Corporate Governance, Financial Ratio and Real Earnings Management in Indonesia Stock Exchange
DOI:
https://doi.org/10.37253/gfa.v6i2.6783Keywords:
Board of directors, independent commissioners, institutional ownership, profitability, real earnings managementAbstract
Purpose - The goal of this study is to gather empirical information on the impact of audit quality, board of directors, independent commissioners, managerial ownership, institutional ownership, profitability, firm leverage, firm size, and firm age on earnings management.
Research Method - The demographic for this study was non-financial companies that were listed on the Indonesia Stock Exchange between 2018 and 2020. This study examined a sample of 148 listed non-financial companies. Purposive sampling was utilized in the sample methodology, and multiple regression was used to evaluate the data.
Findings - Board of directors, independent commissioners, institutional ownership, and profitability have an impact on real earnings management. While, audit quality, managerial ownership, firm leverage, firm size, and firm age have no impact on real earnings management.
Implication - Increased profitability signals good firm performance, and shareholders will benefit as well. Furthermore, managers will benefit as well if company performance improves, thus managers are not driven to adopt earnings management initiatives.
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References
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Lestari, E., & Murtanto, M. (2018). Pengaruh Efektivitas Dewan Komisaris Dan Komite Audit, Struktur Kepemilikan, Dan Kualitas Audit Terhadap Manajemen Laba. Media Riset Akuntansi, Auditing & Informasi 17 (2). https://doi.org/10.25105/mraai.v17i2.2063.
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Sekaran, U. & Roger, B. (2016). Research Methods for Business: A Skill Building Approach. Wiley PLUS Learning Space Card. Seventh Ed.
Shah, K., & Shah, A. (2014). The Impact of Corporate Governance and Ownership Structure on Earnings Management Practices: Evidence from Listed Companies in Pakistan. The Lahore Journal of Economics. https://doi.org/10.35536/lje.2014.v19.i2.a2.
Suheny, E. (2019). Pengaruh Corporate Governance, Ukuran Perusahaan, Leverage Dan Kualitas Audit Terhadap Manajemen Laba. Jurnal Ekonomi Vokasi, 2(1).
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Vakilifard, H., & Mortazavi, M.S.S. (2016). The Impact of Financial Leverage on Accrual-Based and Real Earnings Management. International Journal of Academic Research in Accounting, Finance and Management Sciences. https://doi.org/10.6007/ijarafms/v6-i2/2039.
Yuliana, A., & Trisnawati, I. (2015). Pengaruh Auditor Dan Rasio Keuangan Terhadap Managemen Laba. Jurnal Bisnis Dan Akuntansi.
Yunus, I., & Sutrisno, P. (2022). Information Asymmetry, Institutional Ownership, Related Party Transactions and The Board Size to Real Earnings Management. Global Financial Accounting Journal, 6(1), 77-88. doi:10.37253/gfa.v6i1.6526
Alexander, N., & Hengky. (2017). Factors Affecting Earnings Management in the Indonesian Stock Exchange. J. Bank. Fin. Review.
Andries, P., & Stephan, U. (2019). Environmental Innovation and Firm Performance: How Firm Size and Motives Matter. Sustainability (Switzerland). https://doi.org/10.3390/su11133585.
Antoniadis, I., Lazarides, T., Sarrianidis, N., & Goupa, H. (2008). The Impact of Agency Problem in Firm Value and the Greek Stock Exchange Market Financial Crisis. International Conference on Applied Economics.
Arizoni, S.S., Ratnawati, V., & Andreas. (2020). Pengaruh Manajemen Laba Akrual, Manajemen Laba Riil Dan Inventory Intensity Terhadap Agresivitas Pajak: Peran Moderasi Foreign Operation. Bilancia: Jurnal Ilmiah Akuntansi 4(1).
Arthawan, P.T., & Wirasedana, W.P. (2018). Pengaruh Kepemilikan Manajerial, Kebijakan Utang Dan Ukuran Perusahaan Terhadap Manajemen Laba. E-Jurnal Akuntansi. https://doi.org/10.24843/eja.2018.v22.i01.p01.
Astuti, E.P. (2017). Pengaruh Diversitas Dewan Direksi Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2008-2011. KREATIF: Jurnal Ilmiah Prodi Manajemen Universitas Pamulang, 4(2).
Astuti, W., & Erawati, T. (2018). Pengaruh Profitabilitas, Umur Perusahaan Dan Ukuran Perusahaan Terhadap Ketepatan Waktu Penyampaian Laporan Keuangan Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2016). Jurnal Kajian Bisnis, 26(2).
Aygun, M., Suleyman Ic, & Sayim, M. (2014). The Effects of Corporate Ownership Structure and Board Size on Earnings Management: Evidence from Turkey. International Journal of Business and Management 9 (12): 123–32. https://doi.org/10.5539/ijbm.v9n12p123.
