Variable Mean Median SD Q1 Q3ACFOt 0.018 0.016 0.055 20.016 0.054ADISX terjemahan - Variable Mean Median SD Q1 Q3ACFOt 0.018 0.016 0.055 20.016 0.054ADISX Bahasa Indonesia Bagaimana mengatakan

Variable Mean Median SD Q1 Q3ACFOt

Variable Mean Median SD Q1 Q3
ACFOt 0.018 0.016 0.055 20.016 0.054
ADISXt 20.018 20.011 0.155 20.081 0.070
APRODt 0.013 20.002 0.143 20.087 0.116
AACt 20.000 20.005 0.066 20.040 0.040
ACEXPt 0.426 0.333 0.325 0.200 0.667
ACTENt 8.808 8.225 3.636 6.633 10.000
ACOTHt 0.908 0.800 0.572 0.500 1.200
ACBLKt 0.028 0.000 0.100 0.000 0.000
ACSIZEt 3.780 4.000 1.021 3.000 4.000
BDINDt 0.782 0.809 0.114 0.714 0.875
BDEXPt 0.184 0.143 0.138 0.106 0.279
BDTENt 9.602 9.226 3.597 6.746 11.742
BDOTHt 0.853 0.778 0.466 0.250 1.236
BDBLKt 0.150 0.143 0.134 0.000 0.270
BDSIZEt 8.730 9.000 2.269 7.000 10.000
SIZEt 2,561.015 729.506 3,929.000 336.372 2,633.292
MBt 1.482 1.297 0.672 0.961 1.947
ROAt 0.005 0.006 0.003 0.002 0.008
CEOTENt 8.725 6.000 7.773 3.000 12.000
AGEt 29.800 22.000 21.262 13.000 41.500

Notes: n ¼ 100; definition of variables: ACFOt – abnormal cash flows from operations, measured as
the residual value of equation (1), ADISXt – abnormal discretionary expenses, measured as the
residual value of equation (2), APRODt – abnormal production costs, measured as the residual value of
equation (3), AACt – abnormal accruals, measured as the residual value of the Jones model, ACEXPt –
proportion of audit committee members with accounting financial expertise, ACTENt – average board
tenure of audit committee members, ACOTHt – average number of other S&P companies’ boards
served on by audit committee members, ACBLKt – proportion of audit committee members with block
shareholding, ACSIZEt – audit committee size, measured as the number of audit committee members,
BDINDt – board independence, measured as the proportion of independent directors on the board,
BDEXPt – proportion of directors with accounting financial expertise on the board, BDTENt –
average board tenure of directors, BDOTHt – average number of other S&P companies’ boards served
on by directors, BDBLKt – proportion of block shareholding directors on the board, BDSIZEt – board
size, measured as the number of directors on the board, SIZEt – firm size, measured as the nature log
of market value of common equity, MBt – market-to-book ratio, measured as the ratio of market value
to book value of common equity, ROAt – return on assets, measured as income before extraordinary
items divided by total assets, CEOTENt – CEO tenure, measured as the number of years for which an
employee has been the company’s CEO, AGEt – firm age, measured as the number of years for which a
firm has been included in the CRSP database

(t-statistic ¼ 22.09, p-value , 0.05), which corroborates the results on abnormal cash
flows from operations. Thus, audit committee members’ busyness may impair their
ability to constrain real earnings management. Unlike the results on abnormal cash
flows from operations, the coefficients on ACBLKt, BDOTHt and BDSIZEt are
insignificant, suggesting that these characteristics are not systematically associated
with real earnings management.

Table VI presents the results when abnormal production costs are used as the
dependent variable. We document a positive and significant coefficient on ACOTHt
(t-statistic ¼ 2.39, p-value , 0.05), consistent with the results on abnormal cash flows
from operations and abnormal discretionary expenses. Thus, audit committees with

Variable Variance inflation factor
ACEXPt 16.101
ACTENt 2.292
ACOTHt 2.321
ACBLKt 1.633
ACSIZEt 2.589
BDINDt 2.374
BDEXPt 15.914
BDTENt 3.504
BDOTHt 2.598
BDBLKt 2.262
BDSIZEt 3.642
SIZEt 1.984
MBt 1.402
ROAt 1.163
CEOTENt 1.587
AGEt 1.654
Note: The variables are defined in Table II
Table III.
Variance inflation factor
(VIF) – tests of
Multicollinearity

