Pengaruh Bonus Plan, Debt Covenant, Dan Political Cost Terhadap Income Smoothing: Studi Empiris Pada Sektor Infrastruktur, Utilitas, Dan Transportasi Tahun 2015 s.d. 2019

Rahayu Kusumawati; Rasifa Edwita

doi:10.54957/akuntansiku.v1i2.186

Authors

Rahayu Kusumawati Politeknik Keuangan Negara STAN
Rasifa Badan Pengawasan Keuangan dan Pembangunan

DOI:

https://doi.org/10.54957/akuntansiku.v1i2.186

Keywords:

Perataan laba, rencana bonus, perjanjian utang, biaya politik

Abstract

Praktik manajemen laba merupakan isu global yang penting dalam bidang pelaporan keuangan. Salah satu bentuk dari manajemen laba adalah perataan laba. Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi kecenderungan manajer perusahaan dalam melakukan perataan laba ditinjau dari aspek teori akuntansi positif; rencana bonus, perjanjian utang, dan biaya politik. Metode yang digunakan dalam penelitian ini adalah metode kuantitatif. Penelitian dilakukan pada sektor infrastruktur, utilitas, dan transportasi yang terdaftar dalam Bursa Efek Indonesia pada tahun 2015—2019 berdasarkan klasifikasi JASICA. Sampel diambil dengan teknik purposive sampling dengan total observasi sebanyak 90. Penelitian menggunakan tiga variabel independen, yaitu: rencana bonus (bonus plan), perjanjian utang (debt covenant), dan biaya politik (political cost). Hasil penelitian menunjukkan bahwa ketiga variabel yang dianalisis memiliki pengaruh signifikan terhadap kecenderungan manajer untuk meratakan laba. Walaupun ketiga variabel dihipotesiskan memiliki hubungan positif pada perataan laba, hanya biaya politik yang terbukti memiliki hubungan sesuai hipotesis. Implikasi teoritis pada penelitian ini dapat dijadikan sebagai pendukung teori sinyal dan teori akuntansi positif. Sementara, implikasi praktis bagi para investor dan kreditur adalah pembuatan keputusan berinvestasi yang lebih baik bagi para pemilik modal dan kreditur.

The practice of earnings management has been widely an issue in the financial reporting around the world. One form of earnings management majorly studied is income smoothing. This study aims to examine the factors from positive accounting theory; namely bonus plan, debt covenant, and political cost, on its impact towards managerial tendency to practice income smoothing. The method used in this study ia a quantitive method. This research was conducted throughout the infrastructure, utility, and transportation sector in refer to JASICA classification for the 2015 to 2019 period, in which 18 samples were gathered from purposive sampling scheme, generating 90 observations in total. The study uses three independent variables, namely: bonus plan, debt covenant, and political cost. The results show that each variable has significant effect on the practice of income smoothing. Whilst all variables were assumed to have positive association, only political cost exhibited such direction, while bonus plan and debt covenant are negatively associated with income smoothing. The theoretical implications of this research can be used as a support for signal theory and positive accounting theory. Meanwhile, the practical implications for investors and creditors are making better investment decisions for investors and creditors.

Author Biography

Rahayu Kusumawati, Politeknik Keuangan Negara STAN

References

Akhoondnejad, J., Garkaz, M., & Shoorvarzi, M. (2013). Political Costs Factors Affecting Income Smoothing Evidence From Tehran Stock Exchange (TSE). Interdisciplinary Journal of Contemporary Research in Business, 5(2), 341–350.

Alexandri, M. B., & Anjani, W. K. (2013). Income Smoothing: Impact Factors, Evidence in Indonesia. Journal of Chemical Information and Modeling, 53(9), 1689–1699.

Anggi Adeliana Dewi, M., & Suryanawa, I. K. (2019). Pengaruh Leverage, Bonus Plan, Ukuran Perusahaan, dan Profitabilitas pada Praktik Perataan Laba. E-Jurnal Akuntansi, 26, 58. https://doi.org/10.24843/eja.2019.v26.i01.p03

Anwar, A. N., & Chandra, T. (2017). the Analysis of Factors Affect Income Smoothing on Miscellaneous Industry Companies Listed on Indonesia Stock Exchange. Jurnal Benefita, 2(3), 220. https://doi.org/10.22216/jbe.v2i3.1336

Anwar, & Gunawan. (2020). Can Cash Holding, Bonus Plan, Company Size and Profitability Affect Income Smoothing Practices? Point of View Research Accounting and Auditing, 1(3), 49–56. https://doi.org/10.47090/povraa.v1i3.35

Barnea, A., Ronen, J., & Sadan, S. (1975). Classificatory Smoothing of Income with Extraordinary Items: Research Implications. The Accounting Review, 51(1), 110–122.

