PENGARUH UKURAN AUDITOR DAN SPESIALISASI

PENGARUH UKURAN AUDITOR DAN SPESIALISASI AUDITOR TERHADAP KUALITAS LABA

Antonius Herusetya1

U n iv e r s ita s P e lita H a r a p a n

a h e ru se ty a @ y a h o o .c o m

Abstract

P r io r rese a rc h h a d d o c u m e n te d th a t The B ig 4 a u d ito r s h a v e h ig h e r a u d it q u a lity th a n n o n -B ig 4 a u d ito rs (Teoh a n d W ong 1993), a n d The B ig 4 a u d ito r s w ith in d u str y s p e c ia liz a tio n h a v e h ig h e r a u d it q u a lity tha n T he B ig 4 a u d ito r s w ith o u t s p e c ia liz a tio n (B a lsa m e t al. 2003; K n e c h e l e t al. 2 0 0 7 ; B e h n e t al. 2 0 0 8 ; R o m a n u s e t al. 200 8). With th e s a m p le o f 139 fir m y e a r s fr o m m a n u fa c tu rin g p u b lic c o m p a n ie s lis te d in b u r s a E fe k

In d o n e s ia in th e y e a r 2 0 0 5 a n d 2006, this s tu d y e x a m in e s w h e th e r th e p u b lic c o m p a n ie s

a u d ite d b y T he B ig 4 a u d ito rs has h ig h e r e a rn in g s q u a lity (m e a su r e d b y e a rn in g re sp o n se c oe ffic ie n t) th an the n o n -B ig 4 au ditors. This s tu d y a ls o e x a m in e s w h e th e r The

B ig 4 a u d ito rs w ith in d u str y sp e c ia liz a tio n ha s h ig h e r e a rn in g s q u a lity th a n T he B ig 4

a u d ito r s w ith o u t in d u str y spe c ia liza tio n . This s tu d y p r o v id e s no e v id e n c e th a t th e re is

a n ea rn in g s q u a lity d iffe re n c e b e tw ee n p u b lic co m p a n ie s a u d ite d b y T he B ig 4 a u d ito rs

a n d n o n -B ig 4 au ditors, a n d b e tw e e n a ud ito rs w ith in d u s try s p e c ia liz a tio n a n d w ith o u t s p e c ia liza tio n . T he a d d itio n a l tests o n p u b lic c o m p a n ie s a u d ite d b y n o n -B ig 4 a u d ito rs p r o v id e no e v id e n c e w h e th e r the re is a n a s so c ia tio n b e tw e e n C A R a n d u n e x p e c te d

e a r n in g (U E R ). C o n sis te n t w ith th e m a in result, th e s e n s itiv ity te st on s p e c ia liz a tio n m e a su r e m e n t also g iv e e v id e n c e th a t The B ig 4 a u d ito rs are n o t d iffe r fr o m th e n o n -B ig

4 aud ito rs. T his s tu d y p r o v id e s s o m e evid en ce, c o n s is te n t w ith p r i o r s tu d ie s th a t th e m a r k e t n e g a tiv e ly reac ts h ig h e r o n th e c o m p a n ie s w ith n e g a tiv e u n e x p e c te d e arn ing s,

a n d w ith h ig h e r le ve ra g e; a n d p o s itiv e ly re ac ts h ig h e r o n th e high g r o w th c o m p a n ie s

a u d ite d b y T he B ig 4 aud itors. This s tu d y le a v e s s o m e a m b ig u o u s resu lts r e g a rd in g th e a u d it q u a lity o f a u d ito rs a n d e a rn in g q u a lity o f p u b lic c o m p a n ie s in th e c o n te x t o f In d o n e sia , a n d p r o v id e s s o m e o p p o rtu n itie s f o r f u r t h e r in d e p th re se a rc h in th e se areas.

Keywords: audit quality, earning quality, unexpected earning, cumulative

abnormal return, earning response coefficient

1 S a a t in i s e d a n g m e n e m p u h p e n d id ik a n di P ro g r a m D o k to ra l P a s c a S a rja n a Ilm u A k u n ta n s i (P IA ) U n iv e rs ita s I n d o n e s ia

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 . 47

PENDAHULUAN

P e ra n a n a u d itin g d a n k u a lita s a u d it (a u d it q u a lity ) y a n g d ila k u k a n o le h K a n to r A k u n ta n T h e B ig 4 2 d a la m m e m a stik a n k u a lita s la b a p e ru s a h a a n te la h m e n ja d i s o ro ta n u ta m a , k h u s u s n y a s e ja k b e rk e m b a n g n y a m a s a la h e a r n in g r e s ta te m e n t y a n g

d ila k u k a n o le h p a ra m a n a je m e n p e ru s a h a a n s e rta tim b u ln y a k a s u s E n ro n (D e fo n d

d a n F ra n c is 20 0 5 ; Jen k in s e t al. 2 0 0 6 ; R o m a n u s e t al. 2 0 0 8 ). S tu d i di A m e rik a te la h m e m b u k tik a n a d a n y a p e n u ru n a n d a la m e a r n in g q u a lity p a d a a k h ir ta h u n 19 9 0 a n s e rta m e m p e rta n y a k a n p e ra n e fe k tifita s a u d itin g d a la m m e n g h a m b a t p e n u ru n a n

d a la m k u a lita s la b a (Je n k in s e t al. 2 0 0 6 ). S tu d i-stu d i di A m e rik a j u g a m e n e m u k a n

b a h w a b a n y a k p e ru s a h a a n m e m a n fa a tk a n fle k s ib ilita s y a n g d iijin k a n d a la m s ta n d a r

a k u n ta n s i d e n g a n c a ra m e m a n ip u la s i a c c r u a l u n tu k tu ju a n p e la p o ra n la b a (M e e k

d a n T h o m a s 2 0 0 4 ). S tu d i di n e g a ra -n e g a ra A S E A N m e n u n ju k k a n p e rb e d a a n d a la m k u a lita s

a u d it o le h k a re n a p e rb e d a a n d a la m le g a l e n v ir o n m e n t n e g a ra y a n g b e rs a n g k u ta n (M a rc h e s i 2 0 0 0 ). P e n e litia n M a rc h e si (2 0 0 0 ) m e n e m u k a n a u d it q u a lity y a n g s a n g a t k o m p ro m i di b e b e ra p a n e g a ra 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 si

P e rb e d a a n d a la m k u a lita s a u d it4 m e n y e b a b k a n a d a n y a v a ria si d a la m k re d ib ilita s y a n g d ita w a rk a n au d ito r. A d a n y a v a ria s i te rs e b u t a k a n m e n im b u lk a n

a d a n y a p e rb e d a a n d a ia m k u a lita s la b a (e a r n in g q u a lity ) d ari k lie n m e re k a . S e b a g ia n

b e s a r p e n e litia n s e b e lu m n y a m e n g g u n a k a n a u d ito r b r a n d n a m e seb a g a i p ro k si

d ari k u a lita s a u d it d a n m e m e rik s a h u b u n g a n a n ta ra b r a n d n a m e d a n k u a lita s la b a (B e c k e r et al. 1998; R e y n o ld s d an F ra n c is 2 0 0 0 ). P e n e liti la in n y a (C ra sw e ll e t al. 1995; B e a s le y d a n P e tro n i 2001 d a la m B a lsa m e t al. 2 0 0 3 ) m e n a m b a h k a n s e la in

brand name, sp e s ia lisa s i in d u stri a u d ito r m e m b e rik a n k o n trib u s i p o s itif te rh a d a p

