JURNAL ILMU & RISET AKUNTANSI VOL. 4 NO. 11

Jurnal Ilmu & Riset Akuntansi Vol. 4 No. 11 (2015)

PEN G A R U H

Pengaruh Mekanisme Corporate Governance... - Azhari, Nurul

M E K A N IS M E C O R P O R A T E G O V E R N A N C E T E R H A D A P LA B A

PA D A PER U SA H A A N

K U A L IT A S

M A N U FA K T U R

N u ru l A z h a ri u y u n d a z h a r i@ g m a il.co m N u r F a d jr ih A s y ik

S e k o la h T in g g i Ilm u E k o n o m i In d o n e s ia (S T IE S IA ) S u r a b a y a

A B STR A C T T h e p u r p o s e o f t h is r e s e a r c h is t o t e s t t h e in flu e n c e o f a u d it c o m m it t e e , in s t it u t io n a l o w n e r s h ip , m a n a g e r ia l o w n e r s h ip , a n d in d e p e n d e n t c o m m is s io n e r t o t h e p r o fit q u a lit y

o n t h e m a n u fa c t u r in g

c o m p a n ie s in 2 0 0 9 - 2 0 1 3 p e r io d s .T h e s a m p le s a r e

m a n u fa c t u r in g c o m p a n ie s w h ic h a r e lis t e d in I n d o n e s ia S t o c k E x c h a n g e . T h e d a t a is t h e s e c o n d a r y d a t a w h ic h is in t h e fo r m o f a u d it e d fin a n c ia l s t a t e m e n t in 2 0 0 9 - 2 0 1 3 p e r io d s a n d 2 1 c o m p a n ie s h a v e b e e n s e le c t e d a s s a m p le s b y u s in g p u r p o s iv e s a m p lin g m e t h o d . T h e in d e p e n d e n t v a r ia b le s in t h is r e s e a r c h a r e a u d it c o m m it t e e , t h e in s t it u t io n a l o w n e r s h ip , m a n a g e r ia l o w n e r s h ip , a n d in d e p e n d e n t c o m m is s io n e r w h e r e a s t h e d e p e n d e n t v a r ia b le is t h e p r o fit q u a lit y . T h e d a t a a n a ly s is h a s b e e n d o n e b y u s in g m u lt ip le lin e a r r e g r e s s io n s .T h e r e s u lt o f t h e r e s e a r c h s h o w s t h a t a u d it c o m m it t e e , t h e in s t it u t io n a l o w n e r s h ip , m a n a g e r ia l o w n e r s h ip , a n d in d e p e n d e n t c o m m is s io n e r w h ic h h a v e b e e n in c lu d e d in t h e m o d e l a r e s u it a b le t o b e u s e d a s t h e e x p la n a t o r y v a r ia b le o f p r o fit q u a lit y . P a r t ia lly , t h e m a n a g e r ia l o w n e r s h ip h a s n e g a t iv e a n d s ig n ific a n t t o t h e p r o fit q u a lit y w h ic h is m e a s u r e d b y u s in g d is c r e t io n a r y a c c r u a ls w h ic h m e a n s t h a t w h e n t h e m a n a g e r ia l o w n e r s h ip is g e t t in g h ig h , t h e d is c r e t io n a r y

a c c r u a ls

is

g e t t in g

lo w

t h e r e fo r e

it g e n e r a t e s

b etter

p r o fit q u a lit y

and

v ic e

v e r s a . M e a n w h ile , t h e a u d it

c o m m it t e e , in s t it u t io n a l o w n e r s h ip , a n d in d e p e n d e n t c o m m is s io n e r v a r ia b le s d o n o t h a v e a n y s ig n ific a n t in flu e n c e t o t h e p r o fit q u a lit y .

K eyw o rd s:

A u d it C o m m it t e e , I n s t it u t io n a l O w n e r s h ip , M a n a g e r ia l O w n e r s h ip , I n d e p e n d e n t C o m m is io n e r , P r o fit Q u a lit y .

IN T IS A R I P e n e lit ia n

in i

b e rtu ju a n

u n tu k

m e n g u ji

p en ga ru h

k o m it e

a u d it ,

k e p e m ilik a n

in s t it u s io n a l,

k e p e m ilik a n

m a n a j e r ia l, d a n k o m is a r is in d e p e n d e n t e r h a d a p k u a lit a s la b a p a d a p e r u s a h a a n m a n u f a k t u r p a d a p e r io d e 2 0 0 9 2 0 1 3 . S a m p e l p e n e lit ia n

in i a d a la h

p eru sa h a a n

y a n g d ig u n a k a n a d a la h d a t a s e k u n d e r d a la m d ip ilih in i

m e la lu i m e t o d e

m en ggu n a ka n

dan

k o m is a r is

d ig u n a k a n k e p e m ilik a n

p u r p o s iv e s a m p lin g

v a r ia b e l in d e p e n d e n

in d e p e n d e n

a d a la h

a n a lis is

sed a n g k a n re g resi

E f e k I n d o n e s ia . J e n is d a t a

s e h in g g a d ip e r o le h 2 1 s a m p e l p e r u s a h a a n . V a r ia b e l d a la m

y a it u

k o m it e

u n tu k

lin ie r

in s t it u s io n a l, k e p e m ilik a n

m a n u fa k tu r y a n g te rd a fta r d i B u rsa

b e n t u k la p o r a n k e u a n g a n y a n g t e la h d ia u d it p e r io d e 2 0 0 9 - 2 0 1 3 d a n

a u d it , k e p e m ilik a n

v a r ia b e l d e p e n d e n n y a

berga n d a .

H a s il

m a n a j e r ia l, d a n

d a n n e g a t if t e r h a d a p k u a lit a s la b a y a n g d iu k u r d e n g a n

a d a la h

p e n e lit ia n

k o m is a r is

t e la h s e s u a i s e b a g a i v a r ia b e l p e n j e la s k u a lit a s la b a . S e c a r a p a r s ia l

in s t it u s io n a l, k e p e m ilik a n k u a lit a s

la b a . A n a lis is

m e n u n ju k k a n

in d e p e n d e n

yan g

bah w a

p e n e lit ia n

m a n a j e r ia l, d a ta

yan g

k o m it e

a u d it ,

d a la m

m od el

d im a s u k k a n

k e p e m ilik a n m a n a j e r ia l b e r p e n g a r u h s ig n if ik a n

d is c r e t io n a r y a c c r u a ls a r t in y a s e m a k in t in g g i k e p e m ilik a n

m a n a j e r ia l m a k a d is c r e t io n a r y a c c r u a ls s e m a k in m e n u r u n s e h in g g a m e n g h a s ilk a n k u a lit a s la b a y a n g s e m a k in b a ik , b e g it u

p u la

s e b a lik n y a . S e d a n g k a n

v a r ia b e l k o m it e a u d it , k e p e m ilik a n

in s t it u s io n a l, d a n

k o m is a r is in d e p e n d e n

t id a k b e r p e n g a r u h s ig n if ik a n t e r h a d a p k u a lit a s la b a .

K a ta k u n c i: k o m ite a u d it, k e p e m ilik a n in s titu s io n a l, k e p e m ilik a n m a n a je ria l, k o m is a ris in d e p e n d e n , k u a litas la b a .

PEN D A H U LU A N P e ru sa h a a n u ta m a

a d a la h

sah am

p e ru sa h a a n

S ia lla g a n

dan

m e m a k s im a lk a n

u ta m a

b e rm a n fa a t

a p a b ila

n ila i

bah w a

d a la m

te rs e b u t

N ila i

su dah

p e ru sa h a a n lis tin g

t e r c e m in

d i b u rsa

sah am .

d a ri

h a rg a

P e n e lit ia n

m e n g u ji p e n g a r u h k u a lit a s la b a t e r h a d a p n ila i p e r u s a h a a n

k u a lit a s

p e n y a jia n

p e ru sa h a a n .

p e ru sa h a a n

M a c h fo e d z (2 0 0 6 )

m e n y im p u lk a n T u ju a n

m e m ilik i b e b e r a p a t u ju a n y a n g in g in d ic a p a i n a m u n t u ju a n y a n g p a lin g

la b a

in fo r m a s i

p e n g a m b ila n

se ca ra

p o s it if b e r p e n g a r u h

keuan gan

k e p u tu s a n

a d a la h

u n tu k

e k o n o m i a ta u

te rh a d a p

n ila i p e r u s a h a a n .

m e m b e r ik a n

in fo r m a s i

in v e s t a s i, s e h a r u s n y a

la b a

yan g yan g

d is a jik a n m e r u p a k a n la b a y a n g b e r k u a lit a s . N a m u n d e m ik ia n , h a s il p e n e lit ia n m e n u n ju k k a n bah w a lit e r a t u r

la b a

yan g

te n ta n g

a k u n t a n s i o le h

d is a jik a n

t id a k

m a n a je m e n

m a n a je r u n t u k

la b a

s e la lu yan g

b e r k u a lit a s . dapat

m e n c a p a i t u ju a n

H al

d id e fin is i te rte n tu

in i

ban yak

sebagai

d it e m u k a n

p e m ilih a n

(S c o t t , 2 0 0 6 ). Jik a

la b a

d a la m

k e b ija k a n s e p e r t i in i


Pengaruh Mekanisme Corporate Governance... - Azhari, Nurul 2

d ig u n a k a n

o le h

m e n je la s k a n la b a

akan

in v e s t o r

u n tu k

m e m b e n tu k

n ila i

p asar

p e ru sa h a a n ,

m aka

la b a

t id a k

n ila i p a s a r p e r u s a h a a n y a n g s e b e n a r n y a (B o e d io n o , 2 0 0 5 ). R e n d a h n y a k u a lit a s dapat

m em buat

k e s a la h a n

p e m b u a ta n

k e p u tu s a n

p a ra

p e m a k a in y a

s e p e rti

in v e s t o r d a n k r e d it o r , s e h in g g a n ila i p e r u s a h a a n a k a n b e r k u r a n g (S ia lla g a n d a n M a c h fo e d z , 2 0 0 6 ). Laba d ig u n a k a n

dapat o le h

d ik a t a k a n

p a ra

m e m ilik i k a r a k t e r is t ik M e n u ru t P e n m a n

b e r k u a lit a s

pen ggun a

u n tu k

t in g g i

m em buat

a p a b ila

la b a

k e p u tu s a n

r e le v a n s i, r e lia b ilit a s , k o m p a r a b il it a s d a n

dan

C oh en

(d a la m

yan g

yan g

d ila p o r k a n

t e r b a ik

y a it u

dapat

la b a

yan g

k o n s is t e n s i (S u t o p o , 2 0 0 9 ).

W ib o w o , 2 0 0 9 ) la b a t a h u n

b e r ja la n

m e m ilik i k u a lit a s

y a n g b a ik jik a la b a t e r s e b u t m e n ja d i in d ik a t o r y a n g b a ik u n t u k la b a y a n g a k a n d a t a n g , a t a u b e rh u b u n g a n s e ca ra k u a t d e n g a n a ru s k a s o p e r a s i d i m a s a m e n d a ta n g . B e b e ra p a d ila k u k a n

p e n e lit ia n

o le h

m e n in g k a t k a n

m en dukun g

m a n a je m e n .

kom p en sasi

Ban yak

m a n a je r

bah w a

m a n ip u la s i t e r h a d a p

a la s a n

m e la k u k a n

t e r k a it

den gan

la b a

m a n a je m e n

yan g

h a r g a s a h a m , d a n u s a h a m e n d a p a t s u b s id i d a r i p e m e r in t a h . o le h

m a n a je m e n

m e n y a ta k a n sebagai

y a n g le b ih

bah w a

p ih a k

k o n d is i

yan g

t e r ja d i k a r e n a d a la m

la p o r a n

dapat

yan g

te n ta n g

d ib u a t n y a

te rm a s u k


p e ru sa h a a n . D e ch o w m a s a la h

k in e r ja

s e n d ir i.

la b a ,

d ila p o r k a n ,

s e r in g

P e n y u s u n a n e a r n in g s d ila k u k a n

m e n im b u lk a n

in fo r m a s i

ju g a

Laba

k a re n a

p e ru sa h a a n yan g

e t a l. (1 9 9 5 )

k u ra n g

m a n a je m e n

d ie v a lu a s i

dan

b e r k u a lit a s

b is a

m e n ja la n k a n b is n is p e r u s a h a a n , m a n a je m e n b u k a n m e r u p a k a n p e m ilik

p e ru sa h a a n .

P e m is a h a n

p e n g e n d a lia n

dan

t id a k

te rs e b u t

m e m b e r ik a n

d ih a r g a i b e r d a s a r k a n

b e r t in d a k

m e n g e t a h u i k o n d is i d i d a la m

e a r n in g s

k e p e m ilik a n

p e la k s a n a a n sesu ai

in i

akan

p e n g e lo la a n

den gan

dapat

p e ru sa h a a n

k e in g in a n

p a ra

m e n im b u lk a n

yan g

p e m ilik .

k o n flik

m en yebabkan K o n flik

yan g

p a ra

d a la m m a n a je r

t e r ja d i

a k ib a t

p e m is a h a n k e p e m ilik a n in i d is e b u t d e n g a n k o n flik k e a g e n a n . A g en cy

th eo ry

d im in im u m k a n

m e m b e r ik a n

den gan

pan dan gan

p en gaw asan

s e n d ir i

bah w a

m a s a la h

e a r n in g s

m e la lu i p e n e r a p a n

good

m an agem en t

co rp o ra te

dapat

g ov ern an ce.

M e n u r u t S u t e d i (2 0 1 1 ) g o o d c o r p o r a te g o v e r n a n c e d a p a t d id e f in is ik a n s e b a g a i s a la h s a t u p r o s e s dan

s tru k tu r y a n g yan g

d ig u n a k a n

p ih a k

la in

u n tu k


o le h

b e rh u b u n g a n

p e ru sa h a a n

den gan

k e b e r h a s ila n

n ila i p e m e g a n g s a h a m

d a la m

( d ir e k t u r , m a n a je r , p e m e g a n g

p e rk e m b a n g a n

u sah a

dan

p e ru sa h a a n

sah am , dan

d i lin g k u n g a n

a k u n t a b ilit a s p e r u s a h a a n

te rte n tu )

g u n a m e w u ju d k a n

ja n g k a p a n ja n g d e n g a n t e t a p m e m e r h a t ik a n s t a k e h o l d e r la in n y a

d e n g a n b e r la n d a s k a n p e r a t u r a n p e r u n d a n g - u n d a n g a n d a n n ila i- n ila i e t ik a y a n g a d a . B e b e ra p a m e n g a ta s i

m e k a n is m e

m a s a la h

good

keagen an

co rp o ra te

te rs e b u t

g ov ern an ce

a d a la h

k o m it e

yan g a u d it ,

dapat

d ig u n a k a n

k e p e m ilik a n

u n tu k


k e p e m ilik a n m a n a je r ia l, d a n d e w a n k o m is a r is in d e p e n d e n .

dapat

B e rd a sa rk a n

u r a ia n

d ir u m u s k a n

sebagai

g ov ern an ce y a n g te rd a p a t

b e r ik u t :

d iu k u r d e n g a n

p e n g a ru h

m a n a je r ia l

p a d a la t a r b e la k a n g d i a t a s , m a k a m a s a la h d a la m

m e k a n is m e

te rh a d a p

k u a lit a s

(1 )

A pakah

k o m is a r is co rp o ra te

la b a ?

