Financial Distress terhadap Manajemen Laba Dengan Mekanisme Corporate Governance sebagai Pemoderasi

Vidia Damayanti, Yeterina Widi Nugrahanti


This study aims to determine the effect of financial distress on earnings management with corporate governance mechanisms as a moderating variable. Earnings management in this study is measured by real earnings management, namely abnormal operating cash flows. The level of financial distress in this study is proxied by leverage. This study uses 135 samples of manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2018-2020 with a total of 405 observations. This study uses Generalized Least Square (GLS) panel data regression. The results showed that financial distress had a positive effect on earnings management as measured by abnormal CFO. This study also found that managerial ownership and institutional ownership weakens the positive influence of financial distress on earnings management as measured by abnormal CFO.




Audit Committee, Earning management, Financial distress, Institutional Ownership, Managerial ownership

Full Text:



Akyildirim, E., Corbet, S., Lucey, B., Sensoy, A., & Yarovaya, L. (2020). The relationship between implied volatility and cryptocurrency returns. Finance Research Letters, 33, 1–10.

Alexander, D. L. J., Tropsha, A., & Winkler, D. A. (2015). Beware of R2: Simple, Unambiguous Assessment of the Prediction Accuracy of QSAR and QSPR Models. Journal of Chemical Information and Modeling, 55(7), 1316–1322.

Bakar, N. A., & Rosbi, S. (2017). Autoregressive Integrated Moving Average (ARIMA) Model for Forecasting Cryptocurrency Exchange Rate in High Volatility Environment: A New Insight of Bitcoin Transaction. International Journal of Advanced Engineering Research and Science, 4(11), 130–137.

Baur, D. G., Cahill, D., Godfrey, K., & (Frank) Liu, Z. (2019). Bitcoin time-of-day, day-of-week and month-of-year effects in returns and trading volume. Finance Research Letters, 31, 78–92.

Bhuriya, D., Kaushal, G., Sharma, A., & Singh, U. (2017). Stock market predication using a linear regression. 2017 International Conference of Electronics, Communication and Aerospace Technology (ICECA), 2, 510–513.

Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307–327.

Breinlich, H., Leromain, E., Novy, D., Sampson, T., & Usman, A. (2018). The Economic Effects of Brexit: Evidence from the Stock Market. Fiscal Studies, 39(4), 581–623.

Caporale, G. M., & Plastun, A. (2019). The day of the week effect in the cryptocurrency market. Finance Research Letters, 31(November), 258–269.

Casal Bértoa, F., Deegan-Krause, K., & Haughton, T. (2017). The volatility of volatility: Measuring change in party vote shares. Electoral Studies, 50, 142–156.

Cengiz, H., Bilen, Ö., Büyüklü, A. H., & Damgacı, G. (2017). Stock market anomalies: the day of the week effects, evidence from Borsa Istanbul. Journal of Global Entrepreneurship Research, 7(1), 4.

Chowdhury, S. S. H., Rahman, M. A., & Sadique, M. S. (2017). Stock return autocorrelation, day of the week and volatility An empirical investigation on the Saudi Arabian stock market. Review of Accounting and Finance, 16(2), 218–238.

Cocco, L., Concas, G., & Marchesi, M. (2017). Using an artificial financial market for studying a cryptocurrency market. Journal of Economic Interaction and Coordination, 12(2), 345–365.

Conrad, C., Custovic, A., & Ghysels, E. (2018). Long- and Short-Term Cryptocurrency Volatility Components: A GARCH-MIDAS Analysis. Journal of Risk and Financial Management, 11(2), 23.

Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35, 101554.

Derbali, A., & Hallara, S. (2016). Day-of-the-week effect on the Tunisian stock market return and volatility. Cogent Business and Management, 3(1), 1147111.

Donglian, M., & Hisashi, T. (2019). On the day-of-the-week effects of Bitcoin markets: international evidence. China Finance Review International, 9(4), 455–478.

Dorfleitner, G., & Lung, C. (2018). Cryptocurrencies from the perspective of euro investors: a re-examination of diversification benefits and a new day-of-the-week effect. Journal of Asset Management, 19(7), 472–494.

Eyüboğlu, K. (2018). Examining Day of the Week and Month of the Year Effects in Bitcoin and Litecoin Markets. Journal of the Faculty of Economics and Administrative Sciences, 8(1), 165–183.

Gatheral, J., Jaisson, T., & Rosenbaum, M. (2018). Volatility is rough. Quantitative Finance, 18(6), 933–949.

