Pengaruh Tingkat Konvergensi IFRS dan Perlindungan Bagi Investor Terhadap Kualitas Laba Pada Perusahaan-perusahaan Yang Terdaftar di Bursa Efek Negara Indonesia, Malaysia, Singapura, dan India

(1)

LAMPIRAN 1

Daftar Sampel

Indonesia

1 PT AKR Corporindo Tbk

2 PT Alakasa Industrindo Tbk

3 PT Aneka Tambang Tbk

4 PT Arpeni Pratama Ocean Line Tbk

5 PT Asahimas Flat Glass Tbk

6 PT Asia Pacific Fibers Tbk

7 PT Astra International Tbk

8 PT Astra Otoparts Tbk

9 PT Bakrie Sumatera Plantations Tbk

10 PT Bakrie Telecom Tbk

11 PT Barito Pacific Tbk

12 PT Bukit Asam (Persero) Tbk

13 PT Central Proteinaprima Tbk.

14 PT Centris Multipersada Pratama Tbk.

15 PT Charoen Pokphand Indonesia Tbk

16 PT Citra Marga Nusaphala Persada Tbk.

17 PT Darma Henwa Tbk

18 PT Gajah Tunggal Tbk.

19 PT Holcim Indonesia Tbk.

20 PT Humpuss Intermoda Transportasi Tbk.

21 PT Indo Tambangraya Megah Tbk.

22 PT Indocement Tunggal Prakarsa Tbk.

23 PT Indonesia Air Transport Tbk.

24 PT Indosat Tbk.

25 PT Japfa Comfeed Indonesia Tbk

26 PT Lion Metal Works Tbk.

27 PT Lionmesh Prima Tbk.

28 PT Mitra Investindo Tbk.

29 PT Nusantara Infrastructure Tbk.

30 PT Petrosea Tbk.

31 PT Sampoerna Agro Tbk

32 PT Selamat Sempurna Tbk.

(2)

34 PT Sepatu Bata Tbk.

35 PT Sinar Mas Agro Resources and Technology Tbk.

36 PT Smartfren Telecom Tbk.

37 PT Star Pacific Tbk.

38 PT Sumalindo Lestari Jaya Tbk.

39 PT Surya Citra Media Tbk.

40 PT Telekomunikasi Indonesia Tbk.

41 PT Tunas Baru Lampung Tbk.

42 PT Ultrajaya Milk Industry & Trading Company Tbk.

43 PT Unilever Indonesia Tbk.

44 PT Vale Indonesia Tbk.

45 PT XL Axiata Tbk.

Malaysia

46 Abric Berhad

47 Advance Information Marketing Berhad

48 Amalgamated Industrial Steel Berhad

49 Boustead Heavy Industries Corporation Berhad

50 BTM Resources Berhad

51 CCM Duopharma Biotech Berhad

52 Central Industrial Corporation Berhad

53 Chemical Company of Malaysia Berhad

54 Choo Bee Metal Industries Berhad

55 Chuan Huat Resources Berhad

56 CME Group Berhad

57 CN Asia Corporation Berhad

58 Coastal Contracts Berhad

59 Cuscapi Berhad

60 Daibochi Plastic And Packaging Industry Berhad

61 Daya Materials Berhad

62 DKLS Industries Berhad

63 DUFU Technology Corporation Berhad

64 Ekowood International Berhad

65 Emas Kiara Industries Berhad

66 Encorp Berhad

67 Farm's Best Berhad

68 Fututech Berhad

(3)

