TATA KELOLA, MANAJEMEN LABA, DAN KINERJA PERUSAHAAN SETELAH IPO: BUKTI DARI INDONESIA

Aldo Christanto Farandy, Yie Ke Feliana

Abstract


Penelitian ini mempelajari pengaruh corporate governance terhadap earnings management pada perusahaan Indonesia yang melakukan penawaran saham perdana (IPO). Manajemen perusahaan bertujuan untuk meningkatkan dana yang didapatkan saat IPO, tapi tidak disadari oleh public. Manajemen perlu meningkatkan daya tarik saham melalui laporan keuangan. Corporate governance cenderung menurunkan earnings management saat IPO. Earnings management dihitung dengan mengamati time-series dari discretionary accruals. Sampel penelitian berisi perusahaan Indonesia yang melakukan IPO pada tahun 2013 hingga 2016 yang terdaftar pada Bursa Efek Indonesia (BEI). Kinerja perusahaan diukur secara internal (Return on Assets) dan eksternal (Buy-and-Hold Abnormal Return). Hasil penelitian menyajikan perusahaan yang melakukan IPO memiliki discretionary accrual yang lebih tinggi dibandingkan perusahaan yang tidak melakukan IPO dan kinerjanya akan menurun selama tiga tahun setelah melakukan IPO, tapi penelitian ini tidak menemukan bukti penurunan kinerja disebabkan oleh earnings management pada tahun IPO. Hasil penelitian ini juga menemukan bahwa hanya dewan komisaris dapat menurunkan earnings management.


Keywords


Earnings Management, IPO, Corporate Governance, Firm Performance

Full Text:

References


Abaddi, S. S., Hijazi, Q. F., dan Al-Rahahleh, A. S. 2016. Corporate Governance Quality and Earnings Management: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, Vol. 10 (2): 55-75.

Ahmad-Zaluki, N. A. 2008. Post-IPO operating performance and earnings management. International Business Research, Vol. 1 (2): 39-48.

Ahmad-Zaluki, N. A., Campbell, K., dan Goodacre, A. 2011. Earnings management in Malaysian IPOs: The East Asian crisis, ownership control, and post-IPO performance. The International Journal of Accounting, Vol. 46: 111-137.

Alves, S. 2012. Ownership structure and earnings management: evidence from Portugal. Australasian Accounting Business and Finance, Vol. 6 (1): 57-74.

Alzoubi, E. S. 2016. Ownership structure and earnings management: evidence from Jordan. International Journal of Accounting & Information Management, Vol. 24 (2): 135-161.

Bedard, J., Chtourou, S. M., dan Corteau, L. 2004. The effect of audit committee expertise, independence, and activity on aggresive earnings management. Auditing: A Journal of Practice & Theory, Vol. 23 (2): 13-35.

Brad, L. Dobre, F., Ciobanu, R., dan Brasoveanu, I. V. 2015. The interaction between financial audit and corporate governance: evidence from Romania. Procedia Economics and Finance, Vol. 32: 27-34.

Byrd, J. W., dan Hickman, K. A. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, Vol. 32: 195-221.

Chen, K. Y., Lin, K., dan Zhou, J. 2005. Audit quality and earnings management for Taiwan IPO firms. Managerial Auditing Journal, Vol. 20 (1): 177-196.

Chen, K., Y., Elder, R. J., dan Hsieh, Y. 2007. Corporate governance and earnings management: The implications of corporate governance best-practice principles for Taiwanese Listed Companies. Journal of Contemporary Accounting & Economics, Vol. 3 (2): 73-105.

Cheng, P., Chen, J. J., dan Xiao, X. 2015. Expropriation, weak corporate governance and Post-IPO Performance: Chinese Evidence. Issues in Corporate Governance and Finance, Vol. 12: 237-267.

Cheng, Q., dan Warfield, T. D. 2005. Equity incentives and earnings management. The Accounting Review, Vol. 80 (2): 441-476.

Ching, K. M. K., Firth, M., Rui, O. M. 2006. Earnings management, corporate governance and the market performance of seasoned equity offerings in Hong Kong. Journal of Contemporary Accounting & Economics, Vol. 2 (1): 73-98.

Dechow, P. M., Sloan, R. G., dan Sweeney, A. P. 1995. Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, Vol. 13 (1): 1-36.

