Manajemen Laba, Return Saham, dan Kinerja Operasi sebagai Pemoderasi

(1)

!" !" ! # $ $ %% &''( &')) * # + " # $ ,-. /" 0 # , !./ !" !" ! 1 # $ ,-. / ! $ * " ! " - . " ! .

(2)

! !

( ( )* &''+,&'""! ! ( -&''./ 0 -&'""/! , ( ! ( ( 1 ( , ( ! 1 ( ! ( ( ( ( 2 ( ( 1 2 ( ( ! 2 ( 1 1 ( ! - / ( ! $ ( 2 -&''3/ ! 4 -&''56 "''/ 7 -&''3/ ) 7 -) / &5 (

&''& &''# &5

"# ( !

7 -&''3/ "33. &''" 1 ,

- / ( ) ( 8!

8 8! 0 8 !

9 -&''3/ 0 -&'""/ &''"

1 8! 0 8 (

(3)

" ( ! 0 ( 1 ! ( ( ( ! 33 5: ( ! #& : ( &; +< 7 ( ! ) -&''#/ 0 -&'""/ ( 8! ) 8 ( &''& ) ( 2 ( ( ( &. $ 2 &''& ( )*% &+ = &''& : % &''# ( ! 7 -&''3/ * - " 2 - 2 3 -* -4 = -4; ( ( 4 # -( 1 - / 4 = : 5 *# - -* >/ ( ( "33+ &''' 7 ( 4 = # ! = ( 7 ( ! 7 -&''3/ ( ( , ( 1 ( ! 1 -"33+/ 9 ? -&'"'/ ! -&'';/ ( ! ( ! ( !9 -&''./ 7

(4)

# ! % % ( -&''3/ ( ! 1 5 ! = 1 2 ! ( 1 2 ! 9 7 ( ( 1 2 ! 9 ? -&'"'/ 7 ( -&'';/ % % ( -&''3/ 9 -&''./! = ( 7 ( ! ) ( ! ( ( & ! = ( ( ( 1 ( ( ! % ( -&'"&6 35/ ( ( )* 1 2 ! #'' ( :'< ( ( , 1 !

(5)

$

%

!

! %

%

& ' ( )* * + ( 1 ( ( ( 2 ( 7 ( ( ! 1 -&'''/ -&'';/ 1 ! 8 1 ( 1 ! ( ( ( ! , ( , ( ! ( ( ( ! 1 -"3.3/ -&'';/ 2 ! 9 ( @ -"333/ -&''3/ ( $ ( ( ! A -"333/ -&'';/ 1 ( 2 ! ( -"333/ -&'';/ ( 7 - / ! 1 ( 2 1 !

(6)

, & - , & * & & . )* * + 0 , ( 1 -"33+/ 7 -&'':/ 6 "/ 6 9 ( -"3.5/ 7 -&'':/ ( 1 ! &/ ( ! 1 ( ( ( ( ! #/ # 2 2 ( ( ! ) ( ! ;/ - *# ! ->* / >* ( 1 ! ( >* ( 1 ( ! 5/ ! , !/ ( 1 ! 9 ( 2 ( 2 ! 7 - /! :/ 2 2 2 ( ! 2 2 !

(7)

/ &0 )* * + 1 -&'''/ 7 -&'':/ 1 6 "/ $ 6 >* ! 8 ( ! &/ 7 = ( ( ! #/ # 7 = ! 8 # 7 ( ( ! ( ! ;/ 5 = 1 ( ( ( 2 ( ( ! 1 2 B -&'"'/ - / 7 ( ! ( ! 9 -&'"'/ $ ! .53C !'"C"3.+ 7 1 ! 9 -&'''/ -&'';/ 7 ( ( ) ( ! -&'';/! , ( ( 2 2 ( ! =

(8)

3 7 7 ( ( - / ! B -&'"'/ - / ( ! ( ( # ( $ ! ( ( 7 7 ( ! ! 4 ( -&'''/ 9 -&''./ ( ( 7 ( 7 2 ! ( 2 2 , ( 7 ! 2 2 ! 8 -&''"/ 9 -&''./ ( ( ( " 2 ! . # ( ( ! ( 2 ! ) 2 D -"33+/ % % ( -&''3/ 7 2 7 7 ( , 7 ! 5* ( * ( 4 9 -&'"'/ 1 ( !