72 HeiTech Padu Berhad

73 Industronics Berhad

74 Marco Holdings Berhad

75 Maxtral Industries Berhad

76 Media Prima Berhad

77 Mentiga Corporation Berhad

78 Palette Multimedia Berhad

79 Pelikan International Corporation Berhad

80 Pentamaster Corporation Berhad

81 Pharmaniaga Berhad

82 PMB Technology Berhad

83 Ralco Corporation Berhad

84 Rapid Synergy

85 Riverview Rubber Estates Berhad

86 Sarawak Oil Palms Berhad

87 Sarawak Plantation Berhad

88 Seni Jaya Corporation Berhad

89 Success Transformer Corporation Berhad

90 Sunzen Biotech Berhad

91 Tafi Industries Berhad

Singapura

92 A-Sonic Aerospace Limited

93 Abterra Ltd

94 Achieva Limited

95 Action Asia Limited

96 Advance SCT Limited

97 Advanced Integrated Manufacturing Corp. Ltd.

98 Advanced Systems Automation Limited

99 Albedo Limited

100 Baker Technology Limited

101 Beng Kuang Marine Limited

102 Bread Talk Group Limited

103 China Jishan Holdings Limited

104 China Yongsheng Limited

105 Dynamic Colours Limited

106 EnGro Corporation Limited

107 Europtronic Group Limited

108 First Resources Limited

(4)

110 GMG Global Limited

111 Haw Par Corporation Limited

112 Healthway Medical Corporation Limited

113 Hi-P International Limited

114 Hong Leong Asia Limited

115 Hor Kew Corporation Limited

116 Hwa Hong Corporation Limited

117 Hyflux Limited

118 Innotek Limited

119 Innovalues Limited

120 Internet Technology Group Limited

121 Intraco Limited

122 ITE Electric Co Limited

123 Jadason Enterprises Limited

124 Jiutian Chemical Group Limited

125 Kian Ho Bearings Limited

126 Kingsmen Creatives Limited

127 Lee Metal Group Limited

128 Lizhong Wheel Group Limited

129 Manufacturing Integration Technology Limited

130 Multi-Chem Limited

131 NSL Limited

132 Oakwell Engineering Limited

133 Serial System Limited

134 Sino Construction Limited

135 Teledata (Singapore) Limited

136 Thakral Corporation Limited

137 Trek 2000 International Limited

138 TSH Corporation Limited

139 Venture Corporation Limited

140 Wilmar International Limited

141 Yangzijiang Shipbuilding (Holdings) Limited

India

142 ACC Limited

(5)

148 Clariant Chemicals (India) Limited

149 Crisil Limited

150 De Nora India Limited

151 Diana Tea Company Limited

152 DIC India Limited

153 Disa India Limited

154 Eicher Motors Limited

155 Esab India Limited

156 FAG Bearings India Limited

157 FCI OEN Connectors Limited

158 Fulford (India) Limited

159 GlaxoSmithKline Pharmaceuticals Limited

160 HeidelbergCement India Limited

161 Hexaware Technologies Limited

162 Honeywell Automation India Limited

163 ITD Cementation India Limited

164 KSB Pumps Limited

165 Linde India Limited

166 Micro Inks Limited

167 Megasoft Limited

168 Merck Limited

169 Nestle India Limited

170 The Paper Products Limited

171 Plethico Pharmaceuticals Limited

172 R Systems International Limited

173 Rain Commodities Limited

174 Ranbaxy Laboratories Limited

175 SKF India Limited

176 Sterling Biotech Limited

177 Stovec Industries Limited

178 Strides Arcolab Limited

(6)

