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KUALITAS AUDIT DAN MANAJEMEN LABA PADA INITIAL PUBLIC OFFERINGS DI INDONESIA

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JUDUL JURNAL (SNA 14) : KUALITAS AUDIT DAN MANAJEMEN LABA PADA INITIAL PUBLIC OFFERINGS DI INDONESIA

Penulis Jurnal : Ari Sita Nastiti Tatang Ary Gumanti

Buku Manajemen Laba - Teori dan Model Empiris

Buku Manajemen Laba – Teori dan Model Empiris

Pendahuluan

Penetapan harga penawaran (offering price) saham suatu perusahaan yang untuk pertama kalinya go public atau penawaran saham perdana (Initial Public Offerings = IPO) merupakan hal yang tidak mudah dilakukan. Ketepatan harga penawaran akan memiliki efek yang signifikan terhadap tingkat kesejahteraan issuers. Sementara itu, investor di pasar perdana dituntut untuk menggunakan berbagai sumber informasi agar dapat secara wajar menilai harga saham yang ditawarkan saat IPO. Salah satu sumber informasi yang relevan untuk digunakan dalam menilai perusahaan yang akan go public adalah laporan keuangan yang terdapat di dalam prospektus (Friedlan, 1994).

Bloch (1986), Buck (1990), dan Gumanti (2001) menunjukkan bahwa informasi akuntansi berhubungan dengan harga penawaran suatu IPO, yang menyiratkan suatu anggapan bahwa issuers memiliki insentif atau dorongan untuk memilih metode-metode akuntansi tertentu yang dapat meningkatkan penerimaan (proceeds) melalui pengaturan tingkat keuntungan yang dikenal dengan istilah manajemen laba (earnings management). Penelitian mengenai manajemen laba pada saat IPO telah banyak dilakukan dan menemukan bukti adanya praktik manajemen laba seperti Aharony et al. (1993), Friedlan (1994), Teoh et al. (1998), Gumanti (2001), Zhou dan Elder (2003), Chen et al. (2005), dan Tykova (2006). Aharony et al. tidak menemukan bukti kuat bahwa perusahaan melakukan manajemen laba pada saat IPO.

Penelitian ini bertujuan untuk menguji pengaruh kualitas audit terhadap manajemen laba di Bursa Efek Indonesia pada perusahaan yang melakukan penawaran saham perdana. Dengan menggunakan sampel 62 perusahaan yang melakukan IPO periode 2000-2006, ditemukan bukti kuat bahwa kualitas audit mampu membatasi manajemen laba pada saat IPO. Penelitian ini juga menemukan buukti bahwa arus kas dari aktivitas operasi berpengaruh negatif dan signifikan terhadap manajemen laba.

Hipotesis

  • H1 : Kualitas audit berpengaruh negatif terhadap manajemen laba pada perusahaan yang melakukan IPO
  • H2 : Arus kas operasi berpengaruh negatif terhadap manajemen laba pada perusahaan yang melakukan IPO
  • H3 : Ukuran perusahaan berpengaruh negatif terhadap manajemen laba pada perusahaan yang melakukan IPO
  • H4 : Perubahan laba berpengaruh positif terhadap manajemen laba pada perusahaan yang melakukan IPO
  • H5 : Tingkat leverage berpengaruh positif terhadap manajemen laba pada perusahaan yang melakukan IPO

Data Penelitian

Data yang digunakan dalam penelitian ini bersumber pada prospektur perusahaan yang go public di Bursa Efek Indonesia (BEI) pada tahun 2000-2006. Data tersebut diperoleh melalui database Fakultas Ekonomi Universitas Jember, Indonesian Capital Market Directory (ICMD), dan berbagai sumber lainnya. Sampel ditetapkan dengan metode purposive sampling. Kriteria pemilihan sampel yang digunakan adalah sebagai berikut:

  • Perusahaan yang bergerak di bidang keuangan (perbankan, asuransi, institusi keuangan serta properti, real estat dan konstruksi) tidak diikutkan dalam pemilihan sampel. Hal tersebut dimaksudkan untuk menghindari industri dengan aturan khusus yang mungkin dapat mempengaruhi discretionary current accruals (DCA).
  • Perusahaan harus mencantumkan laporan keuangan yang telah diaudit minimal 2 periode disertai dengan laporan auditor dalam prospektusnya. Hal ini terkait dengan data-data untuk mengkalkulasi komponen discretionary current accruals (DCA) serta perhitungan variabel independen.
  • Perusahaan berada dalam sub sektor industri, dengan minimal terdapat 4 perusahaan lain dalam sub sektor industri yang sama tersebut. Hal ini terkait dengan pendekatan sub sektor industri yang digunakan untuk mengestimasi nilai non discretionary current accruals (NDCA) perusahaan IPO.

