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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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PENGARUH ALOKASI PAJAK ANTAR PERIODA BERDASARKAN PSAK No. 46 TERHADAP KOEFISIEN RESPON LABA AKUNTANSI

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PENGARUH ALOKASI PAJAK ANTAR PERIODA BERDASARKAN PSAK No. 46 TERHADAP KOEFISIEN RESPON LABA AKUNTANSI

Oleh
AKHMAD RIDUWAN*)

Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya

ABSTRACT

Starting on January, 1st, 1999, Indonesian public companies must be applied accounting for income taxes based on PSAK No.46. The objective of this study is to examine: (1) the difference of stock price change in the period before and after PSAK No.46 was implemented; (2) the effect of interperiod tax allocation based on PSAK No.46 on the earning response coefficient (ERC); and (3) the ERC difference between companies which reported deferred tax income and companies which reported deferred tax expenses.

This study used the sample of 111 manufacturing companies listed at the Jakarta Stock Exchange. This study used time-series data during 1997-2002 for the first and second model regression analysis, and used cross-sectional data on 2002 for the third model regression analysis. The first model regression analysis measured earnings response coefficient (ERC), with cummulative abnormal return as independent variable and unexpected earnings as dependent variable. The ERC was used as dependent variable in the third model regression analysis. The second model regression analysis was used to test H1, and the third model was used to test H2 and H3. Independent variables of the third model regression analysis were interperiod tax allocation, earnings persistance, earnings growth, capital structure, and firm size.

The result of this study provide empirical evidence that: (1) stock price change in the period after implementing of the PSAK No.46 are higher than the period before the PSAK No.46 was implemented; (2) interperiod tax allocation based on the PSAK No.46 have negative effects on the ERC; and (3) earnings response coefficient (ERC) for companies which reported deferred tax income were not differ from companies which reported deferred tax expenses. The result of this study indicate that interperiod tax allocation based on the PSAK No.46 was succesfully improve the income statement informativeness and earnings quality. However, interperiod tax allocation based on the PSAK No.46 generate perceive noise embedded in the reported earnings. Therefore, additional disclosures are needed, particularly for economic substance of deferred tax income and deferred tax expenses reported in income statement.

Keywords: earnings response coefficient, interperiod tax allocation, deferred tax income, deferred tax
expenses

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PENGARUH INFORMASI LABA ALIRAN KAS DAN KOMPONEN ALIRAN KAS TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

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PENGARUH INFORMASI LABA ALIRAN KAS DAN KOMPONEN ALIRAN KAS TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Oleh

Ferry & Erni Eka Wati

ABSTRACK

Before 1994, the one way measured performance of go public company is earning after tax, but on September 7, 1994 the Indonesian Institute of Accountants (IAI) published the statement of financial Accounting Standard (PSAK) No.2, “Statement of Cash Flows” requires companies to publish the statement of cash flows beginning from January 1, 1995. So investors had two kinds measurement of performance go public companies. The objective of study is to explain the influence of information content of accounting income, total cash flows, and components of cash flow with stock price in Indonesian manufacturing firms. The accounting income is earning after tax before extra ordinary item and discontinued operations and total cash flows is a sum of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.

This study was constitute replicated study from Triyono and Yogiyanto (2000) about the association of information content of total cash flows, components of cash flows, and accounting income with stock prices or stock returns. This study took sample from manufacturing firms listed in the Jakarta Stock Exchange (BEJ) from 1999-2002 that had published audited financial statement. Stock prices using monthly prices that had ended December 1999-2002. The statistics method used to test hypotheses is a linier multiple regression. The model was considered: levels model.

The empirical results with using the first model levels about the influence information of accounting income and total cash flows with stock prices can be explained accounting income gave positive influence and significant with stock prices whereas total cash flows gave negative and significant with stock prices. In the second model levels about the influence information of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities with stock prices can be explained, separated total cash flows into components of cash flows gave negative influence and significant with stock prices especially cash flow from operating activities and cash flow from financing activities. In the third model levels about influence information of accounting income and components of cash flows with stock prices can be explained, accounting income gave positive influence and significant with stock prices whereas components of cash flows gave negative influence and significant with stock prices.

