Determinan-determinan manajemen laba pada penawaran saham perdana (kasus pada perusahaan sektor aneka industri)

Abstract

This study analyzes the effect of operating cash flow, earnings changes, leverage, and the intended use of the IPO proceeds on earnings management of companies in various industry sector making initial public offerings (IPOs) in Indonesian stock exchange. The samples of this study were selected using purposive sampling method in which there were 15 out of 33 companies in the period 1990-2012. The data used are secondary data from a variety of industry sectors. The company's prospectuses are obtained from the database of the Faculty of Economics, University of Jember, Indonesian Capital Market Directory (ICMD), and other sources. The dependent variable in this study is earnings management measured using the ratio of Discretionary Accruals developed by Friedlan (1994). Independent variables consist of operating cash flow, earnings changes, the intended use of IPO proceeds measured as dummy variables, and leverage ratio measured as debt to equity ratio. The results showed that only operating cash flow has significant negative effect on earnings management. The change of earnings, leverage, and the intended use of IPO funds do not affect significantly the company's earnings management in various industry sector.

The Influence of Free Cash Flow and Operating Cash Flow on Earnings Management at Manufacturing Firms Listed in the Indonesian Stock Exchange

“…This result is consistent with results of study conducted by Zeller and Stanko (2000), Yoon and Miller (2002), Tresnaningsih (2008), Hughes et al (2010), Banimadh and Aliabadi (2013), Masoumi et al (2014), Gumanti et al (2014), Sibarani et al (2013), Andreas (2017),and Jang and Kim (2017). They found that operating cash flow had a negative effect on earnings management, which means that the lower the operating cash flow in a firm, the higher the tendency for the management of the firm to commit discretionary accruals by overstating earnings, and vice versa.…”

Manajemen Laba dan Kinerja Operasional Sebelum dan Sesudah IPO Bursa Efek Indonesia

“…Hanya arus kas operasi yang berpengaruh negatif dan signifikan terhadap manajemen laba. (Gumanti et al, 2014). Arus kas operasi berdampak negatif terhadap manajemen laba (Marsela et al, 2016).…”

Pengaruh Arus Kas Bebas, Arus Kas Operasi, Kepemilikan Manajerial, Leverage Keuangan Dan Ukuran Perusahaan Terhadap Manajemen Laba Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

“…Temuan ini menyiratkan bahwa arus kas operasi berpengaruh negatif terhadap manajemen laba. Hal ini konsisten dengan hasil penelitian Trenaningsih (2008), Yanuar et al (2008), Hughes et al (2010), Bahnimadh dan Aliabadi (2013), Masoumi et al (2014), Gumanti et al (2014), Sibarani et al (2016), dan Andreas (2017) yang menjunjukkan bahwa adanya hubungan yang negatif antara arus kas operasi dengan discretionary accrual (manajemen laba). Hal ini bermakna bahwa semakin rendah arus kas operasi maka semakin kuat kecenderungan melakukan manajemen laba dan sebaliknya.…”

“…Hasil penelitian Hughes et al (2010) menunjukkan bahwa arus kas operasi yang rendah dicurigai melakukan manajemen laba. Hal ini sejalan dengan hasil penelitian Zeller dan Stanko, 2000;Yoon dan Miller, 2002;Yanuar et al, 2008;Tresnaningsih, 2008;Hughes et al, 2010;Banimadh dan Aliabadi, 2013;Masoumi et al, 2014;Gumanti et al, 2014;Sibarani et al, 2013;Andreas, 2017; dan Jang dan Kim, 2017, yang menunjukkan bahwa arus kas operasi memiliki pengaruh negatif terhadap manajemen laba yang artinya semakin kecil arus kas operasi yang dimiliki perusahaan maka semakin besar peluang manajemen perusahaan melakukan tindakan manajemen laba yang menaikkan laba, dan sebaliknya. H2: Arus kas operasi berpengaruh terhadap manajemen laba.…”