Determinan Manajemen Laba dan Dampaknya pada Biaya Modal Ekuitas
Keywords:
free cash flow, tax palanning, earnings management, cost of equity capital
Abstract
The purpose of this study is to examine the effect of free cash flow and tax planning on earnings management and the effect of earnings management on cost of equity capital. This study uses leverage, profitability, and company size as control variables. The Populations in this study are manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2019 period. The sample selection was carried out using purposive sampling technique. By using multiple regression analysis, the results showed that free cash flow had a significant negative effect on earnings management. Meanwhile, tax planning had no effect on earnings management and earnings management had positive effect on the cost of equity capital. Leverage and profitability were able to control the effect of free cash flow and tax planning on earnings management, while firm size was unable to control the effect of free cash flow and tax planning on earnings management.
References
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Assih, Prihat, & Gudono, M. (2000). Hubungan Tindakan Peralatan Laba dengan Reaksi Pasar atas Pengumuman Informasi Laba Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Riset Akuntansi Indonesia, 35-53.
Astutik, Ratna, Puji, E., & Mildawati, T. (2016). Pengaruh Perencanaan Pajak dan Beban Pajak Tangguhan Terhadap Manajemen Laba. Jurnal Ilmu dan Riset Akuntansi, 1-17.
Atmaja, S. (2020). Pengaruh Manajemen Laba terhadap Biaya Modal Ekuitas Melalui Pengungkapan Corporate Sosial and Environmental Responsibility sebagai Variabel Intervening. Jurnal Manajemen dan Bisnis (Jumanis), Vol. 02 No. 01.
Beyer, A., Guttman, I., & Marinovic, I. (2019). Earnings management and earnings quality: Theory and Evidence. Accounting Review,, 94(4), 77-101.
Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does earnings quality affect information asymmetry? Evidence from trading costs. Contemporary Accounting Research, 30(2), 482-516.
Botoson, C. (1997). Summary Disclosure Level and The Cost of Equity Capital. The Accountung Review, Hal 323 - 349.
Caylor, M. L., Christensen, T. E., Johnson, P. M., & Lopez, T. J. (2015). Analysts’ and Investors’ Reactions to Consistent Earnings Signals. Journal of Business Finance and Accounting, 42(9-10), 1041-1074.
Chung, R., Firth, M., & Kim, J.-B. (2005). Earninggs Mariagement, Surplus Free Cash Flow, and External Monitoring. Journal of Business Research, 766-776.
Dechow, Patricia , M., Sloan, R., & Sweeney, A. (1996). Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by The SEC. Contemporary Accounting Research, 1-36.
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Fitriany, L. C. (2016). Pengaruh Aset Pajak Tangguhan, Beban Pajak Tngguhan, dan Perencanaan Pajak terhadap Manajemen Laba. JOM Fekon, 1150 - 1162.
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Kim, J. B., & Sohn, B. C. (2013). Real earnings management and cost of capital. Journal of Accounting and Public Policy, 32(6), 518-543.
Kono, F. D., & Yuyetta, E. N. (2013). Pengaruh Arus Kas Bebas, Ukuran KAP, Spesialisasi Industri KAP, Audit Tenure, dan Independensi Auditor terhadap Manajemen Laba. Diponegoro Journal of Accounting, Hal 1 - 9.
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Negara, A. R., & Suputra, I. D. (2017). Pengaruh Perencanaan Pajak dan Beban Pajak Tangguhan terhadap Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 2045 - 2072.
Novianty, I. (2010). Praktik Manajemen Laba dan Hubungannya dengan Biaya Modal Ekuitas. Jurnal Ekonomi, Keuangan, Perbankan, dan Akuntansi, Hal 279 - 292.
Nurjanati, R., & Rodoni, A. (2015). Pengaruh Asimetri Informasi dan Tingkat DIsclosure terhadap Biaya Ekuitas dengan Kepemilikan Manajerial sevagai variabel Moderating. Jurnal Bisnis dan Manajemen, Hal 173 - 190.
Purnama, D. (2017). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Manajmeen Laba. JRKA, Hal 1 - 4.
Purwanto. (2019). Analisis Korelasi dan Regresi Linier dengan SPPS 21. (T. Rosowulan, Ed.) Magelang: StaiaPress.
Sawir, A. (2004). Kebijakan Pendanaan dan Restrukturisasi Perusahaan. Jakarta: PT Gramedia Pustaka Utama.
Sumomba, C. R., & Hutomo, Y. S. (2012). Pengaruh Beban Pajak Tangguhan dan Perencanaan Pajak terhadap Manajemen Laba. KINERJA, Hal 103 - 115.
Suwanti, S., & Wahidahwati. (2017). Pengaruh Good Corporate Governance, Free cash Flow, Manajemen Inventory, dan Leverage terhadap Manajemen Laba. Jurnal Ilmu dan Riset AKuntansi, Hal 1 - 21.
