i ABSTRAK
Penelitian ini bertujuan untuk meneliti pengaruh mekanisme good corporate governance (diproksikan : kepemilikan institusional, komisaris independen dan ukuran dewan komisaris), arus kas bebas, ukuran perusahaan, leverage (diproksikan : DAR) terhadap nilai perusahaan melalui praktek manajemen laba pada perusahaan yang terdaftar di Jakarta Islamic Index tahun 2010 sampai tahun 2014. Pengambilan sampel menggunakan metode purposive sampling, diperoleh sebanyak 12 perusahaan sampel dari populasi 56 perusahaan dengan total observasi 60 unit analisis. Metode pengumpulan data sekunder dengan tehnik studi dokumentasi berupa laporan keuangan tahunan yang di publikasikan melalui website www.idx.co.id. Metode analisis data dalam penelitian ini adalah regresi linier berganda dan path analysis. Hasil penelitian menunjukkan bahwa kepemilikan institusional, komisaris independen, ukuran dewan komisaris, arus kas bebas, ukuran perusahaan, dan leverage secara simultan berpengaruh signifikan terhadap nilai perusahaan yang terdaftar di Jakarta Islamic Index. Secara parsial kepemilikan institusional, komisaris independen, ukuran dewan komisaris dan leverage tidak berpengaruh signifikan terhadap nilai perusahaan sedangkan arus kas bebas dan ukuran perusahaan berpengaruh positif dan signifikan terhadap nilai perusahaan. Menajemen laba rill berpengaruh negatif dan siginifikan terhadap nilai perusahaan. Berdasarkan hasil uji Sobel pada variabel kepemilikan institusional, komisaris independen, ukuran dewan komisaris, arus kas bebas dan ukuran perusahaan menunjukkan bahwa manajemen laba rill tidak terbukti sebagai variable intervening. Sedangkan hasil uji Sobel pada varibael leverage menunjukkan bahwa manajemen laba rill terbukti sebagai variabel intervening.
Kata kunci : kepemilikan institusional, komisaris independen, ukuran dewan komisaris, arus kas bebas, ukuran perusahaan, leverage, manajemen laba rill, nilai perusahaan.
ii ABSTRACT
The objective of the research was to analyze the influence of the mechanism of good corporate governance (proxied as institutional ownership, independent commissioners, and the size of board of commissioners), free cash flow, firm size, and leverage (proxied as DAR) on firm value through the practice of earnings management in companies listed in the Jakarta Islamic Index in the period of 2010-2014. The samples were 12 companies, taken by using purposive sampling technique for the population of 56 companies at the total observation of 60 analytical units. Secondary data were gathered by conducting documentary study like annual financial statement publicized in website, www.idx.co.id. The gathered data were analyzed by using multiple linear regression analysis and path analysis. The result of the research showed that institutional ownership, independent commissioners, the size of board of commissioners, free cash flow, firm size, and leverage simultaneously had significant influence on the value of companies listed in the Jakarta Islamic Index. Partially, institutional ownership, i9ndepndent commissioners, the size of board of commissioners, and leverage did not have any significant influence on firm value, while free cash flow and firm size had positive and significant influence on firm value. Based on the result of Sobel test on the variables of institutional ownership, independent commissioners, the size of board of commissioners, free cash flow, and firm size, it was found that real earnings management did not act as intervening variable, while the result of Sobel test on the variable of leverage showed that real earnings management acted as intervening variable.
Keywords: Institutional Ownership, Independent Commissioners, Size of Board of Commissioners, Free cash Flow, Firm Size, Leverage, Real Earnings Management, Firm Value
