PENGARUH KENAIKAN LEVERAGE TERHADAP MANAJEMEN LABA DENGAN FREE CASH FLOW DAN PERTUMBUHAN SEBAGAI VARIABEL PEMODERASI

Handayani Tri Wijayanti, Rahmawati '

Sari


The company managements often conducts profit engineering that is usually called as earnings management. This research attempts to describe whether there is or not the effect of leverage on earnings management with free cash flow and growth as the moderating variable. The research taken 41 manufacturing companies listed in Indonesian Stock Exchange as the sample from 2003 to 2007. The sampling process was done purposive sampling method while data collection was achieved through the documentation method of Indonesian Stock Exchange (www.jsx.co.id), “Pojok BEJ (Indonesian Stock Exchange Corner)” of Surakarta Sebelas Maret University and ICMD (Indonesian Capital Market Directory). The earnings management in this research was measured using Modified Jones Model. The result of research shows that the leverage in fact does not affect the earnings management. Earnings management is affected by free cash flow, size (company size), and interaction leverage and growth. The result of hypothesis 2 testing shows that H2 is not supported, indicating that the free cash flow is rejected as the moderating variabel, but when the free cash flow is tested separately, the different result shows that it in fact affects the earnings management. Hypothesis 3 is accepted, where there is interaction between leverage and growth to effect earnings management.

Teks Lengkap:

37-54 (English)

Referensi


Agrawal, A dan N. Jayaraman. 1994. The Dividend Policies of All Equity-Firms: A Direct Test of Free Cash Flow Theory. Managerial and Decisions Economics:139-148.

Butler, M., A.J. Leone dan M. Willenborg. 2004. An Empirical Analysis of Auditor Reporting and Its Association with Abnormal Accruals. Journal of Accounting and Economics: 139-166.

Beatty, A., S. Chamberlain dan J. Magliolo. 1995. Managing financial reports of commercial banks: the influence of taxes, regulatory capital and earnings. Journal of Accounting Research 33: 231-261.

Becker, C., M. DeFond, J. Jiambalvo dan K. Subramanyam. 1998. The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research: 1-24.

Beaver, H. William, Mary L. Mc Anally dan Christoper H. Stinson. 1997. The information content of earnings and prices: a simultaneous equations approach. Journal of Accounting and Economics, 23: 53-81.

-------------------. 2002. Perspective on recent capital market research. The Accounting Review vo. 77: 453-474.

-------------------.dan Ellen E. Engel. 1996. Discretionary behavior with respect to allowances for loan losses and the behavior of security prices. Journal of Accounting and Economics 22: 177-206.

------------------, Eger C. Ryan, S. Wolfson M. 1989. Financial reporting and the structure of bank share prices. Journal of Accounting Research 27: 157-178.

Cahan, S. F. 1992. The effect of antitrust investigations on discretionary accruals: a refined test of the political cost hypothesis. The Accounting Review, 67, Januari: 77-95.

Christie, A.A. dan J.L. Zimmerman. 1994. Efficient and Opportunistic Choices of Accounting Procedures: Corporate Control Contests. The Accounting Review: 539-566.

Collins, J. D. Shackelford dan J. Wahlen. 1995. Bank differences in the coordination of regulatory capital, earnings and taxes. Journal of Accounting Research 33: 263-291.

Dichev, I dan D. Skinner. 2002. Large-Sample Evidence on Debt Covenant Hypothesis.. Journal of Accounting Research: 1091-1123.

DeAngelo, L. E. 1986. Accounting number as market valuation substitutes: a study of management buyout of public stockholders. The Accounting Review 41: 400-420.

-------------------. 1988. Managerial competition, information costs, and corporate govenance: the use of accounting performance measures in proxy contests. Journal of Accounting and Economics 10: 3-40.

-----------------, H. DeAngelo dan D. Skinner. 1994. Accounting choices of troubled companies. Journal of Accounting and Economics 17, Januari: 113-143.

Dechow, M. Patricia, dan D.J. Skinner. 2000. Earnings management: reconciling the views of accounting academics, practitioners and regulators. Accounting Horizons, 14: 235-250.

