Financial leverage and ASEAN corporate governance scorecard on accounting conservatism
Article Sidebar
Main Article Content
Abstract
This study aims to examine the effect of financial leverage and the ASEAN Corporate Governance Scorecard (ACGS) on accounting conservatism. This study uses a quantitative descriptive research approach to test hypotheses. The population includes companies that are on the Kompas 100 stock index. The sampling method used is purposive sampling, which is a company that is in the top rank 50 of the ASEAN Corporate Governance Scorecard for the period 2017-20 20. After the data was selected, there were 40 companies selected according to predetermined criteria. The analysis method uses multiple linear regression with SPSS 23. The results of this study show that Financial Leverage has a significant effect on Accounting Conservatism and the ASEAN Corporate Governance Scorecard has a significant effect on Accounting Conservatism. The results of this study are in line with the phenomenon in Indonesia that 40 companies that have been included in the ASEAN Top 50 were awarded the ACGS, this shows that corporate governance in Indonesia is still weak. The results of this study do not support the agency theory and the theory of the firm. The results of this study can be used by the OJK in improving the standards of good corporate governance.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who submit a manuscript understand that if the manuscript is accepted for publication, the copyright of the article shall be assigned to Jurnal Ekonomi Modernisasi (JEM).
References
Affianti, D., & Supriyati, S. (2017). The effect of good corporate governance, firm size, leverage and profitability on accounting conservatism level in banking industry. The Indonesian Accounting Review, 7(2), 191–202. https://doi.org/10.14414/tiar.v7i2.947
Afriani, N., Zulpahmi, & Sumardi. (2021). Faktor-Faktor yang Mempengaruhi Konservatisme Akuntansi. Jurnal Buana Akuntansi, 6(1), 40–56. https://doi.org/10.36805/akuntansi.v6i1.1255
Agus, S., & Martono, S. U. (2001). Manajemen keuangan: Teori Dan Aplikasi. BPFE-Yogyakarta.
Ahmed, A. S., & Duellman, S. (2012). Managerial Overconfidence and Accounting Conservatism. Journal of Accounting Research, 51(1), 1–30. https://doi.org/10.1111/j.1475-679X.2012.00467.x
Almagtome, A., Khaghaany, M., & Önce, S. (2020). Corporate governance quality, stakeholders’ pressure, and sustainable development: An integrated approach. International Journal of Mathematical, Engineering and Management Sciences, 5(6), 1077–1090. https://doi.org/10.33889/IJMEMS.2020.5.6.082
Ammy, B. (2016). Pengaruh Mekanisme Good Corporate Governance terhadap Konservatisme Akuntansi pada Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Maksitek, 1(1), 20–34.
Andani, M., & Nurhayati, N. (2021). Pengaruh Ukuran Perusahan, Financial Distress, Risiko Litigasi terhadap Konservatisme Akuntansi. DINAMIKA EKONOMI Jurnal Ekonomi Dan Bisnis, 14(1), 206–224.
Aristiyani, D. G. U., & Wirawati, I. G. P. (2013). Pengaruh Debt to Total Assets, Dividen Payout Ratio dan Ukuran Perusahaan pada Konservatisme Akuntansi Perusahaan Manufaktur di BEI. E-Jurnal Akuntansi Universitas Udayana, 3(3), 216–230.
Aryani, N. K. D., & Muliati, N. K. (2020). Pengaruh Financial Distress, Asimetri Informasi, Ukuran Perusahaan Dan Leverage Terhadap Konservatisme Akuntansi Pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI) Periode Tahun 2014-2018. Hita Akuntansi Dan Keuangan, 1(2), 572–601. https://doi.org/10.32795/hak.v1i2.1000
Balagobei, S. (2018). Corporate Governance And Firm Performance: Empirical Evidence From Emerging Market. Asian Economic and Financial Review, 8(12), 1415–1421. https://doi.org/10.18488/journal.aefr.2018.812.1415.1421
Basuki, B., & Siregar, G. I. (2019). Pengaruh Good Corporate Governance Dan Prudent Akuntansi Terhadap Nilai Perusahaan Pada Perusahaan Manfaktur 2014-2017. Jurnal Akuntansi Dan Keuangan, 3(2), 91–100.
