MANAJEMEN LABA PADA PERUSAHAAN YANG MELANGGAR PERJANJIAN UTANG (Studi Empiris pada Perusahaan Sektor Property, Real Estate dan Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2005-2007)

Susanti, Eka (2008) MANAJEMEN LABA PADA PERUSAHAAN YANG MELANGGAR PERJANJIAN UTANG (Studi Empiris pada Perusahaan Sektor Property, Real Estate dan Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2005-2007). Other thesis, Fakultas Ekonomi.

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Abstract

This research's aim is to give empirical evidence about earnings management pattern in companies which violated the debt covenant and to compare whether earnings management in those companies are larger than companies which didn't violate the debt covenant. The research population is sector property, real estate and building constructions companies listed in Indonesia Stock Exchange (IDE) from 2005 until 2007. The sample includes 11 companies which violated the debt covenant in the period of research and 25 companies as control firms. Debt covenant is one of the motivations of earnings management. Earnings manegement is used to avoid debt covenant violation. The existence of earnings management at debt covenant violation is indicated by proxy discretionary accruals using Modified Jones Model. The descriptive data shows that there is earnings management in companies which violated the debt covenant with income increasing method at the periods before, when, and after debt covenant violation. The first hypothesis test indicated that there isn't any significant mean difference in statistics at the periods before-when violation and when-after violation. The second hypothesis test shows that the companies which violated the debt covenant have higher discretionary accruals than control companies at the period before violations of debt covenant. It means the companies which violated the debt covenant indicated to do earnings management higher than the control companies. We can conclude that debt covenant violation motivate manager to do earnings management with income increasing method before the violation period.

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