HASIL PENELITIAN
HASIL PENELITIAN
Statistik Deskriptif dan Korelasi
S ta tistik d e s k r ip tif u n tu k m a s in g -m a sin g v a ria b e l te rik a t d a n v a ria b e l b e b a s
d a p a t d ilih a t p a d a T abel 1 b a ik u n tu k s e lu ru h sam p e l p e ru s a h a a n , p e ru s a h a a n y a n g
d ia u d it o le h T h e B ig 4 , d a n u n tu k sa m p e l p e ru s a h a a n y a n g d ia u d it o le h a u d ito r n o n -
B ig 4. S e d a n g k a n k o re la s i a n ta r v a ria b e l te rd a p a t p a d a T abel 2, b a ik u n tu k s e lu ru h s a m p e l, sam p e l p e ru s a h a a n d e n g a n a u d ito r T h e B ig 4 d a n sam p e l p e ru s a h a a n
d e n g a n a u d ito r n o n -B ig 4.
15 S a la h sa tu p ro k s i d a ri k u a lita s ( in fo r m a ti v e n e s s ) la b a a d a la h u k u ra n p e ru s a h a a n , k a re n a p e ru s a h a a n y a n g le
b ih b e s a r a k a n m e m b e rik a n in f o rm a s i y a n g le b ih b a n y a k . N a m u n p e n e litia n E a s to n d a n Z m ijw s k i ( 1 9 8 9 ) tid a k m e n e m u k a n b u k ti b a h w a u k u r a n p e r u s a h a a n m e r u p a k a n
e x p la n a to r y v a ria b e l u n tu k E R C . A la s a n n y a m u n g k in u k u ra n p e ru s a h a a n ju g a m e r u p a k a n p r o k s i b a g i k a r a k te r is i.k p e ru s a h a a n la in n y a , se p e rti ris ik o d a n p e r tu m b u
h a n ( S c o tt 2 0 0 9 ,1 5 9 ) . P e n e litia n K n e c h e l e t a l. (2 0 0 7 ) d a n B a ls a m e t al. ( 2 0 0 3 ) tid a k m e n e m u k a n b u k ti u k u r a n p e r u s a h a a n b e rp e n g a r u h n e g a ti f s ig n ifik a n te r h a d a p E R C .
58 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 9 , Vol. 6, N o . 1, h a l 4 6 - 70
B e rd a s a rk a n T ab el 1 d a p a t d ilih a t b a h w a m e a n to ta l a s s e ts p e ru s a h a a n y a n g
d ia u d it o le h T h e B ig 4 a d a la h s e b e s a r R p l.8 2 1 .3 6 4 ju ta . N ila i in i m e n u n ju k k a n
b a h w a p e ru s a h a a n y a n g d ia u d it o le h T h e B ig 4 a d a la h je n is p e ru s a h a a n -p e ru s a h a a n
d e n g a n u k u ra n y a n g besar, d e n g a n n ila i ra ta -ra ta to ta l a s s e ts y a n g ja u h le b ih b e s a r
d ib a n d in g k a n p e ru s a h a a n y a n g d ia u d it o le h a u d ito r n o n -B ig 4 (R p 8 8 7 .2 4 9 j u t a ) 16.
H a l ini m e n u n ju k k a n sp esifik a si k a ra k te ristik p e ru s a h a a n y a n g d ija d ik a n sam p e l. Tabel 1
Statistik Deskriptif
Klien Big4 & Non-Big4
Klien Big4 (n = 139)
Klien Non-Big4
(n = 68)
(n= 71)
Mean Median S tt L D e v CAR
Variabel Mean Median
0,i54 0 ,1 3 0 0 ,1 8 5 BETA
= Cummulatif abnormal return b e r d a s a rk a n m o d e l p a s a r s e la m a s a tu ta h u n d ih itu n g p a d a a w a l ta h u n d a n a k h ir ta h u n UER
= Unexpected earnings,
u n tu k p e r u s a h a a n i y a n g d ih itu n g b e r d a s a rk a n m o d e l random walk,
y a itu
earning surprise
y a itu E P S p a d a a k h ir ta h u n t d ik u r a n g i E P S ta h u n s e b e lu m n y a t- 1 , d is k a la d e n g a n n ila i n o m in a l s a h a m b ia s a TA
= N ila i total assets
