PENGARUH ASMETRI INFORMASI, KONSENTRASI KEPEMILIKAN INSTITUSIONAL, DAN LEVERAGE TERHADAP MANAJEMEN LABA (STUDI PADA PERUSAHAAN PROPERTI, REAL ESTATE, DAN KONSTRUKSI YANG TERDAFTAR DI BURSA EFEK INDONESIA)

Abstract

Earning management is a common activity that managers do in order to arrange financial statement. The action of earning management will be legal if it is done based on accounting principle scope. On the previous research revealed that most companies in Indonesia do earning management for opportunistic purpose therefore, this activity inflicts the user offinancial statement. The researcher does this study for two goals; to know the influence of institutional ownership, leverage, and information asymmeoy toward earning management in real estate, property, and construction companies listed on Indonesia Stock Exchange, and, to know whether the institutional ownership uses incentive from information asymmetry and higher leverage to do earning management ornot. The populations used in this study are real estate, property, and construction companies from Indonesia Stock Exchange list. Sample of the research has been chosen by usingpurposive sampling method The result is 26 samples ofcompanies. The research uses secondary data, financial statement periodfrom 2005 to 2007, daily stock transaction data from Indonesia Stock Exchange, Companies' stock' ownership data, and otherfinancial datafrom Indonesian Capital Market Directory (ICAO. There are three variables used in the research; independent variable (information asymmetry, institutional ownership, leverage), dependent variable (earning management), and control variable (company size). The analytical tool to test influence of independent variable toward dependent variable is Multiple Regressions. The results show that information asymmetry, institutional ownership concentration, and leverage do not influence companies' managers to do earning management. F test also shows that independent variable does not havejoint effect to influence dependent variable by signficant value 1, 497. Moreover, adjusted R Square value is 0,038 meaning independent variable only explains 3,8% variation in dependent variable. Keywords: earning management, information asymmetry, institutional ownership, leverage, bid-ask spread