PEMBENTUKAN RETURN SAHAM EKSPEKTASIAN MELALUI MANAJEMEN LABA DI SEKITAR PERISTIWA PENGUMUMAN PROGRAM OPSI SAHAM KARYAWAN
ABSTRACT: This study discusses
earning management issue around announcement of employees stock option plan (ESOP).
ESOP represent a program aiming to give opportunity to employees specially
executives to have company share by giving stock option, because employees have
given service to company as a means to motivate employees specially executive
improve based on performance. Explicitly, executives obliged to successfully
apply ESOP, even though ESOP posits risk of losses and also contain opportunity
to obtain return. Commitment to success, risk of lost and also opportunity to
get this advantage push them to influence company share market price before and
after announcement of ESOP through earning management. Through these ways, I
found a mean to reduce potential loss and adversely obtain an advantage of
stock option present around event of announcement of ESOP. The number of sample
available is 38 companies. This sample is taken by purposive sampling of
companies which adopting ESOP since 1999 up to 2007. Independent variable which
is placed in model 1 and 2 is natural logarithms of stock option proportion,
and an independent variable which placed in model 3 is discretionary accruals.
Dependent variable for model 1, 2 and 3 is discretionary accruals.
Discretionary accruals represent earnings management proxy. Hypotheses tested
by using regression taking form of semi log regression for hypothesis 1 and 2
and simple regression (OLS) for hypothesis 3. The result indicates that
executives conducting earning management by decreasing the amount of reported
profit before announcement of ESOP and conduct earnings management by improving
the amount of profit reported after announcement of ESOP. Result of the
examination also indicates that conducted earnings management before
announcement has a positive effect on earning management conducted after
announcement of ESOP.
Keywords: Employee Stock of
Option Plan (ESOP), Earning Management and the Announcement
Penulis: Ida Bagus Putra
Astika
Kode Jurnal: jpmanajemendd100088
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