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Vol. 11, No.1, February, 2021         Hal.23-32 

23 
 

COVID-19 IN INDONESIA: 

ANALYSIS OF DIFFERENCES EARNINGS MANAGEMENT IN THE 

FIRST QUARTER 
 

Widyaningsih Azizah* 

Fakultas Ekonomi dan Bisnis, Universitas Pancasila, Indonesia
 

widyaningsih_azizah@univpancasila.ac.id 

 

ABSTRACT 
 

The COVID-19 pandemic, which began in the first quarter (Q1) of 2020 in Indonesia, has certainly had a 

major impact on the company’s financial performance. The first-quarter financial report should have been 

able to show the actual condition of the financial company because it can be a projection for investors and 

analysts regarding the company’s performance in the next period. Unfortunately, many gaps in financial 

reporting that can provide space for management to commit earnings management. This study aims to prove 

the difference in earnings management in the Q1 of 2020, namely the period after the COVID-19 pandemic 

with the Q1 of 2019, namely the period before the COVID-19 pandemic. The data type of the research is 

secondary data using the financial statements of companies listed on the Indonesian Stock exchange in the 

Q1 of 2018, the Q1 of 2019, and the Q1 of 2020. The Q1 of 2018 is needed in this research related to the 

search for the Q1 of the year of 2019 data. Hypothesis testing was conducted using the Wilcoxon test with 

SPSS 25 software. This research has proven that there is a difference in earnings management in the Q1 of 

2019, namely before the COVID-19 pandemic, and the Q1 of 2020, named after the COVID-19 pandemic. 

The level of earnings management during the COVID-19 pandemic represented in the Q1 of 2020 was lower 

than the earnings management in the period before the COVID-19 pandemic, namely in the Q1 of 2019. 

 

Keywords: COVID-19 Pandemic, Earnings Management, Q1 of 2020, Q1 of 2019, Modified Jones Model, 

Wilcoxon Test. 
 

*Corresponding author 

Email: widyaningsih_azizah@univpancasila.ac.id 
DOI: https://doi.org/10.33369/j.akuntansi.11.1.23-32 
 

INTRODUCTION   

In the first quarter (Q1) of  2020, the world was rocked by the COVID-19 pandemic, 

which forced various countries to reduce their economic activities. As a result, the 

economic growth of all countries is depressed. In some countries, the growth experienced 

depression, and some others continued to grow positively, although far below-normal 

growth. Bappenas RI (2020) describes the depressing economy from China which was 

depressed by 6.8%. Japan was depressed deeper by 3.4%. Meanwhile, the United States 

still grew positively by 0.3%. Indonesia’s economic growth was depressed by 2.97%. 

The spread of the 2019 Coronavirus Disease (COVID-19) started in the fish market 

in Wuhan, China, which occurred at the end of December 2019. The first cases of COVID-

19 in Indonesia began on March 2, 2020. The virus spreading was so quickly. In March 

2020, more than 170 countries had reported cases of Covid-19 (Mukaromah, 2020). WHO, 

Bruce, Liang (2020) declared the coronavirus as a pandemic on March 11, 2020, and 

announced the name of this outbreak as Coronavirus Disease (COVID-19) caused by the 

Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2) virus. 

WHO, Bruce, Liang (2020) explain that before the outbreak of COVID-19, 6 types 

of coronavirus could infect humans, namely alphacoronavirus 229E, alphacoronavirus 

NL63, betacoronavirus OC43, betacoronavirus HKU1, Severe Acute Respiratory Illness 

Coronavirus (SARS-CoV), and the Middle East Respiratory Syndrome Coronavirus 

(MERS-CoV). The SARS-CoV-2 sequence has similarities with the coronavirus isolated 

in bats, so the hypothesis is that SARS-CoV-2 originated from bats that then mutated and 

infected humans. Mammals and birds are thought to be intermediate reservoirs. Currently, 

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24 
 

the human-to-human spread of SARS-CoV-2 is the main source of transmission, so its 

spread has become more aggressive. SARS-CoV-2 transmission from symptomatic patients 

occurs through droplets that come out when coughing or sneezing. 

