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- International Journal of Management (IJM)
Volume 11, Issue 5, May 2020, pp. 486-496, Article ID: IJM_11_05_046
Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=5
Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: 10.34218/IJM.11.5.2020.046
© IAEME Publication Scopus Indexed
HOW CORPORATE GOVERNANCE ABLE TO
MODERATE INCOME SMOOTHING IN MINING
SECTOR
Bambang Leo Handoko, Daniel Yosia Arbi
Accounting Department, Faculty of Economics and Communication,
Bina Nusantara University, Jakarta, Indonesia, 11480
ABSTRACT
Income smoothing has become a phenomenon. It when companies report large
profits, people become asked whether this is really real profit or profit that is
intentionally made for a particular purpose. Departing from this, we made a study of
income smoothing in the mining sector. Mining sector is one sector that is classified
as profitable for people; this sector can be called an opportunist and opportunist
sector often associated with earnings management and income smoothing. Our
research is quantitative research. We use secondary data, financial statements of
mining companies for the past five years. We use path analysis for the analysis tools in
this study. We use three moderator variables, namely: institutional ownership,
managerial ownership and audit committee. We examine the three moderator
variables whether they can moderate profitability and leverage on income smoothing.
The results of our study state that profitability influences income smoothing. In
addition managerial ownership is able to moderate profitability and leverage, while
the audit committee is only able to moderate profitability on income smoothing.
Key words: corporate, governance, income, smoothing, mining, company
Cite this Article: Bambang Leo Handoko and Daniel Yosia Arbi, How Corporate
Governance Able to Moderate Income Smoothing in Mining Sector. International
Journal of Management, 11 (5), 2020, pp. 486-496.
http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=5
1. INTRODUCTION
Financial report is the source of company financial information. The financial report can show
the readers about the company's performance which is expected to help the company's
stakeholders on making economic, political and financial decisions. Financial reports consist
of statements of financial position or sometimes called as balance sheets, profit & loss reports
or sometimes called as income statements, statements of equity changes, cash flow
statements, and notes to financial statements. From all the sections in the financial report, the
part that most investors or external parties such as creditors, government, and other external
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- Bambang Leo Handoko and Daniel Yosia Arbi
parties see is the profit generated by the company in the profit and lost report. The profit and
loss statement can show the company performance by looking at their ability to generate
profits. The more profit company generates means that the company's performance is good
and has a long-term survivability promising. Company management often sees this as the
opportunity to gain more investors for the company which leads to dysfunctional behavior.
The huge attention given to the profit and loss section has been one of the management's
motivations for doing dysfunctional behavior [1]. One of the manager's dysfunctional
behaviors is income manipulation or sometimes called as earnings management. Earning
management itself is well-known in Indonesia. There are several cases which are related to
earnings management. One of the cases is the case of Kimia Farma. The fact that happened in
2001, Kimia Farma marked up their income around IDR 32.3 billion which is caused by the
management making 2 different master prices [2] and [3].
According to [4], one of earnings management behavior is income smoothing and the way
to make is by making the income more stable by minimizing the volatile income. One of the
ways to minimize the fluctuating income is by moving the income from the year that has a
high income to the year that has a low income. With this method, the company’s income will
become stable with expectations that they will gain more investors.
Income smoothing is one of earnings management done by managers to fulfill their
interests. This is related to agency theory that explains about agents and principles' different
interests which will affect the company's performance towards their goals. Based on this
theory, earnings management can be reduced by the company's good corporate governance.
This statement is also in line with [5] who said that agency theory can be reduced by
corporate governance mechanisms.
