¹Rieke Pernamasari,²Juita Tanjung

¹Universitas Mercu Buana Jakarta

²Universitas Muhammadiyah Jakarta

One of the opportunistic manager practices is earnings management. This attitude arises because of the high asymmetry of information between the principal and manager, weak regulation and control. If information asymmetry is high, stakeholders do not have sufficient resources, incentives or access to relevant information to monitor managers' actions. Through the size of the company is expected to see how big the influence of information asymmetry and debt on earnings management actions. This research is included in the third TKT measurement, namely proof-of-concept of important functions and/or characteristics analytically and experimentally. This study aims to examine the impact of the interaction of information asymmetry and debt on earnings management through accrual of working capital with firm size as a moderating variable. This study uses quantitative methods with crosssectional data. This study uses secondary data in the form of financial statements of consumption sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2021. The results prove that DER has a positive effect on earnings management and company size is able to moderate the effect of DER on earnings management. However, information asymmetry has no effect on earnings management and firm size is not able to moderate the effect of information asymmetry on earnings management.

Information asymmetry, earnings management, leverage, firm size.

1) Agustia, D. (2013). Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi Dan Keuangan, 15(1), 27–42. https://doi.org/10.9744/jak.15.1.27-42

2) Agustia, Y. P., & Suryani, E. (2018). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Leverage, Dan Profitabilitas Terhadap Manajemen Laba (Studi Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2014- 2016). Jurnal ASET (Akuntansi Riset), 10(1), 71–82. https://doi.org/10.17509/jaset.v10i1.12571

3) Ardian Andromeda, & Khoiruddin, M. (2014). Pengaruh Analisis Kebangkrutan Model Altman Terhadap Harga Saham Perusahaan Manufaktur. Management Analysis Journal, 3(1), 1–14. https://doi.org/10.15294/maj.v3i1.3354

4) Barus, A. C., & Setiawati, K. (2015). Pengaruh Asimetri Informasi, Mekanisme Corporate Governance dan Beban Pajak Tangguhan Terhadap Manajemen Laba. JWEM (Jurnal Wira Ekonomi Mikroskil), 5(1),31–40. http://www.mikroskil.ac.id/ejurnal/index.php/jwem/article/view/223/146

5) Cai, J., & Zhang, Z. (2011). Leverage Change, Debt Capacity, and Stock Prices. SSRN Electronic Journal, April. https://doi.org/10.2139/ssrn.1107878

6) Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771

7) Ghazali, A. W., Shafie, N. A., & Sanusi, Z. M. (2015). Earnings Management: An Analysis of Opportunistic Behaviour, Monitoring Mechanism and Financial Distress. Procedia Economics and Finance, 28(April),190–201. https://doi.org/10.1016/s22125671(15)01100-4

8) Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (8th ed.). Badan Penerbit Universitas Diponegoro.

9) Irama, O. N. (2018). Pengaruh Potensi Kebangkrutan Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Net, 1(1), 219–226.

10) Jensen, M. C., & Meckling, W. H. (1976). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1002/mde.l218

11) Jiang, J., Liu, Q., & Sun, B. (2017). Earnings Management and Stock Returns: Theory and Evidence. In Federal Reserve Board, Mid- west Theory Conference, and Royal Economic Society.

12) Mustikawati, A., & Cahyonowati, N. (2015). Pengaruh Asimetri Informasi Terhadap Manajemen Laba Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi. Diponegoro Journal of Accounting, 4(4), 500–507.

13) Nariastiti, N., & Ratnadi, N. (2014). Pengaruh Asimetri Informasi, Corporate Governance Dan Ukuran Perusahaan Pada Manajemen Laba. E-Jurnal Akuntansi, 9(3), 717–727.

14) Nuryatno, M., Nazir, N., & Rahmayanti, M. (2019). Hubungan Antara Pengungkapan, Informasi Asimetri Dan Biaya Modal. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 2(1), 9–26. https://doi.org/10.25105/jipak.v2i1.4424

15) Patriandari, & Fitriana, R. (2019). Pengaruh asimetri informasi, profitabilitas dan ukuran perusahaan terhadap manajemen laba pada perusahaan sektor aneka industri di indonesia. AKRUAL Jurnal Akuntansi Dan Keuangan, 11(1), 1– 14.http://scioteca.caf.com/bitstream/handle/123456789/1091/RED20178ene.pdf?sequence=12&isAllowed=y%0Ahttp: //dx.doi.org/10.1016/j.regsciurbeco.2008.06.005%0Ahttps://www.researchgate.net/publication/305320484_SISTEM_P EMBETU NGAN_TERPUSAT_STRATEGI_MELESTARI

16) Pernamasari, R., & Sugiyanto. (2022). The Effect of Earnings Management and Profitability on Stock Prices Future: Information Asymmetry as Moderating. Asian Journal of Economics, Business and Accounting, 22(16), 9–16. https://doi.org/10.9734/ajeba/2022/v22i1630631

17) Pradita, E. O., & Haryanto. (2017). PENGARUH PARTISIPASI ANGGARAN TERHADAP SENJANGAN ANGGARAN DENGAN ASIMETRI INFORMASI SEBAGAI VARIABEL INTERVENING (Studi Empiris pada SKPD se-Eks Karesidenan Kedu). Diponegoro Journal of Accounting, 6(3), 1–15.