2 K a n to r a k u n ta n p u b lik d a p a t d ik la s ifik a s ik a n m e n u r u t u k u ra n n y a . D i A m e r ik a S e rik a t k a n to r a k u n ta n p u b lik te r b e s a r p e r ta m a k a li d ik e lo m p o k k a n d e n g a n is tila h ‘th e B ig 8 ’ p a d a ta h u n 1 9 8 6 , k e m u d ia n d ila k u k a n b e b e r a p a k a li m e r g e r a n ta r k a n to r a k u n ta n p u b lik te r b e s a r m e n ja d i ‘T h e B ig 6 ’, ‘T h e B ig 5 ’, d a n te r a k h ir d e n g a n a d a n y a s k a n d a l E n ro n p a d a ta h u n 2 0 0 2 m e n ja d i ‘T h e B ig 4 ’ . D i In d o n e s ia , u k u r a n k a n to r a k u n ta n p u b lik d ib a g i m e n ­

4 O le h k a r e n a k u a iita s a u d ito r m e m ilik i s is i m u ltid im e n s i d a n tid a k d a p a t d ia m a ti, m a k a tid a k a d a sa tu u k u r a n k a r a k te r is tik a u d ito r y a n g d a p a t d ig u n a k a n s e b a g a i p ro k s i tu n g g a l d a ri k u a lita s a u d it (B a ls a m e t al. 2 0 0 3 ).

48 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

k re d ib ilita s aud ito r. B e b e ra p a b u k ti m e n u n ju k k a n b a h w a s p e sia lis a s i in d u stri

a u d ito r m e n g h a s ilk a n a u d it y a n g le b ih e fe k tif (O w h o so e t al. 2 0 0 2 ). P e n e litia n

B a lsa m e t al. (2 0 0 3 ) m e n u n ju k k a n b a h w a k lie n y a n g la p o ra n k e u a n g a n n y a d ia u d it o le h a u d ito r d e n g a n sp e s ia lisa s i in d u stri m e m ilik i d is c r e tio n a r y a c c r u a l y a n g le b ih re n d a h d a n e a r n in g r e s p o n s e c o e ffic ie n t (E R C ) y a n g le b ih tin g g i d a rip a d a k lie n ta n p a a u d ito r d e n g a n s p e sia lisa si in d u stri. T e m u a n in i k o n siste n b a h w a k lie n d e n g a n

a u d ito r sp e sia lis a si in d u stri m e m ilik i k u a lita s la b a y a n g le b ih tin g g i d a rip a d a k lie n ta n p a a u d ito r sp e sia lisa si in d u stri. H a l in i ju g a se ja la n d e n g a n te m u a n di n e g a ra - n e g a ra la in (K w o n e t al. 2 0 0 7 )5, d e n g a n c a ta ta n b a h w a p e n g a ru h a u d ito r d e n g a n s p e s ia lisa si in d u stri atas k u a lita s la b a m e n in g k a t se ja la n d e n g a n le m a h n y a le g a l

e n v ir o n m e n t y a n g a d a p a d a n e g a ra y a n g b e rsa n g k u ta n . M o tiv a si p e n e litia n ini a d a la h u n tu k m e n g e ta h u i s e ja u h m a n a p e n g a ru h

a u d ito r d e n g a n sp e s ia lisa s i in d u stri y a n g m e ru p a k a n u k u ra n k u a lita s d a ri a u d ito r T h e B ig 4 di In d o n e s ia d a la m ra n g k a m e n in g k a tk a n k u a lita s la b a y a n g d iu k u r

d e n g a n e a r n in g r e s p o n s e c o e ffic ie n t u n tu k p e ru s a h a a n p u b lik y a n g te rd a fta r di

B u rs a E fe k In d o n e sia . P e n e litia n in i in g in m e lih a t a p a k a h k u a lita s a u d it d a p a t

b e rp e n g a ru h te rh a d a p k u a lita s p e la p o ra n k e u a n g a n (k u a lita s la b a ) b a g i p e ru s a h a a n p u b lik d i In d o n e s ia y a n g m e m ilik i k o n te k s h u k u m y a n g b e rb e d a d e n g a n p e n e litia n - p e n e litia n s e b e lu m n y a y a n g m e n eliti k o n te k s p e ru s a h a a n -p e ru s a h a a n di lu a r n e g e ri k h u s u s n y a di A m e rik a d a n A u stra lia . S e ja u h p e n g a m a ta n p e n u lis , m a sih s e d ik it p e n e litia n d a la m k o n te k s In d o n e s ia y a n g m e n g u k u r p e n g a ru h k u a lita s a u d it te rh a d a p k u a lita s laba. P e n e litia n F a n n y d a n S ire g a r (2 0 0 7 ) m e n e m u k a n h u b u n g a n

sig n ifik a n a n ta ra ‘m a s a p e n u g a s a n a u d ito r’ a tau a u d it te n u r e d e n g a n n ila i a b so lu t

a k ru a l d is k re s io n e r seb a g a i p ro k s i d ari m a n a je m e n la b a y a n g m e ru p a k a n sala h satu u k u ra n k u a lita s lab a. P e n e litia n m e re k a m e n e m u k a n b a h w a n ila i a b s o lu t d is k re sio n e r s e m a k in re n d a h se irin g d e n g a n s e m a k in p a n ja n g n y a ja n g k a w a k tu p e n u g a s a n a u d it. P e n e litia n -p e n e litia n la in n y a d a la m m a n a je m e n la b a, e a r n in g q u a lity , d a n ta ta k e lo la p e ru s a h a a n y a n g d ila k u k a n di In d o n e sia ju g a su d a h b a n y a k (c o n to h , G u m a n ti

2 0 0 1 ; S a ifu l 2 0 0 4 ; S a p u tro d a n S e tia w ati 2 0 0 4 ; M e u tia 2 0 0 4 ; A rd iy a ti 2 0 0 5 ; U ta m i

2 0 0 6 ; U ta m a d a n L e o n a rd o 2 0 0 6 ; S ire g a r d a n U ta m a 2 0 0 6 ; R a h m a w a ti e t al. 2 0 0 7 ; S u k a rth a 2 0 0 7 ; K u sto n o 2 0 0 8 ), n a m u n p e n e litia n y a n g d ila k u k a n h a n y a m e ru p a k a n s in g le e ffe c t

d a n b e lu m a d a y a n g m e n g k a itk a n la n g su n g (j o in t e ffe c t) h u b u n g a n k u a lita s la b a d e n g a n a u d it m u tu te rk a it d e n g an sp e sia lisa si in d u stri a u d ito r, se rta

5 P e n e litia n K w o n e t al. (2 0 0 7 ) a ta s 2 8 n e g a ra d a ri 2 0 in d u s tri d a ri ta h u n 1 9 9 3 -2 0 0 3 (n e g a ra In d o n e s ia te r m a s u k d i d a la m n y a ) m e n e m u k a n b u k ti b a h w a , k lie n d e n g a n a u d ito r s p e s ia lis a s i in d u s tri m e m ilik i

d is c r e tio n a r y a c ­ cruals

y a n g le b ih re n d a h p a d a ta h u n b e rja la n , d a n e a r n in g r e s p o n s e c o e ffic i e n t y a n g le b ih tin g g i d ib a n d in g k a n d e n g a n a u d ito r n o n -s p e s ia lis a s i in d u s tri. M e r e k a ju g a m e n e m u k a n b a h w a p e n g a ru h a u d ito r d e n g a n s p e s ia lis a s i in d u s tri m e n in g k a t s e ja la n d e n g a n m e le m a h n y a le g a l e n v ir o n tm e n t.

