FINANCIAL DISTRESS, EARNINGS MANAGEMENT DAN PENILAIAN PASAR TERKAIT PERIODE GLOBAL FINANCIAL CRISIS (STUDI EMPIRIS PADA INDUSTRI JASA YANG GO PUBLIC DI BEI PERIODE 2010-2013)
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Financial Distress, Global Financial Crisis, Earnings Management, Return Saham
Abstract
ABSTRAK - Penelitian ini bertujuan untuk menguji hubungan financial distress, earnings management dan penilaian pasar selama periode global financial crisis. Sampel yang digunakan berupa badan usaha go public yang bergerak di industri jasa yang terdaftar di Bursa Efek Indonesia (BEI) (kecuali sektor keuangan) pada periode 2010-2013. Prosedur pengumpulan data dalam penelitian ini menggunakan data sekunder dengan teknik pengambilan sampel berupa purposive judgemental. Pengukuran earnings management mengacu pada Modified Jones Model dalam penelitian Dechow et al. (1995) dengan mengunakan proksi Discretionary Accruals Model. Sedangkan perhitungan nilai diskriminan dan pengklasifikasian badan usaha ke dalam kategori badan usaha financial distress maupun badan usaha non financial distress berdasarkan penelitian McKeown et al. (1991), Hopwood et al. (1994), dan Mutchler et al. (1997). Selain itu, perhitungan return saham mengacu pada Habib, Bhuiyan dan Islam (2012) dan Ross et al. (2003, hal. 238). Temuan penelitian menunjukkan bahwa terdapat hubungan negatif signifikan antara financial distress dengan earnings management. Temuan yang kedua menunjukkan bahwa periode global financial crisis tidak mampu memoderasi hubungan financial distress dengan earnings management. Temuan ketiga menunjukkan adanya penilaian pasar terhadap discretionary accrual pada distressed firm tidaklah berbeda dengan non distressed firm selama periode global financial crisis.
Kata kunci : Financial Distress, Global Financial Crisis, Earnings Management, Return Saham.
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References
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Ashshofia, Rosetianie Kautsar. Sulistiyani, dan Tina. 2009. Pengaruh Krisis Ekonomi Amerika Terhadap Pasar Modal Indonesia Dilihat Dari Analisis Laporan Keuangan Perusahaan. Universitas Ahmad Dahlan.
Ayuningtyas, Tyagita. 2014. Pengaruh earnings, cash flow from operation, economic value added dan residual income terhadap stock return pada perusahaan yang tergabung dalam LQ45 2004-2009. Universitas Surabaya.
Ball, Ray. Robin, Ashok. and Wu, Joanna Shuang. 2003. Incentive versus standards: properties of accounting income income four East Asian countries. Journal of Accounting and Economics 36, 235-270.
Badan Pegawas Pasar Modal dan Lembaga Keuuangan. 2012. Penyampaian Laporan Tahunan Emiten atau Perusahaan Publik.Badan Perencanaan Pembangunan Nasional. 2011. Krisis Keuangan Eropa: Dampak Terhadap Perekonomian Indonesia.
Bekiris, F.V., Doukakis, L.C., Corporate Governance and Accruals Earnings Management. Managerial and Desicion Economics.
Bowen, Robert M. Rajgopal, Shivaram. Venkatachalam, Moham. 2004. Accounting Discretion,
Corporate Goverance and Firm Performance. Contemporary Accounting Research Vol. 25 No. 2 pp 351-405.
Chia, Y.M., Lapsley, I. and Lee, H.-W. 2007. Choice of auditors and earnings management during the Asian financial crisis. Managerial Auditing Journal, Vol. 22 No. 2, pp. 177-96.
Chari, V.V., Christiano, L., and Kehoe, P.J., 2008. Fact and Myths about the Financial Crisis of 2008. Federal Reserve Bank of Minneapolis Research Department, Working Paper 666.
Charitou, A., Lambertides, N. and Trigeorgis, L. (2007), “Earnings behaviour of financially distressed firms: the role of institutional ownership”, Abacus, Vol. 43 No. 3, pp. 271-96.
