TEKANAN KEUANGAN, RISIKO KEBANGKUTAN, DAN MANAJEMEN LABA REAL: BUKTI EMPIRIS PADA NEGARA ASEAN- SEBELUM DAN PADA SAAT KRISIS KEUANGAN 2020
Abstract
Studi ini menguji pengaruh tekanan keuangan/financial distress dan risiko kebangkrutan/bankruptcy risk terhadap manajemen laba real sebelum dan pada saat krisis keuangan 2020 yang disebabkan oleh pandemi COVID-19. Dengan menggunakan metode purposive sampling kami memperoleh 1326 perusahaan terbuka atau 5304 observasi final dalam firm-years dari lima negara ASEAN, yaitu Singapura, Indonesia, Malaysia, Filipina, dan Thailand untuk periode pengamatan 2017 – 2020. Manajemen laba real pada level agregat diukur menggunakan jumlah dari abnormal CFO (cash flows from operating activities), abnormal production cost, dan abnormal discretionary expenditure. Financial distress diukur menggunakan dua pengukuran, yaitu loss dan/atau CFO negatif, dan retained earnings negatif dua tahun berturut – turut. Sedangkan bankruptcy risk diukur dengan model Zmijewski. Hasil studi menemukan hubungan positif antara financial distress dan bankruptcy risk dengan manajemen laba real pada level agregat untuk seluruh periode pengamatan. Pada periode krisis keuangan tahun 2020, tidak ditemukan bukti bahwa financial distress dan bankruptcy risk semakin berpengaruh terhadap manajemen laba real pada tingkat agregat dibandingkan periode non-krisis keuangan 2020. Pengujian tambahan menemukan bukti bahwa pada periode krisis 2020, perusahaan yang mengalami financial distress dan bankruptcy risk memiliki kecenderungan yang lebih rendah dalam melakukan manajemen laba real pada level abnormal CFO, tetapi cenderung meningkatkan discretionary expense. Studi kami memberikan implikasi bahwa pada periode krisis keuangan 2020, manajer melakukan kombinasi aktivitas transaksi real pada level individual karena biaya manajemen laba real yang terlalu mahal.
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