LAMPIRAN 2

Rincian Pengukuran Tingkat Konvergensi IFRS

No St andar

Indonesia M alaysia Singapura India

2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012

1 Present at ion of Financial St at em ent s 3 3 3 3 4 4 4 4 4 4 4 4 2 2 3 3

2 Invent ories 2 2 2 4 4 4 4 4 4 4 4 4 4 4 4 4

3 Cash Flow St at ement 3 3 3 4 4 4 4 4 4 4 4 4 3 3 4 4

4 Net Profit or Loss for t he Period, Fundament al

Errors and Changes in Accoun t ing Policies 4 4 4 4 4 4 4 4 4 4 4 4 2 2 4 4

5 Event s aft er Balance Sheet Dat e 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

6 Segment Report ing 4 4 4 4 4 4 4 4 4 4 4 4 2 2 4 4

7 Propert y, Plant , and Equipm ent 4 4 4 4 3 3 3 4 3 3 3 3 2 2 4 4

8 Leases 3 3 3 4 3 3 3 4 4 4 4 4 4 4 4 4

9 Employee benefit 3 3 3 4 4 4 4 4 4 4 4 4 3 3 4 4

10 The Effect of Change in Foreign Exchange

Rat e/ Foreign Currency Translat ion 3 3 3 4 3 3 3 4 4 4 4 4 3 3 4 4

11 Business Combinat ion 3 3 3 3 3 3 3 4 4 4 4 4 2 2 3 3

12 Relat ed Part y Disclosures 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3

13 Consolidat ed Financial St at ement s and

Account ing f or Invest ment in Subsidiaries 3 3 3 3 4 4 4 4 4 4 4 4 2 2 4 4

14 Invest ment in Associat e 3 3 3 4 4 4 4 4 4 4 4 4 3 3 4 4

15 Earning Per Share 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

16 Int erim Financial Report ing 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

17 Impairment of Asset s 3 3 3 4 4 4 4 4 4 4 4 4 3 3 4 4

18 Int angible Asset s 4 4 4 4 4 4 4 4 4 4 4 4 3 3 4 4

19 Revenue Recognit ion 4 4 4 4 4 4 4 4 4 4 4 4 3 3 4 4

20 Financial Inst rument 3 3 3 4 4 4 4 4 4 4 4 4 2 2 3 3

(7)

LAMPIRAN 3

Data Variabel Perlindungan Bagi Investor 2009-2012

Independensi Dewan

Tahun

Indonesia

Malaysia

Singapura

India

2009

5,0

5,1

5,6

4,6

2010

4,7

5,2

5,6

4,5

2011

4,5

5,3

5,6

4,4

2012

4,6

5,3

5,6

4,4

Peraturan Pasar Modal

Tahun

Indonesia

Malaysia

Singapura

India

2009

4,8

5,0

5,8

5,6

2010

4,6

5,2

5,8

5,3

2011

4,4

5,4

6,0

5,2

2012

4,4

5,3

6,0

5,2

Perlindungan Kepentingan Pemegang Saham Minoritas

Tahun

Indonesia

Malaysia

Singapura

India

2009

4,7

5,1

5,7

4,9

2010

4,6

5,0

5,5

4,5

2011

4,3

5,3

5,6

4,4

2012

4,3

5,2

5,5

4,4

Penyelenggaraan Standar Akuntansi dan Audit

Tahun

Indonesia

Malaysia

Singapura

India

2009

4,6

5,2

6,1

5,5

2010

4,6

5,4

6,2

5,1

2011

4,3

5,6

6,2

5,0

2012

4,4

5,4

6,1

5,0

Independensi Badan Hukum

Tahun

Indonesia

Malaysia

Singapura

India

2009

3,8

4,2

5,8

5,0

2010

3,8

4,3

5,6

4,8

2011

3,6

4,7

5,6

4,3

(8)

Kebebasan Media

Tahun

Indonesia

Malaysia

Singapura

India

2009

0,55

0,54

0,76

0,63

2010

0,53

0,54

0,76

0,56

2011

0,52

0,65

0,76

0,54

(9)

LAMPIRAN 4

Pengujian Pemilihan Model

Model 1

Uji Restricted-F

-efek individu

F test for individual effects

data: Discretionary.Accruals ~ IFRSnew + BOINDnew + IFRSnew * BOINDnew + ...

