Konservatisma Akuntansi dan Overconfidence CEO
Keywords:
overconfidence, konservatisma akuntansi, kinerja arus kas, keterbatasan keuangan
Abstract
Abstract
CEO yang overconfident lebih bersedia untuk memulai proyek investasi yang memerlukan percobaan, namun cenderung menunda menanggapi berita buruk ketika proyek tidak berjalan sesuai rencana. Konservatisma akuntansi mempercepat pengakuan berita buruk dan penyebarannya kepada dewan komisaris, sehingga CEO akan mengakui masalah lebih awal dan mulai mencari solusi. Penelitian ini bertujuan untuk menguji apakah perusahaan yang dipimpin oleh CEO yang overconfident dan yang mempraktikkan akuntansi konservatif akan menunjukkan kinerja masa depan yang lebih baik terutama ketika perusahaan memiliki keterbatasan keuangan yang tidak ketat. Dengan menggunakan regresi data panel hasil penelitian ini menunjukkan bahwa perusahaan yang dipimpin oleh CEO yang overconfident dan yang mempraktikkan akuntansi konservatif menunjukkan kinerja arus kas yang lebih baik. Lebih lanjut efek positif gabungan dari CEO yang overconfident dan konservatisma akuntansi menurun dalam kondisi keterbatasan keuangan yang ketat.
References
Abiprayu, Kris Brantas. (2014). Pengaruh Kepercayaan Diri Berlebih CEO Terhadap Dividen Perusahaan. Tesis. Universistas Gajah Mada.
Adner, R., dan D.A. Levinthal. (2004). What Is Not a Real Option: Considering Boundaries for The Application of Real Options to Business Strategy. Academy of Management Review, Vol 29, No. 1, 74-85. doi:10.2307/20159010
Ahmed, A.S., dan S. Duellman. (2011). Evidence on The Role of Accounting Conservatism in Monitoring Managers’ Investment Decisions. Accounting and Finance, Vol 51, 609–633. doi:10.1111/j.1467-629X.2010.00369.x
Ball, Ray, dan Lakshmanan Shivakumar. (2005). Earnings Quality in UK Private Firms : Comparative Loss Recognition Timeliness. Journal of Accounting and Economics, Vol 39, 83–128. doi:10.1016/j.jacceco.2004.04.001
Basu, S. (1997). The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, Vol 24, No. 1, 3-37. doi:10.1016/S0165-4101(97)00014-1
Basu, S. 1997. The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, Vol 24, No. 1, 3-37. doi:10.1016/S0165-4101(97)00014-1
Ben-david, Itzhak, John R Graham, dan Campbell R Harvey. (2013). Managerial Miscalibration. Quarterly Journal of Economics, Vol 128, No. 4, 1547-1584. doi:10.1093/qje/qjt023.
Chen, Sheng-syan, Keng-yu Ho, dan Po-hsin Ho. (2014). CEO Overconfîdence and Long-Term Performance Following R & D Increases. Financial Management, 245–69. doi:10.1111/fima.12035
Eichholtz, Piet dan Erkan Yonder. (2015). CEO Overconfidence, REIT Investment Activity and Performance. Real Estate Economics, Vol 43, No. 1, 139-162. doi:10.1111/1540-6229.12054
Ericson, R., dan A. Pakes. (1995). Markov-Perfect Industry Dynamics: A Framework for Empirical Work. Review of Economic Studies, Vol 62, No. 1, 53-82. doi:10.2307/2297841
Francis, Jere R., dan Xiumin Martin. (2010). Acquisition Profitability and Timely Loss Recognition. Journal of Accounting and Economics, Vol 49, No. 1–2, 161–178. doi:10.1016/j.jacceco.2009.09.003
Galasso, Alberto, dan Timothy S. Simcoe. (2011). CEO Overconfidence and Innovation. Management Science, Vol 57, No. 8, 1469-1484. doi:10.1287/mnsc.1110.1374
Givoly, D., dan C. Hayn. (2000). The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative? Journal of Accounting and Economics, Vol 29, No. 3, 287-320. doi:10.1016/S0165-4101(00)00024-0
Hirshleifer, David, Angie Low, dan Siew Hong Teoh. (2012). Are Overconfident CEOs Better Innovators ? Journal of Finance, Vol 67, No. 4, 1457-1498. doi:10.1111/j.1540-6261.2012.01753.x
Hsu, Charles, Kirill E. Novoselov, dan Rencheng Wang. (2017). Does Accounting Conservatism Mitigate the Shortcomings of CEO Overconfidence? The Accounting Review, Vol 92, No. 6, 77–101. Doi:10.1007/978-981-13-8102-7
Huchzermeier, A., dan C.H. Loch. (2001). Project Management Under Risk: Using The Real Options Approach to Evaluate Flexibility in R & D. Management Science, Vol 47, No. 1, 85-101. doi:10.1287/mnsc.47.1.85.10661
Jiang, Fuxiu, Gregory R. Stone, Jinfei Sun, dan Min Zhang. (201)1. Managerial Hubris, Firm Expectasion and Firm Performance: Evidence from China. The Social Science Journal, Vol 48, 489-499. doi:10.1016/j.soscij.2011.05.007
Kaplan, S.N., dan Zingales. (1997). “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” Quarterly Journal of Economics, Vol 112, No. 1, 169-215. doi:10.1162/003355397555163
Klepper, S. (2002). Firm Survival and The Evolution of Oligopoly. Rand Journal of Economics, Vol 33, No. 1, 37-61. Doi:10.2307/2696374
Koussis, N., S. H. Martzoukos, dan L. Trigeorgis. (2007). “Real R & D Options with Time to Learn and Learning by Doing. Annals of Operations Research, Vol 151, No. 1, 29-55. doi:10.1007/s10479-006-0127-3
Lee, C. Y. (2010). “A Theory of Firm Growth: Learning Capability, Knowledge Threshold, and Patterns of Growth.” Research Policy, Vol 39, No. 2, 278-289. doi:10.1016/j.respol.2009.12.008
Levinthal, D.A. (1997). Adaptation on Rugged Lanscapes. Management Science, Vol 43, No. 7, 934-950.
