Pengaruh Tone pada Management Discussion and Analysis terhadap Real Earnings Management pada Perusahaan Sektor Energi yang Terdaftar di BEI Periode 2022-2024
Abstract
The present research investigates the relationship between tone in Management Discussion and Analysis (MD&A) disclosures and real earnings management (REM) practices among energy firms listed on Bursa Efek Indonesia throughout the 2022–2024 fiscal period. A quantitative causal-associative research design is adopted, drawing on balanced panel data from 52 companies that produced 156 firm-year observations, selected via purposive sampling criteria. Tone is quantified using the Loughran-McDonald Financial Sentiment Dictionary, whereas REM is operationalized through the Roychowdhury (2006) framework across three distinct proxies: abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses. Estimation via the Random Effects Model applied to the panel dataset indicates that MD&A tone exerts no statistically significant influence on REM (p-value = 0.4425), resulting in the non-acceptance of the primary research hypothesis. Return on Assets (ROA) as a profitability measure demonstrates a significant negative association with REM. A robustness test employing an alternative tone measure derived from NVivo 15 sentiment analysis confirms the stability of these results. The findings advance the accounting literature by bridging textual disclosure analysis with financial reporting behavior within the Indonesian energy sector.
References
Abou-El-Sood, H., & El-Sayed, D. (2022). Abnormal disclosure tone, earnings management and earnings quality. Journal of Applied Accounting Research, 23(2), 402–433. https://doi.org/10.1108/JAAR-07-2020-0139
Adyastuti, N. A., & Khafid, M. (2022). Pengaruh Ukuran Perusahaan, Leverage dan Profitabilitas terhadap Manajemen Laba dengan Kompensasi Bonus sebagai Variabel Moderating. Owner : Riset Dan Jurnal Akuntansi, 6(2), 2071–2084. https://doi.org/10.33395/owner.v6i2.830
Aggianti, N. I., & Novita, N. (2024). Dampak Real Earnings Management Terhadap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Moderating Variable Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Pada Bursa Efek Indonesia Periode 2015–2019. Journal of Accounting, Management and Islamic Economics, 2(1), 59–76. https://doi.org/10.35384/jamie.v2i1.552
Akbar, T., Ridarmelli, Wijayanti, I., Pramesworo, S., & Esti Riwayati, H. (2024). Examining the bonus mechanisms’ role in real earnings management dynamics in an Indonesian manufacturing company. Investment Management and Financial Innovations, 21(1), 431–443. https://doi.org/10.21511/imfi.21(1).2024.33
Arum, N., Aji, N. P., & Utomo, W. P. A. (2024). Real Earning Management Viewed from Financial Performance. Journal Economic Business Innovation, 1(1), 52–61.
Ayuningtyas, E. S., & Harymawan, I. (2021). Negative Tone and Readability in Management Discussion and Analysis Reports: Impact on The Cost of Debt. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 14(2), 129. https://doi.org/10.20473/jmtt.v14i2.26681
Baltagi, B. H. (2021). Econometric Analysis of Panel Data. Springer International Publishing. https://doi.org/10.1007/978-3-030-53953-5
Bangash, I., & Akhtar, H. (2025). Constraint of real earnings management with mediating role of cash holdings: Evidence from US and China. Journal of Management and Financial Sciences, 57, 33–52. https://doi.org/10.33119/JMFS.2025.57.2
Brennan, N. M., Guillamon‐Saorin, E., & Pierce, A. (2009). Methodological Insights: Impression management: Developing and illustrating a scheme of analysis for narrative disclosures – a methodological note. Accounting, Auditing & Accountability Journal, 22(5), 789–832. https://doi.org/10.1108/09513570910966379
Bui, T. H. (2024). Past, present, and future of earnings management research. Cogent Business & Management, 11(1), 2300517. https://doi.org/10.1080/23311975.2023.2300517
Christian, N., Istiqomah, N., Simdy, V., Dharmawan, C., & Angel, A. (2024). Analisis Kasus PT Bumi Resources Tbk Dengan Teknik Cash Flow Shenanigans. Innovative: Journal Of Social Science Research, 4(4), 3768–3776. https://doi.org/10.31004/innovative.v4i4.13377
