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Pengaruh Manajemen Laba terhadap Stock Return dengan Kualitas Audit dan Efektivitas Komite Audit sebagai Variabel Moderasi
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh manajemen laba terhadap imbal hasil saham (stock return), dengan kualitas audit dan efektivitas komite audit sebagai variabel pemoderasi. Manajemen laba diukur dengan akrual diskresioner menggunakan model Modified Jones. Stock Return diukur dengan menggunakan imbal hasil saham kumulatif. Kualitas audit diproksi dengan variabel dummy Big 4 atau non Big 4; dan efektivitas komite audit diukur dengan jumlah rapat yang dilakukan dalam satu tahun. Penelitian ini dilakukan dengan sampel perusahaan manufaktur yang terdaftar pada Bursa Efek Indonesia untuk periode 2012-2014. Hasil penelitian menunjukkan bahwa manajemen laba memiliki pengaruh negatif terhadap imbal hasil saham. Kualitas audit dan efektifitas komite audit ditemukan mampu memperlemah hubungan negatif tersebut, yang mengindikasikan bahwa kedua mekanisme pengawasan tersebut berfungsi dengan baik dalam memitigasi dampak negatif manajemen laba terhadap imbal hasil saham.
Keywords
References
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Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contem¬porary accounting research, 15(1), 1-24. [CrossRef]
Chandra, A. (2011). Pengaruh Efektivitas Komite Audit Terhadap Relevansi Nilai Laba Bersih dan Arus Kas Dari Kegiatan Operasi. Jakarta: Universitas Indonesia. [CrossRef]
Chung, R., Firth, M., & Kim, J. B. (2002). Institutional monitoring and opportunistic earnings management. Journal of corporate finance, 8(1), 29-48. [CrossRef]
Darwis, H. (2012). Manajemen Laba Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Pemoderasi. Jurnal Keuangan dan Perbankan, 16(1), 45-55. [CrossRef]
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3(3), 183-199. [CrossRef]
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225. [CrossRef]
DuCharme, L. L., Malatesta, P. H., & Sefcik, S. E. (2004). Earnings management, stock issues, and shareholder lawsuits. Journal of financial economics, 71(1), 27-49. [CrossRef]
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Francis, J. R. (2004). What do we know about audit quality? The British accounting review, 36(4), 345-368. [CrossRef]
Godfrey, J. (2010). Accounting Theory, 7 Edition. John Wiley. [CrossRef]
Ghosh, A., & Moon, D. (2005). Auditor tenure and perceptions of audit quality. The Accounting Review, 80(2), 585-612. [CrossRef]
Gul, F. A., Lynn, S. G., & Tsui, J. S. (2002). Audit quality, management ownership, and the informativeness of accounting earnings. Journal of Accounting, Auditing & Finance, 17(1), 25-49. [CrossRef]
Gumanti, T. A. (2004). Earnings Management: Suatu Telaah Pustaka. Jurnal Akuntansi dan Keuangan, 2(2), 99-104. [CrossRef]
Herawaty, V. (2009). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 10(2), 90-97. [CrossRef]
Jaggi, B., & Tsui, J. (2007). Insider trading, earnings management and corporate governance: empirical evidence based on Hong Kong firms. Journal of International Financial Management & Accounting, 18(3), 192-222. [CrossRef]
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360. [CrossRef]
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Lin, J. W., & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta‐analysis. International Journal of Auditing, 14(1), 57-77. [CrossRef]
Muid, D. (2011). Pengaruh Corporate Social Responsibility terhadap Stock Return. Fokus Ekonomi, 6(1), 105-121. [CrossRef]
Na’im. A dan Hartono, 1996, The Effect of Untitrust Investigations on Management of Earning: A Test on Political Cost Hyothesis. Kelola: Gadjah Mada University Business Review, 13/V, 126-141. [CrossRef]