(9)

6 ! $ -&'"&/ ( ( 2 ! -&'';/ ( ( ( ! ( ! 9 -&''+/ 9 -&'"'/ - / ( ( -"/ $ ( 7 2 1 ( -&/ ( 7 -#/ ( -;/ $ ( 2 ! * .* + . 5& *( ( ) ( ( 6 )* * + -&'';/ 2 ! ( 2 ! 2 ( ( ! 1 ( 7 !

( -&'';/ 9 -&''./ % % ( -&''3/ 9 ? -&'"'/ ( 7

(10)

/7 ( ( ( ( ( ! ) ( ( 6 9_"6 ( )* )* * + 4 ( -&'''/ 9 -&''./ ( 7 ( 2 ! ) ( D -"33+/ -&'';/ 2 7 7 ( , ( 7 ! ( 7 ( ( $ $ ! -&'';/ ( )*% 7 ! 9 ( % % ( -&''3/ 7 & 1 2 2 ! 7 ( ( 1 2 ! ( -&''#/ 2 7

(11)

/ ( ) 5 ( ,) 5! -&''5/ % % ( -&''3/ ( )*%! 9 ( ! ) ( ( 6 9_&6 ( )* ! 9_&6 ( )* ! 9_&16 ( )* ! )* * + 4 , * ) 5* ( * ( 4 -&''3/ 1 ( ! -&'';/ ( ( ( ! ( ! ( -"33./ * ( ( ! ( 8 -"33+ "33./ -&''3/ 7 ! ) ( ( 6

(12)

/ 9_#6 ( )* ! 9_#6 ( )* ! 9_#16 ( )* !

%

* *, * *0 ( ! ( -&'"&6./ ( ( ! *8 ( * . , 9 +*0 = 2 ( 2 2 ( ! 2 6 )* * + 7 $ E -&'''/ 7 -&'':/ 1 $ ! ( ( 1 ( ( ( !

(13)

/" ( + + ( ( -= /! ( -= / '! = ( 8 , 6 "/ 8 11 -8 >/ , ! 8 > F $ G >0 1 . -8 >/ ( -! 9 5: / 6 8 C _,"F H_"-"C _,"/ I H& -J 2 C _,"/ I H# - * C _,"/ I K 1 3 . -$= / 1 3 . -$= / ! $ 1 3 . -$= / 6 $= F H_"-"C _,"/ I H_&-J 2 C _,"G J 1 C _,"/ I H_#- * C _"/ &/ 3 . -= / . 1 3 . ( = 6 = F 8 C _,"G $= 6 = 6 3 . , $= 6 1 3 . , 8 6 . , $ 6 , >0 6 2 , ," 6 8 2 ," J 2 6 , * 6 2 , J 1 6 , K 6 *

(14)

/# * 4 - . -> / ( $ . ; -/! "; ! 0 1 > 6 > F --"I C"I / ,"/ 4 1 6 F G ," ," 1 6 F 9 D G 9 D_," 9 D_," 6 6 ( 6 9 - / ," 6 9 -1 / ," 6 9 D 6 9 9 D_," 6 9 ," * ) 5* ( 1 ( ! ( ( ! $ -&'"&/ ( 2 ! !