Variable Coefficient t-statistic
Intercept 20.089 21.13
ACEXPt 0.002 0.12
ACTENt 0.001 0.64
ACOTHt 20.043 23.92 ***
ACBLKt 20.121 21.80 *
ACSIZEt 20.005 20.99
BDINDt 0.118 1.64
BDTENt 0.000 0.02
BDOTHt 0.042 2.69 ***
BDBLKt 0.047 0.93
BDSIZEt 20.007 22.25 * *
SIZEt 0.015 3.05 ***
MBt 0.003 3.60 ***
ROAt 23.261 21.76 *
CEOTENt 0.000 0.58
AGEt 20.000 21.21
n 100
F-statistic 3.73 ***
Adj. R 2 14.90%

Notes: Significant at: *10, * *5 and ***1 percent levels (two-tailed tests); regression model:
APRODt ¼ b0 þ b1ACEXPt þ b2ACTENt þ b3ACOTHt þ b4ACBLKt þ b5ACSIZEt
þ b6BDINDt þ b7BDEXPt þ b8BDTENt þ b9BDOTHt þ b10BDBLKt þ b11BDSIZEt
þ b12SIZEt þ b13MBt þ b14ROAt þ b15CEOTENt þ b16AGEt þ 1
the variables are defined in Table II
Table IV.
Regression results for
real earnings
management measured
by abnormal cash flows
from operations
Variable Coefficient t-statistic
Intercept 0.071 0.33
ACEXPt 20.010 20.19
ACTENt 20.002 20.24
ACOTHt 20.073 22.09 *
ACBLKt 0.228 1.59
ACSIZEt 20.021 21.27
BDINDt 20.036 20.18
BDTENt 0.001 0.14
BDOTHt 0.054 1.11
BDBLKt 20.054 20.33
BDSIZEt 0.009 0.89
SIZEt 20.005 20.43
MBt 0.040 1.62
ROAt 23.444 20.57
CEOTENt 0.001 0.28
AGEt 20.001 21.35
n 100
F-statistic 3.13 * *
Adj. R 2 2.01%

