ANALISIS PERBEDAAN PENGARUH ACCRUAL DAN REAL ERANINGS MANAGEMENT TERHADAP EARNINGS RESPONSE COEFFICIENT

Mulyadi Noto

Abstract


 

Tujuan dari penelitian ini adalah untuk menguji perbedaan pengaruh accrual earnings management dan real earnings management terhadap earning response coefficient (ERC). ERC mewakili persepsi para pelaku pasar modal atas muatan informasi (information content) yang dikandung dalam laba akuntansi (accounting earnings). Di sini, keberadaan praktik accrual earnings management dan real earnings management oleh manajemen dapat memperkuat ataupun memperlemah persepsi pasar atas muatan informasi laba akuntansi ini, tergantung apakah pasar modal menafsirkan adanya efficient earnings management atau opportunistic earnings management oleh peusahaan. Penelitian ini menduga bahwa earning response coefficient (ERC) akan dipengaruhi secara berbeda di antara dua tipe manajemen laba yang dipraktikkan oleh manajemen.

Dengan menggunakan sampel data dari perusahaan yang terdaftar dalam Bursa Efek Indonesia, penelitian ini meregresikan Cumulative Abnormal Return (CAR) terhadap Unexpected Earnings (EA), variabel mewakili accrual earnings management - Discretionary Accruals (DAC) dan variabel-variabel yang merupakan proxy praktik real earnings management (Abnormal CFO, Abnormal Production dan Abnormal Discretionary Expense). Hasil pengujian menunjukkan bahwa pada sampel perusahaan yang dipilih praktik accrual earnings management mempengaruhi earnings response coefficient. Sementara itu, earnings response coefficient tidak dipengaruhi oleh keberadaan real earnings management. Dengan demikian, penelitian ini setidaknya memberikan bukti adanya perbedaan pengaruh dua tipe manajemen laba terhadap earnings response coefficient.

 

Kata kunci:

Earnings Response Coefficient, Accrual Earnings Management, Real Earnings Management, Cumulative Abnormal Returns, Unexpected Earnings.


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