Madsen, P., dan V. Desai. (2010). Falling to Learn? The Effects of Failure and Success on Organizational Learning in the Global Orbital Launch Vehicle Industry. Academy of Management Journal, Vol 53, No. 3, 451-476. doi:10.5465/amj.2010.51467631
Malmendier, Ulrike, dan Geoffrey Tate. (2005). Does Overconfidence Affect Corporate Investment ? CEO Overconfidence Measures Revisited. European Financial Management, Vol 11, No. 5, 649–659. doi: 10.1111/j.1354-7798.2005.00302.x
Malmendier, Ulrike, dan Geoffrey Tate. (2008). Who Makes Acquisitions? CEO Overconfidence and The Market’s Reaction. Journal of Financial Economics, Vol 89, No. 1, 20-43. doi:10.1016/j.jfineco.2007.07.002
Moore, D.A., dan P.J. Healy. (2008). The Trouble with Overconfidence. Psychological Review, Vol 115, No. 2, 502-517. doi: 10.1037/0033-295X.115.2.502
Penman, S.H., dan X.J. Zang. (2002). Accounting Conservatism, The Quality of Earnings, and Stock Returns.” The Accounting Review, Vol 77, No. 2, 237-264. doi:10.2139/ssrn.201048
Santi, Fitri. (2016). Efek Overconfidence Manajer Terhadap Sensitifitas Pengaruh Arus Kas Pada Keputusan Investasi. Disertasi. Universitas Gajah Mada.
Watts, Ross L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, Vol 17, No. 3, 207–221. doi:10.2308/acch.2003.17.3.207
Widarjono, Agus. (2017). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan Eviews, edisi keempat. Yogyakarta: UPP STIM YKPN.
Zang, G. (2000). Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications. Journal of Accounting Research, Vol 38, No. 2, 271-295. doi:10.2307/2672934
Adner, R., dan D.A. Levinthal. (2004). What Is Not a Real Option: Considering Boundaries for The Application of Real Options to Business Strategy. Academy of Management Review, Vol 29, No. 1, 74-85. doi:10.2307/20159010
Ahmed, A.S., dan S. Duellman. (2011). Evidence on The Role of Accounting Conservatism in Monitoring Managers’ Investment Decisions. Accounting and Finance, Vol 51, 609–633. doi:10.1111/j.1467-629X.2010.00369.x
Ball, Ray, dan Lakshmanan Shivakumar. (2005). Earnings Quality in UK Private Firms : Comparative Loss Recognition Timeliness. Journal of Accounting and Economics, Vol 39, 83–128. doi:10.1016/j.jacceco.2004.04.001
Basu, S. (1997). The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, Vol 24, No. 1, 3-37. doi:10.1016/S0165-4101(97)00014-1
Basu, S. 1997. The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, Vol 24, No. 1, 3-37. doi:10.1016/S0165-4101(97)00014-1
Ben-david, Itzhak, John R Graham, dan Campbell R Harvey. (2013). Managerial Miscalibration. Quarterly Journal of Economics, Vol 128, No. 4, 1547-1584. doi:10.1093/qje/qjt023.
