HUBUNGAN MANAJEMEN LABA DENGAN MENGGUNAKAN MANIPULASI AKTIVITAS RIIL DAN KINERJA OPERASI (Studi Empiris pada Perusahaan yang Melakukan Right Issue di Bursa Efek Indonesia)

Abstract

The objective of this study is to detect earnings management through real activities around right issue offerings firms which are registered on the Indonesian Stock Exchange and its effect on firm’s operating performance. Real activities are proxied by sales management activities, increased production, and reduction of discretionary expenses. This research data was conducted from financial reports.
Regression analysis is used to find the estimated value of normal and abnormal operating cash flow, production costs and discretionary costs. Subsequently performed regression analysis to test each hypothesis.The result shows that firms in right issue offerings, which are registered on the Indonesian Stock Exchange tend to execute real activities manipulation through operating cash flow, production cost and discretionary expense. The other regression results indicate the increasing level of sales
management activities and production has tendency towards positive effect on firms’ operating performance from the first year until the third year after the right issue offering but negative from reduction of discretionary expenses.

Keywords: right issue, earning management, real activities, operating performance