Clatworthy, M., & Jones, M. J. (2003). Financial reporting of good news and bad news: Evidence from accounting narratives. Accounting and Business Research, 33(3), 171–185. https://doi.org/10.1080/00014788.2003.9729645
Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2–19. https://doi.org/10.1016/j.jacceco.2010.01.002
Davis, A. K., & Tama‐Sweet, I. (2012). Managers’ Use of Language Across Alternative Disclosure Outlets: Earnings Press Releases versus MD&A*. Contemporary Accounting Research, 29(3), 804–837. https://doi.org/10.1111/j.1911-3846.2011.01125.x
Du, L., & Tu, C. (2025). Do changes in MD&A tone predict financial restatements? Evidence from Chinese listed companies. Accounting & Finance, 65(3), 2420–2453. https://doi.org/10.1111/acfi.70002
Elshandidy, T., & Kamel, H. (2024). Tone of narrative disclosures and earnings management: UK evidence. Advances in Accounting, 64, 100710. https://doi.org/10.1016/j.adiac.2023.100710
Emawati, I. A. A., & Budiasih, I. G. A. N. (2020). Effect of Financial Statements Quality on Information Asymmetry and Investment Efficiency as Moderating Variable in Mining Companies. Research Journal of Finance and Accounting, 11(8), 25. https://doi.org/10.7176/RJFA/11-8-03
Feldman, R., Govindaraj, S., Livnat, J., & Segal, B. (2010). Management’s tone change, post earnings announcement drift and accruals. Review of Accounting Studies, 15(4), 915–953. https://doi.org/10.1007/s11142-009-9111-x
Gokhale, M., & Pillai, D. (2024). Firm level and country level determinants of earnings management in emerging economies: A systematic framework-based review. Future Business Journal, 10(1), 72. https://doi.org/10.1186/s43093-024-00361-1
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1–3), 3–73. https://doi.org/10.1016/j.jacceco.2005.01.002
Gunny, K. A. (2010). The Relation Between Earnings Management Using Real Activities Manipulation and Future Performance: Evidence from Meeting Earnings Benchmarks*. Contemporary Accounting Research, 27(3), 855–888. https://doi.org/10.1111/j.1911-3846.2010.01029.x
Habib, A., Ranasinghe, D., Wu, J. Y., Biswas, P. K., & Ahmad, F. (2022). Real earnings management: A review of the international literature. Accounting & Finance, 62(4), 4279–4344. https://doi.org/10.1111/acfi.12968
Hall, S. C. (1993). Political scrutiny and earnings management in the oil refining industry. Journal of Accounting and Public Policy, 12(4), 325–351. https://doi.org/10.1016/0278-4254(93)90013-2
Hatane, E. S., Gunawan, G., & Yenty Yuliana, O. (2024). The Disclosure Tone, Earnings Management, Earnings Quality: Evidence Found in Indonesia Listed Manufacturing Industry. KnE Social Sciences. https://doi.org/10.18502/kss.v9i10.15732
Hsiao, D. F., Hu, Y., & Lin, J. W. (2016). The earnings management opportunity for US oil and gas firms during the 2011 Arab Spring event. Pacific Accounting Review, 28(1), 71–91. https://doi.org/10.1108/PAR-03-2014-0013
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone Management. The Accounting Review, 89(3), 1083–1113. https://doi.org/10.2308/accr-50684
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
Kusuma, T. S., Hastuti, S., & Widiastuti, S. W. (2022). The Effect of Information Asymmetry and Profitability on Real Earnings Management. International Journal of Economics, Business and Management Research, 06(09), 27–38. https://doi.org/10.51505/IJEBMR.2022.6903
Li, F. (2010). The Information Content of Forward‐Looking Statements in Corporate Filings—A Naïve Bayesian Machine Learning Approach. Journal of Accounting Research, 48(5), 1049–1102. https://doi.org/10.1111/j.1475-679X.2010.00382.x
Li, S., Wang, G., & Luo, Y. (2022). Tone of language, financial disclosure, and earnings management: A textual analysis of form 20-F. Financial Innovation, 8(1), 43. https://doi.org/10.1186/s40854-022-00346-5
Liu, F., & Liang, C. (2024). The moral masking behavior of management after real earnings management: An analysis of management’s integrity commitment. Heliyon, 10(19), e38748. https://doi.org/10.1016/j.heliyon.2024.e38748
Loughran, T., & Mcdonald, B. (2011). When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks. The Journal of Finance, 66(1), 35–65. https://doi.org/10.1111/j.1540-6261.2010.01625.x
Lustgarten, A. (2012). Run to Failure: BP and the Making of the Deepwater Horizon Disaster. W. W. Norton & Company.