(15)

/$ - / 6 : ; 6 6 1 6 8 . 6 %*, , * . + 0 5*0 ( ( )* ! ( &''+ &''3! % ( ( &''+,&''3 ( 5+ ! = ( &" ( ( ( ## ! % ( "! ( - / - I"/ - I&/! ! , ! & * 0 4 " ( &''+ , &''3 5; & ( -+/ # ( -""/ ; ( -&/ 5 ( -"/ % ## % +*0 ( 0 * 0 4 5*0 5 < 3

(16)

/ = ( - '/ - I"/ - I&/ ! = ( ( 2 ! = - 9 D/! = - $ 3 - > =/ 34 5 * & * 0 ( ( ( -&'"&6";+/ 2 ( 2 ( 7 ( ! ! ( 6 ( , *(, 5 8 0 -&'""/ ( , 2 2 $ $ ! % ( ) * ! !) ( ( 0 ( , ( ( 1 ! !) & 0 ( 4 2 ! 8 2 2!

(17)

// D A -&'"&6 ":#/ 4 ( ! = ( ! % ( ( ( ( ! ( -&'""6 #3/ = 2 2 4 ' '5 ' '5 ! !) 0 ,&0 * ( D A -&'"&6"'5/ 4 ( 2 ! % 2 2 ,2 - 2 ( /! ( ( 2 ! !) &,& *0 ( D A -&"'&6""'/ ,"! = @ -=@/! !) * * &(,* ( ( ( D A -&'"&6"#3/ 2 ( ! % 2 ! ! !) 5& *( ( 0 ( ( *. *( * * * 4

(18)

/3 2 ( > -- . / ( 6 > F H_'I H_"I = I 0 ( ( *. *( * * . ( -&'""6.'/ 1 2 2 ( 2 2 ! ; 2 ( > 2 ( 6 > F L I H_"= I H_& IH_#= M I K !) 4 2 1 , 2 2 - 0/! ( -&'""6 +3/ 0 0 N ' '5 9 ( ( 2 -O/ 2 -?/ 0 P ' '5 9 ( 2 -O/ 2 -?/! !) % 4 2 2 L F 5<! ( -&'""6 +.,+3/ ( ( N ' '5 9 ( ( 2 ( ( ( ! ) P ' '5 9 ( ( 2 2 ( 2 ?!

(19)

/6 0 ( ( 0 ( ( ( , *(, 5 8 2 ,2 ( ! 9 ; 6 % +*0 ! " # 9 +*0 < * = *' & = ' ## ,# 55 , '5 , .#&. :#'"' = I" ## ,& #+ ;& , .+&& :';&& = I& ## ," +& , '. , 3;3; ;#.;+ ' ## ,# ;: , 5& ," &#35 5.''3 I" ## ,& &+ '& ," ";." ;35&+ I& ## ,& &' , ;: ," &3". ;';5# > ' ## ,# #+ ," "+ ,& &'.# 5;555 > I" ## ,; #' ," #' ,& &:#+ :+&:" > I& ## ,# #3 ," ;5 ,& #:;3 ;.+&;

= , -= / ( 1 1 - /! ( 1 ! 9 ( ! . , !./ ( , ! ( - . -> / 7 ( 2 "; 1 )* 2 ( ( ! # $

(20)

37 0 ( ( ( ( 0 ( , ( $ ! 4 $ ) , 7 ( ( ! = 85 ' #"5 P ' '5 7 ( 1 ! 4 9 0 " '#3 ' 3:#! 9 ( ! 4 9 4 9 ( ! 9 7 ( ! 4 9 = @ / ;, " +";Q " .&3 Q ;," +";! = ( ! * . ) ( , ( = ! ( 6 " 6 > F H_'I H_"I = I

(21)

3 ! & 6 > F L I H_"= I H_& IH_#= M I 2 ! , ( )* * + " ( ( ! = '! 4 = ! % = 1 ( = 1 0 -&'""/! 9 6 % +*0 " ( 0 * . ) 0 9 +*0 * % 4 . > " = ' , .#&. :#'"' ,+ 53& ' ''' = I" , .+&& :';&& ,. &3& ' ''' = I& , 3;3; ;#.;+ ,"& ;#. ' ''' # $ 9 7 R ( 3 . -= / ( ( ' '''! $ R 1 LF' '5 7 !

