Download Jurnal Akuntansi SNA 13 >> Pengujian Peran Perlindungan Investor dan Kultur terhadap Perilaku Managemen Laba pada Perusahaan Keluarga: Studi Internasional

Francisca Reni Retno Anggraini

Yavida Nurim

Program Doktor Universitas Gadjah Mada, Jogjakarta

Nung Harjanto

Akademi Akuntansi  YKPN, Jogjakarta

Abstract

Prior  researches have proved  that  the  level of  investor protection has positive relationship withearnings  quality,  because  the  inside  shareholders  take  benefit  from  outside  shareholders.However,  alignment  approach views  that  family  firms which  the majority  of  shares owned byindividual or  family concern with  the firm value,  so family ownership has positive relationshipwith earnings quality. Based on the inconsistency results, this study examines the role of investorprotection level for increasing the family firms’ earnings quality.

This study also examines the role of culture in a country for increasing the family firms’ earningsquality, because culture influences accounting practice in the firm. The investor protection levelis  measured  by  LaPorta  et  al.’s  proxy,  culture  uses  power  distance  andindividualism/collectivism,  and  family ownership  is proxied by  the percentage of  share ownedby  individual or  family. The  study only uses  the firms  that  their shares at  least 20% owned byindividual or family as sample. The sample is taken from 2002-2008 OSIRIS data base.

Based  on  the  examination  of  family  firms  in  around  17  countries,  this  study  reveals  that  theindividual  or  family  as  inside  shareholders  has  positive  effect  to  the  earnings  quality.  Thisevidence reveals that family firms tend to choose the alignment behaviour. Surprisingly, investorprotection  has  less  benefit  in  increasing  the  family  firms’  earnings  quality,  but  culture  in  acountry  influences  the  family’s  behaviour  through  ameliorating  or  deteriorating  the  earningsquality.

Keywords: perlindungan investor, kultur, perusahaan keluarga, dan managemen laba

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In general, research on the protection of investors to assume the insiders, both management and inside shareholders, take advantage of outside shareholders (investors or creditors). Outside investors are in a position opposite the manager and major shareholder in the decision making process or voting process. On the other hand, outsiders can not access the information into the company, while insiders have privileged information on the company. These conditions encourage stock ownership is concentrated so that majority shareholders have a guarantee to obtain the return of investment (Laporta et al. 1998). Claessens et al. (2000) also show a majority of shares in state enterprises are categorized Laporta et al. (1998) has a low level of investor protection, such as Indonesia, Filipinos, Koreans, Japanese, and Taiwan, are owned by the family.

Level of investor protection in a country plays an important role towards the country’s economy both at macro and micro level. Laporta et al. (1998) proved that countries with low levels of investor protection has a market capitalization value of GNP and lower capital compared to countries with a high level of investor protection. Leuz et al. (2003) and Francis and Wang (2008) also reveals that countries with low levels of investor protection which have a low level of earnings quality. In line with De Fond and Hung (2007) and Hung (2000), investor protection is positively correlated with the value relevance of accounting information…….

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