Real Earnings Management dan Nilai Perusahaan: Peran Kepemilikan Keluarga

Yefni Yefni, Tobi Arfan

Abstract


ABSTRAK

Penelitian ini bertujuan untuk mengidentifikasi pengaruh real earnings management terhadap nilai perusahaan dan peran kepemilikan keluarga dalam memoderasi pengaruh real earnings management terhadap nilai perusahaan. Sampel dalam penelitian ini terdiri dari perusahaan sektor consumer cyclicals yang terdaftar di Bursa Efek Indonesia periode 2019-2023 dengan total sebanyak 135 observasi. Data dalam penelitian ini bersumber dari annual reports dan atau laporan keuangan perusahaan selama periode penelitian. Data penelitian selanjutnya dianalisis dengan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa real earnings management melalui biaya produksi dan biaya diskresioner berpengaruh signifikan terhadap nilai perusahaan sedangkan real earnings management melalui arus kas operasi tidak berpengaruh signifikan terhadap nilai perusahaan. Lebih lanjut, kepemilikan keluarga sebagai komponen corporate governance tidak memoderasi secara signifikan pengaruh real earnings management terhadap nilai perusahaan. Hasil penelitian ini memperkaya literatur di bidang keuangan dan corporate governance terutama yang berkaitan dengan praktik real earnings management yang masih sangat terbatas. Bagi investor, penelitian ini dapat menjadi masukan dalam membuat Keputusan investasi serta mendorong manajemen Perusahaan untuk meningkatkan nilai Perusahaan tanpa praktik oportunistik terutama real earnings management. Bagi regulator, penelitian ini dapat menjadi acuan dan masukan dalam membuat aturan dan kebijakan untuk memperkuat corporate governance khusus pada Perusahaan manufaktur.

Kata Kunci: Kepemilikan Keluarga, Nilai Perusahaan, Real Earnings Management, Perusahaan Manufaktur


ABSTRACT

This study aims to identify the influence of real earnings management on firm value and the role of family ownership in moderating the effect of real earnings management on firm value. The sample in this study consists of consumer cyclicals sector listed on the Indonesia Stock Exchange for the period 2019-2023, totaling 135 observations. The data in this study are sourced from the companies' annual reports and/or financial statements during the research period. The research data were then analyzed using multiple linear regression. The results of the study indicate that real earnings management through production costs and discretionary expenses has a significant effect on firm value, whereas real earnings management through operating cash flow does not have a significant effect on firm value. Furthermore, family ownership as a component of corporate governance does not significantly moderate the influence of real earnings management on firm value. The results of this study enrich the literature in the field of finance and corporate governance, especially concerning real earnings management practices, which are still very limited. For investors, this study can serve as an input for making investment decisions and encourage company management to enhance firm value without opportunistic practices, particularly real earnings management. For regulators, this study can serve as a reference and input in formulating rules and policies to strengthen corporate governance, especially in manufacturing companies.

Keywords: Family Ownership, Firm Value, Real Earnings Management, Manufacturing Companies



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DOI: http://dx.doi.org/10.35906/jurman.v12i1.2864

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