Trisnawati, R., Mardayaningrum, & Khotimah, L. (2018). Determinan Manajemen Laba Akrual Pada Indeks LQ45 dan JII Periode 2010-2015 . Jurnal Riset Akuntansi dan Keuangan Indonesia, 141-151.
Utami, W. (2005). Pengaruh Manajemen Laba terhadap Biaya Modal Ekuitas (Studi Perusahaan Publik Sektor Manufaktur). Simposium Nasional Akuntansi VIII, Solo.
Utami, W., & Pernamasari, R. (2020). The Effect Of Earnings Management And Corporate Governance On The Cost Of Equity Capital In Listed Manufacturing Industries In Indonesia. ACEBISS 2019. https://doi.org/10.4108/eai.26-3-2019.2290921. Jakarta: EAI.
Wdiatmoko, J., Indarti, M. G., & Agustin, C. A. (2020). Corporate Governance, Growth Opportunities dan Konservatisme Akuntansi: Bukti Empirik pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi Bisnis, 18(2), 236-249.
Widiatmoko, J. (2020, Juni). Corporate Governance Mechanism And Corporate Social Responsibility on Firm Value. Relevance: Journal of Management and Bussines, 3 No 1, 13-25.
Widiatmoko, J., & Indarti, M. G. (2018). The Determinans Of Earnings Response Coefficient: An Empirical Study For The Real Estate And Property Companies Listed On The Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.
Widiatmoko, J., & Indarti, M. G. (2021). The Effects of Earnings Management and Audit Quality on Cost of Equity Capital: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 769-776.
Widiatmoko, J., & Indarti, M. K. (2019). Book Tax Differences, Operating Cash Flow, Leverage and Earning Persistence in Indonesia Manufacturing Companies. Jurnal Dinamika Akuntansi, 11(2), 151-159.
Wild, J. J., Subramanyam, K., & Halsey, R. F. (2005). FInancial Statement Ananlysis Edisi 8 Buku 1. Jakarta: Salemba Empat.
Aditama, F., & Purwaningsih, A. (2014). Pengaruh Perencanaan Pajak terhadap Manajemen Laba pada Perusahaan Non Manufaktur yang Terdaftar di Bursa Efek Indonesia. MODUS , Hal 33 - 50.
Agustia, d. (2013). Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Surabaya: Universitas Airlangga. . Jurnal Akuntansi Dan Keuangan, 1411-0288 print/ 2338-8137 Online.
Agustia, D. (2013). Pengaruh Free Cash Flow dan Kualitas Audit terhadap Manajemen Laba. Jurnal Akuntansi, Hal 105 - 118.
Assih, Prihat, & Gudono, M. (2000). Hubungan Tindakan Peralatan Laba dengan Reaksi Pasar atas Pengumuman Informasi Laba Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Riset Akuntansi Indonesia, 35-53.
Astutik, Ratna, Puji, E., & Mildawati, T. (2016). Pengaruh Perencanaan Pajak dan Beban Pajak Tangguhan Terhadap Manajemen Laba. Jurnal Ilmu dan Riset Akuntansi, 1-17.
Atmaja, S. (2020). Pengaruh Manajemen Laba terhadap Biaya Modal Ekuitas Melalui Pengungkapan Corporate Sosial and Environmental Responsibility sebagai Variabel Intervening. Jurnal Manajemen dan Bisnis (Jumanis), Vol. 02 No. 01.
Beyer, A., Guttman, I., & Marinovic, I. (2019). Earnings management and earnings quality: Theory and Evidence. Accounting Review,, 94(4), 77-101.
Bhattacharya, N., Desai, H., & Venkataraman, K. (2013). Does earnings quality affect information asymmetry? Evidence from trading costs. Contemporary Accounting Research, 30(2), 482-516.
Botoson, C. (1997). Summary Disclosure Level and The Cost of Equity Capital. The Accountung Review, Hal 323 - 349.
Caylor, M. L., Christensen, T. E., Johnson, P. M., & Lopez, T. J. (2015). Analysts’ and Investors’ Reactions to Consistent Earnings Signals. Journal of Business Finance and Accounting, 42(9-10), 1041-1074.
Chung, R., Firth, M., & Kim, J.-B. (2005). Earninggs Mariagement, Surplus Free Cash Flow, and External Monitoring. Journal of Business Research, 766-776.
Dechow, Patricia , M., Sloan, R., & Sweeney, A. (1996). Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by The SEC. Contemporary Accounting Research, 1-36.
Diri, M. E. (2017). Introduction to earnings management. In: Introduction to Earnings Management. https://doi.org/10.1007/978-3-319-62686-4.
Fitriany, L. C. (2016). Pengaruh Aset Pajak Tangguhan, Beban Pajak Tngguhan, dan Perencanaan Pajak terhadap Manajemen Laba. JOM Fekon, 1150 - 1162.
Ghozali, I. (2016). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro.
Jensen, M. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 323-329.
Jensen, M., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 305-360.