F = 3.1271, df1 = 179, df2 = 532, p-value < 2.2e-16 alternative hypothesis: significant effects

-efek waktu

F test for time effects

F = 0.664, df1 = 3, df2 = 708, p-value = 0.5743 alternative hypothesis: significant effects

Uji Lagrange Multiplier

-efek individu

Lagrange Multiplier Test - (Honda)

normal = 11.2072, p-value < 2.2e-16

alternative hypothesis: significant effects

-efek waktu

Lagrange Multiplier Test - time effects (Honda)

normal = -0.8394, p-value = 0.4012

(10)

Hausman Test

data: Discretionary.Accruals ~ IFRS + BOIND + IFRS * BOIND + Size + ...

chisq = 8.4927, df = 8, p-value = 0.3869

alternative hypothesis: one model is inconsistent

Model 2

Uji Restricted-F

-efek individu

data: Discretionary.Accruals ~ IFRSnew + SECnew + IFRSnew * SECnew + ...

-efek waktu

-efek individu dan waktu

F test for twoways effects

Uji Lagrange Multiplier

-efek individu

normal = 11.2795, p-value < 2.2e-16

(11)

normal = 0.8523, p-value = 0.394

Uji Hausman

Hausman Test

chisq = 38.7628, df = 8, p-value = 5.439e-06 alternative hypothesis: one model is inconsistent

Model 3

Uji Restricted-F

-efek individu

data: Discretionary.Accruals ~ IFRSnew + MINnew + IFRSnew * MINnew + ...

-efek waktu

Uji Lagrange Multiplier

-efek individu

normal = 11.1919, p-value < 2.2e-16

(12)

normal = -0.1319, p-value = 0.8951

Uji Hausman

Hausman Test

Model 4

Uji Restricted-F

-efek individu

data: Discretionary.Accruals ~ IFRSnew + ACCnew + IFRSnew * ACCnew + ...

-efek waktu

Uji Lagrange Multiplier

-efek individu

(13)

normal = 0.3256, p-value = 0.7447

Uji Hausman

Hausman Test

Model 5

Uji Restricted-F

-efek individu

data: Discretionary.Accruals ~ IFRSnew + JUDnew + IFRSnew * JUDnew + ...

-efek waktu

-efek individu dan waktu

F test for twoways effects

(14)

normal = 11.3279, p-value < 2.2e-16

-efek waktu

normal = 0.7983, p-value = 0.4247

Uji Hausman

Hausman Test

chisq = 21.7658, df = 8, p-value = 0.005369

alternative hypothesis: one model is inconsistent

Model 6

Uji Restricted-F

-efek individu

data: Discretionary.Accruals ~ IFRSnew + PRESSnew + IFRSnew * PRESSnew + ...

-efek waktu

(15)

normal = 11.2159, p-value < 2.2e-16

-efek waktu

normal = 0.5621, p-value = 0.574

Uji Hausman

Hausman Test

(16)

LAMPIRAN 5

Nilai VIF Sebelum Transformasi Metode Centering

Variabel

INV=

BOIND

INV=

SEC

INV=

MIN

INV=

ACC

INV=

JUD

INV=

PRESS

IFRS

505,79

183,99

147,61

114,25

71,22

62,67

INV

646,93

207,48

169,14

191,74

196,99

178,31

IFRS*INV

1862,46

474,08

434,32

396,24

313,52

293,28

Size

1,07

1,15

1,09

1,13

1,14

1,10

Growth

1,05

1,04

1,05

1,04

CFO

1,02

1,03

1,02

1,03

1,02

PPE

1,03

1,01

(17)

LAMPIRAN 6

Uji Hipotesis (dengan Robust Standard Errors)

Model 1

Oneway (individual) effect Random Effect Model

plm(formula = Discretionary.Accruals ~ IFRSnew + BOINDnew +

IFRSnew * BOINDnew + Size + Growth + CFO + PPE + Lag.Loss, data = BOIND1, model = "random")

Balanced Panel: n=180, T=4, N=720

Coefficients :

Estimate Std. Error t-value Pr(>|t|) (Intercept) -0.331411 0.305650 -1.0843 0.27861 IFRSnew -0.040346 0.101660 -0.3969 0.69158 BOINDnew -0.150444 0.071235 -2.1119 0.03504 * Size 0.016744 0.016183 1.0347 0.30118 Growth -0.087154 0.071640 -1.2166 0.22418 CFO 0.126982 0.220057 0.5770 0.56410 PPE 0.119568 0.145960 0.8192 0.41296 Lag.Loss -0.045280 0.045582 -0.9934 0.32086 IFRSnew:BOINDnew -0.484292 0.214009 -2.2630 0.02394 *

