Jaren Jef Geovan Pinem, Amrie Firmansyah


Certain manager policies can push the company to be riskier. Some of the manager's policies include investment in investment opportunity sets, dividend policies and accrual policies through accrual earnings management. This study examines idiosyncratic risk with the three managers' policies. Tests were carried out using data from 75 food and beverage sub-sector companies listed on the Indonesia Stock Exchange from 2016 to 2020 using multiple linear regression analysis for panel data. The results suggest that investment opportunity set and accrual earnings management negatively affect idiosyncratic risk, whereas dividend policy positively affects idiosyncratic risk. This study places the investment opportunity set under test with idiosyncratic risk in the manager's policy framework, which is rarely used in previous studies.


Investment Opportunity Set, Dividend Policy, Earnings Quality, Internal Risk.

Full Text:



Abbas, D. S., Hakim, M. Z., & Rustandi, R. (2019). Pengaruh profitabilitas, solvabilitas, opini audit dan reputasi kantor akuntan publik terhadap audit report lag (pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia pada tahun 2012-2015). Competitive: Jurnal Akuntansi dan Keuangan, 3(1), 1–19.

Afriyeni, A., & Marlius, D. (2019). Analisis tingkat pengembalian dan risiko investasi (studi pada industri manufaktur yang terdaftar di bursa efek indonesia). Akademi Keuangan dan Perbankan Padang, 1–14.

Agustia, D., Muhammad, N. P. A., & Permatasari, Y. (2020). Earnings management, business strategy, and bankruptcy risk: evidence from Indonesia. Heliyon, 6, 1–9.

Arifin, S., & Asyik, N. F. (2015). Pengaruh profitabilitas, likuiditas, growth potential, dan kepemilikan manajerial terhadap kebijakan dividen. Jurnal Ilmu dan Riset Akuntansi, 4(2), 1–17.

Asikin, N., Gultom, S. D., & Firmansyah, A. (2021). Kebijakan dividen pada perusahaan sektor industri barang konsumsi di Indonesia: kebijakan utang, profitabilitas, likuiditas. Statera: Jurnal Akuntansi dan Keuangan, 3(1), 19–28.

Astriani, E. F. (2014). Pengaruh kepemilikan manajerial, leverage, profitabilitas, ukuran perusahaan dan investment opportunity set terhadap nilai perusahaan. Jurnal Akuntansi, 2(1), 1–25.

Athari, S. A. (2021). The effects of institutional settings and risks on bank dividend policy in an emerging market: Evidence from Tobit model. International Journal of Finance and Economics, 26(3), 4493–4515.

Bachtiar, E. (2012). Kasus-kasus etika bisnis Dan profesi. Salemba Empat.

Bailey, W., Andrew Karolyi, G., & Salva, C. (2006). The economic consequences of increased disclosure: Evidence from international cross-listings. Journal of Financial Economics, 81(1), 175–213.

Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value. Journal of Financial and Quantitative Analysis, 46(4), 967–999.

Beaver, W., Kettler, P., & Scholes, M. (1970). The association between market determined and accounting determined risk measures. The Accounting Review, 45(4), 654–682.

Biase, P. di, & D‘Apolito, E. (2012). The determinants of systematic risk in the Italian banking system: a cross-sectional time series analysis. International Journal of Economics and Finance, 4(11), 152–164.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management. Cengage Learning.

Budiman, J., & Setiyono, S. (2012). Pengaruh karakter eksekutif terhadap penghindaran pajak (tax avoidance) (Simposium Nasional Akuntansi XV Banjarmasin).

Chang, S. H., Wang, T. S., Chiu, A. A., & Huang, S. Y. (2015). Earnings management and idiosyncratic risk − evidence from the post-Sarbanes- Oxley Act period. Investment Management and Financial Innovations, 12(2), 117–126.

Chen, R. C. Y., Hung, S. W., & Lee, C. H. (2018). Corporate social responsibility and firm idiosyncratic risk in different market states. Corporate Social Responsibility and Environmental Management, 25(4), 642–658.

Cohen, L. J., Cornett, M. M., Marcus, A. J., & Tehranian, H. (2014). Bank earnings management and tail risk during the financial crisis. Journal of Money, Credit and Banking, 46(1), 171–197.

