PEMERINGKATAN OBLIGASI PERDANA SEBAGAI PEMICU MANAJEMEN LABA:
BUKTI EMPIRIS DARI PASAR MODAL INDONESIA
(Jurnal Simposium Nasional Akuntansi – SNA 13)
Gerianta Wirawan Yasa
Fakultas Ekonomi Universitas Udayana
This research tests the influence of ranking requirement on earnings management of companies who go public bonds for the first time. This research covers two issues. The first one concerns the influence of information and financial ratios toward obligation ranking. The second issue is earnings management performed by companies that are going to issue obligation for the first time before the process of setting the obligation ranking.
The sample of this research is non-financial companies listed in the Jakarta Stock Exchange and Surabaya Stock Exchange who perform Initial Public Offering of their obligation from year 1999 to 2006. Obligations issued by listed companies in obligation ranking made by PT. PEFINDO and PT. KASNIC Credit Rating Indonesia. Every company that issued obligation in this research is required to have comparable counterpart who did not issue obligation. The theory that based this research is agency theory and signaling theory. Hypotheses were tested using Discriminant Analysis model and Compare Means-Independent Samples T-Test. Several popular earnings management detection models were used to detect earnings management during the Initial Public Offering.
The test result using Discriminant Analysis model showed evidence that operating income, retained earnings, operating cash flow, and liquidity have ability to differentiate obligation ranking. Total asset and leverage which did not have any influence.
This research shows earnings management in which management increase earnings before the Initial Public Offering of Obligation. Earnings management in companies going through their Initial Public Offering of Obligation is larger that companies who did not issue obligation in the same period.
Keywords: Initial public offering bonds, bonds rating, financial ratios, earnings management
At the time the company needs capital to develop their businesses, there are several possible options to obtain the funds. One possibility to obtain such funds is to issue bonds. Domestic corporate bond primary market post-crisis economy has grown by leaps and bounds. In a period of five years until 2003 recorded the issuance of bonds worth Rp 43 trillion, in which the record highs recorded in 2003 with the issuance of Rp 25.5 trillion.
Bonds are securities or certificates containing the contract between the lender with a given loan (the issuer). For investors, bonds are a safe alternative investment, because the bonds provide a steady income in the form of coupon interest and debt principal at maturity is determined. Although bonds are often viewed as relatively safe investments, there is a possibility of investors suffered losses stemming from factors beyond the company’s performance as well as internal company factors, such as the risk maturity funds are not paid on time (Brigham et al., 1999). To overcome the problem of information investors can use bond ratings (bond rating) of agency debt securities (debt credit rating agency or rating agencies).
Bond rating agencies are independent agencies that provide information the rating scale of the risk of debt, one of which is the bond securities. Information from the rating agencies can be used as a guide on how secure a bond to investors. In Indonesia there are two rating agencies namely PT PEFINDO (Pemeringkat Efek Indonesia) and PT Kasnic Credit Rating Credit Rating Indonesia. Bond rating is important because it can provide a signal about the probability of failure to pay debts of a company. Bond ratings are used extensively in the investment community as a risk measurement surogasi bonds (Hickman, 1958 in Kaplan and Urwitz, 1979). Requirements of Rule PT. Surabaya Stock Number: SK-024/LGL/BES/XI/2004 dated 25 November 2004 stated that issuers who will perform the registration of debt securities on the Exchange must meet one of the provisions, namely: the effect of a rating agency registered with Bapepam effects at least BBB-(investment grade). ….