(3 )

te rd a p a t

in d e p e n d e n g ov ern an ce

A pakah

p e n g a ru h

te rh a d a p yan g

te rd a p a t

m e k a n is m e

k u a lit a s

d iu k u r

p e n g a ru h

p e n e lit ia n

la b a ?

den gan

in i

co rp o ra te

(2 ) A p a k a h k e p e m ilik a n

m e k a n is m e

co rp o ra te

g o v e r n a n c e y a n g d iu k u r d e n g a n k e p e m ilik a n in s t it u s io n a l t e r h a d a p k u a lit a s la b a ? (4 ) A p a k a h te rd a p a t

p e n g a ru h

m e k a n is m e

co rp o ra te

g ov ern an ce

yan g

d iu k u r

den gan

k o m it e

a u d it

t e r h a d a p k u a lit a s la b a ? T u ju a n

d a r i p e n e lit ia n

co rp o ra te g o v ern a n ce U n tu k

m e n g u ji

k e p e m ilik a n m e k a n is m e k u a lit a s

yan g

adan ya

m a n a je r ia l co rp o ra te

la b a .

(4 )

in i a d a la h : ( 1 ) U n t u k m e n g u ji a d a n y a p e n g a r u h

d iu k u r d e n g a n p e n g a ru h te rh a d a p

g ov ern an ce

U n tu k

m e k a n is m e k u a it a s

yan g

m e n g u ji

k o m is a r is

adan ya

co rp o ra te

la b a .

d iu k u r

in d e p e n d e n

(3 )

p e n g a ru h

d iu k u r d e n g a n k o m it e a u d it t e r h a d a p k u a lit a s la b a .

g ov ern an ce

U n tu k

den gan

te rh a d a p yan g

m e n g u ji

k e p e m ilik a n

m e k a n is m e

m e k a n is m e

k u a lit a s d iu k u r

adan ya

in s t it u s io n a l

co rp o ra te

la b a . (2 ) den gan

p e n g a ru h te rh a d a p

g ov ern an ce

yan g



T IN JA U A N

T E O R E T IS

D A N H IP O T E S IS

A gen cy T h eo ry T e o ri k e a g e n a n

(ag en cy

th eo ry ) m e n u ru t Je n s e n

k o n tra k a n ta ra p e m e g a n g s a h a m

dan

M e c k lin g (1 9 7 6 ) a d a la h

sebu ah

( p r i n c i p a l ) d a n m a n a je r ( a g e n t ) y a n g m a n a b a ik p e m ilik d a n

m a n a je r m e r u p a k a n p e m a k s im u m a n k e s e ja h t e r a a n . M a n a je r m e m p e r o le h u p a h d a n in s e n t if la in n y a d a r i p e r u s a h a a n k a r e n a m e w a k ili p e m ilik p e r u s a h a a n d a la m D a la m

h al

in i,

se o ra n g

pem egan g

sah am

h ubun gan

keagen an

m a n a je r

( p r in cip a l). (R a o ,

t e r t a r ik

p e ru sa h a a n

se o ra n g

H ubun gan

1 9 9 2 ).

b e r t in d a k a t a s k e p e n t in g a n h an ya

a d a la h

agen

a n ta ra

T e o ri

( ag en t)

p r in cip a l

agen si

dan

kepada

h a s il

sedan gkan

p a ra

keuan gan agen t

yan g

b e rta m b a h

d ia s u m s ik a n

k e u a n g a n d a n s y a r a t - s y a r a t y a n g m e n y e r t a i d a la m

in i

bah w a

a ta s

d is e b u t sem u a

n am a

den gan in d iv id u

s e b a g a i p r in c ip a l d ia s u m s ik a n

a ta u

m e n e r im a

b e r t in d a k

agen t

m e n g a s u m s ik a n

m e r e k a s e n d ir i. P e m e g a n g s a h a m

m e n g a m b il k e p u t u s a n .

yan g

in v e s t a s i

kep u asan

m e re k a

b e ru p a

di

d a la m

kom p en sasi

h u b u n g a n te rs e b u t.

K u a lita s L a b a K u a lit a s p r o fit a b ilit a s

la b a

a d a la h

la b a

yan g

o p e r a s io n a l p e r u s a h a a n

se ca ra

ben ar

dan

a k u ra t

(S u to p o , 2 0 0 9 ). M e n u ru t P e n m a n

m e n g g a m b a rk a n dan

C oh en

(d a la m

W ib o w o , 2 0 0 9 ) d iu n g k a p k a n b a h w a la b a t a h u n b e r ja la n m e m ilik i k u a lit a s y a n g b a ik jik a la b a t e r s e b u t m e n ja d i in d ik a t o r y a n g b a ik u n t u k la b a m a s a m e n d a t a n g , a t a u b e r h u b u n g a n s e c a r a k u a t d e n g a n a r u s k a s o p e r a s i d i m a s a m e n d a ta n g ( fu tu r e o p e r a tin g ca s h flo w ). K u a lit a s d ih a s ilk a n

la b a

sam a

m e ru p a k a n

den gan

apa

s u a tu

yan g

u k u ra n

su dah

u n tu k

m en cocokkan

d ir e n c a n a k a n

apakah

la b a

s e b e lu m n y a . K u a lit a s

la b a

yan g m a k in

t in g g i jik a m e n d e k a t i p e r e n c a n a a n a w a l a t a u m e le b ih i t a r g e t d a r i r e n c a n a a w a l. K u a lit a s la b a r e n d a h jik a d a la m yan g

m e n y a jik a n la b a t id a k s e s u a i d e n g a n la b a s e b e n a r n y a s e h in g g a in f o r m a s i

d id a p a t d a r i la p o r a n

d a n in v e s t o r d a la m

la b a

m e n ja d i b i a s

dan

d a m p a k n y a d a p a t m e n y e s a tk a n

m e n g a m b il k e p u t u s a n R in a w a t i (d a la m

k r e d it o r

P a u lu s , 2 0 1 2 ).

G o o d C o rp o ra te G o v ern a n ce W a rso n o d u a k a t a , y a it u

e t a l. (2 0 0 9 ) m e n y a ta k a n co rp o ra te d a n

b a h w a fra s a

c o r p o r a te g o v e r n a n c e (C G ) t e r d ir i a t a s

g o v e r n a n c e . K a t a c o r p o r a te m e r u p a k a n k a t a s ifa t ( a d je c tiv e ) y a n g

b e r m a k n a b e r b a g a i s ifa t y a n g b e r k a it a n

den gan

k o rp o ra s i a ta u p e ru s a h a a n s e d a n g k a n k a ta

g o v e r n a n c e m e r u p a k a n k a t a b e n d a ( n o u n ) y a n g b e r m a k n a p e n g e lo la a n . M e n u ru t p ro se s d a n

S u te d i

(2 0 1 1 )

good

co rp o ra te

s t r u k t u r y a n g d ig u n a k a n

o le h

g ov ern an ce

o rg a n

dapat

p e ru sa h a a n

d id e fin is ik a n

s e b a g a i s u a tu

( d ir e k t u r , m a n a je r , p e m e g a n g

s a h a m , d a n p ih a k la in y a n g b e r h u b u n g a n d e n g a n p e r k e m b a n g a n p e r u s a h a a n d i lin g k u n g a n te rte n tu )

u n tu k

m e w u ju d k a n s ta k e h o ld e r s


n ila i p e m e g a n g

la in n y a

den gan

k e b e r h a s ila n

sah am

d a la m

b e r la n d a s k a n

u sah a ja n g k a

dan

a k u n t a b ilit a s

p a n ja n g

p e ra tu ra n

den gan

p e ru sa h a a n

te ta p

gun a

m e m p e r h a t ik a n

p e ru n d a n g -u n d a n g a n

dan

n ila i-n ila i

e t ik a y a n g b e r la k u . B e r ik u t in i a d a la h fa k t o r - fa k t o r d a r i m e k a n is m e c o r p o r a te g o v e r n a n c e y a n g m e m p e n g a r u h i k u a lit a s G o v e rn a n ce a n g g o ta

dew an

p e n g a la m a n , K o m it e

a u d it

keuan gan s tru k tu r

k o m is a r is

dan

k u a lit a s

b e rtu g a s

d is a jik a n

dan la in

dapat yan g

w a ja r

s u a tu

m e m in ta

dew an

sesu ai

in t in y a

u n tu k

p e n g e r t ia n

m e n y a ta k a n

bah w a

den gan

s a tu

yan g

b a ik ,

k o m it e bah w a b e r la k u

K o m it e

A u d it

k o m it e

t id a k

a u d it a d a la h

le b ih

a u d it .

la p o r a n um um ,

p e la k s a n a a n

s t a n d a r t a u d it y a n g

m a n a je m e n . D a la m

a ta u

b e r b a g a i k e a h lia n ,

t u ju a n

m e m a s t ik a n

a k u n ta n s i

d ila k s a n a k a n

sesu ai den gan

den gan

m en cap ai

p r in s i p

o le h

b e ra n g g o ta k a n lu a r

u n tu k

k o m is a r is

h a s il a u d it d ila k s a n a k a n

K e p -1 0 3 / M B U / 2 0 0 2 ,

yan g

k a la n g a n

den gan

in t e r n a l p e r u s a h a a n

g a m b la n g , t e t a p i p a d a

k o m it e

d ib u t u h k a n

e k s t e r n a l d ila k s a n a k a n

t in d a k la n ju t t e m u a n N o m o r:

a u d it a d a la h

m e m b a n tu

se ca ra

p e n g e n d a lia n

in t e r n a l m a u p u n

BU M N

la b a , y a it u : ( 1 ) K o m it e a u d it . M e n u r u t K o m it e N a s io n a l K e b ija k a n

(2 0 0 6 ) k o m it e

a u d it

b e r la k u , d a n

K e p u tu s a n M e n te ri d it e r a n g k a n s u a tu

badan

se ca ra yan g

b e r a d a d i b a w a h k o m is a r is y a n g s e k u r a n g - k u r a n g n y a m in im a l s a t u o r a n g a n g g o t a k o m is a r is dan

dua

o ra n g

a h li

yan g

b e r s ifa t m a n d ir i b a ik d a la m

bukan

m e ru p a k a n

pegaw ai

BU M N

yan g

b e rs a n g k u ta n

yan g

p e la k s a n a a n t u g a s n y a m a u p u n p e la p o r a n n y a d a n b e r t a n g g u n g



ja w a b

la n g s u n g

K e p u tu s a n a u d it

a d a la h

k o m is a r is

Bapepam

k o m it e

m e la k s a n a k a n (d a la m

kepada

K e tu a

yan g

tu g a s

dan

a ta u

N o m o r:

dew an

p en gaw as.

K e p -4 1 / P M / 2 0 0 3

d ib e n t u k

o le h

fu n g s in y a .

(2 )

dew an

H al

yan g

k o m is a r is

K e p e m ilik a n

te rs e b u t

d a la m

in s t it u s io n a l.

keuan gan ,

in s t it u s i

la in n y a

pada

p e ru sa h a a n

a d a la h

p e ru sa h a a n

akan

m a n a je m e n ,

in s t it u s i b e r b a d a n a k h ir

ta h u n .

k e p e m ilik a n

h ukum ,

S a la h

s a tu

in s t it u s io n a l.

m e n d o r o n g p e n in g k a t a n

k a re n a

in s t it u s i lu a r

k e p e m ilik a n

sah am

fa k to r

yan g

A dan ya

n e g e r i, dapat

k e p e m ilik a n

den gan

bah w a

ra n g k a

M e n u ru t

P a u lu s , 2 0 1 2 ) k e p e m ilik a n in s t it u s io n a l a d a la h k e p e m ilik a n s a h a m

in s t it u s i

se n ada

m e n y a ta k a n

k o m it e

m e m b a n tu S h ie n

et

a l.

o le h p e m e r in t a h ,

dan a

p e r w a lia n ,

dan

m e m p e n g a r u h i k in e r j a in s t it u s io n a l d i s u a t u

p e n g a w a s a n a g a r le b ih o p t im a l t e r h a d a p k in e r ja m e w a k ili

s u a tu

su m ber

keku asaan

yan g

dapat

d ig u n a k a n u n t u k m e n d u k u n g a t a u s e b a lik n y a t e r h a d a p k in e r ja m a n a je m e n . ( 3 ) K e p e m ilik a n m a n a je r ia l .

K e p e m ilik a n

p e ru sa h a a n

yan g

( S u jo k o

dan

p re s e n ta s e u n tu k

d iu k u r d e n g a n

S o e b ia n t o r o ,

sah am

yan g

d ig u n a k a n

sebagai


p e rs e n ta s e

2 0 0 7 ).

p e r io d e

s a la h

m e n in g k a t n y a

m e ru p a k a n

s a tu

u n tu k

k e p e m ilik a n

k e in g in a n

d a ri

yan g ju g a

p ara

sah am

o le h

d im ilik i o le h dapat

m aka

m a s a la h m a n a je r

m a n a je m e n m a n a je m e n

d ia r t ik a n

d ir e k t u r p e r u s a h a a n

M e n in g k a t k a n

m e n g a ta s i

m a n a je r ia l

k in e r ja n y a s e h in g g a d a la m

m em en uh i

sah am

m a n a je r ia l

m a n a je r d a n

p e n g a m a ta n .

ca ra

k e p e m ilik a n

ju m la h

K e p e m ilik a n

d im ilik i o le h

m a s in g - m a s in g

D en gan

s e rta

m a n a je r ia l

sebagai

pada

a k h ir t a h u n

k e p e m ilik a n

m a n a je r ia l

yan g

ada

akan

di

p e ru sa h a a n .

t e r m o t iv a s i

u n tu k

h a l in i a k a n b e r d a m p a k b a ik k e p a d a p e r u s a h a a n pem egan g

sah am .

