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310

Jurnal Ekonomi Teknologi & Bisnis (JETBIS)

Volume 2, Number 3, Maret 2023

p-ISSN 2964-903X; e-ISSN 2962-9330

THE EFFECT OF GOOD CORPORATE GOVERNANCE, COMPANY SIZE,

AND LEVERAGE ON THE INTEGRITY OF FINANCIAL STATEMENTS

Anak Agung Putu Gede Bagus Arie Susandya

, Ni Nyoman Ayu Suryandari

Fakultas ekonomi dan bisnis Universitas mahasaraswati Denpasar

1,2

Email : Ariesusandya@unmas.ac.id

ARTIKEL INFO:

Diterima:

10 Mei 2023

Direvisi:

14 Mei 2023

Disetujui:

17 Mei 2023

ABSTRACT

The Integrity of financial reports is defined as the extent to which the financial

statements presented show true and honest information. Two things become the

primary qualities in financial reports, namely relevance, and reliability. This

study aims to empirically determine the role of good corporate governance and

financial performance on the Integrity of financial statements. The variables

used in corporate governance are institutional ownership, managerial

ownership, and independent commissioners. Financial performance using

company size and leverage. The population in this study are property and real

estate companies listed on the Indonesia Stock Exchange in 2018-2021. The

samples in this study were 16 property and real estate companies determined

based on the purposive sampling method. The analytical tool used to test the

hypothesis is multiple linear regression. The results of this study indicate that

institutional ownership, managerial ownership, and firm size harm the Integrity

of financial statements. The amount of institutional and managerial ownership

does not make financial reports more relevant and reliable. The presence of an

independent commissioner positively affects the Integrity of financial reports,

and it can be considered as overseeing the process of making financial reports.

While leverage does not affect the Integrity of financial statements, the low level

of corporate debt cannot guarantee that financial statements are presented with

high Integrity. Future research can develop this research by observing the

effectiveness of the company's internal audit team. The internal audit team has

an important role in the Integrity of the entity's financial statements.

Keywords: Integrity of financial statements, GCG, company size, leverage

INTRODUCTION

The development of the times is also followed by increasing business competition in this era

of globalization. This business competition is inseparable from the influence of developing

economic, social, political, and technological advances (Aprila et al., 2022). Every company wants

to describe its condition in good condition, even not infrequently manipulating financial statements

so that the information in the financial statements becomes ordinary (Alsmady, 2022). Biased

information is irrelevant for decision-making because the analysis is not based on factual

information. This act of manipulating financial statements is one of the acts of fraud. Financial

statement fraud is a material error or omission made deliberately to create false information in the

financial statements that deceive readers of the financial statements. Financial statement fraud can

occur when assets or income are published higher than the actual state (overstates) presented by the

company and when liabilities or expenses are lower than the actual state (understates) presented by

the company (Haryanto & Sudarno, 2019).

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The phenomenon in 2020, PT Hanson International Tbk is a company that was involved and

became a scandal with two companies in trouble, namely PT Absari (persero) and PT Asuransi

Jiwasraya (person). PT Hanson International Tbk has been proven to have manipulated its financial

statements for LKT 2016. The Financial Services Authority (OJK) then sanctioned the president

director and PT Hanson International Tbk because the LKT was engineered. The OJK-sanctioned

PT Hanson International Tbk. Namely a fine of five hundred million (Rp 500 million), and had to

make a restatement with the actual situation for the 2016 Annual Financial Statements. Then Benny

Tjokro, the president and director, was fined five billion (Rp 5 M). While another employee, Adnan

Tabrani, was also fined one hundred million. Then the auditors from the Public Accounting Firm

(KAP) Purwantono, Sungkoro, and Surja, members of Ernst and Young Global Limited (EY), get

the punishment by freezing STTD (Surat Tanda Register) for 1 year. (KOMPAS.com, 2020). As a

result of the case, the loss of public trust and the decline in stock prices on the Indonesia Stock

