Institutional Repository | Satya Wacana Christian University: Pengaruh Earning Management Terhadap Peringkat Obligasi Di Pasar Kredit Indonesia Tahun 2003-2010

(1)

42

Lampiran 1

DAFTAR PERUSAHAAN MANUFAKTUR SEBAGAI PENERBIT OBLIGASI

No.

Kode

Nama Perusahaan

1

ASGR

Astra Graphia Tbk

2

ASII

Astra International Tbk

3

BRAM

Indo Kordsa Tbk

4

HMSP

HM. Sampoerna Tbk

5

INDF

Indofood Sukses Makmur Tbk

6

INKP

Indah Kiat Pulp & Paper Corp Tbk

7

KLBF

Kalbe Farma Tbk

8

LTLS

Lautan Luas Tbk

9

MTDL

Metrodata Electronics Tbk

10

MYOR

Mayora Indah Tbk

11

RMBA

Bentoel International Investama Tbk

12

SMGR

Semen Gresik (Persero) Tbk

13

SMSM

Selamat Sempurna Tbk

14

TBLA

Tunas Baru Lampung Tbk

15

TKIM

Pabrik Kertas Tjiwi Kimia Tbk

16

ULTJ

Ultrajaya Milk Industry & Trading Co. Tbk

(2)

43

Lampiran 2

DATA VARIABEL DEPENDEN TAHUN 2004-2011 DAN VARIABEL INDEPENDEN LAPORAN KEUANGAN

TAHUN 2003-2010

(dalam jutaan rupiah)

No. Kode Nama Perusahaan Tahun

Rating Rating

Beban (manfaat) Pajak

Tangguhan

Total Aset t-1 Total Aset t Total Aset

Rata-Rata Laba Fiskal Laba Akuntansi

(3)

44

No. Kode Nama Perusahaan Tahun

Tangguhan

(4)

45

No. Kode Nama Perusahaan Tahun

Tangguhan

(5)

46

Lampiran 3

DATA VARIABEL KONTROL LAPORAN KEUANGAN TAHUN 2003-2010

No. Kode Nama Perusahaan Total Aset t Laba Bersih Hutang Jangka

Panjang

Jumlah Hutang Obligasi Beredar

Laba Operasional Arus Kas dari

Kegiatan Operasi Aset Tetap

(6)

47

No. Kode Nama Perusahaan Total Aset t Laba Bersih Hutang Jangka

Panjang

Kegiatan Operasi Aset Tetap

(7)

48

No. Kode Nama Perusahaan Total Aset t Laba Bersih Hutang Jangka

Panjang

Kegiatan Operasi Aset Tetap

(8)

49

Lampiran 4

DATA OLAHAN VARIABEL DEPENDEN, VARIABEL INDEPENDEN, DAN VARIABEL KONTROL

No. Kode Nama Perusahaan Tahun

Rating RATING LPOSDefTax LNEGDefTax LargeTB SmallTB ASSETS DEBT BETA INCOME CASHFLOWS TACC PPE

