Pengaruh komponen akrual dan arus kas terhadap earnings performance dan earnings management

NURHAYATI, Yuni, Dr. Jogiyanto Hartono, MBA

2003 | Tesis | Magister Manajemen

Termotivasi dengan hasil temuan Sloan [ 19961, tulisan ini mengevaluasi persistensi dari earnings performance yang disebabkan oleh komponen akrual dan arus kas, serta sejauh mana persistensi earnings performance yang disebabkan oleh komponen akrual berhubungan dengan earnings management. Pengujian empiris dilakukan dengan terhadap 50 perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta dengan data yang tersedia dari 1994-2001. Periode observasi dibagi menjadi periode sebelum krisis (1995-1997) dan periode setelah krisis (1 999-2001) untuk mengetahui apakah krisis ekonomi membawa dampak yang cukup berati terhadap komponen earnings dan selanjutnya berdampak pada persistensi earnings performance. Pertama, hasil regresi earnings pada komponen akrual dan arus kas menunjukkan bahwa koefisien komponen akrual relatif lebih kecil daripada arus kas. Hal ini mencerminkan persistensi earnings performance yang lebih rendah disebabkan oleh komponen akrual baik pada periode sebelum maupun sesudah krisis ekonomi. Hasil tersebut memberikan bukti yang mendukung hipotesis bahwa rendahnya persistensi earnings disebabkan oleh komponen akrual konsisten dengan penelitian sebelumnya. Kedua, hasil regresi dari mean earnings pada discretionary accruals (DA) dan natural log dari total asset (sebagai variable kontrol), menunjukkan bahwa koefisien keduanya tidak signifikan. Hal ini berarti bahwa hubungan antara earnings performance, DA dan natural log dari total asset tidak secara linear. Bukti ini didukung dengan diagram scatter plot dari regresi yang menunjukkan hubungan nonlinear. Dengan demikian model hipotesis tidak dapat menjelaskan pengaruh signifikan earnings management terhadap earnings performance. Hasil tersebut menggarisbawahi adanya hubungan non-linear antara earnings performance dengan earnings management.

Motivated by Sloan’s [1996] findings, this paper evaluates the persistence of earnings performance attributable to accrual and cash flows components of earnings and to what extent the lower persistence of earnings performance attributable to accrual component of earnings is due to earnings management. The empirical tests are conducted using 50 manufacturing firms listed in Jakarta Stock Exchange with available data from 1994-200 1. The observation period is split-off to pre-crises (1 995- 1997) and post-crises (1 999-200 1) in order to examine whether economic crises have significant impact to the components of earnings, furthermore to the persistence of earnings performance. First, the result of earnings on accrual and cash flow component of earnings show that the smaller coefficient on accrual relative to cash flow reflects the lower persistence of earnings performance attributable to the accrual component of earnings on both periods. This result provides evidence supporting the hypothesis of the lower persistence of earnings performance attributable to the accrual component of earnings, which is consistent with prior research. Second, the result of regression of mean earnings on discretionary accruals (DA) and natural log of total assets (as size control variable) show that both coefficients of them are not significant. It means that the relation among earnings performance, DA, and natural log of total assets is not linear. This evidence is corroborated with scatter plot diagram from the regression that shows non-linear relation. Hence, the model of hypothesis cannot explain the significant effect of earnings management to the persistence of earnings performance. This result highlights the non-linear relation between earnings performance and earnings management.

Kata Kunci : Earning Management,Arus Kas, Accruals, Cash Flows, Earnings, Persistence of Earnings Pe$omance, Discretionary Accruals, Earnings Management.