Download Jurnal Akuntansi SNA 13 – AKPM 51 >> PENGARUH PROFITABILITAS, RISIKO KEUANGAN, NILAI PERUSAHAAN, DAN STRUKTUR KEPEMILIKAN TERHADAP PRAKTEK PERATAAN LABA: STUDI EMPIRIS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Dhamar Yudho Aji dan Aria Farah Mita

Universitas Indonesia

This paper examines whether profitability, financial risk, firm value and ownership structure are factors that influence income smoothing practice done by management. Rating of correlation between Discretionary accruals and its pre-managed earning is used to measure income smoothing practice. The methodology used in this study is multiple regressions with sample of manufacturing company listed in Indonesia Stock Exchange during year 2002 until 2008. The result indicates that financial risk and firm value positively influence the income smoothing practice, while profitability, ownership structure and firm size is not influence income smoothing practice. This paper also performs sensitivity analysis using Eckel index as other measurement income smoothing practice. The result shows that discretionary accrual model better explain those factors tested than Eckel Index model.

Keywords: Income Smoothing, Discretionary accruals, Profitability, Financial Risk, Ownership Structure, Firm Value

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Reported earnings in the financial statements are the income generated by accrual method (IAI, 2009). According Dechow (1994), accrual of income is considered as a better measure than cash flows from operating activities due to the accrual of time considering the issue, not as found in the cash flow from operating activities. Generally Accepted Accounting Principles (GAAP), which in Indonesia known as the Financial Accounting Standards (IFRSs), providing flexibility for management to select accounting policies that better represents the actual state of the company. Flexibility that is sometimes used by management to manage earnings (earnings management).

In accordance with Scott (2000), there are two objectives of management companies to conduct earnings management practices. First, management companies seek to increase the income level of transparency in communicating things that are internal corporate information, in this case the earnings management is carried out efficiently. While the second is the management company is trying to maximize profits for himself, in this case was opportunistic earnings management. Earnings management practices that are opportunistic one that makes investors in making investment decisions. Opportunistic earnings management, not separated from a concept of agency theory (agency theory) that is when all parties have an incentive to put their own interests so that a conflict arises between the principal to the agent. ……

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