Pengaruh Pengungkapan Corporate Social Responsibility, Financial Distress, Company Risk Terhadap Real Earnings Management Dengan Good Corporate Governance Sebagai Variabel Moderasi

Aqamal Haq; Nafisah Azka Al Manar

doi:10.55606/jaemb.v6i1.8442

Authors

Aqamal Haq Universitas Trisakti
Nafisah Azka Al Manar Universitas Trisakti

DOI:

https://doi.org/10.55606/jaemb.v6i1.8442

Keywords:

Financial Distress, Company Risk, Real Earnings Management, CSR Disclosure, Good Corporate Governance

Abstract

This study analyzes the effect of CSR disclosure, financial distress, and company risk on real earnings management, with audit committees (economics background) as moderating variable. Using 30 firms from the basic materials, energy, and infrastructure sectors (2019–2021), results show that CSR disclosure has no effect, while financial distress and company risk positively influence real earnings management. Audit committees weaken the positive effects of financial distress and company risk but do not moderate CSR disclosure.

References

[1] Agrawal, R. (2015). Earnings management and financial distress: Evidence from India. Sage Journals, 16(5). https://doi.org/10.1177/0972150915601928

[2] Agyei-Mensah, B. K., & Buertey, S. (2019). The effect of corruption and culture on corporate social performance: an empirical study. Social Responsibility Journal, 15(8), 1071–1086. https://doi.org/10.1108/SRJ-12-2017-0271

[3] Altman, E. I., Marco, G., & Varetto, F. (1994). Corporate distress diagnosis: Comparisons using linear discriminant analysis and neural networks (the Italian experience)*. Dalam Journal of Banking and Finance (Vol. 18).

[4] Anagnostopoulou, S. C., & Tsekrekos, A. E. (2017). The effect of financial leverage on real and accrual-based earnings management. Accounting and Business Research, 47(2), 191–236. https://doi.org/10.1080/00014788.2016.1204217

[5] Beaver, W. H. (1966). Financial Ratios as Predictors of Failure.

[6] Beneish, M. D., & Press, E. (1993). Costs of Technical Violation of Accounting-Based Debt Covenants. Dalam Source: The Ac-counting Review (Vol. 68, Nomor 2).

[7] Buertey, S., Sun, E. J., Lee, J. S., & Hwang, J. (2020). Corporate social responsibility and earnings management: The moderating effect of corporate governance mechanisms. Corporate Social Responsibility and Environmental Management, 27(1), 256–271. https://doi.org/10.1002/csr.1803

[8] Campa, D., & Camacho-Miñano, M. del M. (2015). The impact of SME’s pre-bankruptcy financial distress on earnings management tools. International Review of Financial Analysis, 42, 222–234. https://doi.org/10.1016/j.irfa.2015.07.004

[9] Chairunesia, W., Sutra, R., Wahyudi, S. M., & Mercu Buana, U. (2018). TERHADAP MANAJEMEN LABA PADA PERUS-AHAAN INDONESIA YANG MASUK DALAM ASEAN CORPORATE GOVERNANCE SCORECARD (Vol. 11, Nomor 2). http://publikasi.mercubuana.ac.id/index.php/profita

[10] Chen, R. C. Y., & Hung, S. W. (2021). Exploring the impact of corporate social responsibility on real earning management and discretionary accruals. Corporate Social Responsibility and Environmental Management, 28(1). https://doi.org/10.1002/csr.2052

[11] Choi, H., Choi, B., & Byun, J. (2018). The relationship between corporate social responsibility and earnings management: Accounting for endogeneity. Investment Management and Financial Innovations, 15(4), 69–84. https://doi.org/10.21511/imfi.15(4).2018.06

[12] Damayanti, V., & Nugrahanti, Y. W. (2022). Financial Distress terhadap Manajemen Laba Dengan Mekanisme Corporate Govern-ance sebagai Pemoderasi. AFRE (Accounting and Financial Review), 5(2), 186–197. https://doi.org/10.26905/afr.v5i2.7763

[13] Devi, C. M., & Iskak, J. (2018). PENGARUH CORPORATE GOVERNANCE, PROFITABILITAS, LEVERAGE, DAN KUALITAS AUDIT TERHADAP REAL EARNINGS MANAGEMENT. Versi Cetak), 2(1), 35–43.

