EKSPOSUR RISIKO INSTRUMEN DERIVATIF, VOLATILITAS NILAI PERUSAHAAN DAN OPINI AUDIT GOING CONCERN
Abstract
The objective of this study is to determine the influence of derivative instruments risk exposure to the volatility of the company. This study also aimed to determine the influence of the volatility of the company on the going concern audit opinion as well as the influence of derivative instruments risk exposure on the going concern audit opinion with volatility of the company as intervening variable. Derivative instruments risk exposure variable in the study is represented by the cost of capital, short- term liquidity, fluctuations in earnings and debt levels. The sample consisted of 28 companies listed in Indonesia Stock Exchange (IDX). Hypotheses testing for the first model based on multiple regression analysis suggest that the cost of capital, short-term liquidity, fluctuations in earnings and debt levels has no significant influence on the volatility of the company. Hypotheses testing for the second model also suggest that the volatility of the company do not affect the going concern audit opinion. However, the results based on path analysis suggest that short-term liquidity; fluctuations in earnings and debt levels indirectly influence the going concern audit opinion with the volatility of the company as an intervening variable.
References
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Mutchler, J. F., Hopwood, W., & McKeown, J. M. 1997. The Influence of Contrary Information and Mitigating Factors on Audit Opinion Decisions on. Journal of Accounting Research , 295- 310.
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Petronela, T. 2004. “Pertimbangan Going Concern Perusahaan dalam Pemberian Opini Audit”.Jurnal Balance, pp. 47-55.
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Setyarno, E. B., Januarti, I., & Faisal. 2006. Pengaruh Kualitas Audit, Kondisi Keuangan Perusahaan, Opini Audit Tahun Sebelumnya, Pertumbuhan Perusahaan terhadap Opini Audit Going Concern. Simposium Nasional Akuntansi IX. Padang.
Setyowati, W. 2009. Strategi Manajemen Sebagai Faktor Mitigasi terhadap Penerimaan Opini Going Concern. Universitas Diponegoro.
Solikah B, 2007, “Pengaruh Kondisi Keuangan Perusahaan, Pertumbuhan Perusahaan, dan Opini Audit Tahun Sebelumnya terhadap Opini Audit Going Concern”, Skripsi, Universitas Negeri Semarang.
Sugiyono. 2004. Metode Penelitian Bisnis. Jakarta; Alfabeta. Sugiyono. 2006. Metode Penelitian Bisnis. Jakarta; Alfabeta. Sugiyono. 2010. Metode Penelitian Bisnis. Jakarta; Alfabeta.
Smith, C. W., & Stulz, R. M. 1985. The Determinants of Firms' Hedging Policies. The Journal of Financial and Quantitative Analysis , 391-405.
Tickell, A. 2000. Dangerous Derivatifs: Controlling and Creating Risks in International Money.
Geoforum, Elsevier Science Ltd , 87-99.q
Venuti, E. K. 2004. The Going Concern Assumption Revisited: Assessing A Company's Future Viability. The CPA Journal , p. 40.
Wilkins, M. S. 1997. Technical Default, Auditors' Decisions and Future Financial Distress.
Accounting Horizons , 40. www. idx. co. id
www. Sahamok. com
Zhang, H. 2009. Effect of Derivative Accounting Rules on Corporate Risk Management. Journal of Accounting and Economics , 244–264.
Zhao, L. 2004. Corporate Risk Management and Asymmetric Information. The Quarterly Review of Economics and Finance , 727–750.
Arens, A. A., dan Loebbecke. J. K. 2003. Auditing: Pendekatan Terpadu (Judul Asli: Auditing: An Integrated Approach. Edisi 5/V, Jilid 1. Penerjemah Amir Abadi Jusuf. Jakarta: Salemba Empat.
Ball, R., & Brown, P. 1968. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Reserach , 159-177.
Berkman, H., & Bradbury, M. E. 1996. Empirical Evidence on the Corporate Use of Derivatifs.
Financial Management , 5-13.
