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All Journal Jurnal Eksplorasi Akuntansi (JEA)
Muhammad Atha Adya
Fakultas Ekonomi dan Bisnis, Universitas Negeri Padang, Padang
Economics, Econometrics & Finance

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Pengaruh Tone pada Management Discussion and Analysis terhadap Real Earnings Management pada Perusahaan Sektor Energi yang Terdaftar di BEI Periode 2022-2024 Muhammad Atha Adya; Nurzi Sebrina
Jurnal Eksplorasi Akuntansi Vol 8 No 3 (2026): Jurnal Eksplorasi Akuntansi (JEA)
Publisher : Universitas Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24036/jea.v8i3.4554

Abstract

The present research investigates the relationship between tone in Management Discussion and Analysis (MD&A) disclosures and real earnings management (REM) practices among energy firms listed on Bursa Efek Indonesia throughout the 2022–2024 fiscal period. A quantitative causal-associative research design is adopted, drawing on balanced panel data from 52 companies that produced 156 firm-year observations, selected via purposive sampling criteria. Tone is quantified using the Loughran-McDonald Financial Sentiment Dictionary, whereas REM is operationalized through the Roychowdhury (2006) framework across three distinct proxies: abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses. Estimation via the Random Effects Model applied to the panel dataset indicates that MD&A tone exerts no statistically significant influence on REM (p-value = 0.4425), resulting in the non-acceptance of the primary research hypothesis. Return on Assets (ROA) as a profitability measure demonstrates a significant negative association with REM. A robustness test employing an alternative tone measure derived from NVivo 15 sentiment analysis confirms the stability of these results. The findings advance the accounting literature by bridging textual disclosure analysis with financial reporting behavior within the Indonesian energy sector.
Co-Authors Nurzi Sebrina