(22)

3 $ , ( 3 . ,' .#&. ,' .+&& ,' 3;3;! = 7 1 ! ) ( "/ ( 1 ! 4 7 ( ! % +*0 # * + . &0 )* * + = ( :;< 1 #:< 1 4 ( 1 " +3< &"< 1 ! ( ( # $ > 1 8 = 1 1 1 ' > &" "& ## < 7 :; < #: < "'' < I " > &: + ## < 7 +3 < &" < "'' < I & > &+ : ## < 7 .& < ". < "'' < 8 > +; &5 33 < 7 +5 < &5 < "'' <

(23)

3" ( 1 +5< &5< 1 + . )* * + * 4 5 4 ! 0 8! ) 6 4 > ! ,. ; &_/ 4 2 2 ! = ( . ; 5: 8 ( ! . ; 5: !8 ( 6 * * . #% ' ''' ' ''' ,' '#& ' "++ ' '#" ' ''' = ' '&; ' ''" ,' '#& % +*0 $ & 1 2 # $ ) . ; & _, ' '#& ' ''' ,' '#&! 9 7 ( ! 4 0, 4 0 - / 1 , ! 4 0 R ! % R Q L -' '5/ ( ! ) 0, 6

(24)

3#

)

1 1

! = -9_& 9_& 9_&1/ (

! 4 8 4 8 - / 1 ! 4 8, , R 2 ! % R Q L -' '5/ ( ! ) 8, ! * * . > " ? ' ''' ' 333 ' '5 " ''& ' #&; ' '5 = ' '". ' .3# ' '5 % +*0 $ !) - *( # $ * * . )* * + @ A % > " ' ''' ' ''& ' 333 ' '5 ' "3+ " ''" ' #&; ' '5 = ' '&+ ' "#5 ' .3# ' '5 % +*0 !) %- *( # $ ) (

(25)

3$ 9_&1 ' .3# L -' '5/! 9 7 1 1 ! = ( ! + . * ) 5* ( 0 * & * ( )* * + * . 4 ! 0 8! ) ( ! 4 > ! ,. ; &_/ 4 2 2 ! = ( . ; 5: 8 ( ! . ; 5: !8 ( 6 * * . #% ' '"; ' ''' ,' ':: ' &&+ ' '5" ,' '"& = ' '&: ' ''" ,' ':: ) . ; & _{,' '::} ,' '"& ,' '::! % . ; & _" ₍ ₂ 2 ! 9 7 ( ( ! % +*0 / & 1 2 # $

(26)

3 4 0, - / 4 0 - / 1 , 2 ! 4 0 R ! % R Q L -' '5/ ( ! ) 0, 6 % +*0 3 !) - *( * * . - " @ = ' ''# ' ."; ' '"' ' 33+ ' ;5# ' 33' ' '5 ' '5 ' '5 ) ( R 9_# ' 33+ R 9_# ' ;5# R 9_#1 ' 33' L -' '5/! 9 7 1 ! = ( ! 4 8, - / 4 8 - / 2 ,2 1 2 ( ! 4 8, , R 2 ! % R Q L -' '5/ ( ! ) 8, ! ) R 9_# ' 35# R 9_# ' .&: R 9_# ' 3+5 L -' '5/! 9 7 1 1 ! 6 = (

(27)

3/ = ( ! 9 ( 7 ( )* ! * * . )* * + * ) 5* ( @ A % > " A % > " ' '"; ' '53 ' 35# ' '"; ' '+3 ' 3#. ' '5 ,' '3" ,' &&& ' .&: ,' &'; ,

' +3. ' ;#" ' '5 = ' '"& ' '#& ' 3+5 ,' '"" , ' ';5 ' 3:5 ' '5 6 = ( % +*0 6 !) %- *( * + 4 ( ( 0 * *0 ) ( ( 6 , ( )* * + ) 7 -9_"/ ( ( 1 ! 9 ( -&'';/ 9

-&''./ -&''3/ -&'"&/ 7

!