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Total Sum of Squares: 86.118 Residual Sum of Squares: 81.725 R-Squared : 0.051018 Adj. R-Squared : 0.05038

F-statistic: 4.77799 on 8 and 711 DF, p-value: 9.7634e-06

Model 2

Twoways effects Within Model

plm(formula = Discretionary.Accruals ~ IFRSnew + SECnew + IFRSnew *SECnew + Size + Growth + CFO + PPE + Lag.Loss, data = SEC1, effect = "twoways", model = "within")

Coefficients :

(18)

PPE 0.084836 0.155904 0.5442 0.58657 Lag.Loss -0.037765 0.055888 -0.6757 0.49951 IFRSnew:SECnew 0.182902 0.128420 1.4242 0.15497

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Total Sum of Squares: 62.951 Residual Sum of Squares: 61.115 R-Squared : 0.02916

Adj. R-Squared : 0.021425

F-statistic: 1.98613 on 8 and 529 DF, p-value: 0.046202

Model 3

Oneway (individual) effect Within Model

plm(formula = Discretionary.Accruals ~ IFRSnew + MINnew + IFRSnew *MINnew + Size + Growth + CFO + PPE + Lag.Loss, data = MIN1, model = "within")

Coefficients :

Estimate Std. Error t-value Pr(>|t|) IFRSnew 0.221375 0.068404 3.2363 0.001286 ** MINnew -0.036431 0.106102 -0.3434 0.731462 Size 0.017122 0.035682 0.4799 0.631530 Growth -0.095608 0.077005 -1.2416 0.214940 CFO -0.103477 0.224455 -0.4610 0.644977 PPE 0.104598 0.154389 0.6775 0.498383 Lag.Loss -0.033936 0.056361 -0.6021 0.547356 IFRSnew:MINnew 0.133308 0.112740 1.1824 0.237562

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Model 4

plm(formula = Discretionary.Accruals ~ IFRSnew + ACCnew + IFRSnew *ACCnew + Size + Growth + CFO + PPE + Lag.Loss, data = ACC1, model = "within")

(19)

IFRSnew 0.2144796 0.0585872 3.6609 0.0002765 *** IFRSnew:ACCnew 0.1227518 0.0897797 1.3673 0.1721227

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Model 5

Twoways effects Within Model

plm(formula = Discretionary.Accruals ~ IFRSnew + JUDnew + IFRSnew *JUDnew + Size + Growth + CFO + PPE + Lag.Loss, data = JUD1, effect = "twoways", model = "within")

Coefficients : IFRSnew:JUDnew 0.2400043 0.0994405 2.4135 0.01614 *

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1

Total Sum of Squares: 62.951 Residual Sum of Squares: 60.433 R-Squared : 0.040002 Adj. R-Squared : 0.02939

Model 6

plm(formula = Discretionary.Accruals ~ IFRSnew + PRESSnew +

(20)

Coefficients :

Estimate Std. Error t-value Pr(>|t|) IFRSnew 0.196504 0.057378 3.4247 0.000663 *** PRESSnew -0.464740 0.527828 -0.8805 0.378998 Size 0.017390 0.035531 0.4894 0.624743 Growth -0.097489 0.073667 -1.3234 0.186280 CFO -0.109023 0.225014 -0.4845 0.628218 PPE 0.104903 0.154684 0.6782 0.497953 Lag.Loss -0.033127 0.055733 -0.5944 0.552511 IFRSnew:PRESSnew 0.945539 0.594346 1.5909 0.112228

---Signif. codes: 0 ‘***’ 0.001 ‘**’ 0.01 ‘*’ 0.05 ‘.’ 0.1 ‘ ’ 1