7th AICIF UNIDA Gontor Indonesia, 3rd& 4th December 2019 |1
THE DETERMINANT OF EARNING PERSISTENCE IN COMPANIES LISTED ON JAKARTA ISLAMIC INDEX
1Winarsih and 2Rachmadu Krissie
1Faculty of Economics/Sultan Agung Islamic University, Semarang, Indonesia, [email protected]
2Faculty of Economics/Sultan Agung Islamic University, Semarang, Indonesia
ABSTRACT
This research aims to provide empirical evidence of the differences on accounting earning with fiscal earning, operating cash flow and debt level toward earning persistence. The samples used in this research were 25 companies listed on Jakarta Islamic Index (JII) in 2015-2017. Total samples were 75 companies. The data were colected using purposive sampling methode. The analysis of this research used multiple regression. The result of this research showed that the differences of accounting earning with fiscal earningand debt level do not influence the earning persistence, meanwhile the operating cash flow have positive and significant influence toward earning persistence.
Keywords: Differences in accounting earning with fiscal earning, operating cash flow, debt levels, and earningpersistence
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I. INTRODUCTION
Financial statement is not just accountability for the management of a company, but also for non- owners such as creditors, suppliers, the government, and also employees who work at companies. A good financial statement is a financial statement that can be discussed, relevant, reliability, and can be accessed easily for users. It aims to get company earnings information that will be used in decision making. In order for the company to survive and win the trust of the public, the company can show its best performance.
One of the information that can be used is information on earnings generated by the company each year, as well as good earnings persistence.
Earnings quality can be seen if the earnings can reflect the sustainability of earnings (sustainable earnings) in the future and can be seen in a relevant and reliable manner, and can maintain the amount of earnings that exist in the company (Penman, 2001). The earnings quality of a company is often associated with earnings persistence because earnings persistence is a relevance component of the qualitative characteristics at the firm's predictive value (Darmansyah, 2016).
Earnings persistence is earnings that are stable and do not change significantly. It also can survive, seen from current period earnings.It makes the managers easy to predict earnings in the future. According to Celindra (2014: 5) earnings persistence is the ability of earnings to be used as an indicator of earnings in the coming period generated by the company repeatedly in the long run. Earning that is not too fluctuative is a characteristic of persistent earnings (Suwandika and Astika, 2013). Thus the persistence of earnings is a stable earning and does not change significantly. Earning that is persistent and stable from one period to another can make managers easier in predicting future earnings. This study aims to examine the factors that influence earnings persistence consisting of differences in accounting earnings with fiscal earnings, operating cash flow and debt levels based on Agency theory.
The difference between accounting earning and fiscal earning arises because the basis used is different in the preparation of special financial statements in terms of the recognition of income and costs between financial accounting standards and the provisions of tax regulations. So, according to the tax provisions, it is the differences that cause booktax differences in tax analysis (Official, 2011: 369). As a result, the earnings generated by the company are different, so the greater the difference between accounting earnings and fiscal earnings, the smaller the company's earnings persistence.
Furthermore, cash flow in form of cash outflows and inflows from operating activities, investment transaction activities and funding transaction activities in one period, is useful for predicting future earnings, whether company earnings show persistent or not. Operating cash flow data is a better financial indicator compared to accounting because operating cash flow is relatively more difficult to manipulate.
Debt is the safest source of funding compared to other methods. The relationship of debt level with earnings persistence is when the greater the level of debt the company used for capital gains and develop the company, then the debt will also get a earning and the calculation of earnings persistence will be better, and vice versa. If the company's debt is used to pay the principal and interest every time it matures, the earning earned will be reduced. Thus the level of debt affects the ups and downs of earnings, it will have an impact on the persistence of company earnings.
Agency theory bases the relationship between the principal and the agent which is assumed that each individual is solely motivated by his own interests, causing a conflict of interest between the principal and agent (Anthony and Govindarajan, 2009). Unequal desire or motivation and utility between management and shareholders allows management to act detrimental to shareholders. One of them is behaving unethically and tends to commit accounting fraud. Agency conflict resulted in management reporting earnings opportunistically in order to maximize his personal interests. If this happens, it will result in low quality earnings.
The measure of company performance that is often used as a basis for decision making is earning generated by the company. Earning information needed is not only high earnings, but also persistent earnings from year to year. If the earning value is assumed by the public as a result of management engineering, then the earning is considered to have a low earnings quality and is less persistent (Hanlon, 2005 in Darmansyah, 2016).
