Sittaqi, Zein Assyam (2026) PENGARUH LEVERAGE, UKURAN DEWAN KOMISARIS, DAN KOMISARIS INDEPENDEN TERHADAP MANAJEMEN LABA RIIL PADA PERUSAHAAN SUBSEKTOR KONSTRUKSI DI BURSA EFEK INDONESIA PERIODE 2020-2024. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to examine the empirical effects of leverage (Debt to Asset Ratio), the size of the board of commissioners, and the proportion of independent commissioners on Real Earnings Management (REM) practices within construction sub-sector companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The inquiry is motivated by the pervasive phenomenon of elevated leverage ratios across major construction issuers, which is hypothesized to induce managers to manipulate real operational activities to avert debt covenant defaults and sustain favorable financial performance depictions before creditors and investors. Utilizing a quantitative research design, this study relies on secondary data extracted from audited annual financial statements. The research sample was established via a purposive sampling technique, yielding 16 qualified companies with a cumulative dataset of 78 observations over the analytical window. Real earnings management is quantified using the aggregate measurement derived from the three classical proxies developed by Roychowdhury (2006), namely abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses. Econometric evaluation was executed through panel data regression analysis, where the optimal specification was determined sequentially using the Chow test, Hausman test, and Lagrange Multiplier test, ultimately establishing the Common Effect Model (CEM) as the most appropriate framework. The empirical results demonstrate that leverage exerts a significant positive effect on real earnings management, confirming that companies burdened with higher debt intensities are structurally inclined to execute more intensive operational manipulations. Conversely, both the size of the board of commissioners and the proportion of independent commissioners fail to display a statistically significant impact on REM, indicating that these specific internal governance configurations have not functioned effectively to suppress earnings manipulation within the construction sub-sector. These findings imply that contractual strains stemming from high leverage act as the primary catalyst for REM practices in this capital-intensive environment, highlighting the necessity for creditors and investors to rigorously evaluate corporate funding structures as critical leading indicators of earnings distortion risks. Furthermore, for capital market regulators and policymaking authorities, these outcomes underscore an urgent requirement to evaluate the substantive efficacy of the board of commissioners and independent directors, shifting the paradigm from superficial regulatory compliance toward active, functional oversight. Keywords: Board of Commissioners; Board Size; Independent Commissioners; Leverage; Real Earnings Management.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HF Commerce H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance |
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| Divisions: | Faculty of Economic and Business Faculty of Economic and Business > Departement of Accounting |
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| Depositing User: | ZEIN ASSYAM SITTAQI | ||||||||
| Date Deposited: | 14 Jul 2026 08:18 | ||||||||
| Last Modified: | 14 Jul 2026 08:18 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/55377 |
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