Beatty, A., Weber, J., & Yu, J. J. (2008). Conservatism and Debt. Journal of Accounting and Economics, 45(2–3), 154–174. https://doi.org/10.1016/j.jacceco.2008.04.005
Chen, L. H., Folsom, D. M., Paek, W., & Sami, H. (2014). Accounting Conservatism, Earnings Persistence, and Pricing Multiples on Earnings. American Accounting Association, 28(2), 233–260. https://doi.org/10.2308/acch-50664
Crifo, P., Escrig-Olmedo, E., & Mottis, N. (2019). Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations. Journal of Business Ethics, 159(4), 1127–1146. https://doi.org/10.1007/s10551-018-3866-6
El-Habashy, H. A. (2019). The Impact of Accounting Conservatism on Corporate Performance Indicators in Egypt. International Journal of Business and Management, 14(10), 1. https://doi.org/10.5539/ijbm.v14n10p1
GarcÃa Lara, J. M., GarcÃa Osma, B., & Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221–238. https://doi.org/10.1016/j.jacceco.2015.07.003
Givoly, D., & Hayn, C. (2002). Rising Conservatism: Implications for Financial Analysis. Financial Analysts Journal, 58(1), 56–74. https://doi.org/10.2469/faj.v58.n1.2510
Guay, W. R., & Verrecchia, R. E. (2018). Conservative disclosure. Journal of Financial Reporting, 3(1), 73–92.
Habiba, H. (2017). The effect of good corporate governance mechanism and leverage on the level of accounting conservatism. The Indonesian Accounting Review, 6(1), 67–80. https://doi.org/10.14414/tiar.v6i1.854
Hajawiyah, A., Wahyudin, A., Pahala, I., & Ntim, C. G. (2020). The effect of good corporate governance mechanisms on accounting conservatism with leverage as a moderating variable. Cogent Business & Management, 7(1), 1–12. https://doi.org/10.1080/23311975.2020.1779479
Haloman, J. F., & Alfionita, V. (2021). Pengaruh dari Corporate Governance, Debt Covenant, Bonus Plan dan Political Cost terhadap Konservatisme Akuntansi pada Perusahaan Manufaktur. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 5(2), 1–14. https://doi.org/10.31955/mea.v5i2.1054
Hariyani, D. S. (2021). Manajemen Keuangan 1. UNIPMA Press, Universitas PGRI Madiun.
Hariyani, D. S., Ratnawati, T., & Rahmiyati, N. (2021). The Effects of Macroeconomics, Dividend Policy, Good Financial Governance on Corporate Value: Moderation of CSRD. International Journal of Scientific and Research Publications (IJSRP), 11(4), 303–309. https://doi.org/10.29322/ijsrp.11.04.2021.p11240
Hong, S. (2020). Corporate Social Responsibility And Accounting Conservatism. International Journal of Economics and Business Research, 19(1), 1–18. https://doi.org/10.1504/IJEBR.2020.103883
Jensen, C., & Meckling, H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Khalilov, A., & Osma, B. G. (2020). Accounting conservatism and the profitability of corporate insiders. Journal of Business Finance and Accounting, 47(3–4), 333–364. https://doi.org/10.1111/jbfa.12438
Lafond, R., & Roychowdhury, S. (2008). Managerial ownership and accounting conservatism. Journal of Accounting Research, 46(1), 101–135. https://doi.org/10.1111/j.1475-679X.2008.00268.x
Lo, E. W. (2005). Pengaruh tingkat kesulitan perusahaan terhadap konservatisme akuntansi. Seminar Nasional Akuntansi VIII.
Maulana, R. D., Prihatni, R., & Muliasari, I. (2021). Pengaruh Kepemilikan Institusional, Ukuran Perusahaan, dan Financial Distress terhadap Konservatisme. Jurnal Akuntansi, Perpajakan Dan Auditing, 2(2), 362–378.
Mulyono, M., Manurung, A. H., Alamsjah, F., & Hamsal, M. (2020). The Effect of Corporate Governance, E-Business and Innovation on Competitive Advantage and Implication on Financial Performance. Pertanika Journal of Social Sciences and Humanities, 28(S1), 1–13.
Noviantari, N. W., & Ratnadi, N. M. D. (2015). Pengaruh financial distress, ukuran perusahaan, dan leverage pada konservatisme akuntansi. E-Jurnal Akuntansi Universitas Udayana, 11(3), 646–660.
Novitasari, D. (2022). Pengaruh Good Corporate Governance Terhadap Konservatisme Akuntansi. Jurnal Syntax Admiration, 3(10). https://doi.org/https://doi.org/10.46799/jsa.v3i10.484
Puspa, R., Triana, L., Nopianti, R., & Tjeng, P. S. (2021). Pengaruh Tata Kelola Perusahaan, Kualitas Audit, Dan Konservatisme Terhadap Persyaratan Agunan Pinjaman. Jurnal Ekonomi Modernisasi, 17(1), 95–112. https://doi.org/10.21067/jem.v17i2.5419
Putra, I. W. D., & Sari, V. F. (2020). Pengaruh Financial Distress, Leverage, Dan Profitabilitas Terhadap Konservatisme Akuntansi. Jurnal Eksplorasi Akuntansi, 2(4), 3500–3516. https://doi.org/10.24036/jea.v2i4.299
Putra, N. Y., & Subowo. (2016). The Effect of Accounting Conservatism, Investment Opportunity Set, Leverage, and Company Size on Earnings Quality. Accounting Analysis Journal, 5(4), 299–306. https://doi.org/10.15294/aaj.v5i4.10691
Putri, P. (2021). The effect of operating cash flows, sales growth, and operating capacity in predicting financial distress. International Journal of Innovative Science and Research Technology, 6(1), 638–646.
