PENGARUH EARNING MANAGEMENT TERHADAP KINERJA KEUANGAN DAN SAHAM PADA PERUSAHAAN YANG MELAKUKAN SEASONED EQUITY OFFERING

Heru P, Danang , Bowo Setiyono, SE.,M.Com

2007 | Skripsi | S1 Extention - Management

Penurunan kinerja (underperformance) memang cenderung mengikuti public offerings, termasuk seasoned equity offerings (SEO). Penurunan kinerja ini terjadi karena adanya upaya manajemen untuk memanipulasi kinerja melalui earning management yang dilaporkannya sebelum dan pada saat penawaran untuk memberikan kesan positif agar saham yang ditawarkannya direspon secara positif oleh pasar. Earning management adalah campur tangan manajemen dalam proses pelaporan keuangan eksternal dengan tujuan untuk menguntungkan kepentingannya sendiri. Penelitian ini mencoba membuktikan adanya pengaruh earning management terhadap kinerja keuangan dan saham pada perusahaan yang melakukan seasoned equity offering. Dengan menggunakan data perusahaan yang melakukan SEO di BEJ selama kurun waktu 1998-2003 penelitian ini berhasil membuktikan dua hipotesis dari variabel keuangan ( current ratio (CR), debt to equity ratio (DER), net profit margin (NPM), return on asset (ROA) dan total asset turnover (TAT)) dan saham (abnormal return(AR) ) yang digunakan sebagai variabel dependen dan total akrual sebagai variabel independen sebagai proksi dari earning management. Hasil penelitian dengan menggunakan multiple regression atau regresi berganda terhadap ke enam model tersebut menunjukan bahwa earning management yang dilakukan sebelum SEO hanya mempunyai pengaruh signifikan pada current ratio dan abnormal return. Kata kunci : earning management, seasoned equity offering, kinerja keuangan

Underperformance is tend to follow the public offerings, inclusive of seasoned equity offerings . This underperformance happened caused by strive the management for the manipulation of performance passing earning management reported before and at the offer to give the positive impression to be share which on the market responsive positively by market. Earning management is management interference in course of financial reporting of exsternal as a mean to profit its own importance. This research try to prove the existence of influence of earning management to performance of finance and at company doing seasoned equity offering. This final assigment examines 39 companies which announced SEO in Jakarta Stock Exchange during 1998 to 2003 this research succeed to prove two hypothesis from finance variable ( Current Ratio ( CR), Debt to Equity Ratio ( DER), Net Profit Margin ( NPM), Return on Asset ( ROA) and Total Asset Turnover ( TAT)) and share Variable ( abnormal return (AR ) what is used as variable dependent and total accrual as independent variable as proxcy from earning management. Result of research by using doubled multiple regression for six a model showing that earning management done before SEO only have the influence significant at current ratio and abnormal return. Keyword : earning management, seasoned equity offering, stock and finance perform

Kata Kunci : earning management, seasoned equity offering, stock and finance perform, kinerja keuangan