PERAN PENGUNGKAPAN KEBERLANJUTAN DALAM MEMODERASI PENGARUH MANAJEMEN LABA DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI)

Tejan Dayyan Armazy, . (2026) PERAN PENGUNGKAPAN KEBERLANJUTAN DALAM MEMODERASI PENGARUH MANAJEMEN LABA DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI). Magister thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini didasarkan pada teori sinyal yang menjelaskan bahwa informasi keuangan dan nonkeuangan yang disampaikan perusahaan berfungsi sebagai sinyal bagi investor dalam menilai prospek dan nilai perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh manajemen laba, struktur modal, dan pengungkapan keberlanjutan terhadap nilai perusahaan serta menguji peran pengungkapan keberlanjutan dalam memoderasi pengaruh manajemen laba dan struktur modal terhadap nilai perusahaan. Penelitian dilakukan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2019–2023 dengan teknik purposive sampling, sehingga diperoleh 103 perusahaan dengan 515 observasi perusahaan tahun. Nilai perusahaan diukur menggunakan Tobin's Q, manajemen laba menggunakan signed discretionary accrual berdasarkan Modified Jones Model, struktur modal menggunakan Debt to Equity Ratio (DER), sedangkan pengungkapan keberlanjutan diukur menggunakan indeks GRI Standards 2021. Data dianalisis menggunakan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa manajemen laba berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan struktur modal dan pengungkapan keberlanjutan berpengaruh positif dan signifikan terhadap nilai perusahaan. Selain itu, pengungkapan keberlanjutan berbasis GRI terbukti memoderasi pengaruh manajemen laba dan struktur modal terhadap nilai perusahaan dengan memperkuat pengaruh negatif manajemen laba serta pengaruh positif struktur modal. Temuan ini menunjukkan bahwa pengungkapan keberlanjutan berbasis GRI berfungsi sebagai sinyal nonkeuangan yang memperkuat interpretasi investor terhadap informasi keuangan dalam pembentukan nilai perusahaan. ***** This study is grounded in Signaling Theory, which explains that financial and non financial information disclosed by firms serves as signals for investors in assessing corporate prospects and firm value. The study aims to examine the effects of earnings management, capital structure, and sustainability disclosure on firm value and to investigate the moderating role of sustainability disclosure in the relationship between earnings management, capital structure, and firm value. The research was conducted on manufacturing companies listed on the Indonesia Stock Exchange during the 2019–2023 period using a purposive sampling technique, resulting in 103 companies with a total of 515 firm-year observations. Firm value was measured using Tobin's Q, earnings management was measured using signed discretionary accruals based on the Modified Jones Model, capital structure was measured using the Debt to Equity Ratio (DER), while sustainability disclosure was measured using the GRI Standards 2021 disclosure index. The data were analyzed using Moderated Regression Analysis (MRA). The results indicate that earnings management has a negative and significant effect on firm value, whereas capital structure and GRI-based sustainability disclosure have positive and significant effects on firm value. Furthermore, GRI-based sustainability disclosure significantly moderates the effects of earnings management and capital structure on firm value by strengthening the negative effect of earnings management and enhancing the positive effect of capital structure on firm value. These findings indicate that GRI-based sustainability disclosure functions as a non-financial signal that not only enhances firm value directly but also reinforces investors' interpretation of financial signals reflected in earnings management practices and capital structure decisions, thereby supporting Signaling Theory, which posits that the combination of financial and non-financial information plays an important role in shaping investors' perceptions of firm value.

Item Type:	Thesis (Magister)
Additional Information:	1). Prof. Dr. Rida Prihatni, S.E., M.Si.; 2). Dr. Muhammad Yusuf, S.E., M.M.
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi
Divisions:	FE > S2 Akuntansi
Depositing User:	Tejan Dayyan Armazy .
Date Deposited:	12 Aug 2026 08:20
Last Modified:	12 Aug 2026 08:20
URI:	http://repository.unj.ac.id/id/eprint/70425

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