Je n s e n

dan

M e c k lin g

(1 9 7 6 )

m e n e m u k a n b a h w a k e p e m ilik a n m a n a je r ia l b e r h a s il m e n ja d i m e k a n is m e u n t u k m e n g u r a n g i m a s a la h

keagen an

den gan

pem egan g

d a r i m a n a je r d e n g a n sah am .

S e m a k in

m e n y e la r a s k a n

besar

p ro p o rsi

k e p e n t in g a n -k e p e n t in g a n

k e p e m ilik a n

sah am

pada

m a n a je r

p e ru sa h a a n

m a k a m a n a je m e n c e n d e r u n g b e r u s a h a le b ih g ia t u n t u k k e p e n t in g a n p e m e g a n g s a h a m

yan g

t id a k la in a d a la h d ir in y a s e n d ir i. (4 ) K o m is a r is in d e p e n d e n . K o m is a r is in d e p e n d e n m e n u r u t P e n je la s a n P a s a l 1 2 0 a y a t ( 2 ) U n d a n g - U n d a n g n o . 4 0 T a h u n 2 0 0 7 t e n t a n g P e r s e r o a n T e r b a t a s (U U P T )

a d a la h

k o m is a r is

k o m is a r is

in d e p e n d e n

d a r i p ih a k

lu a r . P a s a l 1 2 0

d ia n g k a t d a r i p ih a k

yan g

a y a t (2 ) U U P T

t id a k

ju g a

t e r a filia s i d e n g a n

m e n g a tu r b a h w a p em egan g sah am

u t a m a , a n g g o t a d ir e k s i d a n a t a u d e w a n k o m is a r is la in n y a . M e n u r u t P a s a l 1 2 0 a y a t (1 ) U U P T k e b e ra d a a n A n g g a ra n

k o m is a r is D asar

in d e p e n d e n

P e rse ro a n

b e rg a n tu n g

m e n g a tu r

bah w a

pada d a la m

A n g g a ra n dew an

D asar

k o m is a r is

P e rse ro a n . te rd a p a t

in d e p e n d e n , m a k a k e b e r a d a a n k o m is a r is in d e p e n d e n t e r s e b u t m e n ja d i w a jib .

A p a b ila

k o m is a r is



R e ra n g k a P e m ik ira n A g ency T h eory

P r in c ip a l

C o n tra ct

A g e n t /M a n a g e m e n t

A g e n c y C o n flic t

A s y m m e t r ic I n fo r m a t io n

M a n a j e m e n la b a

L a p ora n keu a n ga n

T rust

G o o d C o rp o ra te G o v ern a n ce

T ransp arancy

A c c o u n t a b ilit y

In d en p en d en cy

R e s p o n s ib ilit y

F a ir n e s s

M e k a n is m e G o o d C o r p o r a t e G o v e r n a n c e

k . in s t it u s io n a l

k . m a n a j e r ia l

K o m it e a u d it

k . in d e p e n d e n

K u a lit a s la b a

G am bar 1 R e ra n g k a P e m ik ira n

P e ru m u s a n H ip o te s is P e n g a ru h K o m ite A u d it te rh a d a p K u a lita s L a b a K le in k o m it e le b ih

(2 0 0 2 )

a u d it k e c il

m e m b e r ik a n

in d e p e n d e n d ib a n d in g k a n

b u k ti s e ca ra

m e la p o r k a n den gan

k u a lit a s

a n a lis ,

dan

p e la p o r a n

p e la p o r a n

r e g u la t o r keuan gan .

keuan gan

m e la lu i

e m p ir is

bah w a

den gan

kan dun gan

p e ru sa h a a n

in d e p e n d e n . P r ic e W a t e r h o u s e (d a la m in v e s t o r ,

la b a

S ia lla g a n

m en gan ggap K o m it e

k o m it e

a u d it

p en gaw asan

yan g dan

p e ru sa h a a n

t id a k

m e m b e n tu k

a u d it

m e m b e r ik a n

p ro se s

in t e g r it a s

p e la p o r a n

p e n g e n d a lia n in t e r n a l d a n p e n g g u n a a n p r in s ip a k u n t a n s i b e r t e r im a u m u m p ro se s

a u d it

m e m ilik i

se ca ra

k e s e lu r u h a n .

kon seku en si

pada

H a s iln y a

la p o r a n

m e n g in d ik a s ik a n

k euan gan

m e m b e n tu k

y a it u

bah w a

a u d it bah w a

k o n t r ib u s i d a la m dan

k r e d ib ilit a s

te rm a s u k

s is t e m

s e rta m e n g a w a s i

adan ya

b e rk u ra n g n y a

yan g

k o m it e

M a c h fo e d z , 2 0 0 6 ) m e n y a ta k a n

m e n in g k a t k a n a ta s

yan g

a k r u a l d is k r e s io n e r

k o m it e

p e n g u k u ra n

a u d it dan



pen gun gkapan

a k u n ta n s i

yan g

t id a k

te p a t

s e rta

b e rk u ra n g n y a

t in d a k a n

k e cu ra n g a n

m a n a je m e n d a n t in d a k a n ile g a l. D a r i p e n je la s a n a k t iv it a s

e a r n in g s

keuan gan

yan g

te rs e b u t

dapat

m an ag em en t s a la h

yan g

s a tu n y a

d is im p u lk a n s e la n ju t n y a

a d a la h

k u a lit a s

h ip o t e s a k e e m p a t y a n g a k a n d iu ji d a la m H

1

bah w a akan

k o m it e

a u d it d a p a t m e n g u r a n g i

m e m p e n g a ru h i

la b a .

B e rd a sa rk a n

k u a lit a s

u r a ia n

p e la p o r a n

te rs e b u t,

m aka

p e n e lit ia n in i a d a la h :

: K e b e r a d a a n k o m it e a u d it b e r p e n g a r u h t e r h a d a p k u a lit a s la b a .

P e n g a ru h K e p e m ilik a n In stitu sio n a l te rh a d a p K u a lita s L a b a S h ille r d a n P o u n d (d a la m

W id ia t m a ja , 2 0 1 0 ) m e n je la s k a n b a h w a in v e s t o r in t it u s io n a l

m e n g h a b is k a n le b ih b a n y a k w a k t u u n t u k m e la k u k a n a n a lis is in v e s t a s i d a n m e r e k a m e m ilik i akses

a ta s

in fo r m a s i

in s t it u s io n a l a k a n den gan

yan g

t e r la lu

m e la k u k a n

t in d a k a n

m ah al

m o n it o r in g

m a n ip u la s i y a n g

2

se ca ra

d ila k u k a n

h ip o t e s a k e t ig a y a n g a k a n d iu ji d a la m H

Je n s e n keagen an

dan

a d a la h

e t a l. (d a la m

in v e s t o r

t id a k

akan

B e rd a sa rk a n

la in .

m udah

u r a ia n

In v e s to r d ip e r d a y a

d i a ta s ,

m aka


M a n a je ria l te rh a d a p K u a lita s L a b a

M e c k lin g

den gan

(1 9 7 6 )

m e n y a ta k a n


P e n e lit ia n

la b a

W a r fie ld

k e p e m ilik a n

m en em ukan

d is cr e tio n a r y

u n tu k

m e m in im a lk a n

k o n flik

p e ru sa h a a n . R o ss

P a u lu s , 2 0 1 2 ) m e n y a t a k a n b a h w a s e m a k in b e s a r k e p e m ilik a n m a n a je m e n d a la m

k e p e n t in g a n p e m e g a n g s a h a m

h ubun gan

bah w a

k e p e m ilik a n m a n a je r ia l d i d a la m

p e r u s a h a a n m a k a m a n a je m e n a k a n s e m a k in

et

a l.

(d a la m

R a ch m a w a ti

m a n a je r ia l d e n g a n

H a s il

p e n e lit ia n

k e p e m ilik a n

k e d u a y a n g a k a n d iu ji d a la m

b e r u s a h a u n t u k m e n in g k a t k a n k in e r ja n y a d e m i

d a n k e p e n t in g a n n y a s e n d ir i. dan

d is c r e t io n a r y

b u k t i b a h w a k e p e m ilik a n

a ccru a l.

m e n in g k a t k e t ik a

3

e fe k t if d a n

m a n a je r .

bagi

: K e p e m ilik a n in s t it u s io n a l b e r p e n g a r u h t e r h a d a p k u a lit a s la b a .

P e n g a ru h K e p e m ilik a n

H

p e r o le h a n n y a

T r ia t m o k o , a ccru a l d a n

ju g a

m e n g u ji in fo r m a s i

s e c a r a n e g a t if d e n g a n

m e n y a ta k a n

m a n a je r ia l t in g g i. B e r d a s a r k a n

yan g

kan dun gan

m a n a je r ia l b e r h u b u n g a n

te rs e b u t

2007)

bah w a

u r a ia n

k u a lit a s

la b a

d ia t a s , m a k a h ip o t e s a


: K e p e m ilik a n m a n a je r ia l b e r p e n g a r u h t e r h a d a p k u a lit a s la b a .

P e n g a ru h K o m is a ris In d e p e n d e n te rh a d a p K u a lita s L a b a P e n e lit ia n B e a s le y (1 9 9 6 ) m e n y im p u lk a n b a h w a k o m p o s is i d e w a n k o m is a r is d a r i lu a r le b ih e fe k t if u n t u k m e n g u r a n g i k e c u r a n g a n p e la p o r a n k e u a n g a n d a r ip a d a k e h a d ir a n k o m it e a u d it .

P e n e lit ia n

yan g

b e ra sa l

k e cu ra n g a n bah w a lu a r

p e ru sa h a a n

ju m la h

H

4

:

m e n u n ju k k a n p e ru sa h a a n

keuan gan .

yan g

a ta u

u n tu k

a n g g o ta

P ra m u k a ,

d a la m

lu a r

p e la p o r a n

p e ru sa h a a n

d ig u n a k a n

dan

in i ju g a

d a ri

u k u ra n

H a s il

p e n e lit ia n

m en gukur

dew an

dan

te rh a d a p d ia t a s

m e m ilik i k o m p o s is i a n g g o t a

o u t s id e

dew an

bah w a

b e rp e n g a ru h

te rs e b u t

dew an

k a r a k t e r is t ik

k e ce n d e ru n g a n m e m b e r ik a n

k o m is a r is

d ir e k t u r d a p a t m e m p e n g a r u h i k u a lit a s k o m p o s is i

k o m is a r is

2 0 0 7 ).B e rd a s a rk a n

dew an

in d e p e n d e n u r a ia n

k o m is a r is te rh a d a p

d ia t a s ,

m aka

h ip o t e s a

t e r a d in y a s im p u la n

b e ra sa l d a ri

la b a . In d ik a t o r y a n g

in d e p e n d e n

to ta l d e w a n

yan g

k o m is a r is

a d a la h

p re s e n ta s e

k o m is a r is

( U jiy a n t h o

p e rta m a

yan g

akan

d iu ji

p e n e lit ia n in i a d a la h : D e w a n k o m is a r is in d e p e n d e n b e r p e n g a r u h t e r h a d a p k u a lit a s la b a

M E T O D O L O G I P E N E L IT IA N Je n is , P o p u la s i d a n S a m p e l P e n e litia n

P e n e litia n in i m e n g g u n a k a n m e to d e p e n e litia n k u a n tita tif k a r e n a p e n e litia n in i le b ih

m en ekan kan

so sia l. P e n e litia n m en guakkan

p a d a a sp e k p e n g u k u r a n se c a r a o b y e k tif te r h a d a p fe n o m e n a

k u a n tita tif

an gka,

m u la i

te r se b u t, se r ta p e n a m p ila n d ig u n a k a n d a la m

a d a la h d ari

p e n d e k atan

p e n g u m p u la n

p e n e litia n d ata,

yan g

ban yak

p e n a fsir a n

d itu n tu t

te rh ad ap

d ata

h a s i l n y a ( A r i k u n t o , 2 0 0 6 ) . P o p u la s i o b je k p e n e lit ia n y a n g

p e n e lit ia n in i a d a la h p e r u s a h a a n y a n g b e r g e r a k d a la m

b id a n g m a n u fa k t u r



yan g

te rd a fta r

d a la m

di

B u rsa

p e n e litia n

in i

E fe k

M e to d e

In d o n e s ia

a d a la h

den gan

p e n e n tu an

m en ggun akan

sa m p e l y a n g

m e to d e

d ig u n a k a n

p u rp o siv e

sa m p lin g .

M e n u r u t S u g iy o n o (2 0 1 0 ) p u r p o s iv e s a m p lin g a d a la h te k n ik p e n e n tu a n sa m p e l d e n g a n p e r tim b a n g a n

te rte n tu .

seku n der

b e rsu m b e r

la p o r a n

yan g

keuan gan

Je n is

d a ta

yan g

d ig u n a k a n

d a ri

d a ta

yan g

d ip e r o le h

ta h u n a n

p e ru sa h a a n

d a la m d a ri

m a n u fa k tu r y a n g

p e n e lit ia n

B u rsa

t e la h

E fe k

d ia u d it

in i

a d a la h

In d o n e s ia u n tu k

d a ta

b e ru p a

ta h u n

2009

s a m p a i ta h u n 2 0 1 3 .

V a ria b e l d a n D e fin is i O p e ra s io n a l V a ria b e l V a r ia b e l y a n g d ig u n a k a n d a la m bebas dan

m e ru p a k a n

v a r ia b e l y a n g

p e n e lit ia n in i t e r d ir i a t a s d u a v a r ia b e l y a it u v a r ia b le

m e m p e n g a r u h i v a r ia b e l la in

v a r ia b e l t e r ik a t m e r u p a k a n

yan g

v a r ia b e l y a n g d ip e n g a r u h i o le h

s ifa t n y a

b e r d ir i s e n d ir i

v a r ia b e l la in

y a n g s i fa tn y a

t id a k d a p a t b e r d ir i s e n d ir i. V a ria b e l B e b a s K o m ite A u d it. K o m it e a u d it b e r t u g a s m e m b a n t u d e w a n k o m is a r is u n t u k m e m o n it o r p r o s e s p e la p o r a n

keuan gan

(B ra d b u ry

et

a l.,

o le h

2 0 0 4 ).

m a n a je m e n

In d ik a t o r n y a

u n tu k


m en ggun akan

k r e d ib ilit a s

la p o r a n

v a r ia b e l d u m m y . A p a b ila

keuan gan

p e ru sa h a a n

t e r s e b u t m e m ilik i k o m it e a u d it m a k a d in ila i d e n g a n n ila i 1 d a n n ila i 0 u n t u k s e b a lik n y a . K e p e m ilik a n in d ik a t o r sah am

I n s titu s io n a l. K e p e m ilik a n

p e rs e n ta s e

ju m la h

sah am

in s t it u s io n a l d a p a t d iu k u r d e n g a n

y an g

d im ilik i p ih a k

m en ggun akan

in s t it u s io n a l d a r i s e lu r u h

ju m la h

p e r u s a h a a n (B o e d io n o , 2 0 0 5 ).

