ANALISIS KOMPARATIF EARNINGS MANAGEMENT PADA PERUSAHAAN FORCED DAN VOLUNTARY DELISTING PADA BURSA EFEK INDONESIA

Winne Carissa Hidayat, Sahala Manalu, Rony Joyo Negoro Octavianus

Sari

From 2005 until early 2015, as many as 52 companies perform delisting. Meanwhile, the practice of earnings management will be found on all companies including the delisted companies. Previously earnings management are found on discretionary accruals, but because it is often used and can be detected easily managers began to switch to manipulate earnings through operating activities or real activities manipulation. The purpose of this study is to analyze the practices of earnings management through real activities manipulation in companies that perform forced and voluntary delisting. Obtained each of 14 companies forced and voluntary delisting during observation from 2005 to 2014 who meet the criteria of purposive sampling. The results using independent t-test found there were no difference in the average earnings management in forced and voluntary delisting companies, which in both earnings management done to lower profits. It is analyzed as the company's goals for the restructuring of debt, save on tax payments as well as the distribution of dividends and employee bonuses. Thus, earnings management to do more to efficient contracting perspective.

Kata Kunci

manajemen laba; manipulasi aktivitas riil; forced delisting; voluntary delisting; efficient contracting perspective

Referensi

Benny, L. dan Y. Hutagaol. 2013. Empirical Investigation of Determinant Factors of Company Delisting: Evidence From Indonesia. Journal of Applied Finance and Accounting 6(1): 25-66.

Chen, M. dan Y. C. Tsai. 2010. Earnings Management Types and Motivation: A Study in Taiwan. Social Behavior and Personality 38(7): 955-962.

Cosseboom, L. 2014. 3 Cara Indonesia Menjadi Lebih Menarik Bagi Investor Asing. http:id.techinasia.com/3-cara-indonesia-menarik-investor-asing Diakses tanggal 15 Maret 2015.

Dechow, P., S. P. Kothari, dan R. L. Watts. 1998. The Relation Between Earnings and Cash Flows. Journal of Accounting and Economics 25: 133-168.

Indonesia Stock Exchange. 2015. IDX Fact Book 2006-2015. IDX. Jakarta.

Inaam, Z., H. Khmoussi, dan Z. Fatma. 2012. Audit Quality and Earnings Management in the Tunisian Context. International Journal of Accounting and Financial Reporting 2(2): 17-33.

Iraya, C., M. Mwangi, dan G. W. Muchoki. 2015. The Effect of Corporate Governance Practices on Earnings Management of Companies Listed at The Nairobi Securities Exchange. European Scientific Journal 11(1): 169-178.

Kaunang, C. 2013. Analisis Perbandingan Kinerja Keuangan Perusahaan Menggunakan Rasio Profitabilitas dan Economic Value Added pada Perusahaan yang Tergabung dalam LQ 45. Jurnal EMBA 1(3): 648-657.

Kesatria, H. 2013. Pengaruh Struktur Ke- pemilikan dan Good Corporate Governance terhadap Jenis Earnings Management pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2009-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya 2(2): 1-15.

Kristiantari, I. 2013. Analisis Faktor-faktor yang Mempengaruhi Underpricing Saham pada Penawaran Saham Perdana di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi dan Humanika 2(2): 785-811.

Li, J. dan J. Zhou. 2006. Earnings Management and Delisting Risk of Initial Public Offerings. http:papers.ssrn.com/sol3/papers.cfm?abstract_id=641021. Diakses tanggal 14 Maret 2015.

Llukani, T. 2013. Earnings Management and Firm Size: An Empirical Analyze in Albanian Market. European Scientific Journal 9(16): 135-143.

Malik, M., X. Xinping, dan R. Shabb. 2014. Corporate Governance and Involuntary Delisting: Empirical Evidence. International Journal of Economics and Finance 6(6): 247-256.

Nafisatin, M., Suhadak, dan R. Hidayat. 2014. Implementasi Penggunaan Metode Altman (Z-Score) untuk Menganalisis Estimasi Kebangkrutan (Studi pada PT Bursa Efek Indonesia Periode 2011-2013). Jurnal Administrasi Bisnis (JAB) 10(1): 1-8.

Nan, L. 2008. The Agency Problems of Hedging and Earnings Management. Contemporary Accounting Research 25(3): 859-889.

Nisfiannoor, M. 2009. Pendekatan Statistika Modern untuk Ilmu Sosial. Salemba Humanika. Jakarta.

Pratiwi, Y. dan W. Meiranto. 2013. Pengaruh Penerapan Corporate Governance terhadap Earnings Management Melalui Manipulasi Aktivitas Riil. Diponegoro Journal of Accounting 2(3): 1-15.

Rahayu, D. 2005. Pengaruh Kepemilikan Saham Manajerial dan Institusional pada Struktur Modal Perusahaan. Jurnal Akuntansi & Auditing 1: 181-197.

Rahmawati, A. R. Suprapti, dan S. Seventi. 2010. Model Strategi Manajemen Laba pada Perusahaan Publik di Bursa Efek Indonesia: Suatu Pemeriksaan Pergeseran Klasifikasi Serta Dampaknya terhadap Kinerja Saham, Pemilihan Metoda Akuntansi, dan Pengaturan Waktu Transaksi. Jurnal Tarumanegara 14(1): 11-24.

Roychowdhury, S. 2006. Earnings Management Through Real Activities Manipulation. Journal of Accounting and Economics 42: 335-370.

Sanusi, Z., N. F. Selahudin, dan N. B. Zakaria. 2014. Remodelling the Earnings Management with The Appearance of Leverage, Financial Distress and Free Cash Flow: Malaysia and Thailand Evidences. Journal of Applied Sciences 14(21): 2644-2661.

Stice, E., J. D. Stice, dan K. F. Skousen. 2009. Akuntansi Keuangan Buku 1. 16th ed. Salemba Empat. Jakarta.

Sunaryo. 2015. Evaluasi Tingkat Keakuratan Antara Model Springate dengan Model Altman dalam Memprediksi Delisting Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Journal of Business Strategy and Execution 7(2): 155-176.

Tambunan, R., Dwiatmanto, dan M. G. W. Endang. 2015. Analisis Prediksi Kebangkrutan Perusahaan dengan Menggunakan Metode Altman (Z-Score) (Studi pada Subsektor Rokok yang Listing dan Perusahaan Delisting di Bursa Efek Indonesia Tahun 2009-2013). Jurnal Administrasi Bisnis (JAB) 2(1): 1-11.

Yudhanti, C. dan D. Rachmawati. 2008. Apakah Earnings Management Mengakibatkan Risiko Delisting pada Perusahaan IPO? Jurnal Akuntansi Tarumanegara 12(3): 260-276.

Zeidi, A., Z. Taheri, dan O. G. Farahabadi. 2014. A Study on the Relationship between Accounting Conservatism and Earnings Management in Teheran Stock Exchange Listed Companies. International Journal of Scientific Research in Knowledge 2(2): 105-115.

Refbacks

  • Saat ini tidak ada refbacks.