The Importance of Ownership Structure, Financial Performance, and Company Size to Financial Restatement
DOI:
https://doi.org/10.25170/jak.v15i2.2327Keywords:
Financial Restatement, Ownership Structure, Financial Performance, Company SizeAbstract
Financial statements contain useful information for stakeholders regarding the company’s financial condition and are used as the basis for decision making. Therefore, financial statements must prepared appropriately, high quality and reflect the actual conditions of the company so that they can be relied on for users of financial statements. Financial restatements are presented on accrual basis so it can increase manager’s flexibility in recording economic events. This flexibility can cause misstatement of information in the financial statements caused by changes in accounting required by accounting standards and indications of management fraud to act opportunistically, causing the company to undertake financial restatements. Therefore, the aim of this study is to examine and analyze the effect of ownership structure, financial performance, and company size on financial restatement. The object of research is manufacturing companies listed on the Indonesia Stock Exchange (IDX) with the research period 2014-2018. The results showed that the ownership structure in the form of managerial ownership and institutional ownership had no effect on financial restatement, while foreign ownership had a negative effect on financial restatement. Financial performance in the form of profitability, leverage, and activities has no effect on financial restatement. Company size has a positive effect on financial restatement.
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Journal of Accounting, 2(2), 432-446.
Akadiati, V.A.P. (2018). Analisis Karakteristik Perusahaan dan Pergantian Auditor terhadap Restatement. GEMA, X(2), 101-112.
Aziz, N.F., Mohamed, M., Hasnan, S., Sulaiman, N., & Aziz, R.A. (2017). Ownership Structure and Financial Restatement in Malaysia. Pertanika Journal of Social Sciences and Humanities, 25(1), 1-10.
Budiarti, E., & Sulistyowati, C. (2014). Struktur Kepemilikan dan Struktur Dewan Perusahaan. Jurnal Manajemen Teori dan Terapan, 7(3), 161-177.
Butar, S. (2018). The Causes and Consequence of Restatements in Indonesia. Jurnal Akuntansi dan Auditing Indonesia, 22(1), 70-80.
CNBC Indonesia. (2020). Kronologi Kasus Jiwasraya, Gagal Bayar Hingga Dugaan Korupsi. Retrived August 21, 2020, from https://www.cnnindonesia.com/ekonomi/20200108111414-78-463406/kronologikasus-jiwasraya-gagal-bayar-hingga-dugaan-korupsi.
Fahmi, I. (2012). Analisis Kinerja Keuangan. Bandung: Alfabeta.
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Semarang: Badan Penerbit Universitas Diponegoro.
Hamdani, H. (2016). Good Corporate Governance. Jakarta: Mitra Wacana Media.
Handoko, J. (2015). Pengaruh Struktur Modal dan Mekanisme Corporate Governance terhadap Agency Cost
Perusahaan LQ45 di BEI Tahun 2013. Fakultas Bisnis Dan Pascasarjana UKWMS, 226–253.
Hartono, J. (2015). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Hasnan, S., Rahman, R.A., & Mahenthiran, S. (2013). Management Motive, Weak Governance, Earnings Management, and Fraudulent Financial Reporting: Malaysian Evidence. Journal of International Accounting Research, 12(1), 1-27.
Hasnan, S., & Hussain, A.R.M. (2015). Factors Associated with Financial Restatement: Evidence from Malaysia. Jurnal Pengurusan, 44(2015), 105-116.
Hery. (2016). Financial Ratio for Business. Jakarta: PT Grasindo.
Ikatan Akuntan Indonesia. (2018). Standar Akuntansi Keuangan, PSAK No 25: Kebijakan Akuntansi, Perubahan Estimasi Akuntansi dan Kesalahan. Jakarta: Ikatan Akuntan Indonesia.
Ikatan Akuntan Indonesia. (2018). PSAK 1 Penyajian Laporan Keuangan. Retrived March 3, 2020, from http://www.iaiglobal.or.id/v03/standar-akuntansi-keuangan/pernyataan-sak-7-psak-1-penyajian-laporan-keuangan#.
Jensen, M.C., & Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Stucture. Journal of Financial Economics, 3(4), 305-360.
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: PT. Rajagrafindo Persada.
Kieso, D., Weygandt, J., & Warfield, T. (2018). Intermediate Accounting IFRS. United States of America: John Wiley and Son.
Otoritas Jasa Keuangan. (2016). Peraturan Otoritas Jasa Keuangan Nomor 29/POJK.04/2016 tentang Laporan Tahunan Emiten atau Perusahaan Publik. Retrived September 1, 2020, from https://www.ojk.go.id/id/kanal/pasar-modal/regulasi/peraturan-ojk/Documents/Pages/POJK-Laporan-Tahunan-Emiten-Perusahaan-Publik/POJK-Laporan-Tahunan.pdf.
Pasaribu, M.Y. (2016). Pengaruh Struktur Modal, Struktur Kepemilikan dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di BEI Tahun 2011-2014. Jurnal Administrasi Bisnis, 35(1), 27-37.
Pratiwi, R., & Yulianto, A. (2016). Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies. Management Analysis Journal, 5(3), 215–228.
Puspitasari, D., & Januarti, I. (2014). Pengaruh Keberadaan Wanita dalam Keanggotaan Dewan, Profitabilitas, Leverage, Rasio Aktivitas Perusahaan, Ukuran Perusahaan, dan Dewan Komisaris Independen terhadap Restatement Laporan Keuangan Perusahaan. Diponegoro Journal of Accounting , 3(3), 328-342.
Siregar, N.Y., & Rahayu, F. (2018). Pengaruh Corporate Governance terhadap Restatement dan Dampaknya Terhadap Harga Saham. Jurnal Ilmiah ESAI, 12(2), 71-88.
Sudana, I,M. (2011). Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta: Erlangga.
Sukirni, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden, dan Kebijakan Hutang Analisis terhadap Nilai Perusahaan. Accounting Analysis Journal, 2(1), 1-12.
Tribunews. (2019). Restatement Laporan Keuangan Garuda Indonesia Jadi Keputusan yang Terbaik. Retrived July 28, 2020, from https:://www.tribunnews.com/bisnis/2018/07/28/restatement-laporan-keuangan-garuda-indonesia-jadi-keputusan-yang-terbaik.
Widyaningrum, V.F., & Faisal. (2015). Pengaruh Karakteristik Corporate Governance terhadap Penyajian Kembali Laporan Keuangan. Jurnal Akuntansi Fakultas Ekonomika dan Bisnis Universitas Diponegoro, 4(2), 613-625.
Yuniarti, M., Raharjo, K., & Oemar, A. (2016). Pengaruh Kebijakan Deviden, Kebijakan Hutang, Profitabilitas, dan Struktur Kepemilikan terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI 2009-2014.
Journal of Accounting, 2(2), 432-446.
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Published
2021-10-13
How to Cite
Nugroho, Y. F., & Lindrawati, L. (2021). The Importance of Ownership Structure, Financial Performance, and Company Size to Financial Restatement. Jurnal Akuntansi, 15(2), 154–177. https://doi.org/10.25170/jak.v15i2.2327
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