The Effect of Information Asymmetry, Financial Performance, Financial Leverage, Managerial Ownership on Earnings Management with the Audit Committee as Moderation Variables
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Nov 1, 2020
Keywords:
Information Asymmetry, Financial Performance, Financial Leverage, Managerial Ownership, Earnings Management, Audit Committee
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Computer Science
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Abstract
Earnings management is a very interesting topic to discuss. As long as management prepares financial reports in accordance with accounting standards in Indonesia, it cannot be said to do earnings management. However, on the other hand accrual-based accounting can cause distortion. This study aims to analyze the effect of information asymmetry, financial performance, financial leverage and managerial ownership as factors that affect earnings management in companies implementing Initial Public Offering (IPO) policies for the 2014-2018 period. This study will also test the audit committee variable which is used as a moderating variable in the research model. The population is companies that carry out Initial Public Offering (IPO) policies for the 2014-2018 period. The population of this study was 149,?5%, information asymmetry and managerial ownership have a significant effect on earnings management, while financial performance and financial leverage do not have a significant effect on earnings management. The results of this study also indicate that the audit committee is able to moderate the effect of information asymmetry on earnings management, on the other hand, the audit committee is unable to moderate financial performance and financial leverage on earnings management.
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Evodila, E., Erlina, E. and Kholis, A. (2020) “The Effect of Information Asymmetry, Financial Performance, Financial Leverage, Managerial Ownership on Earnings Management with the Audit Committee as Moderation Variables”, Jurnal Mantik, 4(3), pp. 1734-1745. doi: 10.35335/mantik.Vol4.2020.987.pp1734-1745.
References
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[34] Lin, P., Hutchinson, M., & Percy, M. (2009). Can an effective audit committee help to mitigate earnings management in Chinese firms listed in Hong Kong? Asian Finance Association.
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[36] Mustikawati, A., & Cahyonowati, N. (2015). The effect of information asymmetry on earnings management with company size as a moderating variable. Diponegoro Journal of Accounting, 4, 1–8.
[37] Okougbo, PO, & Okike, E. (2015). Corporate Governance and Earnings Management: Empirical Evidence From Nigeria. Corporate Ownership & Control, 12 (4), 312–326.
[38] Orazalin, N., & Rassul, A. (2019). Earnings management, audit quality, and cost of debt: evidence from a Central Asian economy. Managerial Auditing Journal, 34 (6), 696–721. https://doi.org/10.1108/MAJ-12-2017-1730
[39] Partayadnya, IMA, & Suardikha, IMS (2018). The Effect of GCG Mechanism, Audit Quality, and Leverage on Earnings Management in Manufacturing Companies on the IDX. Udayana University Accounting E-Journal, 25, 31–53.
[40] Pastusiak, R., Miszczy?ska, K., & Krzeczewski, B. (2016). Does public offering improve company 's financial performance? The example of Poland. Economic Research-Ekonomska Istraživanja, 29 (1), 32–49. https://doi.org/10.1080/1331677X.2016.1152559
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[44] Sintyawati, NLA, & Dewi S, MR (2018). The Effect of Managerial Ownership, Institutional Ownership and Leverage on Agency Costs in Manufacturing Companies. E-Journal of Management of Udayana University, 7 (2), 993–1020.
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[52] Widyaningrum, R., Amboningtyas, D., & Fathoni, A. (2018). The Effect of Free Cash Flow, Profitability, And Leverage to earnings Management with Good Corporate Governance as a Moderating Variable. Journal of Management, 4, 53–64.
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[54] Wiryadi, A., & Sebrina, N. (2013). The effect of information asymmetry, audit quality, and ownership structure on earnings management. WRA, 1 (2), 155–180.
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[56] Yang, C., Lai, H., & Tan, BL (2008). Managerial Ownership Structure and Earnings Management. Journal of Financial Reporting & Accounting, 6 (1), 35–53.
[57] Zakia, V., Diana, N., & Mawardi, MC (2019). The Influence of Managerial Ownership, Institutional Ownership, Company Size, Leverage, Profitability, Sales Growth on Earnings Management with Good Corporate Governance as a Moderating Variable. E-JRA, 08.