Ngaisah, S. (2008). Pengaruh rasio profitabilitas dan leverage terhadap return saham pada perusahaan yang terdaftar di JII tahun 2004-2006. Skripsi, Yogyakarta: UIN Sunan Kalijaga. [CrossRef]
Nuryaman. (2013). The Influence of Earnings Management on Stock Return and The Role of Audit Quality as a Moderating Variable. International Journal of Trade, Economics and Finance. [CrossRef]
Pribawanti, T. 2007. Analisis Pengaruh Rasio Keuangan Terhadap Total Return Saham Pada Perusahaan Industri Manufaktur yang Membagikan Deviden di Bursa Efek Jakarta. Penelitian. Semarang: Universitas Negeri Semarang. [CrossRef]
Ramdani, D., & Witteloostuijn, A. V. (2010). The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, 21(3), 607-627. [CrossRef]
Reynolds, J. K., & Francis, J. R. (2000). Does size matter? The influence of large clients on officelevel auditor reporting decisions. Journal of accounting and economics, 30(3), 375-400. [CrossRef]
Scott, W. R. (2011). Financial Accounting Theory, 6 edition. United States: Pearson. [CrossRef]
Senthilkumar, G. (2009). Behavior of stock return in size and market to book ratio – evidence from selected Indian Industries. International Research Journals of Finance and Economics, 33, 142-153 [CrossRef]
Silalahi, Donalson. 1991, Beberapa Faktor Yang Mempengaruhi Perubahan Harga Saham (Studi pada Pasar Modal Indonesia), Tesis, Program Pascasarjana Universitas Airlangga, Surabaya. [CrossRef]
Siregar, S. V., & Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size, and corporategovernance practices: Evidence from Indonesia. The International Journal of Accounting, 43(1), 1-27. [CrossRef]
Solechan, A. (2009). Pengaruh Manajemen Laba dan Earning terhadap Return saham (Studi Empiris pada perusahaan yang go public di BEI tahun 2003-2006, Doctoral dissertation, Universitas Diponegoro. [CrossRef]
Subramanyam, K. R. (1996). The pricing of discre-tionary accruals. Journal of accounting and economics, 22(1), 249-281. [CrossRef]
Sulistyanto, S. (2008). Manajemen Laba (Teori & Model Empiris). Jakarta: Grasindo. [CrossRef]
Tariq, N. (2009). Pengaruh praktik earnings mana-gement terhadap abnormal return saham (Doctoral dissertation, Universitas Widya-tama). [CrossRef]
Teoh, S., & Wong, T. (1993). Perceived Auditor Quality and Earnings Response Coefficient. The Accounting Review, 346-367. [CrossRef]
Teoh, S. H., Welch, I., & Wong, T. J. (1998). Ear¬nings management and the long‐run market performance of initial public offerings. The Journal of Finance, 53(6), 1935-1974. [CrossRef]
Vafeas, N. (2005). Audit committees, boards, and the quality of reported earnings. Contemporary accounting research, 22(4), 1093-1122. [CrossRef]
Watts, R., & Zimmerman, J. (1986). Positive theory of accounting. Englewood Cliffs, NY: Prentice-Hall. [CrossRef]
Xie, B., Davidson, W. N., & Dadalt, P. J. (2003). Earnings Management Corporate Gover-nance: The Roles of The Board and The Audit Committee. Journal of Corporate Finance, 295-316. [CrossRef]
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Ardiati, A. Y. (2003). Pengaruh Manajemen Laba Terhadap Return Saham dengan Kualitas Audit sebagai Variabel Pemoderasi. Simposium Nasional Akuntansi VI. [CrossRef]
Arens, e. a. (2009). Auditing and Assurance Services An Integrated Approach (An Indonesian Adaptation). Singapore: Prentice Hall. [CrossRef]
Baber, W. R., Chen, S., & Kang, S. H. (2006). Stock price reaction to evidence of earnings mana-gement: Implications for supplementary financial disclosure. Review of Accounting Studies, 11(1), 5-19. [CrossRef]
