Main Article Content


Covid-19 has an impact on the decline in firms performance. Several previous studies have found that companies strive to sustain performance through earnings management practices. Earnings management that can be performed in a company includes accrued earnings management and real earnings management. Previous studies have only focused on the differences in earnings management during the pandemic using accrual earnings management. So that in this study, apart from using accrual earnings management, it also adds real earnings management. This study aims to offer empirical insight into variations in earnings management during the Covid-19 period. This duration is divided into three distinct phases: pre, during, and post-Covid. Focusing on the 2017-2022 timeframe, this study specifically examines companies in the hotels and tourism subsector. The hypothesis was tested with a paired sample t-test. The findings showed no disparity in accruals earnings management in the pre, during, and post-Covid periods. However, the analysis showed significant differences in abnormal real earnings management related to production and discretionary factors before, during, and after the Covid-19 outbreak. Notably, abnormal real earnings management in production remains consistent before and after, as well as during and after the pandemic. In addition, discretionary abnormal real earnings management shows no difference before and during Covid-19 or during and after the pandemic. The practical implication is that post-Covid-19 pandemic firms actually carry out higher real earnings management as an effort to maintain or as a result of the decline in firms performance during the Covid-19 pandemic.


Accrual Earnings Management Real Earnings Management Covid-19 Pandemic

Article Details

How to Cite
Syahputri, W. D., Midiastuty, P. P., Suranta, E., & Putra, D. A. (2023). Earnings Management Before, During and After Covid-19 Period in the Hotels and Tourism Subsector Subsector Listed on the Indonesian Stock Exchange. Ilomata International Journal of Tax and Accounting, 5(1), 60-76.


  1. Al-Begali, S. A. A., & Phua, L. K. (2023). Earnings management in emerging markets: The COVID-19 and family ownership. Cogent Economics and Finance, 11(1).
  2. Ali, H., Amin, H. M. G., Mostafa, D., & Mohamed, E. K. A. (2021). Earnings management and investor protection during the COVID-19 pandemic: evidence from G-12 countries. Managerial Auditing Journal, 37(7), 775–797.
  3. Aljughaiman, A. A., Nguyen, T. H., Trinh, V. Q., & Du, A. (2023). The Covid-19 outbreak, corporate financial distress and earnings management. International Review of Financial Analysis, 88(April), 102675.
  4. Amaliah, T. H. (2009). Suatu Tinjauan Asimetri Informasi Dan Implikasinya Terhadap Manajemen Laba. Riskesdas, 3, 103–111.
  5. Angelina, M., & Lindrawati, L. (2022). Analisis Perbandingan Manajemen Laba Sebelum dan Saat Covid-19 Pada Perusahaan Manufaktur di Bursa Efek. Jurnal Akuntansi Indonesia, 11(2), 121.
  6. Asni, F., & Mayasari, M. (2018). Perbedaan Manajemen Laba Akrual Dan Manajemen Laba Rill Sebelum Dan Sesudah Adopsi Ifrs Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Journal of Applied Managerial Accounting, 2(1), 82–87.
  7. Azizah, W. (2021). Covid-19 in Indonesia: Analysis of Differences Earnings Management in the First Quarter. Jurnal Akuntansi, 11(1), 23–32.
  8. Badertscher, B. A. (2011). Overvaluation and the choice of alternative earnings management mechanisms. Accounting Review, 86(5), 1491–1518.
  9. Baker, S. R., Farrokhnia, R. A., Meyer, S., Pagel, M., & Yannelis, C. (2020). How does household spending respond to an epidemic? consumption during the 2020 COVID-19 pandemic. Review of Asset Pricing Studies, 10(4), 834–862.
  10. Baldwin, R., & Weder, B. (2020). Economics in the Time of COVID-19. Economics in the Time of COVID-19, May, 105–109.
  11. Barai, M. K., & Dhar, S. (2021). COVID-19 Pandemic: Inflicted Costs and Some Emerging Global Issues. Global Business Review, 1–20.
  12. Bugshan, A., Alnahdi, S., Ananzeh, H., & Alnori, F. (2022). Does oil price uncertainty affect earnings management? Evidence from GCC markets. International Journal of Energy Sector Management, 16(6), 1240–1258.
  13. Carletti, E., Oliviero, T., Pagano, M., Pelizzon, L., & Subrahmanyam, M. G. (2020). The COVID-19 shock and equity shortfall: Firm-level evidence from italy. Review of Corporate Finance Studies, 9(3), 534–568.
  14. Chia, Y. M., Lapsley, I., & Lee, H. W. (2007). Choice of auditors and earnings management during the Asian financial crisis. Managerial Auditing Journal, 22(2), 177–196.
  15. Dai, R., Feng, H., Hu, J., Jin, Q., Li, H., Wang, R., Wang, R., Xu, L., & Zhang, X. (2021). The impact of COVID-19 on small and medium-sized enterprises (SMEs): Evidence from two-wave phone surveys in China. China Economic Review, 67(August 2020), 101607.
  16. De Vito, A., & Gómez, J. P. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 106741.
  17. Firmansyah, A., & Ardiansyah, R. (2020). Bagaimana Praktik Manajemen Laba Dan Penghindaran Pajak Sebelum Dan Setelah Pandemi Covid19 Di Indonesia? Bina Ekonomi, 24(2), 31–51.
  18. Garfatta, R., Hamza, M., & Zorgati, I. (2023). COVID-19 outbreak and earnings management practice: case of Tunisia. Asian Journal of Accounting Research, 8(3), 307–318.
  19. Hassan, T., Hollander, S., van Lent, L., & Tahoun, T. (2020). Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1. Institute for New Economic Thinking Working Paper Series, 1–46.
  20. Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting Horizons.
  21. Henny, H. (2019). Pengaruh Manajemen Laba Dan Karakteristik Perusahaan Terhadap Tax Avoidance. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 3(1), 36.
  22. Husaini, H., Rafika, I., & Sari, N. (2021). Pengaruh Implementasi Good Corporate Governance Terhadap Manajemen Laba Bank Yang Terdaftar Di Bursa Efek Indonasia. Jurnal Fairness, 10(1), 1–14.
  23. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Human Relations, 72(10), 1671–1696.
  24. Kjærland, F., Haugdal, A. T., Søndergaard, A., & Vågslid, A. (2020). Corporate Governance and Earnings Management in a Nordic Perspective: Evidence from the Oslo Stock Exchange. Journal of Risk and Financial Management, 13(11), 1–18.
  25. Lassoued, N., & Khanchel, I. (2021a). Impact of COVID-19 Pandemic on Earnings Management: An Evidence from Financial Reporting in European Firms. Global Business Review.
  26. Lassoued, N., & Khanchel, I. (2021b). Impact of COVID-19 Pandemic on Earnings Management: An Evidence from Financial Reporting in European Firms. Global Business Review, November.
  27. Lisboa, I., & Kacharava, A. (2018). Does Financial Crisis impact Earnings Management: Evidence from Portuguese and UK. 31(1), 64–71.
  28. Lisnawati, C., & Sebrina, N. (2019). Perilaku Manajemen Laba Berdasarkan Siklus Hidup Perusahaan. Jurnal Eksplorasi Akuntansi, 1(3), 1307–1321.
