A. Kesimpulan
Merujuk pada hasil analisis, pengujian hipotesis, pembahasan serta temuan penelitian, maka dapat dikemukakan beberapa simpulan penelitian sebagai berikut:
1. Variabel efektivitas komite audit tidak berpengaruh signifikan terhadap kualitas laba. Hal ini diduga karena pembentukan komite audit dalam perusahaan hanya bersifat mandatory terhadap peraturan yang ada. Hal tersebut menyebabkan komite audit belum melaksanakan tugas dan tanggung jawabnya secara maksimal sehingga fungsi dan perannya tidak efektif (Pamudji dan Trihartati, 2009: 15).
2. Variabel ukuran komite audit tidak berpengaruh signifikan terhadap kualitas laba. Ukuran komite audit yang dipakai di perusahaan-perusahaan di US lebih besar dibanding negara lain, dan perbedaan dalam ukuran sample dapat mempengaruhi dalam pengujiannya.
3. Variabel enterprise risk management tidak berpengaruh signifikan terhadap kualitas laba. Hal ini diduga karena enterprise risk management belum diadopsi dengan baik di Indonesia dan tidak adanya peraturan yang mewajibkan perusahaan membuat komite pemantau risiko, terkecuali pada sektor perbankan.
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4. Peran komite audit yang diwakili oleh efektivitas dan ukuran komite audit, serta implementasi enterprise risk management berpengaruh signifikan secara simultan terhadap kualitas laba dengan nilai signifikansi 0.041.
B. Implikasi
1. Bagi praktisi akuntan publik, menjadi bahan pertimbangan dalam menetapkan klien yang telah menggunakan enterprise risk management untuk dapat mengurangi biaya audit dan membantu memperkecil risiko audit yang akan dihadapi di masa depan.
2. Bagi investor maupun kreditor, investor dan kreditor harus mampu menilai kualitas laba yang dipublikasikan oleh perusahaan dengan melihat aspek penting lainnya dalam perusahaan. Enterprise risk management juga harus menjadi bahan acuan bagi investor dan kreditor untuk melihat bagaimana tata kelola perusahaan agar laba yang dihasilkan dan laporan keuangan yang dipublikasikan dapat menjadi bahan pengambilan keputusan.
3. Bagi manajemen perusahaan, manajemen perusahaan harus mengembangkan manajemen risiko yang baik untuk menunjang keberlangsungan usaha dan peningkatan laba serta kualitas dari laba perusahaan yang dipublikasikan. Serta dapat membantu menjaga volatilitas harga saham.
4. Bagi akademisi, peneliti serta pembaca, diharapkan untuk dapat melanjutkan penelitian yang berkaitan mengenai peran komite audit,
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implementasi enterprise risk management dan kualitas laba, sehingga bermanfaat bagi pihak-pihak lain yang berkepentingan.
C. Keterbatasan
1. Sampel perusahaan yang digunakan hanya sektor property dan konstruksi, tidak keseluruhan industri perusahaan yang berada di Indonesia
2. Periode pengamatan hanya tiga tahun (2009-2011) sehingga belum dapat melihat kualitas laba yang terjadi dalam jangka panjang.
3. Hanya menggunakan proksi ERC untuk pengukuran kualitas laba, sehingga tidak dapat dibedakan hasilnya dengan metode pengukuran yang lain, seperti model Jones, dan Dechow dan Dichev.
D. Saran
1. Menggunakan sample yang lebih besar yang berasal dari berbagai industri yang ada di Indonesia yang terdaftar di Bursa Efek indonesia sehingga hasil yang pengujian lebih menyeluruh atau tergeneralisasi.
