PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

Puspita Hardina Cahyaningrum, Fitriany Fitriany

Abstract


This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

Keywords: modified audit opinion, borrowing cash flow, investment cash flow, operating cash flow

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Penelitian ini menguji dan menganalisis konsekuensi ekonomis dari modified audit opinion terhadap borrowing cash flow dan investment cash flow. Penelitian ini menggunakan model data panel. Sampel penelitian ini adalah 247 perusahaan yang terdaftar di Bursa Efek Indonesia untuk tahun 2008-2010 dengan total observasi sebanyak 741 firm-years. Hasil penelitian menunjukkan bahwa modified audit opinion, kecuali opini wajar tanpa pengecualian dengan paragraf penjelasan mengenai going concern, tidak terbukti memengaruhi borrowing cash flow karena opini audit bukan satu-satunya pertimbangan untuk memberikan pinjaman bagi kreditor. Perusahaan yang memperoleh modified audit opinion terbukti lebih banyak menggunakan kas internal (operating cash flow) untuk melakukan investasi yang dilihat dari investment cash flow, terutama perusahaan yang mendapatkan opini wajar tanpa pengecualian dengan paragraf penjelasan mengenai going concern.

Kata kunci: modified audit opinion, arus kas pinjaman, arus kas investasi, arus kas dari aktivitas operasi


Keywords


modified audit opinion; borrowing cash flow; investment cash flow; operating cash flow

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DOI: http://dx.doi.org/10.21002/jaki.2013.05



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