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 100 perusahaan, dengan 500 observasi menggunakan data panel. Model Common Effect Model (CEM) dipilih berdasarkan uji pemilihan model. Temuan penelitian menunjukkan bahwa 1) konservatisme akuntansi berpengaruh signifikan negatif 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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Callen, J. L., & Fang, X. (2015). Religion and Stock Price Crash Risk. Journal of Financial and Quantitative Analysis, 50, 169–195. https://doi.org/10.1017/S0022109015000046
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Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
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.
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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
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Kim, J. B., & Zhang, L. (2016). 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). 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.
Kustodian Sentral Efek Indonesia. (2023). Data Statistik KSEI 2023. . https://www.ksei.co.id/publications/Data_Statistik_KSEI. Diakses pada 30 Agustus 2024.
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
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
Norris, E. (2024). Limiting Losses: What It Means, How It Works. https://www.investopedia.com/investing/limiting-losses/?. Diakses 14 Mei 2025.
Oktavianti, Handayani, R., & Angela, A. (2021). Intensitas modal, pertumbuhan perusahaan, investment opportunity set dan konservatisme akuntansi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 2360–2367. https://doi.org/https://doi.org/10.31955/mea.v5i3.1631
Reskika, N., & Ickhsanto Wahyudi. (2021). The Effect of Company Size, Profitability, Audit Committee on Audit Delay With Public Accounting Firm Size As Moderating Variables. Hirarki : Jurnal Ilmiah Manajemen Dan Bisnis, 3(3), 418–441. https://doi.org/10.30606/hirarki.v3i3.1430
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. Jurnal Akuntansi Bisnis, 15(1), 29–40. https://doi.org/http://dx.doi.org/10.30813/jab.v15i1.2796
Saleh, T. (2020). Aktif Lagi Usai 2 Tahun Suspensi, Saham AISA Keok 7%. CNBC Indonesia. https://www.cnbcindonesia.com/market/20200831123916-17-183249/aktif-lagi-usai-2-tahun-suspensi-saham-aisa-keok-7. Diakses 13 Oktober 2024.
Sapar. (2017). Pengaruh Faktor Fundamental Keungan terhadap Beta Saham pada Perusahaan Manufaktur yang Go Publik di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Bisnis, 335–353. https://doi.org/https://doi.org/10.35972/JIEB.V3I3.134
Sapari, F. N., & Arifin, A. Z. (2016). Studi Perbandingan Nilai Value at Risk Antara Saham Berbasis Syariah Dengan Saham Non Syariah Periode 2010-2012. Jurnal Dinamika Akuntansi Dan Bisnis, 3(1), 26–36. https://doi.org/https://doi.org/10.24815/JDAB.V3I1.4394
Savitri, E. (2016). Konservatisme Akuntansi: Cara Pengukuran, Tinjauan Empiris dan Faktor-Faktor yang Mempengaruhinya. Yogyakarta: Pustaka Sahila.
Sungkono, J., & Wulandari, A. A. (2022). Pembelajaran Teorema Limit Pusat Melalui Simulasi. Absis: Mathematics Education Journal, 4(2), 69–76. https://doi.org/10.32585/absis.v4i2.2520
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. Jurnal Eksplorasi AKuntansi (JEA), 5(1), 246–262. https://doi.org/https://doi.org/10.24036/jea.v5i1.723
Toksoz, T. (2024). 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
Ulama, F. D. S. N. M. (2003). Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal No: 40/DSN-MUI/X/2003.
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., & 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, M. (2019). Tiga Pilar dan Drama Penggelembungan Dana. CNBC Indonesia. https://www.cnbcindonesia.com/market/20190329075353-17-63576/tiga-pilar-dan-drama-penggelembungan-dana. Diakses 14 Oktober 2024.
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
Zhang, J., Cui, C., Zheng, C., & Taylor, G. (2024). Artificial intelligence innovation and stock price crash risk. Journal of Financial Research, July 2024, 1–41. https://doi.org/10.1111/jfir.12424
Zulfikar, M. (2021). FORSA: Kasus AISA merupakan kejahatan pidana pasar modal. ANTARA NEWS. https://www.antaranews.com/berita/2188046/forsa-kasus-aisa-merupakan-kejahatan-pidana-pasar-modal. Diakses 14 Oktober 2024.