2. Menambahkan jumlah tahun penelitian agar dapat melihat pengaruhnya secara lebih baik.
3. Menggunakan pengukuran kualitas laba yang lain selain earning response coefficient (ERC)
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Lampiran 2 : Dimensi-Dimensi Enterprise Risk Management A. Internal Environment
1. Is there a charter of the board?
2. Information on the code of conduct/ethics?
3. Information on how compensation policies align interest of managers with shareholders?
4. Information on individual performance targets?
5. Information on procedures for hiring and firing of board member and management?
6. Information on remuneration policy of board members and management?
7. Information on training, coaching and educational programs? 8. Information on training in ethical values?
9. Information on board responsibility?
10.Information on audit committee responsibility? 11.Information on CEO responsibilities?
12.Information on senior executive responsible for risk management? 13.Information on supervisory and managerial oversight?
B. Objective Setting
14.Information on company’s mission?
15.Information on company’s strategy?
16.Information on company’s business objectives?
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18.Information on approval of the strategy by the board?
19.Information on the link between strategy, objectives, and shareholder value?
C. Event Identification Financial Risk
20.Information on the extent of liquidity? 21.Information on the interest rate?
22.Information on the foreign exchange rate? 23.Information on the cost of capital?
24.Information on the access to the capital market? 25.Information on long-term debt instruments? 26.Information on default risk?
27.Information on solvency risk? 28.Information on equity price risk? 29.Information on commodity risk? Compliance Risk
30.Information on litigation issues?
31.Information on compliance with regulation? 32.Information on compliance with industry codes? 33.Information on compliance with voluntary codes?
34.Information on compliance with recommendation of Corporate Governance?
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Technology Risk
35.Information on data management? 36.Information on computer systems?
37.Information on the privacy of information held on customers? 38.Information on software security?
Economical Risk
39.Information on the nature of competition?
40.Information on the macro-economic events that could affect the company? Reputational Risk
41.Information on environmental issues? 42.Information on ethical issues?
43.Information on health and safety issues?
44.Information on lower/higher stock or credit rating? D. Risk Assessment
45.Risk assessment of the extent of liquidity? 46.Risk assessment of the interest rate?
47.Risk assessment of the foreign exchange rate? 48.Risk assessment of the cost of capital?
49.Risk assessment of the access to the capital market? 50.Risk assessment of long-term debt instruments? 51.Risk assessment of default risk?
52.Risk assessment of solvency risk? 53.Risk assessment of equity price risk?
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54.Risk assessment of commodity risk? 55.Risk assessment of litigation issues?
56.Risk assessment of compliance with regulation? 57.Risk assessment of compliance with industry codes? 58.Risk assessment of compliance with voluntary codes?
59.Risk assessment of compliance with recommendation of Corporate Governance?
60.Risk assessment of data management? 61.Risk assessment of computer systems?
62.Risk assessment of the privacy of information held on customers? 63.Risk assessment of on software security?
64.Risk assessment of the nature of competition? 65.Risk assessment of environmental issues? 66.Risk assessment of ethical issues?
67.Risk assessment of health and safety issues?
68.Risk assessment of lower/higher stock or credit rating?
69.Information on techniques used to assess the potential impact of events combining?
E. Risk Response
70.General description of processes for determining how risk should be managed?
71.Information on written guidelines about how risk should be managed?
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72.Response to the liquidity risk? 73.Response to the interest rate risk?
74.Response to the foreign exchange rate risk? 75.Response to the risk related to cost of capital? 76.Response to the access to the capital market? 77.Response to long-term debt instruments? 78.Response to litigation risk?
79.Response to default risk? 80.Response to n solvency risk? 81.Response to equity price risk? 82.Response to commodity risk?
83.Response to compliance with regulation? 84.Response to compliance with industry codes? 85.Response to compliance with voluntary codes?
86.Response to compliance with recommendation of Corporate Governance?
87.Response to data risk?
88.Response to computer systems risk?
89.Response to the privacy of information held on customers? 90.Response to risk of software security?
91.Response to the risk of competition? 92.Response to environmental risk? 93.Response to ethical risk?