Notes: Significant at: *5 and * *1 percent levels (two-tailed tests); regression model:
ADISXt ¼ b0 þ b1ACEXPt þ b2ACTENt þ b3ACOTHt þ b4ACBLKt þ b5ACSIZEt
þ b6BDINDt þ b7BDEXPt þ b8BDTENt þ b9BDOTHt þ b10BDBLKt þ b11BDSIZEt
þ b12SIZEt þ b13MBt þ b14ROAt þ b15CEOTENt þ b16AGEt þ 1
the variables are defined in Table II
0/5000
Dari: -
Ke: -
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Variable Mean Median SD Q1 Q3ACFOt 0.018 0.016 0.055 20.016 0.054ADISXt 20.018 20.011 0.155 20.081 0.070APRODt 0.013 20.002 0.143 20.087 0.116AACt 20.000 20.005 0.066 20.040 0.040ACEXPt 0.426 0.333 0.325 0.200 0.667ACTENt 8.808 8.225 3.636 6.633 10.000ACOTHt 0.908 0.800 0.572 0.500 1.200ACBLKt 0.028 0.000 0.100 0.000 0.000ACSIZEt 3.780 4.000 1.021 3.000 4.000BDINDt 0.782 0.809 0.114 0.714 0.875BDEXPt 0.184 0.143 0.138 0.106 0.279BDTENt 9.602 9.226 3.597 6.746 11.742BDOTHt 0.853 0.778 0.466 0.250 1.236BDBLKt 0.150 0.143 0.134 0.000 0.270BDSIZEt 8.730 9.000 2.269 7.000 10.000SIZEt 2,561.015 729.506 3,929.000 336.372 2,633.292MBt 1.482 1.297 0.672 0.961 1.947ROAt 0.005 0.006 0.003 0.002 0.008CEOTENt 8.725 6.000 7.773 3.000 12.000AGEt 29.800 22.000 21.262 13.000 41.500Notes: n ¼ 100; definition of variables: ACFOt – abnormal cash flows from operations, measured asthe residual value of equation (1), ADISXt – abnormal discretionary expenses, measured as theresidual value of equation (2), APRODt – abnormal production costs, measured as the residual value ofequation (3), AACt – abnormal accruals, measured as the residual value of the Jones model, ACEXPt –proportion of audit committee members with accounting financial expertise, ACTENt – average boardtenure of audit committee members, ACOTHt – average number of other S&P companies’ boardsserved on by audit committee members, ACBLKt – proportion of audit committee members with blockshareholding, ACSIZEt – audit committee size, measured as the number of audit committee members,BDINDt – board independence, measured as the proportion of independent directors on the board,BDEXPt – proportion of directors with accounting financial expertise on the board, BDTENt –average board tenure of directors, BDOTHt – average number of other S&P companies’ boards servedon by directors, BDBLKt – proportion of block shareholding directors on the board, BDSIZEt – boardsize, measured as the number of directors on the board, SIZEt – firm size, measured as the nature logof market value of common equity, MBt – market-to-book ratio, measured as the ratio of market valueto book value of common equity, ROAt – return on assets, measured as income before extraordinaryitems divided by total assets, CEOTENt – CEO tenure, measured as the number of years for which anemployee has been the company’s CEO, AGEt – firm age, measured as the number of years for which afirm has been included in the CRSP database(t-statistic ¼ 22.09, p-value , 0.05), which corroborates the results on abnormal cashflows from operations. Thus, audit committee members’ busyness may impair theirability to constrain real earnings management. Unlike the results on abnormal cashflows from operations, the coefficients on ACBLKt, BDOTHt and BDSIZEt areinsignificant, suggesting that these characteristics are not systematically associatedwith real earnings management.Table VI presents the results when abnormal production costs are used as thedependent variable. We document a positive and significant coefficient on ACOTHt(t-statistic ¼ 2.39, p-value , 0.05), consistent with the results on abnormal cash flowsfrom operations and abnormal discretionary