[58] Zgarni, I., Hlioui, K., & Zehri, F. (2016). Effective audit committee, audit quality and evidence from Tunisia. Journal of Accounting in Emerging Economics, 6, 138–155. https://doi.org/10.1108/JAEE-09-2013-0048
[59] Zhang, Y., Uchida, K., & Dong, L. (2020). External fi nancing and earnings management: Evidence from international data. Research in International Business and Finance, 54 (January), 101275. https://doi.org/10.1016/j.ribaf.2020.101275
[2] Al-haddad, L., & Whittington, M. (2019). The impact of corporate governance mechanisms on real and accrual earnings management practices: evidence from Jordan. Corporate Governance, 19 (6), 1167–1186. https://doi.org/10.1108/CG-05-2018-0183
[3] Alanazi, AS, Liu, B., & Forster, J. (2011). The financial performance of Saudi Arabian IPOs. International Journal of Islamic and Middle Eastern Finance and Management, 4 (2), 146–157.
[4] Alves, S. (2012). Executive Stock Options and Earnings Management in The Portuguese Listed Companies. RC-SAR, 15 (1138–4891), 211–235.
[5] Amalia, F., Wijaya, AL, & Widiasmara, A. (2019). Effect of profitability and leverage on earnings management with gcg as a moderating variable. Management, Business and Accounting Innovation Seminar I, 489–501.
[6] Amertha, ISP (2013). The Influence of Return On Asset on Earnings Management Practices with Corporate Governance Moderation. Udayana University Accounting E-Journal, 2, 373–387.
[7] Andika, IGPS, & Sukartha, IM (2015). Effect of Information Asymmetry and Managerial Ownership on Earnings Management Practices. Udayana University Accounting E-Journal, 13, 1057–1069.
[8] Annisa, AA, & Hapsoro, D. (2017). The Effect of Audit Quality, Leverage, and Growth on Earnings Management Practices. Journal of Accounting, 5 (2), 99–110. https://doi.org/10.24964/ja.v5i2.272
[9] Astari, AAMR, & Suryanawa, IK (2017). Factors Affecting Earnings Management. Udayana University Accounting E-Journal, 20, 290–319.
[10] Astria, T., & Ardiyanto, MD (2011). Analysis of the Effect of Audit Tenure, Corporate Governance Structure, and KAP Size on the Integrity of Financial Statements.
[11] Asyati, S., & Farida. (2020). The Influence of Good Corporate Governance, Leverage, Profitability and Audit Quality on Earnings Management Practices (Empirical Study of Manufacturing Companies Listed on the Stock Exchange for the 2014-2018 Period). Journal of Economic, Management, Accounting and Technology (JEMATech), 3 (1), 36–48.
[12] Good, B., Kang, JK, & Morton, R. (2010). Why are analysts less likely to follow firms with high managerial ownership? Journal of Accounting, Auditing and Finance, 25 (2), 171–200. https://doi.org/10.1177/0148558X1002500202
[13] Bar-yosef, S., & Prencipe, A. (2013). Journal of Accounting, Auditing & Finance. Journal of Accounting, Auditing & Finance, 292–316. https://doi.org/10.1177/0148558X13492591
[14] Bodie, Z., Kane, A., & Marcus, AJ (2014). Investments (10th Editi). McGraw-Hill.
[15] Brigham, EF, & Houston, JF (2014). Fundamentals of Financial Management.
[16] Connolly, E., Norman, D., & West, T. (2012). Small Business: An Economic Overview. 1–14.
[17] Dong, GN (2015). Rising Labor Costs, Earnings Management, and Financial Performance of Helth Care Providers Around the World. International Best Practices in Health Care Management, 17, 117–135.
[18] Doski, SAM (2014). The Effect of Initial Public Offering on Company Performance. A Case Study on Asia Cell in Kurdistan Region. Journal of Finance and Accounting, 5 (18).
[19] Ermaya, HNL, & Astuti, M. (2018). Information Asymmetry and Profit Management with Corporate Governance Mechanism as Moderation (Study on Go Public Banks Listed on the Indonesia Stock Exchange). August. https://doi.org/10.33005/mebis.v2i2.9
[20] Firdaus, I. (2013). The effect of information asymmetry and capital adequacy ratios on earnings management. Ejournal.Unp.