-------------------------, dan Ilia D. Dichev. 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review Vo. 77 (Supplement): 35-59.

------------------------, J. Sabino dan Richard G. Sloan. 1998. Implications of nondiscreationary accruals for earnings management and market based research. Working Paper.

------------------------, Richard G. Sloan and Amy P. Sweeney. 1995. Detecting earnings management. The Accounting Review Vol. 70 no. 2 April: 193-225.

-------------------------. 1994. Accounting earnings and cash flows as measures of fit performance: the role of accounting accruals. Journal of Accounting and Economics July: 3-42.

DeFond, M. L. dan J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.

Erickson, M. dan S. Wang. 1998. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics 27: 149-176..

Easterwood, C. 1997. Takeovers and Incentives for Earnings Management: An Empirical Analysis. Journal of Accounting and Economics: 29-47.

Fairfield, M. Patricia dan T. Lombardi Yohn. 2000. Are cash earnings better than accrued earnings?. Working Paper.

-------------------------, J. Scott Whisenant, dan T. Lambardi Yohn. 2002. The differential persistence of accrual and cash flows for future operating income versus future return on aset. Working Paper. www.yahoo.com.

Givoly, D., C. Hayn, A.R. Ofer dan O. Sarig. 1992. Taxes and Capital Structure: Evidence from Firm’s Response to the Tax Reform Act of 1986. Review of Financial Studies: 331-355.

------------ dan C. Hayn. 2000. The changing time series properties of earnings, cash flow and accruals: has financial reporting become more conservative?. Journal of Accounting and Economics 29: 287-320.

Gumanti, Tatang Ary. 2000. “Earnings Management: Suatu Telaah Pustaka”. Jurnal Akuntansi & Keuangan, Vol. 2, No. 2, 104 – 115.

dan Marmono Singgih. 2006. “Earning Management antar Industri dan Faktor-faktor Pembatasnya pada Perusahaan Publik di Bursa Efek indonesia”. Jurnal Akuntansi dan Bisnis., Vol. 6, No. 2, 181-192.

Gujarati, D. N. 2003. Basic econometrics. International editions. Mc Graw-Hill International.

Guidry, F., A. Leone, dan S. Fock. 1998. Earnings-based bonus plans and earnings management by business unit managers. Journal of Accounting and Economics, 26: 113-142.

Ghozali, Imam. 2005. ”Aplikasi Analisis Multivariate dengan Program SPSS”. Badan Penerbit Universitas Diponegoro.

Hartono.M. J. 2000. Teori Portofolio dan Analisis Investasi, Edisi 2, BPFE,

Yogyakarta.

----------------. 2004. Metodologi Penelitian Bisnis (Salah Kaprah dan pengalaman-pengalaman). BPFE UGM: Yogyakarta.

Healy, P. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7: 85-107.

----------------, dan Krishna G. Palepu. 1990. Effectiveness of accounting-based dividend covenants. Journal of Accounting and Economics, 12: 97-124.

----------------, dan James M. Wahlen. 1998. A review of the earnings management literature and its implications for standard setting. Working Paper.

Healy, P. 1996. A Discussion of A Market-Based Evaluation of Discreationary Accrual Models. Journal of Accounting Research.34 (Supplement): 107-115.

----------------, dan James M. Wahlen. 1998. A review of the earnings management literature and its implications for standard setting. Working Paper.

Irton. 2001. Asosiasi antara informasi komponen akrual dan komponen kas dalam earnings dengan harga saham. Tesis S2 tidak dipublikasikan UGM.

Jones, J.J. 1991. Earnings Management During Import Relief Investigations. Journal of Accounting Research: 193-228.

Jaggi, B dan F. Gul. 1999. An Analysis of Joint Effects of Investment Opportunity Set, Free Cash Flow and Size on Corporate Debt Policy. Review of Quantitative Finance and Accounting: 371-381

Jensen, M.C. dan W.H. Meckling. 1976. Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3: 305-360.

