ANALISIS GOOD CORPORATE GOVERNANCE, FREE CASH FLOW, LEVERAGE TERHADAP EARNING MANAGEMENT, DAN SHAREHOLDER WEALTH PADA PERUSAHAAN SEKTOR JASA YANG TERCATAT DI BURSA EFEK INDONESIA
Abstract
ABSTRACT
The phenomenon of the "megadolar" case that occurred in Enron Corporation and the profits stated over stated at PT. Kimia Farma caused by earnings management. Earning management results in reporting on financial statements asymmetry with the actual situation. This can bring huge losses to shareholders because financial statements are the main basis for shareholders in conducting business transactions. Utami (2005) in his research stated that Indonesia is the country with the most rice earning management. Thus it is important for investors and shareholders in Indonesia to look at things that can trigger earnings management and what can prevent earnings management. In this study the researchers tested the effect of good corporate governance, free cash flow, and leverage on wealth earning management and shareholders. The researcher examines the effect of good corporate governance as a variable that can prevent earnings management and test free cash flow and leverage as triggers for earnings management.
In this study using a sample of 178 service sector companies taken through the Yamane method with a sampling method namely purposive sampling in the 2014-2016 period. Data analysis and hypothesis testing in this study using the Partial Least Square Path Modeling (PLS-SEM) method. The results showed that good corporate governance proved to have a significant negative effect on earnings management while shareholders in wealth had a significant positive influence. Free cash flow proved to be insignificant to earning management while shareholder wealth had a significant positive effect. The leverage variable proved to have a significant negative relationship to earnings management as well as wealth shareholders.Â
Keyword:  good  corporate  governance,  free  cash  flow,  leverage  earning management, shareholder wealth.
Â
Downloads
References
DAFTAR PUSTAKA
Agustina, Dian. 2013. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi dan Keuangan Vol.15 No.1 Hlm.27-42. ISSN:1411-0288. Surabaya: Universitas Airlangga.
Arifin. 2004. Peran Akuntan Dalam Menegakkan Prinsip Good Corporate Governance Pada Perusahaan di Indonesia (Tinjauan Prespektif Teori Keagenan). Sidang Senat Guru Besar Universitas Diponegori. Semarang: Fakultas Ekonomi Universitas Dipenegoro.
Bangun, Nurainun, Priska Dwicahya Safei. 2011. Pengaruh Manajemen Laba Terhadap Return Saham Pada Perusahaan yang Diaudit Oleh Kantor Akuntan Publik (KAP) Big Four dan Non Big Four. Jurnal Akuntansi, Vol.11 No.1 hal.397-414. Universitas Tarumanegara.
Bukit, R. B. dan Inskandar,T.M. 2009. Surpluss Free Cash Flow, Earnings Management and Audit Comitte. Int. Journal of Economic and Management, Vol.3 No.1, 204-223 Brigham Eugene F. dan Joel F. Houston. 2013.
Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Cadbury Committee. 1992. Report of The Committee on the Financial Aspects of Corporate Governance. London: Gee.
Dewi, Rina Pusvita. 2016. Pengaruh Free Cash Flow, Kinerja Keuangan Terhadap Earning Management Dimoderasi Corporate governance. Jurnal Ilmu dan Riset Akuntansi, Vol.5, No.2. ISSN: 2460-0558.
Eisenhardt, K. M. 1989. Agency Theory: An Assessment and Review. The Academy of Management Review Vol.14, No.1, pp.57-74. Academy of Management.
Freeman, R. Edward. 2010. Strategic Management: A Stakeholder Approach. Cambridge University Press.
Ferdinan, Agusty. 2014. Metode Penelitian Manajemen: Pedoman Penelitian Untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen. Semarang: Badan Penerbit Universitas Diponegoro.
Guna, Wevin I., Arleen Herawaty. 2010. Pengaruh Mekanisme Good Corporate Governance, Independensi Auditor, Kualitas Audit dan Faktor Lainnya Terhadap Manajemen Laba. Jurnal Bisnis dan Akutansi Vol.12, No.1, Hlm. 53-68.Universitas Trisakti.
Ghozali, Imam. 2015. Partial Lest Squares: Konsep Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0. Semarang: Badan Penerbut Universitas Diponegoro.