Furthermore, in many cases, this virus only causes mild respiratory infections, such 

as flu. However, this virus can also cause severe respiratory infections, such as lung 

infections (pneumonia). World Health Organization (2020) These symptoms of COVID-

19 generally appear within 2 days to 2 weeks after the patient is exposed to the Coronavirus. 

The initial symptoms of COVID-19 can resemble flu symptoms, namely fever, runny nose, 

dry cough, sore throat, and headache. After that, the symptoms may disappear and the 

patient is healed, or even get worse. Patients with severe symptoms can experience high 

fever, cough with phlegm and even bleeding, shortness of breath, and chest pain. The action 

that must be taken if you feel symptoms of COVID-19 is to carry out independent isolation 

and then contact local health workers. COVID-19 is a newly discovered disease, therefore 

knowledge regarding prevention is still limited. The key to prevention includes breaking 

the chain of transmission with isolation, early detection, and basic protection (World Health 

Organization, 2020) 

The rapid spread of the COVID-19 and can cause a risk of death if infected, causing 

people to limit their activities, as well as companies. Data from BPS (2020) proves that 

Indonesia’s economic growth in the Q1 of 2020 to the Q4 of 2019 contracted by 2.41%. 

This construction occurred in many field and expenditure components. Household 

expenditure consumption in the Q4 of 2019 was 2.71% but in the Q1 of 2020 only 1.56%. 

Positive growth of the business field in the Q1 of 2020 occurred in sector agriculture, 

insurance, financial, forestry, fishery, information and communication, health services, and 

real estate. 

The Minister of Finance of the Republic of Indonesia, Sri Mulyani said the decline 

of Indonesia’s economic growth in the Q1 of 2020 was caused by the implementation of 

work from home and physical distancing during the COVID-19 pandemic in several 

counties. This policy was taken to reduce the spread of this virus. So, the activities outside 

the home were drastically reduced (Rahayu, 2020).  Hidayat Amir, Head of 

Macroeconomic Fiscal Policy of the Ministry of Finance said the economic losses due to 

the spread of COVID-19 could be seen from Indonesia’s economic growth in the Q1 of 

2020 which declined considerably (Kencana, 2020). Figure 1 shows Indonesia’s Economic 

Growth: 

 
Figure 1. Indonesia’s Economic Growth 

Source: BPS (2020) 

 

Indonesia’s Economic growth in the Q1 of 2019 was 5.07%, Q4 of 2019 was 4.97%, 

and Q1 of 2020 was 2.97%. In the Q1 of 2020, Indonesia’s economic growth could still 

grow by 2,97%. But, it’s lower than Q4 of 2019. And much lower than the realization of 

economic growth in Q1 of 2019.  

5.07 4.97

2.97

Q1 2019 Q4 2019 Q1 2020

INDONESIA'S ECONOMIC GROWTH

Indonesia's Economic Growth



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To prevent its wider spread, several countries have implemented lockdown policies. 

China implemented the first lockdown from 23rd, January 2020 to 8th April 2020. In 

Indonesia, lockdowns are known as Large-Scale Social Restrictions (PSBB). The 

implementation of lockdown policies pursued by several major countries in the world has 

caused social restrictions in the form of movement of people and also a movement of goods 

so that it plays a role in hampering the global demand, production, and distribution in the 

business world. The global health crisis that occurred in the Q1 of 2020 had an impact on 

the performance of the domestic economy. In the Q1 of 2020, almost all sectors in 

Indonesia grew slow down. This was due to the decrease in global and domestic demand 

and commodity prices (Bappenas RI, 2020).  

China and United States are Indonesia’s trading partners. China is the main 

destination for export (about 15%). Lockdown and restricted public activities in China had 

an impact on Indonesia’s export were hampered. Import of raw materials from China had 

also decreased, this was due to the cessation of business activities in China due to the 

COVID-19. The impact of the disruption in the supply of raw materials and capital goods 

from China affected domestic production activities in the Q1 of 2020. The impact of 

COVID-19 had hit the export and import sectors, then the chain effect would affect the 

household consumption, household consumption was starting to be limited and to the 

investment sectors. 