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 . 49

p e n g a ru h m o d e ra si d ari m e k a n ism e a lte rn a tif m o n ito r in g (g o v e r n a n c e m e c h a n is m ) s ela in e k te m a l a u d it.6

D e n g a n m e n g g u n a k a n sa m p e l 139 f i r m y e a r s d a ri p e ru s a h a a n p u b lik p a d a s e k to r m a n u fa k tu r (d e n g a n su b -in d u s tri s e k to r In d u stri D a s a r d a n K im ia , C o n s u m e r Goods,

d a n A n e k a In d u stri) y a n g d ia u d it o le h k a n to r a k u n ta n p u b lik , b a ik T h e B ig

4 m a u p u n n o n -B ig 4 u n tu k ta h u n 2 0 0 5 -2 0 0 6 , p e n e litia n in i in g in m e n g u ji a p a k a h te rd a p a t b u k ti 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 th e B ig 4 m e m ilik i k u a lita s la b a (d iu k u r d e n g a n E R C ) y a n g le b ih tin g g i 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 le h k a n to r a k u n ta n p u b lik n o n -B ig 4. P e n e litia n ini ju g a in g in m e n g u ji

a p a k a h p e ru s a h a a n d e n g a n a u d ito r th e B ig 4 d e n g a n s p e s ia lis a s i in d u stri m e m ilik i k u a lita s la b a (d iu k u r d e n g a n E R C ) y a n g le b ih tin g g i d ib a n d in g k a n d e n g a n n o n - s p e sia lisa si.

H a sil p e n g u jia n b e lu m d a p a t m e m b e ri b u k ti y a n g k o n s is te n (k e c u a li u n tu k

b e b e ra p a v a ria b e l k o n tro l la in n y a ) b a h w a te rd a p a t p e rb e d a a n d a la m k u a lita s la b a

b a g i p e ru s a h a a n y a n g d ia u d it b a ik o le h a u d ito r T h e B ig 4 , m a u p u n a u d ito r d e n g a n s p e s ia lisa si in d u stri. P e n g u jia n ta m b a h a n a tas 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 ju g a tid a k m e m b e ri b u k ti a d a n y a h u b u n g a n a so s ia si C A R d e n g a n u n e x p e c te d e a r n in g (U E R ). P e n g u jia n sen sitifitas d e n g a n m e n g g u n a k a n p e n g u k u ra n s p e s ia lis a s i D O M IN A N , ju g a b e lu m d a p a t m e m b e rik a n b u k ti b a h w a k a n to r a k u n ta n th e B ig 4 d e n g an s p e sia lisa si le b ih s u p e rio r d ib a n d in g k a n n o n -sp e sia lisa si.

P e n g u jia n te rh a d a p v a ria b e l k o n tro l m e m b e rik a n b u k ti y a n g 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 b a h w a p a s a r m e m b e ri re a k si n e g a tif y a n g le b ih tin g g i te rh a d a p 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 tif, d a n tin g k a t le v e r a g e y a n g le b ih tin g g i; d a n p a sa r m e m b e ri re a k si p o s itif te rh a d a p p e ru s a h a a n d e n g a n tin g k a t

p e rtu m b u h a n y a n g le b ih tin g g i b a g i p e ru s a h a a n y a n g d ia u d it o le h k a n to r a k u n ta n T h e B ig 4.

P e m b a h a s a n se la n ju tn y a d a la m p e n e litia n in i a d a la h seb a g a i b e rik u t:

b a g ia n II m e m b a h a s p e n e litia n s e b e lu m n y a d an p e n g e m b a n g a n h ip o te s is; b a g ia n

III m e m b a h a s m e to d o lo g i p e n e litia n ; b a g ia n IV m e m b a h a s s ta tis tik d e sk rip tis d a n

h a sil p e n e litia n e m p iris, d a n te ra k h ir a d a la h s im p u la n , im p lik a s i d a n k e te rb a ta s a n p e n e litia n .

6 M e n g in g a t k e te r b a ta s a n w a k tu d a la m p e n u g a s a n in i, m a k a p e n g u jia n p e n e litia n in i h a n y a te r b a ta s p a d a p e n Du jia n k u a lita s la b a d a ri sisi

e a r n i n g r e s p o n s e c o e ff ic ie n t , s e d a n g k a n d e te k s i te r h a d a p earning manage­ ment o le h a u d ito r d e n g a n s p e s ia lis a s i, d a n m e k a n is m e a lte r n a tif m o n it o r in g s e b a g a i v a ria b e l m o d e r a tin g tid a k d iu jik a n d a la m p e n e litia n ini.

50 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

PENELITIAN SEBELUMNYA DAN PENGEMBANGAN HIPOTESIS

Kualitas Audit dan Kualitas Laba

T u ju a n d ari a u d it a ta s la p o ra n k e u a n g a n a d a la h u n tu k m e m a s tik a n a p a k a h la p o ra n k e u a n g a n te la h b e b a s d ari sala h saji y a n g m a te ria l, se h in g g a tid a k m e ru g ik a n p ih a k -p ih a k y a n g b e rk e p e n tin g a n te rh a d a p p e ru s a h a a n (A re n s e t al.

2 0 0 8 ). S e d a n g k a n a u d it q u a lity (k u a lita s a u d it) d id e fin isik a n seb a g a i p ro b a b ilita s

g a b u n g a n , b a h w a k e s a la h a n m a te ria l y a n g a d a p a d a la p o ra n k e u a n g a n d a p a t

d id e te k si d a n d ila p o rk a n o le h s e o ra n g a u d ito r (D e A n g e lo 1 981).7 P e n e litia n s e b e lu m n y a te n ta n g k u a lita s a u d it p a d a u m u m n y a m e n g g u n a k a n u k u ra n a u d ito r a ta u re p u ta si a u d ito r seb a g a i p ro k si d ari k u a lita s a u d it (D e A n g e lo 1981; K le in d a n L e ffe r 1981 d a la m B a lsa m e t al. 2 0 0 3 ). S e ju m la h stu d i m e n e m u k a n

h u b u n g a n k u a lita s a u d it y a n g d iu k u r d e n g a n a u d ito r b r a n d n a m e , d e n g a n k u a lita s la b a (ie a r n in g q u a lity ). B e c k e r e t al. (1 9 9 8 ), F ra n c is e t al. (1 9 9 9 ) d a n R e y n o ld s

d a n F ra n c is (2 0 0 0 ) m e n e m u k a n b a h w a , a u d ito r y a n g b e rm u tu y a n g d ip ro k si

d e n g a n u k u ra n a u d ito r {T h e B i g 6) d a p a t m e n d e te k s i m a n a je m e n la b a { e a r n in g management )8, o le h k a re n a p e n g e ta h u a n su p e rio r y a n g m e re k a m ilik i, d a n k e m a m p u a n u n tu k m e n d e te k s i m a n a je m e n la b a d e n g a n tu ju a n u n tu k m e lin d u n g i re p u ta si n a m a m e re k a.

