Peran Akuntansi Konservatisme dalam Mengurangi Konflik Bondholders-Shareholders terhadap Kebijakan Dividen

Abstract

This study is trying to examine the effect of conflict of interest between bondholders-shareholders over dividend policy on using of conservative accounting in financial report. This research hypothesized that using conservatism will reduce conflict between bondholders-shareholders over dividend policy. This study is using secondary data of manufacturing company that listed on BEJ, using convenience sampling method. We have 80 manufacturing companies that covered sample criteria. We used accrual based measurement of net income to get conservatism degree, and used proxy DIV level, STDROA and LEV to get the conflict level. We used ROA, SIZE, and SALESGRO as control variables. This research is mainly reffered to Ahmed et al. (2002). This research did not consistently found that conservative accounting plays an important role in mitigating bondholders-shareholders conflicts over dividend policy, because there are no severe conflict over dividend policy. Indonesian Companies have the lower rate of dividend distribution to shareholders, so that Indonesian investor are more concern of income volatility and company’s growth compare with dividend distribution rate, specially in the weak economic condition.