1 ASII Astra International Tbk. 2004 5 0 1 0 0 7.438 0.225 368,600 0.124 2,218,911 2,202,672 6,079,902

2 SMSM Selamat Sempurna Tbk. 2004 5 0 0 0 0 5.801 0.195 100,000 0.142 58,279 -10,381 251,393

3 BRAM Indo Kordsa Tbk. 2004 5 0 1 0 0 6.188 0.322 275,000 0.057 125,511 -51,534 848,545

4 LTLS Lautan Luas Tbk. 2004 4 1 0 0 0 6.089 0.400 500,000 0.045 -26,967 34,614 379,413

5 UNIC Unggul Indah Cahaya Tbk. 2004 5 0 1 1 0 6.353 0.405 600,000 0.068 264,485 -201,770 927,990

6 MTDL Metrodata Electronics Tbk. 2004 4 0 0 0 1 5.655 0.178 48,500 0.069 52,283 -53,597 72,040

7 ASGR Astra Graphia Tbk. 2004 5 0 0 0 0 5.848 0.224 150,000 0.072 219,986 -198,572 143,303

8 MYOR Mayora Indah Tbk. 2004 5 1 0 0 1 6.109 0.310 352,000 0.118 128,373 -43,756 600,992

9 ULTJ Ultrajaya Milk Industry & Trading Co. Tbk. 2004 4 0 0 0 1 6.050 0.248 319,300 0.077 4,035 3,450 781,152

10 HMSP HM Sampoerna Tbk. 2004 6 0 0 1 0 7.009 0.244 1,600,000 0.235 2,024,678 -617,834 2,139,524

11 INDF Indofood Sukses Makmur Tbk. 2004 6 0 0 0 0 7.185 0.450 2,500,000 0.131 1,557,249 -953,768 5,825,951

12 SMGR Semen Gresik (Persero) Tbk. 2004 5 0 0 0 0 6.817 0.201 567,000 0.142 1,103,701 -731,192 3,968,590

13 TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2004 1 0 0 1 0 7.253 0.000 200,000 0.053 345,680 -601,374 10,295,893

14 INKP Indah Kiat Pulp & Paper Corp. Tbk. 2004 1 0 1 0 0 7.663 0.000 1,000,000 0.003 1,502,949 -3,924,119 30,295,739

15 TBLA Tunas Baru Lampung Tbk. 2004 4 1 0 0 0 6.061 0.286 350,000 0.064 -36,348 62,781 379,018

17 LTLS Lautan Luas Tbk. 2005 5 0 0 0 0 6.154 0.211 500,000 0.092 95,121 -43,204 442,133

18 UNIC Unggul Indah Cahaya Tbk. 2005 5 0 1 0 0 6.461 0.324 609,000 0.078 -4,230,259 4,394,022 963,966

19 ASGR Astra Graphia Tbk. 2005 5 0 1 0 0 5.757 0.284 150,000 0.100 32,339 4,995 135,944

21 ULTJ Ultrajaya Milk Industry & Trading Co. Tbk. 2005 4 0 0 0 1 6.114 0.308 303,300 0.066 35,588 -31,176 780,339

(9)

50

No. Kode Nama Perusahaan Tahun

24 SMGR Semen Gresik (Persero) Tbk. 2005 5 0 0 0 0 6.824 0.178 447,500 0.145 850,727 -341,811 3,674,298

25 TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2005 1 1 0 1 0 7.296 0.606 200,000 0.043 888,051 843,305 11,153,489

26 INKP Indah Kiat Pulp & Paper Corp. Tbk. 2005 1 0 0 1 0 7.702 0.564 1,000,000 0.009 900,590 2,771,156 33,720,790

27 TBLA Tunas Baru Lampung Tbk. 2005 4 1 0 0 0 6.131 0.415 300,000 0.099 147,077 -130,622 494,964

30 UNIC Unggul Indah Cahaya Tbk. 2006 5 0 1 1 0 6.431 0.301 609,000 0.064 191,078 -142,427 1,074,382

33 HMSP HM Sampoerna Tbk. 2006 6 0 0 0 0 7.077 0.167 1,600,000 0.330 2,058,731 324,335 2,399,467

34 INDF Indofood Sukses Makmur Tbk. 2006 6 0 0 0 1 7.172 0.379 2,202,500 0.112 821,907 -697,889 6,055,277

36 INKP Indah Kiat Pulp & Paper Corp. Tbk. 2006 1 0 0 0 1 7.713 0.556 1,000,000 0.006 1,698,860 -1,619,807 35,219,390

37 TBLA Tunas Baru Lampung Tbk. 2006 4 1 0 0 0 6.162 0.415 300,000 0.082 219,863 -213,644 570,501

38 KLBF Kalbe Farma Tbk. 2006 6 0 0 0 0 6.675 0.194 300,000 0.234 534,289 119,040 859,111

41 UNIC Unggul Indah Cahaya Tbk. 2007 5 0 0 1 0 6.439 0.287 600,000 0.036 261,662 -250,382 928,452

43 MYOR Mayora Indah Tbk. 2007 5 0 0 0 0 6.191 0.231 200,000 0.110 24,389 69,186 738,125

47 INKP Indah Kiat Pulp & Paper Corp. Tbk. 2007 1 0 1 1 0 7.678 0.565 865,770 0.020 3,780,183 -5,452,488 34,343,343

48 KLBF Kalbe Farma Tbk. 2007 6 0 0 0 0 6.665 0.091 300,000 0.232 640,610 35,972 1,024,372

49 RMBA Bentoel international Investama Tbk. 2007 5 0 1 0 0 6.371 0.044 1,350,000 0.071 -115,042 260,552 560,160

50 BRAM Indo Kordsa Tbk. 2008 5 0 1 1 0 6.192 0.180 2,750,000 0.054 143,925 -104,776 639,999

(10)