Choi, J-H., Kim, J-B.,and Lee, J.J., 2011. Value Relevance of Discretionary Accruals in the Asian Financial Crisis of 1997-1998. J. Account. Public Policy 30 (2011) 166-187.
Choundhry, Taufiq. Jayasekera, Ranadeva. 2012. Comparison of efficiency characteristics between the banking sectors of US and UK During the Global Financial Crisis of 2007-2011. International Review of Financial Analysis 25, 106-116.
Dechow, Patricia M., Richard G Sloan, and Amy P. Sweeney. 1995. Detecting Earning Management. The Accounting Review Vol 70, No 2.
Das, S., Shroff, P.K., Zhang, H., 2007. Quarterly Earnings Patterns and Earnings Management. Social Science Research Network Electronic Papar Collection.
Dechow, Patricia M., Richard G Sloan, and Amy P. Sweeney. 1995. Detecting Earning Management. The Accounting Review Vol 70, No 2.
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Ewanto, Muhammad. Haryeti. dan Fathoni, Ahmad Fauzan. 2014. Pengaruh Mekanisme Good Corporate Governance, Financial Distress terhadap Earnings Management dengan Variabel Financial Distress sebagai Mediasi : Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di Bursa Efek Indonesia. Fakultas Ekonomi Universitas Riau.
Fan, Joseph P H. and Wong, T J. 2000. Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia.
Fathoni, A.F., Haryetti, Wijaya, E.Y., Muchsin. 2014. The Effect Of Corcoprate Governance Mechanism Financial Distress On Earnings Management Behaviour: Empirical Study In Property And Infrastructure Industry In Indonesian Stock Exchange. Jurnal Ekonomi, Vol. 22 No. 1.
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Gujarati, D. 2006. Ekonometrika Dasar. Jakarta: Erlangga.
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Ghozali. Imam. 2006. Aplikasi Analisis Multivariate dengan Program SPSS. Badan Penerbit Universitas Diponegoro : Semarang.
Habib, Ahsan. Bhuiyan, Bordhan Uddin. dan Islam, Ainun, June 2012, financial distress, earnings management and market pricing of accruals during the global financial crisis. Managerial Finance Vol. 39 No.2.
Hou, Ou-yang, and Shuang-shii Chuang, 2007. “Examining Financially Distressed Companies in Taiwan: Application of Survival Analysis”. The Business Review Vol. 8, No. 2.
Hopwood, W., McKeown, J. and Mutchler, J. (1994), “A reexamination of auditor versus model accuracy within the context of the going-concern opinion decision”, Contemporary Accounting Research, Vol. 10 No. 2, pp. 409-31.
Hsiao, H-F., Lin,S-H., Hsu, S-C,. 2010. Earnings Management, Corporate Governance, and Auditor’s Opinions: A Financial Distress Prediction Model. Investment Management and Financial Innovations, Volume 7, Issue 3.
Jiambalvo, J. 1996. Discussion of Causes and Consequences of Earnings Manipulation. Contemporary Accounting Research. Vol. 13. Spring, p.37-47.
Jenkins, D.S., Kane, G.D. and Velury, U. (2009), “Earnings conservatism and value relevance across the business cycles”, Journal of Business Finance and Accounting, Vol. 36 Nos 9/10, pp. 1041-58.
Jogiyanto. 2003. Teori Portofolio dan Analisis Investasi. Edisi Tiga. Yogyakarta : BPFE.
Keown, A., J.D. Martin, D.F. Scott and J.W. Petty, 1994, Foundation of Finance: The Logic and practice of financial management, Practice Hall.
Klein, A., 2006. Audit Committee, Board of Director Characteristics and Earnings Management. Law & Economic Research Paper Series Working Paper No. 06-42.
Kompas, 9 Mei 2014. Antara Kalla, Sri, dan Boediono. (http://nasional.kompas.com/read/2014/05/09/1517321/Antara.Kalla.Sri.dan.Boediono) diakses tanggal 11 Juni 2014 (online) %.