d a la m ju t a a n ru p ia h
M TB = a d a la h n ila i p a s a r e k u ita s d ib a g i d e n g a n n ila i b u k u e k u ita s LEV
= leverage , y a itu ra s io to ta l k e w a jib a n
(debt) te r h a d a p
to t a l a s s e t
GRW
= a d a la h t in g k a t ra ta - r a ta p e r tu m b u h a n p e n ju a la n p e r u s a h a a n k lie n s e la m a 3 ( tig a ) ta h u n te r a k h ir BETA
= a d a la h u k u r a n r is ik o s is te m a tis d ih itu n g d e n g a n m e n g g u n a k a n b e ta k o r e k s i s e la m a 12 b u la n LEAD
= a d a la h ju m l a h a k a r d a ri total assets k lie n d a la m s a tu s u b - in d u s tri d is k a la d e n g a n j u m l a h a k a r d a ri total assets
s e lu ru h k lie n a u d ito r d a la m in d u s tr i m a n u f a k tu r D O M IN A N
= d ib e ri a n g k a 1 j i k a a u d ito r m e n g u a s a i m in im a l 1 5 % d a ri ju m l a h to ta l k lie n d a la m s a tu s u b - in d u s tr i, d a n O jik a la in n y a JKLIEN
= a d a la h ju m l a h to ta l k lie n y a n g d ia u d it d a la m s a tu s u b - in d u s tr i
y a n g d itu n ju k k a n d e n g a n s ta n d a r d e v ia s i s e h in g g a m e n y e b a b k a n m a s a la h h e te ro s k e d a s tis ita s . H a l in i te la h d ia ta s i d e n g a n
16 T e rd a p a t p e rb e d a a n y a n g sig n ifik a n d a la m
to t a l a s s e ts ,
w h ite h e t e r o s c h e d a s t ic ity d a la m p r o g r a m E v ie w s v e rs i 6 .0 s e b e lu m p e n g u jia n se la n ju tn y a .
H e r u s e ty a , P e n g a r u h U k u r a n A u d i t o r d a n S p e s ia lis a s i A u d i t o r T e r h a d a p . 59
T in g k a t p e rtu m b u h a n k lie n a u d ito r T h e B ig 4 j u g a b e rb e d a , m e d ia n M T B
d a n m e d ia n G R W 17 d ib a n d in g k a n k lie n a u d ito r n o n -B ig 4 m a sin g m a sin g 1,15,
d a n 0 ,1 3 ; d e n g a n 0 ,6 5 d a n 0 ,1 5 . P e ru s a h a a n d e n g a n a u d ito r T h e B ig 4, m e m ilik i ris ik o siste m a tis ( m e a n B E T A ) y a n g le b ih re n d a h d a ri p e ru s a h a a n d e n g a n a u d ito r n o n -B ig 4 (0 ,0 7 8 d ib a n d in g k a n d e n g a n 0 ,0 8 3 ). T erak h ir, tin g k a t le v e r a g e (m e a n L E V ) k lie n d e n g a n a u d ito r n o n -B ig 4 y a n g le b ih k e c il d ari T h e B ig 4 , m e n u n ju k k a n k o n d isi y a n g tid a k k o n siste n d e n g a n te o ri, d im a n a u m u m n y a p e ru s a h a a n b e sa r s e c a ra r e la tif m e m ilik i tin g k a t le v e r a g e y a n g le b ih tin g g i. M e a n d a n m e d ia n ju m la h k lie n d a ri a u d ito r T h e B ig 4 (b a ik d e n g a n sp e sia lis a s i d a n n o n -s p e s ia lis a s i in d u stri) m a s in g -m a sin g 9 ,4 8 d a n 6,0 0 .
Tabel 2 M a t r i k s K o r e l a s i V a r ia b e l B e b a s d a n T e r ik a t
Panel A (Klien Auditor Bie4dan Non--Big41 Variabel
GRW BETA CAR
Panel B (Klien Auditor non-Bie4^ Variabel
GRW BETA CAR
y a n g b e ra r ti m e y e b a b k a n d a ta b e r s if a t 's k e w e d ', s e h in g g a d ig u n a k a n median
17 A d a n y a p e rb e d a a n mean
dan
m e d ia n
k e tim b a n g mean s e b a g a i p e rb a n d in g a n .