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@## Analisis Pengaruh Penurunan/Perolehan Peringkat Obligasi Perusahaan Kedalam Kategori Non-Investment Grade Terhadap Praktik Manajemen Laba

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Judul Jurnal : ANALISIS PENGARUH PENURUNAN/PEROLEHAN PERINGKAT OBLIGASI PERUSAHAAN KEDALAM KATEGORI NON-INVESTMENT GRADE TERHADAP PRAKTIK MANAJEMEN LABA

Kategori : SNA 7

Penulis : Jack Febrianci Adel

ABSTRACT

Penelitian ini bertujuan untuk mengidentifikasi pengaruh penurunan peringkat peringkat obligasi dengan praktek manajemen laba. Penelitian ini merupakan penelitian empiris dengan mengamati peringkat obligasi pada 20 perusahaan (non-investment grade dan grade investasi) yang dipilih dengan purposive sampling. Perusahaan-perusahaan sampel terdiri dari 20 perusahaan dalam database peringkat obligasi PT. PEFINDO. Data laporan keuangan diperoleh dari Laporan Keuangan Perusahaan Publik di BEJ dan database Program Doktor Universitas Gadjah Mada.

Hasil analisis menggunakan uji – t menunjukkan hal berikut: Ada perbedaan yang signifikan dalam praktek manajemen laba antara periode sebelum dan periode setelah penurunan peringkat obligasi. Hal ini menunjukkan bahwa kasus penurunan peringkat obligasi secara signifikan mempengaruhi manajemen yang tercermin dalam perubahan praktek manajemen laba. Bukti empiris menunjukkan bahwa manajer perusahaan mendekati ikatan pelanggaran kontrak merespon dengan pendapatan yang meningkat merupakan penentu penting dari praktek manajemen laba.

Kata Kunci: Penurunan Peringkat Obligasi , Manajemen laba, kontrak obligasi

Hipotesis

  • H1 : Rata-rata discretionary accruals setelah peringkat obligasi perusahaan berada dalam kategori non-investment grade lebih tinggi dari rata-rata discretionary accruals sebelum peringkat obligasi perusahaan berada dalam kategori non-investment grade.
  • H1 : Rata-rata discretionary accruals setelah peringkat obligasi perusahaan berada dalam kategori non-investment grade lebih tinggi dari rata-rata discretionary accruals sebelum peringkat obligasi perusahaan berada dalam kategori non-investment grade.

SIMPULAN, KETERBATASAN DAN IMPLIKASI PENELITIAN

Pengujian hipotesis alternatif penelitian ini yang dilakukan dengan menggunakan alat uji beda parametrik T-Test menemukan bahwa terdapat bukti empiris yang menyatakan bahwa manajemen perusahaan merespon penurunan/perolehan peringkat obligasi non-investment grade perusahaannya dengan melakukan praktik manajemen laba yang meningkatkan laba melalui discretionary accruals positif.

Dalam penelitian ini terdapat keterbatasan yang tidak dapat dihindari oleh peneliti. Keterbatasan yang dimaksud tentu saja akan berpengaruh pada hasil penelitian ini. Adapun keterbatasan tersebut adalah: 1) kecilnya jumlah sampel yang tersedia dan dapat diproses dalam penelitian ini dapat mempengaruhi hasil penelitian, oleh sebab itu peneliti berpendapat bahwa hasil penelitian haruslah diinterpretasikan secara hati-hati, 2) penggunaan data laporan keuangan perusahaan pada periode krisis ekonomi dan kemungkinan krisis tersebut mempengaruhi ekonomi perusahaan, diperdugakan mampu memberikan pengaruh terhadap hasil penelitian ini.

Hasil penelitian ini diharapkan dapat memberikan kontribusi dalam pengembangan penelitian ilmu akuntansi keuangan dalam mempelajari mengenai kandungan informasi (information content) dari peringkat obligasi dan perilaku manajemen perusahaan dalam merespon peringkat obligasi perusahaannya.

Saran yang dapat dipertimbangkan terkait dengan pengembangan penelitian ini untuk diteliti lebih lanjut adalah:

  • kecilnya jumlah sampel dan ketersediaan data dalam penelitian ini, oleh karena itu peneliti menyarankan agar kiranya penelitian ini dapat diulangi kembali di masa mendatang dengan jumlah sampel yang jauh lebih besar.
  • meneliti lebih lanjut mengenai alasan yang melatarbelakangi manajemen perusahaan melakukan praktik manajemen laba melalui discretionary accruals negatif atau melakukan penurunan laba perusahaan sebelum mengalami penurunan/perolehan peringkat obligasi non-investment grade.
  • meneliti lebih lanjut mengenai pengaruh praktik manajemen laba yang dilakukan manajemen perusahaan kategori non-investment grade terhadap perubahan peringkat obligasi perusahaan dan kemampuan perusahaan dalam memenuhi kewajiban seperti yang tercantum didalam kontrak hutang obligasi.