[21] Fodio, MI, Ibikunle, J., & Oba, VC (2013). Corporate Governance Mechanisms and Reported Earnings Quality in Listed Nigerian Insurance Firms. International Journal of Finance and Accounting, 2 (5), 279–286. https://doi.org/10.5923/j.ijfa.20130205.01
[22] Ghani, EK, Azemi, N. '?? ˜Afifah M., & Puspitasari, E. (2017). The Effect of Information Asymmetry and Environmental Uncertainty on Earnings Management Practices among Malaysian Technology-Based Firms. International Journal of Academic Research in Economics and Management Sciences, 6 (1), 178–194. https://doi.org/10.6007/ijarems/v6-i1/2617
[23] Habib, A., & Jiang, H. (2012). Managerial ownership-induced income smoothing and information asymmetry. Emerald, 24 (2), 211–232. https://doi.org/10.1108/01140581211259839
[24] Haini, SN, & Andini, P. (2014). The Effect of Return on Assets (ROA), Dividend Payout Ratio (DPR), Debt To Equity (DER), and Institutional Ownership on Income Smoothing Practices. Journal of Accounting and Finance, 3 (1), 186–198.
[25] Hofeditz, M., Nienaber, A., Dysvik, A., & Schewe, G. (2017). "Want To" Versus "Have To": Intrinsic And Extrinsic Motivators As Predictors Of Compliance Behavior Intention. Human Resource Management, 56 (1), 25–49. https://doi.org/10.1002/HRM.21774
[26] Houqe, MN, Ahmed, K., & Zijl, T. Van. (2017). Audit Quality, Earnings Management, and Cost of Equity Capital: Evidence from India. International Journal of Auditing, 189, 177–189. https://doi.org/10.1111/ijau.12087
[27] Imanta, D., & Satwiko, R. (2011). Factors that influence. Journal of Business and Accounting, 13 (1), 67–80.
[28] Indeswari, S. (2015). The Effect of Company Size and Leverage on Earnings Management with the Mechanism of Corporate Governance as a Moderation Variable. Journal of Economics, 23 (4), 72–90.
[29] Kalbuana, N., Purwanti, T., & Mayzaroh, AS (2019). The Influence of Bonus Motivation, Debt Contract Motivation, Political Motivation and Audit Quality on Earnings Management (Empirical Study of State-Owned Companies Listed on the Indonesia Stock Exchange). Edunomika -, 03 (02), 277–286.
[30] Karina, & Sutandi. (2019). The Effect of Return On Asset (Roa), Sales Growth, and Leverage on Profit Management (Empirical Study of Manufacturing Companies in the Basic Industry & Chemical Sector Listed on the IDX for the 2014-2017 Period). 1, 1–12.
[31] Kartal, MT, Ibis, C., & Catikkas, O. (2018). Adequacy of Audit Committees: A Study of Deposit Banks in Turkey. https://doi.org/10.1016/j.bir.2018.01.002
[32] Krenn, M. (2015). Understanding decoupling in response to corporate governance reform pressures The case of codes of good corporate governance. Journal of Financial Regulation and Compliance, 23 (4), 369–382. https://doi.org/10.1108/JFRC-04-2014-0019
[33] Kusumawardani, NF, & Dewi, RR (2016). Motivation of Bonuses, Taxes and Debt in Profit Management Actions (Study of Manufacturing Companies Listed on the Indonesian Stock Exchange). Media Research Accounting, Auditing & Information, 16, 79–90.
[34] Lin, P., Hutchinson, M., & Percy, M. (2009). Can an effective audit committee help to mitigate earnings management in Chinese firms listed in Hong Kong? Asian Finance Association.
[35] Mahariana, IDGP, & Ramantha, IW (2014). The Effect of Managerial Ownership and Institutional Ownership on Profit Management of Manufacturing companies on the IDX. Udayana University Accounting E-Journal, 519–528.
[36] Mustikawati, A., & Cahyonowati, N. (2015). The effect of information asymmetry on earnings management with company size as a moderating variable. Diponegoro Journal of Accounting, 4, 1–8.
[37] Okougbo, PO, & Okike, E. (2015). Corporate Governance and Earnings Management: Empirical Evidence From Nigeria. Corporate Ownership & Control, 12 (4), 312–326.
[38] Orazalin, N., & Rassul, A. (2019). Earnings management, audit quality, and cost of debt: evidence from a Central Asian economy. Managerial Auditing Journal, 34 (6), 696–721. https://doi.org/10.1108/MAJ-12-2017-1730
[39] Partayadnya, IMA, & Suardikha, IMS (2018). The Effect of GCG Mechanism, Audit Quality, and Leverage on Earnings Management in Manufacturing Companies on the IDX. Udayana University Accounting E-Journal, 25, 31–53.