Exchange. The phenomenon of accounting manipulation is a form of failure of the Integrity of

financial statements in presenting information that is important for users of financial statements to

know, especially financial analysis, investors, and creditors (Wahyuni et al., 2021). The

phenomenon of financial scandal cases in financial statements proves there is still a lack of honesty

in producing financial statements with Integrity and presenting information in financial statements

with actual conditions (Pradika & Hoesada, 2018). The company made inappropriate decisions

resulting in fraud in preparing financial statements. Company management tends to commit scandals

due to various factors to keep the company in good condition so as not to worry shareholders (Inayati

& Azizah, 2021). Factors that affect the Integrity of financial statements, namely the application of

good corporate governance and the principles of good corporate governance (Kurnia Sari, 2016),

need to be done by every company so that the company can survive and be resilient in the face of

increasingly fierce competition so that companies can apply business ethics consistently and

efficiently (Aprilia & Aminatun, 2022).

Financial statements that have Integrity are financial statements that display the actual

condition of a company without anything being covered or hidden (Crismunandar, 2020). Financial

statement integrity is the quality of information that ensures that information is reasonably free from

errors and biases and honestly presents its intended state (Sudarmanto et al., 2021). It can be

concluded that the Integrity of a financial statement is a financial statement that displays the actual

condition of a company without anything being covered or hidden. So, if an auditor audits financial

statements that do not have Integrity (do not reflect the actual condition of the company), the chances

of an auditor being sued will be greater. Because if financial statements that do not have Integrity

turn out to be unhealthy, then covered by displaying or reporting good financial performance

(overstating) will be very detrimental to users of these financial statements (Savero et al., 2017).

The first independent variable is institutional ownership (Santoso & Andarsari, 2022), the

percentage of company share ownership owned by institutions outside the company's management.

Institutional ownership is considered to be able to perform an effective monitoring function for

company management to make management focus more on company performance so that it can

affect the process of preparing financial statements (Rizkiyah et al., 2020). Research conducted by

(Savero et al., 2017), (Guang et al., 2017), and (Pande et al., 2017) states that there is a positive

influence between institutional ownership on the Integrity of financial statements, while

(Hasanuddin & Mubarok, 2018), (Dade & Endra, 2017), dan (E. R. Dewi et al., 2020) states that

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institutional ownership does not affect the Integrity of financial statements. Research results from

(Wardhani & Samrotun, 2020) found that institutional ownership affects the Integrity of financial

statements. But research by (Priharta, 2017) found that institutional ownership negatively affects the

Integrity of financial statements.

The second independent variable is managerial ownership. Managerial ownership provides a

role for management in making decisions related to various company policies including in the

presentation of financial statements (Setiawan, 2016). Managerial ownership is the percentage of

votes relating to the ownership of shares and options owned by managers and directors of a company

(Atiningsih & Suparwati, 2018). With the ownership of shares by the company's management,

managers will improve their performance and be more careful in making decisions in managing the

company, including determining the Integrity of financial statements. Managerial ownership plays

a role in limiting deviant behavior from management, thus giving management greater responsibility

for making strategic decisions for the company (Rizkiyah et al., 2020). Research results (Arista et

al., 2018), (Febriyanti & Wahidahwati, 2020) Finding managerial ownership positively affects the

Integrity of financial statements. These results are contrary to research by (Fajaryani, 2015) dan

(Wardhani & Samrotun, 2020), which results in that managerial ownership does not affect the

Integrity of the financial statements. (Ismail, 2018) shows that managerial ownership does not affect

the Integrity of financial statements.

The third independent variable is an independent commissioner. An independent

commissioner is a body that consists of a board of commissioners from outside the company and

serves to assess overall management performance (Indrasti, 2020). The existence of an independent

commissioner also functions to supervise and protect parties outside management and mediate

between internal managers so that an independent commissioner is in the best position to carry out

the monitoring function to create a good corporate governance company and produce financial

statements with high Integrity (Chandra Babu & Shantharajah, 2019). Entry of the board of

commissioners from outside the company (Komisaris Independen) can increase the board's

effectiveness in overseeing management to prevent the manipulation of financial statements.

Independent commissioners are the best solution to reduce the risk of manipulation by management

on the Integrity of financial statements (Putri, 2019) Results of research conducted by (Manik, 2021)

State that the Independent Commissioner positively affects the Integrity of the financial statements.