2. LITERATURE REVIEW AND HYPOTHESIS
2.1. Financial Leverage
Financial Leverage is the use of debt as the source of money to finance the company's
operations and generates profits for the company. One of the ratios to calculate financial
leverage is debt to equity ratio (DER). In the debt covenant hypothesis, companies with a high
debt to equity ratio will have a high possibility on doing the practice of earnings management
by selecting accounting procedures that can transfer future income towards current income
[6]. The research of [7] uses the banking sector company only shows that financial leverage
with DER as the proxy influences income smoothing practice. While, [8] and also [9] which
uses mining company sector can show that financial leverage with DAR as the proxy can
positively influence income smoothing practice. There is also research from [10] that shows
financial leverage using ROA as the proxy doesn't influence the practice of income smoothing
company in IDX. Based on the above analysis, the hypothesis will be:
H1: financial leverage proxies as DER affect the practice of income smoothing.
2.2. Profitability
Profitability is the company's ability to generate income in a certain period of time. According
to the bonus plan hypothesis in the positive accounting theory, company profitability can also
be one of the factors that can affect the practice of income smoothing in the company. [11]
said that management companies prefer accounting methods that help the company increase
their current profit period with their expectation bonuses can increase too.
There are many ratios to calculate company’s profitability. However based on [12], ROA
also may not be the perfect measure, but it is the most effective tool to measure company
performance. Therefore, this research will use ROA as the proxy for profitability ratio.
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- How Corporate Governance Able to Moderate Income Smoothing in Mining Sector
The research of [13] shows that profitability using ROA as the proxy does affect the
probability of income smoothing. This is also supported by the research of [11] that give more
detailed results by saying that profitability has a negative effect towards income smoothing.
This means that the lower the profitability ratio the company has, the more likely they will do
smoothing income to make their profit look good. Based on the above analysis, the hypothesis
will be:
H2: profitability proxies as ROA affect the practice of income smoothing.
2.3. Institutional Ownership
Institutional ownership is a corporate governance mechanism that can help weaken the
probability of income smoothing occurrence because institutional ownership means that the
company has an outside party that acts as their shareholders and monitors. This outside party
sometimes we are called as institutional owner. [14] said that institutional investors can
increase the efficiency of monitoring management activities because they can provide active
monitoring systems and have more capabilities than smaller investors by having better
resources and opportunities to do the monitoring. This statement is supported by the research
of [15] and [16] that said institutional can weaken the influence of financial leverage towards
income smoothing. Therefore, based on the analysis above the hypothesis will be:
H3a: Institutional ownership moderates the influence of financial leverage towards income
smoothing.
Based on the bonus plan hypothesis in the positive accounting theory, profitability is one
of the factors that affect the practice of income smoothing. It is because one of the reasons for
management to do income smoothing is to make their profitability stable. Institutional
ownership as one of the corporate governance mechanisms can help weaken this effect with
the presence of the institutional owners such as banks and financial institutions as their
monitors.
The research done by [15] shows that there is no relationship between institutional
ownership and income smoothing which means that institutional ownership cannot affect
earnings management even if it is put as a moderating variable. However, based on previous
study by [17], it shows that ownership structure and concentration can affect the income
smoothing by reducing it. The research also uses institutional ownership as the moderating
variable. This different opinion is backward one to another. That's why the hypothesis will be:
H3b: Institutional ownership moderates the influence of profitability towards income
smoothing.
2.4. Managerial Ownership
One of the factors that affect practice of income smoothing is the agency problem where the
management of the company only thinks about themselves. In order to minimize the agency
problem, the company must increase the managerial ownership [18]. With the existence of
managerial ownership in a company, it can align the potential differences in interests between
shareholders and the management. This is supported by the research of [19] which also said
that managerial ownership can weaken the influence of financial leverage towards income
smoothing. However, based on [6] financial leverage does not influence the probability of
income smoothing and managerial ownership cannot be the moderation. Therefore, with these
different sayings about managerial ownership which affects the relationship between financial
leverage and income smoothing, the hypothesis will be:
H4a: managerial ownership moderates the influence of financial leverage towards income
smoothing.