[40] Pastusiak, R., Miszczy?ska, K., & Krzeczewski, B. (2016). Does public offering improve company 's financial performance? The example of Poland. Economic Research-Ekonomska Istraživanja, 29 (1), 32–49. https://doi.org/10.1080/1331677X.2016.1152559
[41] Raihan, H., & Herawaty, V. (2019). Factors Affecting Earnings Management with Audit Committee as Moderation Variable. National Seminar on Scholars.
[42] Scott, WR (2011). Financial Accounting Theory (6th ed.). Upper Saddle River, NJ: Prentice Hall.
[43] Septiadi S, PP, & Mimba H, NPS (2015). The Influence of Information Asymmetry on Earnings Management with Corporate Governance as a Moderation Variable. Udayana University Accounting E-Journal, 2, 452–464.
[44] Sintyawati, NLA, & Dewi S, MR (2018). The Effect of Managerial Ownership, Institutional Ownership and Leverage on Agency Costs in Manufacturing Companies. E-Journal of Management of Udayana University, 7 (2), 993–1020.
[45] Subramanyam, K.., & Wild, J.. (2009). Financial Statement Analysis 10th edition.
[46] Sufiana, & Karina, R. (2020). Effect of Audit Committee Effectiveness, Audit Quality and Board of Directors Effectiveness on Earnings Management. JOURNAL OF APPLIED MANAGERIAL ACCOUNTING, 4 (1), 42–59.
[47] Sunarto, H., & Sundarta, MI (2015). The Effect of Information Asymmetry and Audit Quality on Earnings Management with Information Disclosure as a Moderating Variable in Companies that are included in the LQ45 Index on the Indonesia Stock Exchange. Scientific Journal of Accounting and Finance, II (1).
[48] Suriyani, PP, Yuniarta, GA, & TA, AW (2015). Factors Affecting Earnings Management (Study on Manufacturing Companies Listed on the IDX 2008-2013). E-Journal S1 Ak Ganesha Education University Department of Accounting S1 Program, 4 (40), 1–12.
[49] Tran, DV, & Ashraf, BN (2018). Dividend policy and bank opacity. Int J Finance Econ, 186–204. https://doi.org/10.1002/ijfe.1611
[50] Veronica, S., & Bachtiar, YS (2005). Corporate Governance, Information Asymmetry, and Earnings Management (pp. 77–166).
[51] Wardani, DK, & Wahyuningtyas, W. (2018). Good Corporate Governance as a Moderator The Influence of Information Asymmetry on Earnings Management. Journal of Business Studies, 25 (2), 69–81.
[52] Widyaningrum, R., Amboningtyas, D., & Fathoni, A. (2018). The Effect of Free Cash Flow, Profitability, And Leverage to earnings Management with Good Corporate Governance as a Moderating Variable. Journal of Management, 4, 53–64.
[53] Wijaya, VA, & Christiawan, YJ (2014). The Effect of Bonus, Leverage, and Tax Compensation on Earning Management in Companies Listed on the Indonesia Stock Exchange 2009-2013. Tax & Accounting Review, 4 (1).
[54] Wiryadi, A., & Sebrina, N. (2013). The effect of information asymmetry, audit quality, and ownership structure on earnings management. WRA, 1 (2), 155–180.
[55] Wiyadi, Veno, A., & Sasongko, N. (2015). Information Asymmetry and Earning Management: Good Corporate Governance as Moderating Variable. 7 (2), 54–61.
[56] Yang, C., Lai, H., & Tan, BL (2008). Managerial Ownership Structure and Earnings Management. Journal of Financial Reporting & Accounting, 6 (1), 35–53.
[57] Zakia, V., Diana, N., & Mawardi, MC (2019). The Influence of Managerial Ownership, Institutional Ownership, Company Size, Leverage, Profitability, Sales Growth on Earnings Management with Good Corporate Governance as a Moderating Variable. E-JRA, 08.
[58] Zgarni, I., Hlioui, K., & Zehri, F. (2016). Effective audit committee, audit quality and evidence from Tunisia. Journal of Accounting in Emerging Economics, 6, 138–155. https://doi.org/10.1108/JAEE-09-2013-0048
[59] Zhang, Y., Uchida, K., & Dong, L. (2020). External fi nancing and earnings management: Evidence from international data. Research in International Business and Finance, 54 (January), 101275. https://doi.org/10.1016/j.ribaf.2020.101275