Pengaruh manajemen laba dan kinerja operasi terhadap profitabilitas pada perusahaan go public yang melakukan kebijakan Initial Public Offering (IPO) di tahun 2008

INDONESIA:

Latar belakang penelitian ini bertujuan untuk mengetahui apakah perusahaan go public yang melakukan Initial Public Offering (IPO) menggunakan kebijakan manajemen laba (Earnings Management), untuk melihat perbedaan kinerja operasi antara sebelum dan sesudah dilakukannya kebijakan Initial Public Offering (IPO), untuk melihat perbedaan tingkat profitabilitas antara sebelum dan sesudah dilakukannya kebijakan Initial Public Offering (IPO), serta untuk melihat pengaruh antara manajemen laba (Earnings Management) dan kinerja operasi terhadap profitabilitas pada perusahaan go public yang melakukan kebijakan Initial Public Offering (IPO) di tahun 2008.

Penelitian ini menggunakan metode uji asumsi klasik, uji beda yang terdiri dari one sample t-test, paired sample t-test, dan Wilcoxon signed rank, selain itu juga uji F, uji T, serta analisis regresi linier berganda. Penelitian ini memiliki sampel 12 perusahaan yang melakukan IPO di tahun 2008 dengan tahun pengamatan selama 8 tahun yaitu dari tahun 2005 sampai tahun 2012. Variabel independen pada penelitian ini adalah discretionary accruals, current ratio, dan total asset turnover, dengan variabel dependen yaitu return on asset. Hasil penelitian menunjukkan bahwa berdasarkan uji one sample t test terbukti bahwa perusahaan yang melakukan IPO di tahun 2008 terindikasi menggunakan manajemen laba di sekitar IPO. Sedangkan berdasarkan uji paired sample t-test, dan Wilcoxon signed rank didapat hasil bahwa terdapat perbedaan kinerja operasi dan profitabilitas pada perusahaan go public antara sebelum dan sesudah dilakukannya kebijakan Initial Public Offering (IPO). Serta berdasarkan hasil analisis regresi linier berganda diperoleh persamaan :
Y= 0,277 + 1,002X1 + 1,036X2 + 3,117 X3 + 0,05.

Dari hasil analisis regresi linear berganda diperoleh hasil bahwa variabel discretionary accruals (X1), current ratio (X2), dan total asset turnover (X3), berpengaruh terhadap return on asset (Y) secara linear. Dan variabel yang paling berpengaruh adalah current ratio (X1) dengan kontribusi sebesar 39,69%. Nilai koefisien determinasi (R2) sebesar 0,620, artinya 62% tingkat profitabilitas perusahaan yang melakukan IPO di tahun 2008 dipengaruhi oleh variabel manajemen laba dan kinerja operasi, sedangkan sisanya yaitu 38% dipengaruhi oleh variabel lain. Melalui uji F dapat diketahui bahwa seluruh variabel independen berpengaruh secara simultan terhadap variabel dependen. Pengujian hipotesis menggunakan uji T menunjukkan bahwa dari ketiga variabel independen terbukti secara signifikan berpengaruh terhadap variabel dependen.

ENGLISH:

Background This study aimed to determine whether the publicly traded company initial public offering (IPO) using the earnings management policies (Earnings Management), to see the difference between the operating performance before and after the policy does Initial Public Offering (IPO), to see the difference in the level of profitability between before and after the policy does Initial Public Offering (IPO), as well as to see the effect of earnings management (earnings management) and operating performance on profitability in the company went public policy that performs an initial public offering (IPO) in 2008.

This study uses the classical assumption test , different test which consists of one- sample t - test , paired sample t - test , and Wilcoxon signed rank , but it is also the F test , t test , and multiple linear regression analysis . This study has a sample of 12 companies doing IPOs in the year 2008 to the year of observation for 8 years ie from 2005 to 2012 . The independent variable in this study is discretionary accruals , current ratio , and total asset turnover , the dependent variable is the return on assets . The results showed that the test is based on one- sample t test proved that the company is doing an IPO in 2008 indicated use of earnings management around IPOs . While based on paired samples t - test , and Wilcoxon signed rank the result that there are differences in operating performance and profitability of the company went public between before and after the policy does Initial Public Offering ( IPO ) . And based on the results of multiple linear regression equation was obtained : Y= 0,277 + 1,002X1 + 1,036X2 + 3,117 X3 + 0,05.

From the results of multiple linear regression analysis of the obtained results that the discretionary accruals variable (X1), current ratio (X2), and total asset turnover (X3), affect the return on assets (Y) in a linear fashion. And the most influential variable is the current ratio (X1) with a contribution of 39.69%. The coefficient of determination (R2) of 0.620, meaning that 62% of the level of profitability of companies doing an IPO in 2008 is influenced by variables of earnings management and operating performance, while the remaining 38% is influenced by other variables. Through the F test can be seen that all the independent variables simultaneously affect the dependent variable. Hypothesis testing using T test showed that of the three independent variables found to significantly affect the dependent variable.