta dan indikasi manajemen laba pada perusahaan perbankan. Jurnal Bisnis Dan Akuntansi, 9(2), 165–175.
Xie, B., Davidson, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. https://doi.org/https://doi.org/10.1016/S0929-1199(02)00006-8
Xu, Y., & Zhao, L. (2016). An investigation of financial expertise improvement among CFOs hired following restatements. American Journal of Business, 31(2), 50–65. https://doi.org/10.1108/ajb-07-2015-0022
Agustia, D. (2013). Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi Dan Keuangan, 15(1), 27–42. https://doi.org/10.9744/jak.15.1.27-42
Aier, J., Comprix, J., Gunlock, M., & Lee, D. (2005). The Financial Expertise of CFOs and Accounting Restatements. Accounting Horizons, 19, 123–135. https://doi.org/10.2308/acch.2005.19.3.123
Almeida, N. S. de, & Lemes, S. (2020). Determinants of accounting choice: do CFOs’ characteristics matter? Management Research Review, 43(2), 185–203. https://doi.org/10.1108/MRR-02-2019-0076
Assael, I., & Levitt, A. (1996). Campaign for CPA or CMA Requirement for CFOs of Public Companies. 66(2), 2–3.
Bernawati, Y., & Frischanita, Y. (2020). The Effect of CFO Demographics on Fraudulent Financial Reporting. Jurnal Akuntansi, 24(1), 21. https://doi.org/10.24912/ja.v24i1.639
Brochet, F., & Welch, K. (2011). Top Executive Background and Financial Reporting Choice. SSRN Electronic Journal.
Caglio, A., Dossi, A., & Van der Stede, W. A. (2018). CFO role and CFO compensation: An empirical analysis of their implications. Journal of Accounting and Public Policy, 37(4), 265–281. https://doi.org/10.1016/j.jaccpubpol.2018.07.002
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. (2004). Upper Echelons Research Revisited: Antecedents, Elements, and Consequences of Top Management Team Composition. Journal of Management, 30(6), 749–778. https://doi.org/10.1016/j.jm.2004.06.001
Chen, H., & Wang, X. (2011). Corporate social responsibility and corporate financial performance in China: An empirical research from Chinese firms. Corporate Governance, 11(4), 361–370. https://doi.org/10.1108/14720701111159217
Datta, S., & Datta, M. . (2010). The Effect of Firm Compensation Structures on Employee Mobility and Employee Entrepreneurship of Extreme Performers. Business, June 2013, 1–43.
Dejong, D., & Ling, Z. (2013). Managers: Their Effects on Accruals and Firm Policies. Journal of Business Finance & Accounting, 40(1–2), 82–114. https://doi.org/https://doi.org/10.1111/jbfa.12012
Dittmar, A., & Duchin, R. (2016). Looking in the Rearview Mirror: The Effect of Managers’ Professional Experience on Corporate Financial Policy. The Review of Financial Studies, 29(3), 565–602. https://doi.org/10.1093/rfs/hhv051
Duong, L., Evans, J., & Truong, T. P. (2020). Getting CFO on board – its impact on firm performance and earnings quality. Accounting Research Journal, 33(2), 435–454. https://doi.org/10.1108/ARJ-10-2018-0185
García-Meca, E., & García-Sánchez, I. M. (2018). Does managerial ability influence the quality of financial reporting? European Management Journal, 36(4), 544–557. https://doi.org/10.1016/j.emj.2017.07.010
Geiger, M. A., & North, D. S. (2006). Does Hiring a New CFO Change Things? An Investigation of Changes in Discretionary Accruals. The Accounting Review, 81(4), 781–809. https://doi.org/10.2308/accr.2006.81.4.781
Girigori, E. C. Z. . (2013). The relationship between CFO expertise and firm performance. Master Thesis, November.
Gounopoulos, D., & Pham, H. (2018). Financial Expert CEOs and Earnings Management Around Initial Public Offerings. The International Journal of Accounting, 53(2), 102–117. https://doi.org/https://doi.org/10.1016/j.intacc.2018.04.002
Güner, A. B., Malmendier, U., & Tate, G. (2008). Financial expertise of directors. Journal of Financial Economics, 88(2), 323–354. https://doi.org/https://doi.org/10.1016/j.jfineco.2007.05.009
Hambrick, D. C. (2007). Upper Echelons Theory: An Update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.
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
I A I. (2015). Ikatan Akutansi Indonesia 2015. Penyajian Laporan Keungan, 1, 24. https://www.google.co.id
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/https://doi.org/10.1016/j.jacceco.2004.11.002
Libby, R., & Luft, J. (1993). Determinants of judgment performance in accounting settings: Ability, knowledge, motivation, and environment. Accounting, Organizations and Society, 18(5), 425–450. https://doi.org/10.1016/0361-3682(93)90040-D
Matsunaga, S., & Yeung, E. (2008). Evidence on the Impact of a CEO’s Financial Experience on the Quality of the Firm’s Financial Reports and Disclosures. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1014097
Plöckinger, M., Aschauer, E., Hiebl, M. R. W., & Rohatschek, R. (2016). The influence of individual executives on corporate financial reporting: A review and outlook from the perspective of upper echelons theory. Journal of Accounting Literature, 37, 55–75. https://doi.org/10.1016/j.acclit.2016.09.002
Rakhman, F. (2009). Earnings Quality and CFO.
Rashid, M. M. (2020). Presence of professional accountant in the top management team and financial reporting quality: Evidence from Bangladesh. Journal of Accounting and Organizational Change, 16(2), 237–257. https://doi.org/10.1108/JAOC-12-2018-0135
Stuart, A. (2005). Can You Spot the Finance Expert? CFO Magazine 21, 62–72.
Sun, J., Kent, P., Qi, B., & Wang, J. (2019). Chief financial officer demographic characteristics and fraudulent financial reporting in China. Accounting and Finance, 59(4), 2705–2734. https://doi.org/10.1111/acfi.12286
Surya, I., & Yustiavandana, I. (2006). Penerapan good corporate governance : mengesampingkan hak-hak istimewa demi kelangsungan usaha. Kencana.
Tenorio, V. (2003). The messy reality of SOX on private equity. The Deal, June.
Widayanti, C. A., Vestari, M., & Farida, D. N. (2014). Faktor-faktor yang mempengaruhi kualitas laba pada perusahaan high profile yang terdaftar di BEI. Jurnal Dinamika Ekonomi & Bisnis, 11, 46–64. https://doi.org/10.1017/S0266467408005026
Wijayanto, A., Rahmawati, & Suparno, Y. (2007). Pengaruh asimetri informasi terhadap hubungan antara penerapan sistem perdagangan dua papan di bursa efek Jakarta dan indikasi manajemen laba pada perusahaan perbankan. Jurnal Bisnis Dan Akuntansi, 9(2), 165–175.
Xie, B., Davidson, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295–316. https://doi.org/https://doi.org/10.1016/S0929-1199(02)00006-8
Xu, Y., & Zhao, L. (2016). An investigation of financial expertise improvement among CFOs hired following restatements. American Journal of Business, 31(2), 50–65. https://doi.org/10.1108/ajb-07-2015-0022
Published
2023-10-30
How to Cite
KURNIANTO, Sigit; MARETA, Nola Gama.
CFO Sebagai Akuntan Profesional, Bankir, dan Kualitas Laporan Keuangan.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 10, p. 2814-2830, oct. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/92893>. Date accessed: 02 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i10.p20.
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