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94.Response to health and safety risk?
95.Response to risk of lower/higher stock or credit rating? F. Control Activities
96.Information on sales control?
97.Information on review of the functioning and effectiveness of controls? 98.Information on authorization issues?
99.Information on documents and record as control? 100.Information on independent verification procedures? 101.Information on physical controls?
102.Information on process control? G. Information and Communications
103.Information on verification of completeness, accuracy and validity of information?
104.Information on channels of communication to report suspected breaches of laws, regulations or other improprieties?
105.Information on channels of communication with customers, vendors and other external parties?
H. Monitoring
106.Information on how processes are monitored? 107.Information about Internal audit?
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Lampiran 3: Data Sample Penelitian
TAHUN KODE EFK ACSIZE ERM CAR UE LEV SALES
(COMPSIZE) LnCOMPSIZE 2009 ELTY 14 3 0.93 0.96 -0.51 -1.86 1,059,003,993,596 27.69 BAPA 2 3 0.45 -0.69 19.11 -0.04 63,588,845,258 24.88 BIPP 4 3 0.45 -0.66 -0.50 1.33 30,513,313,314 24.14 BSDE 4 3 0.39 2.35 0.38 6.16 1,270,592,451,000 27.87 CTRP 3 3 0.73 0.20 -0.60 -0.33 337,414,915,317 26.54 CTRS 3 3 0.22 0.73 -0.60 -1.20 391,451,881,878 26.69 COWL 2 3 0.12 -0.66 1.07 -0.62 98,931,430,006 25.32 DUTI 4 3 0.30 -1.22 4.29 -0.28 1,002,554,493,801 27.63 GMTD 4 3 0.57 -0.52 0.68 -0.76 63,013,041,199 24.87 OMRE 4 3 0.31 -0.62 -3.12 0.20 202,367,772,456 26.03 DILD 6 3 0.33 0.49 0.81 0.61 386,818,659,740 26.68 JRPT 3 3 0.26 -0.07 0.30 -0.22 662,062,576,000 27.22 KIJA 5 3 0.19 0.37 -1.26 -0.30 392,566,008,511 26.70 LPCK 4 3 0.52 0.09 0.81 0.12 323,158,797,330 26.50 LPKR 4 3 0.52 -1.08 0.05 -23.37 2,565,101,010,425 28.57 PWON 3 3 0.33 0.26 -16.48 -0.02 697,388,204,000 27.27 GPRA 3 3 0.33 -1.06 1.75 -0.61 305,373,225,589 26.44 SMRA 4 3 0.31 0.83 0.78 1.06 1,197,692,629,000 27.81 SMDM 2 3 0.44 -0.83 -1.14 0.72 118,668,413,505 25.50
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TAHUN KODE EFK ACSIZE ERM CAR UE LEV SALES
