Analisis Pengaruh Corporatesocial Responsibility, Default Risk dan Konservatisme Terhadap Earnings Management dan Earnings Response Coefficient dengan Good Corporate Governance Sebagai Variabel Moderating pada Perusahaan Manufaktur yang Tergabung dalam ISSI Periode 2011-2015

Abstract

This study aims to test and analyse the impact to Corporate Social Responsiility measured by (economic, environmental and social), default risk measured by (debt to equity ratio and debt toa assets ratio), conservatism as measured by (earning/ stock return relation, accruals and net assets) to earning management and earnings response coefficient; analysing the role of good corporate governance in moderating the impact of corporate social responsibility as measured by (economic, environmental and social), default risk measured by (debt to equity ratio and debt to assets ratio), conservatism measured by (earning/ stock return relation, accruals and net assets) to earnings management and to analyze the role of earnings management in mediating the relationship between CSR measured (economic,environmental and social), default risk measured (debt to equity ratio and debt to assets ratio),conservatism measured by (earning/ stock return relation, accruals and net assets) with earnings response coefficient. The benefits of this research are to explain and extend previous research on the role of good corporate governance in moderating the impact of CSR measured by (economic, environmental and social), default risk measured by (debt to equity ratio and debt to assets ratio), conservatism measured by (earning/stock return relation, accruals and net assets) with ERC. This studi used a sample of research firms whose shares are listed in ISSI belonging to a manufacturing company and traded in Indonesia Stock Exchange that is 34 companies. The observation period of this study is from 2011 to 2015. This study examines the influence or CSR, default risk and conservatism on earnings management and earnings response coefficient with GCG as a moderating variable. The results of the study found that the CSR measured by the economy and the environmental had a positive and significant effect on earning management. While CSR which measured by social have negative effect. Default risk as measured by debt to equity ratio and debt to assets ratio have a positive and significant effect on earnings management. Conservatism measured by earning/ stock return relation and accrual has negative and significant effect on earning management. The CSR measured by the economic and the environmental has a negative and significant effect on the ERC, while the CSR measured by the social has a positive effect. Default risk as measured by debt to equity ratio and debt to assets ratio have negative and significant effect to ERC. Conservatism measured by earning/ stock return relation has a positive and significant effect on ERC, while conservatism measured by accrual has no effect. GCG acts to moderate CSR relationship (as measured by economic, environmental and social), default risk (measured by DER) to earnings management and GCG does not moderate the relationship defult risk (as measured by DAR), conservatism (as measured by earnings stock return relation and accrual) to earning management. CSR (as measured by economic, environmental, and social), default risk (measured by DER dan DAR) has an effect on ERC through earnings management and conservatism as measured by earning/ stock return relation and accrual has no effect on ERC through earning management.

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Corporate Social Responsibilityyang diukur dengan (ekonomi, lingkungan dan sosial), Default Riskyang diukur dengan (debt to equity ratio dan debt to assets ratio), Konservatisme yang diukur dengan (earning/stock return relation, accruals dan net assets) terhadap Earnings Management dan Earnings Response Coefficient; menganalisis peran Good Corporate Governance dalam memoderasi pengaruh Corporate Social Responsibilityyang diukur dengan (ekonomi, lingkungan dan sosial), Default Riskyang diukur dengan (debt to equity ratio dan debt to assets ratio), Konservatisme yang diukur dengan (earning/stock return relation, accruals dan net assets) terhadap Earnings Management dan menganalisis peran Earnings Management dalam memediasi hubungan antara Corporate Social Responsibilityyang diukur dengan (ekonomi, lingkungan dan sosial), Default Riskyang diukur dengan (debt to equity ratio dan debt to assets ratio), Konservatisme yang diukur dengan (earning/stock return relation, accruals dan net assets) dengan Earnings Response Coefficient. Manfaat penelitian ini adalah menjelaskan dan memperluas penelitian sebelumnya mengenai peran Good Corporate Governance dalam memoderasi pengaruh Corporate Social Responsibilityyang diukur dengan (ekonomi, lingkungan dan sosial), Default Riskyang diukur dengan (debt to equity ratio dan debt to assets ratio), Konservatisme yang diukur dengan (earning/stock return relation, accruals dan net assets) terhadap Earnings Management dan menganalisis peran Earnings Management dalam memediasi hubungan antara Corporate Social Responsibilityyang diukur dengan (ekonomi, lingkungan dan sosial), Default Riskyang diukur dengan (debt to equity ratio dan debt to assets ratio), Konservatisme yang diukur dengan (earning/stock return relation, accruals dan net assets) dengan Earnings Response Coefficient. Penelitian ini menggunakan sampel penelitian perusahaan yang sahamnya aktif terdaftar dalam ISSI yang tergolong dalam perusahaan manufaktur dan diperdagangkan dalam Bursa Efek Indonesia yaitu sebanyak 34 perusahaan. Periode observasi penelitian ini adalah dari tahun 2011 s.d 2015. Studi ini menguji pengaruh Corporate Social ResponsibilityDefault Riskdan Konservatisme terhadap Earnings Management dan Earnings Response Coefficient dengan Good Corporate Governance sebagai variable moderating. Hasil penelitian menemukan bahwa Corporate Social Responsibility yang diukur dengan ekonomi dan lingkungan berpengaruh positif dan signifikan terhadap earning management. Sedangkan Corporate Social Responsibility yang diukur dengan sosial berpengaruh negative. Default risk yang diukur dengan debt to equity ratio dandebt to asset ratio berpengaruh positive dan signifikan terhadap Earnings Management. Konservatisme yang diukur dengan earning/stock return relation dan accrual berpengaruh negative dan tidak signifikan terhadap earning management. CSR yang diukur dengan ekonomi dan lingkungan berpengaruh negative dan signifikan terhadap ERC, sedangkan CSR yang diukur dengan sosial berpengaruh positif. Default risk yang diukur dengan debt to equity ratio dan debt to asset ratio berpengaruh negative dan signifikan terhadap Earnings Response Coefficient. Konservatisme yang diukur dengan earning/stock return relation berpengaruh positif dn signifikan terhadap Earnings Response Coefficient, sedangkan konservatisme yang diukur dengan accrual tidak berpengaruh. Good Corporate Governanceberperan memoderasi hubungan CSR (yang diukur dengan ekonomi, lingkungan dan sosial), Default risk (yang diukur dengan DER) terhadap earning management dan GCG tidak memoderasi hubungan Default risk (yang diukur dengan DAR), Konservatisme (yang diukur dengan Earning Stock Return Relation dan accrual) terhadap earning management. CRS (yang diukur dengan ekonomi, lingkungan, dan sosial), default risk (yang diukur dengan DER dan DAR) berpengaruh terhadap Earning Response Coefficient melalui Earning Management dan Konservatisme yang diukur dengan Earning Stock Return Relation dan Accrual tidak berpengaruh terhadap tidak berpengaruh terhadap EarningResponse Coefficient melalui Earning Management.