K h u ra n a d a n R a m a n (2 0 0 4 ) m e n e m u k a n b a h w a tid a k s e la m a n y a d ite m u k a n

b u k ti a u d ito r T h e B ig 4 m e m ilik i a u d it q u a lity y a n g sa m a (d iu k u r d a n c o s t o f c a p ita l y a n g le b ih re n d a h ) di n e g a ra lain . K u ra n a d a n R a m a n (2 0 0 4 ) m e n e m u k a n b a h w a

a u d it y a n g d ila k u k a n o le h T h e B ig 4 m e m ilik i e x - a n te c o s t o f e q u ity c a p ita l y a n g le b ih re n d a h di A m e rik a , te ta p i tid a k di A u stra lia , C a n a d a , ai.au di In g g ris.

B e c k e r et al. (1 9 9 8 ), F ra n c is e t al. (1 9 9 9 ), d a n R e y n o ld s d a n F ra n c is (2 0 0 0 ) s e m u a n y a m e n e m u k a n b a h w a k lie n dari T h e B ig 6 a u d ito r m e m ilik i d is c r e tio n a r y

a c c r u a ls y a n g le b ih re n d a h d a rip a d a k lie n d e n g an n o n -B ig 6 au d ito r. D a ri p a p a ra n di atas d a p a t d is im p u k a n b a h w a te m u a n m e re k a u m u m n y a k o n s iste n , b a h w a re p u ta si n a m a au d ito r { b r a n d n a m e ) b e rh u b u n g a n p o s itif d e n g a n k u a lita s p e la p o ra n

k e u a n g a n , te rm a s u k e a r n in g q u a lity .

1 K u a lita s a u d it j u g a d id e fin is ik a n s e b a g a i u k u ra n d a ri k e m a m p u a n a u d ito r u n tu k m e n g u r a n g i ‘n o i s e ' dan b ia s , d a n u n tu k m e n in g k a tk a n

’f i n e n e s s ’ d a la m d a ta a k u n ta n s i (W a lla c e 1 9 8 0 d a la m B e h n e t al. 2 0 0 8 )

Earning management d a p a t d id e f in is ik a n d a la m b a n y a k c a ra (H e a le y d a n W a h le n 1999 d a la m M e e k d an T h o m a s 2 0 0 4 ) . S a la h sa tu d e fin isi y a n g d is a m p a ik a n o le h M e e k d a n T h o m a s ( 2 0 0 4 ) a d a la h

‘. . . i n t e n t i o n a ll y m a n i p u la t io n o f r e p o r te d m e a s u r e s f r o m th e i r u n b i a s a m o u n ts to a c h ie v e s o m e o b je c tiv e s . I n th i s c o n te x t, e a r n ­ in g m a n a g e m e n t i n d i c a te s o p p o r t u n is t ic a c tio n o n th e p a r t o f m a n a g e r s th a t c a n le a d to c o s t ly in c o r r e c t d e c i ­ s i o n s b y i n v e s to r s a n d o th e r s . P r i o r r e s e a r c h h a s n o te d a n u m b e r o f s e tti n g s in w h ic h m a n a g e r s a r e li k e ly to m a n a g e e a r n i n g s (e .g ., to m e e t a n a l y s t ’s fo r c a s ts , m e e t m a n a g e r ia l fo r c a s ts , a v o id r e p o r tin g n e g a ti v e e a r n in g s ,

a v o i d d e b t c o v e n a n t v io la tio n s , a n d in c r e a s e s t o c k p r i c e )

(h al. 31).

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 . 51

Auditor Dengan Spesialisasi Industri

T e rd a p a t stu d i y a n g b e rk e m b a n g te ru s y a n g m e n g h u b u n g k a n a u d ito r d e n g a n s p e s ia lis a s i in d u s tri9 d e n g a n f i n a n c i a l r e p o r tin g q u a lity 10. C a rc e llo a n d N a g y (2 0 0 2 ) m e m b e rik a n b u k ti b a h w a k lie n d a ri a u d ito r s p e c ia lis t le b ih ja r a n g b e rh u b u n g a n

d e n g a n san k si S E C d i A m e rik a . D u n n e t al. (2 0 0 0 ) d a la m B a lsa m e t al. (2 0 0 3 ) m e n e m u k a n b a h w a k lie n d a ri a u d ito r d e n g a n sp e sia lis a s i in d u stri m e m ilik i ra n k in g y a n g le b ih tin g g i d ari f i n a n c i a l a n a ly s ts d a la m k u a lita s p e n g u n g k a p a n d a rip a d a

a u d ito r n o n -s p e c ia lis ts . P e n d a p a t d a la m lite ra tu r te rd a h u lu m e n y a ra n k a n b a h w a s e la in re p u ta si

a u d ito r ( b r a n d n a m e ), s p e s ia lis a s i a u d ito r j u g a m e m b e rik a n tin g k a t k e p a s tia n (a s s u r a n c e ) y a n g le b ih tin g g i d a rip a d a a u d ito r ta n p a s p e s ia lis a s i d a la m in d u stri te rte n tu (C ra s w e ll e t d . 1995; B e a s le y d a n P e trio n i 2 0 0 1 ; K n e c h e l e t al. 2 0 0 7 ; L e e 2 0 0 7 ). D a la m stu d i y a n g d ila k u k a n o le h J e n k in s e t al. (2 0 0 6 ) d i A m e rik a m e n u n ju k k a n b u k ti a d a n y a p e n u ru n a n d a la m e a r n in g q u a lity p a d a p e ru s a h a a n - p e ru s a h a a n se b e lu m p e rio d e 1 9 9 0 -1 9 9 6 d ib a n d in g k a n d e n g a n p e rio d e 1 9 9 7 -1 9 9 9 y a n g d itu n ju k k a n d e n g a n k e n a ik a n d a la m b e s a ra n d is c r e tio n a r y a c c r u a l d a n p e n u ru n a n d a la m E R C . 11