Lo, Eko Widodo. 2012. Pengaruh Tingkat Kesulitan Keuangan Terhadap Manajemen Laba:Teori Keagenan Versus Teori Signaling. JRAK, Vol 8, No. 1.
Lopez, Jose E Miranda. Nicholas, Linda M. 2010. The use of earnings and cash flows in investment desicions in the U.S and in Mexico: Experimental evidence.
McKibbin, W.J., and Stoeckelshock, A., 2009. The Global Financial Crisis: Causes and Consequences. Working Papers in International Economics No 2.09.
Papanastasopoulos, G., Thomakos, D., and Wang, T., 2010. The Impilcations of Retained and Distributed Earnings for Future Profitability and Stock Returns. Review of Accounting and Finance Vol. 9 No. 4.
Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance Indonesia.
Priyatno, D. 2008. Mandiri Belajar SPSS (Statistical Product and Service Solution) untuk Analisis Data dan Uji Statistik. Jakarta: Erlangga.
Roodposhti, F.R., Chashmi, S.A.N., 2011. The Impact of Coprporate Governance Mechanisms on Earnings Management. African Journal of Business Management Vol. 5 (11), pp. 4143-4151.
RR. Sri Handayani dan Agustono Dwi Rachadi. Pengaruh Ukuran Perusahaan terhadap Manajemen Laba. Jurnal Bisnis dan Akuntansi Vol. 11, No.1, April 2009, Hlm. 33-56.
Ross, A Westerfield Randolph W. Jordan Bradford D. 2003. Fundamentals Corporate Finance. Sixth edition. New York: Mc Graw-Hill.
Rusmin, Rusmin. 2010. Auditor Quality and Earnings Management: Singaporean Evidence. Managerial Auditing Journal Vol. 25 No.7, pp 618-638.
Scott, W.R. 2012. Financial Accounting Theory, Pearson Prentice Hall. 6th Edition.
Saleh, N.M., Ahmed, K., 2005. Earnings management of distressed firms during debt renegotiation. Accounting and Business Research, 35, pp. 69-86.
Siregar, P.N., Veronica, Sylvia dan Siddharta Utama. 2005. Pengaruh Struktur Kepemilikan, Ukuran Perusahaan dan Praktek Corporate terhadap Pengelolaan Laba (Earnings Mangement). Jurnal Riset Akuntansi Indonesia, Vo.9 No.3 September; hal 307-326.
Solechan, Achmad. 2009. Pengaruh Manajemen Laba dan Earnings terhadap Return Saham (Studi Empiris Pada Perusahaan yang Go Public di BEI Tahun 2003-2006). Program Studi Magister Akuntansi Program Pascasarjana Universitas Diponogoro. Tesis.
Sulistyanto, H. Sri. 2008. Manajemen Laba: Teori dan Model Empiris. Jakarta: Grasindo.
Summers, L.H., 2000. International Financial Crises: Causes, Prevention and Cures. AEA Paper and Proceedings Vol. 90 No. 2.
SWA, 18 Desember 2008. GCG, Skandal Bisnis, dan Kejatuhan Perusahaan.
Tresnaningsih, Elok. 2008. Manajemen laba pada perusahaan dengan permasalahan free cash flow dan peran moderasi dari monitoring eksternal. Jurnal Riset Akuntansi dan Keuangan Indonesia, Vol.5, No.1, Hal 30-49.
Waweru, N.M., Riro, G.k., 2013. Corporate Governance, Firm Characteristics and Earnings Management in an Emerging Economy. Kimathi University College of Technology Vol. 11.
Weber, Margaret. 2006. Sensitivity of Executive Wealth to Stock Proce, Corporate Governance and Earnings Management. Review of Accounting and Finance Vol. 5 No. 4.
Xiaopeng, Zou and Xuejie, Chen. 2002. Earnings Management of Chinese Listed Companies: A Survey of Empirical Study. China & World Economy. No. 4.
