Analisis Faktor – Faktor Yang Mempengaruhi Nilai Perusahaan Melalui Praktek Manajemen Laba : Studi Pada Perusahaan Yang Terdaftar di Jakarta Islamic Index

ABSTRAK
Penelitian ini bertujuan untuk meneliti pengaruh mekanisme good
corporate governance (diproksikan : kepemilikan institusional, komisaris
independen dan ukuran dewan komisaris), arus kas bebas, ukuran perusahaan,
leverage (diproksikan : DAR) terhadap nilai perusahaan melalui praktek
manajemen laba pada perusahaan yang terdaftar di Jakarta Islamic Index tahun
2010 sampai tahun 2014. Pengambilan sampel menggunakan metode purposive
sampling, diperoleh sebanyak 12 perusahaan sampel dari populasi 56 perusahaan
dengan total observasi 60 unit analisis. Metode pengumpulan data sekunder
dengan tehnik studi dokumentasi berupa laporan keuangan tahunan yang di
publikasikan melalui website www.idx.co.id. Metode analisis data dalam
penelitian ini adalah regresi linier berganda dan path analysis. Hasil penelitian
menunjukkan bahwa kepemilikan institusional, komisaris independen, ukuran
dewan komisaris, arus kas bebas, ukuran perusahaan, dan leverage secara
simultan berpengaruh signifikan terhadap nilai perusahaan yang terdaftar di
Jakarta Islamic Index. Secara parsial kepemilikan institusional, komisaris
independen, ukuran dewan komisaris dan leverage tidak berpengaruh signifikan
terhadap nilai perusahaan sedangkan arus kas bebas dan ukuran perusahaan
berpengaruh positif dan signifikan terhadap nilai perusahaan. Menajemen laba rill
berpengaruh negatif dan siginifikan terhadap nilai perusahaan. Berdasarkan hasil
uji Sobel pada variabel kepemilikan institusional, komisaris independen, ukuran

dewan komisaris, arus kas bebas dan ukuran perusahaan menunjukkan bahwa
manajemen laba rill tidak terbukti sebagai variable intervening. Sedangkan hasil
uji Sobel pada varibael leverage menunjukkan bahwa manajemen laba rill terbukti
sebagai variabel intervening.
Kata kunci : kepemilikan institusional, komisaris independen, ukuran dewan
komisaris, arus kas bebas, ukuran perusahaan, leverage,
manajemen laba rill, nilai perusahaan.

 

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Universitas Sumatera Utara

ABSTRACT
The objective of the research was to analyze the influence of the
mechanism of good corporate governance (proxied as institutional ownership,
independent commissioners, and the size of board of commissioners), free cash
flow, firm size, and leverage (proxied as DAR) on firm value through the practice

of earnings management in companies listed in the Jakarta Islamic Index in the
period of 2010-2014. The samples were 12 companies, taken by using purposive
sampling technique for the population of 56 companies at the total observation of
60 analytical units. Secondary data were gathered by conducting documentary
study like annual financial statement publicized in website, www.idx.co.id. The
gathered data were analyzed by using multiple linear regression analysis and
path analysis. The result of the research showed that institutional ownership,
independent commissioners, the size of board of commissioners, free cash flow,
firm size, and leverage simultaneously had significant influence on the value of
companies listed in the Jakarta Islamic Index. Partially, institutional ownership,
i9ndepndent commissioners, the size of board of commissioners, and leverage did
not have any significant influence on firm value, while free cash flow and firm size
had positive and significant influence on firm value. Based on the result of Sobel
test on the variables of institutional ownership, independent commissioners, the
size of board of commissioners, free cash flow, and firm size, it was found that
real earnings management did not act as intervening variable, while the result of
Sobel test on the variable of leverage showed that real earnings management
acted as intervening variable.

Keywords: Institutional Ownership, Independent Commissioners, Size of Board

of Commissioners, Free cash Flow, Firm Size, Leverage, Real
Earnings Management, Firm Value

 
 
 
 
 
 
 
 
 

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Universitas Sumatera Utara