Peranan Tata Kelola sebagai Pemoderasi atas Pengaruh Manajemen Laba terhadap Efisiensi Investasi

Dania Amani Yapono, Siti Khomsatun

Abstract


The purpose of this study is to analyze the effect of earnings management on corporate investment efficiency and to examine whether the corporate governance mechanism such as institutional ownership, the independence of the board of commissioners and the expertise of the board of commissioners be able to moderating those effects. The population in this study is manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) during 2014-2016. This study uses purposive sampling method and unbalanced panel data regression. The results of this study indicate that earnings management has a significant negative effect on investment efficiency. The institutional ownership is able to weaken the negative relationship. The independence and expertise of the board of commissioners has no effect to moderate the negative relationship between earnings management and investment efficiency.


Keywords


board of director expertise, board of director independence, earnings management, Investment efficiency, institutional ownership

Full Text:

PDF

References


Agoes, S. (2005). Penerapan GCG pada perguruan tinggi. Majalah Auditor Edisi 18/2005.

Agrawal, A., Chadha, S., Journal, S., & October, N. (2013). Corporate governance and accounting scandals. The Booth School of Business of the University of Chicago Law School.

Barton, D., Coombes, P., & Wong, S. C. (2004). Asia’s governance challenge, (2), 54–61.

Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. American Accounting Association, 81, 963–982.

Biddle, G., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 1–44.

https://doi.org/10.1016/j.jacceco.2009.09.001

Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1–3), 237–333.

https://doi.org/10.1016/S0165-4101(01)00027-1

Chan, K., Chan, L., Jegadeesh, N., & Lakonishok, J. (2001). Earnings quality and stock returns. Nber.Org. Retrieved from

http://www.nber.org/papers/w8308

Chang, X., Dasgupta, S., & Hikiry, G. (2009). The effect of auditor quality on financing decisions. Accounting Review, 84(4), 1085–1117. https://doi.org/10.2308/accr.2009.84.4.1085

Cohen, D., & Zarowin, P. (2010). Accrual-based and real earnings management activities around Seasoned Equity Offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002

D’Mello, R., & Miranda, M. (2010). Long-term debt and overinvestment agency problem. Journal of Banking and Finance, 34(2), 324–335. https://doi.org/10.1016/j.jbankfin.2009.07.021

Ferreira, M. A., & Matos, P. (2008). The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88(3), 499–533. https://doi.org/10.1016/j.jfineco.2007.07.003

Fisher, S., & Merton, R. C. (1984). Macroeconomics and finance: The role of the stock market. Working Paper National Bureau of Economic Research.

Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107–155. https://doi.org/10.1162/00335530360535162

Gumanti, T. A., & Prasetiawati, W. (2011). Kualitas peran, komisaris independen dan manajemen laba pada penawaran saham perdana. JAKI, 1, 31–42.

Guner, B. A., Malmendier, U., & Tate, G. (2008). Financial expertise of director s. Journal of Financial Economics 88, 323–354.

Handayani, U. T., Siregar, S. V., & Elok, T. (2015). Kualitas laporan keuangan, mekanisme governance, dan efisiensi investasi. Jurnal Akuntansi Dan Keuangan Indonesia.

Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365

Hendriksen, E. ., & Breda, M. F. . (2011). The Structure of Accounting Theory (5th ed.). New York: AAA Liewelynn.

Herawaty, V. (2008). Peran praktek corporate governance sebagai moderating variable dari pengaruh earnings management terhadap nilai perusahaan. Jurnal Akuntansi Dan Keuangan, 10, PP.97-108.

Ibrahim, Y., Siam, S. A., Hidayah, N., Laili, B., Faizal, K., & Khairi, B. (2014). Board of directors and earnings management among Jordanian listed companies: proposing conceptual framework. International Journal of Technical Research, 2(3), 1–7.

Indah, L., Sari, N., & Suaryana, I. G. N. A. (2014). Pengaruh kualitas laporan keuangan pada efisiensi investasi perusahaan pertambangan. E-Jurnal Akuntansi Universitas Udayana, 8(3), 524–537.

Jeanjean, T., & Stolowy, H. (2009). Determinants of board members’ financial expertise–Empirical evidence from France, 1–34.