Zikmud, W.G. 1997. Business Research Method, 5th ed. Orlando, Florida, U.S.A: The Dryden Press Harcourt Brace College Publisher.
____,http://www.setneg.go.id/index.php?option=com_content&task=view&id=3 (diakses 16 november 2014)
____,http://www.setneg.go.id/index.php?option=com_content&task=view&id=3722 (diakses 16 november 2014)
Ardyanto, Reiza. 2005. Analisis Pengaruh Earnings Management terhadap Return Saham (Studi Penelitian pada Perusahaan Manufaktur di Bursa Efek Jakarta Periode 1 Januari 2000 sampai 31 Desember 2002) Universitas Katolik Soegijapranata.
Ashshofia, Rosetianie Kautsar. Sulistiyani, dan Tina. 2009. Pengaruh Krisis Ekonomi Amerika Terhadap Pasar Modal Indonesia Dilihat Dari Analisis Laporan Keuangan Perusahaan. Universitas Ahmad Dahlan.
Ayuningtyas, Tyagita. 2014. Pengaruh earnings, cash flow from operation, economic value added dan residual income terhadap stock return pada perusahaan yang tergabung dalam LQ45 2004-2009. Universitas Surabaya.
Ball, Ray. Robin, Ashok. and Wu, Joanna Shuang. 2003. Incentive versus standards: properties of accounting income income four East Asian countries. Journal of Accounting and Economics 36, 235-270.
Badan Pegawas Pasar Modal dan Lembaga Keuuangan. 2012. Penyampaian Laporan Tahunan Emiten atau Perusahaan Publik.Badan Perencanaan Pembangunan Nasional. 2011. Krisis Keuangan Eropa: Dampak Terhadap Perekonomian Indonesia.
Bekiris, F.V., Doukakis, L.C., Corporate Governance and Accruals Earnings Management. Managerial and Desicion Economics.
Bowen, Robert M. Rajgopal, Shivaram. Venkatachalam, Moham. 2004. Accounting Discretion,
Corporate Goverance and Firm Performance. Contemporary Accounting Research Vol. 25 No. 2 pp 351-405.
Chia, Y.M., Lapsley, I. and Lee, H.-W. 2007. Choice of auditors and earnings management during the Asian financial crisis. Managerial Auditing Journal, Vol. 22 No. 2, pp. 177-96.
Chari, V.V., Christiano, L., and Kehoe, P.J., 2008. Fact and Myths about the Financial Crisis of 2008. Federal Reserve Bank of Minneapolis Research Department, Working Paper 666.
Charitou, A., Lambertides, N. and Trigeorgis, L. (2007), “Earnings behaviour of financially distressed firms: the role of institutional ownership”, Abacus, Vol. 43 No. 3, pp. 271-96.
Choi, J-H., Kim, J-B.,and Lee, J.J., 2011. Value Relevance of Discretionary Accruals in the Asian Financial Crisis of 1997-1998. J. Account. Public Policy 30 (2011) 166-187.
Choundhry, Taufiq. Jayasekera, Ranadeva. 2012. Comparison of efficiency characteristics between the banking sectors of US and UK During the Global Financial Crisis of 2007-2011. International Review of Financial Analysis 25, 106-116.
Dechow, Patricia M., Richard G Sloan, and Amy P. Sweeney. 1995. Detecting Earning Management. The Accounting Review Vol 70, No 2.
Das, S., Shroff, P.K., Zhang, H., 2007. Quarterly Earnings Patterns and Earnings Management. Social Science Research Network Electronic Papar Collection.
Dechow, Patricia M., Richard G Sloan, and Amy P. Sweeney. 1995. Detecting Earning Management. The Accounting Review Vol 70, No 2.
Efferin, S., S.H Darmadji, dan Yuliawati Tan. 2008. Metode Penelitian Akuntansi: Mengungkap Fenomena dengan Pendekatan Kuantitatif dan Kualitatif. Yogyakarta: Graha Ilmu.
