Available online at: https://journals.researchsynergypress.com/index.php/jgrcs/index Journal of Governance Risk Management Compliance and Sustainability (JGRCS) ISSN 2776-9658 (online) Volume 2 Number 1 (2022): 01-09 Corresponding author Indra Kusumawardhani, indra.kusumawardhani@upnyk.ac.id; Sri Luna Murdianingrum, sriluna@upnyk.ac.id DOI: 10.31098/jgrcs.v2i1.801 Research Synergy Foundation The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani1, Sri Luna Murdianingrum1 1Department of Accounting, Faculty of Economics and Business, Universitas Pembangunan Nasional “Veteran” Yogyakarta Abstract Earnings are commonly used as one of the measuring instruments to determine firms’ performance. Earnings numbers indicated firms' ability to manage resources and earnings information will be used by users to make decisions related to firms' performance and tax collection. Earnings management practices are mostly influenced by the conflict of interest between principals and agents, but they can be minimized with good corporate governance. The objective of this research is to determine the effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management. Research samples were taken from 383 nonfinancial firms listed on the Indonesia Stock Exchange from 2017 to 2019 by using the purposive sampling technique. The independent variables used in this research were Institutional Ownership, Managerial Ownership, and Deferred Tax Expense, while the dependent variable was Earnings Management. Research results suggested that Institutional Ownership and Managerial Ownership affected Earnings Management, while Deferred Tax Expenses have no effect on Earnings Management Keywords: Institutional Ownership, Managerial Ownership, Deferred Tax Expense, Earnings Management This is an open access article under the CC–BY-NC license INTRODUCTION The company must have a competitive advantage in order to maintain its business continuity (going concern). Kamran & Shah (2014) stated that financial statements are one way to provide information about a company's financial performance and how the company's management is responsible for its owner. Information concerning a company is contained in the financial statements so that financial statements become a medium of communication for the company manager and other stakeholders. Earnings are one of the measuring instruments used to determine the company's performance. The greater the profit figures earned, indicating the better the company's ability to manage resources to earn profit. Earnings information from financial statements will be used by external parties as well as internally to make decisions related to compensation, bonuses, measures of achievement, management performance, and tax collection (Suputra, 2017). Earnings management practices are influenced by conflicts of interest between principals and agents. Agency conflicts arise when both parties want to achieve prosperity (Scott, 2015). Management seeks to minimize the tax expense in accordance with the corridors of applicable rules by conducting tax planning and deferred tax expense. Earnings management is not a detrimental thing as long as it is done in the corridors of opportunity. It is not always interpreted by the process of manipulation of financial http://creativecommons.org/licenses/by-nc/4.0/ Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) 2 │ statements because there are several options of methods that can be used and not as a prohibition (Kusumawardhani, 2012). The phenomenal case regarding financial statements engineering conducted by PT Asuransi Jiwasraya (AJS) was revealed by the Audit Board of Finance (BPK) through the assessment of preliminary investigations. Earnings manipulation of Rp 360,3 billion was found in 2006. As one of the state-owned enterprises, Jiwasraya submitted a request for bailout funds to the Government due to financial difficulties amounting to Rp 32.29 billion in September 2019. At the time of the audit by BPK, it was found that Jiwasraya misplaced investments and defaulted on customers Rp 802 billion which resulted in state losses and criminal acts of window dressing (Setiawan, 2020). Information asymmetry between principal and agent can be reduced by good corporate governance. Earnings management practices can be minimized by supervisory mechanisms to align the interests of principals and agents. It could be conducted by adding a share of institutional and managerial ownership, and supervision by independent commissioners and audit committees. There are many studies conducted to examine issues related to earnings management, especially regarding corporate governance and deferred tax expense, Wang & Siyu (2012); Suputra (2017); Mudjiyanti (2018); Achyani & Lestari (2019); Bunaca & Nurdyadi (2019) showed inconsistent results. Based on the background of the problem, the research