KONSERVATISME AKUNTANSI DAN RISIKO JATUHNYA HARGA SAHAM : SAHAM SYARIAH SEBAGAI VARIABEL MODERASI
PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI 2019-2023
Abstract
Penelitian ini menguji dampak konservatisme akuntansi terhadap risiko jatuhnya harga saham dengan saham syariah yang diinterpretasikan oleh Jakarta Islamic Index (JII) sebagai variabel moderasi, dengan fokus pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019-2023. Penelitian ini menganalisis data dari 101 perusahaan, dengan 436 observasi menggunakan unbalanced panel data. Model Common Effect Model (CEM) dipilih berdasarkan uji hausman dan uji LM. Temuan penelitian menunjukkan bahwa 1) konservatisme akuntansi tidak berpenhgaruh signifikan terhadap risiko jatuhnya harga saham, 2) saham syariah tidak berpengaruh signifikan memoderasi hubungan konservatisme akuntansi terhadap risiko jatuhnya harga saham.
References
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Jin, L., & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of Financial Economics, 79(2), 257–292. https://doi.org/10.1016/j.jfineco.2004.11.003
Khan, & Watts. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2–3), 132–150. https://doi.org/10.1016/j.jacceco.2009.08.002
Kim, C., Wang, K., & Zhang, L. (2019). The Readability of 10-K Reports and Stock Price Crash Risk. SSRN Electronic Journal, 1(May), 3–23. https://doi.org/10.2139/ssrn.2378586
Kim, J. B., & Zhang, L. (2015). Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence. Contemporary Accounting Research, 33(1), 412–441. https://doi.org/10.1111/1911-3846.12112
Kousenidis, D. V, Ladas, A. C., & Negakis, C. I. (2014). The Journal of Economic Asymmetries Accounting conservatism quality of accounting information and crash risk of stock prices ✩. The Journal of Economic Asymmetries, 11, 120–137. https://doi.org/10.1016/j.jeca.2014.09.001
Krismiaji, K., & Sururi, S. (2021). Conservatism, Earnings Quality, and Stock Prices - Indonesian Evidence. Journal of Accounting and Investment, 22(1), 37–50. https://doi.org/10.18196/jai.v22i1.9419
Kustodian Sentral Efek Indonesia. (2023). Data Statistik KSEI 2023. Diakses pada 30 Agustus 2024 dari https://www.ksei.co.id/files/Statistik_Publik_Desember_2023_v5.pdf
Ma, L., Zhang, M., Gao, J., & Ye, T. (2020). The Effect of Religion on Accounting Conservatism. European Accounting Review, 29(2), 383–407. https://doi.org/10.1080/09638180.2019.1600421
Nasional, F. D. S. (2003). “…dan Allah menghalalkan jual beli dan mengharamkan riba...” (QS. al-Baqarah [2]: 275).
PRABOWO, H. (2016). KONSERVATISME AKUNTANSI DAN STOCK PRICE CRASH RISK: Penelitian pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. http://etd.repository.ugm.ac.id/penelitian/detail/104127
Rudiawarni, F. A., Sulistiawan, D., & Sergi, B. S. (2022). Is conservatism good news? The case of stocks of Jakarta Islamic index. Heliyon, 8(4), e09292. https://doi.org/10.1016/j.heliyon.2022.e09292
Sahputra, A., Dharma, F., & Amelia, Y. (2022). ANALISIS PERBANDINGAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SEBELUM DAN SESUDAH DIUMUMKANNYA KASUS PERTAMA COVID-19. 15(1), 29–40. https://doi.org/http://dx.doi.org/10.30813/jab.v15i1.2796
Saleh, Tahir. (2020). Aktif lagi Usai 2 Tahun Suspensi, Saham AISA Keok 7%. Diakses pada 13 Oktober 2024 dari https://www.cnbcindonesia.com/market/20200831123916-17-183249/aktif lagi-usai-2-tahun-suspensi-saham-aisa-keok-7.