Brigham, E. F., & Joel F. Houston. (2008). Fundamentals Management Of Financial. In Cengage Learning (Vol. 0, Issue 0). https://epdf.pub/fundamentals-of-financial-management-13th-editionc667808a887b22aa090ab4fe964759db87751.html

Chong, G. (2006). Is income smoothing ethical? Journal of Corporate Accounting & Finance, 18(1), 41–44. https://doi.org/10.1002/jcaf.20261

de Sousa Mendes, G. H., & Devós Ganga, G. M. (2013). Predicting success in product development: The application of principal component analysis to categorical data and binomial logistic regression. Journal of Technology Management and Innovation, 8(3), 83–97. https://doi.org/10.4067/s0718-27242013000400008

Dewi, M. A. A., & Suryanawa, I. K. (2019). Pengaruh Leverage, Bonus Plan, Ukuran Perusahaan, dan Profitabilitas pada Praktik Perataan Laba. 26(1), 58–84. https://doi.org/https://doi.org/10.24843/EJA.2019.v26.i01.p03

Dharmadiaksa, I. B., & Peranasari, ida ayu agung istri. (2014a). Perilaku Income Smoothing dan Faktor-faktor yang Memengaruhinya. E-Jurnal Akuntansi Universitas Udayana 8.1, 1, 140–153.

Firmansyah, A. (2017). Pengaruh Income Smoothing dan Real Earnings Management Terhadap Keinformatifan Laba. 2(Desember), 175–188.

Fiscal, Y., & Steviany, A. (2015). The Effect of Size Company, Profitability, Financial Leverage and Dividend Payout Ratio on Income Smoothing in The Manufacturing Companies Listed in Indonesia Stock Exchange Period 2010-2013. 6(2).

Gaffikin, M. (2007). Accounting Research and Theory: The age of neo-empiricism. Australasian Accounting, Business and Finance Journal, 1(1), 1–17. https://doi.org/10.14453/aabfj.v1i1.1

Gao, P., & Shrieves, R. E. (2005). Earnings Management and Executive Compensation: A Case of Overdose of Option and Underdose of Salary? In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.302843

Gayatri, I. A., & Wirakusuma, M. G. (2011). Faktor-faktor yang Mempengaruhi Perataan Laba Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. 1–20.

Giovani, M. (2019). Pengaruh Struktur Kepemilikan, Tata Kelola Perusahaan, Dan Karakteristik Perusahaan Terhadap Manajemen Laba. Jurnal Akuntansi Bisnis, 15(2), 290. https://doi.org/10.24167/jab.v16i1.1367

Godfrey, J., Hodgson, A., Tarca, A., Hamilton, J., & Holmes, S. (2010). Accounting Theory (7th ed.). WILEY.

Handayani, S. (2016). Analisis Faktor-faktor yang Berpengaruh Terhadap Perataan Laba (Studi pada Industri Sektor Pertambangan dan Perusahaan Industri Farmasi yang Terdaftar di BEI ). I(3), 225–244.

Haniftian, R. A., & Dillak, V. J. (2020). Pengaruh Profitabilitas, Cash Holding, dan Nilai Perusahaan Terhadap Perataan Laba (Studi Kasus pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018). Jurnal Akuntansi & Ekonomi FE. UN PGRI Kediri, 5(1), 88–98.

Haque, A., Mughal, A., & Zahid, Z. (2016). Earning Management and the Role of Accounting Conservatism at Firm Level. International Journal of Economics and Finance, 8(2), 197. https://doi.org/10.5539/ijef.v8n2p197

Healy, P. M. (1985). The Impact of Bonus Schemes on the Selection of Accounting Principles. Journal of Accounting and Economics, 85–107. https://dspace.mit.edu/bitstream/handle/1721.1/47541/effectsofbonussc00heal.pdf?sequen

Herdjiono, I., Roempoembo, A. B. B., Hayon, P. P., & Ilyas, I. (2019). Income Smoothing Determinants in Indonesia Banking Industry. 305(Icebess 2018), 36–41. https://doi.org/10.2991/icebess-18.2019.6