Bjornsen, M., Do, C., & Omer, T. C. (2019). The influence of country-level religiosity on accounting conservatism. Journal of International Accounting Research, 18(1), 1–26. https://doi.org/10.2308/jiar-52270
Callen, J. L., & Fang, X. (2015). Religion and Stock Price Crash Risk. Journal of Financial and Quantitative Analysis, 50, 169–195. https://doi.org/10.1017/S0022109015000046
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345–381. https://doi.org/10.1016/S0304-405X(01)00066-6
Cita Dewangga, Dewi Saptantinah, dan F. H. (2020). Pengaruh Kinerja Keuangan 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
D’Augusta, C. (2022). Does Accounting Conservatism Make Good News Forecasts More Credible and Bad News Forecasts Less Alarming? Journal of Accounting, Auditing and Finance, 37(1), 77–113. https://doi.org/10.1177/0148558X18780550
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
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.
Investing. (2024). Data Historis. https://id.investing.com. Diakses pada 28 Oktober 2024.
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. (2016). 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). 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.
Kustodian Sentral Efek Indonesia. (2023). Data Statistik KSEI 2023. . https://www.ksei.co.id/publications/Data_Statistik_KSEI. Diakses pada 30 Agustus 2024.
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
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
Norris, E. (2024). Limiting Losses: What It Means, How It Works. https://www.investopedia.com/investing/limiting-losses/?. Diakses 14 Mei 2025.
Oktavianti, Handayani, R., & Angela, A. (2021). Intensitas modal, pertumbuhan perusahaan, investment opportunity set dan konservatisme akuntansi. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 2360–2367. https://doi.org/https://doi.org/10.31955/mea.v5i3.1631
Reskika, N., & Ickhsanto Wahyudi. (2021). The Effect of Company Size, Profitability, Audit Committee on Audit Delay With Public Accounting Firm Size As Moderating Variables. Hirarki : Jurnal Ilmiah Manajemen Dan Bisnis, 3(3), 418–441. https://doi.org/10.30606/hirarki.v3i3.1430
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. Jurnal Akuntansi Bisnis, 15(1), 29–40. https://doi.org/http://dx.doi.org/10.30813/jab.v15i1.2796
Saleh, T. (2020). Aktif Lagi Usai 2 Tahun Suspensi, Saham AISA Keok 7%. CNBC Indonesia. https://www.cnbcindonesia.com/market/20200831123916-17-183249/aktif-lagi-usai-2-tahun-suspensi-saham-aisa-keok-7. Diakses 13 Oktober 2024.
Sapar. (2017). Pengaruh Faktor Fundamental Keungan terhadap Beta Saham pada Perusahaan Manufaktur yang Go Publik di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Bisnis, 335–353. https://doi.org/https://doi.org/10.35972/JIEB.V3I3.134
Sapari, F. N., & Arifin, A. Z. (2016). Studi Perbandingan Nilai Value at Risk Antara Saham Berbasis Syariah Dengan Saham Non Syariah Periode 2010-2012. Jurnal Dinamika Akuntansi Dan Bisnis, 3(1), 26–36. https://doi.org/https://doi.org/10.24815/JDAB.V3I1.4394
Savitri, E. (2016). Konservatisme Akuntansi: Cara Pengukuran, Tinjauan Empiris dan Faktor-Faktor yang Mempengaruhinya. Yogyakarta: Pustaka Sahila.
Sungkono, J., & Wulandari, A. A. (2022). Pembelajaran Teorema Limit Pusat Melalui Simulasi. Absis: Mathematics Education Journal, 4(2), 69–76. https://doi.org/10.32585/absis.v4i2.2520
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. Jurnal Eksplorasi AKuntansi (JEA), 5(1), 246–262. https://doi.org/https://doi.org/10.24036/jea.v5i1.723
Toksoz, T. (2024). 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
Ulama, F. D. S. N. M. (2003). Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal No: 40/DSN-MUI/X/2003.
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., & 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, M. (2019). Tiga Pilar dan Drama Penggelembungan Dana. CNBC Indonesia. https://www.cnbcindonesia.com/market/20190329075353-17-63576/tiga-pilar-dan-drama-penggelembungan-dana. Diakses 14 Oktober 2024.
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
Zhang, J., Cui, C., Zheng, C., & Taylor, G. (2024). Artificial intelligence innovation and stock price crash risk. Journal of Financial Research, July 2024, 1–41. https://doi.org/10.1111/jfir.12424
Zulfikar, M. (2021). FORSA: Kasus AISA merupakan kejahatan pidana pasar modal. ANTARA NEWS. https://www.antaranews.com/berita/2188046/forsa-kasus-aisa-merupakan-kejahatan-pidana-pasar-modal. Diakses 14 Oktober 2024.
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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