Beyond ESG: Do Independent Commissioners Strengthen the Fight Against Earnings Management?
DOI:
https://doi.org/10.35870/ijmsit.v6i2.8170Keywords:
Earnings Management, ESG Disclosure, Financial Distress, Managerial Ownership, Independent CommissionersAbstract
This study analyzes the effects of Environmental, Social, and Governance (ESG) Disclosure, Managerial Ownership, and Financial Distress on Earnings Management, and examines the role of Independent Commissioners as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange in 2024. The study employs a quantitative approach with an explanatory research design. The data used are secondary data obtained from companies’ annual reports, sustainability reports, and financial statements. The sample consists of 198 companies selected using purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with IBM SPSS Statistics version 31. The results indicate that ESG Disclosure and Managerial Ownership have a significant negative effect on Earnings Management, while Financial Distress has no significant effect. Furthermore, Independent Directors were found to strengthen the influence of ESG Disclosure and Managerial Ownership in curbing Earnings Management practices; however, they were unable to moderate the relationship between Financial Distress and Earnings Management. These findings provide empirical support for Agency Theory, which states that effective corporate governance mechanisms can reduce agency conflicts and improve the quality of financial reporting. In practical terms, companies need to improve the quality of their ESG disclosures, strengthen managerial ownership, and optimize the effectiveness of the oversight function of independent commissioners to enhance transparency and minimize earnings management practices.
Downloads
References
Andriani, N., & Arsjah, R. J. (2022). Pengaruh Intellectual Capital Dan Esg Terhadap Manajemen Laba Yang Dimoderasi Oleh Profitabilitas. Jurnal Ekonomi Trisakti, 2(2), 595–610. https://doi.org/10.25105/jet.v2i2.14646
Daeli, K., & Deviani, D. (2025). Pengaruh Proporsi Dewan Komisaris Independen dan Keahlian Keuangan Komite Audit terhadap Manajemen Laba pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023. Jurnal Eksplorasi Akuntansi, 7(2), 828–840. https://doi.org/10.24036/jea.v7i2.2540
Dechow, P. M., & Schrand, C. M. (2004). Earnings quality. He Research Foundation of CFA Institute.
Farawansyah, N. I., Rahayu, S. I., Gunawan, A., & Zhafiraah, N. R. (2024). Do Financial Performance and Corporate Governance Effect on Firm Value: Evidence from Manufacturing Sector. Research of Business and Management, 2(1), 29–40. https://doi.org/10.58777/rbm.v2i1.184
Forddanta, D. H., & Prasetiyo, H. (2019). Hasil Investigasi Ungkap Banyak Kejanggalan di Laporan Keuangan Tiga Pilar. Kontan.Co.Id. https://insight.kontan.co.id/news/hasil-investigasi-ungkap-banyak-kejanggalan-di-laporan-keuangan-tiga-pilar-aisa?utm_source=chatgpt.com
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Hartomo, G. (2019). Kronologi Kasus Laporan Keuangan Garuda Indonesia hingga Kena Sanksi. Okezone Finance. https://economy.okezone.com/read/2019/06/28/320/2072245/kronologi-kasus-laporan-keuangan-garuda-indonesia-hingga-kena-sanksi
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 3(4), 365–383. https://doi.org/https://doi.org/10.2308/acch.1999.13.4.365
Inayati, N. I., Rahmawati, I. Y., Pandansari, T., Hapsari, I., & Ramadhani, A. N. (2025). Environmental, Social and Governance (ESG) and Corporate Financial Performance: Moderating Effects of Financial Slack. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 15(1), 110. https://doi.org/10.26714/mki.15.1.2025.110-120
Irawan, F., Lindrawati, L., & Dwijayanti, S. P. F. (2025). Relevansi Nilai dari Informasi Environmental, Social, dan Governance. Reviu Akuntansi Dan Bisnis Indonesia, 9(1), 23–39. https://doi.org/10.18196/rabin.v9i1.25183
Ismiati, I., Somantri, Y. F., & Astuti, D. R. (2026). Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Manajemen Laba (Studi Pada Perusahaan Infrastruktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2022-2024). Jurnal Revenue: Jurnal Ilmiah Akuntansi, 6(2), 1939–1952. https://revenue.lppmbinabangsa.id/index.php/home/article/view/1190
Januartha, F. L., & As’ari, H. (2024). Kepemilikan Manajerial, Kepemilikan Institusional, Kepemilikan Asing dan Manajemen Laba. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(12), 5546–5555. https://doi.org/10.47467/elmal.v5i12.5630
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. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
Ketut, N., Savitri, Y., & Sinarwati, N. K. (2025). Penerapan Model Beneish M-Score untuk Mengidentifikasi Indikasi Manipulasi Laporan Keuangan (Studi Kasus pada PT Indofarma Tbk. Periode 2021-2023). Jurnal Ilmiah Akuntansi Dan Humanika, 15(3), 2025.