R u m u s m e n g h it u n g k e p e m ilik a n in s t it u s io n a l: SI K I=

x 100 % SB

K e te ra n g a n : K I

= K e p e m ilik a n in s t it u s io n a l

SI

= Ju m la h s a h a m

y a n g d im ilik i in s t it u s io n a l

SB


p e ru sa h a a n y a n g b e re d a r.

K e p e m ilik a n p ih a k P a ra

M a n a je ria l.

m a n a je m e n pem egan g

sebagai

K e p e m ilik a n

d a r i s e lu r u h

sah am

k e p e m ilik a n

yan g

m a n a je r ia l a d a la h

m odal sah am

m em pun yai

m a n a je r ia l

kedudukan

( m a n a g e r ia l

d e n g a n b e s a rn y a p e rs e n ta s e s a h a m

ju m la h

p e ru sa h a a n

o w n e r s h ip ).

di

yan g

k e p e m ilik a n d ik e lo la

m a n a je m e n

K e p e m ilik a n

sah am

o le h

(B o e d io n o , 2 0 0 5 ).

p e ru sa h a a n M a n a je r ia l

d is e b u t d ih it u n g

y a n g d im ilik i o le h p ih a k m a n a je m e n p e r u s a h a a n .

R u m u s m e n g h it u n g k e p e m ilik a n m a n a je r ia l: SM K M =

x 100 % SB

K e te ra n g a n : K M

= K e p e m ilik a n m a n a je r ia l

SM

= T o t a l s a h a m y a n g d im ilik i o le h m a n a je m e n

SB


D ew an

K o m is a ris

den gan

ca ra

p e ru sa h a a n

p e ru sa h a a n y a n g b e re d a r

In d ep en d en .

m e n g h it u n g te rh a d a p

P ro p o rsi

p re s e n ta s e

s e lu r u h

u k u ra n

dew an

a n g g o ta dew an

k o m is a r is

dew an

k o m is a r is

k o m is a r is p e r u s a h a a n

P ra m u k a , 2 0 0 7 ). R u m u s m e n g h it u n g p r o p o r s i d e w a n k o m is a r is in d e p e n d e n : D K Luar P D K I=

x 100 % U D K

K e te ra n g a n : PD K I

in d e p e n d e n

= P r o p o r s i d e w a n k o m is a r is in d e p e n d e n

yan g

dapat

b e ra sa l

d ih it u n g d a ri

s a m p e l ( U jiy a n t h o

lu a r dan



D K lu a r

= Ju m la h a n g g o t a d e w a n k o m is a r is b e r a s a l d a r i lu a r p e r u s a h a a n

U D K

= U k u r a n d e w a n k o m is a r is

V a ria b e l T e rik a t (K u a lita s L a b a ) K u a lit a s

la b a

dapat

m e n s e lis ih k a n sebab

to ta l

e s t im a s i

d iu k u r a ccr u a ls


m e la lu i (T A it ) a ccr u a ls


dan

a ccr u a ls

n o n d is cr e tio n a r y

dapat

d iu k u r

yan g

a ccr u a ls

se ca ra

d ih it u n g

(N D A it ).

la n g s u n g

den gan

D A

u n tu k

ca ra

d ig u n a k a n

m e n e n tu k a n

k u a lit a s la b a . S e m a k in k e c il d is c r e tio n a r y a c c r u a ls s e m a k in t in g g i k u a lit a s la b a d a n s e b a lik n y a . D is cr e a tio n a r y

A ccru al

s e b a g a i p r o k s i k u a lit a s

la b a

d ih it u n g

den gan

m en ggun akan

ru m u s

D e c h o w e t a l. (1 9 9 5 ). L a n g k a h - la n g k a h d a la m

m e n g h it u n g d is c r e tio n a r y a c c r u a ls s e b a g a i b e r ik u t :

T A (to ta l a c c ru a l) = N e t in c o m e – C a s h flo w fro m o p e ra tio n … … … ....… .(1 ) T A i t /A t - 1 = α 1 ( 1 /A t - 1 ) + α 2 ( Δ R E V t /A t - 1 ) + α 3 ( P P E t /A t - 1 ) + ε … .… … … .( 2 ) K e te ra n g a n : A t-1

= T o t a l a s e t p e r u s a h a a n i p a d a p e r io d e t

Δ R EV t

= P e r u b a h a n p e n d a p a t a n p e r u s a h a a n i d a la m

PPEt

= A k t iv a t e t a p p e r u s a h a a n i p a d a p e r io d e t

T A it

= T o t a l a k r u a l p e r u s a h a n i p a d a p e r io d e t

α1, α2, α3

= k o e fis ie n r e g r e s i

ε

= e rro r

p e r io d e t

N D A = α 1 ( 1 /A t - 1 ) + α 2 ( Δ R E V t - Δ R E C t ) /A t - 1 ) + α 3 ( P P E t /A t - 1 ) … … … ..( 3 ) K e te ra n g a n : Δ R E C t = P e r u b a h a n p iu t a n g b e r s ih d a la m

p e r io d e t

S e la n ju t n y a d a p a t d ih it u n g n ila i d i s c r e t i o n a r y a c c r u a l s s e b a g a i b e r ik u t : D A C i t = T A t /A t - 1 - N D A … … … … … … … … … … … … … … … … … … … … ...( 4 ) K e te ra n g a n : D A C it

= D is c r e tio n a r y a c c r u a ls p a d a p e r io d e t

N D A

= N o n d is cr e tio n a r y a ccr u a ls

T e k n ik A n a lis is D a ta A n a lis is S ta tis tik D e s k rip tif S t a t is t ik d e s k r ip t if a d a la h d a ta

yan g

d ilih a t

s t a t is t ik y a n g m e m b e r ik a n g a m b a r a n a t a u d e s k r ip s i s u a t u

d a r i r a t a - r a t a , s t a n d a r d e v ia s i, v a r ia n c e , m a k s im u m , m in im u m , k u r t o s is ,

sk ew n es (k e m e n c e n g a n

d is t r ib u s i) . S t a t is t ik d e s k r ip t if m e n d e s k r ip s ik a n d a t a m e n ja d i s e b u a h

in fo r m a s i

je la s

yan g

le b ih

m en gem ban gkan den gan

p e n g u m p u la n

(G h o z a li,

2 0 0 7 ).

dan

m udah

p r o fil p e r u s a h a a n dan

D a ta

yan g

d ip a h a m i.

yan g

p e n in g k a t a n d it e lit i

d a ta ,

akan

S t a t is t ik

d e s k r ip t if

d ig u n a k a n

u n tu k

m e n ja d i s a m p e l s t a t is t ik d e s k r ip t if b e r h u b u n g a n s e rta

p e n y a jia n

d ik e lo m p o k k a n

h a s il p e n in g k a t a n

y a it u

k u a lit a s

la b a ,

te r s e b u t k o m is a r is

in d e p e n d e n , k e p e m ilik a n in s t it u s io n a l, k e p e m ilik a n m a n a je r ia l d a n k o m it e a u d it . U ji A s u m s i K la s ik D a la m

ra n g k a

m en cap ai

t u ju a n

p e n e lit ia n ,

p e n e lit i

m en ggun akan

a n a lis is

re g re si

lin ie r b e r g a n d a u n t u k m e n g e t a h u i a p a k a h h a s il e s t im a s i r e g r e s i y a n g d ila k u k a n b e n a r - b e n a r bebas

d a ri

adan ya

g e ja la

a u t o k o r e la s i,

g e ja la

m u lt ik o lin e a r it a s ,

dan

g e ja la

h e t e r o s k e d a s t is it a s . L a n g k a h - la n g k a h

y a n g d ia m b il u n t u k m e n g a n a lis is d a t a d a la m

p e n e lit ia n in i a d a la h

s e b a g a i b e r ik u t : U ji N o rm a lita s B e r t u ju a n

u n tu k

m e n g u ji a p a k a h

d a la m

r e s id u a l m e m ilik i d is t r ib u s i n o r m a l. P e n e lit ia n

m o d e l r e g r e s i,

( N o r m a l p r o b a b i l i t y p l o t ) u n t u k m e n g u ji k e n o r m a lit a s a n s u m b u d ia g o n a l d a n m e n g ik u t i a r a h g a r is N o r m a lit a s .

v a r ia b e l p e n g g a n g g u

in i m e n g g u n a k a n

a ta u

p lo t p r o b a b ilit a s n o r m a l

jik a p e n y e b a r a n

d a t a (t it ik ) d is e k it a r

d ia g o n a l, m a k a m o d e l r e g r e s i m e m e n u h i a s u m s i



U ji A u to k o re la s i P e n g u jia n d ilih a t u n tu k

a u t o k o r e la s i d ig u n a k a n

d a ri b e sa rn y a

n ila i D u r b in

m e n g e ta h u i a p a k a h

p a d a p e r io d e t d e n g a n

u n tu k

W a ts o n .

d a la m

m e n g u ji a d a

U ji a u t o k o r e la s i D u r b in

m o d e l r e g r e s i lin ie r a d a

k e s a la h a n

t id a k n y a

a u to

k o r e la s i y a n g

W a ts o n

d im a k s u d k a n

k o r e la s i k e s a la h a n

pen ggan ggu

p a d a p e r io d e t -1 (s e b e lu m n y a ). R e g r e s i y a n g b a ik a d a la h

r e g r e s i y a n g t id a k t e r ja d i a u t o k o r e la s i d i d a la m n y a . U ji M u ltik o lin e a rita s U ji adan ya

m u lt ik o n ie a r it a s

k o r e la s i

a n ta r

m u lt ik o n ie a r it a s T o le r a n c e

a d a la h

m en gukur

b e r t u ju a n

v a r ia b e l

u n tu k

bebas

den gan

m e lih a t

v a r ia b e lit a s

m e n g u ji

(in d e p e n d e n ).

apakah

S a la h

T o le r a n c e

dan


m u lt ik o lin ie r it a s

a d a la h

n ila i T o le r a n c e

<

yan g

0 .1 0

ca ra

V a r ia n ce

o le h v a r ia b e l in d e p e n d e n la in n y a . N ila i c u t o ff y a n g u m u m adan ya

m odel

s a tu

re g re si

In fla s io n

t e r p ilih

d it e m u k a n

m e n d e te k s i

yan g

adan ya

F a cto r

t id a k

(V IF ).

d ije la s k a n

d ig u n a k a n u n t u k m e n u n ju k k a n

a ta u

sam a

den gan

n ila i V IF

>

10.

( G h o z a li, 2 0 0 7 ) U ji H e te ro s k e d a s tis ita s B e r t u ju a n d a ri

r e s id u

u n tu k

d a ri

h o m o s k e d a s t is it a s sebagai

b e r ik u t :

te rte n tu

yan g

m e n g u ji a p a k a h

s a tu dan

(1 )

jik a

Jik a

te ra tu r

h e t e r o s k e d e s t is it a s .

p e n g a m a ta n v a r ia n s

ada

p o la

Jik a

ada

sebu ah

bebeda

d is e b u t s e p e rti

p o la

re g re s i te rd a p a t k e s a m a a n

p e n g a m a ta n

te rte n tu ,

(b e r g e lo m b a n g ,

(2 )

d a la m ke

m e le b a r , yan g

yan g

sam a,

h e t e r o s k e d e s t is it a s . t it ik

yan g

k e m u d ia n

je la s ,

la in

s e rta

ada

–

t it ik

D asar

v a r ia n s d is e b u t

a n a lis is n y a

b e rb e n tu k

m e n y e m p it )

t it ik

m aka

s u a tu

m aka

t e la h

m en yebar

p o la

t e r ja d i

d ia t a s

dan

d ib a w a h O p a d a Y , m a k a t id a k t e r ja d i h e t e r o s k e d e s t is it a s . R e g re a s i L in ie r B e rg a n d a A n a lis is d a t a y a n g d ig u n a k a n re g re si

b e rg a n d a

( m u ltip le

u n t u k m e n g u ji h ip o t e s is d a la m

r e g r e s s io n )

den gan

p e n e lit ia n

m o d e l p e rsa m a a n

in i a d a la h a n a lis is

( U jiy a n t h o

dan

P ra m u k a ,

2 0 0 7 ). R u m u s a t a u m o d e ln y a a d a la h s e b a g a i b e r ik u t : D A = β0+ β1K A + β2K I + β3K M

+ β4D K

+ e

K e te ra n g a n : D A

= D is cr e tio n a r y A ccr u a ls

K A

= K o m it e a u d it

K I

= K e p e m ilik a n in s t it u t io n a l

K M

= K e p e m ilik a n m a n a je r ia l

D K

= P r o p o r s i d e w a n k o m is a r is in d e p e n d e n

β 0

= K o n s ta n ta

β 1– β 4

= K o e fis ie n r e g r e s i

e

= erro r term s

U ji F U ji F p e n g u jia n

d ila k u k a n

den gan

u n tu k

m e n g u ji k e s e s u a ia n

m o d e l r e g r e s i lin ie r b e r g a n d a . K r it e r ia

u ji F a d a la h d e n g a n m e m b a n d in g k a n t in g k a t s ig n if ik a n s i d a r i n ila i F ( α =

0 , 0 5 ) d e n g a n k r it e r ia p e n g u jia n a d a la h s e b a g a i b e r ik u t : ( 1 ) J ik a n ila i s ig n if ik a n s i U ji F > 0 . 0 5 , m e n u n ju k k a n dew an

v a r ia b e l k o m it e a u d it , k e p e m ilik a n in s t it u s io n a l, k e p e m ilik a n m a n a je r ia l, d a n

k o m is a r is

in d e p e n d e n

t id a k

la y a k

d ig u n a k a n

u n tu k

la b a . ( 2 ) J ik a n ila i s ig n if ik a n s i U ji F < 0 . 0 5 , m e n u n ju k k a n in s t it u s io n a l, k e p e m ilik a n

m a n a je r ia l, d a n

dew an

m e n je la s k a n

v a r ia b e l k u a lit a s

v a r ia b e l k o m it e a u d it , k e p e m ilik a n

k o m is a r is

in d e p e n d e n

la y a k d ig u n a k a n

u n t u k m e n je la s k a n v a r ia b e l k u a lit a s la b a . K o e fis ie n D e te rm in a s i (R S q u a re ) S e m a k in

besar R

2

b e r a r t i s e m a k in

d ip a k a i s e b a g a i a la t p r e d ik s i, k a r e n a dapat

d ije la s k a n

o le h

p e ru b a h a n

te p a t p e rs a m a a n

v a r ia s i p e r u b a h a n

v a r ia b e l

bebas

yan g

p e r k ir a a n

r e g r e s i lin e a r t e r s e b u t

v a r ia b e l t e r ik a t y a it u t e r d ir i

d a ri

k u a lit a s la b a

v a r ia b e l k o m it e

k e p e m ilik a n in s t it u s io n a l, k e p e m ilik a n m a n a je r ia l, d a n d e w a n k o m i s a r is in d e p e n d e n .

a u d it ,



U ji t P e n g u jia n m e n g e ta h u i

d a la m

ada

p e n e lit ia n

t id a k n y a

in i

p e n g a ru h

m en ggun akan

m a s in g

-

u ji

m a s in g

t,

m e ru p a k a n

m odel yan g

p e n g u jia n

d ig u n a k a n

t e r h a d a p v a r ia b e l t e r ik a t p a d a t in g k a t s ig n ifik a n s i y a it u 5 p e r s e n . A d a p u n h ip o t e s a

sebagai

m e n u n ju k k a n m a n a je r ia l, te rh a d a p

b e r ik u t :

dew an

k o m is a r is

dan


Jik a

v a r ia b e l

k u a lit a s

m a n a je r ia l,

(1 )

v a r ia b e l

la b a .

