PENGARUH LEVERAGE, CAPITAL INTENSITY DAN FINANCIAL DISTRESS TERHADAP MANAJEMEN LABA: PERAN CORPORATE GOVERNANCE

Abstrak

Penelitian ini bertujuan untuk menguji pengaruh leverage, capital intensity, dan financial distress terhadap manajemen laba dengan corporate governance sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024. Data sekunder diperoleh dari laporan keuangan tahunan perusahaan. Sampel ditentukan menggunakan teknik purposive sampling sehingga diperoleh 160 observasi firm-year. Analisis data dilakukan menggunakan Partial Least Squares–Structural Equation Modeling (PLS-SEM) dengan SmartPLS 4. Hasil penelitian menunjukkan bahwa leverage, capital intensity, dan financial distress tidak berpengaruh signifikan terhadap manajemen laba. Selain itu, corporate governance tidak mampu memoderasi hubungan antara faktor keuangan dan manajemen laba. Hasil ini menunjukkan bahwa praktik manajemen laba tidak terutama dipengaruhi oleh tekanan keuangan maupun mekanisme tata kelola formal. Penelitian ini memberikan bukti empiris bahwa karakteristik keuangan tidak selalu menentukan perilaku oportunistik manajerial.

This study aimed to examine the effect of leverage, capital intensity, and financial distress on earnings management with corporate governance as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Secondary data were obtained from annual financial reports. The sample was selected using purposive sampling, resulting in 160 firm-year observations. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings indicated that leverage, capital intensity, and financial distress did not significantly affect earnings management. In addition, corporate governance was not able to moderate the relationship between financial factors and earnings management. These results suggested that earnings management practices were not primarily influenced by financial pressure or formal governance mechanisms. The study provided empirical evidence that financial characteristics did not necessarily determine managerial opportunistic behavior.