Studi Tentang Informasi Akuntansi Dalam Manajemen Laba Menggunakan Model Jones Dimodifikasi Sebagai Dasar Keputusan Investasi
DOI:
https://doi.org/10.51903/jupea.v5i2.3973Keywords:
earnings management; stock price; investment decisionAbstract
This study empirically examines the effect of earnings management on stock price as a basis for investment decisions in agricutural sector companies listed on the Indonesia Stock Exchange (IDX) during 2016-2023. Earnings management is measured using the Modified Jones Model, and stock prices are based on year-end closing prices. A quantitative approach with secondary data and purposive sampling was applied to 15 companies (120 observations). The results show that earnings management has a significant effect on stock prices. These findings suggest that such practices influence investor perceptions and investment decisions, highlighting the importance of transparency and accounting information quality in maintaining market efficiency.
References
Burlacu, G., Robu, I.-B., & Munteanu, I. (2024). Exploring the Influence of Earnings Management on the Value Relevance of Financial Statements: Evidence from the Bucharest Stock Exchange. International Journal of Financial Studies, 12(3), 72. https://doi.org/10.3390/ijfs12030072
Bushman, R. M., & Smith, A. J. (2003). Transparency, Financial Accounting Information, and Corporate Governance. Economic Policy Review, 9(1). https://ssrn.com/abstract=795547
Callao, S., Jarne, J. I., & Wróblewski, D. (2014). The development of earnings management research A review of literature from three different perspectives. The Theoretical Journal of Accounting, 79(135), 135–177. https://doi.org/10.5604/16414381.1133395
Christensen, H. B., Hail, L., & Leuz, C. (2016). Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement. The Review of Financial Studies, 29(11), 2885–2924. https://doi.org/10.1093/rfs/hhw055
Connelly, B. L., Certo, S. T., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2–3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
Dechow, P. M., & Skinner, D. J. (2000). Earnings Management : Reconciling the Views of Accounting Academics, Practitioners, and Regulators. Accounting Horizons, 14(2), 235–250. https://doi.org/10.2308/acch.2000.14.2.235
Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51–89. https://doi.org/10.1016/0167-7187(91)90058-S
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193–225. http://www.jstor.org/stable/248303?origin=JSTOR-pdf
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Semarang : Badan Penerbit Universitas Diponegoro.
Gunny, K. A. (2010). The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks. Contemporary Accounting Research, 27(3), 855–888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13(4), 365–383. https://doi.org/10.2308/acch.1999.13.4.365
Holthausen, R. W., Larcker, D. F., & Sloan, R. G. (1995). Annual bonus schemes and the manipulation of earnings. Journal of Accounting and Economics, 19(1), 29–74. https://doi.org/10.1016/0165-4101(94)00376-G
Hong, K., Kim, J., & Kwack, S. Y. (2022). External Monitoring, ESG, and Information Content of Discretionary Accruals. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14137599
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.