Ewanto, Muhammad. Haryeti. dan Fathoni, Ahmad Fauzan. 2014. Pengaruh Mekanisme Good Corporate Governance, Financial Distress terhadap Earnings Management dengan Variabel Financial Distress sebagai Mediasi : Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di Bursa Efek Indonesia. Fakultas Ekonomi Universitas Riau.
Fan, Joseph P H. and Wong, T J. 2000. Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia.
Fathoni, A.F., Haryetti, Wijaya, E.Y., Muchsin. 2014. The Effect Of Corcoprate Governance Mechanism Financial Distress On Earnings Management Behaviour: Empirical Study In Property And Infrastructure Industry In Indonesian Stock Exchange. Jurnal Ekonomi, Vol. 22 No. 1.
Fachrudin, Khaira Amalia. 2008. Kesulitan Ke-uangan dan Personal, USU Press, Medan
Fraser, Lyn M., Aileen Orminston. 2013. Understanding Financial Statement 10th edition. England : Pearson Edition.
Geneva. 2011. The Global Crisis: Causes, Responses and Challenges. International Labour Organization.
Gujarati, D. 2006. Ekonometrika Dasar. Jakarta: Erlangga.
Gul, F.A., Leung, S., and Srinidhi, B., 2000. The Effect of Investment Opportunity Set and Debt Level on Earnings-Returns Relationship and the Pricing od Discretionary Accruals. Social Science Research Network Electronic Paper Collection.
Ghozali. Imam. 2006. Aplikasi Analisis Multivariate dengan Program SPSS. Badan Penerbit Universitas Diponegoro : Semarang.
Habib, Ahsan. Bhuiyan, Bordhan Uddin. dan Islam, Ainun, June 2012, financial distress, earnings management and market pricing of accruals during the global financial crisis. Managerial Finance Vol. 39 No.2.
Hou, Ou-yang, and Shuang-shii Chuang, 2007. “Examining Financially Distressed Companies in Taiwan: Application of Survival Analysis”. The Business Review Vol. 8, No. 2.
Hopwood, W., McKeown, J. and Mutchler, J. (1994), “A reexamination of auditor versus model accuracy within the context of the going-concern opinion decision”, Contemporary Accounting Research, Vol. 10 No. 2, pp. 409-31.
Hsiao, H-F., Lin,S-H., Hsu, S-C,. 2010. Earnings Management, Corporate Governance, and Auditor’s Opinions: A Financial Distress Prediction Model. Investment Management and Financial Innovations, Volume 7, Issue 3.
Jiambalvo, J. 1996. Discussion of Causes and Consequences of Earnings Manipulation. Contemporary Accounting Research. Vol. 13. Spring, p.37-47.
Jenkins, D.S., Kane, G.D. and Velury, U. (2009), “Earnings conservatism and value relevance across the business cycles”, Journal of Business Finance and Accounting, Vol. 36 Nos 9/10, pp. 1041-58.
Jogiyanto. 2003. Teori Portofolio dan Analisis Investasi. Edisi Tiga. Yogyakarta : BPFE.
Keown, A., J.D. Martin, D.F. Scott and J.W. Petty, 1994, Foundation of Finance: The Logic and practice of financial management, Practice Hall.
Klein, A., 2006. Audit Committee, Board of Director Characteristics and Earnings Management. Law & Economic Research Paper Series Working Paper No. 06-42.
Kompas, 9 Mei 2014. Antara Kalla, Sri, dan Boediono. (http://nasional.kompas.com/read/2014/05/09/1517321/Antara.Kalla.Sri.dan.Boediono) diakses tanggal 11 Juni 2014 (online) %.
Lo, Eko Widodo. 2012. Pengaruh Tingkat Kesulitan Keuangan Terhadap Manajemen Laba:Teori Keagenan Versus Teori Signaling. JRAK, Vol 8, No. 1.
Lopez, Jose E Miranda. Nicholas, Linda M. 2010. The use of earnings and cash flows in investment desicions in the U.S and in Mexico: Experimental evidence.
