Pengaruh Financial Distress Terhadap Manajemen Laba di Industri Pariwisata Pada Periode Saat dan Setelah Covid-19

Abstract

Penelitian ini bertujuan untuk menguji pengaruh financial distress terhadap manajemen laba pada industri pariwisata. Sampel yang digunakan dalam penelitian ini sejumlah 47 perusahaan pariwisata yang terdaftar di Bursa Efek Indonesia pada periode 2020-2024 dengan jumlah 233 observasi. Manajemen laba dianalisis dengan dua pendekatan, yaitu dengan basis akrual dan aktivitas riil. Manajemen laba akrual diukur dengan Discretionary Accruals Modified Jones Model dan manajemen laba riil diukur dengan komponen arus kas, beban diskresioner, dan biaya produksi. Financial distress diukur dengan menggunakan metode analisis Altman’s Z-Score. Hipotesis penelitian diuji dengan menggunakan teknik analisis regresi data panel. Hasil pengujian menunjukkan bahwa financial distress tidak berpengaruh terhadap manajemen laba akrual maupun riil. Lebih lanjut ditemukan bahwa pengaruh financial distress terhadap manajemen laba akrual lebih besar pada masa pasca pandemi covid-19 dibandingkan saat pandemi covid-19. Sebaliknya, pengaruh financial distress terhadap manajemen laba riil lebih besar pada masa pandemi covid-19 dibandingkan periode pasca pandemi. Dalam pengujian tambahan ditemukan bahwa financial distress memiliki pengaruh negatif terhadap komponen manajemen laba riil dari sisi arus kas dan beban diskresioner.

This study aims to examine the effect of financial distress on earnings management in the tourism industry. The sample used in this study was 47 tourism companies listed on the Indonesia Stock Exchange in the 2020-2024 period with a total of 233 observations. Earnings management was analyzed using two approaches, namely accrual and real activity. Accrual earnings management is measured by the Discretionary Accruals Modified Jones Model and real earnings management is measured by cash flow components, discretionary expenses, and production costs. Financial distress is measured using the Altman's Z-Score analysis method. The research hypothesis was tested using panel data regression analysis techniques. The test results showed that financial distress had no effect on accrual or real earnings management. Furthermore, it was found that the effect of financial distress on accrual earnings management was greater in the post-covid-19 pandemic period than during the covid-19 pandemic. Conversely, the effect of financial distress on real earnings management was greater during the covid-19 pandemic period than during the post-pandemic period. In additional testing, it was found that financial distress had a negative effect on the real earnings management components in terms of cash flow and discretionary expenses.