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Procedia Economics and Finance 28 (2015) 176 – 182
7th INTERNATIONAL CONFERENCE ON FINANCIAL CRIMINOLOGY 2015
13-14 April 2015, Wadham College, Oxford, United Kingdom
Analysis of Earnings Management Practices and Sustainability
Reporting for Corporations that offer Islamic Products & Services
Mohd Sabrun Ibrahima* , Faizah Darusb , Haslinda Yusoffc , Rusnah Muhamadd
a, d
Department of Accountancy, Faculty of Business and Accountancy, University of Malaya,50603 Kuala Lumpur, Malaysia.
b
Accounting Research Institute (ARI), Universiti Teknologi MARA Shah Alam,40450 Selangor, Malaysia
c
Faculty of Accountancy, Universiti Teknologi MARA Puncak Alam,42300 Selangor, Malaysia.
Abstract
Earnings management is generally viewed as unethical behaviour as it involves the use of managerial discretion of accounting
numbers, which may result in the distortion of financial information provided to stakeholders. However, the engagement in
socially responsible initiatives by companies demonstrates their concern for the societal well-being which goes beyond profit
making. The aim of this study is to examine the earnings management practices and sustainability reporting among corporate
sectors that offer Islamic products. An Islamic perspective is used to underpin the theoretical arguments for this study. This study
uses longitudinal panel data analysis to examine the sustainability reporting of 16 public-listed companies in Malaysia that offer
Islamic financial products for a three year period from 2011 to 2013. Content analyses on corporate annual and stand-alone
reports used Global Reporting Initiatives (G3) guidelines to measure the quality of the sustainability disclosure, while the
earnings management related data was obtained using the Modified Jones Model. The results of the study provide evidence that
the sustainability reporting practices among companies in Malaysia that offer Islamic products are generally good over the threeyear period and that financial performance improved the quality of sustainability reporting. The insignificant results between
earnings management and the quality of sustainability reporting suggest that sustainability reporting is not being manipulated to
cover their earnings management practices.
©
This is an open access article under the CC BY-NC-ND license
© 2015
2015The
TheAuthors.
Authors.Published
Publishedby
byElsevier
ElsevierB.V.
B.V.
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of ACCOUNTING RESEARCH INSTITUTE, UNIVERSITI TEKNOLOGI MARA.
Peer-review under responsibility of ACCOUNTING RESEARCH INSTITUTE, UNIVERSITI TEKNOLOGI MARA
Keywords: Earnings Management; Sustainability Reporting; Islamic Perspective
* Corresponding author. Tel.: +6014-5556087
E-mail address: imsabrun@siswa.um.edu.my
2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of ACCOUNTING RESEARCH INSTITUTE, UNIVERSITI TEKNOLOGI MARA
doi:10.1016/S2212-5671(15)01098-9
Mohd Sabrun Ibrahim et al. / Procedia Economics and Finance 28 (2015) 176 – 182
177
1. Introduction
Enron could be cited as a perfect example where the company produced an annual corporate social responsibility
(CSR) reporting and was actively involved in promoting environmental protection and philanthropy activities, yet is
a living proof that even when a company is committed to CSR practices, it can still be “brought down by gigantic
ethical delinquencies” (Wang, Yao, Peterson and Lee, 2008, p. 232). Prior empirical study has proven that earnings
management (EM) has a direct influence over the corporate sectors reporting decisions (Francis, Nanda and Olsson,
2008). Earnings management occurs when managers used their own judgment in the financial reporting and
structuring transactions to alter the financial reports (Healy and Wahlen, 1999). Jensen (2010) argues that, when
managers act as agents of the stakeholders, especially when the stakeholders share the power of corporate control,
the strategic behaviour of SR practices can be regarded as an entrenchment initiated as a consequence of earnings
management.
Academic scholars have discovered a strong and significant correlation between CSR reporting practices and
earnings management (Chih, Shen and Kang, 2008; Francis, Nanda and Olsson, 2008; Yip, Van and Cahan, 2011;
Hong and Anderson, 2011; Ahmed, Islamand Hasan, 2012; Kim, Park and Wier, 2012; and Ibrahim, Yusoff and
Darus, 2014) and financial performance can be an influencing factor (Callan and Thomas, 2009; Yang, Lin and
Cang, 2010; Saleh, Zulkifli and Muhamad 2011; Rahmawati and Dianita, 2011; Yusoff, Mohamad and Darus, 2013
and Ibrahim, Yusoff and Darus, 2014). A review of the extant literature reveals that none of these prior studies have
combined the elements of SR and EM viewed from an Islamic perspective. Shariah compliance is a required
expectation in institutions offering Islamic financial products and services (Muhamad, Melewar and Alwi, 2012)
and, hence it is expected that the overall operations of these institutions are, indeed, Shariah compliant (Muhamad,
2011). The aim of this study is to examine the quality of SR among companies that are offering Islamic financial
products and services and to examine whether these companies that are engaged in socially responsible initiatives
are constrained from acts of managing earnings. The focus on these institutions is appropriate because it is expected
that institutions that embrace and practise Islamic values in their business operations would be constrained from acts
of EM.