Bhimani, A., Gulamhussen, M. A., & Lopes, S. 2009. The Effectiveness of the Auditor's Going Concern Evaluation as an External Governance Mechanism: Evidence From Loan Defaults. The International Journal of Accounting , 239–255.
Blackwood, A. H. 2002. Going Concern Opinions and the Market's Reaction to Bankruptcy Filings After SAS No. 59. USA: Nova Southeastern University.
Chen, K. C., & Church, B. K. 1996. Going Concern Opinions and Market Reaction to Bancruptcy Filings. The Accounting Review ,117-128.
Fachrozi. A. Donny. 2007. Pengaruh Model Prediksi Kebangkrutan, Pertumbuhan Perusahaan dan Reputasi Kantor Akuntan Publik terhadap Ketepatan Pemberian Opini Audit Going Concern. Universitas Brawijaya.
Fany, M., & Saputra, S. 2005. Opini Audit Going Concern: Kajian Berdasarkan Model Prediksi Kebangrutan, Pertumbuhan Perusahaan, dan Reputasi Kantor Akuntan Publik (Studi Emiten Bursa Efek Jakarta). Simposium Nasional Akuntansi VIII. Solo.
Ghozali, i m a m .2006. Aplikasi Analisis Multivariat dengan Program SPSS. Badan Penerbit Universitas Diponegoro Semarang.
Ghozali, i m a m . 2007. Manajemen Resiko Perbankan. Badan Penerbit Universitas Diponegoro Semarang
Guay, W. R. 1999. The Impact of Derivatifs on Firm Risk: An Empirical Examination of New Derivatif Users. Journal of Accounting and Economics 26 , 319-351.
Hani, Clearly, dan Mukhlasin. 2003. Going Concern dan Opini Audit : Suatu Studi pada Perusahaan Perbankan di BEJ. Simposium Nasional Akuntansi VI.1221 - 1233.
Healy, P. M., & Palepu, K. G. 2001. Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature. Journal of Accounting and Economics , 405–440.
Holder-Webb, L. M., & Wilkins, M. S. 2000. The Incremental Information Content of SAS No. 59
Going Concern Opinions. Journal of Accounting Research , 38 (No. 1), 209-219.
Hopwood, W., McKeown, J., & Mutchler, J. 1989. A Test of the Incremental Explanatory Power of Opinions Qualified for Consistency and Uncertainty. The Accounting Review , 64 (1), 28-48.
Ikatan Akuntan Indonesia. 2001, Standar Profesional Akuntan Publik, Jakarta: Salemba Empat. Ikatan Akuntan Indonesia. 2004, Standar Profesional Akuntan Publik, Jakarta: Salemba Empat.
Januarti, Indira, dan Ella Fitrianasari. 2008. Analisis Rasio Keuangan dan Rasio Non Keuangan yang Mempengaruhi Auditor dalam Memberikan Opini Going Concern pada Auditee (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEJ Tahun 2000-2005). Jurnal Maksi, UNDIP Vol.8.
Jensen, M. C., & Meckling, W. H. 1976. Theory of the Firm: Managerial Behavior; Agency Cost and Ownership Structure. Journal of Financial Economics , 305-360.
John, K., & John, T. A. 2006. Managerial Incentives, Derivatifs and Stability. Journal of Financial Stability , 71–94.
Junaidi dan Jogiyanto Hartono. 2010.”Faktor Non Keuangan pada Opini Going Concern” Simposium Nasional Akuntansi Purwokerto XII.
Juniarti. 2000. “Profesi Akuntan Merespon Dampak Memburuknya Kondisi Ekonomi”.Jurnal Akuntansi & Keuangan.Vol.2,No.2.pp.151-161.
McKeown, J.C., Mutchler, J.F., and Hopwood, W., “Towards an Explanation of Auditor Failure to Modify the Audit Opinions of Bankrupt Companies.” Auditing: A Journal of practice and theory, 1991, p.1-13.
Muller, A., & Verschoor, W. F. 2005. The Impact of Corporate Derivative Usage on Foreign Exchange Risk Exposure. Netherlands: Limburg Institute of Financial Economics(LIFE).
