Analisis manajemen laba dan kinerja keuangan perusahaan yang melakukan right issue

Oleh :
Irham Suharja - F0306044 - Fak. Ekonomi dan Bisnis

ABSTRAK Penelitian ini bertujuan untuk membuktikan bahwa, (1) Perusahaan melakukan manajemen laba secara naik sebelum right issue. (2) Terdapat perbedaan antara manajemen laba sebelum right issue dengan manajemen laba setelah right issue. (3) Manajemen laba sebelum right issue berhubungan negatif dengan kinerja keuangan setelah right issue. Populasi penelitian adalah perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2008. Sampel diperoleh dengan tehnik purposive sampling dan diperoleh sampel akhir sebanyak 52 perusahaan nonkeuangan yang melakukan right issue antara tahun 1996 hingga tahun 2005. Variabel penelitian yang digunakan adalah manajemen laba dan kinerja keuangan. Manajemen laba diproksi dengan discretionary current accrual. Kinerja keuangan diproksi dengan return on asset. Analisis data yang dilakukan adalah analisis deskriptif, uji one sample t test, paired sample test dan uji korelasi spearman. Konsisten dengan teori agency dan teori managerial response hypothesis, hasil penelitian menunjukkan bahwa perusahaan memiliki discretionary current accrual positif selama 3 tahun sebelum right issue. Temuan lain menunjukkan kinerja keuangan secara monotonik mengalami kenaikan selama 3 tahun sebelum right issue dan mengalami penurunan selama 3 tahun setelah right issue. Pola ini dikarenakan oleh manajemen laba yang didukung oleh fakta bahwa discretionary current accrual sebelum right issue lebih besar daripada setelah right issue. Terdapat pula hubungan negatif antara discretionary current accrual sebelum right issue dengan perubahan ROA setelah right issue. Investor perlu berhati-hati terhadap perusahaan yang melakukan right issue. Investor juga disarankan untuk memilih perusahaan yang memiliki discretionary current accrual yang minimum karena resiko penurunan kinerja keuangan di masa depan juga kecil. Kata Kunci: manajemen laba, kinerja keuangan, discretionary current accrual, return on asset, right issue. ABSTRACT The aims this research are to document that, (1) Firm do upward earnings management before rights issue. (2) There is different between earnings management before rights issue with after rights issue. (3) Earnings management before rights issue has negative correlation with financial performance after rights issue. The population is a company registered in the Indonesian Stock Exchange in 2008. Samples obtained by purposive sampling technique and obtained the final sample of 52 nonfinancial companies that make rights issues between the years 1996 to 2005. Research variables used are earnings management and financial performance. Proxy for earnings management with discretionary current accruals. Financial performance as proxy for return on assets. Data analysis are descriptive analysis, test one sample t test, paired sample t test and Spearman correlation rank test. Consistent with agency theory and the theory of managerial response hypothesis, results showed that firms have positive discretionary current accruals during the three years before the rights issue. Other findings show the financial performance monotonically increases during the three years before the rights issue and has decreased over the three years after the right issue. This pattern is due to the earnings management that is supported by the fact that current discretionary accruals before the rights issue is bigger than after the rights issue. There is also a negative relationship between discretionary current accrual before the rights issue with the change in ROA after the rights issue. Investors should be wary of companies that do right issue. Investors are so advised to choose a company that has a minimum of discretionary current accruals for risk reduction in the future financial performance are also small. Keyword: earnings management, financial performance, discretionary current accrual, return on asset, right issue.