Biaya Utang dari Sudut Pandang Kebijakan Dividen, Volatilitas Laba, dan Kualitas Akrual
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Published:
Jan 6, 2021
Keywords:
biaya utang, kebijakan dividen, kualitas akrual, volatilitas laba
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Abstract
Utang merupakan instrumen pembiayaan yang penting bagi perusahaan. Namun, kreditur mengharapkan imbalan atas utang yang diberikan ke perusahaan yaitu biaya utang. Penelitian ini bertujuan untuk menguji kebijakan dividen, volalititas laba, dan kualitas akrual terhadap biaya utang perusahaan. Sampel yang digunakan dalam penelitian ini adalah perusahaan pada subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode tahun 2015 sampai dengan 2018. Dengan menggunakan purposive sampling, total sampel yang digunakan dalam penelitian ini berjumlah 111 observasi. Pengujian data dilakukan dengan analisis regresi linear berganda data panel. Hasil penelitian ini menunjukkan bahwa kebijakan dividen berpengaruh negatif terhadap biaya utang, sedangkan volatilitas laba dan kualitas akrual tidak berpengaruh terhadap biaya utang. Penelitian ini menunjukkan terdapat perbedaan penilaian keputusan investasi antara kreditor dan investor.
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Firmansyah, A., Fauzi, I., & Rizal Yuniar, M. (2021). Biaya Utang dari Sudut Pandang Kebijakan Dividen, Volatilitas Laba, dan Kualitas Akrual . Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 3(2), 109-129. https://doi.org/10.29303/akurasi.v3i2.54
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Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial Management, 23(3), 161–180. https://doi.org/10.2307/3665620
Candra, E. R. S., & Ekawati, E. (2017). Analysis of accruals quality on the cost of capital - A case study on manufacturing companies in Indonesia. The Indonesian Journal of Accounting Research, 20(3), 1–20. https://doi.org/10.33312/ijar.396
Causholli, M., & Knechel, W. R. (2012). Lending relationships, auditor quality and debt costs. Managerial Auditing Journal, 27(6), 550–572. https://doi.org/10.1108/02686901211236391
Corporate Finance Institute. (2020). Earnings volatility - Overview, factors, and impact. https://corporatefinanceinstitute.com/resources/knowledge/finance/earnings-volatility
Davaadorj, Z. (2019). Does social capital affect dividend policy? Journal of Behavioral and Experimental Finance, 22(C), 116–128. https://doi.org/10.1016/j.jbef.2019.02.010
Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18(1), 3–42. https://doi.org/10.1016/0165-4101(94)90016-7
Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. Accounting Review, 77 (Supplement), 35–59. https://doi.org/10.2308/accr.2002.77.s-1.35
Dichev, I. D., & Tang, V. W. (2009). Earnings volatility and earnings predictability. Journal of Accounting and Economics, 47(1–2), 160–181. https://doi.org/10.1016/j.jacceco.2008.09.005
Djabid, A. W. (2009). Kebijakan dividen dan struktur kepemilikan terhadap kebijakan utang: Sebuah perspektif agency theory. Jurnal Keuangan Dan Perbankan, 13(2), 249–259.
Eliwa, Y., Gregoriou, A., & Paterson, A. (2019). Accruals quality and the cost of debt: the European evidence. International Journal of Accounting and Information Management, 27(2), 333–351. https://doi.org/10.1108/IJAIM-01-2018-0008
Fabozzi, F. J. (2007). Bond markets, analysis and strategies (4th ed.). Prentice Hall, Inc.
Farooq, O., & Jabbouri, I. (2015). Cost of debt and dividend policy: Evidence from the MENA region. Journal of Applied Business Research, 31(5), 1637–1644. https://doi.org/10.19030/jabr.v31i5.9379
Firmansyah, A., Utami, W., Umar, H., & Mulyani, S. D. (2020). The role of derivative instruments on risk relevance from emerging market non-financial companies. Journal of Governance and Regulation, 9(2), 45–63. https://doi.org/10.22495/jgrv9i2art3
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. https://doi.org/10.1016/j.jacceco.2004.06.003
Gassen, J., & Fülbier, R. U. (2015). Do creditors prefer smooth earnings? Evidence from european private firms. Journal of International Accounting Research, 14(2), 151–180. https://doi.org/10.2308/jiar-51130
Givoly, D., Hayn, C. K., & Katz, S. P. (2010). Does public ownership of equity improve earnings quality? Accounting Review, 85(1), 195–225. https://doi.org/10.2308/accr.2010.85.1.195
Gray, P., Koh, P. S., & Tong, Y. H. (2009). Accruals quality, information risk and cost of capital: Evidence from Australia. Journal of Business Finance and Accounting, 36 (1–2), 51–72. https://doi.org/10.1111/j.1468-5957.2008.02118.x
Hardjopranoto, W. (2006). Interdependent analysis of leverage, dividend, and managerial ownership policies: Agencies perspectives. Gadjah Mada International Journal of Business, 8(2), 179–199. https://doi.org/10.22146/gamaijb.5619
Huq, A. M. (2016). Effect of earnings volatility on cost of debt: The case of Swedish limited companies. Dalarna University.
