Green intellectual capital conservatism earning management, to future stock return as moderating stock return (study of mining companies in Indonesia listed on IDX for the period of 2014-2019)

This study aims to analyze The Moderating Stock Rreturn of Green Intellectual Capital, Conservatism, and Real Earning Management on Future Stock Returns on mining companies listed on the Indonesia Stock Exchange Period 2014 2019. This type of research is quantitative research in which this research is done by explaining the results of data from the calculation of numbers that are calculated and analyzed. The analysis used in this research is regression analysis, where regression analysis estimates the magnitude of the coefficients resulting from a linear equation involving one independent variable to be used as a predictor of the value of the dependent variable. The results of this study indicate that Intellectual capital has a significant effect on future stock returns, Conservatism has a significant effect on future stock returns, Earning management has a significant effect on future stock returns, Simultaneous results Green Intellectual capital, conservatism, earning management simultaneously have an effect on future stock returns, the moderating future stock return on stock returns. These findings indicate that in sample companies, future stock returns on stock returns have no implications


INTRODUCTION
The era of the industrial revolution 4.0 to 5.0 and digitalization now have made the mining industry in the capital market an important factor that supports the economy in the country. The capital market facilitates the meeting of two interested parties, namely those who have funds (investors) and those who need funds (issuers) .
Investors need information to assess the ability and performance of a company before making an investment decision (Sugiyanto et al, 2020. Company performance can be measured in terms of financial and non financial. In this study, the measure of company performance used is future stock returns. stock return that shareholders have the motivation to invest their capital in the hope of getting a return (return) in accordance with the invested capital. According to Beylin (2016) an effort to maximize stock return is the main goal of a company. This is because a high return in a company reflects the ability of the company to generate profits.
The intended benefit is the profit that the company can use to develop the company's performance in the future. In addition, this profit can determine the size of the dividend paid to investors. Therefore, the return is considered to attract investors to invest (Beylin, 2016). Future stock returns can be interpreted as an expectation of stock returns according to the investment made. High returns will have an impact on investors, which in turn will make investors interested in investing their funds in the capital market. If seen from the high rate of return that the company will give to investors, it will show that the company's performance. That can be said to be good, besides that with high rates of return can have a positive effect on the shares that investors have invested in the capital market. There were several cases of accounting scandals that occurred in the country, cases of violations by several auditors, and the lack of disclosure of intellectual capital. Sugiyanto and Indra (2019) technological innovation now brings up a new view in the business world that the prosperity of a company will depend on creating transformation and capitalization of knowledge, called intellectual capital. The quality of financial statements must also be checked by external parties or public accounting firms that are independent third parties. Outside parties must have an attitude of independence will produce good audit quality, but if the opposite thing that might happen is a case of manipulation.
Information about company performance can be influenced by factors such as conservatism (Kazemi, 2017). Conservatism makes earnings more predictable so that earnings become more quality, and will further increase stock returns. This contradicts (Salehi and Zareijam, 2017) which shows that there is no relationship between conservatism and stock returns. Scott (2015) states that earnings management is a management arrangement with the presentation of earnings which aims to maximize market value through the selection of accounting policies. Mulford and Comiskey (2010) stated that in order to avoid being wrongly guessed by the market, earning management steps were taken to fit the expected trend. The point is earnings management is done to convey what should be information in the company about long-term profit trends. Stock return is able to predict the company's performance in the future with high returns that can produce profits, where profits are able to develop the company's performance in the future. It is also able to determine the size of the distribution of dividends paid to investors. Based on the background, in the study taking the theme of conservatism, intellectual capital and earnings management on future stock returns has implica-tions for stock returns.

