Volume 7, Issue 11, November – 2022 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

The Effect of Stock Ownership, Independent Board of

Commisioners and Characteristics of the Audit
Committee on Creative Accounting Practices
Nadhiyah Putri Wahdana Abdul Hamid Habbe Ratna Ayu Damayanti
Accounting Department Accounting Department Accounting Department
Hasanuddin University Hasanuddin University Hasanuddin University
Makassar, Indonesia Makassar, Indonesia Makassar, Indonesia

Abstract:- This study aims to analyze the effect of stock accountability, so that the good and bad performance of
ownership, independent board of commissioners and management is measured by the amount of profit achieved by
characteristics of the audit committee on creative the enterprise. If the enterprise's financial performance is
accounting practices. The object of this research is a state- considered less profitable so that it does not match
owned company listed on the Indonesia Stock Exchange expectation, then the management will tend to manage its
for the 2016-2020 period. A total of 90 companies became financial statements so it can impress the investor. This is what
the research sample which were tested using purposive triggers the management team to implement Creative
sampling method. Based on the results of the multiple Accounting.
regression analysis conducted, it can be concluded that
managerial ownership has a negative effect on creative According to Bhasin (2016), Creative Accounting is a
accounting practices. The expertise of the audit committee practice that follows (or may not) follow accounting principles
has a positive effect on creative accounting practices. or standards, but deviates from the real goal in order to show
Institutional ownership, independent board of the image desired by the enterprise to stakeholders. The term
commissioners, audit committee activity and audit can be equated with disclosure management in terms of
committee independence have no effect on creative intervention in the financial statements process (Schipper,
accounting practices. The implications of the results of this 1989). The emergence of Creative Accounting practices is
study is for accountants to be wiser in making decisions caused by market pressure on business entities to be able to
that are beneficial to stakeholders. meet profit targets as expected by the market. This market
pressure has an impact on the income generation for the
Keywords:- Stock Ownership, Independent Board of management, so the manager decides to carry out earnings
Commissioners, Characteristics of the Audit Committee, and management in influencing the profit figure which results in a
Creative Accounting Practices. decrease in the quality of financial statements. Watts &
Zimmerman (1986) in their book on positive accounting
I. INTRODUCTION theory propose three hypotheses of earnings management
motivation, namely: (1) the bonus plan hypothesis, (2) the debt
Financial statement is a medium describing how the covenant hypothesis, and (3) the political cost hypothesis.
enterprise's financial performance is the basis for internal and However, other studies have found evidence that earnings
external parties in making better decisions in the future. In management can be limited by good corporate governance
preparing financial statements, an accountant in Indonesia (Klein, 2002; Dechow, 1996; Beasley, 1996).
must follow the Generally Accepted Accounting Principles
(Jaelani, 2014: 1). The purpose of the establishment of According to Indonesian Institute for Corporate
Generally Accepted Accounting Principles is as a standard that Governance (IICG), corporate governance is a series of
synchronizes the financial statements of an entity in a country mechanisms that direct and control a enterprise so that the
that produces financial statements, making it easier for the enterprise's operations run in accordance with the expectations
reporting process to be known as an audit. In addition, this of stakeholders who apply the principles of transparency,
principle also provides flexibility for practicing accountants in accountability, responsibility, independence, and fairness. The
a business entity to choose the accounting method used in classification of good corporate governance mechanisms
preparing financial statements. However, in practice, this according to Lins & Warnock (2004) is divided into two
accounting standard has limitations that can cause the groups, namely internal mechanisms and external
enterprise's management to carry out Creative Accounting mechanisms.
practice activities on its financial statements, making financial
statements less reliable. The method for controlling the enterprise by using an
external mechanism is the existence of institutional ownership.
Every enterprise has expectation of obtaining high and Institutional investor is considered capable of being an
stable profits because in the Statement of Financial effective monitoring mechanism in every decision taken by
Accounting Concept No. 1 states that profit is one of the main managers. According to Bernandhi (2013), institutional
indicators for measuring performance and management ownership is ownership of a enterprise's shares by institutions