60 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 9 , Vol. 6, N o . I, h a l 4 6
P a n e l C ( K l i e n A u d i t o r B ig 4 ~ ) Variabel
GRW BETA
CAR 1,000 UER
= Cummulatif abnormal return b e rd a s a rk a n m o d e l p a s a r s e la m a s a tu ta h u n d ih itu n g p a d a a w a l ta h u n d a n a k h ir ta h u n UER
earning surprise
y a itu E P S p a d a a k h ir ta h u n t d ik u r a n g i E P S ta h u n s e b e lu m n y a t- 1 , d is k a la d e n g a n n ila i n o m in a l sa h a m b ia s a LEAD
= a d a la h ju m la h a k a r d a ri to t a l a s s e t s k lie n d a la m s a tu s u b - in d u s tri d is k a la d e n g a n j u m la h a k a r d a ri t o t a l a s s e ts s e lu r u h k lie n a u d ito r d a la m in d u s tri m a n u la k tu r DOMINAN
= d ib e ri a n g k a 1 ji k a a u d ito r m e n g u a s a i m in im a l 15% d a ri j u m la h to ta l k lie n d a la m s a tu s u b - in d u s tri, d a n 0 j i k a la in n y a JKLIEN
= a d a la h ju m la h to ta l k lie n y a n g d ia u d it d a la m s a tu s u b - in d u s tri MTB
= a d a la h n ila i p a s a r e k u ita s d ib a g i d e n g a n n ila i b u k u e k u ita s LNTA
= n a tu ra l lo g a r ith m d a ri to t a l a s s e ts LEV
( d e b t) te r h a d a p total asset GRW
= le v e r a g e ,
y a itu ra s io to ta l k e w a jib a n
= a d a la h tin g k a t ra ta -ra ta p e rtu m b u h a n p e n ju a la n p e ru s a h a a n k lie n s e la m a 3 (tig a ) ta h u n te r a k h ir BETA
= a d a la h u k u ra n ris ik o s is te m a tis d ih itu n g d e n g a n m e n g g u n a k a n b e ta k o re k s i s e la m a 12 b u la n
D a ri ta b e l k o re la si P e a rs o n s, ta m p a k k o re la si a n ta r v a ria b e l in d e p e n d e n
c u k u p w a ja r se h in g g a tid a k a d a p e rm a sa la n d a lam m u ltik o lin ie rita s. K o re la si
a n ta r v a ria b e l in d ik a to r sp e sia lis a si in d u stri d ari a u d ito r B ig 4 , m e m ilik i k o re la si m o d e ra t. M isa ln y a JK L IE N d e n g a n L E A D m e m ilik i k o re la si 0 ,5 5 ; D O M IN A N
d e n g a n L E A D 0 ,4 1 ; d a n J K L IE N d e n g a n L E A D 0,3 4. N a m u n k a re n a p e n g u jia n
e m p iris h a n y a d ila k u k a n satu p e r sa tu u n tu k m a sin g -m a sin g p e n g u k u ra n sp e sia lis a si in d u s tri, m a k a tid a k d ip e rlu k a n lag i p e n g u jia n m u ltik o lin ie rita s.
H e r u s e ty a , P e n g a r u h U k u r a n A u d ito r d a n S p e s ia lis a s i A u d i t o r T e r h a d a p . 61
Hasil Pengujian Empiris
T abel 3 m e n u n ju k k a n h a sil re g re si se lu ru h p e n g u jia n a ta s h ip o te s is p e rta m a (H ,)
d a n k e d u a (H 2).
H asil Pengujian Hipotesis Pertama (H)
P e n g u jia n te rh a d a p H , p a d a ta b e l 3 d e n g a n s e lu ru h sa m p e l (n = 139) m e n u n ju k k a n tid a k te rd a p a tn y a p e rb e d a a n k u a lita s a u d ito r T h e B ig 4 d a n n o n -B ig
4 a ta s k u a lita s ( in fo r m a tiv e n e s s ) la b a y a n g d itu n ju k k a n d e n g a n E R C . K o e fisien U E R * B IG 4 m e n u n ju k k a n ta n d a n e g a tif tid a k sig n ifik a n (-0 ,5 2 )— b e rb e d a d e n g a n p e n e litia n s e b e lu m n y a y a n g m e m ilik i ta n d a p o sitif. W a la u p u n m o d e l p e n e litia n
s e c a ra k e se lu ru h a n m e m ilik i F -sta tis tik 3 ,5 1 , n a m u n v a ria s i a d ju s te d R 2 c u k u p re n d a h y a itu s e b e s a r 0,13.
