Pengaruh mental accounting dan loss aversion terhadap kinerja perusahaan di Indonesia pada masa pandemi Covid-19

Turangan, Grace (2022) Pengaruh mental accounting dan loss aversion terhadap kinerja perusahaan di Indonesia pada masa pandemi Covid-19. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini dilakukan dengan tujuan untuk menguji pengaruh dari perilaku mental accounting dan loss aversion terhadap kinerja perusahaan di Indonesia yang terdaftar dalam KOMPAS100 pada periode penelitian Januari 2009 hingga Desember 2021. Penulis membagi periode penelitian menjadi dua bagian, yaitu periode Januari 2009 - Desember 2019 sebagai periode non krisis dan periode Januari 2020 - Desember 2021 sebagai periode krisis akibat pandemi COVID-19. Total perusahaan didalam penelitian ini terdapat 207 perusahaan, namun total tersebut berkurang menjadi 152 perushaan ketika penelitian mulai melibatkan variabel perilaku mental accounting dalam pengolahan data. Pengurangan data atau pengeliminasian data oleh sistem pengolahan data ini diakibatkan karena tidak disiplinnya perusahaan di Indonesia dalam melakukan pembayaran dividen, sehingga kelengkapan data pengolaan untuk mengukur variabel perilaku mental accounting menjadi berkurang. Model regresi Ordinary Least Square (OLS) atas data panel dibentuk dengan menggunakan dua variabel dependen ROA maupun Tobin’s Q digunakan untuk menguji hipotesa yang dibentuk dalam penelitian ini. Hasil penelitian menunjukkan bahwa perilaku loss aversion memberikan pengaruh negatif terhadap kinerja perusahaan baik itu dengan menggunakan variabel ROA maupun Tobin’sQ serta perilaku tersebut pada umumnya memberikan dampak peningkatan pada saat krisis akibat pandemi COVID-19 terjadi. Hasil tersebut didukung pula pada saat peneliti melihat hasil penelitian per sektor industri. Sedangkan perilaku mental accounting terbukti memberikan pengaruh negatif terhadap kinerja perusahaan dengan menggunakan variabel ROA dan pada saat periode krisis akibat pandemi COVID-19 perilaku terserbut secara signifikan meningkat memberikan dampak negatif terhadap kinerja perusahaan. Namun hasil terserbut tidak sejalan jika penelitian dengan menggunakan Tobin’s Q yang menunjukkan hasil signifikan bahwa perilaku mental accounting memberikan dampak positif terhadap kinerja perusahaan dan dampak terserbut meningkat pada saat peride krisis akibat pandemi COVID-19. Penulis menduga perbedaan hasil terserbut akibat eliminasi data penelitian sehingga menyebabkan penelitian menjadi tidak maksimal. Hal tesebut juga dapat dilihat dari hasil regresi secara sektoral, dimana hanya satu sektor, yaitu sektor indsutri konsumsi esensial yang menunjukkan pengaruh mental accounting terhadap kinerja perusahaan dan pengaruhnya menunjukkan pengaruh positif, bahkan pengaruh tersebut meningkat saat periode krisis akibat pandemi COVID-19 terjadi. Dengan hasil terserbut diatas, maka untuk pengembangan penelitian selanjutnya, penulis menyarankan untuk mengembangkan jumlah perusahaan dalam penelitian dan tidak hanya sebatas perusahaan-perusahaan yang terdaftar dalam KOMPAS100 dan menggunakan metode-metode perhitungan atau analisa lainnya untuk menganalisa variabel perilaku mental accounting khususnya di Indonesia, mengingat masih banyaknya perusahaan-perusahaan di Indonesia yang belum disiplin melakukan pembayaran dividen secara berkala. / This study was conducted with the aim of examining the effect of mental accounting behavior and loss aversion on the performance of companies in Indonesia listed in KOMPAS100 in the research period January 2009 to December 2021. The author divides the research period into two parts, namely the period January 2009 - December 2019 as the period non-crisis and the period January 2020 - December 2021 as a crisis period due to the COVID-19 pandemic. The total companies in this study were 207 companies, but the total was reduced to 152 companies when the research began to involve mental accounting behavior variabels in data processing. The reduction of data or elimination of data by the data processing system is caused by the lack of discipline of companies in Indonesia in paying dividends, so that the completeness of data processing to measure mental accounting behavior variabels is reduced. The Ordinary Least Square (OLS) regression model on panel data was formed using the two dependent variabels ROA and Tobin'sQ used to test the hypothesis formed in this study. The results show that loss aversion behavior has a negative effect on company performance, both by using ROA and Tobin'sQ variabels and that behavior generally has an increasing impact when the crisis due to the pandemic COVID-19 occurs. These results are also supported when researchers look at research results per industrial sector. Meanwhile, mental accounting behavior has been shown to have a negative effect on company performance by using the ROA variabel and during the crisis period due to the pandemic COVID-19, this behavior significantly increased giving a negative impact on company performance. However, these results are not in line with research using Tobin'sQ which shows significant results that mental accounting behavior has a positive impact on company performance and this impact increases during the crisis period due to the pandemic COVID-19. The author suspects that the difference in results is due to the elimination of research data, causing the research to be not optimal. This can also be seen from the results of the sectoral regression, where only one sector, namely the essential consumption industry sector, shows the influence of mental accounting on company performance and the effect shows a positive influence, even this influence increases during the crisis period due to the pandemic COVID-19.With the above results, for the development of further research, the authors suggest to develop the number of companies in the study and not only limited to companies listed in KOMPAS100 and use other calculation or analysis methods to analyze mental accounting behavior variabels, especially in Indonesia, considering that there are still many companies in Indonesia that have not been disciplined in paying dividends on a regular basis.

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