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"ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh dan struktur kepemilikan, ukuran perusahaan, dan praktek corporate governance terhadap pengelolaan laba dan kekeliruan penilaian pasar. Struktur kepemilikan, ukuran perusahaan, dan praktek corporate governance diduga akan mempengaruhi besaran pengelolaan laba, penilaian pasar atas pengelolaan laba, dan jenis pengelolaan laba (efisien atau oportunis). Selain itu, karena terdapat perbedaan persistensi dari komponen-komponen laba (arus kas operasi, akrual non diskresioner, dan akrual diskresioner) maka pasar seharusnya juga mengantisipasi adanya perbedaan persistensi tersebut dan memperhitungkannya dalam pembentukan harga saham. Jika pasar tidak mampu mengantisipasi hal tersebut maka akan terjadi kekeliruan penilaian pasar. Struktur kepemilikan, ukuran perusahaan, dan praktek corporate governance diduga mempengaruhi kekeliruan penilaian pasar tersebut.Akrual dapat dibedakan menjadi dua komponen yaitu akrual diskresioner dan akrual non diskresioner. Akrual diskresioner adalah akrual yang berasal dari diskresi manajemen sedangkan akrual non diskresioner adalah akrual yang besarnya tergantung kegiatan operasional perusahaan. Akrual diskresioner dalam penelitian ini digunakan sebagai proxy dari pengelolaan laba.Metode analisis yang digunakan adalah analisis regresi berganda, uji F, dan Mishkin Test, dan menggunakan data empiris di Bursa Efek Jakarta dengan sampel sebanyak 144 perusahaan untuk periode non krisis (1995-1996, 1999-2002).Berdasarkan hasil pengujian, ditemukan bahwa ukuran perusahaan dan kepemilikan keluarga adalah variabel yang mempengaruhi pengelolaan laba. Semakin besar ukuran perusahaan semakin kecil pengelolaan labanya, serta pengelolaan laba pada perusahaan dengan kepemilikan keluarga tinggi dan bukan perusahaan konglomerasi lebih tinggi dibandingkan pengelolaan laba pada perusahaan lain.Kesimpulan mengenai jenis pengelolaan laba yang dilakukan oleh perusahaan masih mixed, walaupun lebih cenderung efisien. Hasil ini tidak konsisten dengan anggapan selama ini bahwa pengelolaan laba di Indonesia adalah oportunis. Faktor yang terbukti secara signifikan mempengaruhi jenis pengelolaan laba adalah kepemilikan keluarga. Pengelolaan laba pada perusahaan dengan kepemilikan keluarga tinggi dan bukan perusahaan konglomerasi lebih efisien dibandingkan pengelolaan laba pada perusahaan lain. Sedangkan variabel kepemilikan institusional, ukuran perusahaan, dan praktek corporate governance tidak terbukti secara konsisten berpengaruh signifikan terhadap jenis pengelolaan laba.Pengelolaan laba terbukti dinilai signifikan positif oleh pasar, tetapi hasil ini tidak selalu didukung karena dalam pengujian sensitivitas terdapat hasil pengujian yang menunjukkan bahwa akrual diskresioner tidak berhubungan signifikan dengan imbal hasil saham. Variabel struktur kepemilikan, ukuran perusahaan, dan praktek corporate governance tidak terbukti secara konsisten mempengaruhi penilaian pasar terhadap pengelolaan laba. Tidak signifikannya variabel-variabel tersebut menunjukkan bahwa dalam melakukan penilaian, pasar tidak mempertimbangkan motif dan kesempatan yang berbeda-beda dari perusahaan dalam melakukan pengelolaan laba.Pengujian persistensi laba menunjukkan adanya perbedaan persistensi dari komponen laba, dimana arus kas operasi lebih persisten dibandingkan akrual diskresioner dan akrual non diskresioner lebih persisten dibandingkan akrual diskresioner. Hasil pengujian Mishkin Test menunjukkan terdapat kekeliruan penilaian pasar pada komponen arus kas dan akrual non diskresioner, tetapi tidak terdapat kekeliruan penilaian pasar untuk akrual diskresioner. Adanya bukti mengenai kekeliruan penilaian pasar atas komponen laba mengindikasikan bahwa pasar modal di Indonesia tergolong tidak efisien dalam bentuk setengah kuat (semi strong form).Pengujian lebih lanjut untuk melihat apakah kekeliruan penilaian pasar tersebut dipengaruhi oleh kepemilikan keluarga, kepemilikan institusional, ukuran perusahaan, kuaiitas audit, komisaris independen, dan komite audit, menunjukkan bahwa variabelvariabel tersebut tidak mempengaruhi kekeliruan penilaian pasar atas akrual diskresioner.