P e n g u jia n a tas v a ria b e l k o n tro l m e n u n ju k k a n h a sil seb a g a i b e rik u t. H a sil in te ra k si U E R d e n g a n M T B k o n s iste n d e n g a n p e n e litia n se b e lu m n y a y a n g m e n u n ju k k a n h u b u n g a n a so sia si p o s itif s ig n ifik a n (0 ,1 3 3 d e n g a n tin g k a t sig . 5 % ), y a n g b e ra rti p e rtu m b u h a n p e ru s a h a a n m e m b e rik a n sig n a l y a n g p o s itif te rh a d a p p asar. K o n siste n ju g a d e n g a n p e n e litia n s e b e lu m n y a , h a sil in te ra k si U E R d e n g a n
L E V d a n B E T A m e n u n ju k k a n a d a n y a a so s ia si n e g a tif s ig n ifik a n (d e n g a n tin g k a t sig. 1% ), m a s in g -m a sin g s e b e s a r -3 ,4 7 d a n -2 5 ,0 4 . H a l ini m e n g im p lik a s ik a n
b a h w a p e ru s a h a a n d e n g a n tin g k a t le v e r a g e d a n risik o y a n g le b ih tin g g i m e m ilik i
E R C y a n g le b ih re n d a h . S e d a n g k a n p e n g u jia n in te ra k si U E R * L N T A m e n u n ju k k a n tid a k a d a n y a h u b u n g a n a so sia si y a n g sig in ifik a n d e n g a n C A R , k o n s is te n d e n g a n
h a sil p e n e litia n B a lsa m e t al. (2 0 0 3 ) d a n K n e c h e l e t al. (2 0 0 7 ).
D a p a t d is im p u lk a n d ari h a sil p e n g u jia n a ta s h ip o te s is p e rta m a (H ,) te rs e b u t di a ta s m a sih b e lu m d a p a t m e m b e rik a n b u k ti a d a n y a p e rb e d a a n d a la m k u a lita s a u d it y a n g te rc e rm in d a la m k u a lita s la b a (d iu k u r d e n g a n E R C ), b a h w a k u a lita s a u d it y a n g
d itu n ju k k a n d e n g a n u k u ra n p e ru s a h a a n k a n to r a k u n ta n p u b lik (T h e B ig 4 a ta u n o n -
B ig 4 ). P e n g u jia n s e la n ju tn y a in g in m e m b u k tik a n a p a k a h h a n y a d e n g a n sa m p e l p e ru s a h a a n y a n g d ia u d it o le h a u d ito r T h e B ig 4 , d a p a t d ib e d a k a n b a h w a a u d ito r
d e n g a n sp esia lisasi in d u stri le b ih m e m ilik i k u a lita s la b a d itu n ju k k a n d e n g a n E R C
d ib a n d in g k a n p e ru s a h a a n y a n g d ia u d it o le h a u d ito r ta n p a sp e sia lisa s i.
H asil Pengujian Hipotesis Kedua (HJ
H a sil p e n g u jia n h ip o te s is k e d u a (H 2) te rd a p a t p a d a T ab el 2 d e n g a n m e n g g u n a k a n 3 p e n g u k u ra n a u d ito r d e n g a n sp e sia lis a si in d u s tri, L E A D , D O M IN A N , d a n J K L IE N
d e n g a n sam p e l y a n g s a m a (n = 71). K e tig a m o d e l p e n g u jia n , L E A D , D O M IN A N ,
d a n J K L IE N m e m b e rik a n n ila i F -s ta tis tik sig n ifik a n se m u a , m a s in g -m a s in g 4 ,9 3 ;
4 ,8 6 ; d a n 4 ,8 7 . D e n g a n a d ju s te d R 2 m a s in g -m a s in g u n tu k L E A D , D O M IN A N , d a n
62 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 9 , Vol. 6, N o . 1, h a l 4 6 - 70
JK L IE N a d a la h 0 ,3 1 0 ; 0 ,3 0 6 ; d a n 0 ,3 0 7 , d im a n a m o d e l d e n g a n sa m p e l p e ru s a h a a n y a n g d ia u d it o le h a u d ito r th e B ig 4 (n = 71) m e m ilik i tin g k a t v a ria si y a n g leb ih
b e s a r d ib a n d in g k a n d e n g a n se lu ru h sam p e l (n = 139) s e b e s a r 0 ,1 2 7 .
H a sil p e n g u jia n m e n u n ju k k a n b a h w a tid a k te rd a p a t a so sia si p o s itif a n ta ra
C A R d a n U E R , te rlih a t d ari k o e fisie n U E R u n tu k k e tig a p e n g u k u ra n s p e sia lisa si in d u s tri n e g a tif tid a k sig n ifik a n , d a n b e rb e d a a ra h d e n g a n p e n e litia n s e b e lu m n y a . K o e fis ie n u k u ra n E R C y a n g m e m b e d a k a n a u d ito r d e n g a n sp e s ia lis a s i u n tu k k e tig a
uk U ran L E A D , D O M IN A N , d a n JK L IE N ju g a tid a k sig n ifik an . M a s in g -m a s in g p o s itif tid a k sig n ifik a n u n tu k L E A D d a n D O M IN A N s e b e sa r 11,05 d a n 0 ,1 4 , d an n e g a ti f tid a k sig n ifik a n u n tu k v a ria b e l JK L IE N s e b e s a r -0 ,0 2 .