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Volume 7, Issue 11, November – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
or institutions such as insurance enterprises, banks, investment motivation and political cost motivation (Watts &
enterprises and other institutional ownership. A high Zimmerman, 1986).
institutional level will lead to greater supervisory efforts by
institutional investors so that they can hold self-interested B. Agency Theory
ownership behavior which will ultimately harm the One of the triggering factors for conflict of interest
enterprise's owners. Meanwhile, the method for controlling the according to Jensen & Meckling (1976) is the separation of the
enterprise is by using internal mechanisms such as the General ownership and control functions of the enterprise, so that this
Meeting of Shareholders (GMS), namely the existence of can lead to agency costs. The emergence of earnings
managerial ownership and an independent board of management as a result of Creative Accounting practices
commissioners. Managerial ownership provides an occurs when the agent as the manager of the enterprise knows
opportunity for managers who are involved in share ownership more about internal information about the enterprise's
so that their involvement are equal to shareholders. Managers prospects in the future than the owners (shareholders). The
are not merely external parties who are paid for the benefit of imbalance in the mastery of information will trigger the
the enterprise but are treated as shareholders. Therefore, it is emergence of a condition called information asymmetry,
expected that the involvement of managers in ownership can which is a condition caused by the unequal distribution of
be effective in improving the performance of managers. The information between the principal and the agent (Anggraeni,
internal control process is also carried out with the inclusion 2011). The principal is motivated to prosper himself with ever-
of a board of commissioners from outside the enterprise that increasing profitability, while the agent is motivated to
can increase the effectiveness of the board in supervising maximize the fulfillment of his economic and psychological
management to prevent the fraud of financial statements needs. Thus, there are two different interests in the enterprise
(Beasley, 1996). where each party, namely the principal and agent, seeks to
achieve or maintain the desired level of prosperity as stated by
Creative Accounting practices in a enterprise arise Setyantomo (2011).
because of a conflict of interest between shareholders
(principals) and managers (agents). Agency theory (Jensen & C. Institutional Ownership
Meckling, 1976) is often used to explain accounting fraud in Institutional ownership is part of the enterprise's shares
financial statements. Agency problems occur when the owned by institutions or institutions (insurance enterprises,
principal finds it difficult to trace what the agent actually does. banks, investment enterprises, and other institutional
Therefore, it takes an independent party who is considered ownership). The existence of institutional ownership is
capable as a mediator of interests between the principal and thought to be able to provide a supervisory mechanism that
the agent in managing finances, namely the Auditor. The audit aims to align various interests in the enterprise because they
committee is considered a liaison between shareholders and are considered sophisticated investors with a significant
the board of commissioners and management in dealing with amount of ownership that can monitor management which has
control issues. Thus, audit committee members are expected an impact on reducing managers' motivation to perform
to be able to understand the complexity of financial earnings management (Mahariana and Ramantha, 2014).
statements, evaluate accounting policies, understand auditor
decisions, and assess the quality of financial statements D. Managerial Ownership
(Kalbers & Fogarty 1993). Jensen & Warner (1988) stated that managerial
ownership can balance the interests of shareholders with the
Based on the description above, researchers are interests of enterprise management because management can
interested to test these variables by focusing on the study, directly feel the benefits that will be obtained and will bear the
entitled "The effect of stock ownership, independent board of risks for the decisions taken. Thus this is expected to motivate
commissioners and characteristics of the audit committee on the management to improve its performance. The management
Creative Accounting practices (Case studies on state-owned is the manager of the enterprise, such as directors, managers,
enterprises listed on the Indonesia Stock Exchange in 2016- and employees (Boediono, 2005).
2020)".
E. Independent Board of Commissioners
II. LITERATURE REVIEW AND HYPOTHESES According to the Forum for Corporate Governance
DEVELOPMENT (FCGI) (2001) that the board of commissioners is the core of
corporate governance, which is tasked with ensuring the
A. Positive Accounting Theory implementation of corporate strategy, supervising
From an economic perspective, positive accounting management in managing the enterprise and requiring
theory assumes that managers will rationally choose accountability. The existence of independent commissioners
accounting policies that they think good (Aryani, 2011). This has an important role in terms of monitoring the running of the
theory also explains that Creative Accounting is influenced by enterprise by ensuring that managers have implemented the
an economic framework that aims for self-interest. There are practices of transparency, accountability, independence of
various motivations suspected to underlie and encourage a disclosure, and fairness in accordance with the applicable
manager to behave opportunistically. Positive accounting regulations in the enterprise.
theory has three hypotheses that are used as the basis for the
main motivation for managers to practice Creative
Accounting, namely bonus motivation, debt contract F. Characteristics of the Audit Committee

