MANAJEMEN LABA MELALUI AKRUAL DAN AKTIVITAS REAL PADA PENAWARAN PERDANA DAN HUBUNGANNYA DENGAN KINERJA JANGKA PANJANG (STUDI EMPIRIS PADA BEJ)
ABSTRACT: This study
investigates 149 Initial Public Offering (IPO) in Jakarta Stock Exchange (JSX)
from 1994 up to 2003. In general, this study is aimed to prove whether firms
opportunistically manage earnings in the period of IPO. Specifically this study
examines the effect of earnings management on firms’ long term performance and
provides explanation as well as comparison of several measures of earning
management and long-term performance. In this study, earnings management is
measured by two accrual variables which are discretionary current accruals and
discretionary long term accruals and by two variables of discretionary real
activities through Cash Flow from Operation (CFO) and Cost of Goods Sold
(COGS). In addition, the underperformance phenomenon is measured by market
performance (Cumulative Abnormal Return and Buy and Hold Return method) for
periods 1 years after IPO, 2 years after IPO and 3 years after IPO’s date. The
hypothesis testing used in this thesis are t test and multiple regression
models. The results show (1) earnings management is conducted through accruals
but not through real activities manipulation and (2) earnings management
affects stock performance 1 year after IPO. Finally this research finds that
there is no difference in stock performance for IPO issuers with aggressive and
conservative earnings management.
Keywords: Initial Public
Offerings, earnings management, accrual, discretionary real activities,
long-run underperformance
Penulis: Annisaa’ Rahman,
Yanthi Hutagaol
Kode Jurnal: jpakuntansidd080085