H a sil p e n e litia n J e n k in s e t al. (2 0 0 6 ) ju g a m e n y a ra n k a n a g a r k u a lita s

a u d it y a n g tin g g i m e la lu i p e n g g u n a a a n a u d ito r d e n g a n s p e s ia lisa si in d u s tri d a p a t m e n c e g a h te ija d in y a p e n u ru n a n d a la m k u a lita s la b a te rs e b u t. P a s a r ju g a b e ra k si p o s itif te rh a d a p p e rp in d a h a n au d ito r, d a ri au d ito r n o n -s p e s ia lis a s i in d u s tri k e a u d ito r

d e n g a n d e n g a n sp e sia lis a s i in d u s tri te rte n tu (K n e c h e l e t al. 2 0 0 7 ). O w h o so e t al. (2 0 0 2 ) m e n u n ju k k a n b a h w a a u d ito r d e n g a n sp e s ia lis a si in d u s tri a k a n le b ih d a p a t m e n d e te k s i k e s a la h a n d a la m sp e s ia lisa s i ui in d u s trin y a d a rip a d a d ilu a r in d u s trin y a . O ’K e e fe e t al. (1 9 9 4 ) d a la m B a lsa m e t al. (2 0 0 3 ) m e la p o rk a n a d a n y a k e ta a ta n te rh a d a p a u d itin g s ta n d a r y a n g le b ih b e s a r b a g i a u d ito r d e n g a n s p e s ia lis a s i

‘a r e th o s e w h o w o r k w i t h in a s p e c i fi c f i e l d s u c h a s b a n k in g , in s u r a n c e o r m a n u fa c tu r in g ... s u g g e s tin g th a t a u d i t o r s w ith s p e c ific in d u s t r y e x p e r t is e p e r f o r m m o r e r e a lib le a u d i t in th a t s e c t o r (L e e 2 0 0 7 )

9 A u d ito r d e n g a n s p e s ia lis a s i in d u s tri ( i n d u s tr y - s p e c i a lis t a u d it o r s )

a d a la h

10 ‘F in a n c i a l r e p o r tin g q u a l i t y ’ d a p a t d iu k u r d e n g a n b e rb a g a i c a ra , m is a ln y a m e la lu i a u d i t o r liti g a tio n , a n a ­ ly s t r a n k in g s , S E C e n f o r c e m e n t a c tio n s ,

(B a ls a m e t al. 2 0 0 3 , lih a t ju g a F e r o z e t al. 1 9 9 1 ). D a la m p e n e litia n in i p e n u lis m e m b a ta s i p e n g u k u ra n fi n a n c i a l r e p o r tin g q u a li ty pada

dan

e a r n i n g q u a li ty

e a r n i n g q u a li ty . E a r n in g quality s e n d iri m e ru p a k a n k o n s e p y a n g tid a k m e m ilik i d e fin is i s e c a r a u m u m d a la m s tu d i lite ra tu r. D e c h o w d a n S c h ra n d ( 2 0 0 4 ) m e m b a h a s s e c a r a d e ta il te n ta n g

e a r n i n g q u a lity ( in fo r m a ti v e n e s s ) . S e d a n g k a n B a ls a m e t al. ( 2 0 0 3 ) m e n g u ji k u a lita s la b a m e la lu i b e s a r a n a b s o lu t

11 P e n e litia n D ic h e v d a n T a n g ( 2 0 0 8 ) a ta s 1 0 0 0 p e ru s a h a a n te r b e s a r di U S A m e n e m u k a n b a h w a te r d a p a t tr e n d p e n u r u n a n y a n g s u b s ta n tia l a ta s

la b a , d a n p e n in g k a ta n v o la tilita s la b a s e la m a 4 0 ta h u n te r a k h ir , y a n g m e n g a k ib a tk a n p e n u ru n a n

p e r s is t e n c y

in f o r m a tiv e n e s s

d a r i la b a

52 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

in d u stri d a rip a d a a u d ito r ta n p a sp e s ia lisa s i in d u stri. P e n e litia n B e h n e t al. (2 0 0 8 ) m e n d u k u n g te m u a n -te m u a n p e n e litia n se b e lu m n y a b a h w a a u d ito r T h e B ig 5 d e n g an

s p e s ia lis a s i in d u stri 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 ari a u d ito r T h e B ig

5 ta n p a s p e sia lisa si in d u stri, d itu n ju k k a n d e n g a n k e a k u ra ta n ‘a n a ly s ts ’ e a r n in g forecast’ y a n g le b ih tin g g i. P e n e litia n R o m a n u s e t al. (2 0 0 8 ) ju g a m e m b e ri b u k ti

b a h w a a u d ito r d e n g a n sp e s ia lis a s i in d u stri m e m ilik i a so sia si d e n g a n p e n in g k a ta n

d e te k s i k e sa la h a n y a n g le b ih tin g g i, m e m ilik i k u a lita s p e la p o ra n k e u a n g a n y a n g leb ih tin g g i, d an m e m ilik i k e c e n d e ru n g a n y a n g le b ih re n d a h d a la m m e n e rb itk a n

a c c o u n tin g r e s ta te m e n t d ari k lie n m e re k a.

Earning Response Coefficient dan Auditor Dengan Spesialisasi

E a r n in g r e s p o n s e c o e ffic ie n t (E R C ) m e n g u k u r s e b e ra p a ja u h re s p o n s s to c k market te rh a d a p e a r n in g s s u r p r is e (D e c h o w d an S c h ra n d 2 0 0 3 , 83; S c o tt 2 0 0 9 ). L a b a sa h a m d iu k u r b a ik m e la lu i b e b e ra p a hari d is e k ita r ta n g g a l p e n g u m u m a n la ba,

a ta u se p a n ja n g p e rio d e y a n g sa m a seb a g a i la b a. E R C y a n g leb ih b e s a r m e n u n ju k k a n

b a h w a s e tia p d o la r d a ri e a r n in g s s u r p r is e m e m ilik i im p lik a s i p e n ila ia n y a n g leb ih tin g g i o le h p a sa r (D e c h o w d a n S c h ra n d 2 0 0 4 ). P e n e litia n D e fo n d d a n P a rk (2 0 0 1 ) m e m b e rik a n p e n g e rtia n y a n g k o n s is te n te n ta n g E R C seb a g a i u k u ra n e a r n in g q u a lity . M e re k a b e ra rg u m e n b a h w a jik a p a s a r m e n g a n tisip a s i sifa t r e v e r s in g d ari

a b n o r m a l w o r k in g c a p ita l a c c r u a ls , m a k a E R C a k a n te rg a n tu n g p a d a a p ak a h abnormal accrual p o s itif ( in c o m e in c re a s in g ) a ta u n e g a tif ( in c o m e d e c r e a sin g ). P e n e litia n m e re k a m e m b e rik a n k e sim p u la n b a h w a ’h ig h e r E R C w h e n a b n o r m a l

a c c r u a ls s u p p r e s s e d th e m a g n itu d e o f e a r n in g s s u r p r is e s a n d lo w e r E R C w h e n

a b n o r m a l a c c r u a ls e x a g g e r a te d th e m a g n itu d e o f e a r n in g s u r p r is e s ’ (D e fo n d d a n P a rk 2 0 0 1 , 375). D e n g a n p e rk a ta a n la in , p e rn y a ta a n te rs e b u t m e n u n ju k k a n b a h w a in v e s to r a k a n m e m b e rik a n re s p o n a tas tin g k a t a c c r u a l y a n g tin g g i seb a g a i in d ik a si k u a lita s la b a y a n g re n d a h , d a n d e n g a n m e m b e rik a n re s p o n s te rh a d a p la b a y a n g le b ih re n d a h .