Bae, S.M., Masud, M.A.K., & Kim, J.D. (2018). A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective. Sustainability (Switzerland), 10(8). https://doi.org/10.3390/su10082611.
Bassiouny, Sara W, Soliman, M.M., & Ragab, A. (2016). The Impact of Corporate Characteristics on Environmental Information Disclosure: An Empirical Study on the Listed Firms in Egypt. Journal of Business and Retail Management Research, 12(2), 232–41. https://doi.org/10.24052/jbrmr/v12is02/tioccoeidaesotlfie.
Bhundia, A. (2012). A Comparative Study between Free Cash Flows and Earnings Management. Business Intelligence Journal.
Callao, S., Jarne, J., & Wróblewski, D. (2014). The Development of Earnings Management Research A Review of Literature from Three Different Perspectives. Zeszyty Teoretyczne Rachunkowości. https://doi.org/10.5604/16414381.1133395.
Christiawan, Y.J., Tarigan, & Josua. (2007). Kepemilikan Manajerial:†Jurusan Ekonomi Akuntansi, Fakultas Ekonomi - Universitas Kristen Petra.
Cohen, D.A., & Zarowin, P. (2010). Accrual-Based and Real Earnings Management Activities Around Seasoned Equity Offerings.†Journal of Accounting and Economics, 50(1). https://doi.org/10.1016/j.jacceco.2010.01.002.
Dakhlallh, M.M., Rashid, N., Abdullah, W.A.W., Qawqzeh, H.K., & Dakhlallh, A.M. (2020). Accrual-Based Earnings Management, Real Earnings Management and Firm Performance: Evidence from Public Shareholders Listed Firms on Jordanian’s Stock Market. Journal of Advanced Research in Dynamical and Control Systems, 12(1). https://doi.org/10.5373/JARDCS/V12I1/20201004.
Damayanti, C.R., & Kawedar, W. (2019). Pengaruh Profitabilitas, Mekanisme Pemantauan Dan Financial Distress Terhadap Manajemen Laba. Diponegoro Journal of Accounting, 7(4).
Dhani, I.P., & Utama, AA.G.S. (2017). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1). https://doi.org/10.31093/jraba.v2i1.28.
Eksandy, A. (2017). Pengaruh Komisaris Independen, Komite Audit, Dan Kualitas Audit Terhadap Penghindaran Pajak (Tax Avoidance). COMPETITIVE, 1(1).
Fadillah, A.R. (2017). Analisis Pengaruh Dewan Komisaris Independen, Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja Perusahaan Yang Terdaftar Di Lq45. Jurnal Akuntansi, 12(1).
Firnanti, F., Pirzada, K., & Budiman. (2019). Company Characteristics, Corporate Governance, Audit Quality Impact on Earnings Management. GATR Accounting and Finance Review. https://doi.org/10.35609/afr.2019.4.2(2).
Guna, W.I, & Herawaty, A. (2010). Pengaruh Mekanisme Good Corporate Governance, Independensi Auditor, Kualitas Audit Dan Faktor Lainnya Terhadap Manajemen Laba. Jurnal Bisnis Dan Akuntansi 12 (1): 53–68.
Hanjani, A., & Rahardja. (2014). Pengaruh Etika Auditor, Pengalaman Auditor, Fee Audit, Dan Motivasi Terhadap Kualitias Audit (Studi Pada Auditor KAP Di Semarang). Diponegoro Journal of Accounting, 3(2).
Hasan, S., Kassim, A.A.M., & Hamid, M.A.A. (2020). The Impact of Audit Quality, Audit Committee and Financial Reporting Quality: Evidence from Malaysia. International Journal of Economics and Financial Issues. https://doi.org/10.32479/ijefi.10136.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration. https://doi.org/10.35808/ijeba/204.
Idris, M. (2020). Jejak Hitam PT Hanson International, Manipulasi Laporan Keuangan 2016. Kompas.Com - 15/01/2020, 16:06 WIB. 2020. https://money.kompas.com/read/2020/01/15/160600526/jejak-hitam-pt-hanson-international-manipulasi-laporan-keuangan-2016?page=all.
Khanh, H.T.M., & Khuong, V.K. (2018). Audit Quality, Firm Characteristics and Real Earnings Management: The Case of Listed Vietnamese Firms. International Journal of Economics and Financial Issues.
Lestari, E., & Murtanto, M. (2018). Pengaruh Efektivitas Dewan Komisaris Dan Komite Audit, Struktur Kepemilikan, Dan Kualitas Audit Terhadap Manajemen Laba. Media Riset Akuntansi, Auditing & Informasi 17 (2). https://doi.org/10.25105/mraai.v17i2.2063.