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- Bambang Leo Handoko and Daniel Yosia Arbi
Profitability shows the company's ability to generate income in a period of time. The
higher the profitability ratio will indicate the better company's performance. This is supported
by the research of [20] that shows managerial ownership can weaken the influence of
profitability towards the probability of income smoothing. With the existence of profitability
as the factor that affects the income smoothing practices; this research aims to see whether the
existence of managerial ownership can reduce the practice of income smoothing.
H4b: managerial ownership moderates the influence of profitability towards income
smoothing.
2.4. Audit Committee
Based on the debt covenant hypothesis in positive accounting theory, one of the factors that
affect the practice of income smoothing is the company's high debt and the probability of the
company's bankruptcy. This factor is related to the financial leverage factor. One of the ways
to decrease / weaken the influence of financial leverage factors towards income smoothing is
the audit committee size inside the company. Audit committees are made of to be in charge of
monitoring the company and controlling the information provided by the company. The
bigger the size of the audit committee, the more scope of the audit committee can monitor.
This is supported by the research of [9] which also said that the audit committee can weaken
the influence of financial leverage towards income smoothing. However, based on [21] and
[22] the audit committee did not have an effect on the influence of financial leverage towards
the probability of income smoothing, the hypothesis will be:
H5a: audit committee size as moderates the influence of financial leverage towards income
smoothing.
As stated on the bonus plan hypothesis, managers tend to use accounting methods that can
benefit them to get their bonuses. One of the ways is to increase the company's profitability
by doing income smoothing. Corporate governance is one of the internal controls that can
help companies prevent the practice of income smoothing. The audit committee which is part
of the company's corporate governance can be the key decrease / weaken the influence of
profitability factors towards income smoothing. This is supported by the research of [22] that
earnings management is less likely to occur when the composition of the audit committee is
good. Therefore, with this opinion, the hypothesis will be:
H5b: audit committee size moderates the influence of profitability towards income smoothing.
3. RESEARCH METHODOLOGY
3.1. Research Object
The research object that is used to see whether good corporate governance and financial
leverage influence the practice of income smoothing is the mining company sector that is
listed in IDX and the year taken is from 2014-2018. This research is quantitative research. For
the data itself, this research will be using secondary data which means the data will be taken
from outside sources such as previous research, official websites, etc. For this research the
data will be taken from the Indonesia stock exchange www.idx.co.id.
3.2. Sample Determination
This research is a quantitative research method with case study research. Data sources are
primary and secondary data, primary data is entirely obtained from the research object and
secondary data is obtained from the company database. Data collection is done by observing
(observation), questionnaire and documentation. Determination of the sample is done by the
Purposive Sampling method. Purposive Sampling is a sampling technique that uses criteria
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- How Corporate Governance Able to Moderate Income Smoothing in Mining Sector
that have been selected by researchers in selecting sampling. Sample selection criteria are
divided into inclusion and exclusion criteria. The population in this research will be
companies in mining sector that is listed in Indonesia stock exchange with a range year of
2014-2018. To determine the sample, this research will be using purposive sampling as the
sampling method.
3.3. Data Analysis Method
The data analysis method used in this research will be using path analysis. In this research, we
will be using ratio to calculate our income smoothing as our dependent variable. Therefore, in
this research the method used is multiple regression analysis technique. Data that is collected
will be presented in a form that is easily understood by the reader. All the results of the
research will be presented in the form of tables and pictures. Each table and picture will have
an explanation to describe the table or pictures
3.4. Operation of Variables
These are the operation of variables based on and other previous research to measure the
variables, presented in Table 1
Table 1 Operation of Variables
No Variable Indicator Scale
Dependent Variable
1 Income Smoothing (Y) DAit = (TAit/Ait-1) - NDAit Ratio
Independent Variable
1 Financial Leverage (X1) Total Liabilities/Total Equity Ratio
2 Profitability (X2) Net Income/Total Asset Ratio
Moderating Variable
1 Institutional Ownership (Z1) Institutional Shares/Total Company Share Ratio
2 Managerial Ownership (Z2) Manager Share/Total Company Share Ratio
3 Audit Committee Size (Z3) Audit Committee Size Ratio
4. RESULT AND DISCUSSION
4.1. Normality Test
Normality test is a test that helps determine whether our research data have distributed
normally or not. By having a normally distributes research data sample, the data sample can
be considered represent the population. Normality test can use One Sample Kolmogorov-
Smirnov method.
