Kepemilikan Manajerial, Konservatisma Akuntansi, dan Cost of Debt

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Muhamad Safiq


This research was aimed to test the influence of managerial ownership to accounting conservatism and the effect to cost of debt. This research used companies’ data which the companies listed on Indonesian Stock Exchange and had debt rate published by Pefindo. Ordinary Least Square was used to do analysis to data. Result showed that managerial ownership variable related to the increasing asymmetric timeliness. It was meant that the bigger managerial ownership, the more conservative. And than, no significant influence of accounting conservatism to cost of debt. The statement that the more conservative of financial statement, the bigger company’s rating (low cost of debt), was not proved. Next result showed that no significant of influence of managerial ownership to cost of debt.

The final finding showed that there was influence of managerial ownership to rating (proxy of cost of debt), after moderated with accounting conservatism. By interacting accounting conservatism with managerial ownership, the unsignificant influence of managerial ownership became significant influence. This research was expected ti give contribution to investors and to interest parties on their decision making and to regulators on their judgment of regulation making.


Keyword: Managerial ownership, accounting conservatism, cost of debt


Konservatisma is the most prominent theme in accounting research. Konservatisma is one in accounting principle has profound implications on the valuation of corporate assets. As Ahmed et al. (2000) that the net asset value konservatisma cause persistently lower than market value. As a result, decisions made by investors who use financial statements are presented using the principle konservatisma become less relevant, thus accounting konservatisma received sharp criticism from the users of financial statements.

Adoption of International Financial Reporting Standards (IFRS) as guidance in the preparation of financial statements in various parts of the world is a manifestation of rejection and criticism of konservatisma accounting principles. That’s because the principles used in the IFRS that is not in line with fair value accounting konservatisma. Konservatisma accounting for more emphasis on reliability, which is contrary to the principle of fair value is more emphasis on relevance. Indonesia, which adopted in full IFRS starting in 2012, requires any company listed on the Indonesia Stock Exchange to use the principle of fair value in preparing the consolidated financial statements. That’s because accounting konservatisma considered less relevant in decision making. Companies that use accounting konservatisma have low quality earnings (Penman and Zhang, 2002).

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Nevertheless, the results showed that accounting konservatisma have a very large role in solving agency problems, including conflicts bondholder and shareholder (Ahmed et al., 2002), the conflict between creditors and management (Zhang, 2008). Likewise, Lafond and Roychowdhury (2008) documented the role of accounting in konservatisma agency conflict arising due to information that is not symmetrical. Konservatisma accounting related negatively with managerial ownership. The study assumes that the larger the managerial ownership, more and more risk-taker so that the financial statements become less conservative. This is supported Billet and Liu (2008) which says that the cost of debt increases in managerial voting rights increased. ….

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