Abstract
This study aims to investigate and find empirical evidence whether companies that get modified audit opinions tend to be easy or difficult to get funding from outside the company and prove the effect of modified audit opinions on financial constraints. This study uses a panel data model with random effects and is a quantitative study with a hypothesis. The population in this study is manufacturing companies listed on the Indonesia Stock Exchange in 2014-2017. The method used in determining the sample is purposive sampling method. Based on these criteria, as many as 50 companies were selected as samples with a total of observations over four years of 200 firm-years. The independent variable in this study is financial constraint, while the dependent variable is modified audit opinions. The control variables in this study are Size, Leverage, and Growth. The results of the study indicate that Modified audit opinion does not significantly influence financial constraints, meaning Modified audit opinion obtained by the company is not proven to affect the ability of the company to obtain loans. This means that audit opinion does not affect the decision of creditors to provide loans. However, of all types of Modified audit opinions, only an unqualified opinion with an explanatory paragraph about the inconsistency of accounting principles and going concern that negatively affects the decision of creditors in lending.
Highlights
This study aims to investigate and find empirical evidence whether companies that get modified audit opinions tend to be easy or difficult to get funding from outside the company and prove the effect of modified audit opinions on financial constraints
Teori Akuntansi Perekayasaan Pelaporan Keuangan, Edisi Ketiga, Yogyakarta: BPFE-Yogyakarta
Summary
Berdasarkan tabel 1 diatas, sampel dalam penelitian ini adalah sebanyak 200 observasi, variabel independen dalam penelitian ini adalah borrowing cash flow, memiliki mean (rata-rata) sebesar 0.7241 dengan standar deviasi sebesar 0.9637. Variabel Modified audit opinion (MAO) sebagai variabel independen memiliki rata-rata 0.4550 dengan standar deviasi 0.4982. Nilai SIZE maksimum sebesar 14.4708 dan nilai minimum sebesar 11.0014. Nilai Lev maksimum sebesar 1.5711 dan nilai minimum sebesar 0.0767. Variabel Modified audit opinion (MAO) sebagai variabel independen dibagi dengan 4 bagian yaitu mengenai kurang konsistensinya penggunaan prinsip akuntansi (CONS), going concern (going), terlibatnya auditor lain, dan opini disclaimer (WDP). Nilai maksimum sebesar 1 dan nilai minimum sebesar 0. Going memiliki rata-rata sebesar 0.075 dengan standar devisiasi 0.264 dengan nilai maksimum sebesar 1 dan nilai minimum sebesar 0. Audit memiliki rara-rata sebesar 0.04 dengan standar devisiasi 0.1964 dengan nilai maksimum sebesar 1 dan nilai minumum sebesar 0. WDP memiliki nilai rata-rata sebesar 0.005 dengan standar devisiasi 0.0707 dengan nilai maksimum sebesar 1 dan nilai minimum sebesar 0. Hasil analisis model menggunakan Chow Test atau Likelyhood Test pada tabel 3 dan 4 sebagai berikut: Tabel 3 Hasil Chow Test atau Likelyhood Test
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