However, it differs from the results of research from (Istiantoro et al., 2017) found that the

Independent Commissioner negatively influenced the Integrity of the Financial Statements. In

research, (Ismail, 2018) and (Atiningsih & Suparwati, 2018) state that the Independent

Commissioner does not affect the Integrity of the financial statements. Research results by (Manuari

& Devi, 2021) Declare that the Independent Commissioner does not affect the Integrity of the

financial statements.

The fourth independent variable that affects the Integrity of financial statements is the

company's size. Company size is the company's size by looking at sales and total assets presented in

the financial statements at the end of the period (Machdar & Nurdiniah, 2018). According to

(ARIANTONI, 2019), The size of the company can be expressed in terms of total assets, sales, and

market capitalization. The greater the total assets, sales, and market capitalization, the larger the

company's size. The greater the assets, the more capital invested, the more sales, the more money

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turnover, and the greater the market capitalization, the greater the company is known in society.

(Fajaryani, 2015) is supported by research from (Verya et al., 2017), which found that the company's

size positively affects the Integrity of financial statements. (Karo & Perlantino, 2017) shows that the

company's size has no effect on the Integrity of the financial statements. In research, (Ismail, 2018)

found that the company's size does not affect the Integrity of the financial statements. In contrast,

research by (Paulina et al., 2018) shows that the company's size negatively affects the Integrity of

the financial statements.

The fifth independent variable is leverage, the amount of debt used to finance or buy company

assets (Monica & Wenny, 2017). Companies with debt greater than capital are said to have a high

level of leverage (Fakhruddin et al., 2015). The presence of debt levels in the funding structure The

company will increase supervision by investors and creditors (Fajaryani, 2015). (Susilawati &

Murwaningsari, 2021) state that companies with high leverage are more likely to provide greater

information than those with lower leverage. This is important to do to build stronger trust from

creditors. Results of research conducted by (Mais & Nuari, 2016) show that leverage negatively

affects the Integrity of financial statements. Research results from (Karo & Perlantino, 2017), Find

that leverage affects the Integrity of financial statements. Research results from (Wardhani &

Samrotun, 2020) state that leverage does not affect the Integrity of financial statements. Research

from (Widiyarti et al., 2018) Finds results if leverage positively influences the Integrity of financial

statements.

The purpose of this study is to investigate how good corporate governance practices, such as

transparency, accountability, and the role of the board of directors, affect the integrity of financial

statements. This objective can provide insight into the importance of applying the principles of good

corporate governance in ensuring the integrity of financial statements.

Agency Theory

(Jensen & Meckling, 1976) Defining agency theory is based on the conflict between agent and

principal. The agent is the party entrusted by the principal to operate the company, while the agent

entrusts the principal to act on behalf of the principal. The emergence of agency problems is caused

by an imbalance in the mastery of information that will trigger the emergence of information

asymmetry. As the company's owner, the principal is the party who gives authority or orders to the

agent to manage the company and make the best decisions for the principal. In contrast, the agent or

manager is the party in charge of managing the company and producing the best performance for

the principal. When the agent and principal have the same goal, the agent will support and implement

all (Fuhrotun, 2022) instructed by the principal.

The Effect of Institutional Ownership on the Integrity of Financial Statements (Oktaviana &

Paramitha, 2021)

Institutional ownership is measured by the percentage of shares owned by an institution

divided by the number of shares outstanding. High institutional ownership restricts managers from

managing profits and can improve the Integrity of financial statements. This means that institutional

ownership in the company can improve the monitoring of manager behavior in anticipation of

manipulations that may be carried out to improve the Integrity of financial statements. The amount

of institutional ownership in a company will increase supervision to be more optimal on management

performance because share ownership represents a source of power that can be used to support or

vice versa management performance. The supervision carried out by institutional investors is highly

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dependent on the amount of investment made. Based on the definition above, it can be concluded

that the greater the ownership of the institution, the greater the voting power and encouragement of

the institution to supervise management so that it can provide a greater impetus to optimize company

value so that company performance will increase (N. Dewi & Putra, 2016). Research results