Greene, W. H. (2003). Econometric Analysis 5th edition. New Jersey: Prentice Hall.

Hassan, M. H., & Kayser, M. S. (2019). Day of the week effect on stock market return, volatility and trade volume: Evidence from Dhaka Stock Exchange (DSE). Cogent Economics and Finance, 7(1), 1–13.

Jordà, Ò., Knoll, K., Kuvshinov, D., Schularick, M., & Taylor, A. M. (2019). The Rate of Return on Everything, 1870–2015*. The Quarterly Journal of Economics, 134(3), 1225–1298.

Katsiampa, P., Corbet, S., & Lucey, B. (2019). High frequency volatility co-movements in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 62, 35–52.

Kussy, M. (2017). Current volatility as a measure of market risk. International Journal of Risk Assessment and Management, 20(4), 333–349.

Lahmiri, S., & Bekiros, S. (2020). The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets. Chaos, Solitons & Fractals, 138, 109936.

Ma, D., & Tanizaki, H. (2019). the Day-of-the-Week Effect on Bitcoin Return and Volatility. Research in International Business and Finance, 49, 127–136.

Marcu, N., Dobrota, C. elena, & Antoneac (Calin), R. (2017). An Investigation Of The Day-Of-The-Week Effect In Conditional Variance At The Bucharest Stock Exchange. Romanian Journal of Economic Forecasting, 31(4), 739–758.

Mbanga, C. L. (2019). The day-of-the-week pattern of price clustering in Bitcoin. Applied Economics Letters, 26(10), 807–811.

Mikhaylov, A. (2020). Cryptocurrency Market Analysis from the Open Innovation Perspective. In Journal of Open Innovation: Technology, Market, and Complexity (Vol. 6, Issue 4).

Neubig, R. R., Spedding, M., Kenakin, T., & Christopoulos, A. (2003). International Union of Pharmacology Committee on Receptor Nomenclature and Drug Classification. XXXVIII. Update on Terms and Symbols in Quantitative Pharmacology. Pharmacological Reviews, 55(4), 597–606.

Okey, J.O. & Okereke, N. & Edith, O. (2016). Day of the Week Effect : Evidence from the Nigerian Stock Exchange. International Journal of Banking and Finance Research, 2(3), 76–90.

Robiyanto, R. (2016). Month of the Year Effect Pada Beberapa Pasar Modal di Asia Tenggara dan Pasar Komoditas. Jurnal Ekonomi Dan Bisnis, 18(2), 53.

Robiyanto, R., Susanto, Y. A., & Ernayani, R. (2019). Examining the day-of-the-week-effect and the-month-of-the-year-effect in cryptocurrency market. Jurnal Keuangan Dan Perbankan, 23(3), 361–375.

Sudarvel, J., & Velmurugan, R. (2017). Day Of The Week Effect In Indian Stock Market With Reference To NSE Nifty Index. International Journal of Multidisciplinary Educational Research, 5(9(4)), 145–153.

Vardar, G., Coşkun, Y., & Yelkenci, T. (2018). Shock transmission and volatility spillover in stock and commodity markets: evidence from advanced and emerging markets. Eurasian Economic Review, 8(2), 231–288.

Walther, T., Klein, T., & Bouri, E. (2019). Exogenous drivers of Bitcoin and Cryptocurrency volatility – A mixed data sampling approach to forecasting. Journal of International Financial Markets, Institutions and Money, 63, 1–26.

Warsito, O. L. D., & Robiyanto, R. (2020). Analisis Volatilitas Cryptocurrency, Emas, Dollar, Dan Indeks Harga Saham (Ihsg). International Journal of Social Science and Business, 4(1), 40–46.

Xiao, B. (2016). The Monthly Effect and the Day of the Week Effect in the American Stock Market. International Journal of Financial Research, 7(2), 10–17.

Zhang, J., Lai, Y., & Lin, J. (2017). The day-of-the-Week effects of stock markets in different countries. Finance Research Letters, 20, 47–62.



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

AFRE (Accounting and Financial Review)

Postgraduate - University of Merdeka Malang

Postgraduate  Building, Terusan Dieng Street 62-64
Malang City, East Java, Indonesia, 65146.

View My Stats      Web

Other Link

Follow Us

Site Home Journal
Unmer Malang
(0341) 567617
 Fax(0341) 567617

AFRE (Accounting and Financial Review)  Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.