Analisis Manajemen Laba Aktivitas Nyata dan Pengaruhnya terhadap reaksi Pasar
EFFENDI, ZAIRIN (Adv.: Eduardus Tandelilin, Prof., Dr., M.B.A.), Eduardus Tandelilin, Prof., Dr., M.B.A.
Penelitian ini bertujuan untuk membuktikan secara empiris perusahaan Indonesia melakukan managemen laba aktivitas nyata melalui arus kas kegiatan operasi, biaya produksi dan biaya diskresioner, dan pengaruhnya terhadap reaksi pasar. Untuk menguji adanya managemen laba digunakan model Roychowdhurry (2006) untuk kemudian diregresikan dengan CAR. Perusahaan terbukti melakukan managemen laba aktivitas nyata apabila memiliki nilai mean arus kas operasi abnormal di bawah nol, biaya produksi abnormal di atas nol, dan biaya diskresioner abnormal di bawah nol dan hasil pengujian one sample t_Test signifikan. Untuk melihat perbedaan reaksi pasar, industri dibagi dalam dua kelompok, yaitu yang terbukti melakukan dan tidak melakukan managemen laba aktivitas nyata. Hasil penelitian menunjukkan bahwa terdapat industri yang terbukti cenderung melakukan dan tidak melakukan managemen laba aktivitas nyata. Managemen laba aktivitas nyata yang menunjukkan hasil signifikan adalah managemen laba melalui arus kas operasi dan biaya produksi. Pengaruh managemen laba aktivitas nyata terhadap reaksi pasar menunjukkan terdapat perbedaan reaksi pasar yang signifikan antara kelompok industri yang cenderung melakukan dan tidak melakukan managemen laba aktivitas nyata.
The objective of this research is to examine real activities earnings management conducted by Indonesian companies is proxied by cash flow from operations, production costs, discretionary expenses, and the effect on market reactions. Real activities earnings management are examined by Roychowdhurry (2006) models, and the effect on market ractions are examined by regression the
proxies with CAR. Samples are manufacturing company in Indonesia Stock Exchange (BEI). Companies indicated real activities earnings management if mean of abnormal cash flow from operations under zero, abnormal production costs above zero, and abnormal discretionary expenses under zero and significant one sample t-Test. To proof differences of market reactions, industry divided into two group, industry
indicated and not indicated real activities earnings management. The result indicate that some industries tend to conduct real activities earnings management. Significant result of real activities earnings management
are proxied by cash flow from operations and production costs. The effect on market reactions show there are differences between industries that conduct real activities earnings management and don't conduct real activities earnings management.
Kata Kunci : earnings management, real activities, managemen laba, aktivitas nyata, Roychowdhurry, reaksi pasar, market reactions,