The recession in the United States has decreased consumer purchasing power, and 

automatically export demand such as commodities, textiles, apparel, wood products, and 

footwear would decline. The US economic recession had a significant impact on Indonesian 

trade. The United States is Indonesia's largest trading partner after China, about 10%. 50% 

of Indonesia's footwear and textile exports sent to the United States. Meanwhile, textile and 

textile products are one of Indonesia's leading export products. This means that the United 

States recession has the potential to further suppress Indonesia's export performance this 

year. 

The decline in company revenue as a result of the COVID-19 pandemic has resulted 

in companies taking efficiency measures. Many companies in the manufacturing sector are 

cutting production in anticipation, even temporarily halting production activities. As 

reported by Damaran and Harjanto (2020), one of those affected is PT. Toyota Motor 

Manufacturing Indonesia, which has 5 factories in Sunter Jakarta and Karawang with 7,863 

employees, has reduced 50% of production activities since a few weeks ago in March 2020 

and plans to close the factories. Hanoatubun (2016) explains that the presence of the 

coronavirus has affected market projections, investors will delay their investment due to 

unclear supply chains or due to changing market assumptions. 

A contractual relationship between the company owner (principal) and the manager 

(agent) in which the owner gives responsibility to the manager to manage the company on 

behalf of the owner. The owner expects the value of his company to increase so that the 

owner’s welfare will increase. This will encourage the owner to provide various incentives 

to encourage the manager to continue working hard. Managers in various ways try to meet 

the demands of the owner. 

Financial reports, which have been the spearhead of companies in reporting their 

performance, continue to be demanded so that they can show good performance during the 

COVID-19 pandemic. Unfortunately, due to the asymmetry of information owned by the 

manager, it encourages the manager to report good financial performance even though the 

situation faced by the company is in difficult conditions (Azizah, 2017a). Researches by 

(Majid et al., 2020), (Romantis et al., 2020), (Azizah, Bantasyam, et al., 2020), (Azizah et 

al., 2019), (Azizah, Zoebaedi, et al., 2020)  prove that managers in Indonesia carry out 



COVID-19 IN INDONESIA: ANALYSIS OF DIFFERENCES EARNINGS MANAGEMENT  

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Widyaningsih Azizah 

 

26 
 

earnings management. Managers consciously carry out earnings management for their 

interests. 

In the agency relationship, problems will arise if there is information that is 

unequally distributed between the agent and the principal which is called information 

asymmetry. The result of the information asymmetry is that the owner cannot oversee all 

the efforts made by the agent. This causes agents to have dysfunctional behavior. One 

example of dysfunctional behaviors done by agents is manipulating accounting numbers in 

financial reports (Sihombing & Rahardjo, 2019). Managers are driven to maximize their 

interests by beautifying the financial statements so that they are in line with the owner’s 

expectations, even though the financial statements do not describe the actual condition of 

the company. 

 (Azizah, 2017b) proves that the perspective underlying the practice of earnings 

management is opportunistic. Managers consciously carry out earning management to 

display financial reports that look good for their interests. This research is different from 

previous research because it takes the Covid-19 pandemic period as the research period and 

compares it to the period before the Covid-19 pandemic. For example Asni & Mayasari 

(2018) differences in earnings management before and after IFRS adoption. Some research 

in Indonesia discusses the effects of the Covid-19 pandemic on earnings management. 

During the COVID-19 pandemic, through the first-quarter financial reports, 

managers have to show the performance of the companies they lead. The Q1 financial 

report can be used by investors or other users of financial statements in predicting the 

companies’ performance in the next period. The instability of the financial condition 

currently faced by the company causes management to tend to experience pressure, where 

it can have an impact on management’s actions to commit earnings management. Because 

managers eager to be assessed well for their performance. Thus, companies must be able 

to show sustainable performance to attract investors and not to lose their existing investors. 