The remainder of this paper is organized as follows. Section 2 discusses the literature review and hypotheses
generation. Section 3 discusses the research methodology. The research findings are reviewed in Section 4. The final
section highlights the conclusion and implications of the results.
2. Literature Review and Hypotheses Generation
2.1. Islamic perspective
Shariah is defined as a system of ethics and values that has a holistic view which cover all aspects of life e.g.
personal, social, political, economic, and intellectual with its unchanging bearings as well as its major means of
adjusting to change deem not to be separated or isolated from Islam’s basic beliefs, values, and objectives (Dusuki
and Abdullah, 2007). The fundamentals in Islamic principles are `aqidah (creed), `ibadah (worship), and akhlaq
(morality and ethics). The doctrine of Shariah objectives (Maqasid al-Shariah) and the concept of public good
(Maslahah) were used in this study to provide the theoretical foundation for the social acts of Islamic organisations.
The Shariah objective is primarily related to the protection of the basic human elements while the Maslahah deals
with the levels of protection of those elements. Darus, Yusoff, A/Naim, M/Zain, Amran, Fauzi and Purwanto
(2013) argues that the practices and policies of CSR of Islamic organisations should be prioritised according to their
importance and urgency from the viewpoint of Shariah. According to them, the prioritisation of CSR will relate to
the objective of Shariah and to ensure that the society’s interests are preserved, which is also consistent with the
motivation for sustainability practices. Darus et al. (2013) also is of the view that the prioritisation will help to
establish guidelines for an Islamic CSR to meet the needs of Islamic organisations.
Earnings Management (EM) occurs when managers use their own judgment in financial reporting and
structuring transactions to alter the financial reports (Healy and Wahlen, 1999). Accruals are the most important
instruments that are being used by managers to manage earnings either to alter or to control earnings, by increasing
or decreasing reported income. Managers generally used discretionary accruals to manage earnings. Therefore, in an
attempt to detect EM, a multitude of studies that focus on EM used a form of discretionary accruals as dependent
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variable in their research model, to identify when earnings are being manipulated. EM is considered as an unethical
behaviour due to the following reasons: (1) First, it misleads users of financial reports such as shareholders and
stakeholders; (2) it may likely distort the returns on investor; and (3) it may weaken the economy if the manipulation
is not discovered (Sheikh Obid and Demikha, 2011).
Ibrahim et al. (2014) found that companies that are front-runners in SR are not constrained from acts of
managing earnings especially among profitable firms. Chih et al. (2008) also argued that business corporate is more
inclined to practice earnings aggressiveness when the company is engaged in SR. Other supporting literature such as
Prior et al. (2007) concluded that companies with superior ratings of SR are highly likely to manipulate their
income. However, Kim et al. (2012) provide evidence that SR practices are negatively related to EM i.e. the moral
value in SR such as integrity and accountability reporting in SR drives management not to manipulate their financial
information. Therefore, this study predicts that companies which offer Islamic products and services and are
perceived to have embraced the Islamic values would be more concerned with their social responsibility and would
be less likely to be involved in Earnings Management.
H1: There is a significant negative relationship between Abnormal Accrual and the Quality of SR
2.2. Economic perspective
Prior literature suggests that if a company has good financial performance then it has the ability and the capacity
to produce good SR reports (Prior et al., 2007). On the other hand, Yusoff et al. (2013), Saleh et al. (2010) and
Ibrahim et al. (2014) have found evidence that SR practices actually enhances companies’ financial performance.
This is because the information provided in the SR reports will be able to influence the stakeholders in their
decision-making which will subsequently provide a positive impact to the companies. The research on the
relationship between CSR and financial performance has long been a topic of debate and interest with mixed
findings (Murray, Sinclair, Power and Gray, 2006; Yang et al. 2010; Wang and Choi, 2010; Nik Ahmad, 2003) In
fact, Nik Ahmad (2003) argued that stakeholders nowadays do not consider only financial information as vital in
their decision-making process but are also taking into consideration information provided from sustainability or
CSR reports. Abdullah, Mohamed and Mokhtar (2011), argued that companies that have good financial performance
have the capability to do extensive reporting other than financial reporting. Therefore, this study predicts that
companies that are profitable will have better SR reporting.
