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CORPORATE SOCIAL RESPONSIBILITY AND EARNINGS MANAGEMENT: THE ROLE OF CORPORATE GOVERNANCE
Corresponding Author(s) : Gemi Ruwanti
Humanities & Social Sciences Reviews,
Vol. 7 No. 5 (2019): September
Abstract
Purpose: The purpose of this paper is to examine the role of corporate governance in the relationship of Corporate Social Responsibility (CSR) and firm size to earnings management of manufacturing firms in Indonesia.
Methodology: The study draws on data from 66 firms listed in Indonesian Stock Exchange from 2014 to 2017, using a multiple regression model. The present study examines the influence of CSR on earnings management, and the impact of corporate governance on the relationship between CSR and firm size with earnings management.
Main Findings: The finding showed that the effect of CSR on earnings management was significant and positive. The study also finds a statistically significant negative relationship between firm size and earnings management. The evidence also shows the role of corporate governance in the relationship of CSR and firm size to earnings management is significant and negative, it means that when the firm has good corporate governance, the firms that allocate CSR funds are relatively large, then it will tend not to practice earnings management, likewise large firms with good corporate governance will tend not to do earnings management.
Research limitations/implications: The present study does not include all possible other variables that influence earnings management. Further research might increase the scope of research objects by extending the study period and need to pay attention to the firm's macro factors or economic risk factors outside of financial performance so as to provide a more comprehensive picture of the results of the study.
Originality/value: The study focuses on the role of corporate governance issues such as the independence and activity of the boards and their influence on earnings management. The subject analyses the possible impact of CSR and firms size-related earnings management that has received much attention from academic research, which has largely focused on studying the publications of corporate governance in Indonesia context and can be contributes thoughts about the importance of corporate social responsibility activities that are reported as a basis for consideration incorporate policy-making to further enhance corporate awareness in the social environment, as well as the importance of corporate governance to minimize earnings management practices.
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Brown, L. D., & Caylor, M. L. (2006). Corporate Governance and Firm Valuation. Journal of Accounting and Public Policy, 25(4), pp. 409–434, https://doi.org/10.1016/j.jaccpubpol.2006.05.005 DOI: https://doi.org/10.1016/j.jaccpubpol.2006.05.005
Bushman, R. M., dan Smith, A.J., (2001). Financial Accounting Information and Corporate Governance. Journal of Accounting and Economics, 32, pp. 237–333. https://doi.org/10.1016/S0165-4101(01)00027-1 DOI: https://doi.org/10.1016/S0165-4101(01)00027-1
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Chandrarin, G., (2017). MetodeRisetAkuntansi: PendekatanKuantitatif. Jakarta, PenerbitSalembaEmpat.
Chen, K. Y., Elder, R.J. dan Hsieh, Y.M., (2007). Corporate Governance and Earnings Management: The Implications of Corporate Governance Best-Practice Principles for Taiwanese Listed Companies. Journal of Contemporary Accounting & Economics, 3(2), pp. 73–105. https://doi.org/10.1016/S1815-5669(10)70024-2 DOI: https://doi.org/10.1016/S1815-5669(10)70024-2
Chih, H., Shen, C., & Kang, F. (2008). Corporate Social Responsibility, Investor Protection, and Earnings Management : Some International Evidence. pp. 179–180. https://doi.org/10.1007/s10551-007-9383-7 DOI: https://doi.org/10.1007/s10551-007-9383-7
Chun, E., & Cho, S. (2015). Corporate Social Responsibility, Real Activities Earning Management, and Corporate Governance: Evidence from Korea. Asia Pacific Journal of Accounting & Economics. Vol. 23. Issue 4. https://doi.org/10.1080/16081625.2015.1047005 DOI: https://doi.org/10.1080/16081625.2015.1047005
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Cristina, M., Grecco, P., & Grecco, G. B. (2017). Corporate Social Responsibility And Its Relation With Performance and Earnings Management. pp. 25–44.
Dahmash, F. N. (2015). Size Effect on Company Profitability : Evidence from Jordan. 10(2), pp. 58–72. https://doi.org/10.5539/ijbm.v10n2p58 DOI: https://doi.org/10.5539/ijbm.v10n2p58
DeChow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulations: An analysis. Contemporary Accounting Research, 13(1), pp. 1–36. https://doi.org/10.1111/j.1911-3846.1996.tb00489.x DOI: https://doi.org/10.1111/j.1911-3846.1996.tb00489.x
Dianita, P. S., & Rahmawati. (2011). Analysis of the Effect of Corporate Social Responsibility on Financial Performance With Earnings Management as a Moderating Variable. 7(10), pp. 1034–1045.ISSN 1548-6583.