Jones, K., Krishnan, G. V, & Melendrez, K. (2007). Do Models of Discretionary Accruals Detect Actual Cases of Fraudulent and Restated Earnings ? An Empirical Evaluation. Journal Contribution. https://doi.org/10.57912/23890887.v1
Kalengkian, S. V. K., Lasaru, S. L., & Budidarma, I. G. A. M. (2023). The Influence of Earnings Management on Pharmaceutical Company Stock Prices. Journal of Digital Economics and Business (MINISTAL), 2(1), 259–268. https://doi.org/10.55927/ministal.v2i1.2577
Kejriwal, M. A. (2022). Positive accounting theory: A critical evaluation. International Journal of Health Sciences, 6(S3), 4500–4509. https://doi.org/10.53730/ijhs.v6ns3.6886
Laux, J. A. (2003). Earnings Management: Friend or Foe? Journal of Business & Economics Research (JBER), 1(11). https://doi.org/10.19030/jber.v1i11.3071
Linck, J. S., Netter, J., & Shu, T. (2013). Can managers use discretionary accruals to ease financial constraints? Evidence from discretionary accruals prior to investment. The Accounting Review, 88(6), 2117–2143. https://doi.org/10.2308/accr-50537
Merchant, K. A., & Rockness, J. (1994). The Ethics of Managing Earnings: An Empirical Investigation. Journal of Accounting and Public Policy, 13(1), 79–94. https://doi.org/10.1016/0278-4254(94)90013-2
Murphy, M. M., & Healy, J. P. (2003). Earnings Management and Framing : The Specific Case of Obsolete Inventory. Advances in Accounting Behavioral Research, 6, 95–119. https://doi.org/10.1016/S1474-7979(03)06005-8
Park, M. S., & Ro, B. T. (2004). The effect of firm-industry earnings correlation and announcement timing on firms’ accrual decisions. British Accounting Review, 36(3), 269–289. https://doi.org/10.1016/j.bar.2004.01.004
Pernamasari, R., Purwaningsih, S., Tanjung, J., & Puji Rahayu, D. (2020). EFFECTIVENESS OF FIRM PERFORMANCE AND EARNINGS MANAGEMENT TO STOCK PRICES. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal, 6(1). https://doi.org/10.36713/epra2013
Puspitaningtyas, Z. (2019). Empirical evidence of market reactions based on signaling theory in Indonesia Stock Exchange. Investment Management and Financial Innovations, 16(2), 66–77. https://doi.org/10.21511/imfi.16(2).2019.06
Putri, I. A. J., Budiyanto, & Triyonowati. (2023). Financial Performance and Firm Value: The Role of Signaling Theory. International Journal of Scientific Research and Management, 11(04), 4776–4783. https://doi.org/10.18535/ijsrm/v11i04.em01
Rofiah, B. A. K., & Pujiono. (2022). Manajemen laba model jones dimodifikasi dan arus kas operasi terhadap keputusan investasi pada sektor aneka industri di BEI setelah implementasi IFRS. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(11). https://journal.ikopin.ac.id/index.php/fairvalue
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Schipper, K. (1989). Commentary on Earnings Management. Accounting Horizons, 3(4).
Sertoglu, K., Ugural, S., & Bekun, F. V. (2017). The Contribution of Agricultural Sector on Economic Growth of Nigeria. International Journal of Economics and Financial Issues, 7(1), 547–552. http:www.econjournals.com
Sihanta, D. N. A., & Pujiono. (2024). PRAKTIK MANAJEMEN LABA SEBAGAI PERTIMBANGAN KEPUTUSAN PASAR PADA SEKTOR INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Ilmiah Ekonomi Dan Manajemen, 2(2), 167–177. https://doi.org/10.61722/jiem.v2i2.920
Simbolon, L., & Purwanto. (2018). The Influence of Macroeconomic Factors on Stock Price: The Case of Real Estate and Property Companies. Global Tensions in Financial Markets, 34, 19–39. https://doi.org/10.1108/s0196-382120170000034010
Sukesti, F., Ghozali, I., Fuad, F., Almasyhari, A. K., & Nurcahyono, N. (2021). Factors Affecting the Stock Price: The Role of Firm Performance. Journal of Asian Finance, Economics and Business, 8(2), 165–173. https://doi.org/10.13106/jafeb.2021.vol8.no2.0165
Sul, E. S. (2024). Takeover Threats, Job Security Concerns, and Earnings Management. The Accounting Review, 99(3), 451–477. https://doi.org/10.2308/TAR-2020-0144
Upayarto, B. (2012). Pengaruh Manajemen Laba Pada Laporan Keuangan Yang Diterbitkan Terhadap Harga Saham Syariah (Studi Pada Perusahaan yang termasuk dalam Jakarta Islamic Indx (JII) Periode Tahun 2004-2007 di BEI). Jurnal Akuntansi Riset, 4(1), 691–708. https://doi.org/10.17509/jaset.v4i1.10079
Watts, R. L., & Zimmerman, J. L. (1990). Positive Accounting Theory : A Ten Year Perspective. The Accounting Review, 65(1), 131–156. https://www.jstor.org/stable/247880
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Jurnal Publikasi Ekonomi dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