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Masalah Keagenan Aliran Kas Bebas, Manajemen Laba, dan Relevansi Nilai Informasi Akuntansi

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Masalah Keagenan Aliran Kas Bebas, Manajemen Laba, dan Relevansi Nilai Informasi Akuntansi

Aulia Fuad Rahman
Fakultas Ekonomi Universitas Brawijaya

Ulfi Kartika Oktaviana
Fakultas Ekonomi UIN Maliki Malang

Abstract

Free cash flow agency problem causes potential conflict of interest between managers and shareholders. Managers of firms with high free cash flow and of low growth opportunity tend to invest in marginal or even negative NPV project and use earnings management to camouflage the effects of non-wealth-maximizing investments. As a result, it is predicted that investors will react to earnings management and free cash flow agency problem and therefore reflected in stock price. In this sense, earnings management and free cash flow agency problem is predicted to have an impact on value relevance of accounting information.

The objective of this study is to assess the impact of earnings management on value relevance of earnings and book value. This study also investigates the different effect of earnings management on value relevance of earnings and book value between free cash flow agency problem firms and non free cash flow agency problem firms. Result shows that earnings and book value are value relevance and earnings management decreases those value relevances. The result also conclude that the negative effect of earnings management on value relevance of earnings and book value is higher for free cash flow agency problem firms compared to non free cash flow agency problem firms.

Key words: Free cash flow agency problem, value relevance, earnings and book value, earnings management.

*****

The relevance of the value of accounting information has received extensive attention in the research and accounting practice (Barth et al., 2001; Holthausen and Watts, 2001). Accounting information is said to be relevant if it is used as a basis for decision making (Barth et al., 2001). In other words, the relevance value indicates how well the accounting information may represent information that is used by users in making an assessment of the company.

Previous research has shown that the value relevance of accounting information (earnings) down from time to time (Collins et al., 1997, Francis and Schipper 1999). One cause of the relevance of the earnings drop was due to the low quality of accounting information (Lev, 1989). The quality of accounting information is determined partly by his form of earnings management performed opportunistically to mislead users of financial statements (Whelan and McNamara, 2004; Habib, 2004).

In another study, Rahman and Norman (2008) found that the value relevance of accounting information down because of high agency problems offree cash flow (free cash flow agency problem, hereafter abbreviated FCFAP). The argument presented Rahman and Norman (2008) is that managers in companies that have FCFAP likely to abuse their authority in the use offree cash flow, that is by investing in projects that are not profitable or too risky projects that could hurt the company (Jensen and Meckling, 1976) . To camouflage the activities that decrease the value of the company, managers make opportunistic earnings management to increase reported earnings (Chung et al. 2005). Therefore, companies have tended to do management FCFAP earnings opportunistically (Chung et al.,2005), investors reacted negatively impact on the decline and then the value relevance of accounting information.

PEMERINGKATAN OBLIGASI PERDANA SEBAGAI PEMICU MANAJEMEN LABA

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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

ABSTRACT

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). ….

Perbedaan Perilaku Earnings Management Berdasarkan pada Perbedaan Life Cycle dan Ukuran Perusahaan

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Perbedaan Perilaku Earnings Management Berdasarkan pada Perbedaan Life Cycle dan Ukuran Perusahaan

Sri Hastuti dan Ponty Sya’banto Putra Hutama

STIE SBI Yogyakarta

ABSTRACT

The objective of the study was to examine the difference of earnings management based on the difference of corporate life cycles (growth, mature, and stagnant) and firm size. This earnings management behavior differences were shown by the magnitude of earnings management in every life cycle stage and firm size. Small-sized firms and may have not sophisticated internal control system engage in more earnings management, as measured by discretionary accrual. Firm in mature and stagnant stage may have more sophisticated internal control system than firm in growth stage.

The sample of the study was the manufacturing companies listed in the Indonesia Stock Exchange. The data observation period was 8 years (2000-2007). The data was collected using purposive sampling method. Total samples were 135 firms. Earnings management was indicated by the magnitude of discretionary accruals, which is bigger than null. The samples are classified into various life cycle using dividend payout, sales growth, capital expenditure value, and age. Firm size are classified by total assets.

As predicted, the empirical results indicate firms in growth, mature, and stagnant stage are conducting earnings management. This research could not found any earnings management differences between life cycle and size.

Keywords: earnings management, corporate life cycle, growth, mature, stagnant, firm size

***********

Earnings management by managers to manipulate earnings to obtain the desired results, such as keeping the share price remains high at the initial public offering (IPO), maintain the confidence of investors and creditors by way of income smoothing, or meet analyst forecasts.

Firm size can be attributed to the company life cycle. This is evidenced by research Yan (2006) which states that the company size increased along with the company’s development through each stage of life cycle. If the results of Kim, et al. (2003) associated with the research Yan (2006), we can conclude that earnings management can be performed on small companies to large companies, ie companies that are at the stage of growth (growth), mature stage, up to the stagnant phase (stable). On this basis, earnings management can be connected with the company’s life cycle (growth, mature, and stagnant) and firm size (small, medium, and large).

There are earnings management in companies that are at the stage of growth, mature, and stagnant. This is evidenced in research Hastuti (2006). In addition, research shows that earnings management company located in stagnant stage significantly smaller than the companies that are in mature stages. However, these studies can not prove that earnings management in a mature company significantly smaller compared with a growth company. …