Abstract
Abstract This study aims to determine the effect of corporate governance on corporate value with the quality of earnings as an intervening variable. Corporate governance mechanism uses four variables managerial: ownership, institutional ownership, the proportion of independent directors and audit committee. The sample consist of 28 banking companies in 2011-2014. The research used Multiple Linear Regression Analysis to test the influence of independent variables on dependent variable. Varible of earnings quality that measured by DA (Discretionary Accrual) has effect on firm value. Institutional ownership of independent board and audit committee have effect on earning quality. Other variables such managerial ownership and institutional ownership have no effect on earnings quality. Institutional ownership and independent board have effect on firm value, meanwhile managerial ownership and the audit committee have no effect on firm value. The value of adjusted R2 for the effect of corporate governance mechanisms on the quality of earnings was 0.170 or 17%. While the value of adjusted R2 for the effect of corporate governance mechanisms on firm value with the quality of earnings as an intervening variable was 0.311 or 31.1%.
Highlights
This study aims to determine the effect of corporate governance on corporate value with the quality of earnings as an intervening variable
Pengaruh Struktur Kepemilikan, Ukuran Perusahaan dan Praktik Corporate Governance terhadap Pengelolaan Laba (Earnings Management)
Summary
Gabrielsen et al (2002) menguji hubungan antara kepemilikan manajerial dan kandungan informasi laba serta discretionary accrual. Dengan menggunakan data pasar modal Denmark ditemukan adanya hubungan yang positif tetapi tidak signifikan antara kepemilikan manajerial dan discretionary accrual dan hubungan negatif antara kepemilikan manajerial dan kandungan informasi laba. Siallagan dan Machfoedz (2006) menemukan bukti bahwa kepemilikan manajerial mempengaruhi kualitas laba, semakin besar kepemilikan manajerial maka discretionary accrual semakin rendah. Hal ini sesuai dengan teori yang menyatakan bahwa semakin besar kepemilikan manajemen dalam perusahaan maka manajemen akan cenderung berusaha untuk meningkatkan kinerjanya. Penelitian Lestari dkk (2014) menunjukkan bahwa kepemilikan manajerial memberikan pengaruh positif terhadap kualitas laba, dengan adanya kepemilikan saham oleh manajemen juga dapat menyelaraskan pandangan antara manajemen dan pemegang saham lain, sehingga masalah keagenan diasumsikan akan hilang. Hipotesis dalam penelitian ini adalah: H1: Kepemilikan manajerial berpengaruhpositif dan signifikan terhadap kualitas laba
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