Pengaruh Manipulasi Aktivitas Riil melalui Komponen Arus Kas Kegiatan Operasi terhadap Kinerja Pasar

Sitti Zulaeha

Abstract


This study aims to provide empirical evidence regarding : ( 1 ) the effect of the manipulation of real activities through cash flow component of operating activities on the performance of the market, ( 2 ) companies that have a higher market performance tends to manipulate real activities, ( 3 ) the effect on the performance of real activities manipulation market . The object of research is a services company listed on the Stock Exchange during the five years (2008-2012 ) as many as 64 services companies. The sampling technique used was purposive sampling. Data were analyzed using SPSS 19.0 for windows which consist of three types of analysis, path analysis, simple regression, and analysis of the different test t - test.

The results of this study indicate that the manipulation of real activities through cash flow component operations negatively affect the performance of the market, it is proved that not all companies are trying to show high profits in the financial statements that the company 's financial performance looks good. There are several companies which in fact have a high income, there are also companies that intentionally reveal higher profits but in reality lower profits. Earnings growth continues to increase from year to year, giving a positive signal about the future prospects of the company, because the profit is one measure of the performance of the company. Companies that have a higher market performance tends to manipulate real activities through cash flow component of operating activities, it is proved that the company that has the ability to increase earnings, its share price will tend to rise. The results of the analysis of the different test conducted also showed that statistically there is a difference company doing real activities manipulation and companies that do not do a real activity.


Keywords


Manipulation, Performance, Market, Finance

Full Text:

PDF

References


Agmarina, M. 2011. Dampak Manipulasi Aktivitas Riil Melalui Arus Kas Kegiatan Operasi Terhadap Kinerja Pasar. Universitas Diponegoro. Semarang.

Aprilia, H. 2010. Indikasi Manajemen Laba Melalui Manipulasi Aktivitas Riil (Studi Empiris pada Perusahaan Right Issue yang terdaftar di BEI). Fakultas Ekonomi-Universitas Diponegoro.

Arunjati, Maria. 2011. Manajemen Laba Melalui Manipulasi Aktivitas Riil Pada Perusahaan Manufaktur yang terdaftar di BEI. Fakultas Ekonomi-Universitas Atmajaya. Yogyakarta.

Earl K. Stice, James D. Stice dan K. Fred Skousen. 2004. Akuntansi Intermediate. Edisi Lima Belas. Buku 1. Alih Bahasa oleh Salemba Empat. Salemba Empat. Jakarta.

Eisenhardt, K. M. 1989. “Building Theories from Case Study Research”. Academy of Management Review, vol. 14, n0.4, pp 532-550.

Ghozali, I. dan John C. 2002. Statistik Non-Parametrik-Teori dan Aplikasi dengan Program SPSS. Badan Penerbit Universitas Diponegoro Semarang.

Graham, Jhon R.; Campbell R. Harvey; dan S. Rajgopal, (2005). “The Economic Implications of Corporate Financial Reporting.” Journal of Accounting and Economics. 40: 3-73.

Harahap dan Evi O. 2011. Hubungan Antara Laba Bersih Dan Arus Kas Operasi Dengan Dividen Kas Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2007-2009. Universitas Sumatra Utara.

Hadi, S. (2004). Metodologi researchsecond edition. Yogyakarta: Andi Offset.

Healy, P.M dan Wahlen , J.M. 1999. A Review of Earnings Management Literatures and it is Implication for Standart Setting. Acccounting Horizons, Vol. 13.

Herawaty, V. 2008. Peran Praktek Corporate Governance Sebagai Moderating Variabel dari Pengaruh Earnings Management Terhadap Nilai Perusahaan. Simposium Nasional Akuntansi (SNA) XI. Pontianak.

Husnan, S. dan Enny P. 2004. Dasar-Dasar Portofolio dan Analisis Sekuritas. Yogyakarta : UPP AMP YKPN.

Jensen, Michael C., dan William H. Meckling, 1976. “Theory of The Firm: Managerial Behavior,Agency and Ownership Structure”. Journal of Financial Economic. Vol. V 3, No.4,October, pp. 305—360.

Jogiyanto, H. M. 2000. Teori Portofolio dan Analisis Investasi. Yogyakarta : BPFE.

Keuangan LSM., 2012. Aktivitas Operasi Dalam Laporan Arus Kas., diakses pada tanggal 23 Mei 2013.

Keuangan LSM., 2012. Komponen Utama Laporan Arus Kas Menurut IFRS., diakses pada tanggal 23 Mei 2013.

Laturette, K., 2011., Laporan Arus Kas dan Arus Kas Operasi., www.blogspot.com., diakses pada tanggal 15 April 2013.

Livnat, J. dan Paul Z. 1990. The Incremental Information Content of Cash-Flow Components. Journal of Accounting and Economics, Vol. 13.

