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All Journal The Contrarian: Finance, Accounting, and Business Research
David P. E Saerang
Sam Ratulangi University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Sustainability report and accounting conservatism on earnings management: Evidence from Indonesia's consumer non-cyclicals sector (2021–2024) Handel Benedicto Mangero; David P. E Saerang; Peter M. Kapojos
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.492

Abstract

Earnings management is an intervention by management in the preparation of financial reports for external parties in order to smooth, increase, or decrease reported earnings. In the consumer non-cyclicals sector, which has a stable market capitalization, earnings management may be influenced by various factors, including sustainability report disclosure as a form of corporate transparency and responsibility, and the level of accounting conservatism applied. This study aims to analyze the effect of the sustainability report and accounting conservatism on earnings management in consumer non-cyclicals sector firms listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Earnings management is proxied by discretionary accruals (DA) using the Modified Jones Model, the sustainability report is proxied by the Sustainability Reporting Disclosure Index (SRDI), and accounting conservatism is proxied by conservatism accruals (CONACC). Using purposive sampling, 39 firms were selected, yielding 156 firm-year observations analyzed with multiple linear regression. The results show that the sustainability report has no significant effect on earnings management (t = -0.776; Sig. = 0.439), whereas accounting conservatism has a negative and significant effect (t = -14.323; Sig. < 0.001). The Adjusted R² of 0.567 indicates that both variables jointly explain 56.7% of the variation in earnings management. These findings suggest that sustainability disclosure has not yet directly constrained earnings management practices, while a higher level of accounting conservatism can suppress accrual-based earnings management among consumer non-cyclicals firms in Indonesia.
Do payout, leverage, and size move stock prices? Panel evidence from LQ45 firms using first differences Sartika Sartika; David P. E Saerang
The Contrarian : Finance, Accounting, and Business Research Vol. 5 No. 2 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/cfabr.435

Abstract

Stock prices in emerging markets are shaped by firm fundamentals, capital structure, and payout policy, yet evidence from Indonesia's LQ45 blue-chip index remains inconclusive. This study examines the partial and simultaneous effects of the dividend payout ratio (DPR), the long-term debt to equity ratio (LTDER), and firm size on the stock prices of LQ45-listed companies on the Indonesia Stock Exchange during 2021–2024. Drawing on Agency Theory and signaling theory, it analyzes a balanced panel of annual financial-report data for 18 companies selected through purposive sampling, using multiple linear regression. Because the initial model estimated in levels showed serial correlation in the residuals, the final model was estimated in first differences, which satisfied the classical assumption tests, and the conclusions were checked with alternative panel specifications. The results show that none of the three variables has a significant effect on changes in stock prices, either partially or simultaneously. The significant effects of LTDER and firm size in the levels model do not survive the correction for autocorrelation and appear to reflect persistent differences between firms rather than within-firm effects. The study contributes panel evidence from a highly liquid emerging-market segment and shows that ignoring serial correlation in short panels can overstate statistical significance. For practice, investors should not rely on year-to-year changes in payout, leverage, or firm size alone to anticipate price movements; future research should use longer periods, wider samples, and dedicated panel estimators.
Co-Authors Handel Benedicto Mangero Peter M. Kapojos Sartika Sartika