Akrual diskresioner dan growth: Pengarunya Terhadap Profitabilitas Masa Depan
Purnamawati, Wahyu (Adv. Prof. Dr. Zaki Baridwan , M. Sc), Prof. Dr. Zaki Baridwan, M.Sc
Penelitian terdahulu oleh Sloan (1996) menemukan bukti tingkat persistensi yang rendah dari komponen akrual dalam earnings menunjukkan reliabilitas yang rendah dari akrual. Penelitian lebih lanjut oleh oleh Xie (2001) dan DeFond dan Park (2001) menemukan bahwa tingkat persistensi yang rendah dari akrual terutama berkaitan dengan komponen akrual diskresioner. Jadi diperkirakan rendahnya tingkat persistensi akrual terutama akrual diskresioner diduga disebabkan praktek manajemen laba melalui komponen akrual khususnya akrual diskresioner.
Pada kenyataannya profitabilitas perusahaan dimasa depan selain dipengaruhi oleh profitabilitas sekarang juga dipengaruhi oleh growth in net operating assets (Ohlson, 1995 dan Feltham dan Ohlson, 1995). Ada hubungan yang tidak bisa dipisahkan antara kemampuan perusahaan menghasilkan dana dari aktivitas operasi dan kebutuhannya sekarang untuk berinvestasi untuk memelihara kelangsungan hidup perusahaan tersebut (Stephen dan Govindaradjan, 1991). Jadi investasi yang dilakukan saat ini akan mempengaruhi kemampuan perusahaan dalam menghasilkan laba dimasa yang akan datang. Growth in net operating asets ditentukan oleh dua komponen yaitu akrual dan growth in net longterm operating assets. Akrual secara lebih detail terdiri dari komponen akrual diskresioner dan akrual non-diskresioner.
Pengujian dengan mempertimbangkan pengaruh growth in net operating assets telah dilakukan oleh Fairfield et aI. (2003). Dia melakukan pengujian dengan dasar penelitian Sloan (1996) dengan memasukkan pengaruh growth in net operating assets dalam mengukur tingkat persistensi dan adanya misprice dalam komponen akrual earnings. Penelitian yang dilakukan oleh Fairfield et. al (2003) memperoleh hasil bahwa komponen akrual memiliki tingkat persistensi yang sama dengan komponen arus kas operasi. Fairfield et al. (2003) menyimpulkan bahwa anomali yang ditemukan dalam penelitian-penelitian sebelumnya tentang akrual dalam komponen earnings sebenarnya dikarenakan pengaruh growth in net operating assets.
Penelitian bertujuan mendapatkan bukti adanya pengaruh komponen growth in net operating assets yaitu akrual yang difokuskan pada akrual diskresioner dan growth in longterm net operating assets terhadap profitabilitas yang akan datang. Lebih lanjut penelitian ini mencoba mengkonfirmasi pemyataan adanya anomali persistensi komponen akrual diskresioner dibanding arus kas operasi yang dinyatakan dalam penelitian Xie (2001) dan DeFond dan Park (2001) dengan mempertimbangkan pengaruh growth in net operating assets.
Hipotesis pertama didasarkan pada pemikiran bahwa Growth in net operating assets akan berpengaruh negatif terhadap profitabilitas masa depan karena pengaruh adanya konservatisma akuntansi (penman, 2001: 565) dan dismissing marginal return dari keputusan investasi baru (StingIer, 1964 dalam Fairfield et al., 2003). Hipotesis kedua timbul dari pemikiran bahwa rendahnya tingkat persistensi akrual diskresioner terhadap return on assets satu tahun yang akan datang disebabkan komponen akrual diskresioner dalam growth in net operating assets dan bukan karena perilaku opputunistic dalan laba sekarang sehingga tingkat persistensi antara arus kas operasi dan akrual diskredioner dalam profitabilitas sekarang adalah sama.
