Praktik manajemen laba dan excess cash holding terhadap nilai perusahaan di indonesia

Budi Chandra, Kelly Kelly

Abstract


Tujuan dari penelitian ini adalah untuk menganalisis pengaruh manajemen laba dan excess cash holding terhadap nilai perusahaan pada perusahaan yang terdaftar di Bursa Efek Indonesia. Variabel dependen dalam penelitian ini adalah nilai perusahan, sedangkan variabel independen adalah manajemen laba, excess cash holding, dividen, likuiditas, ukuran perusahaan, leverage, dan profitabilitas. Tobin’s Q digunakan sebagai tolok ukur nilai perusahaan. Penentuan sampel dalam penelitian ini menggunakan metode purposive sampling oleh perusahaan non-keuangan yang terdaftar di BEI periode 2016 hingga 2020. Data laporan keuangan tahunan perusahaan yang memiliki informasi keuangan lengkap adalah kriteria untuk mengumpulkan data penelitian. Data yang dikumpulkan kemudian dianalisis menggunakan metode regresi panel dengan perangkat lunak SPSS dan Eviews. Hasil Penelitian menunjukkan bahwa manajemen laba, excess cash holding, dan leverage tidak berpengaruh terhadap nilai perusahaan. Dividen dan profitabilitas memiliki pengaruh signifikan positif terhadap nilai perusahaan. Sementara itu, likuiditas dan ukuran perusahaan memiliki pengaruh signifikan negatif.

Keywords


Nilai perusahaan; manajemen laba; excess cash holding

References


Aggarwal, Divya, & Padhan, Purna Chandra. (2017). Impact of capital structure on firm value: Evidence from Indian hospitality industry. Theoretical Economics Letters, 07(04), 982–1000. https://doi.org/10.4236/tel.2017.74067

Amertha, Indra Satya Prasavita, Ulupui, I. Gusti Ketut Agung, & Putri, I. Gusti Ayu Made Asri Dwija. (2014). Analysis of firm size, leverage , corporate governance on earnings management practices (Indonesian Evidence ). Journal Of Economics, Business and Accountancy Ventura, 17(2), 259–268. https://doi.org/10.14414/jebav.14.1702009

Asante Darko, Disraeli, Adu Bonsu, Bright, Famiyeh, Samuel, Kwarteng, Amoako, & Goka, Yayra. (2018). Governance structures, cash holdings and firm value on the Ghana stock exchange. The International Journal of Business in Society, 18(4), 671–685. https://doi.org/10.1108/CG-07-2017-0148

Bilafif, S. .., & Ibrahim, A. (2019). Effect of capital structure decisions on firm value of listed manufacturing firms in Mombasa County. The Strategi Journal of Business & Change Management, 6(2), 658–677.

Caylor, Marcus L., Christensen, Theodore E., Johnson, Peter M., & Lopez, Thomas J. (2015). Analysts’ and investors’ reactions to consistent earnings signals. Journal of Business Finance and Accounting, 42(9–10), 1041–1074. https://doi.org/10.1111/jbfa.12163

Chabachib, M., Fitriana, Tyana Ulfa, Hersugondo, Hersugondo, Pamungkas, Imang Dapit, & Udin, Udin. (2019). Firm value improvement strategy, corporate social responsibility, and institutional ownership. International Journal of Financial Research, 10(4), 152–163. https://doi.org/10.5430/ijfr.v10n4p152

Cheryta, Aldea Mita, Moeljadi, Moeljadi, & Indrawati, Nur Khusniyah. (2018). Leverage, asymmetric information, firm value, and cash holdings in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 83–93. https://doi.org/10.26905/jkdp.v22i1.1334

Darmawan, I. Putu Edi, Sustrisno, T., & Mardiati, Endang. (2019). Accrual earnings management and real earnings management: Increase or destroy firm value? International Journal of Multicultural and Multireligious Understanding, 6(2), 8. https://doi.org/10.18415/ijmmu.v6i2.551

