Earnings Management, Value Relevance of Earnings and Book Value of Equity

Imam Subekti

Abstract

Previous studies examining relationship between earnings management and value rele­vance of accounting information show that earnings management decrease value relevance of ac­counting information. Generally, the studies apply accruals earnings management. In contrast, the present study applies integrated earnings management proxies i. e. real and accruals earnings management. Real earnings management proxies are measured by abnormal cash flow of opera­tion, abnormal production cost, and abnormal discretionary expenses. On the contrary, accruals earnings management proxies are measured by short and long term discretionary accruals matched performance.

The objective of the present study is to investigate the effect of the earnings management proxies integrated by factor analysis on value relevance of earnings and book value of equity. Re­sults of the present study show earnings and book value of equity are relevant in measuring firm market value, and integrated earnings management decrease the value relevance of earnings and book value of equity.

Keyword: integrated earnings management, value relevance of earnings and book value of equity

Abstrak

Penelitian-penelitian sebelumnya mengenai hubungan antara earnings management dan relevansi nilai informasi akuntansi menunjukkan bahwa earnings management menurunkan nilai relevansi informasi akuntansi. Pada umumnya, penelitian-penelitian tersebut, menerapkan earnings management akrual. Berbeda dengan penelitian sebelumnya, penelitian ini menggunakan earnings management dengan cara yang terintegrasi seperti earnings management riil dan akrual. Earnings management secara riil diukur dengan cash flow operasi yang abnormal, biaya produksi yang abnormal, dan pengeluaran discretionary (pengeluaran bebas berdasarkan kebijaksanaan) yang abnormal. Sebaliknya, earnings management secara akrual diukur dengan mencocokkan kinerja dengan akrual jangka pendek dan jangka panjang.

Tujuan dari penelitian ini adalah untuk meneliti pengaruh dari earnings management yang dilakukan secara terintegrasi dengan analisis faktor pada relevansi nilai earnings dan nilai buku ekuitas (book value of equity). Hasil penelitian menunjukkan bahwa earnings dan nilai buku ekuitas bersifat relevan dalam mengukur nilai pasar perusahaan, dan earnings management yang terintegrasi menurunkan nilai relevansi earnings dan nilai buku ekuitas.

Kata kunci: earnings management yang terintegrasi, nilai relevansi earnings dan nilai buku ekuitas

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