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Volume 7, Issue 11, November – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
The audit committee plays an important role in agency costs (Saffudin, AZ, & Prasetiono, P. (2011)). Based
overseeing the operations and the enterprise's internal control on this, the hypothesis that can be proposed is:
system with the aim of contributing to the development of the H2: Institutional Ownership has a negative effect on Creative
enterprise's strategic plan and is expected to provide input and Accounting practices.
recommendations to the board of directors with regard to any
financial or operational issues. Therefore, an effective audit The role of directors and commissioners is very
committee will focus on improving the enterprise's important and quite decisive for the successful implementation
performance and competitiveness, especially in a changing of corporate governance (Effendi, 2016). Based on agency
business environment that is beyond the enterprise's control theory, the existence of a supervisory board by the board of
(Charan, 1998; Craven & Wallace, 2001). There are several commissioners will increase the belief that management has
characteristics of the audit committee, including (1) the acted in the interests of the shareholders because the board of
activity of the audit committee, the more frequency of audit commissioners is appointed by the shareholders so they must
committee meetings with management, it is also expected that represent the interests of the shareholders in overseeing the
the potential for Creative Accounting practices in the actions of management. Based on this, the hypothesis that can
enterprise will decrease, (2) the expertise of the audit be proposed is:
committee, expertise in finance and auditing is considered H3: Independent Board of Commissioners has a negative effect
important for the effectiveness of the audit committee because on Creative Accounting practices.
in its assignment the audit committee really needs expertise in
the field of accounting/finance which is very good (Zaman, et. The implementation of good corporate governance will
al. 2011), and (3) the independence of the audit committee, the be more complete and effective with the activeness of the audit
existence of independence on audit committee can increase committee in holding meetings. The frequency of audit
investor confidence in the report enterprise finances and committee meetings is at least 4 times a year. The higher the
reduce the risk of Creative Accounting practices. frequency of meetings held by management, the effectiveness
of the audit committee in supervising management will
G. Creative Accounting increase in order to minimize Creative Accounting practices.
According to Khatri (2015), Creative Accounting Based on this, the hypothesis that can be proposed is:
practically uses the flexibility provided in accounting H4: The activity of the audit committee has a negative effect on
principles or accounting standards to manage different Creative Accounting practices.
accounting recognition, measurement and presentation to
serve the purposes of those who prepare accounts Dwiharyadi, A. (2017) revealed that accounting expertise
(management) than those who tend to use accounts (external focuses on the process of preparing financial statements to
parties, shareholders, creditors). The various motivations and produce information that describes the enterprise's financial
goals of management in implementing Creative Accounting condition, while financial expertise focuses more on financial
practices. Therefore, positive accounting theory management for enterprise operational activities. Thus, the
accommodates the use of this practice by referring to generally audit committee tasked with supervising in order to reduce
accepted accounting principles as legal standards used. Creative Accounting practices, requires accounting expertise
because the preparation of financial statements is closely
H. Hypothesis related to expertise in understanding the accounting cycle.
Extensive managerial ownership in the enterprise will be Based on this, the hypothesis that can be proposed is:
effective in supervising the activities of the enterprise Pujiati, H5: The expertise of the audit committee has a negative effect
D., & Widanar, E. (2009). This is in line with Wardani (2011) on Creative Accounting practices.
who said that increasing managerial ownership in the
enterprise encourages managers to create optimal enterprise The present of an independence of audit committee is
performance and motivates managers to act carefully because able to optimize the reputation of the audit committee as a
they share the consequences for their actions. This means that good supervisor, able to provide a more objective opinion and
an increase in share ownership by managers in the enterprise better able to provide recommendations in relation to the
will be able to create optimal enterprise performance and policies set and carried out by management (Rahmat &
motivate managers to act to be more careful, because they Iskandar, 2009). The independence that is always maintained
share the consequences of every action they take. Based on on the audit committee will increase investor confidence in the
this, the hypothesis that can be proposed is: financial statements and can reduce the possibility of the
H1: Managerial ownership has a negative effect on Creative enterprise being in a state of financial difficulty caused by
Accounting practices. cases of irregularities in corporate governance. Revitasari, et.
Al. (2017). Based on this, the hypothesis that can be proposed
Institutional investors have excel abilities in monitoring is:
Creative Accounting practices compared to individual H6: The independence of the audit committee has a negative
investors (Kholis, 2014). A high level of ownership by effect on Creative Accounting practices.
institutions in a enterprise will lead to greater oversight efforts
carried out by institutional investors so that they will be able III. RESEARCH METHODS
to control managers not to take actions that are not in line with
the interests of shareholders which will ultimately reduce This research explains the causal correlation among
variables through the submission of formulated hypotheses.