Mahmudi, M., Bahtiar, A., & Duhita, A. (2024). The Effect of Audit Quality, Corporate Governance and CSR on Real Earning Management: Indonesian Evidence. Iranian Journal of Accounting, Auditing & Finance, 8(4), 125–138. https://doi.org/10.22067/ijaaf.2024.45131.1452
Mela, N. F., & Putra, A. A. (2020). Oil Price And Earnings Management: Evidence From Crude Oil And Gas Companies In Indonesian Stock Exchange. International Journal of Energy Economics and Policy, 10(4), 352–355. https://doi.org/10.32479/ijeep.9431
Merkl-Davies, D. M., Merkl-Davies, D., & Brennan, N. (2007). Discretionary Disclosure Strategies in Corporate Narratives: Incremental Information or Impression Management? Journal of Accounting Literature, 26, 116–196.
Napitupulu, R. B., Simanjuntak, T. P., Hutabarat, L., Damanik, H., Harianja, H., Sirait, R. T. M., & Lumban Tobing, C. E. R. (2021). Penelitian bisnis, teknik dan analisa dengan SPSS-STATA-Eviews. Madenatera.
Pouryousof, A., Nassirzadeh, F., & Askarany, D. (2025). Unravelling the complex link between managers’ disclosure of abnormal tone and opportunistic behaviour. European Research on Management and Business Economics, 31(2), 100277. https://doi.org/10.1016/j.iedeen.2025.100277
PT. Bumi Resources Tbk. (2023). Laporan tahunan 2023: A new pathway to future value. https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/202404/b2fd82d220_979ddb86ff.pdf
Purnama, Y. M., & Taufiq, E. (2021). Pengaruh Profitabilitas, Leverage, Firm Size, dan Earnings Power Terhadap Manajemen Laba Pada Perusahaan Sektor Properti Yang Terdaftar di Bursa Efek Indonesia Periode 2017-2019. Journal of Accounting, Finance, Taxation, and Auditing (JAFTA), 3(1), 71–94. https://doi.org/10.28932/jafta.v3i1.3280
Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370. https://doi.org/10.1016/j.jacceco.2006.01.002
Setiowati, D. P., Salsabila, N. T., & Eprianto, I. (2023). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas terhadap Manajemen Laba. Jurnal Economina, 2(8), 2137–2146. https://doi.org/10.55681/economina.v2i8.724
Sugiyono. (2018). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi dan R&D. Alfabeta.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press. https://mitpress.mit.edu/9780262232586/econometric-analysis-of-cross-section-and-panel-data/
Xue, W., He, Z., & Wang, F. (2024). MD&A tone and stock returns. Journal of Contemporary Accounting & Economics, 20(3), 100440. https://doi.org/10.1016/j.jcae.2024.100440
Zhou, W., Li, Y., Wang, D., Xueqin, D., & Ke, Y. (2024). Management’s tone in MD&A disclosure and investment efficiency: Evidence from China. Finance Research Letters, 59, 104767. https://doi.org/10.1016/j.frl.2023.104767
.png)
.png)