Based on this explanation, the researcher is interested in conducting a study entitled 

“COVID 19 in Indonesia: Analysis of Differences Earnings Management in the First 

Quarter". This study aims to prove the difference between earnings management in the Q1 

of the COVID-19 period and the Q1 of 2019 before COVID-19. This research is useful for 

investors and users of financial reports to be more careful in analyzing financial reports. 
 

RESEARCH METHODS 

The population of this research is all manufacturing companies listed on the Indonesia 

Stock Exchange. This study uses the Q1 of 2020 as the period after the COVID-19 pandemic 

and the Q1 of 2019 for the period before the COVID-19 pandemic. This research uses the 

purposive sampling method. The criteria used in sampling are as follows: 

1. The companies are listed on the Indonesia Stock Exchange. They are classified in the 
manufacturing industry. 

2. The companies publish financial statements for the Q1 of 2018, the Q1 of 2019, and the Q1 
of 2020. 

3. Research data is presented in published financial reports. 
 

The first case of COVID-19 occurred at the end of December 2019 in China and spread 

widely to various countries in the world in a very short period. In the early year 2020, the spread 

of COVID-19 occurred widely. The spread of COVID-19 is very fast and until now no 

medicine for it has made the public preventive. The lockdown in China began at the end of 

January 2020 and there was widespread news about the fatal effects of infected Covid-19 which 

cause death. The Indonesian economy, which grew below the average in the Q1 of 2020 

showed the Indonesian economy was affected by the Covid-19 pandemic (Kencana, 2020). The 



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27 
 

period before the COVID-19 pandemic and the period during the COVID-19 pandemic will be 

the differentiating variables in this study. The period before the COVID-19 pandemic (pre-test) 

is the Q1 of 2019 and the period after the COVID-19 pandemic (post-test) is the Q1 of 2020. 

Agency theory describes the relationship between shareholders as the principal and 

management as the agent in a cooperation contract called the nexus of contract. However, there 

are often differences in interests between management and shareholders. This difference in 

interest causes a conflict of interest between two parties. Earnings management can occur when 

management has certain interests compile an income statement that is following its purpose 

and ruled out principal interests. Earnings management practices can be carried out in several 

ways, including the selection of accounting methods and accrual policies. According to 

Sihombing & Rahardjo (2019), discretionary accruals can be used as a proxy for earning 

management. Therefore, the proxy for earnings management in this study uses the discretionary 

accrual value of the modified Jones model. 

𝑇𝐴𝐶𝐶𝑖𝑡 = 𝐸𝐵𝑋𝐼𝑖𝑡 − 𝐶𝐹𝑂𝑖𝑡 … … … … (1)  

𝑇𝐴𝐶𝐶𝑖𝑡

𝑇𝐴𝑖,𝑡−1
= 𝛼1 (

1

𝑇𝐴𝑖,𝑡−1
) + 𝛼2 (

∆𝑅𝐸𝑉𝑖𝑡

𝑇𝐴𝑖,𝑡−1
) + 𝛼3 (

𝑃𝑃𝐸𝑖𝑡

𝑇𝐴𝑖,𝑡−1
) +  𝑒 … … … … (2)  

The coefficient estimates from equation (2) are used to estimate the non-discretionary 

accruals (NDACC)  for our sample firms: 

𝑁𝐷𝐴𝐶𝐶𝑖𝑡 = 𝛼1 (
1

𝑇𝐴𝑖,𝑡−1
) + 𝛼2 (

∆𝑅𝐸𝑉𝑖𝑡 − ∆𝑅𝐸𝐶𝑖𝑡
𝑇𝐴𝑖,𝑡−1

) + 𝛼3 (
𝑃𝑃𝐸𝑖𝑡

𝑇𝐴𝑖,𝑡−1
) … … … … (3) 

Furthermore, discretionary accrual (DACC) can be calculated as follows: 