18) Putri, Y. K. W. (2018). The influence of bid-ask spread and leverage on earnings management with good corporate governance as moderating variable. International Research Journal of Management, IT and Social Sciences, 5(3), 8–21. https://doi.org/10.21744/irjmis.v5i3.663

19) Rahimipour, A. (2017). Investigating the validity of signaling theory in the Tehran stock exchange: Using real earnings management, accrual-based earnings management and firm growth. International Journal of Economic Perspectives, 11(3), 925–936.

20) Rahmawati, F. I., & Handayani, S. R. (2017). THE INFLUENCE OF GOOD CORPORATE GOVERNANCE PRACTICE ON THE STOCK PRICE (Study on Company of LQ45 Index in Indonesia Stock Exchange during 2012-2016). Administrasi Bisnis, 50 No. 6(6), 164–173. https://www.neliti.com/id/publications/189320/the-influence-of-goodcorporate-governance-practice-on-the-stock-price-study-on

21) 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

22) Sayari, S., Mraihi, F., Finet, A., & Omri, A. (2013). The Impact of Earnings Management on Stock. Global Journal of Management and Business Research Finance, 13(10), 51–65.

23) Setiany, E., & Wulandari, A. (2015). Kualitas Pelaporan Keuangan dan Asimetri Informasi di Industri Manufaktur Indonesia. Jurnal Bisnis Dan Ekonomi, 6(2), 17–24.

24) Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.

25) Sutapa, I. N., & Suputra, I. D. G. D. (2016). PERUSAHAAN , LEVERAGE DAN KOMPENSASI PADA MANAJEMEN LABA. Jurnal Ekonomi Dan Bisnis Universitas Udayana, 4(1), 931–956.

26) Syanthi, N. T. T., Sudarma, M., & Saraswati, E. (2017). Dampak Manajemen Laba Terhadap Perencanaan Pajak Dan Persistensi Laba. EKUITAS (Jurnal Ekonomi Dan Keuangan), 17(2), 192. https://doi.org/10.24034/j25485024.y2013.v17.i2.2248

27) Uswati, L., & Mayangsari, S. (2016). Pengaruh Manajemen Laba Terhadap Future Stock Return Dengan Asimetri Informasi Sebagai Variabel Moderating. Ekuitas: Jurnal Ekonomi Dan Keuangan, 20(2), 242–259.

28) Utami, M. R., & Darmawan, A. (2019). Effect of DER , ROA , ROE , EPS and MVA on Stock Prices in Sharia Indonesian Stock Index. Journal Of Applaied Accounting and Taxation, 4(1), 15–22.

29) Utami, W. (2005). PENGARUH MANAJEMEN LABA TERHADAP BIAYA MODAL EKUITAS (STUDI PADA PERUSAHAAN PUBLIK SEKTOR MANUFAKTUR). SNA VIII Solo 15-16 September 2005, 100–116.

30) Utami, W. (2006). Dampak Pengungkapan Sukarela Dan Manajemen Laba Terhadap Informasi Asimetri. In Media Riset Akuntansi, Auditing dan Informasi (Vol. 6, Issue 1, p. 19). https://doi.org/10.25105/mraai.v6i1.895

31) Wang, K. T., & Wang, W. W. (2017). Competition in the stock market with asymmetric information. Economic Modelling, 61(November 2016), 40–49. https://doi.org/10.1016/j.econmod.2016.11.024

32) Wijayanto, A., Rahmawati, & Suparno, Y. (2007). Pengaruh Asimetri Informasi terhadap Hubungan antara Penerapan Sistem Perdagangan Dua Papan di Bursa Efek Jakarta dan Indikasi Manajemen Laba pada Perusahaan Perbankan. Jurnal Bisnis Dan Akuntansi, 9(2), 165–175.

33) Zang, A. Y. (2012). Evidence on the trade-off between real activities manipulation and accrual-based earnings management. Accounting Review, 87(2), 675–703. https://doi.org/10.2308/accr-10196

Volume 05 Issue 08 August 2022

There is an Open Access article, distributed under the term of the Creative Commons Attribution – Non Commercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting and building upon the work for non-commercial use, provided the original work is properly cited.