S e d a n g k a n v a ria b e l e stim a si U E R * N E G m e n u n ju k k a n a so s ia si n e g a tif sig n ifik a n te rh a d a p C A R u n tu k k e tig a u k u ra n L E A D , D O M IN A N , d a n JK L IE N , m a s in g -m a s in g 0,011 (p a d a le v e l 5% ), -0 ,9 7 7 (p a d a le v el 10% ), d a n -0 ,9 6 7 (p a d a le v e l 10% ). H a l in i k o n s is te n d e n g an p e n e litia n s e b e lu m n y a , b a h w a p a s a r leb ih m e m b e ri p e n ila ia n n e g a tif p a d a p e ru s a h a a n d e n g a n u n e x p e c te d e a r n in g n e g a t i f
d ib a n d in g k a n p e ru sa h a a n d e n g a n u n e x p e c te d e a r n in g p o s itif. S e d a n g k a n p e n g u jia n te rh a d a p v a ria b e l k o n tro l a d a la h s e b a g a i b e rik u t. K o e fis ie n in te ra k si v a ria b e l k o n tro l U E R * M T B u n tu k k e tig a p e n g u k u ra n L E A D ,
D O M IN A N , d a n J K L IE N m e n u n ju k k a n k o n s iste n d e n g a n p e n e litia n s e b e lu m n y a y a itu p o s itif sig n ifik a n (d e n g a n tin g k a t sig. 1% ) m a sin g -m a s in g 0 ,2 5 7 , 0 ,2 4 6 ,
0 ,2 4 9 . S e d a n g k a n k o e fisie n in te ra k si U E R * L E V ju g a k o n s iste n d e n g a n p e n e litia n s e b e lu m n y a u n tu k k e tig a p e n g u k u ra n L E A D , D O M IN A N , d a n JK L IE N , y a itu n e g a ti f sig n ifik a n (d e n g a n tin g k a t sig .5 % m a sin g -m a sin g ) -4 ,8 4 , -4 ,7 6 , -4 ,5 1 . K o e fis ie n in te ra k si U E R * B E T A , U E R * L N T A , d a n U ER .*G R W u n tu k k e tig a u k u ra n tid a k sig n ifik a n sem u a . P e n je la sa n y a n g a d a a d a la h a d a n y a k e m u n g k in a n
s e m u a v a ria b e l te rse b u t s u d a h te rc e rm in p a d a k o e fisien U E R * M T B se b a g a i u k u ra n
d a ri p e rtu m b u h a n d a n ris ik o , s e b a g a im a n a y a n g d in y a ta k a n E a sto n d a n Z m ije w s k i (1 9 8 9 ) d a la m S c o tt (2 0 0 9 ). H a sil p e n g u jia n y a n g d ila k u k a n o le h B a ls a m e t al. (2 0 0 3 ) d a n K n e c h e l e t al. (2 0 0 7 ) ju g a m e n u n ju k k a n tid a k a d a n y a h u b u n g a n a so sia si s ig n ifik a n a n ta ra C A R d a n to ta l a s s e t seb a g a i p ro k si dari u k u ra n p e ru s a h a a n .
R in g k a s a n h a sil p e n g u jia n h ip o te sis k e d u a (H 2) p a d a T ab el 3 d a p a t
d is im p u lk a n b a h w a tid a k d ite m u k a n b u k ti y a n g c u k u p b a h w a p e ru s a h a a n a ta u k lie n y a n g d ia u d it o le h T h e B ig 4 d e n g a n sp esia lisasi in d u stri b e rb e d a d a la m k u a lita s
a u d itn y a d ib a n d in g k a n d e n g a n p e ru s a h a a n y a n g d ia u d it o leh n o n -B ig 4. A ta u d e n g a n p e rk a ta a n la in , k u a lita s la b a p e ru s a h a a n (y a n g d iu k u r d e n g a n E R C ) y a n g d ia u d it o le h a u d ito r T h e B ig 4 d e n g a n sp esia lisasi tid a k b e rb e d a d e n g a n k u a lita s la b a d a ri p e ru s a h a a n y a n g d ia u d it o le h a u d ito r T h e B ig 4 ta n p a sp e sia lisa si in d u stri.
