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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


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. …

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Muhamad Safiq


This research was aimed to test the influence of managerial ownership to accounting conservatism and the effect to cost of debt. This research used companies’ data which the companies listed on Indonesian Stock Exchange and had debt rate published by Pefindo. Ordinary Least Square was used to do analysis to data. Result showed that managerial ownership variable related to the increasing asymmetric timeliness. It was meant that the bigger managerial ownership, the more conservative. And than, no significant influence of accounting conservatism to cost of debt. The statement that the more conservative of financial statement, the bigger company’s rating (low cost of debt), was not proved. Next result showed that no significant of influence of managerial ownership to cost of debt.

The final finding showed that there was influence of managerial ownership to rating (proxy of cost of debt), after moderated with accounting conservatism. By interacting accounting conservatism with managerial ownership, the unsignificant influence of managerial ownership became significant influence. This research was expected ti give contribution to investors and to interest parties on their decision making and to regulators on their judgment of regulation making.

Keyword: Managerial ownership, accounting conservatism, cost of debt


Konservatisma is the most prominent theme in accounting research. Konservatisma is one in accounting principle has profound implications on the valuation of corporate assets. As Ahmed et al. (2000) that the net asset value konservatisma cause persistently lower than market value. As a result, decisions made by investors who use financial statements are presented using the principle konservatisma become less relevant, thus accounting konservatisma received sharp criticism from the users of financial statements.

Adoption of International Financial Reporting Standards (IFRS) as guidance in the preparation of financial statements in various parts of the world is a manifestation of rejection and criticism of konservatisma accounting principles. That’s because the principles used in the IFRS that is not in line with fair value accounting konservatisma. Konservatisma accounting for more emphasis on reliability, which is contrary to the principle of fair value is more emphasis on relevance. Indonesia, which adopted in full IFRS starting in 2012, requires any company listed on the Indonesia Stock Exchange to use the principle of fair value in preparing the consolidated financial statements. That’s because accounting konservatisma considered less relevant in decision making. Companies that use accounting konservatisma have low quality earnings (Penman and Zhang, 2002).

Nevertheless, the results showed that accounting konservatisma have a very large role in solving agency problems, including conflicts bondholder and shareholder (Ahmed et al., 2002), the conflict between creditors and management (Zhang, 2008). Likewise, Lafond and Roychowdhury (2008) documented the role of accounting in konservatisma agency conflict arising due to information that is not symmetrical. Konservatisma accounting related negatively with managerial ownership. The study assumes that the larger the managerial ownership, more and more risk-taker so that the financial statements become less conservative. This is supported Billet and Liu (2008) which says that the cost of debt increases in managerial voting rights increased. ….

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Ratna Narulitasari
(Alumni FE Universitas Sultan Ageng Tirtayasa, Banten)
Munawar Muchlish
Elvin Bastian
(FE Universitas Sultan Ageng Tirtayasa, Banten)


This research aims to test empirically the association between errors in management forecast of subsequent year earnings and current year accruals, and investigate the influence of uncertainty environment in the association between management earnings forecast errors and accruals.

This is an empirical research whose Purposive Sampling as collecting data’s method. Data’s obtained by take the secondary’s data from non financial companies which listing in Indonesia Stock Exchange (IDX). The hypothesis was analysed using Structural Equation Model (SEM) with the program PLS (Partial Least Square).

The result indicate that there is a positive association between errors in management forecast of subsequent year earnings and current year accruals, and the uncertainty environment can’t moderated a positive association between management earnings forecast errors and accruals.

Keyword : Voluntary Disclosure, Management Earnings Forecast Errors, Accruals and Uncertainty Environment


Economic decisions to be taken by users of financial statements (both internal and external users) require prior evaluation of the company’s ability to generate income (cash or cash equivalents). The users of financial statements to evaluate a company’s ability to generate cash (and cash equivalents) with better if they get the information that is focused on the financial position, earnings, changes in financial position and cash flows of the company.

In addition, managers may have additional relevant information may be disclosed on a voluntary basis through predictive management, press releases, analyst meetings and conferences, Internet sites, and other communication channels. However, financial reporting is usually more focused on financial reporting mandatory and only provide a significant portion of such voluntary disclosure of management earnings forecast (Hirst et al. 2008).

Various advantages of mandatory reporting affect the tendency of managers to provide voluntary disclosure (Einhorn, 2005). Predicted earnings management is a voluntary disclosure that provides information about the earnings expected by a particular company, which represents an important mechanism in voluntary disclosures by managers assign or change the expected market return, prevent litigation concerns, and affect the reputation for transparency and accuracy of reporting (Hirst et al. 2008).

