MANAJEMEN LABA PADA PERUSAHAAN YANG MELANGGAR PERJANJIAN UTANG (Studi Empiris pada Perusahaan Sektor Property, Real Estate, dan Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2005-2007)

Susanti, Eka (2010) MANAJEMEN LABA PADA PERUSAHAAN YANG MELANGGAR PERJANJIAN UTANG (Studi Empiris pada Perusahaan Sektor Property, Real Estate, dan Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2005-2007). Other thesis, FAKULTAS EKONOMI.

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Abstract

This research's aim t-T to give empirical evidence about earnings management pattern in companies which violated the debt covenant and to compare whether earnings management in those companies sre larger than companies which didn't violate the debt covenant. The research population is sector property, real estqte, and building constructions companies listed in Indonesia Stock Exchange (IDE from 2005 until 2007. The sample includes I I companies which violated the debt covenant in the period of research and 25 companies as control firms. Debt covenant is one of the motivations of earnings management. Earnings manegement is used to avoid debt covenant violation. Thdexistence of earnings management at debt covenant violation fs indicated by prory discretionary accruals using Modi/ied Jones Model. The descriptive data shows that there ls earnings management in companies which violoted the debt covenent with income increasing method at the periods before, when, and afier debi covenant violation. The first lqpothesis test indicated thst there isn't arry significant mesn difference in statistics at the periods before-when violation and when-after violation. The second hypothesis test shows that the companies which violated the debt coverutnt have higher discretionary accruals than control companies at the period before violations of debt covenant. It means the companies which violated the debt covenant indicated to do earnings marugement higher than the control companies. We can conclude that debt covenent violation motivate manager to do earnings management with income increasing method before the violation period.

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