KOMPENSASI BERBASIS EKUITAS, MANAJEMEN LABA, DAN KEPUTUSAN INVESTASI

Siti Rokhaniyah, Dr. Singgih Wijayana, MSi

2014 | Tesis | S2 Ilmu Akuntansi

Manajemen laba berhubungan positif terhadap keputusan investasi (Lenard dan Yu, 2012; McNichols dan Stubben, 2008). Kompensasi berbasis ekuitas menjadi alternatif untuk memotivasi manajer dalam membuat keputusan investasi jangka panjang yang optimal (Cheng, 2004; Kang dkk., 2006). Tingginya kompensasi berbasis ekuitas diduga dapat mengurangi pengaruh manajemen laba terhadap keputusan investasi. Dengan asumsi opportunistic earnings management, dugaan tersebut dibuktikan dengan analisis regresi yang dilakukan pada perusahaan-perusahaan manufaktur di Amerika Serikat (dari database COMPUSTAT) tahun 2009-2012. Manajemen laba diproksikan dengan discretionary accrual, kompensasi berbasis ekuitas diukur dengan perbandingan opsi saham terhadap total kompensasi, keputusan investasi dihitung dengan penambahan investasi periode berjalan. Dengan tingkat keyakinan 95 persen, temuan penelitian ini mendukung temuan sebelumnya bahwa manajemen laba berhubungan positif terhadap keputusan investasi. Selain itu, terdapat efek interaksi manajemen laba dan kompensasi berbasis ekuitas pada pengaruh manajemen laba terhadap keputusan investasi, sebagaimana hasil empiris pada analisis utama, analisis sensitivitas 1 dan analisis sensitivitas 2. Pada analisis sensitivitas 3, diperoleh bukti empiris bahwa manajemen laba berhubungan positif terhadap over investment. Kompensasi berbasis ekuitas berperan dalam mengurangi pengaruh manajemen laba terhadap over investment.

Earnings management were positively related to investment decisions (Lenard and Yu, 2012; McNichols and Stubben, 2008). Equity-based compensation becomes an alternative to motivate managers to make optimal long-term investment decisions (Cheng, 2004; Kang et al., 2006). The high equity-based compensation could reduce the effect of earnings management on investment decisions allegedly. With opportunistic earnings management assumption, the presumption was proved by regression analysis that conducted on manufacturing firms in the United States on 2009-2012 (from COMPUSTAT database). Earnings management were proxied by discretionary accruals, equity-based compensations were measured by the ratio of stock options to total compensations, investment decisions were computed by adding the current period investment. Therefore, by 95 percent level of confidence, the findings of this study support previous studies which stated that earnings management were positively related to investment decisions. In addition, there are interaction effects of earnings management and equity-based compensations on the association betwen earnings management on investment decisions, as well as empirical results on the primary analysis, 1st sensitivity analysis, and 2nd sensitivity analysis. In the 3rd sensitivity analysis, researcher obtained empirical evidence stated that earnings management were positively related to over investment. Equity-based compensation has a role in reducing the effect of earnings management to over investment.

Kata Kunci : manajemen laba, kompensasi berbasis ekuitas, keputusan investasi, over investment