Chen, Sheng-syan, Keng-yu Ho, dan Po-hsin Ho. (2014). CEO Overconfîdence and Long-Term Performance Following R & D Increases. Financial Management, 245–69. doi:10.1111/fima.12035
Eichholtz, Piet dan Erkan Yonder. (2015). CEO Overconfidence, REIT Investment Activity and Performance. Real Estate Economics, Vol 43, No. 1, 139-162. doi:10.1111/1540-6229.12054
Ericson, R., dan A. Pakes. (1995). Markov-Perfect Industry Dynamics: A Framework for Empirical Work. Review of Economic Studies, Vol 62, No. 1, 53-82. doi:10.2307/2297841
Francis, Jere R., dan Xiumin Martin. (2010). Acquisition Profitability and Timely Loss Recognition. Journal of Accounting and Economics, Vol 49, No. 1–2, 161–178. doi:10.1016/j.jacceco.2009.09.003
Galasso, Alberto, dan Timothy S. Simcoe. (2011). CEO Overconfidence and Innovation. Management Science, Vol 57, No. 8, 1469-1484. doi:10.1287/mnsc.1110.1374
Givoly, D., dan C. Hayn. (2000). The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative? Journal of Accounting and Economics, Vol 29, No. 3, 287-320. doi:10.1016/S0165-4101(00)00024-0
Hirshleifer, David, Angie Low, dan Siew Hong Teoh. (2012). Are Overconfident CEOs Better Innovators ? Journal of Finance, Vol 67, No. 4, 1457-1498. doi:10.1111/j.1540-6261.2012.01753.x
Hsu, Charles, Kirill E. Novoselov, dan Rencheng Wang. (2017). Does Accounting Conservatism Mitigate the Shortcomings of CEO Overconfidence? The Accounting Review, Vol 92, No. 6, 77–101. Doi:10.1007/978-981-13-8102-7
Huchzermeier, A., dan C.H. Loch. (2001). Project Management Under Risk: Using The Real Options Approach to Evaluate Flexibility in R & D. Management Science, Vol 47, No. 1, 85-101. doi:10.1287/mnsc.47.1.85.10661
Jiang, Fuxiu, Gregory R. Stone, Jinfei Sun, dan Min Zhang. (201)1. Managerial Hubris, Firm Expectasion and Firm Performance: Evidence from China. The Social Science Journal, Vol 48, 489-499. doi:10.1016/j.soscij.2011.05.007
Kaplan, S.N., dan Zingales. (1997). “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” Quarterly Journal of Economics, Vol 112, No. 1, 169-215. doi:10.1162/003355397555163
Klepper, S. (2002). Firm Survival and The Evolution of Oligopoly. Rand Journal of Economics, Vol 33, No. 1, 37-61. Doi:10.2307/2696374
Koussis, N., S. H. Martzoukos, dan L. Trigeorgis. (2007). “Real R & D Options with Time to Learn and Learning by Doing. Annals of Operations Research, Vol 151, No. 1, 29-55. doi:10.1007/s10479-006-0127-3
Lee, C. Y. (2010). “A Theory of Firm Growth: Learning Capability, Knowledge Threshold, and Patterns of Growth.” Research Policy, Vol 39, No. 2, 278-289. doi:10.1016/j.respol.2009.12.008
Levinthal, D.A. (1997). Adaptation on Rugged Lanscapes. Management Science, Vol 43, No. 7, 934-950.
Madsen, P., dan V. Desai. (2010). Falling to Learn? The Effects of Failure and Success on Organizational Learning in the Global Orbital Launch Vehicle Industry. Academy of Management Journal, Vol 53, No. 3, 451-476. doi:10.5465/amj.2010.51467631
Malmendier, Ulrike, dan Geoffrey Tate. (2005). Does Overconfidence Affect Corporate Investment ? CEO Overconfidence Measures Revisited. European Financial Management, Vol 11, No. 5, 649–659. doi: 10.1111/j.1354-7798.2005.00302.x
Malmendier, Ulrike, dan Geoffrey Tate. (2008). Who Makes Acquisitions? CEO Overconfidence and The Market’s Reaction. Journal of Financial Economics, Vol 89, No. 1, 20-43. doi:10.1016/j.jfineco.2007.07.002
Moore, D.A., dan P.J. Healy. (2008). The Trouble with Overconfidence. Psychological Review, Vol 115, No. 2, 502-517. doi: 10.1037/0033-295X.115.2.502
Penman, S.H., dan X.J. Zang. (2002). Accounting Conservatism, The Quality of Earnings, and Stock Returns.” The Accounting Review, Vol 77, No. 2, 237-264. doi:10.2139/ssrn.201048
Santi, Fitri. (2016). Efek Overconfidence Manajer Terhadap Sensitifitas Pengaruh Arus Kas Pada Keputusan Investasi. Disertasi. Universitas Gajah Mada.
Watts, Ross L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons, Vol 17, No. 3, 207–221. doi:10.2308/acch.2003.17.3.207
Widarjono, Agus. (2017). Ekonometrika: Pengantar dan Aplikasinya Disertai Panduan Eviews, edisi keempat. Yogyakarta: UPP STIM YKPN.
Zang, G. (2000). Accounting Information, Capital Investment Decisions, and Equity Valuation: Theory and Empirical Implications. Journal of Accounting Research, Vol 38, No. 2, 271-295. doi:10.2307/2672934
Published
2023-03-25
How to Cite
Ma’sum, M., Badjuri, A., Bagana, B., & Arisani, M. (2023). Konservatisma Akuntansi dan Overconfidence CEO. Jurnal Bisnis Dan Ekonomi, 29(2), 138-147. https://doi.org/10.35315/jbe.v29i2.9270
Section
Articles
Copyright (c) 2023 Muhammad Ali Ma'sum, Achmad Badjuri, Batara Daniel Bagana, Mega Dewi Arisani
This work is licensed under a Creative Commons Attribution 4.0 International License.