𝐷𝐴𝐶𝐶𝑖𝑡 = (
𝑇𝐴𝐶𝐶𝑖𝑡
𝑇𝐴𝑖,𝑡−1

) − 𝑁𝐷𝐴𝐶𝐶𝑖𝑡 … … … … (4) 

Notes: 

EBXI = Earnings before extraordinary items and discontinued operations 

CFO = Operating cash flows (from continuing operations) taken from the statement 

TA = Total assets 

REV = Revenues 

REC = Accounts receivable 

PPE = Gross value of property, plant, and equipment 

 

The modified Jones model is a development of the Jones model which can detect 

earnings management better than other models such as the Healy, DeAngelo, Jones, and 

industry models. Besides, Islam et al. (2011) prove that the modified jones model is an effective 

model for detecting earnings management in developed and developing countries. 

To test the differences in earnings management in the period before the COVID-19 

pandemic and after the COVID-19 pandemic, the Paired sample T-test was used if the residuals 

were normally distributed. The normality test used the Kolmogorov Smirnov test using a 

significance level of 0.05. However, if it does not pass the normality test, then to test the 

differences in earnings management in the period before the COVID-19 pandemic and after 

the COVID-19 pandemic, the Wilcoxon Test. The level of significance (α) is 5%. 

 

RESULTS AND DISCUSSION 

Based on the sample selection criteria in table 1, there are 62 companies were selected 

as samples in this study. 

 

 
 



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Widyaningsih Azizah 

 

28 
 

Table 1. Sample Selection Criteria 

Description Number of 

Companies 

Companies registered consecutively in Q1 2018, Q1 2019, Q1 2020 80 

Incomplete data (18) 

Sample companies 62 

 

Based on normality testing using the Kolmogorov Smirnov test, the significance value 

of earnings management in the period before the COVID-19 pandemic was 0,000, and after the 

COVID-19 pandemic was 0.05 indicating that the residuals were not normally distributed. 

Then the Wilcoxon test was used to test the hypothesis. 

The results of hypothesis testing using the Wilcoxon test show that Asymp.Sig. (2 

tailed) is worth 0.000 <0.05. It can be concluded that Ha is accepted, meaning that there is a 

difference in earnings management for the pretest (before the COVID-19 pandemic) and the 

posttest (after the COVID-19 pandemic). Therefore, it can be concluded that there was an 

influence from the COVID-19 pandemic on earnings management in manufacturing companies 

in Indonesia during the Q1. 

As can be seen in table 2, this difference can be proven by the average value of earnings 

management in the Q1 of the period after the COVID-19 pandemic shows a relatively smaller 

number (even on average it shows no earnings management at all) than the average value of 

earnings management for the Q1 of the period before the COVID-19 pandemic. The minimum 

and maximum value of earnings management in the Q1 before the COVID-19 pandemic were 

higher than the Q1 after the COVID-19 pandemic. 

 
 

Table 2. The Comparison of Earnings Management 

Description Q1 of 2019 Q1 of 2020 

Average Value -0.0000002 0.0000000 

Minimum Value -0.69439 -0.15744 

Maximum Value 9.50324 0.17707 

 

 

The financial crisis as a result of the COVID-19 pandemic faced by the company did 

not cause the company to sporadically commit earnings management in the Q1 of 2020. The 

results of this study are not in line with the researches conducted by Gupta & Suartana (2018), 

Gamayuni (2011) who state that earnings management behavior will increase along with the 

increasing level of company financial difficulties. The COVID-19 pandemic, which has 

occurred globally, has managers more careful in managing their companies. During the Q1 of 

2020, companies continued to commit earnings management, but with much smaller numbers 

than the period before the COVID-19 pandemic. 

As can be seen in table 3, the Average value of earnings management from each sub-

sector in the sample companies were obtained by using the absolute discretionary accrual value. 

The highest average value of earnings management in Q1 2019 is the household equipment 

sub-sector, with an average value of 3.055, while the lowest average value is for the animal 

feed sub-sector, 0.10164. In Q1 of 2020, the highest average value is in the footwear sub-sector 

with a value of 0.0841 and the lowest average value is in the metals and the like sub-sector 

with a value of 0.00092. 
 