LIBRARY REVIEW
Agency Theory Jensen and Meckling (1976) in Sugiyanto and Etty (2018) mentioned that agency theory explains agency problems that arise when the company owner (principal) gives authority to the management (agent). The owner and company are tasked with managing the resources owned by the owner, carrying out operational activities, and making strategic decisions in an effort to develop the company. Delegation of this task occurs due to limited resources. the owner is increasingly difficult to control all oper-ational activities. the manager is responsible for all his efforts in managing the company and informing the owner or shareholders. . Signaling theory Ross (1977) in Sugiyanto and Khomsyah (2017).
Future Stock Return, Sugiyanto, et al 2019 stated that the greater the risk management entrepreneur, so it was said that future return has a positive relationship The Accounting Journal of BINANIAGA Vol. 05, No. 02, December 2020p-ISSN: 2527-4309, e-ISSN: 2580-14815 th Accreditation Rating: January 14, 2019 Fitri Dwi Febrianti, Sugiyanto, and Juwita Ramandani Fitria. Green intellectual capital conservatism earning management, to future stock return as moderating stock return (study of mining companies in Indonesia listed on idx for the period of 2014-2019) Page : 143 with risk. But high returns do not always have to be accompanied by risky investments. This can happen in a rational market. Shares (stocks) is an ownership in a company. shareholders who are entitled to the company's income and are responsible for the risk of the portion of the company that represents each share there are two types of shares namely ordinary shares and preferred shares. Ordinary shareholders have the right to choose in making decisions, such as whether or not to join another company, and receive dividends determined by management. Preferred shareholders usually do not have the rights, but receive minimum dividends. So, it can be concluded that future stock return is the expected stock return through time as current market in-formation.
Green Intelllectual Capital, According to Stewart (1997) Ulum (2018) is a concept of capital that refers to intangible capital associated with human knowledge and experience as well as the technology used. However, according to Bontis et al (2000) in Ulum (2018) stated that researchers generally divide intellectual capital into three components, namely: Green Human Capital (GHC), Green Structural CapiGtal (GSC), and Green Capital Employed (GCE). (1).Green Human Capital is the company's collective ability to produce the best solutions based on the mastery of knowledge and technology from its human resources. Green Human capital is a combination of genetic inheritance, education, experience, and attitude about life and business. This human capital will later support structural capital and employed capital (Ulum, 2018). (2). Green Structural Capital Structural capital is the ability of a company to meet the company's routine processes and structures related to employee efforts to produce performance According to Bontis, et.al., (2000), structural capital encompasses all non-human storehouses of knowledge in the organization. This includes databases, organizational charts, process manuals, strategies, routines and everything that makes a company's value greater than its material value in (Ulum, 2018). (3). Green Capital Employed This element is a component of intellectual capital that provides real value to the company. Relational capital can arise from various parts outside the corporate environment in enhancing business cooperation that can provide benefits for both parties, so as to improve the performance and value of the company.
Conservatism, Traditionally, accounting conservatism has been defined as "anticipate no profit, but anticipate all losses". (Bliss, 1924in Watt, 2015. Anticipating no profit means not recognizing profits before there is a valid claim verification of income that generates profits. This means conservatism in the extreme form because it is not allowed to recognize profit, but to admit any loss even though it has not been realized. So the profit will only be recognized when it has been realized and until there is a valid claim against the profit. Watts (2015) states, conservatism as asymmetry in the needs of verification of profits and losses. This means that there is a difference in the need to recognize the advantages and disadvantages. The greater the difference in the degree of verification needed to recognize profit compared to loss, the greater the conservatism. According to Mc Connell (2017), member of the IASB Board, in 2018 the International Accounting Standards Board (IASB) revised the conceptual framework and rejected the concepts of conservatism and prudence on the grounds that these concepts were not in accordance with neutrality, one aspect from faithful representation.