M. Bragg, Steven., 2011., Panduan IFRS., hal 16-23.

Martani, Dwi. PSAK 2 - Laporan arus kas (IAS 7 – Statement of cash flows). http://staff.blog.ui.ac.id/. Diakses tanggal 26 maret 2014

Pascasarjana Universitas Hasanuddin. 2011. Pedoman Penulisan Tesis dan Disertasi Edisi 4. Makassar.

Oktorina, M. dan Yanthi H. 2008. Analisis Arus Kas Kegiatan Operasi dalam Mendeteksi Manipulasi Aktivitas Riil dan Dampaknya terhadap Kinerja Pasar, Simposium Nasional Akuntansi 11 (Pontianak).

Roychowdhury, S. 2003. Management of Earnings through the Manipulation of Real Activities That Affect Cash Flow from Operation. Paper Work. Sloan School of Management MIT.

Roychowdhury, S. 2006. “Earnings Management through Real Activities Manipulation”. Journal of Accounting and Economics. 42: 335-370.

Sahabu, S. 2009. “Manajemen Laba Melalui Akrual Dan Manipulasi Aktivitas Nyata Dan Pengaruhnya Terhadap Kinerja Perusahaan Yang Melakukan Right Issue”. Tesis Yang Dipublikasikan.

Santi, P. 2013. Pengaruh Adosi IFRS Terhadap Manajemen Laba Pada Perusahaan Perbankan Di Bursa Efek Indonesia. Tesis Fakultas Ekonomi Universitas Hasanuddin Makassar.

Saputri, Eka Y. 2012. Pengaruh Manipulasi Aktivitas Riil Melalui Arus Kas Kegiatan Operasi Terhadap Kinerja Pasar Dengan Laba Sebagai Variabel Intervening. Jurnal Yang Dipublikasikan. Universitas Diponegoro.

Sari, Ratna C. 2008. “Investor Protection, Real Activity Manipulation And Accrual Manipulation: Asian Comparison”. The 2nd Accounting Conference, 1st Doctoral Colloquium, and Accounting Workshop, Depok, 4-5 November.

Sarwono, Jonathan. 2011. Path Analysis. Teori, plikasi, prosedur analisis untuk riset skripsi, tesis, dan disertasi (menggunakan SPSS). Jakarta: Kompas Gramedia.

Satriawan S. dan Raja A. 2012. Akuntansi Keuangan Versi IFRS. Graha Ilmu.

Scott, William R. 2009. Financial Accounting Theory. 6th ed. Canada: Prentice Hall.

Smith C., and Watts R. 1992. ‘The Investment Opportunities Set and Corporate Financing, Dividend, and Compensation Policies’. Journal of Financial Economics. vol. 32, pp.263-292.

Thomas, J.K. dan H. Zhang. 2002. Inventory Changes and Future Returns. Review of Accounting Studies 7. hal 163 – 187.

Widyaningdyah, Agnes U. 2001. “ Analisis Faktor-Faktor Yang Berpengaruh Terhadap Earnings Management Pada Perusahaan Go Public Di Indonesia”. Jurnal Akuntansi dan Keuangan Vol. 3 No. 2. Universitas Kristen Petra.

Wulandari, dan Ayu, R. (2010). “Pengaruh Sistem Hukum terhadap Manajemen Laba dengan Kepemilikan Institusional sebagai Variabel Pemoderasi: Studi Perbandingan Inggris dan Perancis”. Makalah disampaikan pada Simposium Nasional Akuntansi XII, Purwekerto.

Wulandari, Emmy., 2012., Metode Deteksi Manajemen Laba., http://ruangemy.blogspot.com/2012/06/metode-deteksi- manajemen laba.html., diakses pada tanggal 23 Mei 2013.

Yamin, S. Rachmach, L. A., Kurniawan, H. (2011). Regresi dan korelasi dalam genggaman anda. Jakarta: Salemba Empat.

Zang, Amy. 2007. Evidence On The Tradeoff Between Real Manipulation And Accrual Manipulation. http://www.ssrn.com http://sistem-akuntansi1000.blogspot.com/2012/09/pengertian-arus-kas-cash-flow.html

http://www.mediabpr.com/kamus-bisnis-bank/nilai_pasar.aspx.,diakses pada tanggal 14 Mei 2014.

http://jurnal-sdm.blogspot.com/2009/06/pasar-modal-definisi-pelaku-jenis-dan.html., diakses pada tanggal 14 Mei 2014.




DOI: http://dx.doi.org/10.26618/perspektif.v2i1.429

Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 PERSPEKTIF: JURNAL SUMBER DAYA INSANI

License URL: https://creativecommons.org/licenses/by-sa/4.0/

web
analytics

Flag Counter

Indexing: