The 2nd International Conference on Entrepreneurship

Sustainability Of Cultural Entrepreneurship

August 10th, 2022

THE EFFECT OF FINANCIAL DISTRESS, COMPANY SIZE, CAPITAL

INTENSITY AND LEVERAGE ON ACCOUNTING CONSERVATISM

Matthew Christian

Kalbis Institute, Jakarta, Indonesia

[email protected]

Abstract
The company's financial statements will describe the effectiveness of its management in managing company
resources. Management can choose which accounting technique to use in the preparation of financial statements.
One of the techniques that can be used is the accounting conservatism technique. The purpose of this study was
to determine the effect of financial distress, firm size, capital intensity and leverage on accounting conservatism.
The population in this study by period is Manufacturing companies listed on the Indonesia Stock Exchange in the
period 2017 – 2019. The number of samples analyzed were 30 companies. The sample was taken by purposive
sampling method where the data taken were selected using certain criteria. The analysis technique used was
multiple linear regression analysis. The results of this study indicate that financial distress has no effect on
accounting conservatism, firm size has no effect on accounting conservatism, capital intensity has no effect on
accounting conservatism and leverage also has no effect on accounting conservatism.

Keywords: Conservatism; Financial Distress; Firm Size; Capital Intensity; Leverage

INTRODUCTION
As evidenced by the various conveniences in meeting needs, the magnitude of economic
growth has increased in the twenty-first century; these advances can substantially increase the
competitiveness of entrepreneurs. According to LaFond & Watts (2006), conservative financial
statements can help reduce information asymmetry by reducing management's capacity to
falsify financial statements.
Schamalenbach (1959) stated that he agrees with the notion that conservatism is an
important factor. According to him, overstated profits tend to be more dangerous than
understated profits. In addition, he argues that excessive levels of conservatism can lead to
underestimation of income, which is equally detrimental. Therefore, it is necessary to choose
an acceptable level for financial statements so as not to be too conservative.
Accounting conservatism in Indonesia has been quite widely used by companies,
especially those engaged in manufacturing. caused by an understanding of the importance of
the role of accounting conservatism for the survival of the company (Luthfiany Hikmah, 2013).
One example of a case of manipulation of financial statements is that PT Garuda Indonesia is
one of the most famous cases of financial statement fraud (GIIA).
In practice, the use of accounting conservatism strategies is influenced by several factors.
Financial Distress, Firm size, capital intensity, and Leverage. Accounting conservatism has
been extensively studied, but there are still large differences of opinion.

METHODOLOGY
This research uses associative quantitative research. This investigation is used to test
hypotheses and to see correlations between variables. The quantitative approach (Sugiyono,
2018) analyzes a particular population or sample using research equipment and statistical
analysis to collect data and create hypotheses that can be evaluated.

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Types of research
This investigation relied on data from other sources. Secondary data is data obtained by
researchers through intermediary media, such as journals or databases.

Population
Population is a general area chosen by academics to investigate and develop conclusions
based on certain characteristics and characteristics of goods or people (Sugiyono, 2018). A
total of 30 manufacturing companies are included in this study population for the 2017-2019
period.

Data sources
The Indonesia Stock Exchange (www.idx.co.id) and the company's official website were
used as secondary data sources for this research. For the years 2017 to 2019, the relevant
secondary data is in the form of annual financial reports from manufacturing companies.
Financial statements of each business

Sampling and Sampling Techniques

(Sugiyono, 2018), the sample represents the population as a whole because of the size
and composition of the sample. The research sample was collected using a process known as
purposive sampling. Instead of using stratification, randomization, or location as criteria for
selecting subjects, this method uses predetermined criteria. It is a sampling method that takes
certain criteria into account, such as demographics, etc.

Data analysis method

Descriptive Statistical Method
Descriptive statistical approach is an approach that summarizes or explains data in its raw
form, without making judgments or generalizations that are open to the public, according to
(Sugiyono, 2018). Descriptive statistical techniques are used to obtain variable values for both
the dependent and independent variables.

Test Model
The most suitable effect to be used, then the model test is carried out. There are three
models tested to determine the method, which are as follows (Agus Widarjono, 2018):
1. Test Chow
The Chow test was performed to identify which technique, between general and fixed
effects, was superior to use when estimating panel data. 0.05 is the applied significance
threshold.
2. Hausman Test
The Hausman test is performed to identify which approach to estimating panel data,
fixed effects or random effects, is superior in terms of suitability and should therefore
be used. 0.05 is the applied significance threshold
3. Lagrange Multiplier Test
The Lagrange Multiplier test was performed to determine whether the technique,
general effect or random effect, should be used more frequently when estimating panel
data. 0.05 is the applied significance threshold. In the lagrange multiplier test

Hypothesis testing
This study has three hypothesis tests, which are as follows (Ajija, Sari, Setianto, and
Primanti, 2019: 34):

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1. Test F
The F test, also known as the overall model test, is performed to determine whether all
the different regression coefficients are zero or not, which indicates that the model
should be accepted. The F test was conducted to determine whether or not there was an
effect of the independent variable on the dependent variable simultaneously. 0.05 is the
applied significance threshold.
2. T Test
The coefficient test of the estimator variable, also known as the independent variable,
is represented by the t test. If the estimator coefficient is not too different from zero,
then the p-value is very high. The t-test was conducted to determine whether the
independent variable had any effect on the variable being tested or not. 0.05 is the
applied significance threshold.
3. Coefficient of Determination Test (Adjusted R-Squared)
The coefficient of determination is a statistical measure that shows how well the
regression line is able to explain the variation of the dependent variable that can be
related to the influence of the independent variable. The value of R squared after
adjustment may range from 0 to 1. The closer the answer is to 1, the better.

RESULTS

Table 1

Descriptive Statistic Analysis

1. Accounting Conservatism
For conservatism, the average value is 0.124657. There is a minimum value of -
0.100655 for the accounting conservatism variable, with a maximum potential value of
9.581291 and a standard deviation of 0.922629, as shown in Table 1.
2. Financial Distress
The financial distress variable has an average value (Mean) of 334.0428. There is a
standard deviation of 3426,452 in the financial distress variable, as shown in Table 4.1.
The lowest value for this variable is 0.258778, while the highest value for this variable
is 35612.94.
3. Company Size
The average value (Mean) of the firm size variable is 23,17896. From the data in the
table above, it can be seen that the minimum value of the firm size variable is 13.61995
while the maximum value is 29.75601 with a standard deviation of 5.439515.

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4. Capital Intensity
The average value (Mean) of the capital intensity variable is 1.376231. From the data
in the table above, it can be seen that the minimum value of capital intensity is 0.442569
and the maximum value is 11.01146 while the standard deviation value is 1.431576.

5. Leverage
The average value (Mean) of the leverage variable is 0.391180. From the data in the
table above, it can be seen that the minimum value of Leverage is 0.092483 with a
maximum of 0.963645 and a standard deviation of 0.922629.

Table 2

Based on the results of the Chow test in Table 2, it is known that the probability value is
0.000. Because the probability value is 0.000 < 0.05, then H0 is rejected and H1 is accepted.
Thus, the estimation model used is the fixed effect model.

Table 3

Table 3 shows that the probability value is 0.9939, which can be found through the
Hausman Test. So the Random Effects Model (REM) is used as a model estimator for the data
because H0 is rejected and H1 is accepted.

Table 4

The last test to determine the method used in this study is the Lagrange Multiplier Test
and the Breusch-Pagan probability result is 0.0124 <0.05, so according to the Lagrange test the
method chosen is the Random Effect Method (REM). From the three test results that have been
carried out, it can be concluded that the research will use the Random Effect Method (REM).
The following is the output of the regression using the Random Effect Model (REM).

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Table 5

Based on the data in Table V above, the panel data regression equation is obtained as
follows:

CONACC = -0.209217-1.76E-06FCLDTRS -0.007709CPNYSZ +

0.369307CPTINSTY +0.012530LVRG + e

The intercept value of -0.209217 is a regression equation, which means that if Y is -

0.209217, the independent variables are considered constant (value 0). Then, if each
independent variable increases by 1%, then:
1. FCLDSTRS increases by 1% while all other variables remain constant (value 0), then
CONACC will change by -1.76E-06.
2. Assuming all other variables remain constant (at value 0), accounting conservatism
(CONACC) changes by -0.007709 for every 1% increase in firm size.
3. If the capital intensity (CPTLINSTY) increases by 1% and other variables remain
constant at a value of 0, accounting conservatism (CONACC) will change by 0.369307.
4. A 1% increase in Leverage, while all other variables remain constant at a value of 0,
will experience a change of 0.012530 in Accounting Conservatism (CONACC).

Hypothesis Testing Results

The hypothesis will be tested using the coefficient of determination, simultaneous effect
test (F test), and partial effect test (t test). The results of the F test and t test proved statistically
significant.
1. Analysis of the coefficient of determination (Adjusted R-squared) is 0.311325,
according toz Table 4.5. This value means that the variables FNCLDSTRS, CPNYSZ,
CPTLINSTY, and LVRG are able to influence/explain an independent variable of 31.13
percent of the CONACC variable, making the remaining 68.87 percent influenced by
other factors.
2. Parallel Effect Significance Test (F Test) The purpose of the test is that the independent
and dependent variables can be tested simultaneously or in combination. Based on
Table 4.5, it is known the value of Prob. (F-statistics), ie 0.0000 < 0.05. The CONACC
variable was significantly affected by four different variables, namely FNCLDSTRS,
CPNYSZ, CPTLINSTY, and LVRG, simultaneously.
3. Partial Effect Significance Test (t-test) In Table 4.5, the partial results can be seen:
a. The probability value of the FNCLDSTRS variable is known to be 0.6621, which
is > 0.05, it means that for a significance level of 5% there is no relationship between
the FNCLDSTRS and CONACC variables.

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b. It is known that the Prob value of the CPNYSZ variable is 0.6302, ie > 0.05. At the
5% significance level, the CPNYSZ variable has no effect on the CONACC
variable.
c. CPTLINSTY has a Prob value of 0.0000, which is < 0.05. There is a significant
correlation (statistically) between the variables CPTLINSTY and CONACC, with
a significance level of 5%.
d. This variable is known to have a Prob value of 0.9786, which is > 0.05. The LVRG
variable does not have a statistically significant effect on the CONACC variable at
a significance level of 5%.

DISCUSSION

Effect of Financial Distress (X1) on Accounting Conservatism

Research on financial distress (X1) and accounting conservatism (Y) in manufacturing
companies produces a significant t value of 0.9426. The financial difficulty variable does not
have a substantial impact on accounting conservatism, as shown in this study, namely in
companies that have been listed on the IDX for the period 2017 – 2019, so the research
hypothesis that financial difficulties affect conservatism in accounting is rejected. This is due
to the fact that the company needs additional capital to finance its operations and pay its debts,
the use of the conservatism method will actually make the situation worse because it results in
an increase in its debt level. a company that is in financial distress but still adheres to the
concept of accounting conservatism will cause the report to be understated, as explained above
that the concept of accounting conservatism is the concept of reporting less income or assets
and greater debt, a concept that recognizes expenses and commitments as soon as possible.
may, regardless of the outcome, but only recognize revenue or assets when they are guaranteed
to be paid. (Watts, 2003) of course, the use of the principle of conservatism in a state of
financial distress will send a negative signal to external parties, especially creditors, which will
have an impact on reducing creditor confidence to provide loans for the continuity of the
company's operations. Research that supports this finding was conducted by (Abdurrahman &
Ermawati, 2019) This confirms that financial distress has no effect on accounting conservatism,
and (Haryadi et al., 2020) According to research findings, the conservatism of the accounting
profession is not affected by financial distress. However, the conclusion of this study
contradicts previous research (Sulastri & Anna, 2018) which claims that financial distress has
a negative effect on accounting conservatism and (Tazkiya & Sulastiningsih, 2020) as a result,
it can be concluded that the financial crisis has a significant negative impact on accounting
conservatism.quantity that you use in an equation.