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The variables in this study consist of independent variables standard deviation of 5.100001. The expertise of the Audit
(managerial ownership, institutional ownership, independent Committee (X5) has an average value of 3.644 with a standard
board of commissioners, audit committee activity, audit deviation of 0.128. The independence of the Audit Committee
committee expertise and audit committee independence) and (X6) has an average value of 0.3900 with a standard deviation
the dependent variable (Creative Accounting practices). This of 0.13825.
study uses secondary data with multiple linear regression
analysis method to test how far the relationship and the B. Multiple Linear Regressions
influence of independent variable on dependent variable. The The results of multiple linear regression testing can be
data was first analyzed using Microsoft Excel 2010, then seen in the following table:
testing was carried out using SPSS software (Statistical
Product and Service Solution) version 25. The data processing
process begins with the input of research variables into the
SPSS program and produces output according to the data
analysis method that has been determined. The object in this
study is a state-owned enterprise listed on the Indonesia Stock
Exchange from 2016 to 2020 which focuses on financial
statements and annual reports in the form of annual reports.
Based on criteria specified in the sample selection, the sample
enterprises used were 18 enterprises with an observation
period of 5 years so that the number of observations was 90
samples.

IV. RESULT

A. Descriptive Statistics Table 2. Multiple Linear Regressions

Descriptive statistics are used to determine the Source: Data processing, SPSS 25.0 version
description of a data. Descriptive statistical analysis is done by
looking at minimum value, maximum value, and mean value Based on the results of multiple linear regression test
and standard deviation of data. Based on the research data can above obtained the regression equation as follows:
be known descriptive analysis as follows:
Y = 0,006– 0,001 X1 - 0,056 X2+ 0,120 X3+0,003 X4 +0,226
X5- 0,015 X6

A constant of 0.006 indicates that if there are no

independent variables (i.e institutional ownership, managerial
ownership and independent board of commissioners, audit
committee activity, audit committee expertise and audit
committee independence) then the Creative Accounting level
(Y) of state-owned enterprises (BUMN) in 2016-2020 on the
Stock Exchange Indonesia is equal to 0.006.

The regression coefficient of the Proportion of

institutional ownership (X1), managerial ownership (X2) and
audit committee independence (X6) is negative which
indicates that there is a unidirectional change on Creative
Table 1. Descriptive Statistics Accounting practices. Meanwhile, the regression coefficient
Source: Data processing, SPSS 25.0 version of independent commissioners (X3), audit committee activity
(X4) and audit committee expertise (X5) are positive which
The number of samples in this study were 18 enterprises indicates that there is a directional change on Creative
with a total observation of 90 units of analysis (18 enterprises Accounting practices.
multiplied by 5 years of the research period). Creative
Accounting (y) has a minimum value of -0.01 and a maximum C. Hypothesis testing (Partial test)
value of 0.41 with a standard deviation of 0.11004. T – test statistic known as partial test, namely test to
Institutional ownership (X1) has a minimum value of 5.16 and know how influence each independent variable individually to
a maximum value of 99.55 with a standard deviation of dependent variable. The result of t Test Statistical if
23,95391. Managerial ownership (X2) has a minimum value probability value t 0,05 Ha is rejected.
of 0 and a maximum value of 1.17 with a standard deviation
of 0.18842 . The Independent Board of Commissioners (X3)
has a minimum value of 0.20 and a maximum value of 0.40
with a standard deviation of 0.07412. The activity of the Audit
Committee (X4) have an average value of 17.633 with a

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ISSN No:-2456-2165
D. F Test (Simultaneous)
F Test is a test to see how the influence of all independent
variables together on the dependent variable.

Table 4. Simultaneous Test

Table 3. Partial Test Source: Data processing, SPSS 25.0 version
Source: Data processing, SPSS 25.0 version
 Hypothesis 7
 Hypothesis 1 The count value of 2,567> F table with significance level
The count value of t equal to -0,001 with a significance is 0.025 which is smaller than α = 0.05, therefore the decision
value of 0.107>0,05, therefore the decision is H0 rejected. So, is Reject H0. So it can be concluded that there is influence
it can be concluded that there is a negative influence between jointly Institutional ownership (X1), managerial Ownership
institutional ownership (X1) and Creative Accounting practices (X2), independent board of commissioners (X3), the activity
(Y). of audit committee (X4), the expertise of audit committee (X5)
and the independence of audit committee (X6) on Creative
 Hypothesis 2 Accounting (Y).
The count value of t equal to -0,056 with a significance
value of 0.031<0,05, therefore the decision is H0 accepted. So, E. Determination Coefficient Test
it can be concluded that there is a negative influence between The value of the determination coefficient can be
managerial ownership (X2) and Creative Accounting practices measured by the R-Square value when the independent
(Y). variable is only 1, or Adjusted R-Square is used when the
independent variable is more than two.
 Hypothesis 3
The count value of t equal to 0,120 with a significance value
of 0.45>0,05, therefore the decision is H0 rejected. So, it can
be concluded that there is a positive influence between
independent board of commissioners (X3) and Creative
Accounting practices (Y).