II. HYPOTHESIS DEVELOPMENT
2.1 The effect of differences of accounting earnings with fiscal earnings on earnings persistence The difference between accounting earning and fiscal earning (book-tax differences) occurs because of differences in recording of earnings based on different standards, namely IFRSs and applicable tax regulations; This can indicate the existence of earnings strength (persistence) in predicting earnings for the next year. The magnitude of the difference between accounting earnings and fiscal earnings is considered a signal of earnings quality. The greater the difference between accounting earning and fiscal earning, the lower the earning persistence, and vice versa. The hypothesis proposed is:
H1: The difference between accounting income and fiscal earning has a significant negative effect on earnings persistence.
2.2 The Effect of Operating Cash Flow on Earning Persistence
Operating cash flow is cash flow originating from the company's main producing activities and not other activities that constitute investment activities or financing activities for a certain period. The higher the operating cash flow to earnings, the higher the earnings quality will be (Barus and Rica, 2014).
Operating cash flow is often used as an indicator in determining the quality of a company's earnings. If a company's earnings information is not relevant, then earnings information from year to year becomes unpredictable and calculated. This has an impact on declining earning persistence. Based on the description, the hypothesis proposed is:
H2: Operating Cash Flow has a significant positive effect on earnings persistence.
2.3 TheEffect of Debt Level on Earnings Persistence
Debt is one source of company capital and can affect corporate earnings. If the high level of debt will make the company become more focused to pay the principal debt along with the interest at maturity, so that it will affect earnings on the company. If the level of debt affects the ups and downs of earnings, it will have an impact on the persistence of company earnings. The results of previous studies, Kasiono's research, Fachrurrozie (2016) stated that the level of debt has a negative effect on earnings persistence. The research hypothesis proposed is:
H3: Debt level has a significant negative effect on earnings persistence
2.4 Theoretical Framework
Figure1.Theoretical Framework
III. METHODOLOGY 3.1 Population and Sample
The population in this study were all companies that have gone public and registered in Jakarta Islamic Index (JII) year 2015-2017. Sampling in this study used purposive sampling method based on the following criteria:
1. Companies that have gone public and registered on the Jakarta Islamic Index (JII) in a row.
2. The company has published an annual financial report.
3. The company has complete data related to the variables used in this study.
3.2 Type of Data and Source of Data
The data used comes from secondary data in the form of annual financial reports and sustainability reports of companies listed on JII during 2015-2017.
IV. RESULTS AND DISCUSSION 4.1 Classical Assumption Test 4.1.1 Normality Test
According to Ghozali, Imam (2013) the normality test aims to test whether in the regression model, the disruptive or residual variable has a normal distribution.
Table1.
Source: Processed secondary data, 2019
Based on table 4 shows that the normality test carried out using Kolmogrov-Smirnov with a significance level of 0.114 indicates greater than 0.05, so it can be concluded that all the disturbing or residual variables are normally distributed and the hypothesis is accepted.
The differences of accounting earning with fiscal earning
Operation cash flow (X2) Debt Level (X1)
ROA (Return On Assets)
Earning Persistence
(Y)
4.1.2 Multicollinearity Test
According to Ghozali (2011), the multicollinearity test aims to find out whether the regression model has autocorrelation between independent variables.
Table2.
Multicollinearity Test
Source: Processed secondary data, 2019
Based on the results of data by SPSS version 17 in table 5. has a VIF value of each variable is <10, this shows that for all independent variables there is no multicollinearity to the dependent variable because the VIF value does not exceed 10 and for tolerance values close to 1 ( tolerance exceeds 0.1). It can be concluded that the regression model does not experience symptoms of multicollinearity.
4.1.3 Autocorrelation Test
According to Ghozali (2013), the autocorrelation test aims to test whether there is a correlation between the t period and the t-1 with the previous period.
Table3.
Autocorrelation Test
Source: Processed secondary data, 2019
Based on the results of SPSS data processing in table 6. has a Durbin Watson value of 1,889 will be compared with a table value at a significance level of 5%, three independent variables and 1 control variable, found the initial limit value (du) = 1.7246 and the lower limit (dl ) = 1.4201. So the conclusion does not occur autocorrelation because the value of Durbin Watson = 1.889 lies between the upper and lower limits (du = 1.7246 <dw = 1.889 <4-du = 2.2754).
4.1.4 Heteroscedasticity Test
According to Ghozali (2013), heteroscedasticity test aims to test whether there is an unequal variation from one observer's residual to another observer.