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ABSTRACT

The purpose of this study is to investigate the affect of ownership structure, firm size, and corporate governance practices on earnings management and market mispricing. We predict that ownership structure, firm size, and corporate governance practices have significant influence on the level of earnings management, the pricing of earnings management, and type of earnings management (efficient or opportunistic). In addition, the stock prices should reflect the differential persistence of earnings components (cash flow from operation, non-discretionary accruals, and discretionary accruals). Market mispricing occurs if market fails to reflect that differential persistence. We expect ownership structure, firm size, and corporate governance practices have significant influence on market mispricing.

Accruals consist of two components: discretionary accruals and non-discretionary accruals. Discretionary accruals are accruals from management discretion, whereas non-discretionary accruals are those accruals, which amount, are depending on company's operational activity. This study use discretionary accruals as a proxy of earnings management.

Multiple regressions, F-test, and Mishkin Test are used to test hypothesis developed in this study. Sample consists of 144 firms listed in Jakarta Stock Exchange over non-crisis period (1995-1996, 1999-2002).

I find that firm size and family ownership have significant influence on level of earnings management. The bigger firm sizes the lesser the earnings management and earnings management on firms with high proportion of family ownership and non business-group is higher than that of other firms.

The evidence regarding type of earnings management is mixed, although it has a tendency to efficient earnings management. This evidence is inconsistent with usual view that an earnings management in Indonesia is opportunistic. Family ownership is found has significant influence on earnings management type. Earnings management on firms with high proportion of family ownership and non business-group is more efficient than that of other firms. There is no consistent evidence that institutional ownership, firm size, and corporate governance practices have that significant influence.

I also found that the market prices earnings management positively, but this evidence is not always supported in sensitivity analysis. Some of sensitivity analysis results show that earnings management does not have significant influence on market return. There is no consistent evidence that ownership structure, firm size, and corporate governance practices have significant influence on market pricing of discretionary accruals. This evidence indicates that market valuation is not considering that firms have different chance and motives of doing earnings management.

Test of differential earnings components persistence shows that cash flow from operation significantly has higher persistence than non-discretionary accruals and discretionary accruals and non-discretionary accruals significantly has higher persistence than discretionary accruals-Mishkin Test shows that market misprices cash flow from operation and non-discretionary accruals, but it correctly prices discretionary accruals. This evidence on market mispricing indicates that Jakarta Stock Exchange is not efficient in semi-strong form.

Further tests are performed to investigate whether market mispricing is influenced by ownership structure, firm size, and corporate governance practices. Those tests show that those variables do not significantly affect market mispricing on discretionary accruals."

"The purpose of this study is to investigate the relationship between governance, information asymmetry, and earnings management. Prior indicates that information asymmetry negatively correlated with management (Richardson, 2001). As predicted, this study also found correlation between bid-ask spread, as a proxy of information and discretionary accruals, as a proxy of earnings management. In we also test whether corporate governance mechanisms will impact the discretionary accruals and eventually affect firm value. We use several as proses of corporate governance mechanisms such as institutionalpip, audit quality, independent board, and existence of audit committee, 'that audit committee has significant negative relation with discretionary This indicates that audit committee existence is effectively constraining of earnings management. This study also has that proportion of independent board and existence committee increase the positive relationship between discretionary and stock return. These indicates that earnings management conductedhaving higher proportion of independent board and firms having auditfee will be valued higher by the market."

"ABSTRAKThe purpose of our study is to empirically investigate the relation betweencertain corporate governance mechanisms and the likelihood of a companyhaving accounting problem, as evidenced by a misstatement of its earnings.We use public listed firms in JSE as our sample, with total samples of 160firms-years. Our study finds that proportion of independent board, proportion ofinstitutional ownership, and audit quality is significantly have negativerelationship with the probability of restatement. These results suggest that thosegovernOJtce mechanisms are able to prevent misstated financial misstatement.But, we find that three governance mechanisms board size, existence of auditcommittee, and block holders - do not have significant relationship with theprobability of restatement.Keywords: restatement, corporate governance, independent board, board size,audit committee, institutional ownership, block holders, audit quality."

"ABSTRACT

This study aims to determine the effects of the use of financial derivatives in tax avoidance and earnings management. This study uses a cross-country analysis with the scope of ASEAN countries, consisting of Philippines, Indonesia, Malaysia and Singapore. The findings show that the level of financial derivatives usage positively affects corporate tax avoidance. We also find that the effect of financial derivatives usage level on the level of tax avoidance is higher on companies using financial derivatives for speculation purpose as compared to companies using financial derivatives for hedging purpose. In addition, the level of financial derivatives usage for speculation purpose positively affects the degree of earnings management. This study expects to provide useful information for tax authorities regarding the possibility of companies using derivative financial instruments to facilitate tax avoidance practices. Improvements in tax regulations on derivatives transactions are expected to minimize the loopholes for companies who want to use financial derivatives as a means of tax avoidance; minimize the difficulties faced by tax authorities in understanding, detecting, and enforcing law on tax avoidance involving financial derivatives; minimize the potential loss of state revenue from the tax sector; and minimize conflict or dispute between tax authorities and tax payers."