Jurnal Simposium Nasional Akuntansi XIII (SNA 13)

Praktik Manajemen Laba Terkait Peringkat Emisi Obligasi

Syarifah Ratih Kartika Sari*
Mahasiswa Magister Akuntansi Universitas Sebelas Maret
Bandi
Fakultas Ekonomi Universitas Sebelas Maret

ABSTRACT
This study aims to give empirical evidence about earning management practice related to bond issue. The data of the study consist of 68 corporate bond of non financial firms listed on Indonesian Stock Exchange in 2005-2008. The technique sampling is purposive sampling. The study uses Healy (1985) model to detect the earning management. The result of this study shows the existence of earning management practice in four observation period, however, the relationship between earning management and bond rating is only in the period when bond is issued. This finding indicates that there is manager efforts for manipulating their profit.

Keyword : earning management, financial performance, bond issue, corporate bond rating
Data availability :data base OTC-FIS (Over The Counter – Fixed Income Service), www.idx.co.id

The study on earnings management have been carried out both overseas and in Indonesia, especially those associated with the event Initial Public Offerings (Dechow et al.1995; Teoh et al.1998a; Gumanti, 2001; Ball and Shivakumar, 2004; and Bachrudin, 2005) , offering Seasoned Equity Offerings (Teoh et al.1998b and Astuti, 2005). Some literature shows empirical evidence of the emergence of earnings management practices, this study expands previous research by studying earnings management practices related to issuance of bonds that are still very rare.

Bonds is one of the capital market instrument that provides fixed income for the holder. One form of information that can affect the price of securities is the announcement relating to the debt such as debt ratings (Hartono, 2003). But bonds have a risk of default (default risk) when the issuer fails to meet payment obligations or interest coupon bonds that have matured.

Praktik Manajemen Laba Terkait Peringkat Emisi Obligasi

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