Di balik kinerja keuangan: Kualitas audit dalam hubungan manajemen laba, profitabilitas, dan nilai perusahaan

Anton Adventus Kacaribu

doi:10.47709/jebma.v6i2.9031

Authors

Anton Adventus Kacaribu Universitas Pelita Harapan

DOI:

https://doi.org/10.47709/jebma.v6i2.9031

Keywords:

kualitas audit; manajemen laba; mediasi kualitas audit; nilai perusahaan; profitabilitas

Abstract

Latar Belakang: Pelaporan keuangan yang kredibel memengaruhi penilaian pasar, tetapi mekanisme yang menghubungkan pilihan pelaporan manajerial dan kinerja operasi dengan nilai perusahaan melalui kualitas audit belum sepenuhnya dipahami. Tujuan: Penelitian ini menguji mediasi kualitas audit dalam hubungan manajemen laba dan profitabilitas dengan nilai perusahaan pada sektor properti dan real estat. Metode: Analisis menggunakan data panel seimbang 45 perusahaan tercatat di Indonesia selama 2020–2024, sehingga diperoleh 225 observasi perusahaan-tahun. Nilai perusahaan diproksikan dengan logaritma natural enterprise value; manajemen laba dengan akrual diskresioner berdasarkan model Modified Jones; profitabilitas dengan return on assets; dan kualitas audit dengan indikator afiliasi Big Four. Uji spesifikasi memilih model random effects untuk persamaan kualitas audit dan fixed effects untuk persamaan nilai perusahaan. Kedua model menggunakan kesalahan standar terkelompok pada perusahaan, sedangkan pengaruh tidak langsung diuji menggunakan uji Sobel. Hasil: Manajemen laba dan profitabilitas tidak berhubungan signifikan dengan kualitas audit maupun nilai perusahaan. Kualitas audit berhubungan negatif dengan nilai perusahaan (koefisien = -0.0672; p = 0.001). Pengaruh tidak langsung melalui kualitas audit tidak signifikan, baik untuk manajemen laba (p = 0.373) maupun profitabilitas (p = 0.322). Kesimpulan: Kualitas audit tidak memediasi kedua hubungan tersebut. Afiliasi Big Four lebih tepat dipandang sebagai atribut tata kelola tersendiri yang implikasi penilaiannya bergantung pada kondisi spesifik perusahaan. Temuan ini menunjukkan bahwa kualitas audit yang lebih tinggi tidak secara otomatis mengubah kinerja akuntansi atau diskresi pelaporan menjadi penilaian pasar yang lebih tinggi.

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