(2 )

v a r ia b e l

dan

s ig n ifik a n s i a u d it ,

in d e p e n d e n

Jik a

n ila i

v a r ia b e l

dew an

n ila i

k o m it e

se ca ra

s ig n ifik a n s i

k o m it e

k o m is a r is

U ji

t

>

k e p e m ilik a n

a u d it ,

p a r s ia l t id a k

U ji

t

<

se ca ra

k r it e r ia p e n g u jia n

m aka

H


m aka

H

s ig n ifik a n

d it o la k

0


p a r s ia l

d it e r im a

0

k e p e m ilik a n

b e rp e n g a ru h

0 .0 5 ,

k e p e m ilik a n

in d e p e n d e n

0 .0 5 ,

gun a

p e n e lit ia n

yan g

k e p e m ilik a n

b e rp e n g a ru h

s ig n ifik a n

t e r h a d a p k u a lit a s la b a .

D A T A

H A S IL P E N E L IT IA N

D A N PEM B A H A SA N

D a ta H a s il P e n e litia n D a ta O u tlie r M e n u ru t m e m ilik i la in n y a

dan

v a r ia b e l

d a ri

m a n u fa k tu r

o b se rv a si

d it e m u k a n

yan g

d a la m

b e n tu k

B e rd a sa rk a n

s a m p e l a d a la h

d a ta

(2 0 0 7 :3 6 )

u n ik

m u n c u l d a la m

k o m b in a s i.

p e ru sa h a a n d ija d ik a n

G h o z a li

k a r a k t e r is t ik

s e la m a

bah w a

d a ta

t e r lih a t

san gat

n ila i e k s t r im m e to d e

p e r io d e

o u tlie r

m e ru p a k a n

b e rb e d a

b a ik

u n tu k

p u r p o s iv e 2 0 0 9 -2 0 1 3

ja u h

kasu s

d a ri

sebu ah

s a m p lin g den gan

d a ta

yan g

v a r ia b e l t u n g g a l a t a u

t e la h to ta l

a ta u

o b s e r v a s i-o b s e r v a s i

d ip e r o le h

21

k e s e lu r u h a n

sam p el

d a ta

yan g

1 0 5 . D a r i 1 0 5 d a t a , t e r d a p a t d a t a y a n g m e m ilik i r e n t a n g y a n g ja u h

la in n y a

s e h in g g a

sam p el seban yak

d a ta

te rs e b u t

1 3 d a ta . D e n g a n

p e r lu

di

d e m ik ia n

o u tlie r .

D a ta

o u tlie r

yan g

t e r s is a 9 2 d a t a p e n g a m a t a n

y a n g d a p a t d ig u n a k a n u n t u k p e n e lit ia n . A n a lis is D e s k rip tif D a ta P e n e litia n Tabel 1 D e s c rip tiv e S ta tis tic s N

M in im u m

M a x im u m

M ea n

S t d . D e v ia t io n

D A

92

-.1 8

.2 9

.0 1 5 8

.0 8 4 3 2

K A

92

0

1

.7 0

.4 6 3

K I

92

2 8 .1 7

9 5 .6 5

6 5 .9 1 2 0

1 9 .6 4 7 2 4

K M

92

.0 2

2 5 .6 1

5 .8 1 8 0

7 .0 0 1 7 5

D K

92

2 5 .0 0

7 5 .0 0

4 0 .6 3 4 7

1 0 .9 5 7 1 9

V a lid N ( lis t w is e )

92

S u m b e r: O utput S P S S

B e rd a sa rk a n d a la m

p e n e lit ia n

p a d a t a b e l d i a t a s d a p a t d ik e t a h u i b a h w a ju m la h d a t a y a n g d ig u n a k a n

in i b e r ju m la h

92

d a t a . B e r ik u t in i m e r u p a k a n

p e n je la s a n

m a s in g - m a s in g

v a r ia b e l. V a ria b e l k u a lita s la b a V a r ia b e l k u a lit a s la b a d iu k u r m e la lu i d is c r e tio n a r y a c c r u a ls (D A ). D is c r e tio n a r y a c c r u a ls (D A )

m e m ilik i

p e n y im p a n g a n

n ila i

m a n u fa k tu r

yan g

A llo y

U n iv e r s a l,

S te e l

t e r t in g g i

ra ta -ra ta

h it u n g

(m ean )

sebesar

0 ,0 1 5 8

den gan

t in g k a t

ra ta -ra ta

s e b e s a r 0 ,0 8 4 3 2 . D is c r e tio n a r y a c c r u a ls t e r e n d a h (m in im u m ) p a d a p e r u s a h a a n t e la h

(m a k s im u m )

lis tin g Tbk

s e la m a

p e e r io d e

s e la m a

p e r io d e

p e r io d e 2010

2 0 0 9 -2 0 1 3

sebesar

p e n g a m a ta n

-0 ,1 8

a d a la h

pada

sedan gkan

y a it u

pada

p e ru sa h a a n d is cr e tio n a r y

p e ru sa h a a n

P r im a a ccr u a ls

PT

P r a h is d a

n ila i

ra ta -ra ta

A n e k a N ia g a , T b k p e r io d e 2 0 0 9 s e b e s a r 0 ,2 9 . V a ria b e l k o m ite a u d it B e rd a sa rk a n h it u n g

h a s il

a n a lis is

(m ea n ) s e b e s a r 0 ,7 0

m a k s im u m

sebesar 0 dan 1.

d e s k r ip t if

den gan

v a r ia b e l

k o m it e

a u d it

m e m ilik i

s t a n d a r d e v ia s i s e b e s a r 0 ,4 6 3 , s e r t a n ila i m in im u m

dan



V a ria b e l k e p e m ilik a n in s titu s io n a l V a r ia b e l

k e p e m ilik a n


m e m ilik i

n ila i

ra ta -ra ta

h it u n g

(m ean )

sebesar

6 5 ,9 1 2 0 d e n g a n t in g k a t r a t a - r a t a p e n y im p a n g a n 1 9 ,6 4 7 2 4 . K e p e m ilik a n in s t it u s io n a l t e r b e s a r (m a k s im u m ) s e la m a p e n g a m a t a n b e rtu ru t-tu ru t

sedan gkan

u n tu k

y a it u

d im ilik i o le h

k e p e m ilik a n

A s t r a O t o p a r t s , T b k p e r io d e 2 0 0 9 - 2 0 1 2


te re n d a h

(m in im u m )

sebesar

2 8 ,1 7 d im ilik i o le h In t a n W ija y a In t e r n a t io n a l, T b k s e la m a p e r io d e 2 0 0 9 d a n 2 0 1 0 . V a ria b e l k e p e m ilik a n m a n a je ria l S e lu r u h m a n a je r ia l

p e ru sa h a a n

sam p el

m e n g h a s ilk a n


s e la m a

ra ta -ra ta

p e r io d e

h it u n g

s e b e s a r 7 ,0 0 1 7 5 . K e p e m ilik a n

2 0 0 9 -2 0 1 3

(m ean )

sebesar

pada

v a r ia b e l k e p e m ilik a n

5 ,8 1 8 0

den gan

ra ta -ra ta

m a n a je r ia l t e r e n d a h d e n g a n n ila i 0 , 0 2 d im ilik i

o le h P T L a n g g e n g M a k m u r In d u s t r y , T b k s e la m a p e r io d e 2 0 0 9 - 2 0 1 3 d a n P T In d o fo o d S u k s e s M a k m u r,

Tbk

p e r io d e

2012.

K e p e m ilik a n

m a n a je r ia l t e r t in g g i d e n g a n

n ila i 2 5 ,6 1

d im ilik i

o le h L io n m e s h P r im a , T b k p e r io d e 2 0 1 1 . V a ria b e l k o m is a ris in d e p e n d e n (D K ) D a r i h a s il a n a lis is d e s k r ip t if d a r i v a r ia b e l k o m is a r is in d e p e n d e n ( D K ) m e n u n ju k k a n ra ta -ra ta

h it u n g

1 0 ,9 5 7 1 9 .

K o m is a r is

pada

(m ean )

p e ru sa h a a n

sebesar

in d e p e n d e n

G udan g

4 0 ,6 3 4 7

den gan

t in g k a t

t e r t in g g i (m a k s im u m )

G a ra m , T b k

p e r io d e

ra ta -ra ta

s e la m a

2 0 0 9 -2 0 1 2


p e r io d e

sedan gkan

sebesar

p e n g a m a ta n

u n tu k

y a it u

n ila i t e r e n d a h

s e b e s a r 2 5 d im ilik i o le h P a n a s ia In d o R e s o u r c e s , T b k p e r io d e 2 0 0 9 , 2 0 1 1 , d a n 2 0 1 2 . U ji A s u m s i K la s ik

G am bar 2 G ra fik N o rm a l P -P P lo t S u m b e r: O u tp u t S P S S

B e rd a sa rk a n g a r is

d ia g o n a l

s e h in g g a

dan

gam bar ju g a

d ia t a s ,

dapat

m e n g ik u t i

d a p a t d is im p u lk a n

d ik e t a h u i b a h w a

g a r is

d ia g o n a l

dan

t it ik - t it ik

ju g a

b a h w a n ila i r e s id u a l y a n g d ih a s ilk a n

T abel 2 O n e -S a m p le K o lm o g o ro v -S m irn o v T e s t U n s t a n d a r d iz e d R e s id u a l 92

N o rm a l P a ra m e te rsa

M ea n S t d . D e v ia t io n

M o s t E x t r e m e D if f e r e n c e s

.0 0 0 0 0 0 0 .0 7 8 7 2 8 0 8

A b s o lu t e

.0 6 6

P o s it iv e

.0 6 6

N e g a t iv e

-.0 3 2

K o lm o g o r o v - S m ir n o v Z

.6 3 1

A s y m p . S ig . ( 2 - t a ile d )

.8 2 1

a.

T e s t d is trib u tio n is N o rm a l.

S u m b e r: O u tp u t S P S S

g a r is

d i s e k it a r d ia g o n a l,

d a r i r e g r e s i t e r d is t r ib u s i

s e c a r a n o r m a l.

N

m en yebar

m e n g ik u t i



B e rd a sa rk a n

t a b e l O n e - S a m p le K o lm o g o r o f- S m ir n o v T e s t y a n g m e n y a t a k a n b a h w a n ila i

K o lm o g o r o v - S m ir n o v a d a la h 0 ,6 3 1 d a n m e m ilik i n ila i s ig n ifik a n s i

( A s y m p . S ig . 2 -ta ile d ) s e b e s a r

0 , 8 2 1 . H a l t e r s e b u t m e n u n ju k k a n b a h w a n ila i s ig n if ik a n s i le b ih b e s a r d a r i 0 , 0 5 ( 0 , 8 2 1 yan g

b e ra rti H

d it e r im a d a n

0

> 0 ,0 5 ),

a r t in y a d a t a r e s id u a l d a r i r e g r e s i t e r s e b u t t e r d is t r i b u s i s e c a r a

n o r m a l. P e n g u jia n A u to k o re la s i H a s il

u ji

P e n e lit ia n

a u t o k o r e la s i

yan g

in i m e n g g u n a k a n



dan

D u r b in -W a t s o n

h it u n g

sebesar

2 ,1 1 1 .

d a t a o b s e r v a s i s e b a n y a k 9 2 d e n g a n 1 v a r ia b e l d e p e n d e n d a n 4

den gan

d e r a ja t k e p e r c a y a a n

t a b le D u r b in - W a t s o n d e n g a n α = 5 % ( 4 - d l)= 2 ,4 2 8 7

n ila i

s e b e s a r 5 % . B e r ik u t in i n ila i d ilih a t d a r i

d a n d ip e r o le h n ila i d l= 1 ,5 7 1 3 d a n d u = 1 ,7 2 6 9 u n t u k n ila i

(4 - d u )= 2 ,2 7 3 1 p a d a t a b e l 8 t e r le t a k d ia n t a r a n ila i d u

d a p a t d is im p u lk a n b a h w a d a la m

dan

(4 - d u ) s e h in g g a

m o d e l r e g r e s i t id a k t e r d a p a t m a s a la h a u t o k o r e la s i.

P e n g u jia n M u ltik o lin e a rita s D e n g a n p e n d e k a t a n in i d is y a r a t k a n b a h w a n ila i V IF t id a k b o le h m e le b ih i 1 0 d a n n ila i t o le r a n s i h a r u s b e r k is a r m e n d e k a t i 1 . N ila i V I F d a n t o le r a n s i d is a jik a n d a la m

ta b e l

di baw ah

in i. T abel 3 U ji M u ltik o lin e a rita s C o e ffic ie n ts

a

C o llin e a r it y S t a t is t ic s M od el T o le r a n c e

V IF

(C o n sta n t)

1

a.

