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"Penelitian ini bertujuan untuk mengetahui respon investor atas perilaku manajemen dalam mengelola laba dengan menggunakan derivatif dan akrual diskresioner. Lebih lanjut, penelitian ini juga bertujuan mengetahui bagaimana peranan CG dan PSAK 5055 R-2006 dalam hubungan antara penggunaan derivatif serta akrual diskresioner dalam mengelola laba, terhadap nilai perusahaan. Dengan menggunakan sampel perusahaan non-keuangan pengguna derivatif selama periode 2007-2011, manajemen laba menggunakan derivatif tidak terbukti memengaruhi nilai perusahaan. Namun, manajemen laba menggunakan akrual diskresioner, pada perusahaan pengguna derivatif, berpengaruh positif terhadap nilai perusahaan. Lebih lanjut, CG maupun implementasi PSAK 50/55 R-2006 tidak terbukti berpengaruh pada hubungan manajemen laba menggunakan derivatif dan akrual diskresioner terhadap nilai perusahaan.

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The aims of this study is to investigate investor respons of management behavior in manage earnings using derivative and discretionary accrual. Moreover, this study also investigate role of CG and introduction of PSAK 50/55 R-2006 on the relation between derivative and discretionary accrual with firm value. Using sample of non-financial derivative's users within 2007-2011 period, the result show that earnings management using derivative do not impact the firm value. On the contrary, earnings management using discretionary accrual, by derivative's user's, do positive and significantly impact the firm value. Moreover, there is no evidence that CG nor introduction of PSAK 50/55 R-2006 have role in the relation of earnings management, using derivatif and discretionary accrual into firm value."

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