(Fajaryani, 2015), (Mais & Nuari, 2016), (Atiningsih & Suparwati, 2018), State the same thing from

the explanation above where institutional ownership has a positive influence on the Integrity of

financial statements, where high institutional ownership limits managers in carrying out profit

management and can improve the Integrity of financial statements. This shows that institutional

ownership in the company can improve the monitoring of manager behavior in anticipation of

manipulations that may be carried out to improve the Integrity of financial statements. Based on the

description of the explanation above, the hypothesis proposed in this study is:

H1: Institutional ownership positively affects the Integrity of financial statements. The Effect

of Managerial Ownership on the Integrity of Financial Statements

Managerial ownership is the ownership of shares by a company's management as measured

by the percentage of the number of shares owned by management (Istiantoro et al., 2017).

Managerial ownership is a condition that indicates that the manager owns shares in the company or

the manager is also a shareholder of the company. This is indicated by the company's management's

large percentage of share ownership. Based on the definition above, it can be concluded that

managerial ownership is a condition that shows that the manager owns shares in the company or the

manager as well as a shareholder of the company. In agency theory, agency relationships occur when

one or more people (principals) hire others (agents) to provide a service and delegate authority in

deciding on the agent. The relationship between principal and agent can lead to an information

imbalance (asymmetrical information) because agents can have more information about the

company than principals. The existence of management ownership will improve the balance of

information between shareholders and management to reduce the problems posed by agency theory.

Ownership by managers can determine policies and decision-makers against accounting methods

applied to the companies they manage. Thus, managers in companies with a percentage of

managerial ownership will tend to have greater responsibility in running the company, making the

best decisions for the company's welfare, and reporting financial statements with true and honest

information to have high financial statement integrity (Verya et al., 2017). Research results from

(Atiningsih & Suparwati, 2018), (N. Dewi & Putra, 2016) serta (Istiantoro et al., 2017) Stating that

managerial ownership has a positive effect on the Integrity of financial statements. This is because

the higher the proportion of managerial ownership, the more the Integrity of the financial statements.

Based on the description of the explanation above, the hypothesis proposed in this study is:

H2: Managerial ownership positively affects the Integrity of financial statements. The

Influence of Independent Commissioners on the Integrity of Financial Statements

An independent commissioner is a body within the company that usually consists of an

independent board of commissioners from outside the company that functions to assess the

company's performance broadly and as a whole. Independent commissioners aim to balance

decision-making, especially in the context of protecting minority shareholders and other related

parties. An independent commissioner is an organ of issuers or public companies tasked with

conducting general and special supervision per the articles of association and advising the board of

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directors (Financial Services Authority (OJK) Regulation Number 33/POJK.04/2014). Companies

with independent commissioners tend to produce financial statements with more Integrity, and this

is because, within the company, there is a body that supervises and protects the rights of parties

outside the company's management. Based on the definition above, it can be concluded that the

independent commissioner supervises and supervises management policies and the course of

management in general, both regarding the Issuer or the Company and advising the Board of

Directors. In addition, an independent commissioner in a company can be a balancer in economic

decision making, especially in protecting minority shareholders and other related parties. The

independent commissioner mediates in disputes between internal managers and managers with

shareholders (agency conflicts), oversees policies, and advises the manager. Results in Research

from (Fakhruddin et al., 2015), (Priharta, 2017), (Atiningsih & Suparwati, 2018), (Mais & Nuari,

2016), and dan (Verya et al., 2017) stated that independent commissioners have a positive effect on

the Integrity of financial statements, where higher the proportion of independence commissioners,

the fewer manipulation practices so that the quality of the company's financial statements has more

Integrity. Based on the description of the explanation above, the hypothesis proposed in this study

is:

H3: Independent Board of Commissioners positively affects the Integrity of financial

statements. The Effect of company size on the Integrity of financial statements

Company size is a benchmark that describes whether the company is large or small in terms

of total assets, stock market value, and log size (Ismail, 2018). Company size is a benchmark that

describes whether the company is large or small in terms of total assets, stock market value, and

logs. The company's size is highlighted in the financial statements with an Integrity presentation.