Sapar. (2017). PENGARUH FAKTOR FUNDAMENTAL KEUANGAN TERHADAP BETA SAHAM PADA PERUSAHAAN MANUFAKTURYANG GO PUBLIKDI BURSA EFEK INDONESIA. Jurnal Ilmiah Ekonomi Bisnis, 335–353. https://doi.org/https://doi.org/10.35972/JIEB.V3I3.134
Savitri, E. (2016). Konservatisme Akuntansi: Cara Pengukuran, Tinjauan Empiris dan Faktor-Faktor yang Mempengaruhinya. Pustaka Sahila Yogyakarta, 1, 113.
Sutrisno, B., Hakim, L., Hanifah, A., & Anggana, A. (2023). Tata Kelola Internal Perusahaan dan Risiko Jatuhnya Harga Saham Perbankan di Indonesia. Jurnal Madani: Ilmu Pengetahuan, Teknologi, Dan Humaniora, 6(1), 8–16. https://doi.org/10.33753/madani.v6i1.249
Taqwa, Y. Z. & S. (2023). Pengaruh Financial Distress, Kepemilikan Institusional, dan Growth Opportunities terhadap Konservatisme Akuntans. 5(1), 246–262. https://doi.org/https://doi.org/10.24036/jea.v5i1.723
Toksoz, T. (2024a). Borsa Istanbul Review Crash risk and conservatism : Evidence from Borsa Istanbul. Borsa Istanbul Review, September 2023. https://doi.org/10.1016/j.bir.2024.04.010
Toksoz, T. (2024b). Crash risk and conservatism: Evidence from Borsa Istanbul. Borsa Istanbul Review, 24(4), 787–796. https://doi.org/10.1016/j.bir.2024.04.010
Wang, Q., Li, X., & Liu, Q. (2020). Empirical research of accounting conservatism, corporate governance and stock price collapse risk based on panel data model. Connection Science, 33(4), 995–1010. https://doi.org/10.1080/09540091.2020.1806204
Waqas, A. (2007). Bagaimana Konservatisme Akuntansi Mempengaruhi Risiko Jatuhnya Harga Saham di Pakistan : Peran Komplementer Manajerial dan Institusional Kepemilikan ? 1–30.
Waqas, A., & Siddiqui, D. A. (2021). How Does the Accounting Conservatism Affect the Stock Price Crash Risk in Pakistan: The Complementary Role of Managerial and Institutional Ownership. Journal of Accounting and Finance in Emerging Economies, 7(3), 607–621. https://doi.org/10.26710/jafee.v7i3.1879
Wareza, Monica. (2019). Tiga Pilar dan Drama Penggelembungan Dana. Diakses pada 13 Oktober 2024 dari https://www.cnbcindonesia.com/market/20190329075353-17-63576/tiga pilar-dan-drama-penggelembungan-dana.
