PENGARUH MANAJEMEN LABA TERHADAP BIAYA MODAL EKUITAS




  • PENGARUH MANAJEMEN LABA TERHADAP BIAYA MODAL EKUITAS

    (STUDI PADA PERUSAHAAN PUBLIK SEKTOR MANUFAKTUR)

    WIWIK UTAMI

    Universitas Mercu Buana

    (Jurnal Akuntansi Keuangan dan Pasar Modal – SNA 8 )

    ABSTRACT

    The objectives of the research is to find out empirical evidence of the influence of earnings management on cost of equity capital.The population of this study was listed companies in the manufacturing sector at the Jakarta Stock Exchange, and the sample was determined based on the following criteria: (a) the annual report ended 31 December, and (b) book value of equity is positive. There were 92 companies meeting the criteria. Data analysis was carried out in terms of pool cross-section covering annual financial report during 2001–2002. Earnings management were measured by ratio of working capital accruals with sales, and cost of equity capital was estimated by Ohlson model. The research hypotheses were tested using multi regression with beta risk and size as control variables.

    The results of this research show that (1) earnings management had positive significant influence on cost of equity capital, and (2) sensitivity analysis of earnings management proxy show that ratio of working capital accruals with sales is the best proxy compared with Healy model, modified Jones model and Jones Model.

    Keywords: , Earnings management, Cost of equity capital

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    Ideally the stock market is a place for the occurrence of stock transactions a fair mechanism. But a fair share of transactions difficult to achieve because of the conflict of interest and lack of transparency in the financial statements of issuers. Based on Bapepam reports there were 25 cases of violations yangterjadi capital markets during 2002 to March 2003. Of the 25 cases of violations, there are 13 cases pertaining to conflicts of interest and disclosure of information. Then the case of delay in financial reporting also continue to occur. Delay in publication of financial statements indicate a problem with the issuer’s financial dalampelaporan so it takes a longer turnaround time.

    According to Healy and Palepu (1993), there are three conditions that cause communication over financial reporting is not perfect and not transparent, namely: (1) compared with the investors, managers have more information about the strategy and business operations are managed, (2) the interests of managers are not always aligned with the interests of investors, and (3) the imperfection of accounting and auditing rules.

    Leuz et al. (2003) conducted an international comparative study on earnings management and investor protection with a sample of 31 countries, covering the period of observation from 1990 to 1999. Indonesia included in this study as a sample. Research goal is to provide empirical evidence of differences in earnings management in various countries, and the difference was due to differences in investor protection. Based on the average value of earnings management score, Indonesia was ranked 15 of the 31 countries. That is, Indonesia is at the secondary level, the lowest level of earnings management is the United States. Jikadibandingkan with selected ASEAN countries participating in the sample are: Malaysia, the Philippines, and Thailand, then Indonesia is the greatest level of earnings management. To score the legal enforcement Indonesia got a score of 2.9 and is the lowest score from 31 countries, meaning that the legal enforcement in Indonesia is very weak and has resulted in low levels of investor protection.

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