The larger the company's size, the more information available to investors in decision-making. Large

companies are more concerned by the public, so they will be more careful in preparing financial

statements (Mais & Nuari, 2016). In addition, the larger the size of the company in terms of total

assets, the more the Integrity of the financial statements increases because managers tend to be more

conservative in choosing to reduce profits without overstating the value of their assets so that the

resulting financial statements will be reliable (Febrilyantri, 2020). Large-sized companies are

assumed to have many assets and income levels to generate high profits.

Conversely, the company will suffer losses if sales are smaller than variable and fixed costs.

The company's size can affect the completeness of the Integrity of its financial statements. Large

companies are also suspected of having qualified expert employees who understand more about the

Integrity of financial statements. The supporting factors that small companies have to produce goods

are limited. But in reality, small-sized companies can better survive the economic crisis. Small

companies may not have the resources to collect and display extensive information on their financial

statements because many activities are costly. Thus, companies with larger sizes will disclose more

financial statements. Research results from (Fajaryani, 2015), (Saad & Abdillah, 2019) serta (Verya

et al., 2017) state that the size of the company has a positive effect on the Integrity of the financial

statements. The greater the assets owned by the company (Susilawati & Murwaningsari, 2021). The

greater the capital invested. Based on the description of the explanation above, the hypothesis

proposed in this study is:

H4: Company size positively affects the Integrity of financial statements. The Effect of

Leverage on Financial Statement Integrity

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Leverage is the proportion of total debt to average shareholders' equity. This ratio is used to

provide an overview of the capital structure owned by the company so that it can be seen the level

of risk of uncollectibility of a debt. Companies with high leverage have a high financial risk because

it experiences financial difficulties caused by high debt to finance their assets. (Kasmir, 2015) The

leverage ratio measures how much a company's assets are financed with debt. Using too high debt

will hurt the company because the company will fall into the extreme category of leverage that will

be difficult to release the debt burden. Concerning agency theory, investors will find it difficult to

predict the company's future sustainability level due to the high liabilities. Companies with high

leverage ratios can impact incurring substantial financial risk. Substantial financial risk will slow

management to inform company performance and increase fraudulent attempts to manipulate

financial statements (Febrilyantri, 2020). Based on the description above and supported by research

from (Verya et al., 2017), (Atiningsih & Suparwati, 2018), (Mais & Nuari, 2016), and (Fajaryani,

2015) prove that leverage negatively affects the Integrity of financial statements. Companies with

high leverage will also have high financial risks because they experience financial difficulties due

to the debt used by the company to finance its assets. Deep (Verya et al., 2017) states that high

financial risk will increase the time management required to inform company performance and may

increase fraudulent attempts to manipulate financial statements. This will reduce the Integrity of

financial statements. Based on the description above, the hypothesis made is:

H5: Leverage negatively affects the Integrity of financial statements.

RESEARCH METHODS

This study was located on the property and real estate companies listed on the Indonesia Stock

Exchange (IDX) during 2018-2021, based on data from the official IDX website, www.idx.co.id.

The population used in this study is all property and real estate companies listed on the Indonesia

Stock Exchange in 2018-2021, totaling 64. The sampling method in this study is the purposive

sampling method, data analysis techniques using multiple linear regression analysis.

Table 1

Research Sample Determination

Criterion

Sum

Population

Property and real estate companies that are not listed on the IDX consecutively

for the period 2018-2021

(10)

Property and real estate companies that do not publish consecutive annual

financial statements for the 2018-2021 period

(23)

Property and real estate companies that do not use rupiah currency in the

reporting period 2018-2021

(0)

Companies do not have enough data to match research needs

(15)

Total companies to be studied

Observation period 2018-2021

Sample of companies under study and have the necessary data

The Integrity of Financial Statements in this study was measured using the conservatism index

(Savitri, 2016). The conservatism index is used to identify conservatism, which presents understated

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financial statements with less risk than overstated financial statements (Istiantoro et al., 2017).

𝐼𝐿𝐾 =

𝑆𝑡𝑜𝑐𝑘 𝑚𝑎𝑟𝑘𝑒𝑡 𝑝𝑟𝑖𝑐𝑒

𝑏𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠

𝑥100%

Institutional ownership is calculated by calculating the percentage of shares owned by other

institutions, such as insurance companies, banks, investment companies, and other institutional

holdings (N. Dewi & Putra, 2016).