IAI. (2015). Pernyataan standar akuntansi keuangan no. 1: penyajian laporan keuangan. Ikatan Akuntan Indonesia.
IDNFINANCIAL. (2020). Indonesia finance market. www.idnfinancials.com/company/industry/
IDX. (2020). Financial statement & annual report. Bursa Efek Indonesia. https://www.idx.co.id/financial- statements-annual-report/
Imelda, E., Wirianata, H., & Suryani, A. (2020). Hubungan pengungkapan sukarela terhadap biaya utang yang dimoderasi oleh ketepatan waktu pengungkapan. Equity, 22(2), 173. https://doi.org/10.34209/equ.v22i2.935
Investopedia. (2020). Cost of debt. Investopedia. https://www.investopedia.com/terms/c/costofdebt.
Jabbouri, I., & El Attar, A. (2017). Does a high dividend payout ratio signal proper corporate governance or high agency cost of debt? Corporate Ownership and Control, 14(2), 51–58. https://doi.org/10.22495/cocv14i2art5
Jananto, A. E., & Firmansyah, A. (2019). The effect of bonuses, cost of debt, tax avoidance, and corporate governance on financial reporting aggressiveness: Evidence from Indonesia. International Journal of Innovation, Creativity and Change, 7(5), 280–302.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Juniarti, J., & Sentosa, A. A. (2009). Pengaruh good corporate governance, voluntary disclosure terhadap biaya hutang (costs of debt). Jurnal Akuntansi Dan Keuangan, 11(2), 88–100. https://doi.org/10.9744/jak.11.2.pp.88-100
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2018). Intermediate accounting: IFRS edition (3rd ed.). John Wiley & Sons, Inc.
Livoreka, B., Hetemi, A., Shala, A., Hoti, A., & Asllanaj, R. (2014). Theories on dividend policy empirical research in joint stock companies in Kosovo. Procedia Economics and Finance, 14, 387–396. https://doi.org/10.1016/s2212-5671(14)00727-8
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592. https://doi.org/10.2307/2327916
Pongrangga, G. L. S., & Kurniawati, A. D. (2020). The effect of earnings volatility on borrowers’ cost of debt: Evidence from Indonesia. Media Ekonomi Dan Manajemen, 35(1), 19–33. https://doi.org/10.24856/mem.v35i1.1196
Rahmawati, B. S. (2016). Pengaruh volatilitas laba terhadap kesalahan peramalan laba (studi komparatif pada perusahaan perbankan yang melakukan perataan laba dan tidak melakukan perataan laba di Indonesia dan Malaysia tahun 2013-2015). Jurnal Keuangan, 17(2), 20–41.
Richardson, S. A., Sloan, R. G., Soliman, M. T., & Tuna, I. (2005). Accrual reliability, earnings persistence and stock prices. Journal of Accounting and Economics, 39(3), 437–485. https://doi.org/10.1016/j.jacceco.2005.04.005
Robiansyah, A., Novita, D., & Ranidiah, F. (2019). Pengaruh kualitas audit dan kepemilikan institusional terhadap cost of debt (studi empiris pada perusahaan manufaktur yang terdaftar di BEI periode 2012‐2015). Ekombis Review, 7(1), 1–9. https://doi.org/https://doi.org/10.37676/ekombis.v7i1.695
Sadjiarto, A., Mustofa, D. adi, Putra, W. A., & Winston. (2019). Kepemilikan saham sebagai determinan atas cost of debt. Jurnal Akuntansi Dan Pendidikan, 8(1), 57–69.
Senata, M. (2016). Pengaruh kebijakan dividen terhadap nilai perusahaan yang tercatat pada indeks LQ-45 Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikrosil, 6(1), 73–84.
Setiawati. (2012). Analisis faktor-faktor yang mempengaruhi dividen per share (DPS) pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) (periode 2006-2010). Universitas Hasanuddin.
Suryani, A., Imelda, E., & Wirianata, H. (2019). Pengaruh earnings variability, ukuran perusahaan dan negative earnings terhadap biaya utang. Jurnal Paradigma Akuntansi, I(3), 919–926.
Tauke, P. Y., Murni, S., & Tulung, J. E. (2017). Pengaruh kinerja keuangan terhadap nilai perusahaan real estate and property yang terdaftar di Bursa Efek Indonesia tahun 2012-2015. Jurnal EMBA, 5(2), 919–927.
Thu, P. A., Khanh, T. H. T., Ha, N. T. T., & Khuong, N. V. (2018). Perceived audit quality, earnings management and cost of debt capital: Evidence from the energy listed firms on Vietnam’s stock market. International Journal of Energy Economics and Policy, 8(6), 120–127. https://doi.org/10.32479/ijeep.6992
Titman, S., Keown, A. J., & Martin, J. D. (2018). Financial management: Principles and applications (13th ed.). Pearson.
Triningtyas, I. A., & Siregar, S. V. (2014). Pengaruh kualitas akrual terhadap biaya utang dan biaya ekuitas (studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2015 ). Jurusan Akuntansi Fakultas Ekonomi Universitas Negeri Padang, September, 1–25.
Trueman, B., & Titman, S. (1988). An explanation for accounting income smoothing. Journal of Accounting Research, 26 (Supplement), 127–139. https://doi.org/10.2307/2491184
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