Article Sidebar

Submitted
April 1, 2021
Accepted
April 1, 2021
Published
April 1, 2021
Download
PDF
Statistic
Read Counter : 103 Download : 128

Main Article Content

Abstract

This study aims to examine the causal relationship between the variables of risk management, the financial status of the company, the quality of corporate governance and managerial opportunistic behavior. Risk management is measured by current ratio, the company's financial status is measured by Altman Z Score bankruptcy prediction, such as the quality of corporate governance Corporate Governance Perception Index (CGPI) while conducting managerial opportunistic behavior pattern of earnings management is proxied by Eckel Index (1981). Testing is done with path analysis (path analysis) with the help SmartPLS 1.10 versions in 47 companies listed on the Indonesian Institute of Corporate Governance (IICG) 2011-2013 and submit an annual report on the Indonesia Stock Exchange (IDX). This study found that the risk management and financial status of the company does not have an influence on managerial opportunistic behavior. While the quality of corporate governance can reduce managerial opportunistic behavior. Risk management is a negative impact on the quality of corporate governance while financial status may have an impact on the quality of corporate governance. Risk management had a positive influence to the company with a sound financial status. In path analysis, risk management is not directly influence on managerial opportunistic behavior. But risk management can improve the financial status of the company's reputation and raise the quality of corporate governance, so as to suppress the manager to perform income smoothing. On the one hand, managers still perform income smoothing though the company has a risk management and corporate governance, since the motivation that is efficient to perform earnings management. In this case, financial status and corporate governance becomes an intervening variable.

Keywords

Risk management corporate governance quality financial status income smoothing.