P a ra p e n e liti b e ra rg u m e n b a h w a k u a lita s a u d it y a n g le b ih tin g g i d a p a t m e n g u ra n g i k e tid a k p a s tia n y a n g d ira sa k a n , d a n ’n o is e ’ d ari p e la p o ra n la b a y a n g

d itu n ju k k a n d e n g an E R C y a n g le b ih tin g g i (B a lsa m 2 0 0 3 , 74). T eoh d a n W o n g (1 9 9 3 ) d a la m B a lsa m e t al. (2 0 0 3 ) m e n e m u k a n E R C y a n g leb ih tin g g i dari k lie n y a n g d ia u d it o leh a u d ito r th e B ig 6 d a rip a d a k lie n y a n g d ia u d it o le h n o n -B ig 6. K o n s is te n d e n g an T eoh d a n W o n g (1 9 9 3 ), B a lsa m e t al. (2 0 0 3 ) ju g a m e n g u ji

h u b u n g a n k u a lita s la b a d a n a u d ito r d e n g an in d u stri sp e sia lisa si, d a n m e n e m u k a n k lie n y a n g d ia u d it o le h a u d ito r th e B ig 6 m e m ilik i d is c r e tio n a r y a c c r u a l y a n g le b ih re n d a h , d a n E R C y a n g le b ih tin g g i d ib a n d in g k a n d e n g a n k lie n y a n g d ia u d it o le h

a u d ito r n o n B ig 6. D e n g a n d e m ik ia n , h ip o te sis y a n g a k an d iu ji ad alah :

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 . 53

H ,.

Earning response coefficient dari perusahaan yang diaudit oleh The Big 4

lebih besar dari perusahaan yang diaudit oleh auditor non-Big 4

H 2:

Earning response coefficient dari perusahaan yang diaudit oleh auditor The Big 4 dengan spesialisasi industri lebih besar dari perusahaan yang

diaudit oleh auditor The Big 4 tanpa spesialisasi industri

Kerangka Model Teoritis

B e rd a s a rk a n p e n je la s a n m e n g e n a i p e m b e n tu k a n h ip o te sis d ia ta s, m a k a

d ib e n tu k k e ra n g k a te o ritis p e n e litia n ini y a n g te rsa ji d a la m G a m b a r 1.

Gambar 1

K e r a n g k a T e o r it i s P e n e li t i a n

METODOLOGI PENELITIAN

Data dan Pemilihan Sampel

D a ta d a n sa m p e l p e n e litia n in i d ia m b il d ari la p o ra n k e u a n g a n ta h u n a n p e ru s a h a a n p u b lik y a n g te rd a fta r di B u rs a E fe k In d o n e s ia u n tu k p e rio d e p e n g a m a ta n

2 ta h u n , y a itu ta h u n 2 0 0 5 d a n 2 0 0 6 , d a n d a ta y a n g d ig u n a k a n m e lip u ti ta h u n 2004—2 0 0 6 (3 ta h u n ) y a n g d ip e ro le h d ari I n d o n e s ia C a p ita l M a r k e t D ir e c to r y (IC M D ), JS X W atc h 2 0 0 6 -2 0 0 7 , JS X W atch 2 0 0 7 -2 0 0 8 d a n a n n u a l r e p o r t y a n g

d ip u b lik a s ik a n o le h B E I. D a ta sam p e l la p o ra n k e u a n g a n p e ru s a h a a n y a n g b e ra k h ir p a d a se tia p ta n g g a l 31 D e se m b e r u n tu k setiap ta h u n h a ru s le n g k a p s e la m a 3 ta h u n u n tu k s e tia p v a ria b le y a n g d ig u n a k a n , m e lip u ti n e ra c a , la p o ra n la b a ru g i, la p o ra n

a ru s k a s, serta in fo rm a s i la in n y a y a n g d ip e rlu k a n u n tu k p e n g o la h a n d a ta d a la m m o d e l p e n e litia n .

54 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

S a m p e l p e ru sa h a a n d ia m b il d ari in d u stri m a n u fa k tu r y a n g m e lip u ti p e m b a g ia n k a tag o ri su b -in d u s tri m e n u ru t JS X W atch , y a itu In d u stri D a s a r d a n K im ia ( B a s ic & C h e m ic a l In d u s tr i), C o n s u m e r G o o d s , d a n A n e k a In d u stri ( M is c e lla n e o u s

s e c to r ).

A la sa n p e m ilih a n sa m p e l k h u su s p a d a in d u stri m a n u fa k a tu r a d a la h u n tu k m e m p e ro le h h o m o g e n ita s d a la m sam p e l. P e n e litia n C a im e y d a n Y o u n g (2 0 0 6 ) m e n e m u k a n h u b u n g a n p o s itif sig n ifik a n a n ta ra h o m o g e n ita s d a la m in d u s tri d e n g an s p e s ia lis a s i in d u stri au d ito r, m e n g im p lik a s ik a n b a h w a a u d ito r m e n c a ri ta m b a h a n k lie n y a n g ak an d ia u d it d a la m in d u stri, d im a n a k lie n n y a m e m ilik i k e g ia ta n o p e ra si y a n g s e je n is g u n a m e n e k a n b ia y a o p e ra sio n a l auditor.

S a m p e l a k h ir y a n g d ig u n a k a n se te la h d ik u ra n g i d e n g a n p e ru sa h a a n y a n g

d e lis tin g p a d a ta h u n 2 0 0 5 d a n 2 0 0 6 , d a ta p e ru s a h a a n y a n g tid a k le n g k a p , d an p e ru s a h a a n y a n g tid a k d ija d ik a n sam p e l d a la m in d u stri in i a d a la h 139 f i r m y e a r s (7 0 p e ru s a h a a n u n tu k ta h u n 2 0 0 5 , d a n 69 p e ru sa h a a n u n tu k ta h u n 2 0 0 6 ). S e d a n g k an

ju m la 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 T h e B ig 4 d a n a u d ito r n o n -B ig 4 u n tu k k e d u a ta h u n te rs e b u t a d a la h m a s in g - m a sin g 71 p e ru s a h a a n d a n 68 p e ru s a h a a n .