Huang, P., Zhang, Y., Deis, D. R., & Moffitt, J. S. (2009). Do Artificial Income Smoothing and Real Income Smoothing Contribute to Firm Value Equivalently? Journal of Banking and Finance, 33(2), 224–233. https://doi.org/10.1016/j.jbankfin.2008.07.012

Indrawan, V., Agoes, S., Pangaribuan, H., & Popoola, O. M. J. (2018). The Impact of Audit Committee, Firm Size, Profitability, and Leverage on Income Smoothing. Indian-Pacific Journal of Accounting and Finance, 2(1), 61–74. https://doi.org/10.52962/ipjaf.2018.2.1.42

Jananto, A. E., & Firmansyah, A. (2019). The Effect of Bonuses, Cost of Debt, Tax Avoidance, and Corporate Governance on Financial Reporting Aggressiveness: Evidence from Indonesia. International Journal of Innovation, Creativity and Change, 7(5), 280–302.

Kominfo. (2015). Jadikan Indonesia Mandiri, Berkepribadian, dan Berdaulat. Kominfo.Go.Id. https://kominfo.go.id/index.php/content/detail/5629/NAWACITA%3A+9+Program+Perubahan+Untuk+Indonesia/0/infografis

Kustono, A. S. (2021). Corporate governance mechanism as income smoothing suppressor. Accounting, 7(4), 977–986. https://doi.org/10.5267/j.ac.2021.1.010

Miftah, D., & Murwaningsari, E. (2018). Bonus Plan and Income Smoothing on the Selection of Accounting Policy and Corporate Governance Determination Manufacturing Companies Listed on the Indonesian Stock Exchange Evidance. 41, 1–11.

Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47–56. https://doi.org/10.1080/00014788.1987.9729347

Moses, D. (1987). Income Smoothing Empirical Accounting Tests and Incentives : Using Changes. The Accounting Review, 62(2), 358–377.

Nejad, H. S., Zeynali, S., & Alavi, S. S. (2013). Investigation of Income Smoothing At the Companies listed on the stock Exchange By the Using Index Eckel (Case Study : Tehran Stock Exchange). Asian Journal of Management Sciences and Educaition, 2(2), 49–62.

Nurani, W., & Dillak, V. J. (2019). Pengaruh Profitabilitas, Struktur Modal, Kepemilikan Publik dan Bonus Plan Terhadap Income Smoothing (Studi Kasus pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia pada Tahun 2014–2017). Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi, 3(1), 154–168.

Oktomegah, C. (2020). Faktor-faktor yang Mempengaruhi Penerapan Konservatisme Akuntansi pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(1), 126. https://doi.org/10.24912/jmieb.v4i1.7575

Ozili, P. K. (2020). Bank Income Smoothing during the COVID-19 pandemic: Evidence from UK Banks.

Panjaitan, D. K., & Muslih, M. (2019). Manajemen Laba: Ukuran Perusahaan, Kepemilikan Manajerial dan Kompensasi Bonus (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2017).11(1), 1–20. https://doi.org/10.17509/jaset.v11i1.15726

Peltzman, S. (1976). Toward a More General Theory of Regulation. The Journal of Law & Economics, 19(2), 211–240.

Prabayanti, N. L. P. A., & Yasa, G. W. (2009). Perataan Laba (Income Smoothing) dan Analisis Faktor-faktor yang Mempengaruhinya (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek. Jurnal Akuntansi Dan Bisnis AUDI, 2006.

Rahmawati, D. (2012). Analisis faktor-faktor yang berpengaruh terhadap praktik perataan laba. In Diponogoro Journal of Accounting (Vol. 1, Issue 1). http://ejournal-s1.undip.ac.id/index.php/accounting

Rahmawati, D., & Muid, D. (2012). Analisis faktor-faktor yang berpengaruh terhadap praktik perataan laba. In Diponogoro Journal of Accounting (Vol. 1, Issue 1). http://ejournal-s1.undip.ac.id/index.php/accounting

Ratnaningrum. (2016). The Influence of Profitability and Income Tax on Income Smoothing Rankings. Jurnal Bisnis Dan Manajemen, 17(2), 133–143. https://doi.org/10.24198/jbm.v17i2.27

Resti Utami, D., Evana, E., & Yuliansyah, Y. (2020). The Influence of Audit Opinion and Managerial Ownership on Income Smoothing in Banking Companies. International Research Journal of Business Studies, 13(1), 15–26. https://doi.org/10.21632/irjbs.13.1.15-26

Sarra, H. D., & Alamsyah, S. (2018). Creative Accounting Behavior dalam Perekayasaan Laporan Keuangan pada Perusahaan Manufaktur Terdaftar di BEI. Jurnal Online Insan Akuntan, 3(1), 89–100.

