MANAGEMEN LABA AKRUAL DAN RIIL PADA PERUSAHAAN DELISTING DI EMPAT NEGARA ASEAN

MAHARANI DHIAN KUSUMAWATI, SE., Indra Wijaya Kusuma, Prof. Dr., MBA.

2011 | Tesis | S2 Ilmu Akuntansi

Tujuan dari penelitian ini adalah untuk memperoleh bukti empiris mengenai tindakan managemen laba yang dilakukan oleh perusahaan delisting dibandingkan perusahaan listing dan managemen laba yang dilakukan oleh perusahaan forced delisted dibandingkan perusahaan voluntary delisted. Penelitian ini fokus pada perusahaan delisting dan menggunakan perusahaan listing sebagai perusahaan kontrol. Penelitian ini dilakukan di empat negara ASEAN, yaitu Indonesia, Malaysia, Singapura, dan Thailand. Dari 236 perusahaan delisting di empat negara tersebut, diperoleh 71 perusahaan delisting sebagai sampel dengan menggunakan metode purposive sampling. Penelitian ini menggunakan regresi linier berganda untuk memperoleh koefisien dalam penghitungan managemen laba akrual dan managemen laba riil di setiap negara. Untuk menguji hipotesis penelitian digunakan independent sample t-test. Managemen laba akrual diukur dengan proksi discretionary accruals menggunakan modified Jones model yang diperkenalkan oleh Dechow et al. (1995). Managemen laba riil diukur dengan proksi riil earnings management (REM), yang merupakan penjumlahan dari variabel abnormal cash flow from operations, abnormal discretionary expenses, dan abnormal production costs. Pengujian hipotesis menggunakan data pool dan data setiap negara. Pengujian hipotesis pertama menemukan bahwa managemen laba perusahaan delisting tidak berbeda dengan managemen laba perusahaan listing, sehingga hipotesis pertama ditolak. Sedangkan pengujian hipotesis kedua menemukan managemen laba perusahaan forced delisted berbeda dengan managemen laba perusahaan voluntary delisted, sehingga hipotesis kedua didukung. Managemen laba akrual dan riil perusahaan voluntary delisted lebih tinggi dibanding perusahaan forced delisted.

The purpose of this study was to obtain empirical evidence on earnings management actions undertaken by the delisted firms compared to listed firms and earnings management undertaken by the forced delisted firms compared to voluntary delisted firms. This study focused on delisted firms and using listed firms as the firms's control. This research was conducted in four ASEAN countries, namely Indonesia, Malaysia, Singapore, and Thailand. Thia study uses 71 delisted firms of 236 delisted firms in sample countries using purposive sampling method. This study used multiple linear regression to obtain the coefficients in the calculation of accruals earnings management and real earnings management in each country. To test the hypothesis of the study used independent sample t-test. Accrual earnings management was measured by discretionary accruals proxy using the modified Jones model introduced by Dechow et al. (1995). Real earnings management was measured by the proxy of real earnings management (REM), which is the sum of abnormal cash flow from operations, abnormal discretionary expenses, and abnormal production costs. Testing hypotheses using the pooled data and data of each country. The result show thatearnings management on delisted firms was not different with listed firms, so the first hypothesis was rejected. While testing the second hypothesis find that earnings management on forced delisted firms different from voluntary delisted firms, so the second hypothesis was supported. Accruals and real earnings management on voluntary delisted firms is higher than the forced delisted firms.

Kata Kunci : managemen laba, managamen laba akrual, managemen laba riil, delisting, forced delisting, voluntary delisting