The Effect of Firm Size (X2) on Accounting Conservatism

Firm size (X2) has a t-value of 0.6302 on multiple linear regression test. In manufacturing
companies listed on the IDX between 2017 and 2019, the firm size variable (X2) has no
significant effect on accounting conservatism (Y), as a result , the study's claim that firm size
affects accounting conservatism is refuted. In terms of using the conservatism method, there is
no guarantee that a company of a certain size will use the conservatism method. This is due to
the fact that a large number of assets serve as a proxy for firm size, whereas other elements
tend to have less impact on accounting conservatism. In other words, the value of accounting
conservatism does not increase or decrease in proportion to the size of the organization. This
study is supported by research findings showing that firm size is not a prerequisite for the
application of corporate accounting conservatism (Haryadi et al., 2020) and (Suharni et al.,
2019). Accounting conservatism has nothing to do with company size, as one of the reasons in

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2009, the government imposed a single tax of 28 percent which fell to 25 percent in 2010. The
decrease in tax rates may be one of the reasons why companies do not use accounting
conservatism where the government trying not to burden the business. In addition, the risk of
companies that do not use conservative accounting comes from the tendency of large
organizations to want positive performance results where managers are seen to have carried
out and carried out their duties and responsibilities well, of course, this also has an impact on
manager incentives. This is in contrast to research conducted by (Ramadhani & Sulistyowati,
2019) and also (Dian Ayu Anggraeni Kusumadewi, 2018) which assumes that the larger the
size of the company, the greater the political costs. Therefore, management chose to lower
earnings to look more conservative.

Effect of Capital Intensity (X3) on Accounting Conservatism

In manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019, there
is a significant relationship between capital intensity (X3) and accounting conservatism (Y),
which supports the hypothesis in this study that capital intensity affects accounting
conservatism (Y) based on the results multiple linear regression analysis obtained a t value of
0.0000 where with a t value of 0.0000 <0.05 this indicates that the capital intensity variable
(X3) has a significant influence on accounting conservatism. Based on research (Rivandi &
Ariska, 2019) The greater the capital intensity of a company, the greater the political costs,
such as employee requests to increase wages and salaries, therefore the company will try to
lower the return on financial statements and become more conservative. In addition, there are
other possibilities that cause capital intensity to affect accounting conservatism. One example,
such as the research conducted by the study conducted by (Salim & Apriwenni, 2014) where
capital-intensive companies require large funds from outside sources, and where investors will
invest their capital. Capital-intensive businesses will strive to provide investors with financial
reports that meet investor expectations, so investors will be confident in the security of their
data and capital investment. To achieve this goal, management will apply accounting methods
that generate greater profits to obtain high income and money from investors. As a result,
financial reports tend to be more optimistic. However, contrary to research conducted by
(Suharni et al., 2019) in his research capital intensity does not affect the conservatism of a
company.

Effect of Leverage (X4) on Accounting Conservatism

The t value of 0.9786 > 0.05 indicates that the leverage variable (X4) has no significant
effect on conservatism, this indicates that the leverage variable (X4) does not have a significant
effect on accounting conservatism (Y) in manufacturing companies listed on the IDX. period
2017 – 2019. As a result, the research hypothesis that leverage has an impact on accounting
conservatism is rejected. Studies conducted by (Haryadi et al., 2020) and (Norman Thomas &
Indriaty, 2020). In this study, leverage uses a method where companies can calculate their total
debt to asset ratio, this ratio is not a factor considered by companies in implementing their
accounting policies. So that the conservative accounting management philosophy is not
affected by the amount of debt the company has, creditors have also lent money to companies
or investors is a sign that creditors and investors have entrusted their funds to be used by
company management to be used to develop the company. Therefore, investors and creditors
should not hesitate to invest their assets. Contrary to previous research (Tosi & Paidar, 2015)
and also (Fitriani & Ruchjana, 2020) in their research, the leverage variable is considered
significant because a high amount of debt indicates to investors or potential investors the level
of security associated with high cash returns. they lend. In order for businesses to get financing,
financial reporting becomes less conservative.

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CONCLUSION
Based on the results of data analysis and discussions that have been carried out in the
previous chapter, it can be concluded that:
1. Financial distress has no effect on the accounting conservatism of manufacturing
companies listed on the Indonesia Stock Exchange in 2017–2019.
2. Company size has no effect on the accounting conservatism of manufacturing
companies listed on the Indonesia Stock Exchange in 2017–2019.
3. Capital intensity has no effect on accounting conservatism of manufacturing companies
listed on the IDX in 2017–2019.
4. Leverage has no effect on the accounting conservatism of manufacturing companies
listed on the Indonesia Stock Exchange in 2017–2019.

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