McKibbin, W.J., and Stoeckelshock, A., 2009. The Global Financial Crisis: Causes and Consequences. Working Papers in International Economics No 2.09.
Papanastasopoulos, G., Thomakos, D., and Wang, T., 2010. The Impilcations of Retained and Distributed Earnings for Future Profitability and Stock Returns. Review of Accounting and Finance Vol. 9 No. 4.
Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance Indonesia.
Priyatno, D. 2008. Mandiri Belajar SPSS (Statistical Product and Service Solution) untuk Analisis Data dan Uji Statistik. Jakarta: Erlangga.
Roodposhti, F.R., Chashmi, S.A.N., 2011. The Impact of Coprporate Governance Mechanisms on Earnings Management. African Journal of Business Management Vol. 5 (11), pp. 4143-4151.
RR. Sri Handayani dan Agustono Dwi Rachadi. Pengaruh Ukuran Perusahaan terhadap Manajemen Laba. Jurnal Bisnis dan Akuntansi Vol. 11, No.1, April 2009, Hlm. 33-56.
Ross, A Westerfield Randolph W. Jordan Bradford D. 2003. Fundamentals Corporate Finance. Sixth edition. New York: Mc Graw-Hill.
Rusmin, Rusmin. 2010. Auditor Quality and Earnings Management: Singaporean Evidence. Managerial Auditing Journal Vol. 25 No.7, pp 618-638.
Scott, W.R. 2012. Financial Accounting Theory, Pearson Prentice Hall. 6th Edition.
Saleh, N.M., Ahmed, K., 2005. Earnings management of distressed firms during debt renegotiation. Accounting and Business Research, 35, pp. 69-86.
Siregar, P.N., Veronica, Sylvia dan Siddharta Utama. 2005. Pengaruh Struktur Kepemilikan, Ukuran Perusahaan dan Praktek Corporate terhadap Pengelolaan Laba (Earnings Mangement). Jurnal Riset Akuntansi Indonesia, Vo.9 No.3 September; hal 307-326.
Solechan, Achmad. 2009. Pengaruh Manajemen Laba dan Earnings terhadap Return Saham (Studi Empiris Pada Perusahaan yang Go Public di BEI Tahun 2003-2006). Program Studi Magister Akuntansi Program Pascasarjana Universitas Diponogoro. Tesis.
Sulistyanto, H. Sri. 2008. Manajemen Laba: Teori dan Model Empiris. Jakarta: Grasindo.
Summers, L.H., 2000. International Financial Crises: Causes, Prevention and Cures. AEA Paper and Proceedings Vol. 90 No. 2.
SWA, 18 Desember 2008. GCG, Skandal Bisnis, dan Kejatuhan Perusahaan.
Tresnaningsih, Elok. 2008. Manajemen laba pada perusahaan dengan permasalahan free cash flow dan peran moderasi dari monitoring eksternal. Jurnal Riset Akuntansi dan Keuangan Indonesia, Vol.5, No.1, Hal 30-49.
Waweru, N.M., Riro, G.k., 2013. Corporate Governance, Firm Characteristics and Earnings Management in an Emerging Economy. Kimathi University College of Technology Vol. 11.
Weber, Margaret. 2006. Sensitivity of Executive Wealth to Stock Proce, Corporate Governance and Earnings Management. Review of Accounting and Finance Vol. 5 No. 4.
Xiaopeng, Zou and Xuejie, Chen. 2002. Earnings Management of Chinese Listed Companies: A Survey of Empirical Study. China & World Economy. No. 4.
Zikmud, W.G. 1997. Business Research Method, 5th ed. Orlando, Florida, U.S.A: The Dryden Press Harcourt Brace College Publisher.
____,http://www.setneg.go.id/index.php?option=com_content&task=view&id=3 (diakses 16 november 2014)
____,http://www.setneg.go.id/index.php?option=com_content&task=view&id=3722 (diakses 16 november 2014)
Published
2017-03-01
Section
Bidang Akuntansi (AK)
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