Article Details

How to Cite
Kamaludin, K., Nikmah, N., & Hijroini, H. (2021). MANAJEMEN RISIKO, KUALITAS CORPORATE GOVERNANCE, STATUS KEUANGAN PERUSAHAAN, DAN PERILAKU OPPORTUNISTIK MANAJERIAL. JURNAL FAIRNESS, 5(2), 87–108. https://doi.org/10.33369/fairness.v5i2.15308
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Adriani Irma. (2011). Pengaruh Investment Opportunity Set dan Mekanisme Corporate governance Terhadap Kualitas Laba dan Nilai Perusahaan. Skripsi. Univeristas Diponegoro.
  2. Aini, Nike Nur. (2011). Pengaruh Karakteristik Good Corporate governance (GCG) Terhadap Pengungkapan Corporate Social Responsibility (CSR). Semarang. Fakultas Ekonomi Semarang.
  3. Akhmad Syakhroza (2002). Mekanisme Pengendalian Internal dalam melakukan Assesment terhadap Pelaksanaan Good Corporate Governance. Manajemen Usahawan Indonesia, No. 08/Th. XXXI, Agustus.
  4. _______(2003). Best Practices Corporate governance dalam konteks Kondisi Lokal Perbankan-Indonesia. Manajemen Usahawan Indonesia, No. 06/Th. XXXII, Juni.
  5. _______ (2003). Teori Corporate governance. Manajemen Usahawan Indonesia, no. 08/Th. XXXII, Agustus.
  6. _______(2004). Model Komisaris untuk Efektivitas GCG di Indonesia. Manajemen Usahawan Indonesia, No. 05/Th. XXXII3, Mei.
  7. Akmal, Huriyatul (2008). Good Corporate governance & Manajemen Risiko di Bank Syariah. Tesis UIN Sunan Kalijaga
  8. Ali, Irfan (2002). Pelaporan Keuangan dan Asimetri Informasi dalam Hubungan Agensi. Lintasan Ekonomi Vol. XIX. No.2. Juli 2002
  9. Almilia, Lucia Spica. (2006). Prediksi Kondisi Financial Distress Pada Perusahaango Publik Dengan Menggunkan Analisis Multinomial Perbandingan Analisis Prediksi
  10. Altman, E. (1968). Financial ratios, dicriminant analysis and prediction of corporate bankruptcy. ,Journal of Finance, Vol. 23, pp. 589-609.
  11. Amihud, Y. dan B. Lev (1981). Risk Reducction as a Managerial Motive for Conglomerate Mergers. Bell Journal of Economic, Vol. 12: pp. 11-18.
  12. Andromeda, Donny Arlanda. (2008). Analisis Pengaruh Manajemen Laba Terhadap Return Saham pada Perusahaan Manufaktur di BEJ yang diaudit oleh Kantor Akuntan Publik Berskala Besar dan Kantor Akuntan Publik Berskala Kecil. Tesis. Magister Manajemen Univeritas Diponogoro. Tidak Dipublikasikan.
  13. Anugrah Geng Widhy. (2011). Analisis Pengaruh Environmental Performance, Struktur Corporate governance, Dan Earning Management Terhadap Pengungkapan Corporate Social Responsibility. Skripsi. Universitas Diponegoro
  14. Beasley, Mark S. (1996). An Empirical Analysis of the Relation Between the Board of Director Composition and Financial Statement Fraud. The Accounting Review, Vol.17. No.4, Oktober, hal.443-465.
  15. Boediono, Gideon. (2005). Kualitas Laba: Studi Pengaruh Mekanisme Corporate governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur. Simposium Nasional Akuntansi (SNA) VIII Solo.
  16. Copeland,R.M. (1968). Income Smoothing, Journal of Accounting Research. Empirical Reseacrh in Accounting, Selected studies 6 ( Supplement): 101-116
  17. Daily, Catherine M Dan R. Dalton. (1994). Bankruptcy and Corporate governance: The Impact of Board Composition and Structure. The Academy of Management Journal. December, Vol. 37(6), 1603-1617.
  18. Dalton, Dan R., Catherine M.Dalton. (2006). Spotlight on Corporate governance. Business Horizons Indiana University. 49, 91-95002E
  19. Daniri, Achmad. (2008). Bersiap Menghadapi Krisis Ekonomi 2009. http://www.madaniri.com/2008/12/24/Bersiap Menghadapi Krisis Ekonomi 2009/.
  20. Demirkan, Sebahattin dan Platt, Harlan. (2009). Financial Status, Corporate governance Quality, and The Likelihood of Managers Using Discretionary Accruals. Accounting Research Journal. 22; 93-117
  21. Dechow, P. M., R. G. Sloan, dan A. P. Sweeney. (1995). Detecting earnings management. The Accounting Review
  22. Eckel, Norm. (1981). The Income Smoothing Hypothesis Revisited. Abacus, Vol 17.
  23. Eisenhardt, Kathleem. M. (1989). Agency Theory: An Assesment and Review. Academy of management Review, 14, hal 57-74
  24. Fama. E.F. dan M.C. Jensen. (1983). Separation of Ownership and Control. Journal Of Law and Economics, Vol.26. hal.301-325.
  25. Fanny, Margareta dan Saputra, Sylvia.(2005). Opini Audit Going Concern: Kajian Berdasarkan Model Prediksi Kebangkrutan, Pertumbuhan Perusahaan, dan Reputasi Kantor Akuntan Publik (Studi pada Emiten Bursa Efek Jakarta). Makalah Simposium Nasional Akuntansi VIII Solo, 15-16 September 2005.