Lubis, I.L., Sinaga, B.M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Sruktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen. https://doi.org/10.17358/jabm.3.3.458.
Luo, J.H., Xiang, Y., & Huang, Z. (2017). Female Directors and Real Activities Manipulation: Evidence from China. China Journal of Accounting Research, 10(2). https://doi.org/10.1016/j.cjar.2016.12.004.
Lupita, I.W. (2019). Pengaruh Surplus Arus Kas Bebas, Ukuran Perusahaan, Leverage Dan Kualitas Audit Terhadap Manajemen Laba. Diponegoro Journal of Accounting 7 (4).
Miftakhunnimah, A.D., Juanda, A., & Syam, D. (2020). Pengaruh Financial Distress, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Manajemen Laba. Jurnal Akuntansi Indonesia 16 (2).
Mukhtaruddin, R., & Felmania, M. (2014). Good Corporate Governance Mechanism, Corporate Social Responsibility Disclosure on Firm Value: Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies. https://doi.org/10.7575/aiac.ijfas.v.2n.1p.1.
OJK. 2015. “Otoritas Jasa Keuangan Republik Indonesia.â€
Putri, V.R., & Putra, B.I. (2017). Pengaruh Leverage, Profitability, Ukuran Perusahaan Dan Proporsi Kepemilikan Institutional Terhadap Tax Avoidance. Jurnal Manajemen Dayasaing, 19(1). https://doi.org/10.23917/dayasaing.v19i1.5100.
Rahmawati, I.A., Rikumahu, B., & Dillak, V.J. (2017). Pengaruh Dewan Direksi, Dewan Komisaris, Komite Audit Dan Corporate Social Responsibility Terhadap Kinerja Keuangan Perusahaan. Jurnal Akuntansi Dan Ekonomi, 2(2).
Rano, & Midiastuty, P.P. (2011). Struktur Kepemilikan, Good Corporate Governance, Investasi Dan Nilai Perusahaan: Suatu Pengujian Sistem Persamaan Simultan. Jurnal Akuntansi.
Rinta, M. (2021). Ukuran Dewan Direksi, Aktivitas Komite Audit Dan Ukuran Komite Audit Terhadap Manajemen Laba. Journal of Accounting Science 5 (1). https://doi.org/10.21070/jas.v5i1.1336.
Samasta, A.S., Muharam, H., & Haryanto, A.M. (2018). The Effect of Board of Director, Audit Committee, Institutional Ownership to Firm Value, With Firm Size, Financial Leverage and Industrial Sector as Control Variables (Study on Listed Companies in Indonesian Stock Exchange Period 2011-2015). JURNAL BISNIS STRATEGI. https://doi.org/10.14710/jbs.27.1.53-62.
Savitri, E. (2014). Analisis Pengaruh Leverage Dan Siklus Hidup Terhadap Manajemen Laba Pada Perusahaan Real Estate Dan Property Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi, 3(1).
Sekaran, U. & Roger, B. (2016). Research Methods for Business: A Skill Building Approach. Wiley PLUS Learning Space Card. Seventh Ed.
Shah, K., & Shah, A. (2014). The Impact of Corporate Governance and Ownership Structure on Earnings Management Practices: Evidence from Listed Companies in Pakistan. The Lahore Journal of Economics. https://doi.org/10.35536/lje.2014.v19.i2.a2.
Suheny, E. (2019). Pengaruh Corporate Governance, Ukuran Perusahaan, Leverage Dan Kualitas Audit Terhadap Manajemen Laba. Jurnal Ekonomi Vokasi, 2(1).
Susanto, Y.K., & Pradipta, A. (2016). Corporate Governance and Real Earnings Management. International Journal of Business, Economics and Law.
Suwardika, I, & Mustanda, I. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Properti. None, 6(3).
Taco, C., & Ilat, V. (2016). Pengaruh Earning Power, Komisaris Independen, Dewan Direksi, Komite Audit Dan Ukuran Perusahaan Terhadap Manajemen Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Emba: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi 4 (4).
Vakilifard, H., & Mortazavi, M.S.S. (2016). The Impact of Financial Leverage on Accrual-Based and Real Earnings Management. International Journal of Academic Research in Accounting, Finance and Management Sciences. https://doi.org/10.6007/ijarafms/v6-i2/2039.
Yuliana, A., & Trisnawati, I. (2015). Pengaruh Auditor Dan Rasio Keuangan Terhadap Managemen Laba. Jurnal Bisnis Dan Akuntansi.
Yunus, I., & Sutrisno, P. (2022). Information Asymmetry, Institutional Ownership, Related Party Transactions and The Board Size to Real Earnings Management. Global Financial Accounting Journal, 6(1), 77-88. doi:10.37253/gfa.v6i1.6526