In Kolmogorov-Smirnov method, the distribution of data is determined by looking at the
significance value. If the significance value is above 0.05, means that the data is distributed
normally. However, if the significance value is below 0.05, means that the data is not
normally distributed. Based on the One Sample Kolmogorov-Smirnov test result, the
significance value of 2 tailed is 0,200. This result shows that the data sample in this research
is distributed normally because 0,200 which is more than 0.05.
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Table 2 Normality Test
4.2. Multicollienarity Test
Multicollinearity test is used to see whether there are interactions or correlation between the
independent variable. Multicollinearity test is used to analyze independent variable that is
more than 1. A good regression model must free from multicollinearity. Regression model
that are free from multicollinearity is a regression model that have VIF (Variance Inflation
Factor) smaller than 10 and tolerance value more than 0.1.
Table 3 Multicollinearity Test
Collinearity
Independent Variables VIF
Tolerance
ROA 0,726 1,378
DER 0,808 1,237
Institutional Ownership 0,762 1,313
Managerial Ownership 0,726 1,377
Audit Committee Size 0,838 1,193
Based on the multi-collinearity test result above, there is no correlation between all the
independent variables in this research. The VIF from ROA, DER, Institutional ownership,
Managerial ownership, and Audit committee size are 1,378; 1,237; 1,313; 1,377; 1,193. The
VIF value above shows all are smaller than 10. The collinearity tolerance also indicates the
same thing. The tolerance from ROA, DER, Institutional ownership, Managerial ownership,
and Audit committee size are 0,726; 0,808; 0,762; 0,726; 0,838. The tolerance from all the
variables is above 0.1. Therefore, there are no multi-collinearity between all the variables in
this research.
4.3. Heteroscedasticity Test
Heteroscedasticity test is used to see whether there is variance dissimilarity from the residual
on one observation to the others (data cross-sectional). In this research, the heteroscedasticity
test will be using Spearman Correlation test.
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Table 4 Spearman Correlation Test
Independent Variables Significance
ROA 0,948
DER 0,914
Institutional Ownership 0,952
Managerial Ownership 0,698
Audit Committee Size 0,757
In Spearman Correlation test, if the significant value of independent variable’s residual
more than 0.05 means that the regression model doesn’t have heteroscedasticity problem.
Based on the result of Spearman Collinearity test, the entire variable’s significance is above
0.05, which means there are no heteroskedasticity problems.
4.4. Autocorrelation Test
Autocorrelation test is used to see whether the regression model have correlation between
residual in t period with residual in t-1 period. If there is correlation, means the regression
model have autocorrelation problem. In this research the autocorrelation test will be using
Run Test. In run test, if the asymp. Sig (2-tailed) value is above 0.05, means that the
regression model doesn’t have autocorrelation problem. However, if the value is below 0.05,
means that the regression model have autocorrelation problem. Based on the result, the asymp
sig (2-tailed) is 0,438 which is above 0,05. With this result, we can conclude that the
regression model in this research doesn’t have autocorrelation problem.
Table 5 Autocorrelation Test
4.4. Hypothesis Test
The hypothesis testing in this research uses t-test and path coefficient. The hypothesis testing
is used to determine the influence of profitability proxies by ROA (Return-on-Asset) and
financial leverage proxies by DER (Debt-to-Equity Ratio) towards income smoothing with
institutional ownership, managerial ownership, and audit committee size as the moderating
variables. The t test result is presented on table 6.
Profitability variable proxies by ROA (Return-on-Asset) have a significance value of
0,000 which is smaller than 0.05. Therefore, indicate that profitability variable proxies by
ROA can affect the practice of income smoothing significantly; hypothesis 2 accepted, our
result in line with [8].