7 , UER+ y2 UER* NEG „ + y} UER „* BIG4+ yA UER* MTB
+ y5 U E R ,t * L N T A . +
y1 UER*GRW. + 7 8 U E R . ( * B E T A ., + Z7T9TAHUNil+ l 7 11 , )]0 U E R . ( * I N D U S T R I „ + e it ----------------
y6 UER. * LEV+
\ UER*LNTA \ U E R it * L E V jt + X 1 UER. *GRWu + X 8 UER. * BETA
+ Z \ 9 T A H U N it + I X 110 U E R . , - I N D U S T R I , + e it
Model
Model persamaan (2) Pengujian Tambahan
Persamaan (1)
Koefisien Estimasi (t-stat)
THHSHZNT
BIG4
KLIEN AUDITOR BIG4 NON-BIG4 Ukuran Spesialisasi Industri
V a r ia b e l Prediksi
JKLIEN I n te rc e p t
-0 .8 1 0 0 .7 1 8 UER*NEG
- 1 .9 6 7 -0 .3 0 5 UER*LEAD
UER* MTB
3.41 3 .4 6 9 0 .7 8 3 UER*LNTA
1 .185 -0 .1 1 0 UER*LEV
-2 .4 9 2 -1 .6 4 3 UER*GRW
- 0 .9 3 7 0 .2 2 9 UER*BETA
-0 .3 1 5 -1 .4 1 9 TAHUN
NR NR U E R * IN D U S T R 1
NR
NR
NR
NR NR F -v a lu e
NR
NR
NR
4.8 71 1 .4 2 6 A d ju s te d R 2
0 .3 0 7 0 .0 4 3 n
71 71 71 68 * * * , **, d a n * m e n u n ju k k a n m a s in g - m a s in g tin g k a t s ig n if ik a n p a d a le v e l 1% , 5 % , 1 0 %
o n e t a i l te s t, k e c u a li u n tu k ta n d a y a n g tid a k d ip r e d ik s i m e n g g u n a k a n
tw o t a i l tes t.
64 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 9 , Vol. 6, N o . I, h a l 4 6 - 70
D e fin isi v a ria b le : CAR
= C u m m u l a t i f a b n o r m a l r e tu r n b e rd a s a rk a n m o d e l p a s a r s e la m a s a tu ta h u n d ih itu n g p a d a a w a l ta h u n d a n a k h ir ta h u n UER
= U n e x p e c t e d e a r n in g s , y a itu e a r n i n g s u r p r is e u n tu k p e ru s a h a a n i y a n g d ih itu n g b e rd a s a rk a n model r a n d o m w a lk , y a itu E P S p a d a a k h ir ta h u n t d ik u r a n g i E P S ta h u n s e b e lu m n y a t-1 , d is k a la d e n g a n n ila i n o m in a l sa h a m b ia s a B IG 4
= d ib e r i a n g k a 1 j i k a a u d ito r a d a la h T h e B ig 4 ; 0 j i k a la in n y a NEG
a d a la h n e g a tiv e ; O jik a la in n y a SPCL
= d ib e r i n ila i 1, j i k a
unexpected earning
= a d a la h v a r ia b le p e n g u k u r a n u n tu k a u d ito r T h e B ig 4 d e n g a n s p e s ia lis a s i in d u s tri, y a n g d iu k u r d e n g a n v a ria b le L E A D , D O M I N A N , d a n J K L IE N LEAD
= a d a la h ju m la h a k a r d a ri t o t a l a s s e ts k lie n d a la m s a tu s u b - in d u s tri d is k a la d e n g a n ju m la h a k a r d a ri t o t a l a s s e ts
s e lu ru h k lie n a u d ito r d a la m in d u s tri m a n u f a k tu r DOMINAN
= d ib e r i a n g k a 1 j i k a a u d ito r m e n g u a s a i m in im a l 15% d a ri ju m la h to ta l k lie n d a la m sa tu s u b - i n d u s t r i ; d a n O jik a la in n y a J K L IE N
= a d a la h ju m la h to ta l k lie n y a n g d ia u d it d a la m s a tu su b - in d u s tri MTB
= a d a la h n ila i p a s a r e k u ita s d ib a g i d e n g a n n ila i b u k u e k u ita s LNTA
= a d a la h tin g k a t ra ta - ra ta p e rtu m b u h a n p e n ju a la n p e ru s a h a a n k lie n s e la m a 3 (tig a ) ta h u n te r a k h ir BETA
= a d a la h u k u ra n ris ik o s is te m a tis d ih itu n g d e n g a n m e n g g u n a k a n b e ta k o re k s i s e la m a 12 b u la n TAHUN
= d ib e r i n ila i 1 u n tu k ta h u n fisk a l i, d an 0 u n tu k la in n y a IN D U S T R I
= d ib e r i n ila i 1 u n tu k j e n i s s u b - in d u s tri I, d a n 0 u n tu k la in n y a