Balsam, S., Krishnan, J., & Yang, J. S. (2003). Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory, 22(2), 71-97. [CrossRef]
Bamber, E. M., & Bamber, L. S. (2009). Discussion of" Mandatory Audit Partner Rotation, Audit Quality, and Market Perception: Evidence from Taiwan". Contemporary Accounting Research, 26(2), 393-402. [CrossRef]
Bapepam. (2012). Keputusan Ketua Badan Pemeriksa Pasar Modal No. KEP-643/BL/2012, (Bapepam LK IX.I.5)). Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit. Jakarta: Republik Indonesia. [CrossRef]
Beasley, M. S., Carcello, J. V., Hermanson, D. R., & Neal, T. L. (2009). The audit committee oversight process. Contemporary Accounting Research, 26(1), 65-122. [CrossRef]
Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit quality on earnings management. Contem¬porary accounting research, 15(1), 1-24. [CrossRef]
Chandra, A. (2011). Pengaruh Efektivitas Komite Audit Terhadap Relevansi Nilai Laba Bersih dan Arus Kas Dari Kegiatan Operasi. Jakarta: Universitas Indonesia. [CrossRef]
Chung, R., Firth, M., & Kim, J. B. (2002). Institutional monitoring and opportunistic earnings management. Journal of corporate finance, 8(1), 29-48. [CrossRef]
Darwis, H. (2012). Manajemen Laba Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Pemoderasi. Jurnal Keuangan dan Perbankan, 16(1), 45-55. [CrossRef]
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3(3), 183-199. [CrossRef]
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225. [CrossRef]
DuCharme, L. L., Malatesta, P. H., & Sefcik, S. E. (2004). Earnings management, stock issues, and shareholder lawsuits. Journal of financial economics, 71(1), 27-49. [CrossRef]
Ferdiansyah dan Purnamasari, D. 2012. Pengaruh Manajemen Laba Terhadap Return Saham dengan Kecerdasan Investor sebagai Variabel Moderating. Jurnal Sains Manajemen & Akuntansi. Vol. IV no. 2/November/2012. [CrossRef]
Francis, J. R. (2004). What do we know about audit quality? The British accounting review, 36(4), 345-368. [CrossRef]
Godfrey, J. (2010). Accounting Theory, 7 Edition. John Wiley. [CrossRef]
Ghosh, A., & Moon, D. (2005). Auditor tenure and perceptions of audit quality. The Accounting Review, 80(2), 585-612. [CrossRef]
Gul, F. A., Lynn, S. G., & Tsui, J. S. (2002). Audit quality, management ownership, and the informativeness of accounting earnings. Journal of Accounting, Auditing & Finance, 17(1), 25-49. [CrossRef]
Gumanti, T. A. (2004). Earnings Management: Suatu Telaah Pustaka. Jurnal Akuntansi dan Keuangan, 2(2), 99-104. [CrossRef]
Herawaty, V. (2009). Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 10(2), 90-97. [CrossRef]
Jaggi, B., & Tsui, J. (2007). Insider trading, earnings management and corporate governance: empirical evidence based on Hong Kong firms. Journal of International Financial Management & Accounting, 18(3), 192-222. [CrossRef]
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360. [CrossRef]
Jones, C. P., Utama, S., Frensidy, B., Ekaputra, I. A., & Budiman, R. U. (2009). Investments: Analysis and Management (An Indonesian Adaptation), Tenth Edition. United States of America: John Wiley & Sons, Inc. [CrossRef]
Kang, Q., Liu, Q., & Qi, R. (2010). Predicting stock market returns with aggregate discretionary accruals. Journal of Accounting Research, 48(4), 815-858. [CrossRef]
Kennedy, P. S. J. (2003). Analisis Pengaruh dari ROA, ROE, EPS, Profit Margin, Asset TO, Rasio Leverage dan DER terhadap Return Saham Studi pada Saham-saham yang termasuk dalam LQ 45 di Bursa Efek Jakarta tahun 2001. Doctoral dissertation, Program Pascasarjana Fakultas Ekonomi Universitas Indonesia). [CrossRef]
Krishnan, G. V. (2003). Does Big 6 auditor industry expertise constrain earnings management? Accounting horizons, 17, 1-16. [CrossRef]