Caution (prudence). Earning Management, Sugiyanto and Etty 2018
Earning management is every action taken by management to understand earning management, including: First Understanding earnings management as the opportunistic behavior of managers to maximize their utility in dealing with compensation, debt, and political cost contracts. Second, Looking at earning management from the perspective of efficient contracting, meaning that earning management gives managers a flexibility to protect themselves and the company in anticipating unexpected events for the benefit of those involved in the contract. The concept of accruals consists of discretionary accruals and non discretionary accruals. Discretionary accrual is the recognition of accrual earnings or expenses that are free, unregulated, and is a choice of management policy, while non The Accounting Journal of BINANIAGA Vol. 05, No. 02, December 2020p-ISSN: 2527-4309, e-ISSN: 2580-1481  discretionary accruals are recognition of accrual earnings that are reasonable, unaffected by management policies, and subject to a standard or accounting principle generally accepted, and if the standard the violation will affect the quality of financial statements .
Return Saham, The importance of measuring company performance can be explained by agency theory. According to agency theory, the principal as the owner of the company and the agent as the management of the company are very dependent on the performance of the company Jensen andMeckling, 1976 (Sugiyanto andEtty 2018). Management as an agent aims to provide wealth to the principal or owner of the company. In this connection the principal demands the return of investments entrusted to be managed by management. Acheampong et al (2017) states that returns show financial rewards obtained as a result of investing. The nature of the return depends on the form of investment. For example, companies that invest in fixed assets and busi-ness operations expect returns in the form of profits before interest and taxes and in the form of increases in cash flow. Investors who buy common stocks expect returns in the form of dividend payments and capital gains (if the stock price increases), while investors who buy corporate bonds expect interest payments. Then, returns are associated with shares owned by investors.

Figure 1. Research Design
Research Hypothesis Based on the description, the alternative hypothesis is as follows: H0: Intellectual capital has no effect on future stock returns. H1: Intellectual capital affects the future stock re-turn.
H0: Conservatism has no effect on Future Stock Return.

RESEARCH METHODOLOGY
The population used in this study is a mining com-pany that is listed and publishes its annual report on the Indonesia Stock Exchange (IDX) for the period 2014-2019. While the sampling in this study uses a purposive sampling method, namely sampling is limited to certain criteria or considerations that can provide the desired information in accordance with selected criteria. Operationalization of Research Variables This study uses 5 variables, namely 1 dependent variable and 4 independent variables. 1. Dependent Variable Future Stock Return This study calculates future stock returns using Nurrohman and Zulaikha's research (2016). calculate the total return by calculating in calculating return t + 1 (one year in the future). Future stock returns are calcu-lated using the formula (1): FSR t+1 = P t+1 -P t +D t+1…………………………………………………………. ( 1) Independen variable: a. Green Intellectual Capital Formulation and calculation phases is to calculate the value added or value added (VA) is the difference between sales (OUT) and input (IN). The formula for calculating VA is (Pulic, 1998in Wanto, 2016

d.
Return Saham Return is the overall return of an investment in a certain period, consisting of capital gain (loss) and yield. Capital gain (loss) is the difference from the current investment price relative to the price of the previous period. calculate stock returns using total The Analysis and Hypothesis Test Design is formulated as follows Y = α + β1 X 1 + β2 X2 + β3 X3 + Z + e ..   (1) Chow test In making panel data regression, we can combine three approaches, namely the common effect approach, the fixed effect approach and the random effect approach. Chow ; N -1 NT -N -K Classical test: Classical assumption testing is needed to fulfill the BLUE (best linear unbiased estimator) requirements, i.e there is no heteroscedasticity, there is no multicollinearity, and there is no autocorrelation. Heteroskedastisitaes Multikolinearitas, Autokorelation, Normalitys, and Hypotesis test.