B e rb e d a d e n g a n h a sil p e n e litia n K w o n e t al. (2 0 0 7 ) d im a n a d ite m u k a n
b u k ti b a h w a p a d a n e g a ra d e n g a n le g a l s y s te m y a n g leb ih re n d a h (m isa ln y a n e g a ra In d o n e s ia ) a k a n m e m ilik i le v e l E R C y a n g le b ih tin g g i p a d a k lie n y a n g d ia u d it o le h a u d ito r d e n g a n sp e s ia lis a si in d u stri. P e n je la sa n y a n g m u n g k in m e n g a p a tid a k te rd a p a t b u k ti p e rb e d a a n d a la m k u a lita s a u d it a n ta ra a u d ito r T h e B ig 4 d a n n o n -B ig
4 , m a u p u n a u d ito r T h e B ig 4 d e n g a n sp esia lisasi in d u stri d a n n o n -s p e sia lisa si ad a la h k e m u n g k in a n te rd a p a t k u a lita s a u d it y a n g sa n g a t k o m p ro m i o le h k a re n a k u ra n g n y a
a tu ra n m e n g e n a i in d e p e n d e n s i au d ito r, seh in g g a s u lit d iu k u r p e n g a ru h n y a te rh a d a p k u a lita s la b a sesu ai d e n g a n h a sil p e n e litia n M a rc h e si (2 0 0 0 ). In d e p e n d e n si a u d ito r
d i In d o n e s ia te rm a s u k K A P T h e B ig 4 p e rlu d ip e rta n y a k a n , s eb a b m e n u ru t p e n e litia n
B a m b e r d a n Iy e r (2 0 0 7 )— y a n g m e n g u j i h u b u n g a n a u d ito r d e n g a n id e n tifik a si a u d ito r te rh a d a p k lie n n y a di n e g a ra la in — d a p a t m e n y e b a b k a n b e rk u ra n g n y a o b y e k tifita s
d a la m p e rtim b a n g a n k e p u tu s a n p ro fe si aud ito r. K e m u n g k in a n p e n je la sa n k e d u a
a d a la h k a re n a re a k si in v e sto r te rh a d a p p a sa r m o d a l di In d o n e s ia m a sih le m a h . In i k e m u n g k in a n d is e b a b k a n o le h k e tid a k e fisie n a n p a sa r se h in g g a tid a k d a p a t
d ita n g k a p o le h E R C seb a g a i p ro k s i p e n g u k u ra n k u a lita s laba. H a l in i sesu ai d e n g a n
h a s il p e n e litia n A li d a n H u a n g (2 0 0 0 ) se rta H u n g (2 0 0 1 ) y a n g m e n e m u k a n b u k ti
b a h w a in fo r m a tiv e n e s s la b a le b ih re n d a h p a d a n e g a ra d e n g a n le g a l e n fo r c e m e n t y a n g lem ah .
H e r u s e ty a , P e n g a r u h U k u r a n A u d i t o r d a n S p e s ia lis a s i A u d i t o r T e r h a d a p . 65
Pengujian Tambahan
H a sil p e n g u jia n a tas h ip o te s is p e rta m a d a n k e d u a tid a k m e m b e rik a n b u k ti y a n g m e n d u k u n g p e n e litia n s e b e lu m n y a . O le h k a re n a itu d ia d a k a n p e n g u jia n ta m b a h a n y a n g m e lip u ti p e n g u jia n a ta s sen sitifitas p e n g u k u ra n s p e s ia lisa si in d u stri d a n p e n g u jia n k h u s u s u n tu k p e ru sa h a a n d e n g a n a u d ito r n o n -B ig 4.
P e n g u jia n d e n g a n S a m p e l P e r u s a h a a n A u d i to r n o n - B ig 4 P e n g u jia n s e b e lu m n y a in g in m e lih a t a p a k a h te rd a p a t p e rb e d a a n d a lam k u a lita s a u d it y a n g d ila k u k a n o le h a u d ito r T h e B ig 4 d e n g a n n o n -B ig 4 te rh a d a p k u a lita s la b a y a n g d iu k u r d e n g a n E R C . N a m u n tid a k te rd a p a t b u k ti y a n g m e n d u k u n g p e n e litia n s e b e lu m n y a b a h w a a u d ito r th e B ig 4 m e m ilik i k u a lita s a u d it y a n g le b ih tin g g i d a ri a u d ito r n o n -B ig 4 , te rc e rm in d ari E R C y a n g le b ih tin g g i.