𝐾𝑃𝐼 =

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 ℎ𝑒𝑙𝑑 𝑏𝑦 𝑡ℎ𝑒 𝑖𝑛𝑠𝑡𝑖𝑡𝑢𝑡𝑖𝑜𝑛

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

𝑥100%

Managerial ownership is shares owned by management either personally or by subsidiaries of

the company concerned. The Calculation of managerial ownership is measured by calculating the

percentage of shares owned by management (directors, board of commissioners, and managers

involved in decision-making) (Istiantoro et al., 2017).

𝐾𝑃𝑀 =

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑤𝑛𝑒𝑑 𝑏𝑦 𝑚𝑎𝑛𝑎𝑔𝑒𝑚𝑒𝑛𝑡

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

𝑥100%

An independent commissioner is a body within the company that usually consists of an

independent board of commissioners from outside the company that functions to assess the

company's performance broadly and as a whole. Independent commissioners are measured using the

indicator of the percentage of members of the board of commissioners who come from outside the

company (independent) with the total members of the board of commissioners (Priharta, 2017). The

formula for calculating independent commissioners:

𝐾𝐼 =

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑖𝑛𝑑𝑒𝑓𝑒𝑛𝑑𝑒𝑛 𝑐𝑜𝑚𝑚𝑢𝑠𝑠𝑖𝑜𝑛𝑒𝑟

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑚𝑒𝑚𝑏𝑒𝑟𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑐𝑜𝑚𝑝𝑎𝑛𝑦

′

𝑠 𝑐𝑜𝑚𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑒𝑟𝑠

𝑥100%

Variable Company size is the size of a company that can be seen from its total assets. The

company's size in this study is calculated by the total assets owned by the company (Manuari &

Devi, 2021). A company's total assets can indicate that the larger the size or assets of a company

means, that the company is getting bigger (Ismail, 2018).

Variable leverage is a measure of the size of assets spent from debt. Leverage calculation is

measured using DER, and the formula is as follows, Calculation of company leverage using the ratio

of total debt to total debt (debt ratio) (Febrilyantri, 2020).

𝐷𝐸𝑅 =

𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡

𝐸𝑞𝑢𝑖𝑡𝑦

𝑥100%

This study used multiple linear regression analysis shown by the following equation:

ILK = α + β1KPI + β2KPM + β3KI + β4UP + β5DER + e…………………..(1)

RESULTS AND DISCUSSION

Table 2

Descriptive Statistical Test Results

Minimum

Maximum

Mean

Std. Deviation

KPI

0.15

0.90

0.5756

0.19185

KPM

0.01

0.42

0.1166

0.10540

0.17

0.67

0.4011

0.11414

0.14

30.39

9.3463

9.58123

DER

0.05

2.52

0.7962

0.63010

ILK

0.01

2.04

0.5511

0.38442

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Source: Appendix 1, Secondary data processed (2022).

Table 3

Multiple Linear Regression Analysis Test Results

Coefficients

Model

Unstandardized

Coefficients

Standard

ized

Coefficie

nts

Sig.

Collinearity

Statistics

Std.

Error

Beta

Toleran

VIF

(Constant

)

1.054

.357

2.955

.005

KPI

-1.079

.343

-.538

-3.145

.003

.397

2.521

KPM

-1.462

.574

-.401

-2.545

.014

.469

2.134

.836

.417

.248

2.002

.050

.757

1.322

-.012

.006

-.305

-2.057

.044

.529

1.891

DER

.084

.107

.138

.786

.435

.377

2.652

a. Dependent Variable: ILK

Source: Appendix 2, Secondary data processed (2022)

Based on the results of the multiple linear regression analysis test in Table 3, it can be seen

that a multiple linear regression model equation is as follows:

ILK = 1,054 -1,079 KPI- 1,462 KPM +0,836 KI -0,012 UP+ 0,084 DER

Classical Assumption Test

The normality test using the Kolmogorov-Smirnov One-Sample found that the Kolmogorov-

