Abstract
INDONESIA:
Penelitian ini bertujuan untuk mengetahui pengaruh mekanisme good corporate governance yang terdiri dari ukuran dewan komisaris, jumlah rapat dewan komisaris, komposisi komisaris independen, komposisi komite audit independen, jumlah rapat komite audit, kepemilikan institusional dan kepemilikan manajerial terhadap praktik manajemen laba. Manajemen laba diukur dengan akrual diskresioner.
Sampel penelitian ini adalah 24 bank syariah di Indonesia yang telah mempublikasikan annual report dan partial report pada tahun 2010 dan 2011. Metode analisis pada penelitian ini menggunakan analisis regresi linier berganda.
Hasil penelitian menyatakan bahwa ukuran dewan komisaris, jumlah rapat dewan komisaris, komposisi komisaris independen, komposisi komite audit independen, jumlah rapat komite audit, kepemilikan institusional dan kepemilikan manajerial berpengaruh tidak signifikan terhadap manajemen laba. Hal ini menunjukkan bahwa mekanisme good corporate governance gagal membatasi praktik manajemen laba bank syariah di Indonesia.
ENGLISH:
This study aimed to determine the influence of good corporate governance mechanisms proxied by the board of commissioner size, the number of the board of commissioners meeting, the independent commissioner composition, the independent audit committee composition, the number of the audit committee meeting, institutional ownership and managerial ownership to earnings management practices. Earnings management is measured using discretionary accruals.
The sample are 24 Islamic banks in Indonesia, which it has published the annual report and partial report in 2010 and 2011. This study use multiple linear regression analysis.
The results show that the board of commissioner size, the number of the
board of commissioners meeting, the independent commissioner composition, the independent audit committee composition, the number of the audit committee meeting, institutional ownership and managerial ownership have no significance effect on earnings management. It indicates that good corporate governance mechanism failed to minimize earnings management on Islamic Banks in Indonesia.
board of commissioners meeting, the independent commissioner composition, the independent audit committee composition, the number of the audit committee meeting, institutional ownership and managerial ownership have no significance effect on earnings management. It indicates that good corporate governance mechanism failed to minimize earnings management on Islamic Banks in Indonesia.
CHAPTER 1
INTRODUCTION
1.1
Background
of the Study
Financial
report is a company's financial information in the accounting period that
describes the performance of the company. Information provided and needed by
users are related to the liquidity, solvency, and profitability of banks. The
essential information to reconsidered by users of financial report is profit,
because it represents important information of banks, such as performance
appraisal and performance of banks, guidelines for investment policy, and basic
forecasting earnings in the future (Syahfandi, 2012:1). The importance of
profit encourages to conduct managers for earnings management and cause
management to manage earnings in an attempt to make the entities look good
(Syahfandi, 2012:2).
Earnings management practice is a deliberate
act of managers to manipulate financial reports within the limits permitted by
accounting principles in order to provide misleading information to users of
financial report in the interest of the manager (Muetia, 2004 in Kartikasari,
2011:1). The earnings management practices occurs when management uses certain
decisions in the financial report and transactions to alter financial report as
the basis for the company's performance. This practice can mislead owners or
shareholders, and can also influence the contractual result which rely
accounting figures reported (Healy and Wahlen, 1998 in Siswantaya, 2007:1).
There is 2 earnings management practices because managers were given freedom to
choose the accounting method in recording and disclosing the financial
information.
Besides
manipulating, there is earning management practices because of the information
asymmetry is high between management and others who have not the resources,
encouragement, or adequate access to information to monitor the actions of
managers (Richardson, 1998 in Siswantaya, 2007:2). Earnings management
practices are found in various of companies, both manufacturing, trade and
services. Rob (1998) in Zahara and Siregar (2009:88) can prove an indication of
earnings management in the banking sector. Some studies in Indonesia also found
indications of earnings management practices in the banking sector. For example
are the study conducted by Zahara and Siregar (2009), Adyawardana (2010),
Padmantyo (2010), Setiawati (2010), Utami (2010) and Syahfandi (2012). To
minimize the earnings management practices, it is necessary to implement good
corporate governance mechanism.
This mechanism is discussing how to adjust the
relationship between the various parties both inside and outside the company as
the board of commissioners and directors, shareholders and stakeholders,
employees and authorities. This relationship is very essential because to keep
the checks and balances that enable an oversight between each party to the
other party (http://www.bi.go.id, 2013). Good corporate governance has done to
ensure that the owners or shareholders are abtained the returns from the
activities undertaken by the agent or manager (Schleifer and Visny, 1997 in
Siswantaya, 2007:5). The attention to 3 good corporate governance has improved,
especially since the collapse of the large U.S. companies such as Enron
Corporation and Worldcom. Several studies on good corporate governance
indicated that the implementation of good corporate governance may not be well
implemented in Indonesia as it is still relatively new concept. As study
conducted by Siswantaya (2007), Wisnumurti (2010), and Subhan (2012). Good
Corporate Governance (GCG) needs to be done in a variety of companies,
including banks.