Watts, R. L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons: September 2003, 17(3), 207–221. https://doi.org/https://doi.org/10.2139/ssrn.414522
Zulfikar, Muhammad. (2021). FORSA: Kasus AISA merupakan Kejahatan Pidana Pasar Diakses pada 14 Oktober 2024 https://www.antaranews.com/berita/2188046/forsa-kasus-aisa merupakankejahatan-pidana-pasar-modal.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. 24, 3–37. https://doi.org/https://doi.org/10.1016/S0165-4101(97)00014-1
Callen, J. L., & Fang, X. (2015). Religion and Stock Price Crash Risk. 50, 169–195. https://doi.org/10.1017/S0022109015000046
Cita Dewangga, Dewi Saptantinah, dan F. H. (2020). Pengaruh Kinerja KIeungan dan Makro ekonomi Terhadap Harga Saham Pada Studi Kasus Perusahaan MAnufaktur Yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018. Jurnal Akuntansi Dan Sistem Teknologi Informasi (JASTI), 16(Vol.16 No.3 (2020): Akuntansi dan Sistem Teknologi Informasi), 1–27. https://doi.org/https://doi.org/10.33061/jasti.v16i3.4441
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7(2), 197–226. https://doi.org/10.1016/0304-405X(79)90013-8
Edison, E., Rosita, R., Asrini, A., & Susilawati, E. (2023). Pengaruh Leverage, Growth Opportunity, Ukuran Perusahaan dan Intensitas Modal terhadap Konservatisme Akuntansi (Studi Empiris pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016-2019). Jurnal Ilmiah Universitas Batanghari Jambi, 23(2), 2483. https://doi.org/10.33087/jiubj.v23i2.3966
Fitriani, F., & Pangiuk, A. (2022). Pengaruh Financial Distress, Kepemilikan Institusional, Risiko Litigasi Dan Ukuran Perusahaan Terhadap Konservatisme Akuntansi Syariah. Jurnal Syntax Admiration, 3(7), 869–879. https://doi.org/10.46799/jsa.v3i7.454
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003
Jaya, A. A. (2022). PENGARUH FINANCIAL DISTRESS, GROWTH OPPORTUNITY , KEPEMILIKAN INSTITUSIONAL , KEPEMILIKAN MANAJERIAL , DEBT COVENANT , DAN. E-Jurnal Akuntansi TSM, 2(3), 109–120. https://doi.org/https://doi.org/10.34208/ejatsm.v2i3.1606
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance: Values, Ethics and Leadership, 77–132. https://doi.org/10.4159/9780674274051-006
Jin, L., & Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of Financial Economics, 79(2), 257–292. https://doi.org/10.1016/j.jfineco.2004.11.003
Khan, & Watts. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2–3), 132–150. https://doi.org/10.1016/j.jacceco.2009.08.002
Kim, C., Wang, K., & Zhang, L. (2019). The Readability of 10-K Reports and Stock Price Crash Risk. SSRN Electronic Journal, 1(May), 3–23. https://doi.org/10.2139/ssrn.2378586
Kim, J. B., & Zhang, L. (2015). Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence. Contemporary Accounting Research, 33(1), 412–441. https://doi.org/10.1111/1911-3846.12112
Kousenidis, D. V, Ladas, A. C., & Negakis, C. I. (2014). The Journal of Economic Asymmetries Accounting conservatism quality of accounting information and crash risk of stock prices ✩. The Journal of Economic Asymmetries, 11, 120–137. https://doi.org/10.1016/j.jeca.2014.09.001
Krismiaji, K., & Sururi, S. (2021). Conservatism, Earnings Quality, and Stock Prices - Indonesian Evidence. Journal of Accounting and Investment, 22(1), 37–50. https://doi.org/10.18196/jai.v22i1.9419
Kustodian Sentral Efek Indonesia. (2023). Data Statistik KSEI 2023. Diakses pada 30 Agustus 2024 dari https://www.ksei.co.id/files/Statistik_Publik_Desember_2023_v5.pdf
Ma, L., Zhang, M., Gao, J., & Ye, T. (2020). The Effect of Religion on Accounting Conservatism. European Accounting Review, 29(2), 383–407. https://doi.org/10.1080/09638180.2019.1600421
Nasional, F. D. S. (2003). “…dan Allah menghalalkan jual beli dan mengharamkan riba...” (QS. al-Baqarah [2]: 275).
PRABOWO, H. (2016). KONSERVATISME AKUNTANSI DAN STOCK PRICE CRASH RISK: Penelitian pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. http://etd.repository.ugm.ac.id/penelitian/detail/104127
Rudiawarni, F. A., Sulistiawan, D., & Sergi, B. S. (2022). Is conservatism good news? The case of stocks of Jakarta Islamic index. Heliyon, 8(4), e09292. https://doi.org/10.1016/j.heliyon.2022.e09292
Sahputra, A., Dharma, F., & Amelia, Y. (2022). ANALISIS PERBANDINGAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SEBELUM DAN SESUDAH DIUMUMKANNYA KASUS PERTAMA COVID-19. 15(1), 29–40. https://doi.org/http://dx.doi.org/10.30813/jab.v15i1.2796
Saleh, Tahir. (2020). Aktif lagi Usai 2 Tahun Suspensi, Saham AISA Keok 7%. Diakses pada 13 Oktober 2024 dari https://www.cnbcindonesia.com/market/20200831123916-17-183249/aktif lagi-usai-2-tahun-suspensi-saham-aisa-keok-7.