Mulyadi. 2002. Auditing. Edisi Pertama. Cetakan Keenam. Jakarta. : Salemba Empat.
Mutchler, J. F. 1985. A Mulitivariate Analysis of the Auditor's Going Concern Opinion Decision. Journal of Accounting Research , 668-682.
Mutchler, J. F., Hopwood, W., & McKeown, J. M. 1997. The Influence of Contrary Information and Mitigating Factors on Audit Opinion Decisions on. Journal of Accounting Research , 295- 310.
Nance, D. R., Clifford W. Smith, J., & Smithson, C. W. 1993. On the Determinants of Corporate Hedging. The Journal of Finance , 267-284.
Petronela, T. 2004. “Pertimbangan Going Concern Perusahaan dalam Pemberian Opini Audit”.Jurnal Balance, pp. 47-55.
Ramadhany, Alexander. 2004. Analisis Faktor-Faktor yang Mempengaruhi Penerimaan Opini Audit Going Concern pada Perusahaan Manufaktur yang Mengalami Financial Distress di Bursa Efek Jakarta. Jurnal Maksi. Vol. 4, Hlm. 146-160
Ridwan & kuncoro. 2007. Cara Menggunakan dan Memakai Analisi Jalur (Path Analisis). Bandung : Alfabeta.
Rossieta, H. 2009. Risk Signal, Derivatives Transaction, and Indonesian GAAP. 10th Asian Academic Accounting Association Annual Conference. Istambul, Turkey
Rossieta, H. dan Ira Geraldina. 2011. Eksposur Risiko Instrument Derivatif, Volatilitas Nilai Perusahaan dan Opini Audit Going Concern. Simposium Nasional Akuntansi XIV. Banda Aceh.
Setyarno, E. B., Januarti, I., & Faisal. 2006. Pengaruh Kualitas Audit, Kondisi Keuangan Perusahaan, Opini Audit Tahun Sebelumnya, Pertumbuhan Perusahaan terhadap Opini Audit Going Concern. Simposium Nasional Akuntansi IX. Padang.
Setyowati, W. 2009. Strategi Manajemen Sebagai Faktor Mitigasi terhadap Penerimaan Opini Going Concern. Universitas Diponegoro.
Solikah B, 2007, “Pengaruh Kondisi Keuangan Perusahaan, Pertumbuhan Perusahaan, dan Opini Audit Tahun Sebelumnya terhadap Opini Audit Going Concern”, Skripsi, Universitas Negeri Semarang.
Sugiyono. 2004. Metode Penelitian Bisnis. Jakarta; Alfabeta. Sugiyono. 2006. Metode Penelitian Bisnis. Jakarta; Alfabeta. Sugiyono. 2010. Metode Penelitian Bisnis. Jakarta; Alfabeta.
Smith, C. W., & Stulz, R. M. 1985. The Determinants of Firms' Hedging Policies. The Journal of Financial and Quantitative Analysis , 391-405.
Tickell, A. 2000. Dangerous Derivatifs: Controlling and Creating Risks in International Money.
Geoforum, Elsevier Science Ltd , 87-99.q
Venuti, E. K. 2004. The Going Concern Assumption Revisited: Assessing A Company's Future Viability. The CPA Journal , p. 40.
Wilkins, M. S. 1997. Technical Default, Auditors' Decisions and Future Financial Distress.
Accounting Horizons , 40. www. idx. co. id
www. Sahamok. com
Zhang, H. 2009. Effect of Derivative Accounting Rules on Corporate Risk Management. Journal of Accounting and Economics , 244–264.
Zhao, L. 2004. Corporate Risk Management and Asymmetric Information. The Quarterly Review of Economics and Finance , 727–750.
Published
2017-06-24
How to Cite
Izzakiah, N., Akram, A., & Sasanti, E. E. (2017). EKSPOSUR RISIKO INSTRUMEN DERIVATIF, VOLATILITAS NILAI PERUSAHAAN DAN OPINI AUDIT GOING CONCERN. Jurnal Riset Akuntansi Aksioma, 16(1), 063 - 078. https://doi.org/10.29303/aksioma.v16i1.34
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Articles
