Email this article Kinerja Rugi dan Manajemen Laba di Indonesia: Perspektif Governance
Abstract
The paper investigates the effect of accounting loss on earnings management in Indonesia. Research gap hinges upon the differences in institutional setting between Indonesia and developed markets, of which has been previously studied extensively. Earnings management refers to discretionary accruals. Theoretical background follows corporate governance framework originated from agency theory. Governance framework claims that loss might provide manager with incentive to commit either positive accruals or negative accruals. Under manager-owner conflict, insider might prefer to choose positive accruals while, under manager-creditor conflict, it is negative accruals that might be selected. Analysis is based on firms engaging in manufacturing operation that listed in Indonesian Stock Exchange during 2009 to 2014. The results reveal that loss triggers manager to commit negative accruals and that results are robust to the definition and the endogeneity of loss. The shortcomings include the issues of discontinuity and trade of between real and accrual earnings management that, accordingly, require a due care in interpreting the results.
Penelitian ini menginvestigasi pengaruh kinerja rugi perusahaan terhadap manajemen laba di Indonesia. Celah penelitian merujuk pada perbedaan setting kelembagaan antara Indonesia dengan negara maju yang menjadi basis penelitian sebelumnya. Manajemen laba merujuk pada akrual diskresioner. Latar belakang teoritis mengikuti rerangka konseptual corporate governance yang bersumber dari teori keagenan. Dari perspektif konflik keagenan antara manajer-pemilik maka diprediksi bahwa kinerja rugi dapat menyebakan perusahaan melakukan akrual positif. Pada konflik keagenan manajer-kreditur maka diprediksi perusahaan yang mengalami kinerja rugi akan melakukan akrual negatif untuk mendapatkan termin renogosiasi yang lebih baik. Analisa dilakukan dengan menggunakan data perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2009 sampai dengan 2014. Hasil analisa menunjukkan bahwa kinerja rugi mendorong perusahaan memilih akrual negatif. Hasil tersebut robust terhadap isu definisi kinerja rugi dan isu endogeneitas kinerja rugi. Kelemahan penelitian mengacu pada isu discontinuity kinerja rugi dan isu trade-off antara manajemen laba berbasis akrual dengan berbasis aktivitas rill yang mengharuskan kecermatan dalam mengintepretasikan hasil analisa.
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DOI: http://dx.doi.org/10.20961/jab.v19i2.425
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