Pengaruh Struktur Kepemilikan Perusahaan Cross Listed Terhadap Discretionary Accruals Manajemen Laba Model Jones Modifikasi Dengan Legal Sistem Sebagai Variabel Pemoderasi

Cahyo Indraswono

Abstract


Abstrak

 

Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai pengaruh struktur kepemilikan pada perusahaan cross listed terhadap discretionary accrual manajemen laba model Jones modifikasi dengan legal sistem sebagai variabel pemoderasi dalam hubungan antara struktur kepemilikan perusahaan cross listed dan discretionary accrual manajemen laba. Penelitian ini dilakukan dengan mengggunakan sampel lima puluh perusahaan Asia yang terdaftar di New York Stock Exchange (NYSE) pada tahun 2011-2013. Salah satu indikator penilaian kinerja perusahaan adalah besarnya kompensasi yang diterima oleh manajer, hal ini menjadi motivasi tindakan manajemen laba. Tindakan manajemen laba dapat diminimalisasi dengan cara memonitor pihak manajemen dengan menggunakan proporsi kepemilikan oleh pihak luar di dalam perusahaan. Bagi perusahaan yang terdaftar di pasar modal asing (cross listed), legal sistem suatu negara diduga mampu memperkuat pengaruh struktur kepemilikan perusahaan terhadap tindakan manajemen laba karena negara dengan legal sistem yang baik mampu memperkecil kemungkinan tindakan manajemen laba. Manajemen laba diukur menggunakan model Jones yang dimodifikasi dengan discretionary accruals sebagai proksi dari manajemen laba.

Alat uji statistik yang digunakan dalam penelitian ini adalah multiple regression. Penelitian ini memperoleh bukti bahwa struktur kepemilikan institusional perusahaan cross listed memiliki pengaruh negatif yang signifikan terhadap discretionary accruals manajemen laba, sedangkan legal sistem tidak mampu memoderasi pengaruh struktur kepemilikan perusahaan cross listed terhadap discretionary accruals manajemen laba yang dilakukan perusahaan. Hal ini terjadi karena pasar modal NYSE berada di negara dengan proteksi investor yang kuat sehingga legal sistem perusahaan Asia tersebut tidak mampu memperkuat pengaruh struktur kepemilikan terhadap tindakan manajemen laba.

 

Kata kunci: Struktur Kepemilikan Perusahaan Cross Listed, Legal Sistem, Discretionary Accruals Manajemen Laba dan Model Jones Modifikasi.

 

 

Abstract

 

This study aimed to get empirical evidence about the influence of ownership structure cross listed company on earnings management with the legal system as a moderating variable in the relationship between ownership structure cross listed company and discretionary accruals earnings management model Jones Modified. This research was carried out by using a sample of fifty Asian companies listed on the New York Stock Exchange (NYSE) in 2011-2013. One indicator of corporate performance assessment is the amount of compensation received by the manager, where this can be the motivation of earnings management action. Earnings management measures can be minimized by monitoring the management by using the proportion of ownership by outsiders in the company. For companies listed on foreign capital markets, the legal system of a country believed to be able to strengthen the company's ownership structure influence on earnings management measures for countries with good legal system is able to minimize the likelihood of earnings management action. Earnings management is measured using the modified Jones models with discretionary accruals as a proxy for earnings management.

Statistical test equipment used in this research is multiple regression. This study obtained evidence that the structure of institutional ownership cross listed company has a significant negative effect on discretionary accruals earnings management, while the legal system is not able to moderate the influence of ownership structure cross listed company on discretionary accruals earnings management of the company. This occurs because the NYSE stock market is in a country with strong investor protection that the legal system of the Asian company is not able to strengthen the influence of ownership structure on earnings management action.

 

Keywords: Ownership Structure Cross Listed Company, Legal System, Discretionary Accruals Earnings Management and Modified Jones Model.


Full Text:

PDF

References


Anthony, R.N. & Vijay G. (1995). Management Control Systems. Irwin, Illinois: Homewood.

Asian Development Bank (ADB). (1999). Asian Development Outlook 1999. Manila: Asian Development Bank.

Belkaoui, A.R. (2000). Accounting Theory, 4th Edition. Boston, MA: Thomson Learning.

Cernat, L. (2004). The emerging European Corporate Governance Model: Anglo Saxon, Continental, or Still the Century of Diversity?. Journal of European Public Policy 11, 147-166.

