Pengaruh manajemen laba dan esg terhadap crash risk harga saham di Indonesia

Rahmawanti, Tamara (2024) Pengaruh manajemen laba dan esg terhadap crash risk harga saham di Indonesia. Masters thesis, Universitas Pelita Harapan.

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Abstract

Kasus Enron dan PT Kimia Farma pada awal dekade 20 membuat hilangnya kepercayaan investor dan membuktikan apabila sebuah perusahaan yang menerapkan manajemen laba dan berita buruknya kemudian terungkap dapat menyebabkan jatuhnya harga saham di pasar, sehingga pengungkapan nilai ESG terlebih jika nilai ESG yang dungkapkan bernilai tinggi dipercaya mampu mencegah crash risk harga saham. Pandemic Covid-19 juga semakin menyadarkan investor betapa pentingnya pengungkapan ESG untuk menjaga tidak terjadinya crash risk harga saham. Penelitian ini bertujuan untuk membuktikan kembali hasil dari penelitian terdahulu dengan mengambil data sampel dari negara Indonesia dimana pengungkapan ESG belum banyak dilakukan oleh perusahaan publik. Penelitian ini membuktikan bahwa manajemen laba rill menyebabkan crash risk harga saham bila diproksikan dengan Duvol sedangkan bila diproksikan dengan Ncskew manajemen laba rill tidak berpengaruh menyebabkan crash risk harga saham, manajemen laba akrual tidak menyebabkan crash risk harga saham, ESG tidak membantu mengurangi crash risk harga saham, ESG krisis dengan dummy tahun selama pandemi Covid-19 tidak juga membantu mengurangi crash risk risk harga saham. / The Enron case and PT Kimia Farma in the early 20s led to the loss of investor confidence and proved that a company practicing earnings management and later revealing bad news could cause a drop in stock pricesin the market. Therefore, the disclosure of ESG (Environmental, Social, Governance) value, especially if the disclosed ESG values are high, is believed to be capable of preventing stock price crash risks. The Covid-19 pandemic has also made investors increasingly aware of the importance of ESG disclosure in preventingstock pricescrash risks. This research aims to revalidate the findings of previous studies by sampling data from Indonesia, where ESG disclosure is not widely practiced by public companies. This research proves that real earnings management causes stock price crash risk when proxied by Duvol, whereas when proxied by Ncskew, real earnings management does not affect stock price crash risk. Accrual-based earnings management does not cause stock price crash risk. ESG does not help reducestock pricescrash risk. Additionally, during the Covid-19 pandemic crisis, the ESG crisis with a dummy year does not help reducestock pricescrash risk either.

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