(COMPSIZE) LnCOMPSIZE 2009 ADHI 13 4 0.79 -0.20 1.03 0.87 7,714,613,580,798 29.67 DGIK 10 3 0.37 0.01 0.10 0.39 1,288,573,678,538 27.88 SSIA 4 3 0.37 -0.88 -2.50 0.60 1,484,101,908,482 28.03 TOTL 10 3 0.35 0.24 1.99 0.62 1,730,572,704,266 28.18 WIKA 8 4 0.64 -0.20 0.21 0.71 6,590,857,284,000 29.52 2010 ELTY 9 3 0.94 -0.36 0.35 -1.01 1,367,555,681,767 27.94 BAPA 2 3 0.51 1.37 0.41 3.32 54,492,641,149 24.72 BIPP 5 3 0.49 -0.40 -0.76 0.53 29,952,546,757 24.12 BSDE 4 3 0.41 -0.21 0.28 -0.75 2,477,202,549,758 28.54 CTRP 2 3 0.73 0.32 1.09 0.29 337,414,915,317 26.54 CTRS 4 3 0.27 -0.04 0.53 -0.07 593,300,319,788 27.11 COWL 3 3 0.48 -1.16 -0.39 3.00 100,491,339,731 25.33 DUTI 4 3 0.31 1.29 0.26 4.97 1,007,355,373,926 27.64 GMTD 4 3 0.35 -0.05 1.04 -0.05 118,479,352,068 25.50 OMRE 4 3 0.36 -1.18 0.27 -4.45 380,208,336,908 26.66 DILD 5 4 0.40 0.08 1.50 0.06 842,715,805,156 27.46 JRPT 3 3 0.36 0.27 0.38 0.71 773,528,772,000 27.37 KIJA 7 3 0.43 -0.29 2.80 -0.10 597,419,779,479 27.12 LPCK 4 3 0.52 0.39 1.54 0.25 404,660,239,328 26.73 LPKR 4 3 0.52 -0.02 0.35 -0.05 3,125,312,604,025 28.77 PWON 3 3 0.35 0.18 0.87 0.21 1,228,007,783,000 27.84 GPRA 3 2 0.33 -0.39 0.12 -3.12 309,333,090,543 26.46 SMRA 4 3 0.47 0.29 0.40 0.73 1,695,443,952,000 28.16
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TAHUN KODE EFK ACSIZE ERM CAR UE LEV SALES
(COMPSIZE) LnCOMPSIZE 2010 SMDM 2 3 0.51 0.03 -1.78 -0.02 159,647,745,811 25.80 ADHI 19 4 0.84 0.59 0.12 0.82 5,674,980,407,618 29.37 DGIK 5 3 0.38 0.28 0.06 0.50 1,355,108,712,261 27.93 SSIA 4 3 0.35 0.95 5.57 0.62 1,690,095,966,013 28.16 TOTL 7 3 0.45 0.02 0.55 0.62 1,541,101,217,520 28.06 WIKA 8 3 0.66 0.45 0.51 0.70 6,022,921,894,000 29.43 2011 ELTY 10 3 0.94 -0.23 -1.11 0.21 2,017,319,021,475 28.33 BAPA 2 3 0.49 -0.51 -0.53 0.95 30,644,388,574 24.15 BIPP 4 3 0.49 -0.05 2.55 -0.02 25431706095 23.96 BSDE 6 3 0.41 0.13 1.13 0.12 2,806,339,356,563 28.66 CTRP 5 3 0.73 0.10 0.08 1.22 439,841,775,753 26.81 CTRS 6 3 0.25 0.26 0.89 0.29 804,768,631,805 27.41 COWL 3 3 0.48 0.84 2.97 0.28 439,841,775,753 26.81 DUTI 3 3 0.33 -0.20 0.31 -0.64 1,117,683,055,738 27.74 GMTD 4 3 0.33 2.95 0.78 3.78 189,240,721,933 25.97 OMRE 4 3 0.35 0.69 -0.14 -4.81 356,344,278,906 26.60 DILD 7 4 0.56 -0.40 -0.60 0.67 939,161,250,098 27.57 JRPT 3 3 0.48 0.54 0.31 1.76 893,170,154,000 27.52 KIJA 4 3 0.45 0.57 4.25 0.14 1,148,295,925,907 27.77 LPCK 4 3 0.53 2.06 2.95 0.70 902,455,446,998 27.53 LPKR 4 3 0.53 0.01 0.35 0.04 4,189,580,354,855 29.06 PWON 4 3 0.37 -0.20 0.27 -0.74 1,478,104,635,000 28.02 GPRA 4 2 0.34 0.24 0.04 6.07 389,474,167,604 26.69
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TAHUN KODE EFK ACSIZE ERM CAR UE LEV SALES
(COMPSIZE) LnCOMPSIZE 2011 SMRA 4 3 0.47 0.19 0.45 0.42 2,359,330,713,000 28.49 SMDM 2 3 0.51 0.22 -16.35 -0.01 269,786,893,000 26.32 ADHI 15 3 0.84 -0.41 -0.02 0.84 6,695,112,327,923 29.53 DGIK 8 3 0.38 -0.50 -0.89 0.35 1,099,417,633,431 27.73 SSIA 4 3 0.36 1.42 1.23 0.59 2,878,775,284,823 28.69 TOTL 4 3 0.45 0.10 0.55 0.64 1,569,453,329,087 28.08 WIKA 8 3 0.67 -0.08 0.24 0.73 7,741,827,272,000 29.68
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Lampiran 4 : Output Hasil Pengolahan Data 1. Uji Statistik Deskriptif
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation CAR 72 -1.22 2.95 .1110 .76437 UE 72 -16.48 19.11 .3115 3.84501 ACSIZE 72 2.00 4.00 3.0417 .31118 ERM 72 .12 .94 .4636 .17561 LEV 72 -23.37 6.16 .0704 3.27184 COMPSIZE 72 23.96 29.68 27.2154 1.39837 Ln.ACEFK 72 .69 2.94 1.4788 .50539 Valid N (listwise) 72
2. Uji Asumsi Klasik a. Uji Multikolinearitas Coefficientsa Model Collinearity Statistics Tolerance VIF 1 UE .993 1.007 ACSIZE .833 1.201 ERM .740 1.351 LEV .982 1.019 COMPSIZE .633 1.579 Ln.ACEFK .508 1.969 a. Dependent Variable: CAR
b. Uji Autokorelasi
Runs Test
Unstandardized Residual Test Valuea -.10518 Cases < Test Value 36 Cases >= Test Value 36 Total Cases 72 Number of Runs 40
Z .712
Asymp. Sig. (2-tailed) .476 a. Median
100 c. Uji Heteroskedastisitas Coefficientsa Model Unstandardized Coefficients t Sig. B Std. Error 1 (Constant) 1.096 1.381 .794 .430 UE .018 .015 1.158 .251 ACSIZE -.010 .206 -.047 .962 ERM -.143 .386 -.371 .712 LEV .008 .018 .438 .663 COMPSIZE -.018 .052 -.345 .731 Ln.ACEFK -.011 .162 -.070 .945 a. Dependent Variable: Abs_res1
d. Uji Normalitas
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 72
Normal Parametersa,,b Mean .0000000 Std. Deviation .69293266 Most Extreme Differences Absolute .133
Positive .133
Negative -.086 Kolmogorov-Smirnov Z 1.130 Asymp. Sig. (2-tailed) .155 a. Test distribution is Normal.
b. Calculated from data.
3. Uji Hipotesis a. Uji Adjusted R2
Model Summaryb
Model
R R Square Adjusted R Square
Std. Error of
the Estimate Durbin-Watson
1 .422a .178 .102 .72421 2.018
a. Predictors: (Constant), Ln.ACEFK, LEV, UE, ACSIZE, ERM, COMPSIZE b. Dependent Variable: CAR
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b. Uji F
ANOVAb
Model Sum of Squares df Mean Square F Sig. 1 Regression 7.391 6 1.232 2.349 .041a
Residual 34.091 65 .524
Total 41.482 71
a. Predictors: (Constant), Ln.ACEFK, LEV, UE, ACSIZE, ERM, COMPSIZE b. Dependent Variable: CAR
c. Uji t Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) -3.009 2.034 -1.479 .144 UE .000 .022 .000 -.008 .994 .993 1.007 ACSIZE -.112 .303 -.046 -.372 .711 .833 1.201 ERM -.086 .569 -.020 -.151 .881 .740 1.351 LEV .092 .027 .393 3.467 .001 .982 1.019 COMPSIZE .137 .077 .250 1.769 .082 .633 1.579 Ln.ACEFK -.151 .239 -.100 -.633 .529 .508 1.969 a. Dependent Variable: CAR