Sapar. (2017). PENGARUH FAKTOR FUNDAMENTAL KEUANGAN TERHADAP BETA SAHAM PADA PERUSAHAAN MANUFAKTURYANG GO PUBLIKDI BURSA EFEK INDONESIA. Jurnal Ilmiah Ekonomi Bisnis, 335–353. https://doi.org/https://doi.org/10.35972/JIEB.V3I3.134
Savitri, E. (2016). Konservatisme Akuntansi: Cara Pengukuran, Tinjauan Empiris dan Faktor-Faktor yang Mempengaruhinya. Pustaka Sahila Yogyakarta, 1, 113.
Sutrisno, B., Hakim, L., Hanifah, A., & Anggana, A. (2023). Tata Kelola Internal Perusahaan dan Risiko Jatuhnya Harga Saham Perbankan di Indonesia. Jurnal Madani: Ilmu Pengetahuan, Teknologi, Dan Humaniora, 6(1), 8–16. https://doi.org/10.33753/madani.v6i1.249
Taqwa, Y. Z. & S. (2023). Pengaruh Financial Distress, Kepemilikan Institusional, dan Growth Opportunities terhadap Konservatisme Akuntans. 5(1), 246–262. https://doi.org/https://doi.org/10.24036/jea.v5i1.723
Toksoz, T. (2024a). Borsa Istanbul Review Crash risk and conservatism : Evidence from Borsa Istanbul. Borsa Istanbul Review, September 2023. https://doi.org/10.1016/j.bir.2024.04.010
Toksoz, T. (2024b). Crash risk and conservatism: Evidence from Borsa Istanbul. Borsa Istanbul Review, 24(4), 787–796. https://doi.org/10.1016/j.bir.2024.04.010
Wang, Q., Li, X., & Liu, Q. (2020). Empirical research of accounting conservatism, corporate governance and stock price collapse risk based on panel data model. Connection Science, 33(4), 995–1010. https://doi.org/10.1080/09540091.2020.1806204
Waqas, A. (2007). Bagaimana Konservatisme Akuntansi Mempengaruhi Risiko Jatuhnya Harga Saham di Pakistan : Peran Komplementer Manajerial dan Institusional Kepemilikan ? 1–30.
Waqas, A., & Siddiqui, D. A. (2021). How Does the Accounting Conservatism Affect the Stock Price Crash Risk in Pakistan: The Complementary Role of Managerial and Institutional Ownership. Journal of Accounting and Finance in Emerging Economies, 7(3), 607–621. https://doi.org/10.26710/jafee.v7i3.1879
Wareza, Monica. (2019). Tiga Pilar dan Drama Penggelembungan Dana. Diakses pada 13 Oktober 2024 dari https://www.cnbcindonesia.com/market/20190329075353-17-63576/tiga pilar-dan-drama-penggelembungan-dana.
Watts, R. L. (2003). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons: September 2003, 17(3), 207–221. https://doi.org/https://doi.org/10.2139/ssrn.414522
Zulfikar, Muhammad. (2021). FORSA: Kasus AISA merupakan Kejahatan Pidana Pasar Diakses pada 14 Oktober 2024 https://www.antaranews.com/berita/2188046/forsa-kasus-aisa merupakankejahatan-pidana-pasar-modal.
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2025-06-20
How to Cite
Sari, N. K., & Usnan, U. (2025). KONSERVATISME AKUNTANSI DAN RISIKO JATUHNYA HARGA SAHAM : SAHAM SYARIAH SEBAGAI VARIABEL MODERASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 554-572. https://doi.org/10.31955/mea.v9i2.5615
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