FREE CASH FLOW AGENCY COST, EARNING MANAGEMENT DAN MEKANISME KONTROL KONFLIK KEAGENAN

Widiyastuti, Listiyani, Prof. Dr. Eduardus Tandelilin, M.B.A.

2007 | Tesis | S2 Management

Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh free cash flow agency cost terhadap kinerja perusahaan dan earning management serta menganalisis mekanisme kontrol konflik keagenan yang digunakan dalam mengurangi tindakan oportunistik manajer. Populasi yang menjadi objek penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta selama perioda pengamatan dari tahun 1999- 2005. Prosedur pemilihan sample menggunakan metoda purposive sampling dan pengumpulan data dilakukan dengan pooling data (time series dan cross sectional) yang menghasilkan sampel sebanyak 289 perusahaan tahun. Teknik analisis data dalam penelitian ini menggunakan regresi berganda berupa pooled regression dengan bantuan program SPSS. Untuk menguji hipotesis digunakan dua model persamaan. Pengujian terhadap hipotesis pada dasarnya dilakukan setelah deteksi outlier dan uji pelanggaran asumsi klasik. Sampel akhir penelitian berjumlah 101 perusahaan tahun. Hasil penemuan menunjukkan bahwa free cash flow agency cost memiliki pengaruh yang negatif terhadap kinerja perusahaaan. Hasil penelitian juga menemukan bahwa free cash flow agency cost memiliki pengaruh positif terhadap earning management. Proporsi pemegang saham institusional tidak mengurangi earning management. Proporsi kepemilikan manajerial yang tinggi tidak mengurangi earning management. Kebijakan utang akan mengurangi earning management. Keberadaan auditor big four tidak mengurangi earning management. Dari hasil temuan dapat disimpulkan bahwa free cash flow agency cost memiliki pengaruh yang negatif terhadap kinerja perusahaan, dan memiliki pengaruh positif terhadap earning management, serta tindakan oportunistik manajer melakukan earning management dapat berkurang jika perusahaan yang memiliki free cash flow agency cost tinggi menetapkan kebijakan utang yang tinggi. Kata Kunci: Free Cash Flow Agency Cost, Earning Management, Konflik Keagenan, Investor Institusional, Kepemilikan Manajerial, Kebijakan Utang, Auditor Big Four.

The aims of this research is to provide empirical evidence about influence of free cash flow agency cost to firm performance and earning management and to analyses controlling mechanisms of agency conflict to reduce earning management. The sample comprises manufacturing industries which listed in Jakarta Stock Exchange during 7-year period from 1999 to 2005. Using purposive sampling and pooling data (time series and cross sectional), this sample selection procedure yields a sample of 289 firm year observation. Data analizing technique use multiple regression in the form pooled regression with SPSS program. Hypothesis testing used two equation model. The examination of hypothesis is basically done after detecting outlier and test of classic assumption. Final sample consist of 101 firm year. The results show that free cash flow agency cost have negative influence to firm performance and have positive influence to earning management. Proportion of institutional shareholders don't reduce earning management. Large proportion of ownership structure don't reduce earning management. Leverage policy will reduce earning management. The existence of big four auditor don't reduce earning management. The results of this research can be concluded that free cash flow agency cost have negative influence to firm performance and have positive influence to earning management and earning management can be reduced if the firm with high free cash flow agency cost determine high leverage policy. Key Words: Free Cash Flow Agency Cost, Earning Management, Agency Conflict, Institutional Investor, Ownership Structure, Leverage, Big Four Auditor.

Kata Kunci : Free Cash Flow; Earning Management; Mekanisme Kontrol; Konflik Keagenan