K A

0 .9 3 3

1 .0 7 2

K I

0 .6 6 4

1 .5 0 7

K M

0 .7 2 3

1 .3 8 3

D K

0 .9 3

1 .0 7 5

D e p e n d e n t V a ria b le : D A S u m b e r: O u tp u t

SPSS

B e r d a s a r k a n t a b e l d ia t a s m e n u n ju k k a n h a s il b a h w a n ila i V I F ( v a r i a n c e i n f l a c t i o n f a c t o r ) keem pat s e h in g g a

v a r ia b e l (K A , h al

te rs e b u t

K I,

K M ,

dan


D K )

k u ra n g

bah w a

t id a k

d a ri 1 0 t e r ja d i

dan

n ila i

m a s a la h

to le r a n c e le b ih

d a ri 0 ,1

m u lt ik o lin e a r it a s

pada

m o d e l re g re s i te rs e b u t. P e n g u jia n H e te ro s k e d a s tis ita s D ib a w a h

in i

m e ru p a k a n

h a s il

p e n g u jia n

h e t e r o s k e d a s t is it a s

g r a fik s c a tte r p lo t:

G am bar 3 U ji H e te ro s k e d a s tis ita s S u m b e r: O u tp u t S P S S

den gan

m en ggun akan



B e r d a s a r k a n g a m b a r d i a t a s d a p a t d ik e t a h u i b a h w a t it ik - t it ik m e n y e b a r d i a t a s d a n d i baw ah

an gka

0

pada

su m bu

Y

dan

t id a k

m e m b e n tu k

p o la

yan g

d is im p u lk a n b a h w a t id a k t e r ja d i m a s a la h h e t e r o s k e d a s t is it a s d a la m

je la s .

S e h in g g a

dapat

m o d e l r e g r e s i.

A n a lis is R e g re s i L in ie r B e rg a n d a P e r h it u n g a n

a n a lis is

r e g r e s i lin ie r

b e rg a n d a

in i d ila k u k a n

den gan

m en ggun akan

s o ftw a r e

d a la m

sebagai

SPSS 16. P e r s a m a a n r e g r e s i lin ie r b e r g a n d a d ip e r o le h s e b a g a i b e r ik u t : D A = -0 ,0 2 6 + 0 ,0 2 6 K A + 0 ,0 0 1 K I – 0 ,0 0 3 K M 2

K o e fis ie n D e te rm in a s i (R B e rd a sa rk a n

o u tp u t

+ 0 ,0 0 0 D K + e

)

SPSS

16

h a s il

k o e fis ie n

d e t e r m in a s i d is a jik a n

ta b e l 8

b e r ik u t : T abel 4 H a s il U ji K o e fis ie n D e te rm in a s i M od e l S u m m a ry

M od el

R

1

A d ju ste d R

S td . E rro r o f th e

S qu a re

E s t im a t e

R S qu a re .3 5 8

a

b

.1 2 8

.0 8 8

.0 8 0 5 2

a . P re d ic to rs : (C o n s ta n t), D K , K M , K A , K I b . D e p e n d e n t V a ria b le : D A S u m b e r: O u tp u t S P S S

B e rd a sa rk a n t e r le t a k

pada

in d e p e n d e n

ta b e l d i a ta s

k o lo m yan g

m a n a je r ia l, d a n

A d ju s te d

t e r d ir i

dapat R

d a ri

d ik e t a h u i b a h w a

S qu are k o m it e

k o m is a r is in d e p e n d e n

sebesar a u d it ,

n ila i k o e fis ie n

0 ,0 8 8 .

A r t in y a

k e p e m ilik a n

d a p a t m e n je la s k a n

d e t e r m in a s i y a n g

sebesar

8 ,8 %


v a r ia b e l d e p e n d e n

la b a . S e d a n g k a n s is a n y a d ije la s k a n o le h v a ia b e l la in d i lu a r v a r ia b e l d a la m

v a r ia b e l

k e p e m ilik a n y a it u

k u a lit a s

p e n e lit ia n .

U ji F U ji F d ila k u k a n d e n g a n c a r a m e m b a n d in g k a n n ila i p r o b a b ilit a s d e n g a n α y a n g s u d a h d it e n t u k a n

y a it u

5%

a ta u

0 ,0 5 .

H a s il d a r i o u t p u t S P S S

16

u n tu k

u ji F

t e r s a ji d a la m

ta b e l

b e r ik u t in i:

T abel 5 U ji g o o d n e s s o f fit A N O V A

b

M ea n M od el

Sum

1

of S qu a res

df

S qu a re

R e g r e s s io n

.0 8 3

4

.0 2 1

R e s id u a l

.5 6 4

87

.0 0 6

T o ta l

.6 4 7

91

F

S ig . 3 .2 0 1

.0 1 7

a

a . P re d ic to rs : (C o n s ta n t), D K , K M , K A , K I b . D e p e n d e n t V a ria b le : D A S u m b e r: O u tp u t S P S S

B e rd a sa rk a n p r o b a b ilit a s a t a u (0 ,0 5 ),

s e h in g g a

t a b e l d i a t a s d a p a t d ik e t a h i b a h w a n ila i F h it u n g s e b e s a r

n ila i s ig n if ik a n s i 0 , 0 1 7 . K a r e n a n ila i s ig n if ik a n s in y a ja u h dapat

m e m e n u h i k r it e r ia

d is im p u lk a n

fit (s e s u a i) d a n

bah w a

p e r m o d e la n

d a p a t d ig u n a k a n

re g re si

yan g

3 ,2 0 1 d e n g a n

le b ih k e c il d a r i α d ib a n g u n

t e la h

u n t u k m e m p r e d ik s i k u a lit a s la b a a t a u

d a p a t d ik a t a k a n b a h w a k o m it e a u d it , k e p e m ilik a n in s t it u s io n a l, k e p e m ilik a n m a n a je r ia l, d a n k o m is a r is in d e p e n d e n s e c a r a b e r s a m a -s a m a b e r p e n g a r u h t e r h a d a p k u a lit a s l a b a . U ji t U ji s t a t is t ik in d iv id u

t

b e rp e n g a ru h

m e n u n ju k k a n te rh a d a p

se b e ra p a

ja u h


se ca ra

p a r s ia l a t a u

v a r ia b e l d e p e n d e n . H a l t e r s e b u t m e n g id e n t ifik a s i a p a k a h

K A , K I, K M , d a n D K s e c a r a p a r s ia l b e r p e n g a r u h t e r h a d a p D A .



D a r i h a s il p e n g u jia n S P S S 1 6 t e r s a ji d a la m

t a b e l b e r ik u t in i: T abel 6 U ji t

C o e ffic ie n ts M od el

1

U n s t a n d a r d iz e d

S t a n d a r d iz e d

C o e f f ic ie n t s

C o e f f ic ie n t s

T

S ig .

-.5 6 4

.5 7 4

B

S td . E rro r

(C o n sta n t)

-.0 2 6

.0 4 6

B e ta

K A

.0 2 6

.0 1 9

.1 4 2

1 .3 7 0

.1 7 4

K I

.0 0 1

.0 0 1

.1 2 0

.9 8 0

.3 3 0

K M

-.0 0 3

.0 0 1

-.2 2 6

-1 .9 2 1

.0 4 8

D K

.0 0 0

.0 0 1

.0 1 8

.1 7 5

.8 6 2

a . D e p e n d e n t V a ria b le : D A S u m b e r: O u tp u t S P S S

B e rd a sa rk a n p e n g a ru h

h a s il

a n ta ra

d a ri

u ji

t

dapat


d ilih a t

d a la m

te rh a d a p

ta b e l

6

yan g



secar a

bah w a

in d iv id u

dapat

d iu r a ik a n s e b a g a i b e r ik u t : P e n g a ru h k o m ite a u d it te rh a d a p k u a lita s la b a N ila i k o m it e s ig n ifik a n s i

0 ,1 7 4 .

m e n u n ju k k a n d is im p u lk a n

a u d it t e r h a d a p

D en gan

bah w a

k o m it e

bah w a

k u a lit a s la b a a d a la h

t in g k a t

s ig n ifik a n s i y a n g

a u d it t id a k

h ip o t e s is

b e rp e n g a ru h

p e rta m a

(H

1)

y a it u

t h it u n g s e b e s a r 1 ,3 7 0 d a n

le b ih

besar

te rh a d a p

k o m it e

d a ri α = 0 ,0 5 k u a lit a s

a u d it

t in g k a t

h a l te rs e b u t

la b a , m a k a

b e rp e n g a ru h

dapat

te rh a d a p

k u a lit a s la b a d it o la k . P e n g a ru h k e p e m ilik a n in s titu s io n a l te rh a d a p k u a lita s la b a B e rd a sa rk a n

h a s il

in s t it u s io n a l t e r h a d a p 0 ,3 3 0 .

H al

te rs e b u t

te rh a d a p

k u a lit a s

h ip o t e s is

kedua

k u a lit a s

d a ri

la b a

2

)

d ik e t a h u i

k e p e m ilik a n

t in g k a t

k e p e m ilik a n

dapat

bah w a

t h it u n g s e b e s a r 0 ,0 9 8 0 d a n

bah w a

d ik a r e n a k a n

y a it u

ta b e l

a d a la h


la b a

(H

p e n g u jia n

s ig n ifik a n s i

le b ih

k e p e m ilik a n

t in g k a t


t id a k

besar

in s t it u s io n a l b e r p e n g a r u h

n ila i

d a ri

s ig n ifik a n s i

b e rp e n g a ru h α = 0 ,0 5 .

te rh a d a p

M aka

k u a lit a s

la b a

d it o la k . P e n g a ru h k e p e m ilik a n m a n a je ria l te rh a d a p k u a lita s la b a H a s il

p e n g u jia n

m e m p e n g a ru h i yan g

m e n g h a s ilk a n

D en gan

d e m ik ia n ,

s ig n ifik a n

h ip o t e s is

k u a lit a s

la b a

n ila i

t

t in g k a t


p e ru sa h a a n

h it u n g

yan g

sebesar

bah w a

-1 ,9 2 1

s ig n ifik a n s i y a n g

k u a t . H a l t e r s e b u t m e n u n ju k k a n

v a r ia b e l

d ip r o k s ik a n dan

le b ih

k e p e m ilik a n

den gan

t in g k a t

s ig n ifik a n s i

k e c il d a r i α = 0 ,0 5

bah w a

h ip o t e s is

m a n a je r ia l

d is cr e tio n a r y sebesar

m en un ukkan

k e t ig a (H

) y a it u

3

a ccr u a ls 0 ,0 4 8 . t in g k a t

k e p e m ilik a n

m a n a je r ia l b e r p e n g a r u h t e r h a d a p k u a lit a s la b a d it e r im a . P e n g a ru h k o m is a ris in d e p e n d e n te rh a d a p k u a lita s la b a B e rd a sa rk a n in d e p e d e n

te rh a d a p

0 ,8 6 2 . D e n g a n bah w a

h a s il

k u a lit a s

la b a

d a ri

in d e p e n d e n

bah w a

h ip o t e s is

ta b e l

a d a la h

t in g k a t s ig n ifik a n s i y a n g

k o m is a r is

d is im p u lk a n

p e n g u jia n

t id a k

t

dapat

h it u n g

le b ih

sebesar

(H

4

0 ,1 7 5

bah w a dan

n ila i

t in g k a t

k o m is a r is s ig n ifik a n s i

b e s a r d a r i α = 0 , 0 5 h a l t e r s e b u t m e n u n ju k k a n

b e rp e n g a ru h

keem pat

d ik e t a h u i

)

y a it u

te rh a d a p

k u a lit a s

k o m is a r is

la b a ,

in d e p e n d e n

m aka

dapat

b e rp e n g a ru h

t e r h a d a p k u a lit a s la b a d it o la k .

P em b ah asan H a s il p e n e lit ia n in i m e n u n ju k k a n b a h w a k e p e m ilik a n k o m it e a u d it p a d a p e r u s a h a a n m a n u fa k tu r

yan g

te rd a fta r d i B u rs a

k u a lit a s

la b a .

h a n e fa h

(2 0 1 2 ) y a n g m e n y a ta k a n

b e rp e n g a ru h

H a s il

p e n e lit ia n

te rh a d a p

in i

E fe k

In d o n e s ia

m en duk un g

t id a k

p e n e lit ia n

m e m p u n y a i p e n g a ru h s e b e lu m n y a

b a h w a b e s a r k e c iln y a u k u r a n

m a n a je m e n

la b a .

H al

in i

t e r ja d i

o le h

te rh a d a p

A lk d a e i

dan

k o m it e a u d it t e r b u k t i t id a k k a re n a

t u ju a n

p e ru sa h a a n



m e m b e n t u k k o m it e a u d it h a n y a s e k e d a r u n t u k m e m e n u h i p e r a t u r a n b a p e p a m

y a n g b e r s ifa t

m a n d a to ry . D i In d o n e s ia t e r d a p a t p e r a t u r a n b a p e p a m

y a n g b e r s if a t m a n d a t o r y , s e h in g g a t u ju a n

p e r u s a h a a n m e m b e n t u k k o m it e a d u it u t a m a n y a h a n y a u n t u k m e m e n u h i s e h in g g a t e r h in d a r d a r i s a n k s i h u k u m a n . O le h k a r e n a it u , k in e r ja d a r i k o m it e a u d it k u r a n g e f e k t if d a n o p t im a l d a la m

m en gem ban gkan

m a n a je m e n

dan

m e n e ra p k a

p ro se s

p en gaw asan

u n tu k

m e m in im a lis ir p r a k t ik

la b a . M e n u r u t e ffe n d i (2 0 0 9 :3 4 ), k e b e r a d a a n k o m it e a u d it d i p e r u s a h a a n

p u b lik

s a m p a i s a a t in i m a s ih s e k e d a r u n t u k m e m e n u h i k e t e n t u a n p ih a k r e g u la t o r ( p e m e r in t a h ) s a ja . H al

in i

d it u n ju k k a n

s e b a g ia n le b ih

besar bu kan

d id a s a r k a n

a u d it s e m a c a m k e c iln y a

den gan

p e n u n ju k k a n

d id a s a r k a n

pada

a ta s

k e d e k a ta n

ju m la h

k o m it e

k o m it e

k o m p e te n s i d a n

den gan

in i s u lit d ih a r a p k a n

a n g g o ta

dew an

a u d it

k a p a b ilit a s

k o m is a r is

di

p e ru sa h a a n

p u b lik

y a n g m e m a d a i, n a m u n

p e ru sa h a a n .

A n g g o ta

k o m it e

u n t u k d a p a t b e k e r ja s e c a r a p r o f e s io n a l, s e h in g g a b e s a r

a u d it d i p e r u s a h a a n

t id a k

akan

b is a m e m b a t a s i t e r ja d in y a p r a k t ik

m a n a je m e n la b a . H a s il pada

p e n e lit ia n

p e ru sa h a a n

m em pun yai S u s a n ti

et

p e n g a ru h a l.