Keywords : Accounting Income, Cash Flows, Components of cash flows, levels model.

The performance of an enterprise is the result of a series of processes at the expense of resources. As one of the parameters of performance is profit. The importance of earnings information is expressly mentioned in SFAS (Statement of Financial Accounting Standards) 25, namely: the income statement is the main report to report on the performance of an enterprise during a certain period.

The purpose of this study was to obtain empirical evidence regarding the effect of information from the accounting profit, total cash flow, cash flow components as has been recommended in SFAS (Statement of Financial Accounting Standards) # 2 on reports of cash flow and accounting income with stock prices.

Some research on the information content of accounting earnings on stock prices of them done by Balls and Brown (1968) which proves that the information content of earnings is better than the information content of cash flows in predicting future cash flows. Other researchers are testing the predictive ability of earnings is the Finger (1994). Using a linear regression model, Finger provide conclusions on research that gives more profit than the incremental information content of cash flow. In line with Finger, Baridwan and Parawijati (1998) conducted a replication study with modifications and Finger can be concluded that the profit is a better predictor, although the cash flow can also be a good predictor.

***

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Faktor-Faktor Yang Berpengaruh Terhadap Audit Delay Di Indonesia

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Faktor-Faktor Yang Berpengaruh Terhadap Audit Delay Di Indonesia

Oleh
Imam Subekti & Novi Wulandari Widiyanti

ABSTRACT

Timeliness represent very important matter in determining financial statement value. This research is purposed to investigate influenced audit delay factors. That are level of firm profitability, firm size, industrial sector, audior’s opinion, and public accountant size.

Samples are selected by mothod of purposive sampling. Regression analysis is used to investigate influenced audit delay factors. The result of this research show that level of firm profitability, firm size, industrial sector, audior’s opinion, and public accountant size influence to audit delay. This result is recommended for auditor to increase effectiveness of his audit perfomance. For company, this result can increase assisting to his auditor in running process of auditing.

Keywords: audit delay, accuracy of reporting time, influencing factors, time of finishing audit.

Jurnal Simposium Nasional Akuntansi VII (SNA 7)

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Studi Empiris Ketepatan Waktu Pelaporan Keuangan Perusahaan Manufaktur Di Bursa Efek Jakarta

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Studi Empiris Ketepatan Waktu Pelaporan Keuangan Perusahaan Manufaktur Di Bursa Efek Jakarta

Oleh
Rachmat Saleh

ABSTRACT

The study aims to investigate firms’ compliance in reporting the annual financial report to the BAPEPAM. Respondents were selected from the manufacture firms listed in Jakarta Stock Exchange. Hundred and ten firms sampled out of 155 firms (population) were withdrawn from annualy data of 2000-2002. The estimation technique of PROBIT model was invoked to analyze the data by using SHAZAM as econometrics’ package (White, 1997).

Two scenarios of Probit model were run to find out the best fit model. The results indicated that extraordinary and/or contingent items (EXTRA) variable was significant at ? = 5 % to influence the firms’ compliance (Timeliness) in submetting their annual financial report. While gearing (GEAR), profitability (PROFIT), size of firm (SIZE), age of firm (AGE) and ownership (OWN) have not statistically able to determine the dependent variable of compliance (Timeliness).

This study suggests that the firm’s compliance to submit the annual financial report on time should be measured more precisely to allow for indepthed resulst. Moreover, the aspects of auditor, the complexity of firm, types of audit committee and the quality of firm internal control have accounted for the future research.

Keywords : compliance, submission, report, financial, gearing, profitability, size, firm, age, contingency, ownership.

Jurnal Simposium Nasional Akuntansi VII (SNA 7)

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