expenses. Thus, audit committees withVariable Variance inflation factorACEXPt 16.101ACTENt 2.292ACOTHt 2.321ACBLKt 1.633ACSIZEt 2.589BDINDt 2.374BDEXPt 15.914BDTENt 3.504BDOTHt 2.598BDBLKt 2.262BDSIZEt 3.642SIZEt 1.984MBt 1.402ROAt 1.163CEOTENt 1.587AGEt 1.654Note: The variables are defined in Table IITable III.Variance inflation factor(VIF) – tests ofMulticollinearityVariable Coefficient t-statisticIntercept 20.089 21.13ACEXPt 0.002 0.12ACTENt 0.001 0.64ACOTHt 20.043 23.92 ***ACBLKt 20.121 21.80 *ACSIZEt 20.005 20.99BDINDt 0.118 1.64BDTENt 0.000 0.02BDOTHt 0.042 2.69 ***BDBLKt 0.047 0.93BDSIZEt 20.007 22.25 * *SIZEt 0.015 3.05 ***MBt 0.003 3.60 ***ROAt 23.261 21.76 *CEOTENt 0.000 0.58AGEt 20.000 21.21n 100F-statistic 3.73 ***Adj. R 2 14.90%Notes: Significant at: *10, * *5 and ***1 percent levels (two-tailed tests); regression model:APRODt ¼ b0 þ b1ACEXPt þ b2ACTENt þ b3ACOTHt þ b4ACBLKt þ b5ACSIZEtþ b6BDINDt þ b7BDEXPt þ b8BDTENt þ b9BDOTHt þ b10BDBLKt þ b11BDSIZEtþ b12SIZEt þ b13MBt þ b14ROAt þ b15CEOTENt þ b16AGEt þ 1the variables are defined in Table IITable IV.Regression results forreal earningsmanagement measuredby abnormal cash flowsfrom operationsVariable Coefficient t-statisticIntercept 0.071 0.33ACEXPt 20.010 20.19ACTENt 20.002 20.24ACOTHt 20.073 22.09 *ACBLKt 0.228 1.59ACSIZEt 20.021 21.27BDINDt 20.036 20.18BDTENt 0.001 0.14BDOTHt 0.054 1.11BDBLKt 20.054 20.33BDSIZEt 0.009 0.89SIZEt 20.005 20.43MBt 0.040 1.62ROAt 23.444 20.57CEOTENt 0.001 0.28AGEt 20.001 21.35n 100F-statistic 3.13 * *Adj. R 2 2.01%Notes: Significant at: *5 and * *1 percent levels (two-tailed tests); regression model:ADISXt ¼ b0 þ b1ACEXPt þ b2ACTENt þ b3ACOTHt þ b4ACBLKt þ b5ACSIZEtþ b6BDINDt þ b7BDEXPt þ b8BDTENt þ b9BDOTHt þ b10BDBLKt þ b11BDSIZEtþ b12SIZEt þ b13MBt þ b14ROAt þ b15CEOTENt þ b16AGEt þ 1the variables are defined in Table II
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Variabel Berarti Median SD Q1 Q3
ACFOt 0,018 0,016 0,055 20,016 0,054
ADISXt 20,018 20,011 0,155 20,081 0,070
APRODt 0,013 20,002 0,143 20,087 0,116
AACt 20,000 20,005 0,066 20,040 0,040
ACEXPt 0,426 0,333 0,325 0,200 0,667
ACTENt 8,808 8,225 3,636 6,633 10,000
ACOTHt 0,908 0,800 0,572 0,500 1,200
ACBLKt 0.028 0.000 0.100 0.000 0.000
ACSIZEt 3,780 4,000 1,021 3,000 4,000
BDINDt 0,782 0,809 0,114 0,714 0,875
BDEXPt 0,184 0,143 0,138 0,106 0,279
BDTENt 9,602 9,226 3,597 6,746 11,742
BDOTHt 0,853 0,778 0,466 0,250 1,236
BDBLKt 0,150 0,143 0,134 0,000 0,270
BDSIZEt 8,730 9,000 2,269 7,000 10,000
SIZEt 2,561.015 729,506 3,929.000 336,372 2,633.292
MBT 1,482 1,297 0,672 0,961 1,947
Roat 0,005 0,006 0,003 0,002 0,008
CEOTENt 8,725 6,000 7,773 3,000 12,000
AGEt 29,800 22,000 21,262 13,000 41,500 Catatan: n ¼ 100; definisi variabel: ACFOt - arus kas yang abnormal dari operasi, diukur sebagai nilai sisa dari persamaan (1), ADISXt - pengeluaran diskresioner abnormal, diukur sebagai nilai sisa dari persamaan (2), APRODt - biaya produksi yang abnormal, yang diukur sebagai sisa nilai persamaan (3), AACt - akrual abnormal, diukur sebagai nilai sisa dari model Jones, ACEXPt - proporsi anggota komite audit dengan akuntansi keahlian keuangan, ACTENt - rata papan jabatan anggota komite audit, ACOTHt - jumlah rata-rata lainnya papan S & P perusahaan ' dilayani oleh anggota komite audit, ACBLKt - proporsi anggota komite audit dengan blok saham, ACSIZEt - ukuran komite audit, diukur sebagai jumlah anggota komite audit, BDINDt - papan kemerdekaan, diukur sebagai proporsi direksi independen papan, BDEXPt - proporsi direksi dengan akuntansi keahlian keuangan di