PENGARUH MANAJEMEN LABA AKRUAL, MANAJEMEN LABA RIIL DAN LEVERAGE TERHADAP YIELD SPREAD OBLIGASI KORPORASI PADA PERUSAHAAN SEKTOR INFRASTRUKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

Erlin Anindiya. The Impact of Accruals Earning Management, Real Earning Management and Leverage to Corporate Bonds Yield Spreads at Infrastructure Sector Companies Listed on the Indonesia Stock Exchange. Faculty of Economics. State University of Jakarta. 2019. This study aims to determine the effect of accrual earnings management, real earnings management and leverage on the yield spread of corporate sector infrastructure corporate bonds. The research period is 5 years, namely 2014, 2015, 2016, 2017 and 2018. This study uses secondary data from financial reports and Infovesta's website. The population of this study is corporate bonds in companies engaged in the infrastructure sector which are listed on the Indonesia Stock Exchange. The research sample was obtained using purposive sampling. There were 12 bonds that passed the criteria. This study uses panel data regression analysis. The most appropriate regression model in this study is random effect models. From the results of hypothesis testing that has been done, the research results are obtained that accrual earnings management is proxied by discretionary accruals has a significant positive effect on bond yield spread. Whereas real earnings management which is proxied by sales / income manipulation, large-scale production as well as deduction of discretionary costs and leverage proxied by Debt to Equity Ratio (DER) has no effect on bond yield spread. Keywords: Yield Spread, Accrual Profit Management, Real Profit Management, Debt to Equity Ratio (DER)