The
bank is a business of trust and disappear from the national banking universe.
Therefore, GCG is required to ensure that the bank is well managed by
professionals with a clean track record, and follow the rules in order to
assure the interests of stakeholders (http://www.bi.go.id, 2013). Islamic Bank
is a bank that operates on the principles of Islam or sharia, in contrast to
the principle of the conventional banks. Islamic bank is not only demanded to
generate commercial profit, but also demanded to be fully operational the
values of Islam or sharia. Although the principle of the two types of banks are
different, they are both bound by the rules set by the government and Central
Bank. The performance assessment in Islamic bank is not different with
conventional banks (Zahara and Siregar, 2009:88). Islamic Bank as a financial
institution which is active on the basis of principles of Islam, it is not
ought to do manipulation activities in any form, including in financial
reporting, as the media of information for its users and assessment tools
conducted by the government and Central Bank. The engineering activities such earnings
management is frequently done by conventional banking 4 sector in Indonesia and
it is not expected to influence the Islamic banking practices which still
relatively new in Indonesia (Syahfandi, 2012:1). Several researchers conducted
a study to test the earnings management practices in Islamic banks, for example
Zahara and Siregar (2009) and Setiawati (2010) concluded that the ratio of
camel influence has no significant influence on earnings management in Islamic
banks while Syahfandi (2012) find evidence that Islamic banks do earnings
management with the income smoothing practice.
The
results of previous studies show Islamic banks can not be separated from the
practice of earnings management. Islamic banks ought to do good corporate
governance in order minimize earnings management. Islamic bank in Indonesia
should comply the Central Bank Regulation No. 11/13/PBI/2009 related to the
implementation of good corporate governance for Islamic General Banks and
Islamic Business Unit. Results of prior research prove the influence of
corporate governance on earnings management for example the study of Siswantaya
(2007) about good corporate governance and earnings management on companies
listed on Jakarta Stock Exchange.
It
shows corporate governance mechanism failed to border of earnings management
behavior. Kartikasari (2011) prove good corporate governance have significant
effect towards earnings management in banks and similar with Subhan (2012)
prove good corporate governance have significant effect towards earnings
management in banks because the relatively low awareness of GCG implementation
in Indonesia. 5 Therefore, based on various prior research, this study
reexamine about connection between good corporate governance and earnings
management practices. This study expand the study of Suhardjanto and Dewi
(2011), it is examine the influence of good corporate governance which proxied
by the board of commissioner size, the number of the board of commissioners
meeting, the independent commissioner composition, the independent audit
committee composition, the number of the audit committee meeting.
This
study also expand the study of Siswantaya (2007), it is examine the influence
of good corporate governance which proxied by institutional ownership and
managerial ownership. Besides that, many previous studies use banking companies
listed on Indonesia Stock Exchange for the study object, for example Wisnumurti
(2010), Kartikasari (2011), Suhardjanto dan Dewi (2011) dan Subhan (2012). Since
several prior research showed the inconsistency of research results and have
not found studies about good corporate governance with earnings management in
Islamic banks, this study aims to reconfirm the influence of corporate
governance on earnings management with the study object in Islamic banks.
Therefore,
the researchers compiled a study entitled: “The Influence of Good Corporate
Governance to Earnings Management Practices on Islamic Banks in Indonesia”
1.2
Problem
of the Study
Based
on the background of the study which the formulated problem is: Does good
corporate governance which proxied by the board of commissioner size, the
number of the board of commissioners meeting, the independent commissioner
composition, the independent audit committee composition, the number of the
audit committee meeting, institutional ownership and managerial ownership have
an influence to earnings management practices?
1.3
Objective
of the Study
The objective of this study is to examine the
influence of good corporate governance in the form of the board of commissioner
size, the number of the board of commissioners meeting, the independent
commissioner composition, the independent audit committee composition, the
number of the audit committee meeting, institutional ownership and managerial
ownership to earnings management practices in Islamic Banks in Indonesia.
1.4
Significance
of the Study
This study
contributes to:
a. Academics.
This study is expected to add to the literature in financial accounting.
b. Science
development. This study is expected to contribute to the development of
theoretical studies, especially those related to financial accounting about
good corporate governance and earnings management practices.
c. This study
is expected to be a reference for future researc and be an input to the
shareholders of the company particularly Islamic banking to realize good
corporate governance.
1.5
Limitation of the Study
The analysis in
this study is limited General Banks and Islamic Business Units are which
published the annual report and partial report (financial condition) during
2010-2011.
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