PERILAKU OPORTUNISTIK EKSEKUTIF PERUSAHAAN TERKAIT PENERBITAN OBLIGASI (Bukti Empiris dari Pasar Modal Indonesia)

Yogy Budi Yudawijaya, Syarifah Ratih Kartika Sari

Abstract


This research aims to give empirical evidence concerning opportunistic manager
behavior related to bond issue. The data of the study consist of 75 corporate bond of non financial
firms listed on Indonesian Stock Exchange in 2004-2009. The technique sampling is purposive
sampling. The study uses Teoh et al. (1998a, 1998b) model to detect the earning management.
The result of this study shows the existence of earning management practice in two
observation period. The first hypothesis shows that mean difference at the year before bond issue
and at a year after of bond issue provide the support for the hypothesis. The test of second
hypothesis shows that mean difference at the year before bond issue and and at a year after of
bond issue provide the support for the hypothesis. Thus, we can conclude that there are other
factors besides bond issue that motivate management to perform earnings management.
Keyword : Opportunistic Manager Behavior, Bond Issue, Earning Management, Discretionary Accruals.

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