  26. FASB (Financial Accounting Standards Board) (1978), Statement of Financial Accounting Standard No. 1.
  27. Fayatiningrum, Desi. (2011). Analisis pengaruh manajemen laba dan mekanisme corporate governance terhadap corporate environmental disclosure. Semarang. Fakultas Ekonomi Semarang.
  28. Ferdinand, Augusty. (2005). Struktural Equation Modelling Dalam Penelitian Manajemen, Badan Penerbit Universitas Diponegoro Semarang.
  29. Financial Accounting Standards Boards. (1997). “Statement of Financial Accounting Concepts Nomor 1: Objectives of Financial Reporting by Business Enterprises.” Stanford, Connecticut. November.
  30. Fischer, P.E., and R.E. Verrecchia. (2000). Reporting Bias. The Accounting Review 75, 229-245
  31. Forum for Corporate governance in Indonesia. (2001). Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan Corporate governance. Seri Tata Kelola Perusahaan, Jilid II. Edisi ke – 2. Jakarta.
  32. Forum for Corporate governance in Indonesia. 2001. Tata Kelola Perusahaan. Seri Tata Kelola Perusahaan, Jilid I. Edisi ke – 3. Jakarta.
  33. Forum for Corporate governance in Indonesia. (2003). Indonesian Company Law. Available on-line at www.fcgi.org.id
  34. Forum for Corporate governance in Indonesia. (2003). Indonesian Company Law. Available on-line at www.fcgi.org.id
  35. ____________. 1980. Statement of Financial Accounting Concepts Nomor 2: Qualitative Characteristics of Accounting Information. Stanford, Connecticut. Mei.
  36. Ghozali, Imam. (2002). Aplikasi Analisis Multivariate Dengan Program SPSS. Edisi Kedua. Semarang. Badan Penerbit Universitas Diponegoro.
  37. Ghozali, Imam. (2011). Metode Alternatif Dengan Partial Least Square. Edisi Ketiga. Semarang. Universitas Diponegoro
  38. Gideon, SB Boediono. (2005). Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governace dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur. Simposium Nasional Akuntansi VIII, IAI, 2005.
  39. Haris, Wibisono. (2004). Pengaruh Earnings Management Terhadap Kinerja Di Seputar SEO. Tesis S2. Magister Sains Akuntansi UNDIP. Tidak dipublikasikan
  40. Hartas, M. Haris Raedy. (2011). Pengaruh Kualitas Audit, Kondisi Keuangan, Manajemen Laba, dan Mekanisme Corporate governance Terhadap Opini Audit Going Concern. Skripsi. Universitas Diponegoro
  41. ICAEW Audit and Assurance Faculty, Audit Quality. (2002). London: ICAEW
  42. Ikatan Akuntan Indonesia. (2004) “Standar Akuntansi Keuangan.” Jakarta: Salemba Empat.
  43. Indriani Yohana. (2010). Pengaruh Kualitas Auditor, Corporate governance, Leverage dan Kinerja Keuangan Terhadap Manajemen Laba, Skripsi. Universitas Diponegoro
  44. Indriantoro dan Supomo. (2002). Metodologi Penelitian Bisnis untuk Akuntans dan Manajemen, Edisi Pertama. Yogyakarta: BPFE-Yogyakarta.
  45. Jensen, Michael C. dan W.H. Meckling. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics 3. hal. 305-360.
  46. Jensen, Michael C. (1986), Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review. Vol. 76: pp. 23-329.
  47. Joni, Emirzon. (2007). Prinsip-prinsip Good Corporate Governnace : Paradigma Baru Dalam Praktik Bisnis Indonesia, cet I (Genta Press: Yogyakarta, 2007), hal. 85-86
  48. Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research 29 (2) : 193?228.
  49. Kaihatu, Thomas S. (2006) Good Corporate governance dan Penerapannya di Indonesia. Jurnal Manajemen dan Kewirausahaan, vol.8, no. 1, Maret 2006: 1-9
  50. Komite Nasional Kebijakan Governance, (2004). Pedoman Tentang Komisaris Independen.. http://www.governance-indonesia.or.id/main.htm.
  51. Komite Nasional Kebijakan Governance, (2012). Pedoman Penerapan Manajemen Risiko Berbasis Governance.
  52. Linsley, P & Shrives, P. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review, 38(4), 387-404.
  53. Linsley, P., Shrives, P., & Crumpton, M. (2006). Risk disclosure: An exploratory study of UK and Canadian banks. Journal of Banking Regulation, 7(3/4), 268-282.
  54. Mai, Muhamad Umar (2010). Dampak Kebijakan Deviden terhadap Nilai Perusahaan Dalam Kajian Perilaku Opportunistik Manajerial & Struktur Corportae Governance. Disertasi. Universitas Diponogoro
  55. Midiastuty, Pratana P. dan Mas’ud Machfoedz. (2003) Analisis Hubungan Mekanisme Corporate governance dan Indikasi Manajemen Laba. Simposium Nasional Akuntansi 6. Surabaya.
  56. Monks, R.A.G. dan N. Minow. (2001). Corporate governance, 2nd ed. Blackwell Publishing.