Model Spesifikasi dan Pengukuran Variabel

Pengukuran Spesialisasi Industri dari Auditor

O le h k a re n a statu s sp e s ia lis a s i a u d ito r tid a k d a p a t d ia m a ti s e c a ra la n g su n g , m a k a p e n e litia n s e b e lu m n y a m e n g g u n a k a n b e b e ra p a p ro k s i u n tu k m e n g u k u r s p e s ia lisa si a u d ito r (B a lsa m e t al. 2 0 0 3 ). U k u ra n in i u m u m n y a m e lip u ti tu ru n a n dari

p a n g s a p a sa r, d e n g a n a su m si b a h w a k e a h lia n d a la m in d u stri d ib e n tu k o le h k a re n a te ija d in y a p e n g u la n g a n d a la m s e ttin g a u d it y a n g s a m a di in d u stri te rse b u t, d a n

k a re n a n y a ju m la h v o lu m e b isn is d i s e b u a h in d u stri m e ru p a k a n su atu k e a h lia n a ta u s p e s ia lis a s i (G ra m lin g et al. 2001 d a la m B a lsa m e t al. 2 0 0 3 ). P e n e litia n se b e lu m n y a m e n g g u n a k a n b e b e ra p a p ro k s i se b a g a i u k u ra n sp e s ia lisa s i in d u stri d ari a u d ito r th e

B ig 4. P a d a a w aln y a , k e tik a a u d ito r b e s a r d iu k u r d e n g a n u k u ra n T h e B ig 8, a u d ito r

d e n g a n sp e s ia lis a s i in d u stri u m u m n y a d id e fin isik a n se b a g a i a u d ito r y a n g m e la k u k a n

a u d it le b ih d ari 10 p e rs e n d ari p e n d a p a ta n p e ru s a h a a n d a la m satu in d u stri (C ra s w e ll

e t al. 19 95; D e fo n d 1992 d a la m K n e c h e l e t al. 2 0 0 7 ). S e te la h k o n s o lid a si d ari T h e

B ig 8 m e n ja d i T h e B ig 6, m a k a p e n g u k u ra n sp e s ia lis a s i m e n ja d i 15 p e rs e n seb a g a i

a m b a n g b a ta s (K rish n a n 2 0 0 3 d a la m K ris h n a n 2 0 0 4 ) h in g g a 2 0 p e rs e n (D u n n d a n M a y h e w 2 0 0 4 d a la m K n e c h e l e t al. 2 0 0 7 )12. K n e c h e l e t al. (2 0 0 7 ) m e n g g u n a k a n

b a ta s a m b a n g s p e sia lisa si in d u stri 3 0 p e rs e n u n tu k m e y a k in k a n b a h w a T h e B ig 4

d ik la sifik a sik a n se b a g a i sp e s ia lis a s i in d u stri.

12 P e n u lis m e n g g u n a k a n a lte r n a tif p e n g u k u ra n a m b a n g b a ta s s p e s ia lis a s i in d u s tri, D O M I N A N s e b e s a r 15 p e rs e n , m e n g ik u ti K ris h n a n (2 0 0 3 ) d a la m K ris h n a n (2 0 0 4 ), d a n 3 0 p e rs e n m e n g ik u ti K n e c h e l e t al. (2 0 0 7 ).

P e n g u jia n s e n s itifita s a ta s a lte r n a tif p e n g u k u ra n D O M IN A N in i tid a k m e m b e rik a n p e rb e d a a n h a s il p e n g u jia n s e b a g a im a n a d ije la s k a n d a la m b a g ia n IV.

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 ito r T e r h a d a p . 55

P e n e litia n la in n y a m e n g u k u r sp e sia lisa s i d e n g a n ju m la h to ta l a s s e t a ta u to tal p e n d a p a ta n p e ru s a h a a n y a n g d ia u d it (B a lsa m e t al. 2 0 0 3 ; B e h n e t al. 2 0 0 8 ); ju g a

d e n g a n m e n g g u n a k a n b a n y a k n y a k lie n d a la m s a tu in d u stri (B a lsa m e t al. 2 0 0 3 )

a ta u ju m la h k lie n m in im a l 10 d a la m sa tu in d u stri (B e h n e t al. 2 0 0 8 ). P e n u lis m e n g g u n a k a n b e b e ra p a k o m b in a s i k rite ria p e n g u k u ra n sp esia lisasi in d u stri a u d ito r d ari B a lsa m e t al. 2 0 0 3 , C a im e y d a n Y o u n g 2 0 0 6 , K n e c k e l e t al. 2 0 0 7 , d an B e h n e t al. 2 0 0 8 , y a n g m e lip u ti a u d ito r in d u s tr y s h a r e (L E A D ) (m e n g g u n a k a n u k u ra n ju m la h to ta l a s s e t k lie n d a la m sa tu in d u s tri)13, d o m in a si

a u d ito r d a la m s u a tu in d u s tri te rte n tu seb a g a i p e m a s o k te rb e sa r d a la m j a s a a u d it (D O M IN A N ) (d ih itu n g ju m la h te rb a n y a k k lie n d a la m sa tu in d u stri d an m in im a l 15% ju m la h k lie n y a n g d ia u d it d a la m s a tu in d u stri), d a n ju m la h k lie n te rb a n y a k

d a la m sa tu in d u s tri (JK L IE N ).

M odel Empiris Earning Response Coefficient

M o d e l E a r n in g R e s p o n s e C o e ffic ie n t (E R C ) u n tu k m e n g u j i p e n g a ru h k u a lita s

a u d it o le h T h e B ig 4 d ib a n d in g k a n d e n g a n n o n -B ig 4 , d a n a u d ito r B ig 4 d e n g a n s p e s ia lis a s i d a n n o n -s p e s ia lis a s i y a n g d ig u n a k a n d a la m p e n e litia n in i m e ru p a k a n p e n g e m b a n g a n d a ri m o d e l p e n e litia n B a lsa m e t al. (2 0 0 3 ). M o d e l p e n e litia n n y a

a d a la h s e b a g a i b e rik u t:

C A R , = Yft + Y, U E R , + y, U E R , * N E G + y, U E R * B IG 4 , + y , U E R , * M T B , it • 0 • 1 it • 2 it it • 3 it it M it it

+ Y«UER *LNTA, + • 5 it it y * .U E R *LEV., + 6 it it y ,U E R ,*GRW + 17 it it y • .U ER * 8 it

BETA., + I y t » TAHUN., + ZYuo u e r . , * i n d u s t r i m+ c.,

C A R „= \ + \ U E R ., + \ U E R .,* N E G ., + \ U E R .,* S P C L ., + \ U E R .,* M T B „

+ X. U E R * L N T A , + X,' U E R .,* L E V ., + 5 it it 6 it it 7 U E R . *G R W + J i'u E R * it it 8 it BETA ., + 1 ^ , TAHUN,, + IX j10 U E R „ *IN D U ST R I „ + ef,

d im a n a C A R a d a la h c u m m u l a t i f a b n o r m a l r e tu r n ; U E R a d a la h u n e x p e c te d e a r n in g ; N E G m e ru p a k a n in d ik a to r d a ri u n e x p e c te d e a r n in g y a n g n e g a tif (d ib e ri a n g k a 1, d an

0 u n tu k lain n y a); S P C L a d a la h v a ria b e l u n tu k a u d ito r d e n g a n sp e s ia lis a s i in d u stri y a n g d iu k u r d e n g a n b e b e ra p a in d ik a to r (L E A D , D O M IN A N , d a n JK L IE N );

13 M e n g ik u ti m e to d e C a im e y d a n Y o u n g (2 0 0 6 ); d a n B e h n e t al. (2 0 0 8 ), L E A D d ih itu n g d e n g a n ju m la h a k a r to t a l a s s e ts k lie n d a la m sa tu in d u s tri d ib a g i d e n g a n ju m la h d a ri a k a r to ta l a s s e ts

se lu ru h k lie n d a ri a u d ito r T h e B ig 4.

