PENGARUH MANAJEMEN LABA AKRUAL DAN AKTIVITAS RIIL TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to analyze the influence of accrual profit management and earnings management of real activity on the company value that go public in Indonesia Stock Exchange. Accrual profit management as measured using discretionary accrual in the form of earnings management of real activity measured by operating cash flow, production cost and discretionary cost and company value measured by Tobins'Q. The object of this research is the consumer goods industry sector which is listed in the Indonesia Stock Exchange during 2012-2016. The sample of this study using purposive sampling technique, obtained 27 companies, with 135 observations that meet the sample criteria. The result of the regression analysis shows that the operating cash flow variable has a positive influence on the company value, the discretionary cost has a negative influence to the company value, whereas the discretionary accruals and the production cost have no influence on the company value. Multiple linear regression model in research R2 is 0.623. This shows that 62.3% of independent variables can explain the variation of company value. The remaining 37.7% is explained by other factors outside the model.
Keywords: Discretionary accrual, Operating cash flow, Production cost, Discretionary cost, Company value.