51

No. Kode Nama Perusahaan Tahun

53 HMSP HM Sampoerna Tbk. 2008 7 0 0 0 0 7.195 0.089 1,000,000 0.356 -1,455,950 5,079,968 3,522,336

54 INDF Indofood Sukses Makmur Tbk. 2008 6 1 0 0 0 7.470 0.200 4,202,500 0.098 2,502,001 -1,521,644 8,079,455

57 KLBF Kalbe Farma Tbk. 2008 6 0 0 0 0 6.711 0.071 300,000 0.220 362,898 342,796 1,204,148

58 RMBA Bentoel international Investama Tbk. 2008 5 0 0 0 0 6.586 0.382 1,350,000 0.089 -552,085 795,002 615,954

60 MYOR Mayora Indah Tbk. 2009 5 0 0 0 0 6.466 0.300 300,000 0.118 138,452 57,778 1,030,725

62 TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2009 4 0 0 0 1 7.394 0.593 142,390 0.038 1,317,523 -751,558 13,573,436

64 RMBA Bentoel international Investama Tbk. 2009 7 1 0 0 1 6.649 0.335 1,350,000 0.092 -55,097 294,235 1,033,092

65 SMSM Selamat Sempurna Tbk. 2010 6 0 1 1 0 5.974 0.037 240,000 0.202 268,070 -135,220 341,364

67 MYOR Mayora Indah Tbk. 2010 6 0 0 0 0 6.511 0.265 300,000 0.189 446,429 -74,272 1,282,771

69 TKIM Pabrik Kertas Tjiwi Kimia Tbk. 2010 4 1 0 1 0 7.346 0.559 126,200 0.051 1,373,004 -1,075,458 11,061,092

70 SMSM Selamat Sempurna Tbk. 2011 6 0 1 0 0 6.028 0.182 160,000 0.214 151,302 -882 376,794

71 LTLS Lautan Luas Tbk. 2011 5 0 0 0 0 6.516 0.707 500,000 0.051 -147,945 234,927 1,025,373

72 MYOR Mayora Indah Tbk. 2011 6 0 0 0 0 6.643 0.300 300,000 0.139 238,253 245,833 1,282,771

(11)

52

Lampiran 5

DESCRIPTIVE STATISTIC CROSSTABS

Case Processing Summary

Cases

Valid

Missing

Total

N

Percent

N

Percent

N

Percent

LPOSDefTax * RATING

74

100.0%

0

.0%

74

100.0%

LNEGDefTax * RATING

74

100.0%

0

.0%

74

100.0%

LargeTB * RATING

74

100.0%

0

.0%

74

100.0%

SmallTB * RATING

74

100.0%

0

.0%

74

100.0%

Crosstab

RATING

Total

1

4

5

6

7

LPOSDefTax 0

7

29

14

2

59

1

6

3

4

1

15

Total

8

13

32

18

3

74

Chi-Square Tests

Value

Df

Asymp. Sig.

(2-sided)

Pearson Chi-Square

8.398

a

4

.078

Likelihood Ratio

7.837

4

.098

Linear-by-Linear

Association

.002

1

.961

N of Valid Cases

74

Crosstab

RATING

Total

Count

1

4

5

6

7

LNEGDefTax 0

6

12

22

16

3

59

1

2

1

10

2

0

15

Total

8

13

32

18

3

74

Chi-Square Tests

Value

Df

(12)

53

Pearson Chi-Square

5.467

a

4

.243

Likelihood Ratio

6.255

4

.181

Linear-by-Linear

Association

.278

1

.598

N of Valid Cases

74

a. 5 cells (50.0%) have expected count less than 5. The

minimum expected count is .61.

Crosstab

Count

RATING

Total

1

4

5

6

7

LargeTB 0

4

11

25

16

3

59

1

4

2

7

2

0

15

Total

8

13

32

18

3

74

Chi-Square Tests

Value

Df

Asymp. Sig.

(2-sided)

Pearson Chi-Square

6.315

a

4

.177

Likelihood Ratio

6.179

4

.186

Linear-by-Linear

Association

5.100

1

.024

N of Valid Cases

74

minimum expected count is .61.

Crosstab

Count

RATING

Total

1

4

5

6

7

SmallTB 0

5

7

29

16

2

59

1

3

6

3

2

1

15

Total

8

13

32

18

3

74

Chi-Square Tests

Value

Df

Asymp. Sig.

(2-sided)

(13)

54

Likelihood Ratio

9.792

4

.044

Linear-by-Linear

Association

3.511

1

.061

N of Valid Cases

74

(14)

55

Lampiran 6

HASIL PENGUJIAN ORDINAL REGRESSION

HIPOTESIS 1 :

N

Marginal

Percentage

RATING

1

8

10.8%

4

13

17.6%

5

32

43.2%

6

18

24.3%

7

3

4.1%

LPOSDefTax

0

59

79.7%

1

15

20.3%

LNEGDefTax 0

59

79.7%

1

15

20.3%

Valid

74

100.0%

Missing

0

Total

74

Link function : Logit

Model Fitting Information

Model

-2 Log

Likelihood

Chi-Square Df

Sig.

Intercept Only

204.590

Final

55.187

149.402

9

.000

Goodness-of-Fit

Chi-Square

df

Sig.

Pearson

349.348

283

.004

Deviance

55.187

283

1.000

(15)

56

Pseudo R-Square

Cox and Snell

.867

Nagelkerke

.926

McFadden

.730

Parameter Estimates

Estimate Std. Error Wald

df

Sig.

90% Confidence Interval

Lower Bound

Upper

Bound

Threshold [RATING =

1]

262.899

133.510 3.878

1

.049

43.295

482.503

[RATING =

4]

282.785

140.243 4.066

1

.044

52.107

513.464

[RATING =

5]

314.862

154.154 4.172

1

.041

61.302

568.423

[RATING =

6]

366.450

176.811 4.295

1

.038

75.621

657.278

Location

ASSETS

22.271

11.151 3.989

1

.046

3.929

40.613

DEBT

-11.708

9.085 1.661

1

.198

-26.652

3.236

BETA

9.380E-12

.000 2.388

1

.122 -6.048E-13 1.936E-11

INCOME

233.805

113.101 4.273

1

.039

47.771

419.839

CASHFLO

WS

-4.382E-12

.000 2.416

1

.120 -9.019E-12 2.553E-13

TACC

-3.078E-12

.000 2.399

1

.121 -6.347E-12 1.907E-13

PPE

-2.192E-12

.000 3.685

1

.055 -4.071E-12 -3.138E-13

[LPOSDefT

ax=0]

6.610

3.489 3.589

1

.058

.871

12.350

[LPOSDefT

ax=1]

0

a

.

0

.

[LNEGDefT

ax=0]

-7.444

7.877

.893

1

.345

-20.402

5.513

[LNEGDefT

ax=1]

0

a

(16)

57

This parameter is set to zero because it is redundant

Test of Parallel Lines

c

Model

-2 Log

Likelihood Chi-Square

Df

Sig.

Null

Hypothesis

55.187

General

11.235

a

43.953

b

27

.121

The null hypothesis states that the location parameters (slope

coefficients) are the same across response categories.

a. The log-likelihood value cannot be further increased after

maximum number of step-halving.

b. The Chi-Square statistic is computed based on the

log-likelihood value of the last iteration of the general model.

Validity of the test is uncertain.

c. Link function: Logit.

UJI HIPOTESIS 2 :

N

Marginal

Percentage

RATING 1

8

10.8%

4

13

17.6%

5

32

43.2%

6

18

24.3%

7

3

4.1%

LargeTB 0

59

79.7%

1

15

20.3%

SmallTB 0

59

79.7%

1

15

20.3%

Valid

74

100.0%

Missing

0

Total

74

(17)

58

Model

-2 Log

Df

Sig.

Intercept Only

204.590

Final

66.480

138.109

9

.000

Goodness-of-Fit

Chi-Square

df

Sig.

Pearson

234.277

283

.984

Deviance

66.480

283

1.000

Pseudo R-Square

Cox and Snell

.845

Nagelkerke

.902

McFadden

.675

Parameter Estimates

Estimate

Std. Error

Wald

Df

Sig.