Halaoua, Sameh. 2016. Earning Management to Exceed Threshold in Continental and Anglo Saxon Accounting Models: The Brithish and French Cases. Research in International Business and Finance. http://dx.doi.org/doi:10.1016/j.ribaf.2016.09.019
Irfan, Ali. 2002. Pelaporan Keuangan dan Asimetri Informasi dalam Hubungan Agensi. Lintasan Ekonomi Vol. XIX, No.2.
Juniarta, Wayan Agus dan Ketut Sujana. 2015. Pengaruh Financial Leverage Pada Income Smoothing Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. E- Jurnal Akuntansi Universitas Udayana Vol.11
No.3. ISSN: 2302-8556. Universitas Udayana. Jensen, M. C and Meckling, W.H. 2003. Theory of the Firm: Governance, Residual Claims, and Organizational Forms. Harvard University Press.
Lavenia Arifin dan Nicken Destriana. 2016. Pengaruh Firm Size, Corporate Governance, dan Karakteristik Perusahaan Terhadap Manajemen Laba. Jurnal Bisnis dan Akuntansi Vol.18, No.1, Hlm.84-93. ISSN 1410-9875. STIE Trisakti.
Luthan, Elvira, Ileh Satria, Ilmainir. 2016. The Effect of Good Corporate Governance Mechanism to Earning Management Before and After IFRS Convergence. Procedia – Social and Behavior Sciences 219 p.465-471. ISSN: 1877-0428. Elsevier.
Marsono, Valuandina Chivan Naftalia. 2013. Pengaruh Leverage Terhadap Manajemen Laba Dengan Corporate Governance Sebagai Variabel Pemoderasi. Diponegoro Journal of Accounting Vol.2 No.3 Hlm. 1-8. ISSN: 2337-3806. Semarang: Universitas Dinopegoro. Monks, Robert A.G. dan Nell Minow. 2011. Corporate Governance 5th Edition. Wiley.
Nainggolan, P. 2004. Cara Mudah Memahami Akuntansi. Jakarta: PPM Puspita, Fira. 2009. Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio (Studi Kasus Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2005-2007). Tesis Universitas Diponegoro Semarang.
Rosdini, Dini. 2009. Pengaruh Free Cash Flow Terhadap Dividend Payout Ratio. Jurnal Akutansi dan Keuangan Vol.3 No.2, hal. 14-26
Riadiani, Ajeng Rizka. Agus Wayudin. 2015. Pengaruh Good Coporate Governance Terhadap Manajemen Laba Dengan Financial Distress Sebagai Intervening. Jurnal Akuntansi Fakultas Ekonomi Universitas Negeri Semarang. ISSN 2252-6765. Universitas Negeri Semarang.
Scott, William R. 2015. Financial Accounting Theory (7th Edition). Pearson Shleifer, Andrei dan Robert W. Vishny. 1997. A Survery of Corporate Governance. The Journal of Finance Vol.LII, No.2.
Suharli dan Harap, S.S. 2004. Studi Empiris Terhadap Faktor Penentu Kebijakan Jumlah Dividen. Media Riset Akuntansi, Auditing, dan Informasi. Jakarta: Universitas Trisakti.
Sugiyono. 2016. Metode Penelitian Kuantitatif Kualitatif dan R&B. Bandung: Alfabeta. Tjager, I Nyoman et al. 2003. Corporate Governance: Tantangan dan Kesempatan bagi Komunitas Bisnis Indonesia. Jakarta: Prenhallindo.
Utami, Wiwik. 2005. Pengaruh Manajemen Laba Terhadap Biaya Modal Ekuitas (Studi Pada Perusahaan Publik Sektor Manufaktur). Simposium Nasional Akuntansi VII. Solo.
White, Gerald I, Ashwinpaul C. Sondhi, Dov Fried. 2002. The Analysis and Use of Financial Statements 3rd Edition. Wiley.
Yogi, Luh Made Dwi Parama dan I Gusti Ayu Eka Damayanthi. 2016. Pengaruh Arus Kas Bebas, Capital Adequacy Ratio Dan Good Corporate Governance Pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana Vol.15, No.2. ISSN:2302-8556. Bali: Universitas Udayana.
Zamri, Norhayati, Rahayu Abdul Rahman, Noor Saatila Mohd Isa. 2013. The Impact of Leverage on Real Earning Management. Procedia Economic and Finance 7 p.86-95. ISSN 2212-5671. Elsevier.