Table4.
Glejser Test Result
Source: Processed secondary data, 2019
Based on the Glejser test results table after the logarithmic transformation above, it is obtained that the significance value of the variable differences in accounting earnings with fiscal earnings 0.912 is greater than 0.05. Operating cash flow variable 0.359 is greater than 0.05. Debt level variable 0.276 is greater than 0.05 and ROA variable 0.357 is greater than 0.05. According to the test results, four variables have shown significance values greater than 0.05 so it can be concluded that there are no symptoms of heteroscedasticity in this study.
4.2 Multiple Linier RegressionTest Analysis
From the previous analysis, it is proven that the model in this study meets the classical assumption criteria, so that the model in this study is considered good. Then next is the calculation of multiple linear regression with the following results:
Table5.
UjiRegresi
Source: Processed secondary data, 2019
So it can be concluded that the results of the regression equation are as follows:
Y = 0.509– 0.048X1+ 0.078 X2+ 0.278 X3+ 0.323 X4+ ε In the equation of this regression model can be interpreted as follows:
1. The value of the constant coefficient (α) of 0.509 means that if the variable differences in accounting earnings with fiscal earnings, cash flow, debt levels and ROA are considered constant or constant then earnings persistence has a value of 0.509.
2. The difference between accounting income and fiscal earning has a negative effect on earnings persistence with a coefficient of -0.048. This means that if the difference between accounting earning and fiscal earning increases by one unit, the earnings persistence will decrease by 0.048 assuming other variables are considered constant.
3. Operating cash flow has a positive effect on earnings persistence with a coefficient of 0.078. This means that if the operating cash flow increases by one unit, earning persistence will increase by 0.078 assuming other variables are considered constant.
4. Debt level has a positive effect on earnings persistence with a coefficient of 0.278. This means that if the level of debt increases by one unit, the earning persistence will increase by 0.278 assuming other variables are considered constant.
5. ROA has a positive effect on earnings persistence with a coefficient value of 0.323. This means that if ROA increases by one unit, earning persistence will increase by 0.323 assuming other variables are considered constant.
4.3 Model Goodness Test
4.3.1 Simultaneous Significance Test Results (F Test)
According to Ghozali (2007), this test aims to find out whether the independent variables together can influence the dependent variable.
Table6.
F Test
Source: Processed secondary data, 2019
Based on the results of SPSS version 17 in table 9 shows that the significance level of 0.162> 0.05, this means that the regression model cannot be used to predict earnings persistence or simultaneous differences in accounting earnings with fiscal earnings, operating cash flow, and the level of debt not significant effect on earnings persistence.
4.3.2 Determination Coefficient Test Results (R²)
According to Idris (2010), the coefficient of determination is useful for measuring how far the entire independent variable can explain the dependent variable.
Table7.
Determination Coefficient Test(R2)
Source: Processed secondary data, 2019
Based on the table above obtained Adjusted R. Square value of 0.059 or 5.9%, this shows that the contribution of the independent variable differences in accounting earnings with fiscal earning, operating cash flow, debt levels, and ROA on earnings persistence amounted to 5.9% and 94.1% is influenced by other variables outside the study.
4.4 Hypothesis Test
According to Ghozali (2016) this t-test shows how far the influence between one independent variable individually in explaining or explaining the dependent variables.
Table8.
T test
Source: Processed secondary data, 2019 Based on the above results, it can be concluded:
1. The first hypothesis of this study is the difference between accounting earnings and fiscal earnings has a significant negative effect on earnings persistence. Based on the table above, it can be seen that the difference between accounting income and fiscal earning has a negative coefficient value of regression that is -0.048 and with a significant value of 0.732, greater than 0.05. That is, the variable differences in accounting earnings with fiscal earnings have no significant negative effect on earnings persistence. So the first hypothesis which reads: "Differences in accounting earnings with fiscal earnings have a significant negative effect on earnings persistence" is rejected.
2. The second hypothesis of this study is that operating cash flow has a significant positive effect on earnings persistence. Based on the table above it can be seen that the operating cash flow has a positive coefficient regression value that is 0.078 and with a significant value of 0.049, smaller than 0.05. These results indicate that the operating cash flow variable has a significant positive effect on earnings persistence. So the second hypothesis which reads: "Operating cash flow has a significant positive effect on earnings persistence" is accepted.
