Pengaruh Kepemilikan Keluarga dan Tata Kelola Perusahaan Terhadap Praktik Manajemen Laba

Wulan Wanda, Zulhawati Zulhawati, Rusmin Rusmin, Emita W. Astami

Abstract


Transparency and quality of financial reporting are important factors to be relevant for decision making. This study examines the effect of family ownership and corporate governance on earnings management practices. Our sample focuses on non-financial firms with predominantly family ownership listed on the Indonesia Stock Exchange for the financial year of 2017-2019. The study reveals that family ownership and the presence of an audit committee associate with decreasing earnings management practices. Our additional analyzes confirm both expropriation and monitoring effects of family ownership on earnings management. Up to a certain level of ownership, family management tends to engineer earnings reporting for personal or group benefit. However, when ownership is quite dominant, family members carry out their supervisory function properly and encourage management to take actions and decisions in line with the interests of the company and other stakeholders. The implication of this research is that share ownership by family members needs to be encouraged, even though the policy-making authority still regulates the maximum limit of ownership to avoid very dominant power.

Transparansi dan kualitas pelaporan keuangan merupakan faktor penting agar informasi keuangan relevan untuk pengambilan keputusan. Penelitian ini menguji pengaruh kepemilikan keluarga dan tata kelola perusahaan terhadap praktik manajemen laba. Sampel kami fokus pada perusahaan non-keuangan dengan dominasi kepemilikan keluarga yang terdaftar di Bursa Efek Indonesia periode 2017-2019. Hasil penelitian menunjukkan kepemilikan keluarga dan jumlah anggota komite audit mampu mengurangi praktik manajemen laba. Analisa tambahan mengkonfirmasi baik expropriation maupun monitoring effects kepemilikan keluarga terhadap manajemen laba. Sampai dengan tingkat kepemilikan tertentu, manajemen keluarga cenderung merekayasa pelaporan laba untuk keuntungan pribadi atau kelompok. Namun, ketika kepemilikan cukup dominan, anggota keluarga melaksanakan fungsi pengawasan secara baik dan mendorong manajemen mengambil tindakan serta keputusan sejalan dengan kepentingan perusahaan dan pemangku kepentingan lain. Implikasi penelitian ini bahwa kepemilikan saham oleh anggota keluarga perlu didorong, meskipun otoritas pembuat kebijakan tetap mengatur batas maksimum kepemilikan untuk menghindari kekuasaan yang sangat dominan.

Keywords


kepemilikan keluarga;tata kelola perusahaan;manajemen laba;perusahaan non-keuangan

Full Text:

PDF

References


Adiguzel, H. (2013). Corporate governance, family ownership and earnings management: Emerging market evidence. Accounting and Finance Research, 2(4), 17–33.

Agyeman, B. (2020). Is board size determinant of earnings management? Journal of Business and Social Science Review, 1(4), 103–114.

Alipour, M., Ghanbari, M., Jamshidinavid, B., & Taherabadi, A. (2019). Does board independence moderate the relationship between environmental disclosure quality and performance? Evidence from statistic and dynamic panel data corporate governance. The International Journal of Business in Society, 19(3), 580–610.

Alnabsha, A., Abdou, H. A., Ntim, C. G., & Elamer, A. A. (2018). Corporate boards, ownership structures and corporate disclosures: Evidence from a developing country. Journal of Applied Accounting Research, 19(1), 20–41.

Amelia, W., & Hernawati, E. (2016). Pengaruh komisaris independen, ukuran perusahaan dan profitabilitas terhadap manajemen laba. NeO~Bis, 10(1), 62–77.

Anderson, R. C., & Reeb, D. M. (2003). Public family ownership and firm performance: Evidence from S&P 500. Journal of Finance, 58(3), 1301–1328.

Anggraeni, R. M., & Hadiprajitno, P. B. (2013). Pengaruh struktur kepemilikan manajerial, ukuran perusahaan dan praktik corporate governance terhadap manajemen laba. Diponegoro Journal of Accounting, 2(3), 754–766.

Arosa, B. T., Iturralde, & Maseda, A. (2010). Ownership structure and firm performance in non-listed firms: Evidence from Spain. Jurnal of Family Business Strategy, 1(2), 88–96.

Astami, E. W., Rusmin, R., Hartadi, B., & Evans, J. (2017). The role of audit quality and culture influence on earnings management in companies with excessive free cash flow: Evidence from the Asia Pacific region. International Journal of Accounting & Information Management, 25(1), 21–24.

Baalouch, F., Ayadi, S. D., & Hussnainey, K. (2019). A Study of the determinants of environmental disclosure quality: Evidence from French listed companies. J Manag Gov, 23(4), 939–971.