9 7

( (

(28)

33 1 ( ! ( ( ( 1 2 8 -"33./ 0 -"33;/ -&''3/! ( 7 1 2 ( ( ! 8 7 7 -&''3/! )* * + % 4 * *0 4 % 4 * *0 4 * 4 5 4

) 9 7 -9_& 9_&1 9_&1/

( (

1 !

9 (

( -&'';/ 9 -&''3/ 0 -&'""/ -&'"&/ (

( 7 ( ! 9 ( % % ( -&''3/ ( 1 2 2 !9 ( ( 7 ( ( 2 2 0 -&'""/! -&''5/ 7 1 1 ! = 7 !

(29)

36 9 ( ! ( ( !9 0 ( -&'':/ ( ( 7 G 2 ( ! &''+,&'"" ( ( 2 ( ! + . * ) 5* ( 0 * & * ( )* * + %* 4 5 4 ) 9 7 -9_# 9_# 9_#/ ( ( ( )* ! 9 ( -&'';/ ( 7 ! 8 ( ( 7 ( ! = ( ( 2 ( ( ! ( ! . - / 1 -$ /! ( ( ! !

(30)

67 ! % % 5 0 ) ( ## ( ) * &''+,&'"" ( # ( ! 9 ( > ! 9 > ! * * + ( ( ( ( ( # ! ! ( ! ( 2 ( ! ( ( ( ( ( ( ! 4 ( ? -"3.5/ . -"3.:/ 3 . 0 -"33;2 - 85 ( ! 4 ( ( 1 -$ /! 9 ( !

(31)

6 ( ( ( ! % ! % ( ! &'':! ( 2 ! 8 ! 6 5 4 2 = ! 9 9 ? ! &'"'! = ? 8 ) * ! + 6 *$ ! - S :+,.'/ B ! &'"'! ) * ! + 5 6 ! - O S .3,"''/ = ( ! &'"&! 0 ,0 ( 6 ( D 1 )* &''5,&''3/! + ; .$ ! - S / ( !%! &'"&! 9 8 4 ! 3 + ! . ! - S ",./ 0 = ( ! &'""!9 6 * ( 8 ) * ! 0 = ! &'""! 9 6 * ( 8 ) * ! ! 6 4 2 = ! D A ! &'"&! . $ . 6 5 55" * :! 6 ) 4 2 =

(32)

6 9 % ( ! &'"&! 8 2 * +! ? ( 6 ) 0* 9 ! &''.! 9 ! + ; > ; ! - S ";","5&/ ( 2 (! &''3! -* ; / ( ! + 6 ; ! - "OS :5,+;/ % % ( ! &''3! 9 1 2 ! + .$ ! - O / ! &'"'! 8 ! *$ - 5 $ ! &S ",""/ $ ( 2 1 ! &''3! 0 ( $ 1 , 6 * ( 8 &''',&''#! ( = 7 ! &'"&! ) > = ! ? ( 6 ) 7 ! &''3! * 8 -* /6 > ! + *$ ! - S O / 7 ? 1 $ T ( ! &'':! 8 ( 8 ) * % ! + 5 1 .$ 4 !

(33)

6" 2 A ! &'""! = * 8 ! ! 8 6 " 4 2 ( 8 ! ! &''5! ! 5 1 .$ @ ! -&&#,&#:/ ( ! &'"&! = * "+! ) 6 > 7 ! &'':! 8 ( * #! ? ( 6 ) 0* ! &'';! 9 -* ; / ! + .$ ! -""S #":,##&/ 1 ! 0 ,0 ! - / ! 0 ( $ 9 4 7 ! &'"&! $ ) 8 ( 9 )* ! + . ! - S &'#,&";/ 7 - /! &'"#! 6 $ 5$ $ *$ 6 8 ! 8 ! &'"&! 5 5 &' = ! ? ( 6 4 ) ! &''+! - > " ! $ O! -9 ! ",&:/ 6CC 1 !( !1 6CC777! M!1 ! C

(34)

(35)