Dwi Nurrani, Merri, Puspitasari, Evita, & E. Fanggidae, Rolland. (2019). Pengaruh excess cash dan insufficient cash terhadap kinerja perusahaan dan reaksi pasar (studi pada perusahaan yang terdaftar di BEI Tahun 2010-2013). JAF- Journal of Accounting and Finance, 3(2), 11. https://doi.org/10.25124/jaf.v3i2.2301

Eka Handriani, Eka Handriani, & Robiyanto, Robiyanto. (2018). Corporate finance and firm value in the Indonesian manufacturing companies. International Research Journal of Business Studies, 11(2), 113–127. https://doi.org/10.21632/irjbs.11.2.113-127

Endri, & Daeli, Ceriawati. (2020). Determinants of firm value: A case study of cigarette companies listed on the Indonesia stock exchange. SSRN Electronic Journal, 6(8), 51–59. https://doi.org/10.2139/ssrn.3649042

Endri, Endri, & Fathony, Moch. (2019). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011

Erfiana, Deka, & Ardiansari, Anindya. (2016). Pengaruh masalah keagenan, kebijakan dividen, dan variabel moderasi growth opportunity terhadap nilai perusahaan. Management Analysis Journal, 5(3), 244–256.

Fajaria, Ardina Zahrah, & Isnalita. (2018). The effect of profitability, liquidity, leverage and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research, 6(10), 55–69. https://doi.org/10.20431/2349-0349.0610005

Ha, Nguyen Minh, & Tai, Le Minh. (2017). Impact of capital structure and cash holdings on firm value : Case of firms listed on the Ho Chi Minh stock exchange. International Journal of Economics and Financial Issues, Vol. 7(No. 1), Hal. 24-30.

Hapsoro, Dody, & Falih, Zaki Naufal. (2020). The effect of firm size, profitability, and liquidity on the firm value moderated by carbon emission disclosure. Journal of Accounting and Investment, 21(2). https://doi.org/10.18196/jai.2102147

Hendrawaty, Ernie. (2019). Value of excess cash holdings of financially unconstrained companies. Contemporary Economics, 13(3), 293–304. https://doi.org/10.5709/ce.1897-9254.314

Hidayah, Nur Endah Fajar, & Rahmawati, Rahmawati. (2019). The effect of capital structure, profitability, institutional ownership, and liquidity on firm value. Indonesian Journal of Contemporary Management Research, 1(1), 55–64.

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204

Ifada, Luluk Muhimatul. (2020). The role of cash holding in increasing firm value. Jurnal Riset Akuntansi Kontemporer, 12(2), 81–86.

Irwan, Dedy eko hadi, Utama, Elok sri, & Fadah, Isti. (2018). The effect of rill earning management on firm value by good corporate governance as moderating. International Journal of Innovation Sciences and Research, 7, 1284–1291.

Juhandi, Nendi, Fahlevi, Mochammad, Abdi, Muhammad Nur, & Noviantoro, Rinto. (2019). Liquidity, firm size and dividend policy to the value of the firm (Study in manufacturing sector companies listed on Indonesia stock exchange). Advances in Economics, Business and Management Research, 100, 313–317. https://doi.org/10.2991/icoi-19.2019.53

Khanifah, Khanifah, Udin, Udin, Hadi, Nor, & Alfiana, Fitri. (2020). Environmental performance and firm value: Testing the role of firm reputation in emerging countries. International Journal of Energy Economics and Policy, 10(1), 96–103. https://doi.org/10.32479/ijeep.8490

Mira. (2020). Does the institutional ownership, return on asset and leverage affect company value. Point of View Research Accounting and Auditing, 1(3), 88–94. https://doi.org/10.47090/povraa.v1i3.44

Mufidah, Ira, Febrianti, & Masnun. (2020). The effect of gorvernance quality and earning management with internal control as moderating variabel towards firm value. Journal of Accounting and Finance Management, 1(2020), 192–200. https://doi.org/10.38035/JAFM

Niar, Hikma, Mus rahman, H. Abdul, Mursalim, & Mas’ud, Hj. Masdar. (2018). Determinants of profitability and firm values in the manufacturing sector of firms in Indonesia. International Journal of Arts and Humanities, 02(03), 149–162. https://doi.org/10.31219/osf.io/9azju