(2 0 1 0 )

in s t it u s io n a l t id a k t id a k

in i


in d u s t r i

te rh a d a p dan

b e rp e n g a ru h

in v e s t o r

e a r n in g s

b e rp e ra n

t e r ja d in y a sebagai

u n tu k

T e ta p i

in v e s to r s

m e m o n it o r

dan

p e ru sa h a a n ,

s e rta

m e m b a ta s i

k e b ija k a n

yan g

le b ih

bah w a

d a la m

d ik a r e n a k a n

yan g

d a la m le b ih

in t it u s io n a l t id a k d a p a t se h a ru sn y a

m e n g o n tro l in t it u s io n a l

k e g ia t a n t id a k


ban yak

kem am puan

m a n a je r a g a r le b ih

m a n a je m e n

te m u a n

k e p e m ilik a n

te rs e b u t

in v e s t o r

le b ih

t id a k

s e h in g g a

besar

k e p e m ilik a n

m e m ilik i

s e m e n ta ra

m en du kun g

p ih a k m a n a je m e n

m e n d is p lin k a n

s e b a g a i p e m ilik

in i


In d o n e s ia

k u a lit a s la b a . K e p e m ilik a n

yan g

in i

E fe k

m e n y a ta k a n

sah am

yan g

u n tu k

b e rp e ra n

H al

in v e s t o r

B u rsa

p e n e lit ia n

k e n y a ta a n n y a ,

la b a .

k e h a d ir a n di

yan g

te rh a d a p

k e k u a ta n

pada

m a n a je m e n

s o p h is tica te d

H a s il

(2 0 1 3 )

K e p e m ilik a n

k e s e m p a ta n

m e la in k a n

la b a .

a l.

den gan

te rd a fta r

m e n g e n d a lik a n

m em pun yai

p e ru sa h a a n .

m e m b a ta s i

et

s ig n ifik a n

m an ag em en t.


o p e r a s io n a l

yan g

k u a lit a s

Y u s h it a

m e m ilik i k e m a m p u a n

m e n g u ra n g i

bah w a

m a n u fa k tu r

te rfo k u s

m e la k u k a n

b is a t id a k dan

pada

n ila i

m a n ip u la s i

la b a ,

t e r fo k u s p a d a c u r r e n t e a r n in g s

(Y a n g e t a l., 2 0 0 9 ) K e p e m ilik a n d is cr e tio n a r y

m a n a je r ia l a ccr u a ls

s ig n ifik a n

den gan

n ila i

te rh a d a p

k u a lit a s

k o e fis ie n

β

la b a

n e g a t if.

yan g

K o e fis ie n

d iu k u r

b e rd a sa rk a n

v a r ia b e l

k e p e m ilik a n

m a n a je r ia l d i a t a s m e n g h a s ilk a n t a n d a n e g a t if . T a n d a t e r s e b u t m e n u n ju k k a n b a h w a s e m a k in t in g g i

k e p e m ilik a n

m e n g h a s ilk a n k e p e m ilik a n

m a n a je r ia l

k u a lit a s

la b a

m aka

yan g


s e m a k in

m a n a je r ia l m a k a s e m a k in

b a ik ,

a ccr u a ls

b e g it u

s e m a k in

p u la

m e n u ru n

s e b a lik n y a

s e h in g g a

s e m a k in

re n d a h

t in g g i n ila i d i c r e t i o n a r y a c c r u a l s d a n it u m e n u n ju k k a n

k u a lit a s la b a y a n g m e n u r u n . H a s il p e n e lit ia n in i s e ja la n d e n g a n p e n e lit ia n s e b e lu m n y a y a n g d ila k u k a n

o le h

S ia lla g a n

m a n a je r ia l

m aka


m e n y a ta k a n m a n a je m e n ju g a

bah w a akan

m en dukun g

m e n y a ta k a n K e p e m ilik a n

dan

M a c h fo e d z

a ccr u a ls

s e m a k in

(2 0 0 6 )

s e m a k in

besar

bah w a

re n d a h .

k e p e m ilik a n

m a n a je m e n

c e n d e r u n g u n t u k b e r u s a h a m e n in g k a t k a n p e n e lit ia n

bah w a

s e b e lu m n y a

k e p e m ilik a n

yan g

m a n a je r ia l

s e m a k in

d ila k u k a n

k e p e m ilik a n

d a la m

te o ri y a n g

p e ru sa h a a n

m aka

k in e r ja n y a . H a s il p e n e lit ia n in i o le h

S u s a n ti

b e rp e n g a ru h

m a n a je r ia l d a p a t m e n g u r a n g i d o r o n g a n

besar

H a l in i s e s u a i d e n g a n

et

te rh a d a p

u n t u k t in d a k a n

a l.

(2 0 1 0 )

k u a lit a s

yan g la b a .

m a n ip u la s i, s e h in g g a

la b a y a n g d ila p o r k a n m e r e p lik a s ik a n k e a d a a n e k o n o m i d a r i p e r u s a h a a n y a n g b e r s a n g k u t a n . H a s il p e n e lit ia n et

a l.

(2 0 1 0 )

yan g

in i m e n d u k u n g p e n e lit ia n s e b e lu m n y a y a n g d ila k u k a n o le h S u s a n t i

m e n y a ta k a n

bah w a

k o m is a r is

in d e p e n d e n

t id a k

b e rp e n g a ru h

te rh a d a p

k u a lit a s la b a . H a s il p e n e lit ia n m e n u n ju k k a n b a h w a u k u r a n d e w a n k o m is a r is t id a k m e m ilik i kem am puan e a r n in g s b u k a n la h

u n tu k

m e n g e n d a lik a n

m an a g em en t.

H al

in i

dapat

m e n ja d i f a k t o r p e n e n t u

p e ru sa h a a n . A k a n

p ih a k

m a n a je m e n

d ije la s k a n

bah w a

s e h in g g a besar

t id a k

k e c iln y a

u t a m a d a r i e fe k t iv it a s p e n g a w a s a n

dapat

m e n g u ra n g i

dew an

te rh a d a p

k o m is a r is m a n a je m e n

t e t a p i e fe k t iv it a s m e k a n is m e p e n g e n d a lia n t e r g a n t u n g p a d a n ila i, n o r m a



dan

k e p e rca y a a n

y a n g d it e r im a d a la m

a k t iv it a s p e n g e n d a lia n (2 0 0 9 :2 0 0 ) , d a la m k e b e rad aan

yan g

san gat

k u a t,

cu ku p

te rh a d a p

d i p e r u s a h a a n , d ih a r a p k a n

in d e p e n d e n

ada

te rd a p a t

t id a k

h a n ya

d ir e k s i

k e ce n d e ru n g a n

yag

m em adai kepada

m en gh am bat

k in e r ja

en ggan

sebagai

bah w a

m em bagi

k o m is a r is

k o m is a r is

pada

p e n g h a rg a a n ,

h ubun gan

dan

in d e p e n d e n s i

m e ru p a k a n

in t e g r it a s

p e ru sa h a n

(Je n n in g s , 2 0 0 5 ) M e n u r u t e ffe n d i

p r a k t ik

kedudukan

w ew en an g

in d e p e n d e n . S e la in

in d e p e n d e n

bah w a

p e le n g k a p ,

y a it u

d ir e k s i

s e rta

t id a k

it u , t e r d a p a t

m a s ih

le m a h n y a

in t e g r it a s m e r e k a . H a l in i t e r ja d i k a r e n a p e n g a n g k a t a n k o m is a r is b ia s a n y a

d id a s a r k a n

padah al

bah kan

in fo r m a s i y a n g

yan g

k o m p e te n s i d a n h a ru s

im p le m e n t a s i G C G

k o m is a r is

in i t e r ja d i d i I n d o n e s ia ,

m e m b e r ik a n k e n d a la

den gan

te rm a s u k

m a n a je m e n

d ir i k o m is a r is m e le k a t t a n g g u n g ja w a b s e c a r a h u k u m . N a m u n d a la m

s e la m a

b ia s a n y a

k a it a n n y a

k o m is a r is

k a r e n a d a la m

s u a t u o r g a n is a s i s e r t a p e r a n d e w a n k o m is a r is d a la m

(m o n it o r in g ) t e r h a d a p

m a s ih

b e lu m

o p e r a s io n a l

b is a

b e k e r ja

p e ru sa h a a n

se ca ra

dan

k e lu a r g a , h al

e fe k t if

te rb u k ti

a ta u

yan g d a la m

t id a k

h ubun gan

d e k a t la in n y a ,

fu d a m e n ta l a g a r

G C G


b e rp e n g a ru h

d a la m

p en gaw asan

s e rta

t id a k

b is a

m e m in im a lis ir p r a k t ik m a n a je m e n la b a . D ew an

k o m is a r is

in d e p e n d e n

t id a k

b e rp e n g a ru h

s ig n ifik a n

te rh a d a p

p r a k t ik

m a n a je m e n la b a , h a l in i d ik a r e n a k a n k o m is a r is in d e p e n d e n d it u n ju k o le h p e m e g a n g s a h a m m a y o r it a s

d a la m

p e ru sa h a n

R U PS

dapat

s e h in g g a

m e la k u k a n

a p a b ila

t id a k

p e n g g a n t ia n .

s e ja la n

Ja d i,

den gan

pada

k e p u tu s a n

p r a k t ik n y a

p e m ilik

m e s k ip u n

m aka

k o m p o s is i

d e w a n k o m is a r is in d e p e n d e n p a d a p e r u s a h a a n r e la t if b e s a r , t e t a p i m e r e k a t id a k b is a b e n a r ben ar

in d e p e n d e n

d a la m

p e r a t u r a n / k e b ija k a n p e la k s a a n

G ood

m e la k s a n a k a n

d a ri

pem egan g

C o rp o ra te

G ov ern an ce

tu g a s

sah am se ca ra

dan

p en gaw asan n ya

m a y o r it a s ,

s e h in g g a

o p t im a l u n t u k

k a re n a

t id a k

te rb a ta s

b is a

o le h

m e n d o ro n g

m e m b a t a s i p r a k t ik

m a n a je m e n

la b a .

S IM P U L A N

D A N

SA R A N

S im p u la n P e n e lit ia n

in i m e n g h a s ilk a n

n ila i a d ju s t e d R

k o n s t r ib u s i d a i K A , K I, K M , d a n D K t e r h a d a p D A

squ a re s e b e s a r 0 ,0 8 8 y a n g b e ra rti b a h w a a d a la h s e b e s a r 8 ,8 % . S e d a n g k a n s is a n y a

d ije la s k a n o le h v a r ia b e l la in y a n g t id a k d im a s u k k a n k e d a la m

m o d e l r e g r e s i y a n g d ib a n g u n

d a la m

h it u n g

p e n e lit ia n .

p r o b a b ilit a s

a ta u

H a s il

u ji

goodn ess

of

fit

n ila i s ig n ifik a n s i 0 ,0 1 7

d ip e r o le h

(le b ih

n ila i F

sebesar

3 ,2 0 1

den gan

k e c il d a r i 0 , 0 5 ) . H a l t e r s e b u t m e n u n ju k k a n

b a h w a p e r m o d e la n r e g r e s i y a n g d ib a n g u n d i d a la m

p e n e lit ia n t e la h m e m e n u h i k r it e r ia fit .

V a r ia b e l k o m it e a u d it t id a k b e r p e n g a r u h t e r h a d a p k u a lit a s la b a d e n g a n n ila i t h it u n g s e b e s a r 1 , 3 7 0 d a n t in g k a t s ig n if ik a n s i 0 , 1 7 4 ( le b ih b e s a r d a r i 0 , 0 5 ) . H a t t e r s e b u t m e n u n ju k k a n b a h w a k o m it e a u d it t id a k b e r p e n g a r u h s ig n ifik a n t e r h a d a p k u a lit a s la b a . S e h n g g a h ip o t e s is p e rta m a d it o la k .

(H

)

1

yan g

M aka

p e ru sa h a a n

m e m b e n tu k

a u d it

ada

b e rp e n g a ru h

t id a k n y a

te rh a d a p

k e p e m ilik a n

k u a lit a s la b a y a n g d ih a s ilk a n

a u d it

u ta m a n y a

h an ya

u n tu k

k u a lit a s

k o m it e

a u d it

la b a s u a tu

k a r e n a t u ju a n u t a m a

m em en uh i

p e ra tu ra n

y a n g b e r s ifa t m a n d a to r y s e h in g g a t e r h in d a r d a r i s a n k s i h u k u m a n .

h it u n g

0 ,9 8 0

dan

bah w a

M aka

d is im p u lk a n

dapat

te rh a d a p

s o p h is t ic a t e d

in v e s t o r s

dan

M a n a je m e n

bah w a

k u a lit a s yan g

b e rp e ra n

a k t if

besar

le b ih

m a n a je r

yan g d a la m

k e c iln y a

d a la m le b ih

le b ih

m e la k u k a n te rfo k u s

p e n g a m b ila n

d a ri α = 0 ,0 5 ).

b e rp e n g a ru h

ban yak

agar

t e r h a d a p k u a lit a s la b a d e n g a n

besar

k e p e m ilik a n

H a l in i d ik a r e n a k a n

m e m ilik i

m a n a je m e n

s e m e n ta ra

(le b ih

in s t it u s io n a l t id a k

la b a .

m e n d is ip lin k a n

m e m b a t a s i k e b ija k a n p e m ilik

s ig n ifik a n s i 0 , 3 3 0

k e p e m ilik a n

b e rp e n g a ru h

m e m o n it o r

in s t it u s io n a l t id a k b e r p e n g a r u h

t in g k a t


sebagai

k o m it e

bah w a

te rh a d a p

k o m it e

V a r ia b e l k e p e m ilik a n n ila i t

bah w a

d is im p u lk a n

t id a k b e r p e n g a r u h

p e ru sa h a a n bapepam

m e n y a ta k a n

dapat

te rh a d a p

kem am puan

dan

pada

cu rren t

k e p u tu s a n

e a r n in g s

dan

t id a k

b e rp e ra n

la b a . akan

sebagai

k e s e m p a ta n

u n tu k

n ila i p e r u s a h a a n , s e r t a

m a n ip u la s i la b a ,

pada

k u a lit a s


in v e s t o r t id a k

te rfo k u s

H a l te rs e b u t

m e la in k a n (Y a n g

b e k e r ja

le b ih

et

b e rp e ra n a l.,

g ia t

2 0 0 9 ). u n tu k



m e m p e r o le h

p r o fit . K e p e m ilik a n

m a n a je m e n d a la m

V a r ia b e l k e p e m ilik a n sebesar

-1 ,9 2 1


in s t it u s io n a l m e r u p a k a n p ih a k y a n g m e n g ik u t i k e p u t u s a n

m e n g a m b i l k e p u t u s a n k in e r ja p e r u s a h a n t e r m a s u k m a n a je m e n la b a .

