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The Effect of Free Cash Flow, Leverage, Financial Distress, and Ownership Structure on Earnings Management in Consumer Non-Cyclical Companies (2022-2024) Rianida, Melycha Putri; Setiawati, Erma
TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN Vol. 5 No. 6 (2025): November 2025
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/transekonomika.v5i6.1116

Abstract

Earnings management involves managers adjusting financial reports to achieve specific objectives, which can affect the transparency of information received by stakeholders. Earnings management is conditioned by a constellation of internal firm-level attributes, including free cash flow availability, capital structure intensity, financial vulnerability, and ownership configuration, all of which may recalibrate managerial incentives to intervene in the financial reporting process. Focused on consumer non-cyclicals companies on the IDX, this study tests hypotheses concerning the drivers of earnings management, specifically free cash flow, leverage, financial distress, and ownership structure. The quantitative analysis, using secondary data (2022-2024) and SPSS 27 on a purposively sampled set of 89 observations, confirms the significant roles of free cash flow and leverage. However, it finds no empirical support for the effects of financial distress or managerial ownership. The findings highlight key governance and analytical implications. The significant roles of free cash flow and leverage call for stronger oversight of discretionary cash and debt to limit reporting opportunism. The insignificant effect of managerial ownership suggests weak alignment of manager, shareholder interests, while financial distress does not appear to drive manipulation. For investors and regulators, the results emphasize prioritizing cash flow and leverage analysis when assessing reporting quality.
PENGARUH PROFESIONALISME, LOCUS OF CONTROL, GAYA KEPEMIMPINAN, SERTA KOMITMEN SUATU ORGANISASI TERHADAP KINERJA AUDITOR (STUDI PADA KANTOR AKUNTAN PUBLIK DI SURAKARTA DAN SEMARANG) Aulia, Nur Farah; Setiawati, Erma
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/zwkk2155

Abstract

Kajian ini berfokus pada upaya memahami bagaimana tingkat profesionalisme, locus of control, gaya kepemimpinan, serta komitmen organisasi berperan dalam membentuk kinerja auditor di beberapa Kantor Akuntan Publik (KAP) yang berlokasi di Surakarta dan Semarang. Latar belakang kajian didorong oleh pentingnya peran auditor dalam menjaga keandalan laporan keuangan perusahaan, serta adanya perbedaan pandangan dari riset-riset sebelumnya mengenai faktor yang memengaruhi kinerja tersebut. Pendekatan yang digunakan bersifat kuantitatif dengan metode survei menggunakan kuesioner kepada auditor dari sembilan KAP. Dari total 60 kuesioner yang disebarkan, 50 di antaranya dapat diolah. Data diinterpretasikan melalui analisis regresi linier berganda menggunakan SPSS dengan berbagai uji statistik seperti validitas, reliabilitas, asumsi klasik, F-test, t-test, dan R². Temuan kajian ini menunjukkan bahwa tingkat profesionalisme memiliki kaitan yang kuat dengan kinerja auditor. Sementara itu, locus of control, gaya kepemimpinan, dan komitmen organisasi tidak menunjukkan keterkaitan yang berarti terhadap kinerja tersebut. Jika dilihat secara bersama-sama, keempat aspek tersebut mampu menjelaskan variasi kinerja auditor sebesar 55,3% berdasarkan nilai Adjusted R² sebesar 0,553, sedangkan 44,7% sisanya dipengaruhi oleh unsur lain di luar model yang digunakan. Kajian ini diharapkan memberi sumbangan bagi pengembangan bidang akuntansi, terutama dalam upaya meningkatkan mutu dan efektivitas kerja auditor pada Kantor Akuntan Publik.
PENGARUH INTELLECTUAL CAPITAL, LEVERAGE, KEPEMILIKAN INSTITUSIONAL DAN KEPEMILIKAN MANAJERIAL TERHADAP KINERJA KEUANGAN PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR CONSUMER NON- CYLICAL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2019-2023) Khofifah, Syeila Azizatul; Setiawati, Erma
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/ypw3zf21

Abstract

Riset ini berfokus pada penentuan dampak dari Intellectual Capital, Leverage, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Kinerja Keuangan Perusahaan. Studi ini berbasis pada metode kuantitatif dengan memanfaatkan data sekunder dari populasi 385 perusahaan manufaktur non-siklus di BEI. Sampel akhir yang dianalisis adalah 168 unit data, yang didapatkan dengan purposive sampling dari 175 observasi panel awal (35 perusahaan selama 2019-2023) setelah dilakukan penghapusan tujuh outlier. Metodologi pengujian melibatkan verifikasi asumsi klasik sebagai prasyarat, diikuti dengan analisis regresi linear berganda. Perangkat lunak statistik yang diaplikasikan yakni SPSS versi 25. Metode perhitungan menggunakan rumus VAICTM untuk Intellectual Capital (X1), DER untuk Leverage (X2), Rasio KI unttuk Kepemilikan Institusional (X3), Rasio KM untuk Kepemilikan Manajerial (X4), dan ROA untuk Kinerja Keuangan Perusahaan (Y). Studi mengindikasikan bahwasannya variabel Intellectual Capital (X1) dan Kepemilikan Institusional (X3) ditemukan tidak relevan dalam memengaruhi kinerja keuangan perusahaan. Namun, Leverage (X2) dan Kepemilikan Manajerial (X4) terbukti menjadi faktor penentu yang signifikan terhadap kinerja keuangan.
PENGARUH CASHLESS SOCIETY, GAYA HIDUP, LITERASI KEUANGAN, DAN MEDIA SOSIAL DEMOGRAFI TERHADAP PERILAKU KONSUMTIF GEN Z Raslina, Galuh; Setiawati, Erma
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 1 (2026): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/ds41px06

Abstract

Penelitian ini bertujuan untuk menganalisis Pengaruh Cashless Society, Gaya Hidup, Literasi Keuangan, dan Media Sosial Demografi terhadap Perilaku Konsumtif Gen Z, khususnya mahasiswa Universitas Muhammadiyah Surakarta yang telah menempuh mata kuliah Kewirausahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei, sampel diperoleh melalui accidental sampling dan ditentukan menggunakan rumus Slovin sebanyak 218 responden. Data dikumpulkan melalui kuesioner online skala Likert lima poin. Perilaku konsumtif diukur melalui orientasi promosi, figur publik, penampilan, prestise, dan status sosial; Cashless Society melalui kemudahan, fleksibilitas, keamanan, pengendalian transaksi, dan daya tarik digital; Gaya Hidup melalui aktivitas sosial, orientasi merek, tren, dan penampilan; Literasi Keuangan melalui pengetahuan produk pembayaran, manajemen aset, pinjaman, asuransi, fintech, kesadaran risiko, pengelolaan, dan evaluasi keuangan digital; Media Sosial Demografi melalui frekuensi penggunaan, paparan konten promosi, mengikuti influencer, dan dampak emosional. Analisis data dilakukan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa keempat variabel independen berpengaruh positif dan signifikan terhadap perilaku konsumtif mahasiswa Gen Z.
The Influence of Financial Performance on Company Value with Debt to Equity as a Moderating Variable Lulfi, Frisca Fitriana; Setiawati, Erma
SEIKO : Journal of Management & Business Vol 9, No 1
Publisher : Program Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/sejaman.v9i1.11483

Abstract

This research endeavor seeks to investigate the influence of financial performance on corporate value, utilizing the Debt to Equity Ratio (DER) as a moderating variable. Financial performance is represented through the proxies of Return on Equity (ROE) and Return on Assets (ROA), while corporate value is quantified via total equity. The investigation employs secondary data derived from 44 companies in the basic materials sector that are listed on the Indonesia Stock Exchange over the period from 2022 to 2024, culminating in a total of 132 panel observations. The analysis adopts panel data regression techniques, specifically incorporating Moderated Regression Analysis (MRA) to evaluate the proposed hypotheses. The findings reveal that ROA exerts a positive and statistically significant impact on corporate value, whereas ROE demonstrates a negative and statistically significant effect when the moderating variable is factored in. Moreover, the DER serves as a significant moderator in the relationship between ROE and ROA concerning corporate value, thereby underscoring the critical role of capital structure in intensifying or diminishing the influence of profitability on corporate value. These results underscore the necessity for effective asset management and an optimal capital structure to enhance corporate value within the basic materials industry.
Analisis Faktor Internal dan Faktor Eksternal Terhadap Pertumbuhan Aset Riskahayu Hermayanti; Erma Setiawati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 1 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i1.6411

Abstract

This study aims to determine the analysis of internal factors and external factors to asset growth. This study uses a quantitative approach, using secondary data. The population used in this study is mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2019-2023. Sampling technique in this study using purposive sampling method. For the calculation of data analysis using multiple linear regression test. As for the program used is with SPSS. The results showed that the debt to equity ratio, the size of the company and inflation do not affect the growth of corporate assets, while the return on assets affect the growth of corporate assets.
Pengaruh Pertumbuhan Penjualan, Struktur Modal, Leverage, Likuiditas dan Ukuran Perusahaan Terhadap Kinerja Keuangan Salsa Ramadina; Setiawati, Erma
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 1 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i1.6743

Abstract

This study aims to analyze the effect of sales growth, capital structure, leverage, liquidity, and company size on financial performance of industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the period of 2018-2022. The research uses a quantitative approach with multiple linear regression analysis, utilizing secondary data obtained from companies' annual financial statements. The results indicate that sales growth, capital structure, leverage, and liquidity do not significantly affect the financial performance of companies. However, company size has a proven effect on financial performance in the industrial sector companies during the analyzed period. This study provides new insights into factors influencing financial performance in Indonesia's industrial sector, despite limitations in the number of independent variables used.
Determinasi Pengendalian Internal, Ukuran Perusahaan dan Sales Growth Terhadap Tax Avoidance Dengan Ketidakpastian Lingkungan Sebagai Variabel Moderating Mutiara Saksono Putri; Erma Setiawati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 2 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i1.6867

Abstract

This study aims to analyze the effect of internal control, firm size, and sales growth on tax avoidance, with environmental uncertainty as a moderating variable. The research objects are consumer sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period, selected using a purposive sampling method. The data used consists of annual financial reports. Tax avoidance is measured using the Effective Tax Rate (ETR), internal control is assessed based on annual report scores, firm size is measured using the natural logarithm of total assets, and sales growth is calculated based on the annual sales percentage change. Environmental uncertainty is measured based on external fluctuations affecting the business. Data analysis is performed using multiple linear regression with Moderating Regression Analysis (MRA) through SPSS. The results show that internal control does not have a significant effect on tax avoidance, while firm size and sales growth have a significant effect. Environmental uncertainty moderates the relationship between sales growth and tax avoidance but does not moderate the relationship between internal control and firm size with tax avoidance. This study provides insights into the factors influencing tax avoidance in the context of environmental uncertainty.
Implementasi Faktor-faktor yang Mempengaruhi Nilai Perusahaan Gesti Putri Wahyudi; Erma Setiawati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 2 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i2.6988

Abstract

This study aims to determine empirical evidence of factors that influence firm value. The dependent variable of this research is firm value. Meanwhile, the independent variables of this research are profitability, leverage, capital structure, firm growth, and firm size. This research is quantitative research using secondary data. The sample in this research is non-cyclical consumer sector companies listed on the Indonesia Stock Exchange (BEI) for the 2019-2023 period. The sampling technique used a purposive sampling method and there were 143 samples that met the criteria during the 5 research periods. The data analysis technique used in this research is a multiple linear regression analysis technique using SPSS 25. The results of this research show that profitability and capital structure have an effect on firm value, while leverage, firm growth, and firm size have no effect on firm value.
Pengaruh Ketidakpastian Lingkungan, Kebijakan Utang, Ukuran Perusahaan, Struktur Kepemilikan, Dan Koneksi Politik Terhadap Tax Avoidance Wati Tri Utami; Setiawati, Erma
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 4 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i4.7597

Abstract

This study aims to analyze the effect of Environmental Uncertainty, Debt Policy, Firm Size, Ownership Structure, and Political Connections on Tax Avoidance in manufacturing companies within the Property & Real Estate subsector listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. This research employs a quantitative approach using secondary data obtained from financial reports. The sample was selected using a purposive sampling method based on specific criteria. The dependent variable, Tax Avoidance, is measured using the Effective Tax Rate (ETR), while the independent variables include Environmental Uncertainty, Debt Policy, Firm Size, Ownership Structure, and Political Connections. Data analysis was conducted using multiple linear regression with SPSS, including descriptive statistics, classical assumption tests, and hypothesis testing. The results indicate that only Ownership Structure significantly influences Tax Avoidance, while other variables do not show a significant effect. The limitations of this study include a narrow subsector focus, the exclusion of other potential determinants of tax avoidance, and the limited research period from 2019 to 2023. Future research is recommended to expand sector coverage, incorporate additional variables, and extend the research period to enhance the comprehensiveness of the findings.
Co-Authors Agus Endro Suwarno AINAN SALSABIILAA Aini, Indah Nur Alifah Sekarningrum Alvi Rahmania Putri Amelia Romandhoni Novitasary Ameliya, Nabila Putri Andy Dwi Bayu Bawono Anida Ikhwatun Karimah Anika, Anika Aprilia Puri Astuti Apsta, Widya Ari Setyanto Arie Vicky Galan Ramadhan Arum S, Nurlita Atria Dea Permata Aulia, Chania Aulia, Nur Farah Avika Miya Olistya Depp BANDI Baningrum, Ratih Mar Banu Witono Banu Witono, Banu Bekti Wiji Lestari Berliana Rachma Khairunnisa Burhanudin, Cahyani Maulidya Cahyaningrum, Rasita Isnaini CHANIA AULIA Chrisninditya, Ivana Diva Conteh, Abdul Deby Ilma Aulia Dendy Arda Pratama Derbi Ageng Kertaning Kalbu Devaria Aisya Setyowati Dewi Kartika Sari Dewi Sekar Tanjung Diana Puspitasari Diana, Ulfi Dimas Bagus Maulino Wibowo Dimas Ilham Nur Rois Dina, Nadia Farah Diyah Nurhidayati Dwianto, Agus Dyana Madyaratri Efendi, Ifin Aria Eni Kusumawati Eny Kusumawati Eny Kusumawati Erma Marga Rosit Erna Noviyanti Eskasari Putri Evi Dewi Kusumawati Evi Dewi Kusumawati Fadya Almira Farah Dzakiyyah Maulida Fatchan Achyani Fatma, Inanda Karina Artika Fatmaningtyas, Sastria Fauzan Fauziyyah, Fadhilah Nur Febrianti, Adilla Rahmah Fitrianingrum, Erika Fuad Hudaya Fatchan Gesti Putri Wahyudi Hanifah Uswatun Khasanah Hanun, Yuliana Hasna Hardina, Lulu Helmi, Neyla Faizza Tyasti Hestinasari, Vinka Wendi Ifin Aria Efendi IKA DAMAYANTI Ika Damayanti Inayati, Luthfiana Indah Nur Aini Indah Permata Dewi Indah Permata Sari Ines Dyah Ayu Hapsari Ivana Diva Chrisninditya Julian, Andika Karismawati, Desi Argita Kartika, Desilis Kertaning Kalbu, Derbi Ageng Khofifah, Syeila Azizatul Kurnia Rhamadita Aryani Kurniasari, Elvira Putri Kusumawati, Berlina Lia Ramadhani Fatchan Linda Ayu Purwaningsih Lulfi, Frisca Fitriana Lulu Hardiana Lutfiana Cahya Ningrum M. Sholahuddin Mahameru Rosy Rochmatullah Marcella Aulia Dewi Maria Susila Sumartiningsih Maryunda, Monic Anastasya Maulida, Farah Dzakiyyah Mawarni, Rahma Dila Mellisa, Sefi Muchammad Azrial Akbar Muhammad Ridwan Agung Patria Nagara Mujiyati Mujiyati Mukhammad Akbar, Ashar Mutia Rida Utami Mutiara Fadhila, Dyah Mutiara Saksono Putri Nabila Khairunnisa Nanda Devista Devista Naovi Aprilia Bima Safana Nashirotun Nisa Nurharjanti Nasywa Nathania Hirda Ningsih, Wiwit Indah Lestari Noer Sasongko Novi Nur Ifgayani Noviyanti, Erna Nuraisyah, Ratna Putri Nurhidayati, Diyah Nurlita Arum S Nursiam Nursiam Pardiyanto Pardiyanto Pardiyanto, Pardiyanto Pawestri, Nabila Sophia Dwita Purwaningsih, Linda Ayu Purwitasari, Afrida Putri Rohmatul Ummah Putri, Tri Asti Sari Ramadhan, Arie Vicky Galan Raslina, Galuh Ratih Mar Baningrum Ratri Nur Azizah Redhona Gevi Waluyo Putri Renata Virgina Arifin Rianida, Melycha Putri Ricky Riyanto Iksan Rima Berlian Putri Rina Trisnawati Rina Trisnawati, Ph.D Riskahayu Hermayanti Rochmatullah ., Rochmatullah Rohmah, Baety Nur Rois, Dimas Ilham Nur Roostina Nugraheni Putri Rosa Indriana, Octavia Rosa Milleniva Triandani Rosiyana, Intan Salsa Ramadina Salsabila Putri Widyadana Salvania Ayu Pramudita Saputri, Iin Nilam Sari, Nadila Afika Sari, Yulika Ambar Sayyidah Alifah Rahmani Sekarningrum, Alifah Setyanto, Ari Setyowati, Devaria Aisya Shinta Permata Sari Silvi Novita Dewi Siti Aisyah Salim Siti Asiyah Siti Nurhayati Ning Rahayu Sri Murwanti Syamsiah, Tiara Dwi Tiara Rahmawati Triandani, Rosa Milleniva Trisnawati, *Rina Triyono Triyono Ulfi Diana USWATUN HASANAH Utami, Nica Tria Wahyu Nur A’ni, Aflintang Wahyu Putra Utama Wahyu Putra Utama Wardhani, Ayu Riya Wati Tri Utami Wida Ramadhan, Adelia Ari Wijayanti, Sekar Arum Windi Febriyanti Putri Inayah Wiyadi Wiyadi Yayuk Sri Wahzuni Yuliana Hasna Hanun Zulfikar Zulfikar