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://doi.org/10.2139/ssrn.99580

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

https://doi.org/10.1016/0304-405X(76)90026-X

Kobelsky, K., Richardson, V. J., Smith, R. E., & Zmud, R. W. (2008). Determinants and consequences offirm information technology budgets. The Accounting Review, 83(4), 957–995. https://doi.org/10.2308/accr.2008.83.4.957

Komite Nasional Kebijakan Governance. (2006). Pedoman umum good corporate governance Indonesia. Jakarta: Komite Nasional Kebijakan Governance. Retrieved from www.governance-indonesia.or.id

Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures $, 39, 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002

Kuslinah, R. (2013). Pengaruh komisaris independen dan komite audit terhadap kinerja keuangan perusahaan (perusahaan yang terdaftar di BEI 2011-2013). Journal of Chemical Information and Modeling, 53(9), 1689–1699. https://doi.org/10.1017/CBO9781 107415324.004

Lenard, M. J., & Yu, B. (2012). Do earnings management and audit quality influence overinvestment by Chinese companies?, 4(2), 21–30. https://doi.org/10.5539/ijef.v4n2p21

Li, Q., & Wang, T. (2010). Financial reporting quality and corporate investment efficiency: Chinese experience. Nankai Business Review International, 1(2), 197–213. https://doi.org/10.1108/20408741011052591

McNichols, M. F., & Stubben, S. R. (2008). Does earnings management affect firms’ investment decisions? Accounting Review, 83(6), 1571–1603.

https://doi.org/10.2308/accr.2008.83.6.1571

Milana, E., & Maldaon, I. (2015). Managerial characteristics and its impact on organizational performance: Evidence from Syria. Business: Theory & Practice, 16(2), 212–221. Retrieved from

http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=103742376&site=ehost-live

Nurwa, R., & Purwanto, A. (2015). Pengaruh kualitas laba akuntansi terhadap efisiensi investasi perusahaan dengan risiko litigasi sebagai variabel moderating. Diponegoro Journal of Accounting, 4 No.3, 1–11.

Prastiti, A., & Meiranto, W. (2013). Pengaruh karakteristik dewan komisaris dan komite audit terhadap manajemen laba. Jurnal Akuntansi, 2(4), 1–12.

Rahardi, T., & Prastiwi, A. (2015). Pengaruh corporate governance terhadap manajemen laba (studi empiris pada perusahaan manufaktur di BEI 2009-2012), 4(2000), 1–11.

Rahmawati, A. D. (2014). Pengaruh kualitas pelaporan keuangan dan maturitas utang terhadap efisiensi investasi. FEB Universitas Diponegoro.

Rahmawati, A. D., & Harto, P. (2014). Analisis pengaruh kualitas pelaporan keuangan dan maturitas utang terhadap efisiensi investasi. Diponegoro Journal of Accounting, 3(3), 1–12.

Richardson, S. (2006). Overinvestment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1

Sakti, A. M., & Septiani, A. (2015). Pengaruh kualitas pelaporan keuangan dan jatuh tempo terhadap efisiensi investasi. Diponegoro Journal of Accounting, 4(2006), 1–10.

Scott, W. R. (2015). Financial accounting theory (7th ed.). Canada: Pearson.

Sharma, V., Naiker, V., & Lee, B. (2009). Determinants of audit committee meeting frequency: Evidence from a voluntary governance system. Accounting Horizons, 23(3), 245–263.

https://doi.org/10.2308/acch.2009.23.3.245

Shen, C., Luo, F., & Huang, D. (2015). Analysis of earnings management influence on the investment effi ciency of listed Chinese companies. Journal of Empirical Finance, 34, 60–78.

Wardhani, R. (2006). Mekanisme corporate governance dalam perusahaan yang mengalami permasalahan keuangan (financially distressed firms). Simposium Nasional Akuntansi (SNA) 9 Padang, 2(9), 23–26.

Widayanti, C. A., Vestari, M., & Farida, D. N. (2014). Faktor-faktor yang mempengaruhi kualitas laba pada perusahaan high profile yang terdaftar di BEI. Jurnal Dinamika Ekonomi & Bisnis, 11(1), 46–64.

Wiranata, Y. A., & Nugrahanti, Y. W. (2013). Pengaruh struktur kepemilikan terhadap profitabilitas perusahaan manufaktur di Indonesia. Jurnal Akuntansi Dan Keuangan, 15(1), 15–26.

https://doi.org/10.9744/jak.15.1.15-26




DOI: https://doi.org/10.24815/jdab.v5i2.10873

Article Metrics

Abstract view : 0 times
PDF - 0 times

Refbacks

  • There are currently no refbacks.


Published by:

Accounting Department collaborated with IAI KAPd (Institute of Indonesia Chartered Accountant)
Faculty of Business and Economics
Syiah Kuala University
Kopelma Darussalam, Banda Aceh, Indonesia - 23111
ISSN: 2355-9462, E-ISSN: 2528-1143

 

Creative Commons License
Jurnal Dinamika Akuntansi dan Bisnis by Prodi Akuntansi Universitas Syiah Kuala is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Based on a work at http://www.jurnal.usk.ac.id/JDAB/index.