Sarwinda, P., & Afriyenti, M. (2015). Pengaruh Cash Holding, Political Cost, dan Nilai Perusahaan Terhadap Tindakan Perataan Laba (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI 2009-2013 ). Seminar Nasional Ekonomi Manajemen Dan Akuntansi (SNEMA) Fakultas Ekonomi Universitas Negeri Padang, 517–529.

Schipper, K., & Vincent, L. (2003). Earnings Quality. Accounting Horizons, 17, 97–110. https://doi.org/10.2308/acch.2003.17.s-1.97

Scott, W. R. (2000). Financial accounting theory. Prentice Hall Canada, 424.

Setyaningtyas, I. (2014). Analisis Faktor-Faktor yang Mempengaruhi Perataan Laba (Income Smoothing). None, 3(2), 621–630.

Soliman, W. S. (2019). The Influence of Political Costs on Income Smoothing: Evidence From Listed Egyptian Firms. International Journal of Accounting and Financial Reporting, 9(2), 29. https://doi.org/10.5296/ijafr.v9i2.14560

Stigler, G. J. (1971). The theory regulation of economic. The Bell Journal of Economics and Management Science, 2(1), 3–21.

Suryatiningsih, N., & Siregar, S. V. (2008). Pengaruh skema bonus direksi terhadap aktivitas manajemen laba (studi empiris pada badan usaha milik negara) periode tahun 2003 – 2006. Simposium Nasional Akuntansi Ke XI Pontianak.

Suwito, E., & Herawaty, A. (2005). Analisis Pengaruh Karakteristik Perusahaan Terhadap Tindakan Perataan Laba yang Dilakukan Oleh Perusahaan yang Terdaftar di Bursa Efek Jakarta Utama, Sidharta. Simposium Nasional Akuntansi XVI, VIII(September), 15–16.

Tandelilin, E. (2010). Portofolio dan Investasi Teori dan Aplikasi (1st ed.). Kanisius.

Topbusiness. (2019). Peran swasta dalam pembangunan restorasi ekosistmen di Indonesia. Topbusiness.Id. https://www.topbusiness.id/26203/peran-swasta-dalam-pembangunan-infrastruktur-diperlukan.html

Trisanti, T. (2013). The effect of non-recurring item transactions on the possibility of firms to smooth income: the case of Indonesian listed firms. Jurnal Akuntansi & Auditing Indonesia, 17(2), 123–134. https://doi.org/10.20885/jaai.vol17.iss2.art4

Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory (Prentice/H).

Watts, R. L., Zimmerman, J. L., & Ross Watts, S. L. (1978). Towards a Positive Theory of the Determination of Accounting Standards Towards a Positive Theory of the Determination of Accounting. Source: The Accounting Review, 53(I), 112–134. http://www.jstor.org/stable/245729%0Ahttp://about.jstor.org/terms

Widayati, E. (2011). Analisis Faktor-faktor yang Mempengaruhi Pilihan Perusahaan Terhadap Konservatisma Akuntansi. Universitas Diponegoro.

Widowati, M. (2013). Pengaruh Corporate Governance, Bonus Plan, dan Firm Size Terhadap Manajemen Laba. https://doi.org/https://doi.org/10.34152/fe.8.1.%25p

Yamano, T. (2009). Lecture Notes on Advanced Econometrics Lecture 9 : Heteroskedasticity and Robust Estimators. 2(2003), 1–8.

Yunengsih, Y., Icih, & Kurniawan, A. (2018). Pengaruh Ukuran Perusahaan, Net Profit Margin, Debt To Equity Ratio, Kepemilikan Manajerial dan Reputasi Auditor Terhadap Praktik Perataan Laba (Income Smoothing). Accruals, 2(2), 31–52. https://doi.org/10.35310/accruals.v2i2.12

Zimmerman, J. L. (1983). Taxes And Firm Size * Previous accounting studies hypothesized that large firms are subjected to greater government scrutiny and wealth transfers than smaller firms and therefore to reduce these political costs , large firms choose income reducing account. Journal of Accounting and Economics, 5(June), 119–149.