  57. Neffati, Amira dan Christophe Schalck, (2011). Earning Management, Risk, and Corporate Governance in US Companies.
  58. Nelson,M.W., J.A Elliot,and R.L Tarpley. (2000). Where do Companies Attempt Earnings
  59. Ohlson, J.(1995). Earning, Book Value, and Devidens in Equity Valuation. Contemporary Accounting Reseacrh, Vol 11, hal 661-687
  60. Pamungkas, Ichsan (2013). Analisis Faktor-faktor yang Mempengaruhi GCG Rating. Skripsi. Universitas Diponogoro
  61. Pawlina, Grzegorz, dan Luc Renneboog (2005). Is Invesment-Cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information Evidence from the U.K. European Financial Management, Vol. 11, No. 4: pp. 483-541.
  62. Prasojo, Bagus Prio. (2011). Pengaruh Corporate governance Terhadap Tingkat Pelaporan Corporate Social Responsibility (CSR). Semarang. Fakultas Ekonomi Semarang.
  63. Putra, Eka Nanda. (2011). Pengaruh Karakteristik Perusahaan terhadap Pengungkapan Corporate Social Responsibility (CSR). Semarang. Fakultas Ekonomi Semarang.
  64. Rachmawati, Andri dan Drs. Hanung Triatmoko M.Si., Ak. (2007). Analisis Faktor-Faktor yang Mempengaruhi Kualitas Laba dan Nilai Perusahaan. Universitas Sebelas Maret (UNS). SNA 10
  65. Ramadhani, Ayu Suci. Dan Niki Lukviarman. (2009). Perbandingan analisis prediksi kebangkrutan menggunakan model altman pertama, altman revisi, dan altman modifikasi dengan ukuran dan umur perusahaan sebagai variabel penjelas (studi pada perusahaan manufaktur yang terdaftar Di bursa efek indonesia). Jurnal Siasat Bisnis Vol. 13 No. 1, April 2009 Hal: 15–28
  66. Rani, Prawita Mandhega. (2011). Pengaruh Kinerja Komite Audit Terhadap Manajemen Laba (Dengan Menggunakan Earning Restatement Sebagai Proksi Dari Manajemen Laba). Skripsi. Universitas Diponegoro
  67. Rinaldy, Yosua. (2011). Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Kepemilikan Institusional pada Perusahaan Berkategori High-Profile yang Listing di Bursa Efek Indonesia. Semarang. Fakultas Ekonomi Semarang.
  68. Sayidatina, Kartika. (2011). Pengaruh Corporate Social Responsibility terhadap Stock Return. Semarang. Fakultas Ekonomi Semarang.
  69. Schipper, Katherine. (1989). Comentary Katherine on Earnings Management. Accounting Horizon.
  70. Scott, W.R. (2000), Earnings Management, Financial Accounting Theory, Second Edition, Ontario: Prentice Hall Canada Inc. 351-370).
  71. Sekaredi, Sawitri. (2011). Pengaruh Corporate governance terhadap Kinerja Keuangan Perusahaan. Semarang. Fakultas Ekonomi Semarang.
  72. Setiawati, L. dan A. Na’im (2000). Manajemen Laba. Jurnal Ekonomi dan Bisnis (Mei): 159-176.
  73. Shleifer, A. dan R.W. Vishny. (1997). A Survey of Corporate governance. Journal of Finance, Vol.52. No.2. Juni, hal.737-783.
  74. Sobel, M. E. (1982). Asymptotic intervals for indirect effects in structural equations models. In S. Leinhart (Ed.), Sociological methodology 1982 (pp.290-312). San Francisco: Jossey-Bass
  75. Springate, G. (1978). Predicting the Possibility of Failure in a Canadian Firm (Unpublished Masters Thesis). Simon Fraser University.
  76. Sugiyono. (2006). Metode Penelitian Bisnis. Edisi Keenam. Bandung: Alfabeta
  77. Suranta, Eddy dan Pratana Puspita Midiastuti. (2004). Income Smoothing, Tobin’s Q, Agency Problems dan Kinerja Perusahaan. Simposium Nasional Akuntansi VII. Bali, 2 – 3 Desember.
  78. Sutrisno (2005). Analisis Kinerja Akuntansi dan Daya Menghasilkan Kas sebagai Tanggapan atas Pelanggaran Kontrak Utang dan Restrukturisasi Utang pada Perusahaan Publik di Indonesia. Disertasi. Yogyakarta: Universitas Gadjah Mada.
  79. Ujiyantho, Muh. Arief., Bambang Agus Pramuka. (2007). Mekanisme Corporate governance, Manajemen Laba dan Kinerja Keuangan, Simposium Nasional Akuntansi X.4rdx
  80. Vidiyanto, Heri (2009). Pengaruh Manajemen Laba Terhadap Biaya Modal Ekuitas Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Skripsi. Universitas Muhammadiyah Surakarta
  81. Yeh, Y.H. and Lee, T.-S. (2004). Corporate governance and financial distress: evidence from Taiwan. Corporate Governance: An International Review, Vol. 12, pp. 378-88
  82. Watts dan Zimmerman (1986) Positive Accounting Theory. Prenctice-Hall
  83. Wild, J.J, K.R. Subramanyam, and R.F. Halsey (2003). Financial Statement Analysis. Eight Edition. Singapore: McGraw-Hill.
  84. Zmijewski, M. E. 1984. Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Dalam Journal of Accounting Research 24 (Supplement): 59-82OE.