Datta, S., Iskandar-Datta, M., & Singh, V. (2017). The impact of idiosyncratic risk on accrual management. International Journal of Managerial Finance, 13(1), 1–38.

DeAngelo, H., & DeAngelo, L. (1990). Dividend policy and financial distress: an empirical investigation of troubled NYSE Firms. The Journal of Finance, 45(5), 1415–1431.

Deshmukh, S. (2005). The effect of asymmetric information on dividend policy. Quarterly Journal of Business and Economics, 44(1/2), 107–127.

Djalil, M. A., Saputra, M., & Munandar, A. (2017). Influence of investment opportunity set, financial leverage and firm size on real activity manipulation and its implication on stock return (study on manufacturing company listed in Indonesia Stock Exchange). Jurnal of Resources Development and Management, 29, 58–65.

Enterpreneur, J. (n.d.). Manajemen laba sebagai strategi dalam akuntansi.

Fahmi, I. (2016). Pengantar manajemen keuangan. ALFABETA.

Fama, E. F., & French, K. R. (1993). Common risk factors in the returns stocks and bonds. Journal of Financial Economics, 33, 3–56.

Firmansyah, A., & Irwanto, A. (2020). Do Income Smoothing, Forward-Looking Disclosure, And Corporate Social Responsibility Decrease Information Uncertainty? International Journal of Psychosocial Rehabilitation, 24(07), 9513–9525.

Firmansyah, A., Jadi, P. H., & Sukarno, R. S. (2021). Bagaimana respon investor terhadap kepemilikan saham oleh CEO? Jurnal Online Insan Akuntan, 4(1), 15–28.

Firmansyah, A., & Muliana, R. (2018). The effect of tax avoidance and tax risk on corporate risk. Jurnal Keuangan dan Perbankan, 22(4), 643–656.

Firmansyah, A., & Suhanda, N. H. (2021). Bagaimana peran tata kelola perusahaan dalam hubungan antara manajemen laba dan risiko idiosinkratik di Indonesia? Jurnal Ekonomi, 26(2), 229.

Firmansyah, A., Utami, W., Umar, H., & Mulyani, S. D. (2020). The role of derivative instruments on risk relevance from emerging market non-financial companies. Journal of Governance and Regulation, 9(3), 45–63.

Hardwick, P., & Adams, M. (1999). The determinants of financial derivatives use in the United Kingdom life insurance industry. Abacus, 35(2), 163–184.

Hartono, J. (2017). Teori portofolio dan analisis investasi (edisi kesebelas). BPFE.

Hatane, S. E., Supangat, S., Tarigan, J., & Jie, F. (2019). Does internal corporate governance mechanism control firm risk? Evidence from Indonesia’s three high-risk sectors. Corporate Governance, 19(6), 1362–1376.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

Jin, L., & Myers, S. C. (2006). R2 around the world: new theory and new tests. Journal of Financial Economics, 79(2), 257–292.

Kallapur, S., & Trombley, M. A. (2001). The investment opportunity set: Determinants, consequences and measurement. Managerial Finance, 27(3), 3–15.

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2018). Intermediate accounting: IFRS Edition, 3rd Edition. John Wiley & Sons, Inc.

Kim, I., & Kim, T. (2013). Changing dividend policy in Korea: Explanations based on catering, risk, and the firm’s lifecycle. Asia-Pacific Journal of Financial Studies, 42(6), 880–912.

Koonce, L., McAnally, M. L., & Mercer, M. (2005). How do investors judge the risk of financial items? Accounting Review, 80(1), 221–241.

Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163–197.

Kumari, J., Mahakud, J., & Hiremath, G. S. (2017). Determinants of idiosyncratic volatility: Evidence from the Indian stock market. Research in International Business and Finance, 41(April), 172–184.

Lee, D. D., & Faff, R. W. (2009). Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial Review, 44(2), 213–237.

Lee, T. A. (2020). Financial accounting theory, 7th edition. Person Education.

Lin, W. L., Mohamed, A. Bin, Sambasivan, M., & Yip, N. (2020). Effect of green innovation strategy on firm-idiosyncratic risk: A competitive action perspective. Business Strategy and the Environment, 29(3), 886–901.