3. The third hypothesis of this study is that the level of debt has a significant negative effect on earnings persistence. Debt level variable has a positive coefficient of regression value 0.278 and with a significant value of 0.333, meaning greater than 0.05. Thus the variable level of debt does not have a significant positive effect on earnings persistence. So the third hypothesis which reads: "The level of debt has a significant negative effect on earnings persistence" is rejected.
4.5 DISCUSSION
4.5.1 The effect of differences in accounting earnings with fiscal earnings on earnings persistence The results of the study stated that differences in accounting earnings with fiscal earnings had no effect on earnings persistence. Associated with agency theory that the agent can manipulate earnings in commercial financial statements for personal gain resulting in information asymmetry, so that the principal is wrong in making decisions. Therefore the principal can make an effort by believing fiscal earning information in addition to accounting earning as the basis for assessing whether the agent is manipulating / managing earnings or not.
The results of this study indicate that the size of the difference in accounting earnings with fiscal earning does not affect the level of earnings persistence in a company, assuming the difference in accounting income with fiscal earning is an absolute difference that has no common ground or counter balance and will only affect the amount of earning for the period. Therefore, the difference between accounting income and fiscal earning does not require inter-period income tax allocation (Brolin and Rohman, 2014). That is, the difference in accounting income with fiscal earning does not affect earnings growth / earnings persistence in the future period. The results of this study are in line with the study of Darmansyah (2016) who said that differences in accounting earnings with fiscal earnings had no effect on earnings persistence.
4.5.2 The Effect of operating cash flow on earnings persistence
The results showed that operating cash flow had a significant positive effect on earnings persistence.
The relationship of this research with agency theory is that the agent can manipulate earnings in commercial financial statements, one of which is information about operating cash flow for personal interests so that information asymmetry occurs, can make the principal wrong in making decisions.
Therefore the principal can limit the agent's actions so as not to deviate from the principal's objectives by auditing the financial statements, so that what is called agency cost appears.
This can provide empirical support that when a company's operating cash flow is getting bigger, the company will have a good earning quality, the better the quality of the earnings generated by the company, it will also have an impact on the company's earning persistence. The higher the cash flow component will increase earnings persistence. Operating cash flow is often used as a check on earnings quality with the view that the higher the operating cash flow towards earnings, the higher the earnings quality will be (Asma, 2013). This study is in line with research belonging to Darmansyah (2016), Barus, Rica (2014), Asma (2013) which stated that operating cash flow has a significant positive effect on earnings persistence.
4.5.3 The Effect of debt levels on earnings persistence
The results showed that the level of debt does not have a significant positive effect on earnings persistence. The relationship of this research with agency theory is that when an agent might deviate from the principal's objectives for the personal interests of the agent, the principal can limit the agent's actions by providing sufficient incentives for the agent, so that the agent will provide agreed performance and not endanger the parties principal.
Management or agents who choose debt as an alternative source of capital, will work hard to improve company performance. The level of debt does not affect the persistence of earnings because there is a tendency that companies use capital funds in the form of debt is to invest in long-term assets such as property, plants and equipment rather than using debt capital funds for operational activities. If debt funding is used for long-term investment, the impact on company earnings will be long and will not affect the persistence of company earnings from year to year (Zuhri, 2016). The results of this study are in line with Darmansyah (2016) which stated that the level of debt does not have a significant positive effect on earnings persistence.
V. CONCLUSIONS AND RECOMMENDATION 5.1 Conclusions
Differences in accounting earnings from fiscal earnings have not been proven to affect earnings persistence, because firms with large differences in accounting earnings do not affect the level of persistence of corporate earnings. That is because the difference between accounting earning and fiscal earning is an absolute difference that has no common ground or counter balance, and will only affect the amount of earning for the period, not persistent income from year to year.
Operating cash flow is proven to have an effect on earnings persistence, so the greater the operating cash flow in a company to carry out the company's operations so that it is more efficient in seeking earnings. This will make the company more prospects in the future in generating persistent earnings from year to year.
The level of debt does not prove to affect earnings persistence because companies tend to use debt to invest in long-term assets such as property, plants and equipment (PPE) rather than for operations. As a result it has no impact on the persistence of company earnings from year to year.
5.2 Recommendations
For further research it is recommended to use a longer period of observation in order to obtain more varied and more accurate results. Further research is also recommended to take other units of analysis at other indices such as the LQ45 index or the compass index100. Kompas100 is an index that has the movement of 100 most liquid stocks (70% capitalization of the Indonesia Stock Exchange.
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