Kim, J. B., & Sohn, B. C. (2013). Real earnings management and cost of capital. Journal of Accounting and Public Policy, 32(6), 518-543.
Kono, F. D., & Yuyetta, E. N. (2013). Pengaruh Arus Kas Bebas, Ukuran KAP, Spesialisasi Industri KAP, Audit Tenure, dan Independensi Auditor terhadap Manajemen Laba. Diponegoro Journal of Accounting, Hal 1 - 9.
Kusumawati, E. (2019). Determinan Manajemen Laba: Kajian Empiris Pada Perusahaan Manufaktur Go Publik Di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Keuangan Indonesia, 25-42.
Meini, Z., & Siregar, S. V. (2014). The effect of accrual earnings management and real earnings management on earnings persistence and cost of equity. Journal of Economics, Business, and Accountancy | Ventura, 17(2), 269-280.
Negara, A. R., & Suputra, I. D. (2017). Pengaruh Perencanaan Pajak dan Beban Pajak Tangguhan terhadap Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 2045 - 2072.
Novianty, I. (2010). Praktik Manajemen Laba dan Hubungannya dengan Biaya Modal Ekuitas. Jurnal Ekonomi, Keuangan, Perbankan, dan Akuntansi, Hal 279 - 292.
Nurjanati, R., & Rodoni, A. (2015). Pengaruh Asimetri Informasi dan Tingkat DIsclosure terhadap Biaya Ekuitas dengan Kepemilikan Manajerial sevagai variabel Moderating. Jurnal Bisnis dan Manajemen, Hal 173 - 190.
Purnama, D. (2017). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Manajmeen Laba. JRKA, Hal 1 - 4.
Purwanto. (2019). Analisis Korelasi dan Regresi Linier dengan SPPS 21. (T. Rosowulan, Ed.) Magelang: StaiaPress.
Sawir, A. (2004). Kebijakan Pendanaan dan Restrukturisasi Perusahaan. Jakarta: PT Gramedia Pustaka Utama.
Sumomba, C. R., & Hutomo, Y. S. (2012). Pengaruh Beban Pajak Tangguhan dan Perencanaan Pajak terhadap Manajemen Laba. KINERJA, Hal 103 - 115.
Suwanti, S., & Wahidahwati. (2017). Pengaruh Good Corporate Governance, Free cash Flow, Manajemen Inventory, dan Leverage terhadap Manajemen Laba. Jurnal Ilmu dan Riset AKuntansi, Hal 1 - 21.
Trisnawati, R., Mardayaningrum, & Khotimah, L. (2018). Determinan Manajemen Laba Akrual Pada Indeks LQ45 dan JII Periode 2010-2015 . Jurnal Riset Akuntansi dan Keuangan Indonesia, 141-151.
Utami, W. (2005). Pengaruh Manajemen Laba terhadap Biaya Modal Ekuitas (Studi Perusahaan Publik Sektor Manufaktur). Simposium Nasional Akuntansi VIII, Solo.
Utami, W., & Pernamasari, R. (2020). The Effect Of Earnings Management And Corporate Governance On The Cost Of Equity Capital In Listed Manufacturing Industries In Indonesia. ACEBISS 2019. https://doi.org/10.4108/eai.26-3-2019.2290921. Jakarta: EAI.
Wdiatmoko, J., Indarti, M. G., & Agustin, C. A. (2020). Corporate Governance, Growth Opportunities dan Konservatisme Akuntansi: Bukti Empirik pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Akuntansi Bisnis, 18(2), 236-249.
Widiatmoko, J. (2020, Juni). Corporate Governance Mechanism And Corporate Social Responsibility on Firm Value. Relevance: Journal of Management and Bussines, 3 No 1, 13-25.
Widiatmoko, J., & Indarti, M. G. (2018). The Determinans Of Earnings Response Coefficient: An Empirical Study For The Real Estate And Property Companies Listed On The Indonesia Stock Exchange. Accounting Analysis Journal, 7(2), 135-143.
Widiatmoko, J., & Indarti, M. G. (2021). The Effects of Earnings Management and Audit Quality on Cost of Equity Capital: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 769-776.
Widiatmoko, J., & Indarti, M. K. (2019). Book Tax Differences, Operating Cash Flow, Leverage and Earning Persistence in Indonesia Manufacturing Companies. Jurnal Dinamika Akuntansi, 11(2), 151-159.
Wild, J. J., Subramanyam, K., & Halsey, R. F. (2005). FInancial Statement Ananlysis Edisi 8 Buku 1. Jakarta: Salemba Empat.
Published
2022-09-03
How to Cite
Varadila, R., Widiatmoko, J., Indarti, M., & Taswan, T. (2022). Determinan Manajemen Laba dan Dampaknya pada Biaya Modal Ekuitas. Jurnal Bisnis Dan Ekonomi, 29(1), 43-51. https://doi.org/10.35315/jbe.v29i1.9045
Section
Articles
