[ABSTRAK
Penelitian ini dilakukan untuk mengetahui pengaruh manajemen laba akrual danmanajemen laba riil terhadap yield spread obligasi. Praktik manajemen laba dalampenelitian ini diukur dengan discretionary accrual yang dikembangkan olehKothari (2005). Semantara itu, manajemen laba riil pada penelitian ini diukurdengan pengukuran manajemen laba riil yang telah dikembangkan olehRoychowdhury (2006). Pengujian hipotesis penelitian ini dilakukan denganmenggunakan data panel unbalance dengan jumlah observasi sebanyak 159observasi. Jumlah observasi tersebut terdiri dari 78 sampel obligasi yangditerbitkan oleh 34 perusahaan non-keuangan yang terdaftar di Bursa EfekIndonesia pada tahun 2009 hingga 2013. Hasil penelitian ini menunjukkan bahwamanajemen laba akrual berpengaruh positif terhadap yield spread obligasi.Sementara itu, CFO abnormal dan biaya diskresioner abnormal yang merupakankomponen pengelolaan manajemen laba riil diketahui berpengaruh negatifterhadap yield spread. Hal ini mengindikasikan bahwa bondholders menyadaritindakan manajemen laba akrual sebagai tindakan oportunis, sehinggameningatkan risiko dan menuntut pengembalian yang tinggi. Akan tetapi,bondholder belum mampu mengetahui dampak negatif manajemen laba melaluiaktivitas riil.

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ABSTRACT
This research aimed to know the effect of accrual earnings management and realearnings management on bond yield spreads. Accrual earnings management inthis research measured by discretionary accrual Kothari model. While realearnings management measured by real earnings management models that weredeveloped by Roychowdhury (2006). Hypothesis testing of this research usedpanel regression with 159 observations. Observations in this research consist of 78bonds sample from 34 companies that are listed at Indonesia Stock Exchangesince 2009 until 2014. The result of this research showed that accrual earningsmanagement has positive effect on yield spread. Whereas, abnormal CFO andabnormal discretionary expenses that measured real earnings management havenegative effect on yield spread. These result implied that bondholders perceiveaccrual earnings management as opportunistic behavior that increased risk factorand thus required high return (yield). However, bondholder have not realized thenegative effect of real earnings management;This research aimed to know the effect of accrual earnings management and realearnings management on bond yield spreads. Accrual earnings management inthis research measured by discretionary accrual Kothari model. While realearnings management measured by real earnings management models that weredeveloped by Roychowdhury (2006). Hypothesis testing of this research usedpanel regression with 159 observations. Observations in this research consist of 78bonds sample from 34 companies that are listed at Indonesia Stock Exchangesince 2009 until 2014. The result of this research showed that accrual earningsmanagement has positive effect on yield spread. Whereas, abnormal CFO andabnormal discretionary expenses that measured real earnings management havenegative effect on yield spread. These result implied that bondholders perceiveaccrual earnings management as opportunistic behavior that increased risk factorand thus required high return (yield). However, bondholder have not realized thenegative effect of real earnings management, This research aimed to know the effect of accrual earnings management and realearnings management on bond yield spreads. Accrual earnings management inthis research measured by discretionary accrual Kothari model. While realearnings management measured by real earnings management models that weredeveloped by Roychowdhury (2006). Hypothesis testing of this research usedpanel regression with 159 observations. Observations in this research consist of 78bonds sample from 34 companies that are listed at Indonesia Stock Exchangesince 2009 until 2014. The result of this research showed that accrual earningsmanagement has positive effect on yield spread. Whereas, abnormal CFO andabnormal discretionary expenses that measured real earnings management havenegative effect on yield spread. These result implied that bondholders perceiveaccrual earnings management as opportunistic behavior that increased risk factorand thus required high return (yield). However, bondholder have not realized thenegative effect of real earnings management]