Peran Praktek Corporate Governance Sebagai Moderating Variable dari Pengaruh Earnings Management Terhadap Nilai Perusahaan

Universitas Trisakti, Indonesia

Abstrak

Tujuan penelitian ini untuk menge¬tahui secara empiris pengaruh earnings management terhadap nilai perusahaan, praktek corporate governance nilai perusahaan dan pengaruh praktek corporate governance terhadap hubungan antara earnings management dan nilai perusahaan dan memahami peranan praktek corporate governance terhadap praktek earnings management yang dilakukan yang perusahaan dalam upaya meningkatkan nilai perusahaan. Hasil penelitian membuktikan corporate governance berpengaruh secara signifikan terhadap nilai perusahaan dengan variabel komisaris inde¬penden dan kepemilikan institusional. Kepemilikan manajerial akan menurunkan nilai perusahaan sedangkan kualitas audit akan meningkatkan nilai perusahaan. Komisaris independen, kualitas audit dan kepemilikan institusional merupakan variabel pemoderasi antara earnings management dan nilai perusahaan sedangkan kepemilikan manajerial bukan merupakan variabel pemo¬derasi. Earnings management dapat diminimumkan dengan mekanisme monitoring oleh komi¬saris independen, kualitas audit dan institusional ownership

Kata Kunci : corporate governance, earnings management, institusional ownership, komisaris independen, kualitas audit

Abstract

The objective of the empirical study is to examine the role of Corporate Governance Practices as a variable that moderates the effect of Earnings Management to the value of the firm. The result gives the evidence that corporate governance practices that have a significant impact to the value the firm are outside independent director and institutional ownership, in the model regression with moderating variable. It also indicates that Independent director, audit quality and institutional ownership are moderating variables of the relationship between earnings management and the value of the firm, but not the managerial ownership. Thus, earnings Management can be minimized with the monitoring mechanism i.e. (1) independent director that can monitor the management of the company in aligning the interest of principal and agent, (2) institutional ownership shareholders - the sophitisticed investor that also monitor the management to decrease the motivation of management to manipulate Earnings and (3) audit quality with the role of auditors to give the credibility of the reported financial statement by management.

Keywords : corporate governance, earnings management, institutional ownership, outside independent director, institutional ownership, audit quality

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