Jiambalvo J. 1996. Discussion of "causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC". Contemporary Accounting Research vol. 13 No. 1 (Spring): 37-47.

Jelinek, Kate. 2007. The Effect of Leverage Increases on Earnings Management. Journal of Business & Economic Studies, Volume 13, No. 2, Fall.

Jensen, Michael C. 1986. “Agency Cost of Free Cash Flow, Corporate Finance, and Takeover”. The American Economic Review, Vol. 76, No. 2, 323-329.

Kaplan, S.N. dan J.C. Stein. 1993. The Evolution of Buyout Pricing and Financial Structure in the 1980s. Quarterly Journal of Economics: 313-357.

Lee, H.Y dan V. Mande. 2003. The effect of Private Securities Litigation Reform Act of 1995 on Accounting discretion of Client Managers of Big 6 and Non-Big 6 Auditors. A Journal of Practice and Theory: 93-108.

Lo, W. Eko. 2005. Pengaruh kondisi keuangan perusahaan terhadap konservatisme akuntansi dan manajemen laba. Disertasi S3 UGM tidak dipublikasikan.

Mollah, Sabur, Kevin Keasay, and Helen Short. 2002. “The Influence Of Agency Cost on Dividend Policy in an Emerging Market”. Working Papers. Leeds University Business School. University of Leeds.Uk.

Maloney, M.T., R.E. McCormick dan M.L Mitchell. 1993. Managerial Decision Making and Capital Structure. Journal of Business:.189-217.

Muscarella, C dan M. Vetsuypens 1990. Efficiency and Organizational Structure: A Study of Reverse LBOs. Journal of Finance: 1389-1414.

Mayangsari, S. dan Wilopo. 2002. Konservatisme akuntansi, value relevance dan akrual kelolaan: implikasi empiris model Feltham-Ohlson (1996). JRAI vol. 5 no.3: 291-310.

Na’im, A., dan J. Hartono. 1996. The Effects of antitrust investigations on the management of earnings: a further empirical test of political cost hypothesis, Kelola, 13: 126-141.

Perry, S., dan T. Williams. 1994. Earnings management preceding management buyout offers. Journal of Accounting and Economics, 18: 157-179.

Scott, William R. 2006. Financial Accounting Theory. Edisi ke 2. Prentice Hall Inc. Ontario. Canada.

Sweeney, A. P. 1994. Debt-covenant violations and managers’ accounting responses. Journal of Accounting and Economics, Mei: 281-308.

Stulz, R.M. 1990. Managerial Discretion and Optimal Financing Policies. Journal Financial Economics:. 3-27.

Subramanyam K. 1996. Uncertain precision and price reactions to information. The

Accounting Review vol. 71 no. 2: 207-220.

Setiawati, L. 2002. Rekayasa akrual untuk meminimalkan pajak. Jurnal Riset Akuntansi Indonesia, September: 325-340.

Teoh, S. Hong, I. Welch, dan T.J. Wong. 1998. Earnings management and underperformance of seasoned equity offerings. Journal of Financial Economics, 50: 63-99.

Utama, Siddharta. 2000. Teori dan Riset Akuntansi Positif: Suatu Tinjauan Literatur Jurnal Ekonomi dan Bisnis Indonesia: 83-96.

Widyaningdyah, Agnes Utari.2001. “Analisis Faktor-faktor yang Berpengaruh Terhadap Earnings Management pada Perusahaan Go Public di Indonesia”. Jurnal Akuntansi & Keuangan Vol. 3, No. 2, 89 – 101.

Wahlen J. 1994. The nature of information in commercial bank loan loss disclosures. The Accounting Review 69: 455-478.

Watts, Ross L. dan Jerold L. Zimmerman. 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review, 53, Januari: 112-134.

------------------.1986, Positive Accounting Theory. Englewood Cliffs: Prentice Hall.

Zmijewski, M.E. 1984. Methodological Issues Related to Estimation of financial Distress Prediction Models. Journal of Accounting Research: 59-82.


Refbacks

  • Saat ini tidak ada refbacks.

Komentar di artikel ini

Lihat semua komentar