RESULT AND DISCUSSION
Discussion and Research Results 1. Overview of Research Objects Researchers took samples, namely, mining companies listed on the Indonesia IDX in 2014-2019. Of the 39 companies representing mining companies, there were 14 companies that conducted IPOs in the 2014-2019 period so that the data needed in the study was incomplete, and there were companies that reported negative earnings that did not match the sample criteria. So that the research sample of 14 mining companies totaling 84 samples. 2. Description of Research Samples In this study, the sample was selected using the purposive sampling method using predetermined criteria. Samples wereselected for mining and property companies listed on the Indonesia Stock Exchange. The sample selection is based on the following criteria: Analysis of Research Results Descriptive Data Statistics the following is a general description of the data in Descriptive Statistics using Eviews 10 in table 1: The Accounting Journal of BINANIAGA Vol. 05, No. 02, December 2020p-ISSN: 2527-4309, e-ISSN: 2580-14815 th Accreditation Rating: January 14, 2019 Fitri Dwi Febrianti, Sugiyanto, and Juwita Ramandani Fitria. Green table in table 1, it can be explained that the sample companies are using the pooled data method in which 14 companies during the observation period (6 years) so that the samples used are 84 showing the mean, median, maximum value, minimum value, and standard Model Conclusions Based on paired testing of the three panel data regression models in table 2, it can be concluded that the fixed effect model in panel data regression is used further in estimating deviation . The standard deviation of each variable looks smaller than the mean, so the data deviation can be said to be good. It can be explained that from the sample companies using the pooled data method in which 14 companies were multiplied by the study period. the factors that influence future stock returns on Intelectual Capital, Conservatism and Earning management at the Indonesia Effect Exchange during the research observation period.

Table 2 Model Panel Data Classic Assumptions Test
A regression model will provide reliable results if the model used passes the classic assumption test. Jarque-Bera values are not significant (smaller than 2), hence the data are normally distributed. probability is greater than 5%, then the data is normally distributed. (Wing Wahyu Winarno, 2016: 5.43). The output of the panel data normality regression test in Figure 4.1 of this study, is shown by the following histogram:  The results of the Histogram in Figure 4.1 above show a Jarque-Bera value of 0.745411 <2, and a probability of 0.688868> 0.05 so that it can be con-cluded that the residuals are normally distributed which means the classical assumptions about normalcy have been fulfilled.

Multicollinearity Test
Multicollinearity Test aims to test whether there is a correlation between the independent variables (independent) in the regression model. The Accounting Journal of BINANIAGA Vol. 05, No. 02, December 2020p-ISSN: 2527-4309, e-ISSN: 2580-14815 th Accreditation Rating: January 14, 2019 Fitri Dwi    c. and Ulum research which states that Physical Capital intellectual capital has a significant ef-fect on future stock returns.
2. Conservatism has a significant effect on future stock returns, the statistical result is 0,0004 smaller with the required 05%. The results of the study are reinforced by the theory of information assimetry which states that the company's pro-ductive future stock returns will affect future stack returns. The regression results are in line Simultaneous results Intellectual capital, con-servatism, earnings management simultaneously affect future stock returns. These findings indicate that in the sample companies, intellectual with the results of Sugiyanto and Etty 2018 research that conservatism influences future stock returns.
3. Earning management has a significant effect on future stock returns to get 0.0024 results smaller than 0.5%, the results of the regression equation that earning management is very burdensome Agent or management in managing corporate profits that provide added value to obtain earn-ing management. The results of the study were strengthened by the theory agency Jensen andMakling 1976 in Sugiyanto 2017. capital, conservatism, earnings management simultaneously contributed a strong significance value of 0,0003 or the remaining 3% was influenced by other factors. Implications of future stock returns on stock returns. These findings indicate that in sample companies, future stock returns on stock returns have implications, according to Agency theory which emphasizes accounting earnings and ac-curacy in determining stock returns. Based on the test results and statistical analysis and interpretation of the test results, it was concluded that the mining sector companies did not have impli-cations for stock returns. .

1.
Intellectual capital has a significant effect on future stock returns, after getting the results of the regression equation it turns out that intellectual capital has no significant effect on future stock returns.
2. Conservatism has a significant effect on future stock returns. These results are consistent with the theory of information assimetry which states that future stock returns are productive companies. The regression results are in line with the results of Sugiyanto and Etty (2018) research that conservatism influences future stock returns.