H2: There is a significant positive relationship between Financial Performance and the Quality of SR
3. The Methodology and Model
The data for this study was gathered from sustainability reports retrieved from Bursa Malaysia’s website and the
financial data was downloaded from Thomson Reuters DataStream. The total sample for this study comprised of 16
companies that are categorised as Malaysian Approved Islamic Funds and Exempt Regime Sukuk/Bonds companies
listed on the Main Market of Bursa Malaysia. The sample comprise of only 16 companies due to the availability of
the data from Bursa Malaysia’s website. However, the period of the study is for three years from 2011 – 2013
resulting in a 48 firms’ year observation. Table 1 presents the total sample for this study.
Table 1. Number of Financial Institutions included in the Sample for the year 2011 – 2013
As at December 15, 2014
Total
Shariah Compliant companies
With Unit Trust Funds
With Unit Trust and Wholesale Funds
Exempt Regime Sukuk/Bonds
Sample
749
29
27
27
Total sample
Percentage
91.79%
3
6
7
16
10.34%
22.22%
25.93%
This study measured the quality of sustainability reports by referring to the Guideline of the Global Reporting
Initiatives G3. This Guideline consists of nine (9) Economic Indicators; thirty (30) Environment Indicators;
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Mohd Sabrun Ibrahim et al. / Procedia Economics and Finance 28 (2015) 176 – 182
fourteen (14) Labour Practices and Decent Work Indicators; nine (9) Human Rights Indicators; eight (8) Society
Indicators, and nine (9) Product Responsibility Indicators. The extensiveness of information disclosed for each item
was scored based on three categories; non-disclosure was assigned a score of 0, general information was given a
score of 1, partial information disclosed (comprising of either quantity or quality information) was assigned a score
of 2, and full-information disclosed (a combination of qualitative and quantitative information) was allotted a score
of 3. This scoring system based on the quality of disclosure is consistent with prior literature such as Toms (2002)
and Milne, Tregidga, and Walton (2003). The scoring for each company was then ranked based on the following
grading C=1; C+=2; B=3; B+=4; A=5; A+=6
To measure the EM the Modified Jones Model with alterations from comments by Dechow, and adopting the
formula with manipulations by Rahmawati and Dianita (2011) and Ibrahim et al. (2014) was used. This model is to
determine the Discretionary Accrual or Abnormal Accrual in the company using financial information that was
presented in the financial statement. Table 2 presents the variables and their measurement.
Table 2. The Variables and their Measurements
Variables
Measurement
GRI G3, guidelines:
Dependent:
Quality of SR
1. Economic Indicators;
2. Environment Indicators;
3. Labour Practices/Decent Work Indicators;
4. Human Rights Indicators;
5. Society Indicators, and
6. Product Responsibility Indicators.
Grading for the Quality of SR
Scale: C=1; C+=2; B=3; B+=4; A=5; A+=6
Independent:
Abnormal Accrual
(Modified Jones)
Formula
Scale:
Non-disclosure=0;
General Information=1;
Partial Information=2;
Full Disclosure =3
= ΣIit / 3
Where: I =Indicators (Sum of 6 indicators; i
=company; t =years
TACit = EBITit – CFOit
(1)
(TACit / TAi,t-1) = α1 (1 / TAi,t-1) + α2 [(ΔREVit – ΔRECit) / TAi,t-1] + α3 (PPEit / TAi,t-1) + ε
(2)
Regression equation below shows NDAC calculated by including the return coefficient α1, α2, α3 to the following
equation
NDACit = α1 (1 / TAi,t-1) + α2 [(ΔREVit – ΔRECit) / TAi,t-1] + α3 (PPEit / TAi,t-1)
(3)
AACit =(TACit / TAi,t-1) – NDACit
(4)
Where: AAC = Abnormal accrual; TAC = Total accruals; NDAC = Non-discretionary accrual; EBIT = Earnings
before taxes and interest; CFO = Operating cash flows; TA = Total asset; REV = Revenue; REC = Receivable (net);
PPE = Property, Plant and Equipment (gross); ε = Error
Financial
Performance
Control:
Size of company
Leverage
Return on Assets (ROA)
Log=Total Assets
Return on Equity (ROE) / Return on Assets (ROA)
The statistical analysis conducted in this study includes the use of multiple linear regression models in order to
analyse the relationship between the Quality of SR and the independent variables. The following regression model
was developed to test H1 and H2.
QSRit = β0 + β1 AACit + β2 ROAit + β3 SZEit + β4 LEVit + ε
Where QSR represents the Quality of SR, β0 is intercept, AAC is EM, ROA is financial performance, SZE is size of
company, LEV is leverage and εt is the error term.
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4. The Findings
4.1. Descriptive Statistics
Table 3 presents the results of the skewness and kurtosis test for this study. According to Abdul Rahman and
Mohammad Ali (2006) data are normal if the standard skewness is within (+/–ve) 1.96 and standard kurtosis of (+/–
ve) 2.00.