[14] Duwu, Daat, & Andriati. (2018). 75PENGARUH BIOLOGICAL ASSET INTENSITY, UKURAN PERUSAHAAN, KON-SENTRASI KEPEMILIKAN, JENIS KAP, DAN PROFITABILITAS TERHADAP BIOLOGICAL ASSET DISCLOSURE.

[15] Fitrianingsih, N. (2022). PENGARUH LEVERAGE, PROFITABILITAS, FINANCIAL DISTRESS DAN FREE CASH FLOW TERHADAP EARNINGS MANAGEMENT PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi.

[16] Gandhi, P. (2021). Financial Distress, Earnings Benchmark and Earnings Management Practices. Vision, (Iii). https://doi.org/10.1177/09722629211010978

[17] Ghazali, N. A. (2015). Earnings management: An analysis of opportunistic behaviour, monitoring mechanism and financial distress. Procedia Economics and Finance, 28, 190–201. https://doi.org/10.1016/S2212-5671(15)01100-4

[18] Gunny, K. (2005). What Are the Consequences of Real Earnings Management?

[19] Jenilek, F. (2007). The effect of leverage increases on earnings management. Journal of Chinese Economic and Business Studies 13(2):24-46

[20] Jensen, M. C., & Meckling, W. H. (1976). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. Dalam Journal of Financial Economics (Vol. 3). Q North-Holland Publishing Company.

[21] Juliani, M., & Ventty, C. (2022). Analisis Pengaruh CSR terhadap Manajemen Laba dengan Tata Kelola Perusahaan sebagai Variabel Moderasi. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 5(1), 71–84. https://doi.org/10.36778/jesya.v5i1.566

[22] Kalbuana, N., Penerbangan, P., Curug, I., Sutadipraja, M. W., Teknologi, I., Bisnis, D., Dahlan Jakarta, A., Purwanti, T., & Santoso, D. (2019). Pengungkapan Islamic Social Reporting: Pengaruh Profitabilitas, Leverage, dan Kinerja Lingkungan (Studi Empiris pada Perusahaan yang Terdaftar di JII Tahun 2013-2017). 2(2), 233–248. www.idx.co.id

[23] Kamal, A. (2021). Concealing Financial Distress With Earnings Management: A Perspective on Malaysian Public Listed Companies. International Journal of Financial Research, 2(2). https://doi.org/10.5430/ijfr.v12n2p341

[24] Klein, A. (2000). Audit committee, board of director characteristics, and earnings management.

[25] Kumala, R., & Siregar, S. V. (2021). Corporate social responsibility, family ownership and earnings management: the case of Indo-nesia. Social Responsibility Journal, 17(1), 69–86. https://doi.org/10.1108/SRJ-09-2016-0156

[26] Kurniawati, D. (2021). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Manajemen Laba Riil dengan. Vol 6 No 2 (2021): Jurnal Buana Akuntansi.

[27] Majid, M., Lysandra, S., Masri, I., & Azizah, W. (2020). PENGARUH KECAKAPAN MANAJERIAL TERHADAP MANA-JEMEN LABA AKRUAL DAN RIIL. Jurnal Ilmiah Akuntansi dan Manajemen (JIAM), 16(1). http://finance.detik.com

[28] Mokoginta, H. (2024). Analisis Financial Distress pada Perusahaan PT Pembangunan Perumahan menggunakan Model Altman Z-Score dan Zmijewski Periode 2020-2022. Journal of Economic, Accounting and Management.

[29] Musa, I., Rahman, A., & Yusuf, R. (2023). CEO attributes, board independence, and real earnings management: Evi-dence from Nigeria. Cogent Business and Management. https://doi.org/10.1080/23311975.2023.2194464

[30] Ningsih dan Wiyadi, S., AYani, J., Pos, T., & Kartasura, P. (2012). PRAKTEK MANAJEMEN LABA RIIL PADA PERUS-AHAAN GO PUBLIC DI INDONESIA (Vol. 13, Nomor 2). www.idx.co.id

[31] Nugraha, D. (2017). Fraudulent Financial Reporting Berdasarkan Faktor Risiko Tekanan Dan Faktor Risiko Kesempatan. Jurnal Sains Manajemen & Akuntansi, Volume IX No. 2, 22.