Chin, C.L., Yu J.C, dan Tsun J.H. (2009). International Diversification, Ownership Structure, Legal Origin, and Earnings Management: Evidence from Taiwan. Journal of Accounting, Auditing and Finance (Spring) 24 (2), 233-362.

Connell Mc., J., and Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27, 595–612.

Dechow, P.M., Richard G.S., dan Amy P.S. 1995. Detecting Earnings Management. The Accounting Review 70 (2), 193-225.

Fan, J & T.J.Wong. (2002). Corporate Ownership structure and the informativeness of accounting earning in East Asia. .Journal of Accounting and Economics 33, 40-425.

Gujarati, D. (2003). Basic Econometrics 4th International Edition. Columbus, OH: McGraw-Hill.

Healy, P.M. (1985). The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics Vol. 7, 85-107

Iturriaga & Sanz. (2001). Ownership Structure, Corporate Value and Firm Investment: A Simultaneous Equations Analysis of Spanish Companies. Journal of Management and Governance Vol. 5 No. 2, 179-204.

Jensen & Meckling. (1976). The Agency Theory of The Firm: Managerial Behavior, Agency Cost and Owneship Structure. Journal of Financial Economics 3, 305-360.

Hartono, J. (2010). Metodologi Penelitian Bisnis: Salah Kaprah dan Pengalaman-Pengalaman. BPFE. Yogyakarta.

Jones, C.P, Utama S., Frensidy B., Ekaputra I.A., Budiman R.U. (2009). Investment: Analysis and Management, an Indonesia Adoptation. Jakarta: Penerbit Salemba Empat dan John Willey.

Jones, J.J. (1991). Earning Management During Relief Investigation. Journal of Accounting Review 29 (2), 193-228.

Karolyi, A.G., (2004). The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom. Ohio: Fisher College of Bussines, The Ohio State Univesity.

Kasznik, R. (1999). On the Association Between Voluntary Disclosure and Earnings Management. Journal of Accounting Research 37 (1), 57-81.

Krantz, M. (2007). US Investors Develop Crush on US-Listed Chinese stocks. USA: Today (Sept), 4

Kumar, G., Mark W., dan Morris H.S. (2008). Voluntary accounting disclosures by US Listed Asian Companies. Journal of International Accounting Research 7(1):25-50.

La Porta, R., Florencio L., Andrei S., dan Robert W.V. (1998). Law and Finance. Journal of political economy, Vol 106 No.6 pp. 1113-1155.

Leuz, C., Dhananjay N., dan Peter D.W. (2003). Earnings Management and Institutional Factors: An International Comparison. Journal of Financial Economics 69 (3), 505–527.

Moh’d, M.A., Perry, L.G, dan James R., (1998). The Impact of Owneship Structure on Corporate Debt Policy: A Time Series Cross-Sectional Analysis, Financial Review 33, 85-99.

Onyuma, S.O., Robert K.M., John K.K. (2012). Does Cross Border Listing (Still) Improve Firm Financial Performance in Eastern Africa?. Journal of Business, Economics & Finance Vol. 1 (1), 92-109.

Scott, W.R. (2003). Financial Accounting Theory 3th Edition. Upper Saddle River, NJ: Prentice Hall Inc. A Simon & Schuter Company.

Shleifer, A. and Vishny, R.W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy 94, 461-488.

Siregar, S.V dan Utama, S. (2008). Type of Earnings Management and The Effect of Owneship Structure, firm size, and corporate-governance practices: Evidence from Indonesia. The Internasional Journal of Accounting 43, 1-27.

Subramanyam, K.R. (1996). The Pricing of Discretionary Accruals. Journal of Accounting and Economics 22 pp. 249-281.

Subramanyam, K.R. dan Wild, (2009). Financial Statement Analysis 9th Edition. New York: McGrawhill.

Wang, L., (2009). Ownership, Size, and The Formal Structure of Organizations: Evidence From US Public and Private Firms, 1992–2002. Industrial and Corporate Change, Vol. 18, No. 4, 595–636.

Watt, R.L., dan Zimmerman, J.L., (1986). Positive Accounting Theory. Englewood Cliff, NJ: Prentice-Hall Inc.




DOI: http://dx.doi.org/10.24002/modus.v28i1.670

Refbacks

  • There are currently no refbacks.