Ramli, R., & Setiany, E. (2021). Comparative Analysis of Good Corporate Governance Implementation Based on ASEAN Corporate Governance Scorecard from the Indonesian Banking Industry. Jurnal Keuangan Dan Perbankan, 25(1), 117–131. https://doi.org/10.26905/jkdp.v25i1.4779
Rizkiadi, N., & Herawaty, V. (2020). Pengaruh Prudent Akuntansi, Profitabilitas, Leverage, Dan Ukuran Terhadap Nilai Perusahaan Yang Dimoderasi Oleh Good Corporate Governance (Studi Empiris Pada Perusahaan Yang Terdaftar Di BEI Tahun 2016 – 2018). Prosiding Seminar Nasional Pakar Ke 3 Tahun 2020, 1–8.
Ruch, G. W., & Taylor, G. (2015). Accounting conservatism: A review of the literature. Journal of Accounting Literature, 34(1), 17–38. https://doi.org/10.1016/j.acclit.2015.02.001
Sari, M. A., Wati, L. N., & Rahardjo, B. (2020). Peran Profitabilitas Dalam Memoderasi Pengaruh Struktur Modal Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1), 1–13.
Savitri, E. (2016). Konservatisme Akuntansi Cara Pengukuran, Tinjauan Empiris dan Faktor-Faktor yang Mempengaruhinya. In Musfialdi (Ed.), Pustaka Sahilia Yogyakarta (Cetakan 1). Pustaka Sahila Yogyakarta.
Siringo, P., Yuni, S., & Angela, L. M. (2021). Pengaruh Asean Corporate Governance Scorecard dan Struktur Kepemilikan Terhadap Asimetri Informasi Pada Perusahaan Kelompok Kompas 100 di Bursa Efek Indonesia. JEMBA: Jurnal Ekonomi Pembangunan, Manajemen Dan Bisnis, Akuntansi, 1(1), 45–52. https://doi.org/10.52300/jemba.v1i1.2491
Solichah, N., & Fachrurrozie, F. (2020). Effect of managerial ownership, leverage, firm size and profitability on accounting conservatism. Accounting Analysis Journal, 8(3), 151–157. https://doi.org/10.15294/aaj.v8i3.27847
Sulastri, A., Mulyati, S., & Icih, I. (2018). Analisis Pengaruh ASEAN Corporate Governance Scorecard, Leverage, Size, Growth Opportunities, dan Earnings Pressure terhadap Konservatisme Akuntansi. Accruals (Accounting Research Journal of Sutaatmadja), 2(1), 41–67. https://doi.org/10.35310/accruals.v2i1.6
Thomas, G. N., Aryusmar, & Indriaty, L. (2020). The Effect of Effective Tax Rates, Leverage , Litigation Costs , Company Size , Institutional Ownership, Public Ownership and the Effectiveness of Audit Committees in Accounting Conservatism at Public Companies LQ45. Talent Development & Excellence, 12(1), 85–91.
Triyuwono, E. (2018). Proses Kontrak, Teori Agensi dan Corporate Governance (Contracting Process, Agency Theory, and Corporate Governance). SSRN Electronic Journal, January, 0–14. https://doi.org/10.2139/ssrn.3250329
Utama, E. P., & Titik, F. (2019). Influence Of Leverage, Firm Size, Managerial Ownership, And Profitability To Conservatism Accounting. E-Proceeding of Management, 53(9), 1689–1699. https://doi.org/10.1017/CBO9781107415324.004
Viola, V., & Diana, P. (2016). Pengaruh Kepemilikan Managerial, Leverage, Financial Distress dan Kepemilikan Publik terhadap Konservatisme Akuntansi. Ultima Accounting, 8(1), 22–36. https://doi.org/10.31937/akuntansi.v8i1.575
Watts, R. L. (2003). Conservatism in Accounting part I: Explanations and Implications. Accounting Horizons, 17(3), 207–221. https://doi.org/10.2308/acch.2003.17.3.207
Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory. Prentice-Hall Inc.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27–54. https://doi.org/10.1016/j.jacceco.2007.06.002