 Hypothesis 4
The count value of t equal to 0,003 with a significance value
of 0.235>0,05, therefore the decision is H0 rejected. So, it can
be concluded that there is a positive influence between the Table 5. R Square Test
activity of audit committee (X4) and Creative Accounting Source: Data processing, SPSS 25.0 version
practices (Y).
From the table above obtained coefficient of
 Hypothesis 5 determination or Adjusted R Square valued at 0.457 or 45.7%
The count value of t equal to 0,226 with a significance means the variation of independent variables used in the model
value of 0.02<0,05, therefore the decision is H0 rejected. So, it of Proportion of institutional ownership (X1), managerial
can be concluded that there is a positive influence between the Ownership (X2), independent board of commissioners (X3),
expertise of audit committee (X5) and Creative Accounting the activity of audit committee (X4), the expertise of audit
practices (Y). committee (X5) and the independence of audit committee (X6)
are able to explain by 45.7% dependent variable that is Creative
 Hypothesis 6 Accounting practices (Y), while the remaining 54.3%
The count value of t equal to -0,015 with a significance influenced by other factors outside the variables studied.
value of 0.866>0,05, therefore the decision is H0 rejected. So,
it can be concluded that there is a negative influence between
the independence of audit committee (X6) and Creative
Accounting practices (Y).
V. DISCUSSION

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Volume 7, Issue 11, November – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
A. The Effect of Institutional Ownership on Creative The reason of the expertise of audit committee positively
Accounting Practices affects on Creative Accounting practices, according to
The reason of the institutional ownership negatively Dwiharyadi, A. (2017), the possibility of forming an audit
affects on Creative Accounting practices, according to committee in a enterprise with audit committee expertise that
Kristanti (2017), Institutional investors only carry out their has been assessed as good is only mandatory in order to meet
role as transient investors (temporary owners of enterprises) applicable regulatory standards without showing the actual
which only focus on short-term profits, so the institutional quality that the members have, so that it will not affect how
ownership is not necessarily able to improve monitoring effective the audit committee itself is. This research is in
effectively on management which will affect the reduction of accordance with research conducted by Hamzah, H., & Mu'id,
management policies in conducting earnings management. D. (2018).
This research is in accordance with research conducted by
Perdana, A. A. (2019) and Marsyah, S. R. (2020). F. The Effect of the Independence of Audit Committee on
Creative Accounting practices
B. The Effect of Managerial Ownership on Creative The reason of the independence of the audit committee
Accounting Practices negatively affects on Creative Accounting practices, according
The reason of the managerial ownership negatively to Core et al. (1991), the effectiveness of audit committee will
affects on Creative Accounting practices, according to decrease when its members work in many enterprises.
Kusumawardana, Y., & Haryanto, M. (2019), managerial Therefore, if the enterprise has an audit committee that has an
ownership will make management's position equal to that of important position in many enterprises, the enterprise's
enterprise owners who can align or unify the interests of management tends to carry out earnings management.
management and shareholders. Hence, management will act Independence is the most important characteristic that the
the same as investors in general and will carry out earnings audit committee must possess to fulfill its supervisory role.
management in order to know the real state of the enterprise. This research is in accordance with research conducted by
This indicates that managerial ownership can contribute to Aini, A. N. (2018).
controlling Creative Accounting practices. This research is in
accordance with research conducted by Gunarto, K., & VI. CONCLUSION
Riswandari, E. (2019) and Aeni, H. N., et. al (2019).
Based on the results of research and discussion in the
C. The Effect of Independent Board of Commissioners on previous chapter, here are the conclusion as follows:
Creative Accounting Practices  The influence of institutional ownership, managerial
The reason of the independent board of commissioners ownership and committee interdependence audit partially
positively affects on Creative Accounting practices, according negatively affect on Creative Accounting practices.
to Puspitasari and Ernawati (2010), the Independent Board of  The influence of independent board of commissioners,
Commissioners does not contribute to the improvement of committee activity and expertise audit partially has a
financial performance. The more commissioners coming from positive affect on Creative Accounting practices.
outside the enterprise resulted in less knowledge of the  There is simultaneously influence of institutional
members of the Commissioners Board on the issues and ins ownership, managerial ownership, independent board of
and outs of the enterprise. This research is in accordance with commissioners, the activity of audit committee, the
research conducted by Aprillian, S. K., Pratomo, D., & expertise of audit committee, and the independence of
Asalam, A. G. (2021). audit committee on creative accounting practices.

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