papan, BDTENt - rata kepemilikan dewan direksi, BDOTHt - rata-rata jumlah papan lainnya S & P perusahaan 'dilayani oleh direksi, BDBLKt - proporsi direksi blok kepemilikan saham di papan tulis, BDSIZEt - papan ukuran, diukur sebagai jumlah direksi di papan, SIZEt - ukuran perusahaan, diukur sebagai log sifat dari nilai pasar ekuitas umum, MBT - rasio market-to-book, yang diukur sebagai rasio nilai pasar untuk buku nilai ekuitas umum, Roat - return on asset, diukur sebagai pendapatan sebelum pos luar biasa item dibagi dengan total aset, CEOTENt - kepemilikan CEO, diukur sebagai jumlah tahun yang merupakan karyawan telah CEO perusahaan, AGEt - umur perusahaan, diukur sebagai jumlah tahun yang merupakan perusahaan telah dimasukkan dalam database CRSP (t-statistik ¼ 22,09, p-value, 0,05), yang menguatkan hasil kas yang abnormal arus dari operasi. Dengan demikian, kesibukan anggota komite audit dapat mengganggu mereka kemampuan untuk membatasi manajemen laba nyata. Berbeda dengan hasil kas yang abnormal arus dari operasi, koefisien pada ACBLKt, BDOTHt dan BDSIZEt yang tidak signifikan, menunjukkan bahwa karakteristik ini tidak sistematis terkait dengan manajemen laba nyata. Tabel VI menyajikan hasil ketika biaya produksi abnormal digunakan sebagai variabel dependen. Kami mendokumentasikan koefisien positif dan signifikan terhadap ACOTHt (t-statistik ¼ 2.39, nilai p, 0,05), konsisten dengan hasil pada arus kas yang abnormal dari operasi dan biaya diskresioner abnormal. Dengan demikian, komite audit dengan Variabel faktor inflasi Variance ACEXPt 16,101 ACTENt 2,292 ACOTHt 2,321 ACBLKt 1,633 ACSIZEt 2,589 BDINDt 2,374 BDEXPt 15,914 BDTENt 3,504 BDOTHt 2,598 BDBLKt 2,262 BDSIZEt 3,642 SIZEt 1,984 MBT 1,402 Roat 1,163 CEOTENt 1,587 AGEt 1,654 Catatan: Variabel didefinisikan dalam Tabel II Tabel III. Variance faktor inflasi (VIF) - tes Multikolinearitas Variabel Koefisien t-statistik Intercept 20,089 21,13 ACEXPt 0,002 0,12 ACTENt 0,001 0.64 ACOTHt 20,043 23,92 *** ACBLKt 20,121 21,80 * ACSIZEt 20,005 20.99 BDINDt 0,118 1.64 BDTENt 0.000 0,02 BDOTHt 0,042 2.69 * ** BDBLKt 0.047 0.93 BDSIZEt 20,007 22.25 * * SIZEt 0,015 3.05 *** MBT 0,003 3,60 *** Roat 23,261 21,76 * CEOTENt 0.000 0.58 AGEt 20.000 21,21 n 100 F-statistik 3,73 *** Adj. R 2 14.90% Catatan: Signifikan pada: * 10, * * 5 dan *** 1 tingkat persen (tes dua sisi); model regresi: APRODt ¼ b0 þ þ b1ACEXPt b2ACTENt þ þ b3ACOTHt b4ACBLKt þ b5ACSIZEt þ þ b6BDINDt b7BDEXPt þ þ b8BDTENt b9BDOTHt þ þ b10BDBLKt b11BDSIZEt þ þ b12SIZEt b13MBt þ þ b14ROAt b15CEOTENt þ þ b16AGEt 1 variabel didefinisikan dalam Tabel II Tabel IV. Hasil regresi untuk pendapatan riil manajemen diukur oleh arus kas yang abnormal dari operasi Koefisien Variabel t-statistik Intercept 0,071 0.33 ACEXPt 20,010 20,19 ACTENt 20,002 20.24 ACOTHt 20,073 22,09 * ACBLKt 0,228 1.59 ACSIZEt 20,021 21,27 BDINDt 20,036 20.18 BDTENt 0,001 0.14 BDOTHt 0,054 1.11 BDBLKt 20,054 20,33 BDSIZEt 0.009 0.89 SIZEt 20,005 20,43 MBT 0.040 1.62 Roat 23,444 20,57 CEOTENt 0,001 0.28 AGEt 20,001 21.35 n 100 F-statistik 3.13 * * Adj. R 2 2.01% Catatan: Signifikan pada: * 5 dan * * 1 tingkat persen (tes dua sisi); model regresi: ADISXt ¼ b0 þ þ b1ACEXPt b2ACTENt þ þ b3ACOTHt b4ACBLKt þ b5ACSIZEt þ þ b6BDINDt b7BDEXPt þ þ b8BDTENt b9BDOTHt þ þ b10BDBLKt b11BDSIZEt þ þ b12SIZEt b13MBt þ þ b14ROAt b15CEOTENt þ þ b16AGEt 1 variabel yang didefinisikan dalam Tabel II
















































































































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