  29. Liu, G., & Sun, J. (2022). The impact of COVID-19 pandemic on earnings management and the value relevance of earnings: US evidence. Managerial Auditing Journal, 37(7), 850–868.
  30. Lizińska, J., & Czapiewski, L. (2023). Earnings Management amid the COVID-19 Financial Crisis: The Experience of Poland. Gospodarka Narodowa, 313(1), 93–112.
  31. Ma, F., Liao, Y., Zhang, Y., & Cao, Y. (2019). Harnessing jump component for crude oil volatility forecasting in the presence of extreme shocks. Journal of Empirical Finance, 52(November 2017), 40–55.
  32. Marietza, F., Nikmah, Ilyas, F., & W, indah oktari. (2023). ketakutan, peran investor institusi dan perilaku herding dalam fase pandemi covid 19. 2(5), 631–640.
  33. Midiastuty, P. P., Sabrina, O. Z., Fachruzzaman, & Suranta, E. (2020). Pengaruh Koneksitas Organ Corporate Governance, Inneffective Monitoring dan Manajemen Laba Terhadap Fraudulent Financial Reporting (The Effect of Corporate Governance, Ineffective Monitoring and Earnings Management Concept On Fraudulent Financial Reportin. Jurnal Akuntansi Keuangan Dan Manajemen, 1(2), 109–122.
  34. Nagar, N., & Sen, K. (2016). Earnings Management Strategies during Financial Distress. Corporate Ownership & Control, 774.
  35. Ningsih, S. (2017). Earning Management Melalui Aktivitas Riil Dan Akrual. Jurnal Akuntansi Dan Pajak, 16(01), 55–66.
  36. Park, C. Y., & Shin, K. (2021). COVID-19, nonperforming loans, and cross-border bank lending. Journal of Banking and Finance, 133, 106233.
  37. Pernamasari, R., & Tanjung, J. (2023). The Differences of Activities Accrual Earnings Management and Real Earnings Management : Before and During the Covid -19 Pandemic. 2(2), 336–342.
  38. Prihatni, R., Zakaria, A., Khairunnisa, H., & Khafid, M. (2023). Does Difference Analysis of Real Earnings Management Matter During Covid-19 Pandemic? (Evidence From Indonesian Listed Companies). Quality - Access to Success, 24(195), 181–187.
  39. Rahman, M. J., Ding, J., Hossain, M. M., & Khan, E. A. (2023). COVID-19 and earnings management: a comparison between Chinese family and non-family enterprises. Journal of Family Business Management, 13(2), 229–246.
  40. Ratmono, D. (2010). Manajemen laba riil dan berbasis akrual: dapatkah auditor yang berkualitas mendeteksinya? 1(2005), 1–23.
  41. Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3), 335–370.
  42. Scott, W. R. (2015). Financial Accounting Theory. In Essentials of Logistics and Management, the Global Supply Chain, Third Edition.
  43. Sekaranti, N. A., & Juliarto, A. (2022). Analisis Manajemen Laba Dan Relevansi Nilai Laba Sebelum Dan Selama Pandemi Covid-19. Diponegoro Journal Of Accounting, 11(4), 1–15.
  44. Silva Flores, E., Sampaio, J. O., Beiruth, A. X., & Brugni, T. V. (2023). Earnings management during the COVID-19 crisis: evidence from the Brazilian and American capital markets. Journal of Accounting in Emerging Economies, 13(4), 760–783.
  45. Sulistiawan, D., Januarsi, Y., & Alvia, L. (2011). Creative Accounting Mengungkap Manajemen Laba dan Skandal Akuntansi. Salemba Empat, 120.
  46. Sulistyanto 2018. (n.d.). Manajemen Laba Teori Dan Model Empiris.
  47. Suranta, E., Marietza, F., Midiastuty, P. P., & Ramadhani, F. (2014). Pengaruh Grup Bisnis Terhadap Manajemen Laba Dimoderasi Oleh Kepemilikan Saham Pengendali Perencanaan Pajak Dan Arus Kas Operasi. 1983.
  48. Suranta, E., Midiastuty, P. P., Nikmah, N., & Andina, A. S. (2010). Earnings Management At Public Companies With Employee Stock Ownership Program (Esop). Journal of Economics, Business, and Accountancy | Ventura, 13(2), 153.
  49. Syabilla, tarisa arnelia, & Andi, ki agus. (2021). Pengaruh Manajemen Laba Dan Profitabilitas Terhadap Nilai Perusahaan Sebelum Dan Selama Pandemi Covid-19. 1–23.
  50. Trung, T. Q., Liem, N. T., Thi, C., Thuy, M., Trung, T. Q., Liem, N. T., Thi, C., & Thuy, M. (2020). Cogent Economics & Finance The impact of short-term debt on accruals-based earnings management – evidence from Vietnam The impact of short-term debt on accruals-based earnings management – evidence from Vietnam. Cogent Economics & Finance, 8(1).
  51. Wijay, R. Y., & Darmanto. (2023). Sistem Informasi Dan Panduan Pariwisata Surabaya Berbasis Web. 2(1), 31–41.
  52. Yan, H., Liu, Z., Wang, H., Zhang, X., & Zheng, X. (2022). How does the COVID-19 affect earnings management: Empirical evidence from China. Research in International Business and Finance, 63(September), 101772.
  53. Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36(March), 101528.
  54. Zhu, L., Chen, W., & Zheng, Q. (2022). Competitive or collaborative? Customer concentration and real earnings management. International Journal of Emerging Markets, 72102139.
  55. Zurriah, R., & Sembiring, M. (2020). Pengaruh Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan Melalui Praktek Manajemen Laba Rill. Jurnal Akuntansi Dan Bisnis, 6(2), 174–183.

Most read articles by the same author(s)