90% Confidence

Interval

Lower

Bound

Upper

Bound

Threshold [RATING

= 1]

102.424

65.545

2.442

1

.118

-5.387

210.236

[RATING

= 4]

115.927

67.966

2.909

1

.088

4.134

227.721

[RATING

= 5]

132.078

73.203

3.255

1

.071

11.670

252.485

[RATING

= 6]

161.685

82.272

3.862

1

.049

26.360

297.009

Location

ASSETS

9.184

5.520

2.768

1

.096

.105

18.264

DEBT

-7.427

6.398

1.347

1

.246

-17.951

3.098

BETA

5.153E-12

.000

3.989

1

.046 9.094E-13 9.397E-12

INCOME

111.985

46.655

5.761

1

.016

35.245

188.725

CASHFL

OWS

-3.017E-13

.000

.036

1

.850 -2.926E-12 2.322E-12

(18)

59

PPE

-1.179E-12

.000

2.426

1

.119 -2.423E-12 6.610E-14

[LargeTB

=0]

-1.625

3.118

.272

1

.602

-6.753

3.504

[LargeTB

=1]

0

a

.

0

.

[SmallTB

=0]

1.459

1.412

1.069

1

.301

-.862

3.781

[SmallTB

=1]

0

a

.

0

.

This parameter is set to zero because it is redundant.

Test of Parallel Lines

c

Model

-2 Log

Df

Sig.

Null

Hypothesis

66.480

General

53.118

a

13.362

b

27

.987

coefficients) are the same across response categories.

maximum number of step-halving.

b. The Chi-Square statistic is computed based on the log-

likelihood value of the last iteration of the general model.

c. Link function: Logit.

UJI HIPOTESIS 3 :

N

Marginal

Percentage

RATING

1

8

10.8%

4

13

17.6%

5

32

43.2%

(19)

60

7

3

4.1%

LPOSDefTax 0

59

79.7%

1

15

20.3%

LNEGDefTax 0

59

79.7%

1

15

20.3%

LargeTB

0

59

79.7%

1

15

20.3%

SmallTB

0

59

79.7%

1

15

20.3%

Valid

74

100.0%

Missing

0

Total

74

Link function: Logit

Model

-2 Log

Df

Sig.

Intercept Only

204.590

Final

51.989

152.601

11

.000

Goodness-of-Fit

Chi-Square

df

Sig.

Pearson

552.786

281

.000

Deviance

51.989

281

1.000

Pseudo R-Square

Cox and Snell

.873

Nagelkerke

.932

McFadden

.746

Parameter Estimates

Estimate Std. Error Wald

df

Sig.

90% Confidence Interval

Lower Bound

(20)

61

Threshold [RATING

= 1]

398.076 221.941 3.217

1

.073

33.016

763.135

[RATING

= 4]

441.933 243.191 3.302

1

.069

41.919

841.947

[RATING

= 5]

498.895 271.887 3.367

1

.067

51.681

946.110

[RATING

= 6]

578.763 310.689 3.470

1

.062

67.725

1089.802

Location

ASSETS

34.672

19.246 3.245

1

.072

3.015

66.329

DEBT

-37.158

21.357 3.027

1

.082

-72.288

-2.029

BETA

1.791E-11

.000 3.018

1

.082

9.519E-13 3.486E-11

INCOME

344.206 179.014 3.697

1

.055

49.755

638.658

CASHFLO

WS

-6.896E-12

.000 2.306

1

.129 -1.437E-11 5.741E-13

TACC

-4.637E-12

.000 1.970

1

.160 -1.007E-11 7.977E-13

PPE

-4.193E-12

.000 3.239

1

.072 -8.025E-12 -3.608E-13

[LPOSDef

Tax=0]

10.074

6.034 2.787

1

.095

.148

19.999

[LPOSDef

Tax=1]

0

a

.

0

.

[LNEGDef

Tax=0]

-8.641

7.099 1.482

1

.223

-20.318

3.035

[LNEGDef

Tax=1]

0

a

.

0

.

[LargeTB=

0]

6.166

4.465 1.907

1

.167

-1.178

13.509

[LargeTB=

1]

0

a

.

0

.

[SmallTB=

6.181

4.264 2.101

1

.147

-.833

13.194

0]

[SmallTB=

1]

0

a

.

0

.

This parameter is set to zero because it is redundant

(21)

62

Model

-2 Log

Df

Sig.

Null Hypothesis

51.989

General

37.391

a

14.597

b

33

.998

coefficients) are the same across response categories.

maximum number of step-halving.

b. The Chi-Square statistic is computed based on the

log-likelihood value of the last iteration of the general model.