Ehikioya, B. I. (2009). Corporate Governance Structure and Firm Performance in Developing Economies: Evidence from Nigeria. The International Journal of Business in Society, 9(3), pp. 231–243. https://doi.org/10.1108/14720700910964307 DOI: https://doi.org/10.1108/14720700910964307
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Fama, E. F., (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 8(2), pp. 288–307. https://doi.org/10.1086/260866 DOI: https://doi.org/10.1086/260866
Gargouri, R. M., Shabou, R., & Francoeur, C. (2010). The relationship Between Corporate Social Performance and Earnings Management. Canadian Journal of Administrative Sciences, 27(4), pp. 320–334. https://doi.org/10.1002/cjas.178 DOI: https://doi.org/10.1002/cjas.178
Hazarika, S., Karpoff, J. M. danNahata, R., (2012). Internal Corporate Governance, CEO Turnover, and Earnings Management. Journal of Financial Economics, 104 (1), pp. 44-69. https://doi.org/10.1016/j.jfineco.2011.10.011 DOI: https://doi.org/10.1016/j.jfineco.2011.10.011
Hong, Y. dan Andersen, M. L., (2011). The Relationship between Corporate Social Responsibility and Earnings Management: An Exploratory Study J Bus Ethics, 104 (4), pp. 461–471. https://doi.org/10.1007/s10551-011-0921-y DOI: https://doi.org/10.1007/s10551-011-0921-y
Isbanah, Y. (2013). Pengaruh ESOP, Leverage, and Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Di Bursa Efek.10.17970/jrem.15.150103.ID.
Izadinia, N., & Isfahani, A. N. (2014). The Relationship Between Earnings Management and Social Responsibility, Emphasizing New Paradigms for Accounting - Profit Companies Listed in Tehran Stock Exchange 2007-2012. 4(1), pp. 600–614.http://dx.doi.org/10.6007/IJARBSS/v4-i1/571.
Jensen, M., & Meckling, W. H. (1976). Theory of the firm: Managerial Behavior, Agency Costs And Ownership Structure. Journal of Financial Economics, 3(4), pp. 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
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Klein, A. (2002a). Audit Committee, a Board Of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, 33(3), pp. 375–400. https://doi.org/10.1016/S0165-4101(02)00059-9 DOI: https://doi.org/10.1016/S0165-4101(02)00059-9
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Lee, J. (2009). Does Size Matter in Firm Performance ? Evidence from US Public Firms. International Journal of the Economics of Business (November 2014), pp. 37–41. https://doi.org/10.1080/13571510902917400 DOI: https://doi.org/10.1080/13571510902917400
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Lin, J. W., & Hwang, M. I. (2010). Audit Quality, Corporate Governance, and Earnings Management: A Meta-Analysis. SSRN, 77, pp. 57–77. https://doi.org/10.1111/j.1099-1123.2009.00403.x DOI: https://doi.org/10.1111/j.1099-1123.2009.00403.x
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Mansor, N., Che-Ahmad, A., Ahmad-Zaluki, N.A. dan Osman, A. H., (2013). Corporate Governance and Earnings Management: A Study on the Malaysian Family and Non-Family Owned PLCs. Procedia Economics and Finance, 7, pp. 221 – 229. https://doi.org/10.1016/S2212-5671(13)00238-4 DOI: https://doi.org/10.1016/S2212-5671(13)00238-4
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Mulyadi, M. S. dan Anwar, Y., (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, pp. 177, 363 – 366. https://doi.org/10.1016/j.sbspro.2015.02.361 DOI: https://doi.org/10.1016/j.sbspro.2015.02.361
Niresh, J. A., & Velnampy, T. (2014). Firm Size and Profitability: A Study of Listed Manufacturing Firms ed Manufacturing Firms in Sri Lanka. International Journal of Business and Management, 9(4), pp. 57–64. https://doi.org/10.5539/ijbm.v9n4p57 DOI: https://doi.org/10.5539/ijbm.v9n4p57
Prawitt, D. F., Smith, J. L., & Wood, D. A. (2009). Internal Audit Quality and Earnings Management. The Accounting Review, 84(4), 1255–1280. https://doi.org/10.2308/accr.2009.84.4.1255 DOI: https://doi.org/10.2308/accr.2009.84.4.1255
Rahmani, S. dan Mir, A. A., 2013. Impact of Firm Size and Capital Structure on Earnings Management: Evidence from Iran. World of Sciences Journal. ISSN: 2307-3071, 62863. pp. 59-71.
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