Dampak Kepemilikan Manajerial pada Manajemen Laba: Antara Sustainable Growth dan Growth Opportunity

Managerial ownership represents an important corporate governance mechanism that may influence managerial incentives in financial reporting, particularly earnings management. This study examines the effect of managerial ownership on earnings management and evaluates the moderating roles of sustainability growth and growth opportunity in consumer non-cyclicals companies listed on the Indonesia Stock Exchange during 2020–2024. The sample comprises nine companies, yielding 45 firm-year observations selected through purposive sampling. Panel data regression was conducted using EViews 12, with model selection based on the Chow, Hausman, and Lagrange Multiplier tests, resulting in the Random Effect Model as the most appropriate specification. The findings indicate that managerial ownership has no significant effect on earnings management. Sustainability growth also fails to moderate the relationship between managerial ownership and earnings management, whereas growth opportunity significantly strengthens this relationship. The Adjusted R-squared value of −0.023241 indicates that the model provides very limited explanatory power, suggesting that managerial ownership and the moderating variables capture only a small proportion of the variation in earnings management. These findings indicate that managerial ownership alone may be insufficient to constrain earnings management, while growth opportunities can alter managerial incentives and intensify the relationship between ownership structure and reporting practices