Liu, B., Iorio, A. Di, & Silva, A. De. (2014). Do stock fundamentals explain idiosyncratic volatility? Evidence for Australian stock market. In University of Wollongong Research Online.

Oktarina, B. (2010). Analisis pengaruh variabel keuangan perusahaan terhadap risiko idiosyncratic. Fakultas Ekonomi Universitas Sebelas Maret, 1–70.

Paligorova, T. (2011). Corporate risk-taking and ownership structure. In SSRN Electronic Journal.

Parendra, A., Firmansyah, A., & Prakoso, D. K. (2020). Ukuran perusahaan, leverage, risiko saham di perusahaan perbankan. Dinamika Akuntansi, Keuangan, dan Perbankan, 9(2), 119–132.

Priantinah, D. (2016). Perspektif oportunistik dan efisien dalam fenomena manajemen laba. Jurnal Pendidikan Akuntasi Indonesia, 14(2), 1–12.

Profilet, K., & Bacon, F. (2013). Dividend policy and stock price volatility. Jounral of Business and Behaviour Science, 25(2), 63–72.

Puspitaningtyas, Z. (2017). Is financial performance reflected in stock prices?

Putu, N., Devi, Y., Made, N., & Erawati, A. (2014). Pengaruh kepemilikan manajerial, leverage, dan ukuran perusahaan pada kebijakan dividen perusahaan manufaktur. Jurnal Akuntansi Universitas Udayana, 93, 2302–8556.

Rahmawati, C. H. T. (2015). Pengaruh tingkat pertumbuhan perusahaan dan risiko perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di bursa efek Indonesia. E-Jurnal Ukrimuniversity, 10–17.

Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51, 1–20.

Ratnasari, A., & Hudiwinarsih, G. (2013). Analisis pengaruh informasi keuangan, non keuangan serta ekonomi makro terhadap underpricing pada Perusahaan Ketika Ipo. Buletin Studi Ekonomi, 18(2), 85–97.

Rini, K. D. S., & Mimba, N. P. S. H. (2019). Pengaruh pengungkapan corporate social responsibility, investment opportunity set dan struktur modal pada nilai perusahaan. E-Jurnal Akuntansi, 28(3), 2019–2034.

Saputri, R. E. (2019). Pengaruh keputusan investasi terhadap nilai perusahaan dengan risiko bisnis sebagai variabel intervening pada perusahaan manufaktur di bursa efek indonesia (BEI) Periode 2015-2017. In Doctoral dissertation.

Sari, L. K., Achsani, N. A., & Sartono, B. (2017). Pemodelan volatilitas return saham: studi kasus pasar saham Asia. Jurnal Ekonomi dan Pembangunan Indonesia, 18(1), 35.

Scott, W. R. (2015). Financial accounting theory, seventh edition. (7th ed.). Pearson Canada.

Simarmata, C. N., Ng, S., & E., D. F. (2019). Ukuran perusahaan dan tingkat leverage sebagai pendorong penerapan hedging untuk menekan risiko idiosinkratik. Atma Jaya Accounting Research, 2(2), 19–48.

Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–373.

Suartawan, I. G. N. P. A., & Yasa, G. W. (2017). Pengaruh investment opportunity set dan free cash flow pada kebijakan dividen dan nilai perusahaan. Jurnal Ilmiah Akuntansi dan Bisnis, 63.

Wijaya, R. A., & Suganda, T. R. (2020). Pengaruh investment opportunity set, kinerja keuangan, dan intangible asset terhadap nilai perusahaan. Jurnal Akuntabel, 17(2), 2020–2215.

Wijoyo, R. K., & Firmansyah, A. (2021). Are accrual earnings management are accrual earnings management and real earnings management related to and real earnings management related to total risk and idiosincratic. Riset Akuntansi dan Keuangan Indonesia, 6(2), 178–197.

Yusma, N., & Holiawati. (2019). Investment risk, investment opportunity set dan return saham. JABI (Jurnal Akuntansi Berkelanjutan Indonesia), 2(3), 393–406.

Zhou, T., Xie, J., & Li, X. (2016). Financial reporting quality and idiosyncratic return volatility: evidence from China. Emerging Markets Finance and Trade, 53(4), 835–847.



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.