Penelitian ini menggunakan model Modified Jones Model untuk memisahkan komponen akrual dan akrual diskresioner. Sampel penelitian berjumlah 64 perusahaan yang terdaftar di BEl 8 tahun berturut-turut (1995-2002). Data yang digunakan adalah data tahunan. Analisis yang digunakan untuk menguji hipotesis adalah regresi dengan menggunakan GLS karena tidak terpenuhinya asumsi penggunaan OLS.
Hasil penelitian menunjukkan bahwa (1) baik akrual diskresioner ataupun growth in longterm operating assets memiliki pengaruh negatif dan signifikan secara statistik pada tingkat a=l% (p=O.OI). (2) Setelah mengkontrol pengaruh growth in net operating assets temyata baik arus kas operasi maupun akrual diskresioner memiliki tingkat persistensi yang sarna pada tingkat a =5% (p=O.05).
Privious study by Sloan (1996) found that the low persistence of the accrual component in earnings indicated low reliability of the accrual. Further study by Xie (2001) and DeFond and Park (2001) found that the low persistence of the accruals was primarily related to the discretionary accrual component. Thus, the expected low accrual persistence level, especially the discretionary accrual was expected to result from the earnings management through the accrual component, especially the discretionary accrual.
In fact, the future profitability of a company was influenced by the growth in net operating assets (Ohlson, 1995) and Feltham and Ohlson (1995) in addition to the current profitability. There was an inseparable correlation between the capabilities of the company to obtain funds from the operating activities and the current needs for the investment to maintain the survival of the company (Stephen and Govindaradjan, 1991). Thus, the investment made at present influenced the capability of the company to give the future earnings. The growth in net operating assets was determined by two factors, which were the accrual and the growth in net long-term operating assets. The accrual consisted in details of discretionary accrual components and non-discretionary accrual.
The test was conducted using the impact of the growth in net operating assets by Fairfield et.al. (2003). He tested the basis of the study by Sloan (1996) by including the impact of the growth in net operating assets to measure the persistence level and the presence of mispricing in the earnings accrual component. The study by Fairfield et.al (2003) found that the accrual component had the persistence level similar to that of operating cash flow component. Fairfield et.al. (2003) concluded that the anomaly found in the previous studies of the accrual in the earnings component was in fact resulting from the impact of the growth in net operating assets.
The study aimed at finding the evidence of the presence of the impact of the growth in net operating assets component, which was the accrual focused on the discretionary accrual and the growth in long-term net operating assets on the future profitability. Furthermore, it tried to confirm the statement of the presence of the anomaly in the discretionary accrual component persistence as compared to the operating cash flow in the study by Xie (2001) and DeFond and Park (2001) bay taking the impact of the growth in net operating assets into account.
The first hypothesis as based on the thought that the growth in net operating assets gave negative impact to the future profitability because of the impact of the presence of accounting conservatism (penman, 2001: 565) and the dismissing marginal return of new investing decision (StingIer, 1964 in Fairfield et.al., 2003). The second hypothesis was resulting from the thought that the impact of the low discretionary accrual persistence on annual return on assets in the future was resulting from the discretionary accrual component in the growth in net operating assets and not from the opportunistic behavior of the current earnings that the persistence level of the operating cash flow and the discretionary accrual in the current profitability was the same.
The study used the modified Jones Model to separate the accrual component and the discretionary accrual. The sample of the study was 64 companies listed in BEJ in 8 consecutive years (1995-2002). The data of the study was annual data. The analysis used to test the hypotheses was the regression with GSL because the assumption of the use of the OLS was not fulfilled.
The results of the study indicated that (1) both discretionary accrual and the growth in the long-term operating assets had a statistically negative and significant impact at (1=1% (p=O.Ol). (2) After the control of the impact of the growth in net operating assets it was proven that the operating cash flow and the discretionary accrual had the same persistence level at (1=5% (p=O.05).
Kata Kunci : Growth in net operating assets, Konservatima, Manajemen Laba, Akrual Diskresioner
