Financial distress, risiko kebangkrutan, dan strategi manajemen laba: bukti empiris negara-negara ASEAN = Financial distress, bankruptcy risk, and earnings management strategies: empirical evidence from ASEAN countries

Zaenal, Megawati Rezkyah (2024) Financial distress, risiko kebangkrutan, dan strategi manajemen laba: bukti empiris negara-negara ASEAN = Financial distress, bankruptcy risk, and earnings management strategies: empirical evidence from ASEAN countries. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Studi ini menganalisa pengaruh dari financial distress dan risiko kebangkrutan terhadap strategi manajemen laba. Data yang digunakan berupa data sekunder yang ditarik dari Worldbank dan S&P Global Market Intelligence sebanyak 872 perusahaan terbuka dari empat negara ASEAN yaitu Singapura, Indonesia, Malaysia, dan Thailand pada periode 2017 – 2021, sehingga total obsevasi adalah 4360 firm years. Manajemen laba akrual diukur dengan menggunakan nilai dari accrual discretionary. Manajemen laba riil didasarkan pada nilai agregat dari abnormal CFO, abnormal production cost, dan abnormal discretionary expenditure. Financial distress ditandai apabila perusahaan mengalami Loss dan/atau CFO negatif dan retained earnings negatif dua tahun berturut – turut. Bankruptcy risk diukur dengan model Zmijewski. Hasil studi menemukan bukti adanya hubungan positif antara financial distress dan bankruptcy risk dengan manajemen laba akrual maupun manajemen laba riil. Pada pengujian tambahan untuk periode Covid-19, ditemukan sebagian bukti empiris financial distress memiliki hubungan positif terhadap manajemen laba akrual dan sebaliknya, financial distress tidak memiliki hubungan signifikan dengan praktik manajemen laba riil. Namun, terdapat bukti empiris yang menunjukkan bahwa bankruptcy risk semakin berpengaruh negatif terhadap praktik manajemen laba akrual maupun manajemen laba riil. / This study examines the effect of financial distress and bankruptcy risk on earnings management strategies. The data used consists of secondary data drawn from the World Bank and S&P Global Market Intelligence, comprising 872 publicly listed companies from four ASEAN countries: Singapore, Indonesia, Malaysia, and Thailand, during the period 2017 – 2021, resulting in a total of 4360 firm-year observations. Accrual-based earnings management is measured using the value of discretionary accruals. Real earnings management is measured as the aggregate-value of abnormal CFO, abnormal production costs, and abnormal discretionary expenditures. Financial distress is indicated when a company experiences losses and/or negative CFO and negative retained earnings for two consecutive years. Bankruptcy risk is measured using the Zmijewski model. The study finds a positive relationship between financial distress and bankruptcy risk with both accrual earnings management and real earnings management. During additional testing in the Covid-19 period, partial empirical evidence was found indicating that financial distress has a positive relationship with accrual earnings management, but financial distress does not have a significant relationship with real earnings management practices. However, there is empirical evidence showing that bankruptcy risk increasingly has a negative influence on both accrual earnings management and real earnings management practices.

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