Table 3. Descriptive Statistics and Normality Test
Minimum
Maximum
Quality of SR
4
6
Abnormal Accrual
-.138432
.154722
Financial Performance
.53
8.94
Size
5.45
8.75
Leverage
1.20
24.21
No. Observation: 48
Mean
4.98
-.00433511
3.0706
7.4433
8.6810
Std. Deviation
.887
.052014039
2.79189
.96978
6.49737
Skewness
.042
.365
1.026
-.738
.690
Kurtosis
-1.756
2.013
-.520
-.384
-.320
The results from Table 3 indicate that all variables in this study are within this range and are considered as
normally distributed. The range for Abnormal Accrual is between -.13843 to .15472, suggesting that managers
engaged in EM either by increasing income or decreasing income through the manipulation of the accrual and the
cash flow (see Kim et al., 2012; and Ibrahim et al., 2014). The quality of SR is generally good as the lowest score is
4 which will be awarded a B+, and there are companies in the sample that were awarded an A or A+ (score of 5 or
6).
4.2. Correlation and Multiple Regression Analysis
Table 4 presents the results of the correlation coefficient analysis (Pearsons’ test). The results show that all the
variables in this study are correlated including the abnormal accrual, although it has no significant association with
any of the other variables. The quality of SR is moderately correlated with company size. Financial performance has
moderate correlation with company size and low correlation with leverage, but both are significantly associated.
Table 4. Pearson Correlation Coefficient
Quality of SR
Quality of SR
1.000
Abnormal Accrual
-.080
Financial Performance
.199
Size of company
.302*
Leverage
.187
*p<.05, **p<.01
Abnormal Accrual
Financial Performance
Size of company
Leverage
1.000
-.029
.159
.092
1.000
-.431**
-.246*
1.000
.288*
1.000
Table 5 presents the results of the multiple linear regression analysis, which revealed that the F-statistic for the
model is 4.037 and is significant while the adjusted R2 is 0.2054. The results indicate that the financial performance
and size of company are significant with the Quality of SR while abnormal accrual and leverage are not significant.
H1 predicts that there is a significant negative relationship between Abnormal Accrual and the Quality of SR. Even
though the result for Abnormal Accrual shows a negative relationship with Quality of SR but it is insignificant.
Therefore, H1 is rejected. The findings suggest that the companies that are offering Islamic products and services
are not engaging in social activities to cover their engagement in EM. The results revoke the presumption made by
Welford (1997), who believes that the corporate sectors hide one issue by raising another, in this context hide EM
but are actively involved in SR. However, this evidence contradicts findings by Ibrahim et al. (2014) who found that
companies that are front-runners in SR are not constrained from acts of managing earnings especially among
profitable firms.
Mohd Sabrun Ibrahim et al. / Procedia Economics and Finance 28 (2015) 176 – 182
181
Table 5. Multiple Regression Analysis
Independent variables
Abnormal Accrual
Financial performance
Size of company
Leverage
(Constant)
Adj. R-Square
F Change
Sig. F Change
No. Observation
*p<.01
Dependent variable: Quality of SR
Coeff. Beta
t-statistic
-.157
-1.189
.438
3.008
.465
3.125
.175
1.273
1.087
20.54%
4.037
.007*
48
Sig.
.241
.004*
.003*
.210
.283
Collinearity Statistics
Tolerance
VIF
.970
1.031
.796
1.256
.762
1.312
.896
1.116
H2 predicts that there is a significant positive relationship between Financial Performance and the Quality of SR.
The results from Table 5 confirms this hypothesis suggesting that financial performance can improve the quality of
SR, therefore H2 is accepted. Hence, companies with good financial performance will be better able to enhance the
quality of their SR i.e. the extendibility of reporting rely on the extent of company’s capital e.g. profit in the
company to produce and provide such non-financial reporting. The control variables, size is significant and leverage
is insignificant. This may explain that company with bigger assets have greater capability in producing good quality
of SR.
5. The Conclusion
This study aims to examine the quality of SR among companies that are offering Islamic financial products and
services and to examine whether these companies that engaged in socially responsible initiatives are constrained
from acts of managing earnings. The results revealed that the mean quality of SR reporting among companies that
are offering Islamic products and services have progressively improved over the three-year period from 2011 to
2013. The results also revealed that financial performance and company size are important factors that will lead
towards an improvement in SR. The significant results of profitability to SR suggest that profitability is an important
factor that allows management to undertake CSR initiatives. The insignificant results between EM and SR prove
that companies that are offering Islamic products and services and are engaging in sustainability initiatives are not
doing so to cover their engagement in EM practices. Thus, it can be concluded that the acts of companies that are
offering Islamic products and services are consistent with the objective of Shariah which is to protect the future
generation through their social responsibility initiatives for the benefit of the public.
Acknowledgements
The authors would like to express their gratitude to the Accounting Research Institute, Ministry of Education,
Malaysia and Universiti Teknologi MARA for funding and facilitating this research project.
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