| Classification | E-BOOK |
| Title | PEMERINGKATAN OBLIGASI PERDANA SEBAGAI PEMICU MANAJEMEN LABA: BUKTI EMPIRIS DARI PASAR MODAL INDONESIA |
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| Author(s) | Gerianta Wirawan Yasa |
| Subject(s) | Initial public offering bonds, bonds rating, finan |
| Series Title | GMD | Jurnal Ilmiah |
| Language | Indonesia |
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| Specific Detail Info | This research tests the influence of ranking requirement on earnings management of companies who go public bonds for the first time. This research covers two issues. The first one concerns the influence of information and financial ratios toward obligation ranking. The second issue is earnings management performed by companies that are going to issue obligation for the first time before the process of setting the obligation ranking. The sample of this research is non-financial companies listed in the Jakarta Stock Exchange and Surabaya Stock Exchange who perform Initial Public Offering of their obligation from year 1999 to 2006. Obligations issued by listed companies in obligation ranking made by PT. PEFINDO and PT. KASNIC Credit Rating Indonesia. Every company that issued obligation in this research is required to have comparable counterpart who did not issue obligation. The theory that based this research is agency theory and signaling theory. Hypotheses were tested using Discriminant Analysis model and Compare MeansIndependent Samples T-Test. Several popular earnings management detection models were used to detect earnings management during the Initial Public Offering. The test result using Discriminant Analysis model showed evidence that operating income, retained earnings, operating cash flow, and liquidity have ability to differentiate obligation ranking. Total asset and leverage which did not have any influence. This research shows earnings management in which management increase earnings before the Initial Public Offering of Obligation. Earnings management in companies going through their Initial Public Offering of Obligation is larger that companies who did not issue obligation in the same period. |
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