Smirnov Z One-Sample value was 0.083 with a significant level of 0.200 so that it can be concluded

that the data is normally distributed because of the Asymp.Sig value. (2-tailed) obtained greater than

0.05 or Asymp.Sig. (2-tailed) 0.200> 0.05. Referring to multicollinearity testing, the tolerance value

of each variable is greater than 0.10, and the variance inflation factor (VIF) value of each variable

is below 10, so it can be concluded that there is no multicollinearity relationship in this regression

model. The results of the heteroscedasticity test show that each variable has a significance value of

0.359, 0.253, 0.096, 0.913, 0.268 greater than 5%. (0.05) This shows that the independent variable

used in this study did not significantly affect the dependent variable, namely the absolute residual.

Therefore, this study was free from symptoms of heteroscedasticity. Referring to autocorrelation

testing, the Durbin-Watson (DW) value was 1.849, while the number of independent variables (k =

5) and the number of data were 64 (N = 64). While the amount of DW DU value is 1.767 and

du<dw<4-du, 1.767<1.849<2.233, it can be concluded that it is free from autocholeration symptoms.

Coefficient of Determination Test

Based on the test results, it is known that the adjusted value of R2 = 26.8 percent, which means

that 26.8 percent of the Integrity of the financial statements of property and real estate companies

listed on the Indonesia Stock Exchange in 2018-2021 is influenced by institutional ownership,

managerial ownership, independent commissioners, company size, leverage, and the remaining 73.2

percent is influenced by other variables that are not studied in this study.

F Test Results

Based on the test results, it can be seen that the F value is 5.611, and the significance value is

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0.000. This indicates that the significance value of 0.000 is lower than the alpha (α) value of 0.05

(0.000<0.05). Thus, it can be concluded that simultaneously institutional ownership, managerial

ownership, independent commissioners, company size, and leverage have a significant effect on the

Integrity of the financial statements of property and real estate companies listed on the Indonesia

Stock Exchange in 2018-2021 and fit regression models with observational data so that they are

feasible to be used as analytical tools to test the Effect of independent variables on dependent

variables.

The influence of institutional ownership on the Integrity of the financial statements of property

and real estate companies listed on the Indonesia Stock Exchange in 2018-2021.

Based on the analysis results of institutional ownership variables, there is a regression

coefficient value of -1.079 and a significance value of 0.003<0.05. This means that institutional

ownership negatively affects the Integrity of the financial statements of property and real estate

companies listed on the Indonesia Stock Exchange in 2018-2021. So H1 is rejected. Institutional

ownership negatively affects the Integrity of the financial statements of property and real estate

companies listed on the Indonesia Stock Exchange in 2018-2021, indicating that many institutions

own high institutional ownership in companies with a small share of shares. So even though the

number of institutional owners is large, each institution is not the majority owner who influences a

decision and policy determination, which causes managers to lack the urge to align interests with

principals, which causes agent conflicts. With many minority owners who do not have a major

impact on company decision-making, the Integrity of a financial statement will decrease with the

increase in institutional ownership. The results of this study are in line with the results of the study

(Wardhani & Samrotun, 2020) dan (N. Dewi & Putra, 2016).

The influence of managerial ownership on the Integrity of the financial statements of property

and real estate companies listed on the Indonesia Stock Exchange in 2018-2021.

Based on the results of the analysis of institutional ownership variables having a regression

coefficient value of -1.462 and a significance value of 0.014<0.05, this means that managerial

ownership negatively affects the Integrity of the financial statements of property and real estate

companies listed on the Indonesia Stock Exchange in 2018-2021. So H1 is rejected. This negative

influence can be caused by the dual roles held by managers when managers own shares of the

company. The dual role in question is the main role for company managers and the dual for

shareholders. With this dual role, managers become more flexible in making decisions so that profit-

seeking properties can arise. The existence of more power possessed by managers can provide room

for the manipulation of financial statements for personal gain. This study's results align with the

research results from (Fajaryani, 2015) dan (Wardhani & Samrotun, 2020).

The influence of independent commissioners on the Integrity of the financial statements of

property and real estate companies listed on the Indonesia Stock Exchange in 2018-2021.