objective was to determine the effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Profit Management in Indonesia. LITERATURE REVIEW Agency Theory The owner and the manager have an agency connection, which produces an agency conflict because the mutualism symbiosis is not related to differences in interests. Profit management is explained using the agency theory method, which claims that conflicts of interest have an impact on profit management (Suputra, 2017). The principal and the agent have a contractual relationship in which the agent has the power to act on behalf of the principal and is compensated for doing so. The relationship between investors and management might be described as agency relations. When the principal is a shareholder or investor, and the agent is management, agency theory helps explain management behavior (Suwardjono, 2014). The importance of transferring over the company's operationality from the owner (principal) to a party who can better manage the organization is emphasized by agency theory (agent) (Sulistyanto, 2008). Earnings Management Earnings management is a managerial endeavor to make use of the freedom to employ accounting methods and judge the worth of accounting in dealing with financial statement information (Sulistyanto, 2008). Scott (2015) explained that earnings management is a management accounting policy that focuses on the process of generating external financial statements for the purpose of personal gain. Earnings management can influence financial data by employing accounting methods, accounting estimation values, or both at the same time (Sulistyanto, 2008). Earnings management practices are carried out by management due to several motivations, namely: (1) Motivation of bonus programs; (2) Tax motivation; (3) Political motivation; (4) CEO switching motivation; (5) Initial Public Offering (IPO) (6) Motivation of debt agreement. Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) │ 3 Good Corporate Governance Corporate governance is a set of integrated systems for managing, guiding, and leading a company or a corporation to improve the firm's and the community's value. According to the OECD (The Organization for Economic Cooperation and Development) (2003) Good corporate governance is a structure where stakeholders, shareholders, commissioners, and managers draft the company's objectives in an integrated manner and contain the means to achieve these goals and oversee the performance of the company's management. Research conducted by Chhaochharia & Grinstein (2007) shows that corporate governance influences the information reported by companies indirectly. Institutional Ownership Institutional ownership is regarded to be capable of providing similar internal surveillance systems. The shares of corporations controlled by institutions or institutions are referred to as institutional ownership (insurance companies, banks, investment companies, and other institutional holdings). In order to achieve earning purposes, the management will probably be involved in earnings manipulation. The larger institutional ownership can reduce profit management practices, but a significant amount of ownership is required to oversee management, which has the effect of lowering managers' willingness to undertake earnings management. (Latif and Abdullah, 2015; Cornett et al, 2006; Hartzell and Starks, 2003; Balsam et al, 2002). H1: Institutional ownership affects earnings management Managerial Ownership Because management owns such a large percentage of the company's stock, their mindset is that of someone who is invested in the company. As a result, management will be motivated to present accurate financial data since the contracting parties will scrutinize the management who owns the company's stock. This will lead to a better contract (Ball and Shivakumar, 2005). Therefore, it is likely that the managerial ownership level will be in the same direction to suppress the utilization of discretionary accruals (earnings management) by management. H2: Managerial ownership affects earnings management. Deferred Tax Expense Expenses resulting from transient disparities between accounting profit (profit reported in financial statements for the benefit of third parties) and fiscal profit (profit used to calculate taxes) when accounting profit tends to be higher than fiscal profit (Suputra, 2017). Statement of Financial Accounting Standards/PSAK 46 (IAI, 2010) related to tax accounting states that company management has the discretion to determine accounting policies to determine how much deferred tax assets or deferred tax expenses are because they are used differently. Deferred taxes are caused by the higher taxable income than pre-tax financial income due to the positive impact due to temporary changes. Phillips et al (2003) in Suputra (2017) said that management discretion will be greater when the difference in fiscal profit with accounting profit. Yulianti (2005) mentioned the amount of management discretion contained in deferred tax expenses that can detect profit management practices in the company. Suputra (2017) showed that the deferred tax burden affects earnings management. H3: Deferred tax expense affects earnings management. Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) 4 │ RESEARCH METHOD Population and Samples This study was conducted by using 811 observations from 383 samples of all nonfinancial listed firms in 2017-2019. The purposive sampling was used with criteria as follows: (1) Companies that have complete earnings management data; (2) Have institutional ownership, managerial ownership, and deferred tax expense data. Research Variables Independent Variables Institutional Ownership The ownership percentage held by other institutions from the total number of outstanding firm shares is used to calculate the institutional ownership variable in this study. Managerial Ownership The percentage of share ownership owned by the management of the total number of outstanding firm shares is used to proxy the managerial ownership variable. Deferred Tax Expense In this study, the deferred tax expense can be calculated by weighting the deferred tax expense by total assets (Phillips and Rego, 2003) as follows: 𝐷𝑇𝐸 = 𝐷𝑒𝑓𝑒𝑟𝑟𝑒𝑑 𝑇𝑎𝑥 𝐸𝑥𝑝𝑒𝑛𝑠𝑒 𝑖𝑡 𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑒𝑡 𝑖𝑡 − 1 Dependent Variable Earnings Management Earnings management in this study is measured by Discretionary Accruals (DA) using the Modified Jones Model (Dechow et al, 1995) and calculated by Total Accrual (TA). Total Accrual (TA) is comprised of Discretionary Accrual (DA) and NonDiscretionary Accrual (NDA). Earnings management used Modification Jones Model, which is as follows: TAC = NIit – CFOit The total accrual value (TAC) can be estimated using ordinary least squares (OLS) to obtain the regression coefficient, as follows: 𝑻𝑨𝒊𝒕 𝑨𝒊(𝒕−𝟏) = α𝟏 ( 𝟏 𝑨𝒊(𝒕−𝟏) ) + α𝟐 ( ∆𝑹𝑬𝑽𝒊𝒕 𝑨𝒊(𝒕−𝟏) ) + α𝟑 ( 𝑷𝑷𝑬𝒊𝒕 𝑨𝒊(𝒕−𝟏) ) + å The value of non-discretionary accruals can be calculated by the formula: 𝑵𝑫𝑨𝒊𝒕 = α𝟏 ( 𝟏 𝑨𝒊(𝒕−𝟏) ) + α𝟏 ( ∆𝑹𝑬𝑽𝒊𝒕 𝑨𝒊(𝒕−𝟏) − ∆𝑹𝑬𝑪𝒊𝒕 𝑨𝒊(𝒕−𝟏) ) + α𝟏 ( 𝑷𝑷𝑬𝒊𝒕 𝑨𝒊(𝒕−𝟏) ) Furthermore, discretionary accruals can be calculated by the formula: 𝑫𝑨𝒊𝒕 = 𝑻𝑨𝒊𝒕 𝑨𝒊(𝒕−𝟏) − 𝑵𝑫𝑨𝒊𝒕 Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) │ 5 Data Analysis This research relied on secondary data. Multiple linear regression approaches were used to examine the data to see if institutional ownership, managerial ownership, and deferred tax expense had an impact on earnings management. Multiple regression analysis was used to evaluate hypotheses using the following model : EM = α + βInsOWn + β2MOwn + β3DTE + ε Information : Y = Earnings Management α = Intercept X1 = Institutional Ownership X2 = Managerial Ownership X3 = Deferred Tax Expense Prior to testing the regression, the classical assumptions were conducted (normality, multicollinearity, autocorrelation, and heteroscedasticity tests). FINDINGS AND DISCUSSION Table 1. Descriptive Statistics N Min Max Mean Std. Dev EM 811 -.00108 .00381 .0003993 .00109686 InsOwn 811 .48041 .91862 .7173367 .12066546 Mown 811 .00000 .25683 .0295646 .05481500 DTE 811 .00000 .03905 .0047983 .00873216 Valid N (listwise) 811 Source: 2021 Data Processing Results The assumptions that must be met when using multiple linear regression models are met in this investigation. The Kolmogorov-Smirnov test was used to test sample normality, the Durbin Watson coefficient test was used to test autocorrelation, and the Variance Inflation Factor was used to test multicollinearity, and the Spearman Rho test was used to test heteroscedasticity. Table 2. Multiple Regression Analysis Result Summary Coefficients Constant 0.001 InsOwn -0.001 Mown 0.001 DTE -0.003 F 5.908 R2 0.021 Adj R2 0.018 Source: 2021 Data Processing Results Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) 6 │ Table 3. Result Test Effect of Factors on Earnings Management Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 0.001 0.000 4.963 0.000 InsOwn -0.001 0.000 -0.127 -3.568 0.000 Mown 0.001 0.001 0.070 2.000 0.046 DTE -0.003 0.004 -0.028 -0.786 0.432 a. Dependent Variable: EM Source: 2021 Data Processing Results Results shown in Table 2 indicated that the Institutional Ownership and Managerial Ownership have an impact on Earnings Management, while the Deferred Tax Expense variable has no effect. The R2 and Adjusted R2 coefficients of determination are 0.021 and 0.018, respectively. This value indicates that the independent variables used in the model (Institutional Ownership, Managerial Ownership, and Deferred Tax Expense) could only explain 1.8 percent of the variation in the value of the dependent variable (Earnings Management), with the remaining 98.2% influenced by factors not studied. It can be concluded