PENGARUH MANAJEMEN LABA PADA NILAI DAN KINERJA PERUSAHAAN
ABSTRACT: Managers manage
their earnings because they want to influence the investors perception about
firm’s performance, subsequently the firms could extract low cost external
fund. Managers have incentive to practice income-increasing earnings management
before they make initial public offerings (IPO) in order to get high offering
price. However, these practice could decrease the opportunity of managers to
manage their earnings in the future periods. If earnings management before
public offering cause investors to be over optimistic about future earnings,
investors will be disappointed with firm’s performance after IPO and the firm
value tend to decrease in the periods after the IPO. This study investigates
the effect of earnings management on the firm s value and performance in the
periods before and after the initial public offering.
Results of this study show that managers practice income-increasing
earnings management before their initial public offerings. Earnings management
have positive impact on firm value in the initial public offering period, but
this has negative impact in the periods after IPO. Firms 'values in the end of
IPO are lower than firms 'values in the IPO period. Firms 'performances in the
years after the initial public offering were higher than firms 'performances in
the year of IPO, but the average of return of asset decreases in the periods
after IPO.
Keywords: earnings management, initial public offering, firm's
value, and firm's performance
Penulis: Prihat Assih, Ambar
Woro Hastuti, Parawiyati
Kode Jurnal: jpakuntansidd050024