56 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 . I, h a l 4 6 - 70

M T B 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; L N T A a d alah n ila i lo g a ritm a d ari to ta l a sse ts; L E V a d a la h le v e r a g e ; G R W a d a la h p e rtu m b u h a n p e n ju a la n ra ta -ra ta d a la m tig a ta h u n te ra k h ir; se rta T A H U N d a n IN D U S T R I a d alah in d ik a to r u n tu k v a ria b e l ta h u n dan. in d u stri. S u b s c r ip t i d a n t m a sin g -m a sin g m e n u n ju k k a n p e ru sa h a a n k lie n i d a n ta h u n t.

V aria bel te rik a t C A R m e ru p a k a n ju m la h k u m u la tif a b n o r m a l r e tu r n s e la m a s a tu ta h u n . S e d a n g k a n v a ria b e l U E R m e ru p a k a n v a ria b e l u n tu k m e n a n g k a p a d an y a

e a r n in g s u r p r is e y a n g d iu k u r d e n g a n r a n d o m w a lk m o d e l, y a itu b e s a rn y a E P S ta h u n

b e rja la n d ik u ra n g i d e n g a n E P S ta h u n s e b e lu m n y a . B e rd a s a rk a n p e n e litia n B a lsa m et

a l. 2 0 0 3 , d a n p e n e litia n se b e lu m n y a v a ria b e l U E R d iin te ra k a sik a n d e n g a n v a ria b e l- v a ria b e l k o n tro l la in n y a 14, te rm a s u k v a ria b e l S P C L y a n g m e ru p a k a n in d ik a to r d ari

a u d ito r s p e sia lisa si in d u stri. S esu ai d e n g a n p e n e litia n s e b e lu m n y a , v a ria b s l-v a ria b e l k o n tro l te rs e b u t m e m p e n g a ru h i E R C d a n m e m b e rik a n v a ria si d a la m E R C k a re n a

fa k to r-fa k to r terseb u t. U n tu k m e n g u ji h ip o te s is p e rta m a (H ,), p a d a p e rs a m a a n (1 ), d ih a ra p k a n

a u d ito r T h e B ig 4 m e m ilik i k o e fisie n E R C y a n g le b ih b e s a r d a rip a d a a u d ito r n o n -

B ig 4 a k a n te rlih a t p a d a k o e fisien y 3 p o s itif se b a g a i e fe k in k re m e n ta ln y a se te la h m e n g o n tro l se m u a fa k to r la in n y a d a la m m o d e l. H u b u n g a n C A R d a n U E R d e n g an

a u d ito r T h e B ig 4 d a rip a d a n o n -B ig 4 a k an le b ih b e sa r, te rlih a t d ari k o e fisien (y ,+ y 3) y a n g e b ih b e s a r d a rip a d a k o e fisie n y, D e n g a n d e m ik ia n m e m b e rik a n im p lik a si

b a h w a e a r n in g q u a lity d ari p e ru sa h a a n y a n g d ia u d it o le h T h e B ig 4 le b ih d a p a t

d ia n d a lk a n d a rip a d a 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. U n tu k m e n g u ji h ip o te s is k e d u a (K 2), p a d a p e rs a m a a n (2 ) d ih a ra p k a n a u d ito r T h e B ig 4 d e n g an s p e sia lisa si in d u stri a k a n m e m ilik i k o e fis ie n E R C y a n g le b ih tin g g i d a rip a d a a u d ito r B ig 4 ta n p a sp e s ia lis a s i, se te la h m e n g o n tro l s e m u a v a ria b e l

sp esifik la in n y a d a la m m o d e l. H a l in i a k an te rlih a t dari k o e fisie n (y,+ 73) le b ih

b e s a r d ari k o e fisien y ,, m e n a n d a k a n b a h w a d e n g a n b e ra lih k e p a d a a u d ito r T h e

B ig 4 d e n g a n s p e sia lisa si in d u stri a k a n m e m ilik i k o e fisie n E R C y a n g le b ih b e sa r

d ib a n d in g k a n b ila d ia u d it o le h a u d ito r B ig 4 ta n p a sp e sia lisa s i in d u stri.

V aria b el N E G d ig u n a k a n u n tu k m e n u n ju k k a n 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 atif. P a d a p e n e litia n s e b e lu m n y a (B a lsa m e t al. 2 0 0 3 ; B a su 1997; H a n y 1995 d a la m B a lsa m e t al. 2 0 0 3 ), p a s a r m e n ila i n e g a t i f e a r n in g d a n u n e x p e c te d

e a r n in g s e c a ra b e rb e d a. B a h w a E R C u n tu k n e g a t i f e a r n in g s u r p r is e leb ih re n d a h

d a ri E R C u n tu k p o s itif e a r n in g s u r p r is e (F ra n c is e t al. 2 0 0 2 ).

14 C o n to h la in n y a , H a k e n b ra c k d a n H o g a n (2 0 0 2 ) d a la m B a ls a m e t al. (2 0 0 3 ) m e n e m u k a n E R C b e rh u b u n g a n n e g a ti f d e n g a n ris ik o s is te m a tis . Ia ju g a m e n e m u k a n h u b u n g a n n e g a tif a n ta r a C A R d e n g a n in te ra k s i U E d a n LOSS, dan UE dan

f i r m s iz e \ d a n h u b u n g a n p o s i ti f a n ta r a C A R d a n in te ra k s i U E d a n M B

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 . 57

B E T A m e ru p a k a n u k u ra n d a ri ris ik o s is te m a tik d a n d ih a ra p k a n m e m ilik i

h u b u n g a n n e g a tif d e n g a n E R C . S e m a k in tin g g i b e ta s a h a m p e ru s a h a a n , s em a k in re n d a h E R C (C o llin s d a n K o th a ri 1989; d a n E a s to n d a n Z m ije w s k i 1989 d a lam S c o tt 2 0 0 9 ). M e n g ik u ti p e n e litia n s e b e lu m n y a (D h a liw a l e t al. 1991 d a la m S co tt

2 0 0 9 ), s tru k tu r m o d a l ju g a m e m p e n g a ru h i v a ria si d a la m E R C , y a itu se m a k in tin g g i tin g k a t le v e r a g e (L E V ) p e ru s a h a a n s e m a k in re n d a h E R C . Ju g a B id d le d a n S eo w (1 9 9 1 ) d a la m D e c h o w d a n S c h ra n d (2 0 0 4 ,8 5 ) m e n u n ju k k a n b a h w a E R C a k a n leb ih tin g g i p a d a in d u stri y a n g m e m ilik i p o te n s i p e rtu m b u h a n y a n g tin g g i, ’b a r r ie r s to

e n tr y ’,

d a n m e n g h a s ilk a n ’n o n - d u r a b le g o o d s ’, M e re k a ju g a m e n u n ju k k a n b a h w a