Ducharme, L. L., Malatesta, P. H., dan Sefcik, S. E. 2001. Earnings management: IPO valuation and subsequent performance. Journal of Accounting, Auditing & Finance, Vol. 16 (4): 369-396.

Gulzar, M. A., Wang, Z. 2011. Corporate governance characteristics and earnings management: empirical evidence from Chinese listed firms. International Journal of Accounting and Financial Reporting, Vol 1 (1): 133-151.

Iatridis, G., dan Kadorinis., G. 2009. Eanings management and firm financial motives: A financial investigation of UK listed firms. International Review of Financial Analysis, Vol. 18: 167-173.

Iqbal, A., dan Strong, N. 2010. The effect of corporate governance on earnings management around UK rights issues. International Journal of Managerial Finance, Vol. 6 (3): 168-189.

Jones, M. 2011. Creative accounting, fraud and international accounting scandals. England: John Wiley & Sons Ltd.

Kao, J. L., Wu, D., dan Yang, Z. 2009. Regulations, earnings management, and post-IPO performance: The Chinese Evidence. Journal of Banking & Finance, Vol. 33: 63-76.

Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, Vol. 33: 375-400.

Lizinska, J., dan Czapiewski, L. 2018. Earnings management and the Long-Term market performance of Initial Public Offerings in Poland. Finance and Sustainability: 121-134.

Lorca, C., Sanchez-Ballesta, J. P., dan Garcia-Meca, E. 2011. Board effectiveness and cost of debt. Journal of Business Ethics, Vol. 100: 613-631.

Mohammad, W., Wasiuzzaman, S., dan Nik Salleh, N. M. Z. 2016. Board and audit committee effectiveness, ethnic diversification and earnings management: a study of the Malaysian manufacturing sector. CorporateGovernance: The International Journal of Business in Society, Vol. 16 (4): 726-746.

Park, Y. W., dan Shin, H. 2004. Board composition and earnings management in Canada. Journal of Corporate Finance, Vol. 10: 431-457.

Peasnell, K. V., Pope, P. F., dan Young, S. 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance & Accounting, Vol. 32 (7): 1311-1346.

Rahman, R. A., dan Abdullah, W. R. W. 2005. The new issue puzzle in Malaysia: performance and earnings management. National Accounting Research Journal, Vol. 3: 91-110.

Saleh, N. M., Iskandar, T. M., dan Rahmat, M. M. 2007. Audit committee characteristics and earnings management: evidence from Malaysia. Asian Review of Accounting, Vol. 15 (2): 147-163.

Scott, W. R. 2015. Financial Accounting Theory: 7th Edition. Pearson: Toronto.

Siregar, S. V., dan Utama, S. 2008. Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia. The International Journal of Accounting, Vol. 43: 1-27.

Song, J., dan Windram, B. 2004. Benchmarking audit committee effectiveness in financial reporting. International Journal of Auditing, Vol. 8: 195-205.

Sulistiawan, D., Januarsi, Y., dan Alvia, L. 2011. Creative Accounting: Mengungkap Manajemen Laba dan Skandal Akuntansi. Jakarta: Salemba Empat.

Tempo. 2013. Bapepam: Kasus Kimia Farma Merupakan Tindak Pidana. https://bisnis.tempo.co/read/33339/bapepam-kasus-kimia-farma-merupakan-tindak-pidana (diakses tanggal 20 Mei 2018).

Teoh, S. H., Welch, I. dan Wong, T. J. 1998. Earnings Management and the Long-Run Market Performance of Initial Public Offerings. Journal of Finance, Vol. 53 (6): 1935-1974.

Xie, B., Davidson, W. N., dan DaDalt, P. J. 2003. Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, Vol. 9:295-316.




DOI: http://dx.doi.org/10.30591/monex.v10i1.2297

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.



Pusat Penelitian dan Pengabdian Masyarakat Politeknik Harapan Bersama
Kampus 1 PHB - Gedung B Lantai 3
Jalan Mataram No.9 Pesurungan Lor, Margadana, Kota Tegal, Jawa Tengah, Indonesia, 52100.
Fitri Amaliyah - 085786663499 / monex@poltektegal.ac.id
K.F. Ardhi / kholifahfilardhi@poltektegal.ac.id

 

View My Stats