Past studies have examined the relationship between mandatory reporting and voluntary disclosure. In his research, Francis et al. (2008) found that companies that show good earnings quality tend to provide greater voluntary disclosure than firms with poor earnings quality. While McNichols (1989) found that the predictions contain management earnings forecast errors related to historical stock returns, where the manager fails to include the information contained in the stock prices into their earnings forecast efficiently. …

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Uvi Elin Erliana

(Universitas Bengkulu)


The purpose of this study is to examine the impact of tenure, company’s size, book to market equity, leverage, beta and earnings quality on company’s equity risk premium. Sample was taken based on purposive sampling method from Manufacture companies that listed in Indonesia Stock Exchange in the year 2005 to 2008. The final samples consist of 45 companies.

This study found that book to market equity and leverage positively and significantly influence equity risk premium, while beta negatively and significantly influence equity risk premium. These findings indicate that equity risk premium increase as book to market equity increase, because the highest book to market equity ratio show that companies is not growth, so company’s risk will be high. Meanwhile, the highest leverage ratio show that companies have financial distress and its will increase the company’s risk. In contras, higher beta lead to lower equity risk premium, it may be effected by emerging market in Indonesia feature.

Keywords: Capital Asset Pricing Model, Auditor Tenure, Book to Market equity, Leverage, beta, and Equity Risk Premium.


The capital market is one of the transfer of funds, from those excess funds to those who need it. There are two main functions of capital markets, first as a means of funding the business for the company to obtain funds from public investors (investors) with the purpose of business development, additional working capital or other, and the second function is as a means for people to invest in financial instruments such as stocks, bonds, mutual funds and the other with a view to profit (return) in the future.

Investment in capital markets world filled with elements of uncertainty or risk, because investors do not know with certainty the results to be obtained from the investment is doing. Investors just estimated how much the expected profit from investments, and how likely the actual future results will deviate from the expected results. Tandelilin (2001) suggested that the risk is the possibility of real return (actual return) that is different from the expected return (expected return).

Risk in investing can be influenced by economic factors, political, market, customer, internal company and others. These factors will impact on the risk of change (increased or decreased risk) and return that will alter investor confidence and response, as well as the effect on stock price changes and will ultimately affect the market beta and the company’s stock return variance. Tandelilin (2001) states that there are two types of investment risk in the systematic risk (Systematic risk) and unsystematic risk (unsystematic risk).

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Rini Indriani

Wahiddatul Khoiriyah


The purpose of this study is to examine the attributes that can representated financial reporting quality and examine the effect of financial reporting quality on economic consequences. The financial reporting quality was measured on the following attributes: value relevance, timeliness, and conservatism. As for the economic consequences was measured on the asymmetric information. Sample was taken based on purposive sampling method from Manufactured companies listed in Indonesia Stock Exchange in the year 2004 to 2008. The final samples consist of 99 companies. This study use the auxiliary R2 and simple linear regression method for testing the hypotesis.

This study found that the attributes of financial reporting quality have not overlap with each other and all of the attributes can representation the financial reporting quality. As for the economic consequences test resulted that the financial reporting quality had a positively and significant relationship with the asymmetric information, whereas the level of significant is 10%. It’s mean that firm’s with high financial reporting quality will increase the economic consequences.

Key words : Financial Reporting Quality, Value Relevance, Timeliness, Conservatism, Economic Consequences.


Research conducted by Copeland and Galai (1983) found that when the quality of accounting information has increased, then the information asymmetry will decline. In other words, the quality of accounting information is conveyed through the financial reporting has a negative effect on information asymmetry. Fanani (2009) also found the same thing with the study conducted by Copeland and Galai, namely the quality of financial reporting and significant negative effect on information asymmetry, using the quality of financial reporting of factorial which consist of the value relevance and conservatism as an attribute of financial reporting quality.

This research refers to research conducted by Fanani (2009) with a sample period from 2001 to 2006. The difference of this study with previous studies that used the sample period is 2004 to 2008, and focuses research on the representation of the quality attributes of financial information and its influence on asimentri information. This is done because in the period 2004 – 2008 global economic crisis that could affect economic conditions in Indonesia, whereas in the study period Fanani economic conditions in Indonesia tend to be stable.

Wibowo (2002) in Suaryana (2008) claimed that the conservatism is a principle in financial reporting are intended to recognize and measure assets and profits made with great caution because of the economic and business activities covered by the uncertainty. Mayangsari and Wilopo (2002) in Wahyuni ??(2008) states that intuitively, the principle of conservatism is useful because it can be used to predict future conditions in accordance with financial reporting purposes.

Measurement of information asymmetry can be done with various sizes. Cohen (2003) and Fanani (2009) measure of information asymmetry with a proxy bid-ask spread. In addition the scale of the company (firm size) is used as a benchmark for the level of information asymmetry by Kusuma (2004). Clarke and Shastri measure information asymmetry by using a size: 1) Analysts’ forecasts, 2) Investment Opportunity Set, 3) Microstructure Variables. Clarke and Shastri (2000) found that the size of the market microstructure tend to have higher correlation with each other. In this study the proxy used is the bid-ask spread model Ryan (1996) in Fanani (2009).