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Table 6 T Test
Variable Unstandardized Coefficient t P-Value
B
X1 0.469 4.424 0.000
X2 0.009 0.457 0.650
Z1.X1 -0.303 -.706 0.485
Z1.X2 -0.107 -.842 0.406
Z2.X1 3.300 2.293 0.032
Z2.X2 0.792 3.083 0.009
Z3.X1 -0.924 2.129 0.039
Z3.X2 0.133 1.706 0.095
Financial leverage variable proxies by DER (Debt-to-Equity Ratio) have a significance
value of 0,650 which is bigger than 0.05. Therefore, indicate that financial leverage variable
proxies by DER cannot affect the practice of income smoothing significantly. Hypothesis 1
rejected. This is support previous study by [23].
Institutional ownership did not moderate the influence of both profitability and financial
leverage. It can be seen on the result that p-value of Z1.X1 is 0.485 and Z1.X2 is 0.406 which
is higher than 0.05. It means that both hypothesis 3a and 3b are rejected. This result similar
with the result on [16] and [14].
Managerial ownership moderates the influence of both profitability and financial leverage.
It can be seen on the result that p value of Z2.X1 is 0.032 and Z2.X2 is 0.009 which is lower
than 0.05. It means that both hypothesis 4a and 4b are accepted. Our result in line with [15]
and [19].
Audit committee size moderates profitability, it can be seen based on p-value of 0.039
which is below 0.05, but audit committee do not moderates financial leverage, as it show p-
value of 0.095 which is higher than 0.05. Hypothesis 5a is accepted, but hypothesis 5b is
rejected. Our result support previous study by [22]. The path coefficient was stated on figure
1.
Figure 1 Path Coefficient
5. CONCLUSION
5.1. Conclusion
Profitability affects earnings management because the main purpose of income smoothing is
to increase or reduce profits, depending on the goals to be achieved by business entities.
Leverage usually in a lot of previous research has significant effect on income smoothing, but
in our study it didn’t. Our sample, mining companies were typically matured company, rarely
new comers business, since the barrier to entry was high. In order to a mining company can be
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- How Corporate Governance Able to Moderate Income Smoothing in Mining Sector
listed in stock market, it means that they must be a matured company with large portion of
asset. Competition in this sector not as tight as other sector like retail or manufacture, even
large debt didn’t indicates probability of bankruptcy but in opposite trust from creditor,
acknowledgement of matured company.
Institutional ownership didn’t moderates both profitability and leverage. Institution
investors in mining company sector didn’t have the chance to limit management behaviors
and only focuses on current earnings. Therefore, institutional owners cannot be ascertained to
help minimize earning management. Differ from institutional ownership, managerial
ownership play important role in earnings management. It can moderate both profitability and
leverage. It is because most board of director or related family also own significant portion of
share ownership. The result of profit and level of leverage will determine their achievement as
top management. Audit committee plays important role in income smoothing. Profit raise
became main concern of committee, since a lot of case derived from overstatement of profit,
but leverage didn’t become main concern of committee. Since large amount of leverage didn’t
has direct related with company poor performance. In opposite, large amount of approved
debt shows lender trust to the company. Large amount of debt will be fine, if the company
know how to spend it on the right place and also has financial planning to pay the debt.
5.2. Suggestion
Based on the results obtained, the following are suggestions
Shareholders should pay attention to profitability, it will be better to set target profits at
reasonable manner, so it will not trigger pressure to do income smoothing. Managerial
ownership able to moderate income smoothing, since share holder which also work as
management understand well the working condition of company, so they rarely provide too
high target, since themselves will carry on the target. The present of audit committee is
important, so the company should consider to increases numbers of committee, especially
independence committee, so it can work more effective
Another researcher in the future can use our study as reference. They can study about
mining sector in various countries, either developed or new emerging countries. It will be
better in country which mining becomes main driver of gross domestic product, so it will play
important role for macro-economic of that country
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