P e n e litia n -p e n e litia n s e b e lu m n y a m e n g u ji sa m p e l p e n g u jia n p a d a p a sa r y a n g te la h b e rk e m b a n g , k h u s u sn y a di n e g a ra d e n g a n p a s a r m o d a l y a n g le b ih efisien ,
d e n g a n p e rlin d u n g a n in v e sto r y a n g le b ih tin g g i d a n siste m h u k u m y a n g le b ih k u at. S e m u a in i m e ru p a k a n fa k to r k u n c i d a la m k o n te k s p e n g u jia n — d im a n a v a lid ita s d a ta le b ih a k u ra t, le b ih d a p a t d ia n d a lk a n , te rs e d ia d a ta b a s e y a n g m e m a d a i, d a n re a k si p a s a r te rg o lo n g s e m i stro n g . N a m u n u n tu k le b ih m e n y a k in k a n h a s il p e n e litia n p a d a
b a g ia n s e b e lu m n y a y a n g b e lu m te rb u k ti, p e n u lis m e la k u k a n p e n g u jia n ta m b a h a n u n tu k m e lih a t a p a k a h te rd a p a t h u b u n g a n a so sia si C A R d e n g a n U E R u n tu k p e ru s a h a a n d e n g a n a u d ito r n o n -B ig 4 , d e n g a n sa m p e l 68 p e ru s a h a a n y a n g d ia u d it o le h a u d ito r n o n -B ig 4.
H a sil p e n g u jia n ta m b a h a n in i te rd a p a t p a d a T ab el 3. K e sim p u la n p e n g u jia n ta m b a h a n j u g a tid a k m e m b e ri b u k ti y a n g m e m a d a i b a h w a p a s a r b e re a k s i s ig n ifik a n te rh a d a p p e ru s a h a a n y a n g d ia u d it o le h a u d ito r n o n -B ig 4 (k o e fisie n U E R d a n U E R * N E G tid a k sig n ifik a n ). V ariab el k o n tro l la in n y a j u g a tid a k a d a sa tu p u n y a n g
sig n ifik a n y a n g m e n c e rm in k a n a d a n y a h u b u n g a n a so sia si d e n g a n C A R . B a h k a n adjusted R 2 s a n g a t re n d a h y a itu 0 ,0 43 d a n F -s ta tis tik tid a k sig n ifik a n (1 ,4 3 ).
P e n g u jia n S e n s itifita s P e n g u k u r a n A u d i to r S p e s ia lis a s i I n d u s tr i J ik a p a d a p e n g u jia n se b e lu m n y a , m e n g g u n a k a n p e n g u k u ra n v a ria b e l
D O M IN A N s e b e s a r 15 p e rs e n , m a k a p e n g u jia n sen sitifitas v a ria b e l D O M IN A N k in i m e n g g u n a k a n a m b a n g b a ta s 30 p e rse n seb a g a i d a sa r s p e s ia lis a s i in d u s tri m e n g ik u ti K n e c h e l e t al. 2 0 0 7 . D e n g a n sa m p e l y a n g s a m a (71 p e ru s a h a a n ), d ip e ro le h F -s ta tis tik sig n ifik a n 4 ,8 8 d a n a d ju s te d R 2 s e b e s a r 0 ,307. N a m u n p e n g u jia n (u n ta b u la te d ) m e n u n ju k k a n k o e fisie n e stim a si y a n g tid a k b e rb e d a d e n g a n p e n g u jia n v a ria b e l
D O M IN A N d e n g a n 15 p e rs e n , d im a n a tid a k te rd a p a t p e rb e d a a n sig n ifik a n a p a k a h p e ru s a h a a n y a n g d ia u d it o le h a u d ito r d e n g an s p e sia lis a s i in d u s tri a ta u ta n p a
66 J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia , J u n i 2 0 0 9 , Vol. 6, N o . 1, h a l 4 6 - 70
s p e s ia lis a s i in d u stri. P e n g u jia n te rh a d a p v a ria b e l k o n tro l la in n y a , m e n y im p u lk a n
b a h w a k o e fisie n e stim a s i v a ria b e l in te ra k si U E R * M T B d a n U E R * L E V m a sin g - m a s in g m e m ilik i h u b u n g a n a so s ia si sig n ifik a n p o s itif (p a d a t a r a f n y a ta 1% ) dan n e g a tif (p a d a ta r a f n y a ta 1% ) y a itu s e b e sa r 0 ,2 5 d a n -4 ,7 4 te rh a d a p C A R .