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Abstrak :
Penelitian ini bertujuan untuk memeriksa apakah perusahaan dengan free cash flow tinggi disertai dengan kesempatan pertumbuhan rendah (HFLG) akan menggunakan manajemen laba yang meningkatkan laba (DAC) untuk menutupi laba rendah yang dilaporkan sebagai akibat investasi pada proyek yang memiliki nilai net present value (NPV) negatif. Penelitian ini juga meneliti pengaruh struktur kepemilikan dan komite audit yang memperlemah hubungan HFLG dengan manajemen laba yang meningkatkan laba. Dengan sampel 171 perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2009- 2012, penelitian ini membuktikan bahwa perusahaan dengan free cash flow tinggi disertai dengan kesempatan pertumbuhan rendah memiliki hubungan positif terhadap manajemen laba yang meningkatkan laba. Penelitian ini juga menunjukkan kepemilikan keluarga, kepemilikan institusional, dan komite audit memperlemah hubungan HFLG dengan manajemen laba yang meningkatkan laba. Hasil lainnya menunjukkan bahwa konsentrasi kepemilikan tidak terbukti memperlemah hubungan HFLG dengan manajemen laba yang meningkatkan laba.

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This study examines whether low- growth companies with high free cash flow (HFLG) will use income- increasing discretionary accruals (DAC) to offset the low reported earnings as a result of investment in project that has negative net present value (NPV). This study also examines the effect of ownership structure and audit committee in mitigating HFLG- DAC relation. With the sample of 171 companies listed on the Indonesia Stock Exchange (IDX) during the period 2009-2012, this study found that low- growth companies with high free cash flow have a positive effect on DAC. This study also shows that family ownership, institutional ownership, and audit committee weakens HFLG- DAC relation. Another result from this study shows that concentration ownership does not weakens the relationship of HFLG and earning management that increases company’s income.

Abstrak :
This study examines whether low growth companies with free cash flow (HFLG) will use income increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company yearobservations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role of monitoring by auditors, creditors, and independent commissioners in mitigating the relation of HFLG and income-increasing discretionary accruals. The results show that (1) monitoring by high-quality auditors and high-proportion of independent commisioner are effective in mitigating the association of HFLG and income-increasing discretionary accruals, which suggest that both their monitoring are more pronounced for HFLG firms and (2) monitoring by high-debt creditors are effective in reducing income-increasing discretionary accruals, but their monitoring are not found to be more pronounced in HFLG firm. This result suggests that the vigilance of creditors are more likely to increase when debt increase.