Nisasmara, Prana Wahyu, & Musdholifah, Musdholifah. (2016). Cash holding, good corporate governance and firm value. Jurnal Dinamika Manajemen, 7(2), 117–128. https://doi.org/10.15294/jdm.v7i2.8196

Putri, Vidiyanna Rizal, & Rachmawati, Arinie. (2018). The Effect of profitability, dividend policy, debt policy, and firm age on firm value in the non-bank financial industry. Jurnal Ilmu Manajemen & Ekonomika, 10(1), 14. https://doi.org/10.35384/jime.v10i1.59

Sabrin, Sarita, Buyung, Takdir, Cedy, & Sujono. (2016). The effect of profitability on firm value in manufacturing company at Indonesia stock exchange. The International Journal Of Engineering And Science (IJES), 5(10), 81–89. https://doi.org/10.1016/0014-4827(80)90264-5

Santioso, Linda, Bangun, Nurainun, & Yuniarwati. (2020). Factors affect company value in manufacturing companies listed in Indonesia stock exchange. Jurnal Bisnis Dan Akuntansi, 22(1), 1–12. https://doi.org/10.34208/jba.v22i1.440

Sheikh, Nadeem Ahmed, & Khan, Muhammad Imran. (2016). Effects of excess cash, board attributes and insider ownership on firm value: Evidence from Pakistan. Australasian Accounting, Business and Finance Journal, 10(1), 29–39. https://doi.org/10.14453/aabfj.v10i1.4

Simamora, Alex Johanes. (2019). Earnings management and future earnings. Jurnal Akuntansi Dan Keuangan Indonesia, 53(9), 1689–1699.

Sondakh, Renly. (2019). The effect of dividend policy, liquidity, profitability and firm size on firm value in financial service sector industries listed in Indonesia stock exchange 2015-2018 period. Accountability, 8(2), 91. https://doi.org/10.32400/ja.24760.8.2.2019.91-101

Subanidja, Steph, Rajasa, Aiaz, Suharto, Eduardus, & Atmanto, Jalu Dwi. (2016). The determinants of firm value: The role of earnings management and good corporate governance. Corporate Ownership and Control, 13(4), 609–615. https://doi.org/10.22495/cocv13i4c4p10

Sukmawardini, Dewi, & Ardiansari, Anindya. (2018). The influence of institutional ownership. profitability, liquidity, dividend policy, debt policy on firm value. Management Analysis Journal, 7(2), 211–222.

Susanti, Neneng, & Restiana, Nanda Gyska. (2018). What’s the best factor to determining firm value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1529

Susanto, Sherly, & Christiawan, Yulius Jogi. (2016). Pengaruh earnings management terhadap firm value. Business Accounting Review, 4(1), 205–216.

Suwardika, I., & Mustanda, I. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan properti. E-Jurnal Manajemen Unud, 6(3), 1248–1277.

Thenmozhi, M., Saravanan, Palanisamy, & Sasidharan, Aghila. (2019). Impact of excess cash on earnings management and firm value: Evidence from China. Corporate Ownership and Control, 17(1), 245–254. https://doi.org/10.22495/cocv17i1siart7

Wijaya, Hendra, & Wardani, Rr. Puruwita. (2017). Debt and Agency Conflict in Indonesian Manufacturing Firms. Jurnal Keuangan Dan Perbankan, 21(2), 211–217. https://doi.org/10.26905/jkdp.v21i2.659

Yesiariani, Merissa, & Rahayu, Isti. (2017). Deteksi financial statement fraud: Pengujian dengan fraud diamond. Jurnal Akuntansi & Auditing Indonesia, 21(1), 49–60. https://doi.org/10.20885/jaai.vol21.iss1.art5

Zuhroh, I. (2019). The effects of liquidity, firm size, and profitability on the firm value with mediating leverage. KnE Social Sciences, 3(13), 203. https://doi.org/10.18502/kss.v3i13.4206




DOI: https://doi.org/10.30872/jfor.v23i4.10129

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Copyright (c) 2021 Budi Chandra, Kelly Kelly

Crossref logo 

Editorial Address

FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jakt.feb.unmul@gmail.com

StatCounter: FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi