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All Journal International Research Journal of Business Studies
Sakti, Aswin Parmita
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Moderating Effect of Family Ownership on Earnings Management and Stock Price Crash Risk Sakti, Aswin Parmita; Lubis, Arief Wibisono
International Research Journal of Business Studies Vol. 18 No. 2 (2025): August - November 2025
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.18.2.139-158

Abstract

This study examines the influence of earnings management on stock price crash risk within publicly listed companies in Indonesia. Additionally, it explores the moderating role of family ownership in this relationship, assessing whether it strengthens or weakens the connection between earnings management and stock price crash risk. The research employs an unbalanced panel data regression framework, utilizing dynamic panel data estimation through the system-GMM approach. Empirical findings indicate that accrual-based earnings management significantly increases the likelihood of stock price collapse, whereas real earnings management exerts only a marginal positive effect on crash risk. Furthermore, results suggest that family ownership amplifies the impact of earnings management on stock price crash risk, implying that firms with family ownership engage in more aggressive earnings manipulation practices, which in turn heighten the probability of future stock price crashes.
Co-Authors Arief Wibisono Lubis