Based on the results of the variable analysis, the independent commissioner has a regression

coefficient value of 0.836 and a significance value of 0.050≤0.05. This means that the independent

commissioner positively affects the Integrity of the financial statements of property and real estate

companies listed on the Indonesia Stock Exchange in 2018-2021. So H3 is accepted. A positive

relationship means a unidirectional relationship. This is because, in the company, there are bodies

that supervise and protect the rights of parties outside the company's management. Based on the

definition above, it can be concluded that the independent commissioner supervises and supervises

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320

management policies and the course of management regarding issuers or companies and advises the

board of directors. In addition, an independent commissioner in a company can be a balancer in

economic decision making, especially in protecting minority shareholders and other related parties.

The independent commissioner mediates in disputes between internal managers and managers with

shareholders (agency conflicts), oversees policies, and advises managers. The results of the study

are in line with research from (Fakhruddin et al., 2015), (Priharta, 2017), (Atiningsih & Suparwati,

2018), (Mais & Nuari, 2016), and (Verya et al., 2017).

The Effect of company size on the Integrity of the financial statements of Property and real

estate companies Listed on the Indonesia Stock Exchange in 2018-202.

Based on the analysis of the company size variable has a regression coefficient value of -0.012

and a significance value of 0.044<0.05. This means that the company's size negatively affects the

Integrity of the financial statements of property and real estate companies listed on the Indonesia

Stock Exchange in 2018-2021. So H4 is rejected. A negative relationship means a relationship in

the opposite direction. In this case, if the company's size increases, the Integrity of the financial

statements will decrease. This is because large companies know they are in the public spotlight.

With the larger size of the company, access to information available to the public will increase, so

interference in the preparation of external financial reporting can aim to benefit oneself and will

reduce the Integrity of financial statements. And it can also be because large companies do not have

qualified expert employees who understand more about the Integrity of financial statements. The

study's results align with the research of (Paulina et al., 2018).

The Effect of Leverage on the Integrity of the financial statements of Property and real estate

companies listed on the Indonesia Stock Exchange in 2018-2021.

Based on the results of the variable analysis, leverage has a regression coefficient value of

0.084 and a significance value of 0.435>0.05, and this means that leverage does not affect the

Integrity of the financial statements of property and real estate companies listed on the Indonesia

Stock Exchange in 2018-2021. So H5 is rejected. This is because companies must still disclose

information more widely. High leverage on companies indicates a higher level of debt than own

capital (equity). The high level of debt in a company will cause the perception of investors who will

invest their capital. It will trigger the company's management to carry out a strategy to improve the

value of the securities portfolio (window dressing) on the financial statements. Investors will weigh

if the company has high debt because it will impact losses that will occur in the future. Based on the

description above, the results of this study are in line with research from (Wardhani & Samrotun,

2020), (Verya et al., 2017), and (Pratika & Primasari, 2020).

CONCLUSION

Based on the results of data analysis and discussion, the conclusions of the research results are

as follows: Institutional ownership, managerial ownership, and company size have an Influential

negative on the Integrity of the financial statements of property and real estate companies listed on

the Indonesia Stock Exchange in 2018-2021, while the independent commissioner has a positive

effect on the Integrity of the financial statements of property and real estate companies listed on the

Indonesia Stock Exchange in 2018-2021, and leverage does not affect the Integrity of the financial

statements of property and real estate companies listed on the Indonesia Stock Exchange in 2018-

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2021, Based on the results of the study and matters related to the limitations of this study, the

researcher can provide advice as For the Company Companies should continue to strive to present

financial statements with high Integrity. For institutional investors to be interested in investing in

companies, companies should disclose the complete information on capital market conditions. One

of the pieces of information that can attract investors is in the form of corporate actions such as

dividend distribution, bonus stock issuance, and stock split. And This research has an adjusted R2

value of 26.8%, meaning that there is still a 73.2% influence from independent variables not studied

in this study. For further research, it is recommended to add periods such as five periods or six

research periods and add research variables such as liquidity, audit tenure, independence, and

industry specialization, and increase the number of simple that is not only limited to the property

and real estate sector but uses other sectors such as the banking sector, industrial sector, mining

sector, and other sectors.

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