Table 3. Average Value Earnings Management of Each Sub-Sector 
Sub-Sector Q1 2020 Q1 2019 

Cement 0,013149   
0,115708 



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Porcelain and glass ceramics 0,022967 
 

0,150583 

Metals and the like 0,00092 
 

0,253695 

Chemicals 0,021277 
 

0,148632 

Plastics and packaging 0,010608 
 

0,110644 

Animal feed 0,014537   
0,10164 

Wood and processing 0,068601 
 

0,12317 

Pulp and paper 0,028881 
 

0,1456 

Automotive and components 0,010967   
0,145453 

Footwear 0,084196 
 

0,15605 

Cables 0,003178   
0,150627 

Food and beverages 0,005251 
 

0,168494 

Cigarettes 0,042027 
 

0,20933 

Pharmaceuticals 0,020346 
 

0,132007 

Cosmetics and household goods 0,001179   
0,127483 

Household appliances 0,0118 
 

3,055407 

 

 

The COVID-19 pandemic, which began in Q1, which resulted in a global financial 

crisis, seems to have made shareholders and investors understand this condition. Therefore, 

financial reports that show unfavorable performance are understandable. However,  managers 

still beautify it by making lightly earnings management. If managers remain ambitious to show 

good company performance during the COVID-19 pandemic, even though they are not, it will 

raise suspicion from the public, analysts, auditors, investors, and even shareholders. This 

aggressive action by the manager can threaten his/her position. 

 

CONCLUSIONS AND SUGGESTION 

 

The COVID-19 pandemic has triggered the contraction of economic growth in the Q1 

of 2020, not only in Indonesia but also in other countries (Bappenas RI, 2020).  Starting from 

falling the prices of oil and gas, to quarantining activities such as a lockdown in several 

countries. The Covid-19 pandemic has an impact not only on the health crisis, but also on the 

economic crisis, and manufacturing companies are no exception. Managers as company 

administrators are required to show optimal performance.  

This study aims to prove the difference in earnings management for the Q1 of 2020 (the 

period after the COVID-19 pandemic) and the Q1 of 2019 (before the COVID-19 pandemic). 

The results of this study prove that there are differences in earnings management for the Q1 of 

2019 (before the COVID-19 pandemic) and the Q1 of 2020 (after the COVID-19 pandemic). 

It can be concluded that there is an influence from the COVID-19 pandemic on earnings 

management in manufacturing companies in Indonesia during the Q1. 

The deteriorating economic conditions starting in the Q1 of 2020, as a result of the 

COVID-19 pandemic, did not cause companies to commit earnings management in the Q1 

sporadically. This shows that managers are more careful in managing their companies, and do 

not want to stand out amid the COVID-19 pandemic.  This happens if the manager cannot show 

the real performance of his company. 

The limitations of this study are that this research used only manufacturing companies 

listed on the IDX, and focused only on the Q1 of financial statements as the initial impact of 

this pandemic. Not all manufacturing companies listed on the IDX during the study period were 

sampled due to limited data from the Q1 financial reports of several manufacturing companies 



COVID-19 IN INDONESIA: ANALYSIS OF DIFFERENCES EARNINGS MANAGEMENT  

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Widyaningsih Azizah 

 

30 
 

available for research needs. The third limitation is that earnings management in this research 

is measured by the discretionary accrual value of the modified Jones model only. 

For further research, it is suggested to expand the area of the research population, by 

using both manufacturing and non-manufacturing companies. Next, the research period related 

to earnings management can be expanded by comparing year to year. Third, further research 

can use other measurements to measure earnings management to provide alternatives and 

comparisons to improve the quality of future studies. 

 

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COVID-19 IN INDONESIA: ANALYSIS OF DIFFERENCES EARNINGS MANAGEMENT  

IN THE FIRST QUARTER 

Widyaningsih Azizah 

 

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