Pengaruh Perlindungan Investor Terhadap Hubungan Antara Kecakapan Manajerial Dan Manajemen Laba
SEJATI, FAJAR RINA (Adv.: Indra Wijaya Kusuma, Prof. Dr., M.B.A), Indra Wijaya Kusuma, Prof. Dr., M.B.A
Kecakapan manajerial berhubungan positif terhadap manajemen laba (Isnugrahadi dan Kusuma, 2009). Manajer yang lebih cakap akan lebih mudah melakukan manajemen laba, baik itu discretionary accrual dan real earnings management (Demerjian dkk. 2012b). Tingkat perlindungan investor menjadi salah satu faktor eksternal perusahaan yang mampu mengurangi terjadinya manajemen laba (Leuz dkk. 2003). Tingginya perlindungan yang diberikan terhadap para investor diduga dapat mengurangi manajemen laba yang dilakukan oleh manajer yang cakap.
Dengan asumsi opportunistic earnings management, sehingga manajer yang cakap akan lebih mudah mengelola manajemen laba, dugaan tersebut dibuktikan dengan analisis regresi yang dilakukan pada perusahaan-perusahaan manufaktur di 6 (enam) negara di Asia, yaitu Indonesia, Jepang, Korea Selatan, Malaysia, Singapura, dan Thailand (dari database OSIRIS) tahun 2010-2013. Kecakapan manajerial diukur menggunakan skor efisiensi perusahaan, manajemen laba diproksikan dengan discretionary accrual dan real earnings management, serta perlindungan investor diukur menggunakan lima dimensi yang bersumber dari World Economic Forum.
Dengan tingkat keyakinan 95 persen, temuan penelitian ini mendukung temuan sebelumnya bahwa kecakapan manajerial berhubungan signifikan positif terhadap manajemen laba, baik untuk discretionary accrual maupun real earnings management. Akan tetapi, penelitian ini hanya menemukan bahwa terdapat efek interaksi antara kecakapan manajerial dan perlindungan investor pada pengaruh kecakapan manajerial terhadap manajemen laba, sebagaimana hasil empiris pada analisis penelitian ini, untuk real earnings management. Sementara, untuk discretionary accrual, tidak ditemukan adanya efek interaksi antara kecakapan manajerial dan perlindungan investor pada pengaruh kecakapan manajerial terhadap manajemen laba. Tingkat perlindungan terhadap investor berperan dalam mengurangi pengaruh signifikan positif kecakapan manajerial terhadap manajemen laba untuk real earnings management.
Managerial ability were positively related to earnings management (Isnugrahadi and Kusuma, 2009). More able managers will be easier to manage earnings management, both discretionary accruals and real earnings management (Demerjian et al. 2012b). The level of investor protection becomes one of the external factors that can reduce the occurrence of earnings management (Leuz et al., 2003). The high protection afforded to investors could be expected to reduce earnings management is carried out by able manager.
Assuming opportunistic earnings management, so that a more able manager will be easier to manage earnings management, the assumption is proved by regression analysis conducted on manufacturing firms in six (6) countries in Asia, namely Indonesia, Japan, South Korea, Malaysia, Singapore, and Thailand (from the OSIRIS database) in 2010-2013. Managerial ability were measured using enterprise efficiency score, earnings management is proxied by discretionary accruals and real earnings management, as well as investor protection is measured using five dimensions derived from the World Economic Forum.
With 95 percent confidence level, the findings of this study support previous findings that managerial ability significant positively related to earnings management, both for discretionary accrual and real earnings management. However, this study only found that there are interaction effects between managerial ability and the investor protection to influence managerial ability on earnings management, as well as empirical results on the analysis of this study, for real earnings management. Meanwhile, for the discretionary accrual, there were no interaction effects between managerial ability and investor protection to influence managerial ability to earnings management. The level of investor protection plays a role in mitigating a significant positive effect of managerial ability on earnings management, for real earnings management.
Kata Kunci : kecakapan manajerial, perlindungan investor, manajemen laba,managerial ability, investor protection, earnings management, discretionary accruals, real earnings management.