Kolsi, M. C., Al-Hiyari, A., & Hussainey, K. (2023). Does environmental, social, and governance performance mitigate earnings management practices? Evidence from US commercial banks. Environmental Science and Pollution Research, 30(8), 20386–20401. https://doi.org/10.1007/s11356-022-23616-2
Kristyaningsih, P., Hariyani, D. S., & Sudrajat, M. A. (2021). Financial Distress Terhadap Manajemen Laba. Business Innovation and Entrepreneurship Journal, 3(3), 151–156. https://doi.org/10.35899/biej.v3i3.297
Nanda, U. L., & Somantri, Y. F. (2020). The Influence of Independent Commissioners on Profit Management in Bank Companies Listed on the Indonesian Stock Exchange. 6(1), 13–19.
Nguyen, T. A. (2026). Enterprise risk management and earnings management under financial distress: evidence from an emerging market. Cogent Business and Management, 13(1). https://doi.org/10.1080/23311975.2026.2625536
Nguyen, V. D., Hoang, T. N., Mai, T. K. L., & Nguyen, V. C. (2024). Financial distress and earnings management: evidence from non-financial companies listed on the Ho Chi Minh Stock Exchange. Journal of International Economics and Management, 24(2), 54–72. https://doi.org/10.38203/jiem.024.2.0086
Novianti, F., Desyana, G., & Damayanti, F. (2026). Pengaruh Pengungkapan ESG dan Profitabilitas Terhadap Manajemen Laba Pada Perusahaan Manufaktur Indonesia. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, Dan Akuntansi, 4(1), 859–870. https://doi.org/10.62421/jibema.v4i1.487
Prasetyo, M. P., & Suhendah, R. (2023). The Effect of Profitability, Leverage, and Managerial Ownership on Earnings Management. International Journal of Application on Economics and Business, 1(1), 98–105. https://doi.org/10.24912/v1i1.98-105
Pravitasari, A., Septria, F., & Hartini, D. (2026). Peran ESG Disclosure Dalam Menekan Manajemen Laba Perusahaan Sawit. Jurnal Ekonomi Bisnis Antartika, 4(1), 1–8. https://doi.org/10.70052/jeba.v4i1.1350
Pujaprayoga, A., & Kartadjumena, E. (2025). Pengaruh Profesionalisme Komisaris Independen, Kinerja ESG dan Indeks Keberlanjutan Terhadap Earnings Manipulation Dengan Kualitas Audit Sebagai Variabel Moderasi (Studi Pada Perusahaan Yang Terdaftar di Indeks IDX ESG Leaders Tahun 2020 – 2024). Journal of Accounting and Finance Management, 6(5), 2325–2341. https://doi.org/10.38035/jafm.v6i5.2629
Putri, R. O., Arum, E. D. P., & Hernando, R. (2024). The Effect of Financial Distress, Financial Ratio, and Good Corporate Governance on Earnings Management. The Effect of Financial Distress, Financial Ratio and Good Corporate Governance on Earnings Management, 10(April), 27–38.
Rahman, N., Wibowo, A. S., Setiawan, R. Y., & Zulaika, T. (2025). An Overview of Company Valuation: Looking at the Environmental, Social and Governance (ESG) Disclosure Dimension Studies. Jurnal Akuntansi, 15(1), 1–10. https://doi.org/10.33369/jakuntansi.15.1.1-10
Rahman, R. A., Suffian, M. T. M., Ghani, E. K., Said, J., & Ahmad, I. (2021). Managerial ownership and real earnings management: A study on interaction effect of religiosity. Journal of Management Information and Decision Sciences, 24(6), 1–10.
Ricapito, F. P. (2024). Earnings management and ESG performance: Empirical evidence from Italian context. Corporate Ownership and Control, 21(2), 86. https://doi.org/10.22495/cocv21i2art7
Rosdiana, S. S. M. (2022). Pengaruh Dewan Komisaris Independen, Komite Audit dan Profitabilitas Terhadap Manajemen Laba. Jurnal Sustainable, 02(1), 59–79.