[32] Othman, H. Ben, & Zeghal, D. (2006). A study of earnings-management motives in the Anglo-American and Euro-Continental accounting models: The Canadian and French cases. International Journal of Accounting, 41(4), 406–435. https://doi.org/10.1016/j.intacc.2006.09.004

[33] Palacios-Manzano, M., Gras-Gil, E., & Santos-Jaen, J. M. (2021). Corporate social responsibility and its effect on earnings man-agement: an empirical research on Spanish firms. Dalam Total Quality Management and Business Excellence (Vol. 32, Nomor 7–8, hlm. 921–937). Routledge. https://doi.org/10.1080/14783363.2019.1652586

[34] Platt, H. D., & Platt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. Dalam JOURNAL OF ECONOMICS AND FINANCE o (Vol. 26).

[35] Pradnyani, I. A. D. C., & Astika, I. B. P. (2019). Moderasi Good Corporate Governance Terhadap Pengaruh Risiko Perusahaan Pada Manajemen Laba. E-Jurnal Akuntansi, 937. https://doi.org/10.24843/eja.2019.v26.i02.p04

[36] Rizaldy, O. :, Muzakky, A., Candra, S., & Prabowo, B. (t.t.). PREDIKSI FINANCIAL DISTRESS DENGAN MENGGUNAKAN MODEL ALTMAN (Z-SCORE) DAN ZMIJEWSKI (X-SCORE) (STUDI PADA PERUSAHAAN OTOMOTIF DAN KOMPONEN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013-2016).

[37] Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. Dalam Source: The Bell Journal of Economics (Vol. 8, Nomor 1).

[38] Ruwanti, N. (2019). Corporate social responsibility and earnings management: The role of corporate governance. Humanities and Social Sciences Reviews. 10.18510/hssr.2019.75172

[39] Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002

[40] Putri, K. A., Iskak, I., & Devi, R. (2018). Pengaruh Corporate Governance, Profitabilitas, Leverage, dan Kualitas Audit Terhadap Real Earnings Management. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1), 35. https://doi.org/10.24912/jmieb.v2i1.1577

[41] Sembiring, C. L. (2017). Manajemen Laba dan Pengungkapan Tanggung Jawab Sosial Perusahaan dengan Komisaris Independendan Kepemilikan Institusional sebagai Variabel Pemoderasi (Vol. 2).

[42] Spence, M. (1973). Job Market Signaling. Dalam The Quarterly Journal of Economics (Vol. 87, Nomor 3).

[43] Suprianto, E., Suwarno, S., Murtini, H., Rahmawati, R., & Sawitri, D. (2017). Audit Committee Accounting Expert and Earnings Management with “Status” Audit Committee as Moderating Variable. Indonesian Journal of Sustainability Accounting and Man-agement, 1(2), 49. https://doi.org/10.28992/ijsam.v1i2.16

[44] Sutra, F. M., & Rimi Gusliana, M. (2019). Financial distress.

[45] Umar, H., Ayu, R., & Indriani, A. (t.t.). The Effect of Audit Quality, Leverage, and Voluntary Disclosure on Real Earnings Man-agement. https://doi.org/10.33258/birci.v4i4.2930

[46] Veronica, A. (2015). The Influence of Leverage and Its Size on the Earnings Management. Research Journal of Finance and Ac-counting.

[47] Watts, R. L., Zimmerman, J. L., Brickley, J., Christie, A., DeAngelo, L., Hagerman, R., Kothari, S. P., Leftwich, R., Lys, T., Smith, C., & Warner, J. (1990). Positive Accounting Theory: A Ten Year Perspective. Dalam THE ACCOUNTING REVIEW (Vol. 65, Nomor 1).

[48] Whelan, C., & Mcnamara, R. (2004). The Impact of Earnings Management on the Value-relevance of Financial Statement Infor-mation.

[49] Wu, D., Ma, X., & Olson, D. L. (2022). Financial distress prediction using integrated Z-score and multilayer perceptron neural networks. Decision Support Systems, 159. https://doi.org/10.1016/j.dss.2022.113814

[50] Zamri, N., Rahman, R. A., & Isa, N. S. M. (2013). The impact of leverage on real earnings management. Procedia Economics and Finance, 7, 86–95. https://doi.org/10.1016/S2212-5671(13)00222-0