that the study's independent variable has a limited ability to explain the study's dependent variable. The significance of the F test results in the research model is less than the set threshold (0.05). These findings show that the model (Model Fit) utilized in this investigation is appropriate. Based on Table 4.3, only Institutional Ownership and Managerial Ownership significantly affect Earnings Management. Deferred Tax Expenses did not affect significantly. Discussion Institutional Ownership and Earnings Management Institutional shareholders with a high ownership value will encourage more optimal information enhancement and management supervision, potentially reducing managers' opportunistic behavior and allowing institutional owners to receive information comparable to managers and reduce earnings management (Cornett et al., 2006; Sari and Nur, 2013; Latif and Abdullah, 2015). The first hypothesis test result indicated that Institutional Ownership has a negative impact on Earnings Management. This study is consistent with Astari & Suryanawa (2017) who showed the importance of institutional ownership in monitoring management because Increased oversight will be encouraged as a result of institutional ownership. The welfare of shareholders will undoubtedly be improved as a result of this supervision. The impact of Institutional ownership as a supervisory agent will be reduced due to their substantial capital market investment. Managerial Ownership and Earnings Management Offering managers stock options, often known as stock-based pay, is one strategy used to try to decrease friction generated by the separation of ownership and control between managers and stakeholders. There are cases where the manager owns a portion of the firm, the manager will naturally behave as an external shareholder. The manager will ensure the financial statements are presented properly and accurately reflect the company's current state Purnama (2017). Journal of Governance Risk Management Compliance and Sustainability (JGRCS), Vol. 2 (1), 01-09 The Effect of Institutional Ownership, Managerial Ownership, and Deferred Tax Expense on Earnings Management Indra Kusumawardhani, Sri Luna Murdianingrum ISSN 2776-9658 (online) │ 7 The second hypothesis test result showed that Managerial Ownership positively affected Earnings Management. This research is consistent with Aryanti & Kristanti (2017) which shows the results that managerial ownership affects earnings management due to institutional ownership. Management oversight will be better controlled, resulting in more accurate information, and reducing the information asymmetry caused by control. The power of institutional owners will have an impact on how profits are reported. Deferred Tax Expense and Earnings Management The third hypothesis is rejected with a significant value of 0.432 (above 0.05). Results showed that Deferred Tax Expense has no effect on Earnings Management. Using deferred tax expense to identify earnings management in the company is ineffective because it cannot demonstrate that the company is undertaking earnings management. Our result did not support Philip et al (2003); Yulianti (2005); Fitriany (2016). This research is in line with those of Satwika and Damayanti (2005), Timuriana and Muhamad (2015) which demonstrates the existence of taxation legislation in Indonesia that places severe limitations on tax computations. The research stated that the basis for calculating fiscal profit or loss is to acknowledge the amount of income and costs when they are received or issued. In other words, tax computations solely account for current-period tax expenses and ignore expenses and deferred tax. The company has complied with applicable regulations relating to published financial statements. Enforcement of regulations regarding financial reporting by the Financial Services Authority (OJK) has restricted management to manage earnings. Financial statement users also have extensive knowledge in analyzing the financial statements of the issuer's company and easier to detect the existence of earnings management. CONCLUSION & FURTHER RESEARCH Based on the result discussion, it can be concluded that Institutional Ownership and Managerial Ownership affected Earnings Management, whereas Deferred Tax Expense did not affect Earnings Management. Institutional ownership negatively affects earnings management. The existence of institutional ownership will induce managers to engage in earnings management to avoid negative earnings and deliver higher and consistent earnings. Managerial ownership positively affects earnings management. Management ownership creates a controllable oversight, more accurate information, and reduces information asymmetry. Deferred tax expense has no significant effect on earnings management practices. 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