Sari, S. P., Hanun, N. R., Hanif, A., & Rahayu, D. (2024). Pengaruh Profitabilitas, Leverage Dan Financial Distress Terhadap Earning Management Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi Pada Perusahaan Food and Beverage Yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2022. Balance: Jurnal Akuntansi Dan Bisnis, 9(1), 37. https://doi.org/10.32502/jab.v9i1.8145
Siahaan, H. M. N., Arroyyan, M., Rafli, S., & Ananda, W. S. (2025). Esg Scoring and Earnings Management: Systematic Literature Review. Jurnal Akuntansi Dan Bisnis, 5(2), 54–70. https://doi.org/10.51903/21m3xw49
Souza, J. M. de, Fernandes, V. C. de M., Duarte, C. A. A., & Santos, A. S. dos. (2026). Environmental, social, and governance (ESG) performance and earnings management: evidence from the brazilian stock market. Revista Ambiente Contabil - Universidade Federal Do Rio Grande Do Norte, 18(1), 171–192. https://doi.org/10.21680/2176-9036.2026v18n1id42509
Sriwijayanti, I., Septiani, D. H., Rahmani, H. F., Mauludina, M. A., & Tampubolon, R. B. D. P. (2025). Pengaruh Kinerja ESG terhadap Manajemen Laba Riil: Peran Moderasi Kepemilikan Kas. SENTRI: Jurnal Riset Ilmiah, 4(8), 1329–1345. https://doi.org/10.55681/sentri.v4i8.4433
Sugiyono. (2022). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta.
Tahlil, A., & Rakhman, F. (2026). Pengaruh Perubahan ESG Rating Terhadap Manajemen Laba Berbasis Akrual Pada Industri- Industri yang Berdampak Langsung Terhadap Lingkungan di Indonesia Tahun 2020-2023. ABIS: Accounting and Business Information Systems Journal, 14, 96–108. https://doi.org/https://doi.org/10.22146/abis.v14i2.116208
Tanujaya, K., & Dharmawan, C. (2025). The Impact of Esg Performance and Corporate Financial Condition on Earnings Management Practices in Indonesia. Equilibrium: Jurnal Ilmiah Ekonomi, Manajemen Dan Akuntansi, 14(1), 201. https://doi.org/10.35906/equili.v14i1.2322
Tarisa, R., & Rohman, A. (2026). Environmental, Social, and Governance Performance dan Manajemen Laba: Political Connection sebagai Moderasi. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 6(2), 738–748. https://doi.org/10.47709/jebma.v6i2.8655
Tatar, P. W. G., & Sujana, E. (2021). Pengaruh Kepemilikan Manajerial, Employee Diff dan Risiko Litigasi Terhadap Manajemen Laba Pada Perusahaan Manufaktur di Indonesia. Jurnal Akuntansi Profesi, 12(1), 10. https://doi.org/10.23887/jap.v12i1.28857
Ussamah, Q. A. N., Witanti, E., & Isnaniati, S. (2026). Financial Distress dan Manajemen Laba: Apakah Perusahaan Bermasalah Cenderung Memanipulasi Laba? Jurnal Manajemen Dan Bisnis Ekonomi, 4(3), 130–139. https://doi.org/10.54066/jmbe-itb.v4i3.4185
Zendrato, K., & Ompusunggu, H. (2023). Pengaruh Leverage Dan Kepemilikan Manajerial Terhadap Manajemen Laba Pada Perusahaan Manufaktur. Prosiding Seminar Nasional Ilmu Sosial Dan Teknologi (SNISTEK), 5(September), 177–182. https://doi.org/10.33884/psnistek.v5i.8081
Zuvilla, T., & Surono, Y. (2022). Pengaruh Komisaris Independen, Pajak Tangguhan dan Laba Bersih Terhadap Manajemen Laba dengan Tax Avoidance sebagai Variabel Intervening pada Perusahaan Sub Sektor Makanan & Minuman di Bursa Efek Indonesia Periode 2015 – 2019. Ekonomis: Journal of Economics and Business, 6(2), 751. https://doi.org/10.33087/ekonomis.v6i2.687
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Malem Pagi Sembiring, Dhiyaa Meuthia Faiqah Erba, Muhammad Fajar
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