dan

t in g k a t

m a n a je r ia l m e m p e n g a r u h i k u a lit a s s ig ifik a n s i s e b e s a r

b a h w a k e p e m ilik a n

0 ,0 4 8

(le b ih

la b a d e n g a n

n ila i t h it u n g

k e c il d a r i α = 0 ,0 5 ). H a l t e r s e b u t

m a n a je r ia l b e r p e n g a r u h s ig n if ik a n t e r h a d a p k u a lit a s la b a

y a n g d iu k u r d e n g a n d is c r e tio n a r y a c c r u a ls d e n g a n a r a h n e g a t if. S e h in g g a h ip o t e s is k e t ig a (H yan g

m e n y a ta k a n

bah w a

k e p e m ilik a n

d it e r im a . S e h in g g a d a p a t d is im p u lk a n d is cr e tio n a r y

a ccr u a ls

b a ik , b e g it u

p u la

s e m a k in

b e rp e n g a ru h

b a h w a s e m a k in

m e n u ru n

s e b a lik n y a

m a n a je r ia l

s e m a k in

t in g g i k e p e m ilik a n

s e h in g g a m e n g h a s ilk a n re n d a h

te rh a d a p

k e p e m ilik a n

k u a lit a s

3

)

la b a

m a n a je r ia l m a k a

k u a lit a s la b a y a n g s e m a k in

m a n a je r ia l m a k a s e m a k in

t in g g i

n ila i d i c r e t i o n a r y a c c r u a l s d a n it u m e n u n ju k k a n k u a lit a s la b a y a n g m e n u r u n . S aran K e te rb a ta s a n p e r io d e

p e n e lit ia n

m e m p e r lu a s

d i d a la m s e la m a

o b je k

p e n e lit ia n

5

ta h u n .

p e n e lit ia n

in i y a it u

U n tu k

s e p e rti

sa m p e l p e ru sa h a a n

p e n e lit i

yan g

m en am bah

m a n u fa k tu r d e n g a n

s e la n ju t n y a

ju m la h

d ih a r a p k a n

dapat

s e h in g g a

dapat

sam p el

m e n g g e n e r a lis a s i s e m u a je n is in d u s t r i. D e n g a n ju m la h s a m p e l y a n g le b ih b e s a r d a n p e r io d e p e n g a m a ta n

yan g

r e la t if

la m a

d ih a r a p k a n

dapat

m e m b e r ik a n

h a s il y a n g

le b ih

v a lid

dan

m e n d e k a t i k o n d is i y a n g s e b e r n a r n y a . S e la in it u , N ila i a d ju s te d R s q u a r e p a d a p e n e lit ia n in i m e n g h a s ilk a n n ila i s e b e s a r 0 ,0 8 8 a ta u

8 , 8 % . H a l t e r s e b u t m e n u n ju k k a n


p a d a p e n e lit ia n

in i le b ih

ban yak

d ije la s k a n o le h v a r ia b e l la in d i lu a r p e m o d e la n r e g r e s i p e n e lit ia n . U n t u k it u d is a r a n k a n p a d a p e n e lit ia n

s e la n ju t n y a

O p p o r tu n ity p e n e lit ia n

S et in i

s e la n ju t n y a m is a l

(IO S ),

dan

m en am bah

p r e k d it a b ilit a s

s e h in g g a

akan

a ccr u a ls

in d ik a t o r la in p e r s is t e n s i

d ip e r o le h

p e n g a ru h

la in

k e lu a r g a .


m en ggun akan

m en gen ai

v a r ia b e l

k e p e m ilik a n

m en ggun akan

dapat m en ggun akan

den gan

p e n je la s a n

dapat

U n tu k

u n tu k

yan g

le b ih

w o r k in g

la b a

d a la m

p e n e lit ia n

la b a p e r u s a h a a n

d a la m

te rh a d a p

In v estm en

u n tu k

ca p ita l

b e r v a r ia n s i

te rs e b u t

a u d it ,

k u a lit a s

d ih a r a p k a n

m e n g u k u r k u a lit a s

a bn orm al

v a r ia b e l- v a r ia b e l

k u a lit a s

in d ik a t o r

s e h in g g a

la b a ,

h a s il

s e p e rti

a ccr u a ls ,

dan

m e m b e r ik a n

k u a lit a s

la b a

yan g

d im ilik i o le h p e r u s a h a a n .

D A FT A R A lk d a e i,

PU ST A K A H .

dan

M .

H a n e fa h .

m a n a g e m e n t in

2012.

M a la y s ia n

A u d it

c o m m it t e e

c h a r a c t e r is t ic s

an d

e a r n in g s

S h a r ia h - c o m p lia n t c o m p a n ie s . B u s in e s s a n d M a n a g e m e n t

R e v ie w . V o l. 2 (2 ): 5 2 -6 1 . A r ik u n t o , S . 2 0 0 6 . P r o s e d u r P e n e litia n S u a tu P e n d e k a ta n P r a k tik . R in e k a C ip t a . Ja k a r t a . B e a s le y , M . S . 1 9 9 6 . A n C o m p o s it io n

E m p ir ic a l A n a ly s is

an d

o f t h e R e la t io n

F in a n c ia l S t a t e m e n t F r a u d .

B e tw e e n

T h e A cco u n tin g

th e B o a rd

o f D ir e c t o r

R e v ie w . V o l. 7 1 : 4 4 3 -

465. B o e d io n o , G . S . B . 2 0 0 5 . K u a lit a s la b a : S t u d i P e n g a r u h M e k a n is m e C o r p o r a t e G o v e n a n c e d a n D a m p a k M a n a je m e n L a b a D e n g a n M e n g g u n a k a n A n a lis is J a lu r . S i m p o s i u m N a s i o n a l A k u n ta n s i V II . S o lo . B ra d b u ry , M . E ., Y . T . M a k , d a n C h a r a c t e r is t ic s

an d

S . M . T a n . 2 0 0 4 . B o a rd

A b n o r m a l A c c r u a ls .

W o r k in g

C h a r a c t e r is t ic s , A u d it C o m m it t e e P aper.

U n it e c

N ew

Z e a la n d

dan

N a t io n a l U n iv e r s it y o f S in g a p o r e . D e c h o w , P . M ., R . G . S lo a n , d a n A . P . S w e e n e y . 1 9 9 5 . D e t e c t in g E a r n in g s M a n a g e m e n t . T h e A c c o u n tin g R e v ie w . V o l. 7 0 : 1 9 3 -2 2 5 . E ffe n d i,

A .

2009.

The

P ow er

of

G ood

C o rp o ra te

G ov ern an ce

T eori dan

Im p le m e n ta s i .

S a le m b a

E m p a t. Ja k a rta . G h o z a li,

I.

2007.

A p lik a s i

A n a lis is

M u ltiv a r ia te

U n iv e r s it a s D ip o n e g o r o . S e m a r a n g .

den gan

program

SPSS.

Badan

P e n e r b it



Je n n in g s ,

M .

M .

2005.

C o n s p ic u o u s

G o v e rn a n ce

F a ilu r e s :

W h y

S a r b a n e s - O x le y

Is

n ot an

E t h ic s W a r r a n t y . C o r p o r a te F in a n c e R e v ie w . V o l. 9 (5 ): 4 1 - 4 7 . J e n s e n , M . C . d a n W . H . M e c k lin g . 1 9 7 6 . T h e o r y o f T h e F ir m : M a n a je r ia l B e h a v io u r , A g e n c y C o s t , a n d O w n e r s h ip S t r u c t u r e . J o u r n a l o f F in a n c ia l a n d E c o n o m ic . V o l. K le in ,

A .

2002.

A u d it

C o m m it t e e ,

B o a rd

of

D ir e c t o r

3 : 3 0 5 -3 6 0 .

C a r a c t e r is t ic s

an d

E a r n in g s

M a n a g e m e n t . J o u r n a l A c c o u n tin g a n d E c o n o m ic s . V o l. 3 3 : 3 7 5 — 4 0 0 . K e p u tu s a n

K e tu a B a p e p a m

N om or 41 Tah un

2 0 0 3 . P e d o m a n P e la k s a n a a n K e r ja K o m ite A u d it .

2 2 D e s e m b e r 2 0 0 3 . Ja k a rta . K e p u tu s a n

M e n te ri B U M N

N om or

103

Tah un

2002.

P em ben tu k a n

K o m ite A u d it B a g i B a d a n

U s a h a M ilik N e g a r a . 4 Ju n i 2 0 0 2 . Ja k a r ta . K o m it e

N a s io n a l

K e b ija k a n

G ov ern an ce

(K N K G ).

2006.

P edom an

U m um

G ood

C o rp o ra te

G o v e r n a n ce In d o n e s ia . Ja k a r ta . P a u lu s ,

C .

2012.

A n a lis is

F a k to r -F a k to r

Y an g

M e m p e n g a ru h i

K u a lit a s

Laba.

S k r ip s i.

U n iv e r s it a s D ip o n e g o r o . S e m a r a n g . R a c h m a w a t i,

A .

dan

H .

T r ia t m o k o .

2007.

A n a lis is

F a k to r -F a k to r

Y an g

M e m p e n g a ru h i

K u a lit a s L a b a d a n N ila i P e r u s a h a a n . S im p o s iu m N a s io n a l A k u n ta n s i X . M a k a s s a r . R a o , R . K . S . 1 9 9 2 . F in a n cia l M a n a g e m e n t C o n ce p t a n d A p p lica tio n . 2

n d

e d . M a c M illa n P u b lis h in g

C o m p a n y . S in g a p o r e . S c o tt, W . R . 2 0 0 6 . F in a n cia l A cco u n tin g

T h eory . 4 rd

e d . S c a r b o r o u g h . P r e n t ic e - h a ll, C a n a d a .

O n t a r io . S ia lla g a n , H . d a n

M . M a c h fo e d z . 2 0 0 6 . M e k a n is m e

C o r p o r a te G o v e r n a n c e , K u a lit a s L a b a d a n

N ila i P e r u s a h a a n . S im p o s iu m N a s io n a l A k u n ta n s i 9 . P a d a n g . S u g iy o n o . 2 0 1 0 . M e to d e P e n e litia n K u a n tita tif K u a lita tif d a n R N D . A lfa b e t a . B a n d u n g . S u jo k o d a n

U . S o e b ia n t o r o . 2 0 0 7 . P e n g a r u h

In te rn , d a n

F a cto r E k s te rn

S t r u k t u r K e p e m ilik a n

T e rh a d a p

S a h a m , L e v e ra g e , F a cto r

N ila i P e r u s a h a a n . Ju r n a l E k o n o m i M a n a je m e n .

V o l. 9 (1 ): 1 -8 . S u s a n t i, A . N .,

R a h m a w a t i, d a n Y . A . A r y a n i. 2 0 1 0 . A n a lis is P e n g a r u h C o r p o r a t e G o v e r n a n c e

D en gan Y an g

K u a lit a s L a b a S e b a g a i V a r ia b e l

T e rd a fta r

di

B u rsa

E fe k

In t e r v e n in g P a d a P e r u s a h a a n M a n u fa k t u r

In d o n e s ia

P e r io d e

2 0 0 4 -2 0 0 7 .

S im p o s iu m

N a s io n a l

K eu an g an I. S u ra k a rta . S u t e d i, A . 2 0 1 1 . G o o d C o r p o r a te G o v e r n a n c e . S in a r G r a fik a . Ja k a r t a . S u to p o ,

B.

2009.

M a n a je m e n

L aba

dan

M a n fa a t

K u a lita s L a b a

d a la m

K ep u tu sa n

In v esta si . U P T

P e r p u s t a k a n U n iv e r s it a s S e b e la s M a r e t . S o lo . U jiy a n t h o , M . A . d a n dan

K in e r ja

S im p o s iu m

B . P r a m u k a . 2 0 0 7 . M e k a n is m e C o r p o r a t e G o v e r n a n c e , M a n a je m e n L a b a K euan gan

(S tu d i

N a s io n a l A K u n ta n s i X .

pada

P e ru sa h a a n

G o

P u b lik

S e k to r

M a n u fa k tu r).

M ak assar.

U n d a n g - U n d a n g R e p u b lik In d o n e s ia N o m o r 4 0 T a h u n

2 0 0 7 . P ersero a n T erba ta s . 1 6 A g u s tu s

2 0 0 7 . L e m b a r a n N e g a r a R e p u b lik In d o n e s ia T a h u n 2 0 0 7 N o m o r 1 0 6 . Ja k a r t a . W a r s o n o , S ., F . A m a lia , d a n

D . K . R a h a je n g . 2 0 0 9 . C o r p o r a t e G o v e r n a n c e : C o n c e p t a n d M o d e l .

C e n te r o f G o o d C o rp o ra te G o v e rn a n ce F E B U G M . Y o g y a k a rta . W ib o w o , N . R . 2 0 0 9 . A n a lis is P e n g a r u h K o m p o n e n -K o m p o n e n A k r u a l D is k r e s io n e r S e b a g a i U k u r a n K u a lit a s L a b a T e r h a d a p A b n o r m a l R e t u r n S a h a m . S k r ip s i. U n iv e r s it a s Is la m In d o n e s ia . Y o g y a k a r t a . W id ia t m a ja , B . 2 0 1 0 . P e n g a r u h M e k a n is m e C o r p o r a t e G o v e r n a n c e T e r h a d a p M a n a je m e n Laba

dan

K on seku en si

M a n a je m e n

Laba

T e rh a d a p

K in e r ja

K euan gan .

S k r ip s i.

U n iv e r s it a s D ip o n e g o r o . S e m a r a n g . Y a n g , W . S ., L o o , S . C ., d a n O w n e r s h ip

S tru ctu re

S h a m s e r . 2 0 0 9 . T h e E ffe c t o f B o a r d S t r u c t u r e a n d In s t it u t io n a l on

E a r n in g s

a n d M a n a g e m e n t . V o l. 3 (2 ): 3 3 2 – 3 5 3 .

M a n a g e -m e n t. In te r n a tio n a l Jo u r n a l o f E co n o m ics



Y u s h it a ,

N .

A .,

R a h m a w a t i,

G o v e rn a n ce ,

K u a lit a s

E c o n o m ia Ju r n a l. V o l.

dan

H .

A u d it o r

T r ia t m o k o . E k s t e r n a l,

9 (2 ): 1 5 0 -1 5 3 .

2013. dan

P e n g a ru h

L ik u id it a s

M e k a n is m e

T e rh a d a p

C o rp o ra te

K u a lit a s

Laba.

JURNAL ILMU & RISET AKUNTANSI VOL. 4 NO. 11

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