Bansal, M. (2021). Board independence and earnings management: Influence of family business generation. Journal of Asia Business Studies, 15(5), 748–768.

Barghathi, Y. (2019). Financial reporting quality and earnings management in Libyan banks: Stakeholders’ perceptions’. African Journal of Accounting, Auditing and FInance, 6(3), 177–300.

Bliss, M. A. (2011). Does CEO duality constrain board independence? Some evidence from audit pricing. Accounting and Finance, 51(2), 361–380.

Casillas, J. C., Moreno-Menendez, A. M., Barbero, J. L., & Clinton, E. (2019). Retrenchment strategies and family involment: The role of survival risk. Family Business Review, 32(1), 58–75.

Chan, K. H., Luo, V. W., & Mo, P. L. L. (2016). Determinants and implications of long audit reporting lags: Evidences from China. Accounting and Business Research, 46(2), 145–166.

Chandra, D. R., Mishra, C. S., & Rajib, P. (2018). Firm-specific parameters and earnings management: A study in the Indian context. Global Business Review, 19(5), 1240–1260.

Cheng, Q., Chen, S., & Chen, X. (2014). Institutional knowledge at Singapore Management University conservatism and equity ownership of the founding family University of Texas at Austin. Research Collection School of Accountancy, 403–430.

Chi, C. W., Ken, H., Hui, W. C., & Pang, T. L. (2015). Family firm and earnings management in Taiwan: Influence of corporate governance. International Economic and Finance, 26, 88–98.

Christiantie, J., & Christiawan, Y. J. (2013). Analisis pengaruh mekanisme corporate governance dan reputasi kantor akuntan publik terhadap aktivitas manajemen laba. Business Accounting Review, 1, 1–10.

Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1–2), 81–122.

Coopers, D. R., & Schindler, P. S. (2003). Business esearch methods (8 ed). MCGraw-Hill.

Dalton, D. R., L, J., & Johnson, et al. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6), 674–686.

Davids, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of Management Review, 22(3), 20–47.

Dwiyanti, K. T., & Astriena, M. (2018). Pengaruh kepemilikan keluarga dan karakteristik komite audit terhadap manajemen laba. Jurnal Riset Dan Bisnis Airlangga, 3(2), 447–469.

Fan, J. P. H., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33, 401–425.

Firmansyah, R., & Amanah, L. (2020). Pengaruh profitabilitas, good corporate governance, leverage dan firm size terhadap audit report lag. Jurnal Ilmu Dan Riset Akuntansi, 9(3), 1–20.

Firnanti, F. (2017). Pengaruh corporate governance dan faktor-faktor lainnya terhadap manajemen laba. Jurnal Bisnis Dan Akuntansi, 19(1), 66–80.

Ghabdian, B., Attaran, N., & Froutan, O. (2012). Ownership structure and earnings management: Evidence from Iran. International Journal of Business and Management, 7(15).

Gil, E. G., Manzano, M. P., & Fernandez, J. H. (2016). Investing the relationship between corporate social responsibility and earnings management: Evidence from Spain. BRQ Business Research Quarterly, 19, 289–299.

Gul, F. A., Chen, C. J. P., & Tsui, J. S. L. (2003). Discretionary accounting accruals, managers incentives dan audit fees. Contempory Accounting Research, 20(3), 441–464.

Habib, A., Bhuiyan, M. B. U., Huang, H. J., & Miah, M. S. (2018). Determinant of audit report lag: A meta-analysis. International Journal of Auditing, 23(1), 20–44.

Heino, N., Tuominen, P., & Jussila, I. (2020). Listed family firm stakeholder orientations: The critical role of value-creating family factors. Journal of Family Business Strategy, 11(4), 1–12.

Imoleayu, O. F., Eddy, O., Oluku, M. D., Ben-Caleb, E., & Adeola, O. O. (2016). Earnings management and board structure: Evidence from Nigeria. SAGE Open, 1–15.

Isakov, D., & Weisskopf, J. (2014). Are founding families special blockholders? An investigation of controlling shareholder influence on firm performance. Journal of Banking and Finance, 41, 1–16.

Istianingsih. (2021). Earnings quality as a link between corporate governance implementation and firm performance. International Journal of Management Science and Engineering Management, 16, 290–301.

Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 72(10), 1671–1696.

Jizi, M. (2017). The influence of board composition on sustainability development disclosure. Business Strategy and Enviroment, 26(5), 640–655.

Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193–228.

Juhmani, O. (2017). Audit committee characteristics and earnings management: The case of Bahrain. International Journal of Accounting and Financial Reporting, 7(1), 11–31.

Khan, A., Muttakin, M. B., & Siddiqui, J. (2013). Corporate governance and corporate social responsibility disclosures: Evidence from an Emerging Economy. SSRN Electronic Journal, May.