Lin, J. W., & Hwang, M. I. (2010). Audit quality, corporate governance, and earnings management: A meta‐analysis. International Journal of Auditing, 14(1), 57-77. [CrossRef]
Muid, D. (2011). Pengaruh Corporate Social Responsibility terhadap Stock Return. Fokus Ekonomi, 6(1), 105-121. [CrossRef]
Na’im. A dan Hartono, 1996, The Effect of Untitrust Investigations on Management of Earning: A Test on Political Cost Hyothesis. Kelola: Gadjah Mada University Business Review, 13/V, 126-141. [CrossRef]
Ngaisah, S. (2008). Pengaruh rasio profitabilitas dan leverage terhadap return saham pada perusahaan yang terdaftar di JII tahun 2004-2006. Skripsi, Yogyakarta: UIN Sunan Kalijaga. [CrossRef]
Nuryaman. (2013). The Influence of Earnings Management on Stock Return and The Role of Audit Quality as a Moderating Variable. International Journal of Trade, Economics and Finance. [CrossRef]
Pribawanti, T. 2007. Analisis Pengaruh Rasio Keuangan Terhadap Total Return Saham Pada Perusahaan Industri Manufaktur yang Membagikan Deviden di Bursa Efek Jakarta. Penelitian. Semarang: Universitas Negeri Semarang. [CrossRef]
Ramdani, D., & Witteloostuijn, A. V. (2010). The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand. British Journal of Management, 21(3), 607-627. [CrossRef]
Reynolds, J. K., & Francis, J. R. (2000). Does size matter? The influence of large clients on officelevel auditor reporting decisions. Journal of accounting and economics, 30(3), 375-400. [CrossRef]
Scott, W. R. (2011). Financial Accounting Theory, 6 edition. United States: Pearson. [CrossRef]
Senthilkumar, G. (2009). Behavior of stock return in size and market to book ratio – evidence from selected Indian Industries. International Research Journals of Finance and Economics, 33, 142-153 [CrossRef]
Silalahi, Donalson. 1991, Beberapa Faktor Yang Mempengaruhi Perubahan Harga Saham (Studi pada Pasar Modal Indonesia), Tesis, Program Pascasarjana Universitas Airlangga, Surabaya. [CrossRef]
Siregar, S. V., & Utama, S. (2008). Type of earnings management and the effect of ownership structure, firm size, and corporategovernance practices: Evidence from Indonesia. The International Journal of Accounting, 43(1), 1-27. [CrossRef]
Solechan, A. (2009). Pengaruh Manajemen Laba dan Earning terhadap Return saham (Studi Empiris pada perusahaan yang go public di BEI tahun 2003-2006, Doctoral dissertation, Universitas Diponegoro. [CrossRef]
Subramanyam, K. R. (1996). The pricing of discre-tionary accruals. Journal of accounting and economics, 22(1), 249-281. [CrossRef]
Sulistyanto, S. (2008). Manajemen Laba (Teori & Model Empiris). Jakarta: Grasindo. [CrossRef]
Tariq, N. (2009). Pengaruh praktik earnings mana-gement terhadap abnormal return saham (Doctoral dissertation, Universitas Widya-tama). [CrossRef]
Teoh, S., & Wong, T. (1993). Perceived Auditor Quality and Earnings Response Coefficient. The Accounting Review, 346-367. [CrossRef]
Teoh, S. H., Welch, I., & Wong, T. J. (1998). Ear¬nings management and the long‐run market performance of initial public offerings. The Journal of Finance, 53(6), 1935-1974. [CrossRef]
Vafeas, N. (2005). Audit committees, boards, and the quality of reported earnings. Contemporary accounting research, 22(4), 1093-1122. [CrossRef]
Watts, R., & Zimmerman, J. (1986). Positive theory of accounting. Englewood Cliffs, NY: Prentice-Hall. [CrossRef]
Xie, B., Davidson, W. N., & Dadalt, P. J. (2003). Earnings Management Corporate Gover-nance: The Roles of The Board and The Audit Committee. Journal of Corporate Finance, 295-316. [CrossRef]
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