Khanh, H. T., & Khung, N. V. (2018). Audit quality, firm characteristics and real earnings management: The case of listed Vietnamese firms. International Journal of Economic and Financial Isuues, 8(4), 243–249.

Klein, A. (2000). Audit committe, board of director characteristics and earnings management. Law and Economics Research Paper Series Working Paper, 06(42), 1–42.

Klein, A. (2002). Audit committee, board of director characteristics and earnings management. Journal of Accounting and Economics, 33(3), 375–400.

Kono, F. D. P., & Yuyetta, E. N. A. (2013). Pengaruh arus kas bebas, ukuran KAP, spesialisasi industri KAP, audit tenur dan independensi auditor terhadap manajemen laba. Diponegoro Journal of Accounting, 2(4), 166–174.

La Porta, R., Lopez-deSilanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517.

Liao, L., & Tang, Q. (2015). The gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409–424.

Lukviarman. (2016). Corporate Governance. PT Era Adictra Intermedia.

Mersni, H., & Othman, H. Ben. (2016). The impact of corporate governance mechanisms on earnings management in Islamic banks in the Middle East region. Journal of Islamic Accounting and Business Research, 7(4), 318–348.

Mishra, M., & Malhotra, A. K. (2016). Audit committee characteristics and earnings management: Evidence from India. International Journal of Accounting and Financial Reporting, 6(2).

Noviardhi, M. T., & Hadiprajitno, P. B. (2013). Analisis pengaruh tata kelola perusahaan terhadap manajemen laba. Diponegoro University Journal of Accounting, 2(2), 1–9.

Peasnell, K. V, Pope, P. F., & Young, S. (2000). Accrual management to meet earnings targets: UK evidence pre-and post-cadbury. British Accounting Review, 32(4), 415–445.

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

Purnama, D. (2017). Pengaruh profitabilitas, leverage, ukuran perusahaan, kepemilikan institusional dan kepemilikan manajerial terhadap manajemen laba. Jurnal Riset Keuangan Dan Akuntansi, 3(1), 1–14.

Puspitosari, L. (2015). Analisis faktor-faktor yang berpengaruh terhadap manajemen laba pada perbankan syariah periode 2010-2013. Journal of Chemical Information and Modeling, VI(2), 260–274.

Putra, R. N. A. (2019). Good corporate governance dan manajemen laba di perbankan syariah. Journal of Islamic Finance and Accounting, 2(2).

Rusmanto, T., & Herlina, M. (2020). The relationship between corporate governance and audit report lag: Evidence from Indonesian. Review of Economics Studies & Research Virgil MAdgearu, 17(7), 3003–3013.

Rusmin, R., & Evans, J. (2017). Audit quality and audit report lag: case of Indonesian listed companies. Asian Review of Accounting, 25(2), 191–210.

Salehi, M., Hoshmand, M., & Ranjbar, H. R. (2019). The effect of earnings management on the reputation of family and no-family firms. Journal of Family Business Management, 10(2), 128–143.

Salihi, A. W. A., & Jibril, R. S. (2015). The effect of board the size and audit committee the size on earnings management in Nigeria consumer industries companies. International Journal of Innovative Research & Development, 4(3), 84–91.

Sari, A. L. (2017). Karakteristik perusahaan, tata kelola perusahaan dan manajemen laba. Jurnal Akuntansi Bisnis, 15(2), 229.

Singh, H., & Sultana, N. (2011). Board of director characteristics and audit report lag: Australian evidence. Corporate Board: Role, Duties & Composition, 7(3), 38–51.

Supriadi, A. (2014). PwC: 95 persen perusahaan Indonesia adalah bisnis keluarga. Diakses dari https://www.cnnindonesia.com/ekonomi/20141202100356-9215176/pwc-95-persen-perusahaan-indonesia-adalah-bisnis-keluarga

Syahirah, N., & Theodorou, E. (2017). Board of directors characteristics and earnings management of family owned companies. Journal of Accounting & Business Management, 5(2), 68–83.

Vafeas, N., & Theodorou, E. (1998). The relationship between board structure and firm performane the UK. British Accounting Review, 30(4), 383–407.

Wan-Hussin, W. N., & Bamahros, H. M. (2013). Do investment in and the sourcing arrangement of the internal audit function affect audit delay? Journal of Contemporary Accounting and Economics, 9(1), 19–32.

Wijethilake, C., Ekanayake, A., & Perera, S. (2015). Board involvement in corporate performance: Evidence from a developing country. Journal of Accounting in Emerging Economies, 5(3), 250–268.




DOI: http://dx.doi.org/10.20961/jab.v22i1.700

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic