Lampiran i
Tabulasi Hasil Perhitungan Arus Kas Bebas (AKB) Tahun 2008 – 2011
Perusahaan Tahun Arus Kas Aktifitas Operasi
Pengeluaran modal bersih
Selisih Modal
Kerja Operasi Arus Kas Bebas
APLN 2008 734367660000 286431444000 -517013769000 503785335000 2009 -561179586000 522750030000 -889365922000 -927795478000 2010 -1044599692000 -1070259628000 520322304000 -1594537016000 2011 -313502448000 1487330795000 33998212000 -1834831455000
ASRI 2008 56686359444 21041294122 236507355225 -200862289903
2009 228731812066 16226680861 96433570781 116071560424
2010 879700208453 97163508491 -34980164259 817516864221
2011 1419007133264 193450297916 -414385524952 1198071906228
BAPA 2008 8388345061 505808442 -37571846640 -28677693137
2009 24824672443 -393685832 -23254482617 1176503994
2010 15498483793 -373364412 -22685972545 -7560853164
2011 4399876746 315175184 -26872800493 -22157748563
BSDE 2008 582844638000 24414615000 762345606000 -203915583000
2009 517313698649 216057979492 67776109562 233479609595
2010 759666347857 -2683318120 1641614661583 -879264995606
2011 984957071642 124540211191 -97780087731 958196948182
COWL 2008 13182527909 1062349301 20257470147 -8137291539
2009 8957435448 -609221395 -6494366370 1853847683
2010 26455150022 1329936554 -25007173214 2777913362
2011 107047598359 -523852504 39254308387 68317142476
CTRA 2008 369387812248 588081628440 -79414148176 -139279668016
2009 332470437239 197767932558 -464410140401 65828229396
2010 609302275237 488192097968 82928551135 38181626134
2011 886887364440 371102575229 -657947830530 600042109139
CTRP 2008 174605113142 380129957372 -3063244578 -202461599652
2009 138676652011 121793320516 -98836502227 115719833722
2010 157294272376 313594670575 -218558148500 62257750301
2011 5056488162 527888942693 -564824812283 -31879381428
DART 2008 -249382613813 1272945049 42902981782 -205206686982
2010 -194355778950 -2397416715 48061223899 -148691971766
2011 -32575733569 6763258930 184373696953 158561222314
DILD 2008 10106500731 17156336100 83183304472 -90233139841
2009 21252628323 30115115643 -8651559338 -210927982
2010 -281183722896 1786582040 1271484762022 992087621166
2011 -226548671029 27267573948 203020998484 3739901403
DUTI 2008 293093057003 -105693709 357660626465 -64461875753
2009 309646127132 -1432011013 100558584709 210519553436
2010 279191566362 -16252442521 577721184179 -282277175296
2011 373657602615 -24573444500 -421256427146 819487474261
ELTY 2008 -1057406702136 264984303402 844069948125 -2166460953663
2009 -365677947540 3663125100808
-1314828678363 -2713974369985 2010 -2208637400758 1023908006123 1800171546696 -5032716953577 2011 -1268893315704 -38208626750 -80735027542 -1387836969996
JRPT 2008 45760685000 22921442000 98585589000 -75746346000
2009 377493848000 -44568634000 125630285000 296432197000
2010 658108015000 8097368000 211050600000 438960047000
2011 311723404000 23802730000 175198676000 112721998000
LPKR 2008 -239041705492 -134042690624 427311287562 -532310302430
2009 115733565255 -23299331282 -114463918472 -22029684499
2010 -689995773786 -39286806236 2916570641847 -3567279609397
2011 374527460106 349750374902 538370637442 -513593552238
OMRE 2008 20769425777 10347486783 -35435901312 -4318988752
2009 15352807668 14284728471 -290398807028 -260761270889
2010 124251670077 -11711357608 -453148382174 -340608069705
2011 37658483199 -220558621 -246424478162 -208986553584
PWON 2008 67925411000 233526499000 31842614000 -197443702000
2009 82835045000 293857519000 62030011000 -273052485000
2010 512898902000 -761278510000 16858170000 -231521438000
2011 346238989000 207959187000 245749774000 -107469972000
RDTX 2008 129264456011 -19426505658 -40718660433 69119289920
2009 133655803969 2156541786 37562481088 93936781095
2010 150935043606 3991623843 51041340960 95902078803
2011 153084070257 323635377105 -642651488 -169908655360
Lampiran ii
Tabulasi Hasil Perhitungan Arus Kas Bebas Per Total Aset (AKB/TA) 2008 – 2011
Perusahaan Tahun Arus Kas Bebas Total Aset FCF/TA
APLN 2008 503785335000 2734460554000 0.1842
2009 -927795478000 4400898528000 -0.2108
2010 -1594537016000 7753456799000 -0.2057
2011 -1834831455000 10787265542000 -0.1701
ASRI 2008 -200862289903 3056536740640 -0.0657
2009 116071560424 3559964928251 0.0326
2010 817516864221 4587986472840 0.1782
2011 1198071906228 6007548091185 0.1994
BAPA 2008 -28677693137 127212980516 -0.2254
2009 1176503994 134883970713 0.0087
2010 -7560853164 136358827789 -0.0554
2011 -22157748563 148084624723 -0.1496
BSDE 2008 -203915583000 4381085317000 -0.0465
2009 233479609595 9334997312907 0.0250
2010 -879264995606 11694747901551 -0.0752
2011 958196948182 12787376914156 0.0749
COWL 2008 -8137291539 207447390282 -0.0392
2009 1853847683 207505008227 0.0089
2010 2777913362 266939286532 0.0104
2011 68317142476 385681565146 0.1771
CTRA 2008 -139279668016 8108443360876 -0.0172
2009 65828229396 8553946343429 0.0077
2010 38181626134 9378342136927 0.0041
2011 600042109139 11524866822316 0.0521
CTRP 2008 -202461599652 3625080672129 -0.0559
2009 115719833722 3651888611993 0.0317
2010 62257750301 3823458770185 0.0163
2011 -31879381428 4314646971261 -0.0074
DART 2008 -205206686982 2774514489772 -0.0740
2009 13541925689 3213315053678 0.0042
2011 158561222314 4103893859060 0.0386
DILD 2008 -90233139841 2111152441704 -0.0427
2009 -210927982 2140126674921 -0.0001
2010 992087621166 4599239260454 0.2157
2011 3739901403 5691909741708 0.0007
DUTI 2008 -64461875753 4513527428217 -0.0143
2009 210519553436 4429503290693 0.0475
2010 -282277175296 4723365274851 -0.0598
2011 819487474261 5188186444790 0.1580
ELTY 2008 -2166460953663 8334991485092 -0.2599
2009 -2713974369985 11592631487233 -0.2341
2010 -5032716953577 17064195774257 -0.2949
2011 -1387836969996 17707949598417 -0.0784
JRPT 2008 -75746346000 2211213226000 -0.0343
2009 296432197000 2585475177000 0.1147
2010 438960047000 3295717307000 0.1332
2011 112721998000 4084414957000 0.0276
LPKR 2008 -532310302430 11787777210609 -0.0452
2009 -22029684499 12127644010796 -0.0018
2010 -3567279609397 16155384919926 -0.2208
2011 -513593552238 18259171414884 -0.0281
OMRE 2008 -4318988752 3146933067000 -0.0014
2009 -260761270889 4337271552000 -0.0601
2010 -340608069705 4928510460000 -0.0691
2011 -208986553584 5744711035000 -0.0364
PWON 2008 -197443702000 719288341556 -0.2745
2009 -273052485000 744866369493 -0.3666
2010 -231521438000 767521532169 -0.3016
2011 -107469972000 738221345249 -0.1456
RDTX 2008 69119289920 580931077028 0.1190
2009 93936781095 651180109447 0.1443
2010 95902078803 852447473948 0.1125
2011 -169908655360 1082292152075 -0.1570
SMRA 2008 -403792431000 3629969131000 -0.1112
2009 347041160000 4460277206000 0.0778
2010 376007311000 6139640438000 0.0612
Lampiran iii
Tabulasi Hasil Perhitungan Leverage Keuangan 2008 – 2011
Perusahaan Tahun Total Utang Total Aset Leverage
APLN 2008 2032513571000 2734460554000 0.7433
2009 3007339986000 4400898528000 0.6833
2010 3540179515000 7753456799000 0.4566
2011 5758534675000 10787265542000 0.5338
ASRI 2008 1294145712916 3056536740640 0.4234
2009 1624836939293 3559964928251 0.4564
2010 2371565533395 4587986472840 0.5169
2011 3220676176805 6007548091185 0.5361
BAPA 2008 69226571342 127212980516 0.5442
2009 67912410789 134883970713 0.5035
2010 61454215438 136358827789 0.4507
2011 67278760287 148084624723 0.4543
BSDE 2008 2305955731000 4381085317000 0.5263
2009 3867379713070 9334997312907 0.4143
2010 4279479007171 11694747901551 0.3659
2011 4530152109517 12787376914156 0.3543
COWL 2008 88551709969 207447390282 0.4269
2009 76268736991 207505008227 0.3676
2010 136439106769 266939286532 0.5111
2011 221859863217 385681565146 0.5752
CTRA 2008 1507524536330 8108443360876 0.1859
2009 1592920577772 8553946343429 0.1862
2010 2126198451219 9378342136927 0.2267
2011 3877432633502 11524866822316 0.3364
CTRP 2008 262414953732 3625080672129 0.0724
2009 217001853625 3651888611993 0.0594
2010 260103444698 3823458770185 0.0680
2011 707681803226 4314646971261 0.1640
DART 2008 2135992724347 2774514489772 0.7699
2009 2547691892986 3213315053678 0.7929
2010 1822921411078 2561931438242 0.7115
DILD 2008 967384459303 2111152441704 0.4582
2009 953053841761 2140126674921 0.4453
2010 975083341729 4599239260454 0.2120
2011 1892907650386 5691909741708 0.3326
DUTI 2008 1837737121055 4513527428217 0.4072
2009 1526827732872 4429503290693 0.3447
2010 1516691341922 4723365274851 0.3211
2011 1624203044707 5188186444790 0.3131
ELTY 2008 3133653335382 8334991485092 0.3760
2009 5794138576947 11592631487233 0.4998
2010 6582727429196 17064195774257 0.3858
2011 6805878160103 17707949598417 0.3843
JRPT 2008 922774488000 2211213226000 0.4173
2009 1171406154000 2585475177000 0.4531
2010 1670597684000 3295717307000 0.5069
2011 2184096658000 4084414957000 0.5347
LPKR 2008 6927810882453 11787777210609 0.5877
2009 6838712415878 12127644010796 0.5639
2010 7975967598988 16155384919926 0.4937
2011 8850153220430 18259171414884 0.4847
OMRE 2008 2241593780000 3146933067000 0.7123
2009 2632171838000 4337271552000 0.6069
2010 2901933959000 4928510460000 0.5888
2011 3371575568000 5744711035000 0.5869
PWON 2008 451728963707 719288341556 0.6280
2009 443586723750 744866369493 0.5955
2010 360168924536 767521532169 0.4693
2011 235932319585 738221345249 0.3196
RDTX 2008 149646237242 580931077028 0.2576
2009 117422959889 651180109447 0.1803
2010 137995129867 852447473948 0.1619
2011 253916159080 1082292152075 0.2346
SMRA 2008 2054374823000 3629969131000 0.5659
2009 2735479178000 4460277206000 0.6133
2010 3982107010000 6139640438000 0.6486
Lampiran iv
Tabulasi Perhitungan Discretionary Accruals (DA) Tahun 2008 - 2011
Perusahaan Tahun TAC/Tai-t 1/Tai-t ∆ REV/Tai-t PPE/Tai-t
(∆REV-∆REC)/ Tai-t
APLN 2008 -0.3036 0.00003870058 0.0218 0.4757 0.01931
2009 0.2143 0.00003657028 0.0168 0.6407 0.01553
2010 -0.1254 0.00002272263 0.2460 0.1549 0.18726
2011 0.0667 0.00001289747 0.2432 0.2798 0.15334
ASRI 2008 -0.0005 0.00003371517 0.0430 0.0117 0.04022
2009 -0.0367 0.00003271677 -0.0052 0.0167 -0.00846
2010 -0.1535 0.00002809016 0.1043 0.0416 0.10731
2011 -0.1581 0.00002179605 0.1286 0.0744 0.12935
BAPA 2008 0.0061 0.00072727837 0.0067 0.0082 0.00295
2009 -0.0676 0.00078608330 0.0891 0.0057 0.06964
2010 0.0003 0.00074137794 -0.0674 0.0026 -0.07292
2011 0.0281 0.00073335919 -0.1749 0.0049 -0.18018
BSDE 2008 -0.0473 0.00002771648 -0.0151 0.0278 -0.00392
2009 0.0725 0.00002282539 0.2338 0.0722 0.22751
2010 0.0119 0.00001071238 0.0072 0.0336 0.00291
2011 -0.0021 0.00000855085 0.0281 0.0375 0.02861
COWL 2008 -0.0075 0.00044189059 0.0015 0.0086 -0.01305
2009 0.0632 0.00048204993 0.0729 0.0064 0.07751
2010 -0.0707 0.00048191608 0.0075 0.0260 -0.00650
2011 -0.2843 0.00037461702 0.3025 0.0183 0.44943
CTRA 2008 -0.0105 0.00001336164 -0.0056 0.1683 -0.01258
2009 -0.0060 0.00001233282 0.0036 0.1880 0.00586
2010 -0.0313 0.00001169051 0.0421 0.2353 0.03438
2011 -0.0370 0.00001066287 0.0518 0.2542 0.04134
CTRP 2008 -0.0213 0.00002829634 0.0086 0.2392 0.00943
2009 -0.0075 0.00002758559 0.0035 0.2668 0.00311
2010 -0.0133 0.00002738309 0.0050 0.3507 0.00399
2011 0.0336 0.00002615433 0.0220 0.4730 0.02027
DART 2008 -0.0438 0.00003979353 -0.0438 0.0055 -0.03701
2009 0.0235 0.00003604234 -0.0207 0.0030 -0.02243
2010 -0.0209 0.00003112051 0.0108 0.0019 0.01149
DILD 2008 0.0160 0.00004961062 0.0170 0.0558 0.03519
2009 0.0190 0.00004736749 0.0418 0.0675 0.02656
2010 -0.0086 0.00004672621 0.2130 0.0675 0.05865
2011 -0.0085 0.00002174273 0.0210 0.0373 0.04012
DUTI 2008 -0.0422 0.00002215598 -0.0470 0.0445 -0.04634
2009 -0.0014 0.00002215562 -0.0133 0.0442 -0.01291
2010 0.0139 0.00002257589 0.0011 0.0414 0.00090
2011 0.0083 0.00002117135 0.0234 0.0336 0.02451
ELTY 2008 -0.1456 0.00001751922 0.0476 0.1669 0.00114
2009 -0.0239 0.00001199761 0.0006 0.5538 -0.02052
2010 -0.1697 0.00000862617 0.0266 0.4865 0.00214
2011 -0.0681 0.00000586022 0.0381 0.3282 0.03820
JRPT 2008 0.0947 0.00005588578 0.0677 0.0382 0.06655
2009 -0.0661 0.00004522404 0.0061 0.0107 0.00382
2010 -0.1456 0.00003867761 0.0431 0.0123 0.04486
2011 0.0055 0.00003034241 0.0363 0.0169 0.03667
LPKR 2008 0.0215 0.00000949364 0.0439 0.1205 0.00382
2009 0.0310 0.00000848336 0.0010 0.1057 0.00237
2010 0.0026 0.00000824562 0.0462 0.0995 0.03601
2011 0.0343 0.00000618989 0.0659 0.0963 0.07188
OMRE 2008 0.0419 0.00015199356 -0.0327 2.9164 -0.04618
2009 0.0148 0.00013902630 0.0160 3.0761 0.02995
2010 0.0962 0.00013425227 0.2388 1.9484 0.21950
2011 0.0924 0.00013028950 -0.0311 2.1619 -0.01167
PWON 2008 0.0506 0.00003871201 0.0039 0.0499 0.00078
2009 0.0388 0.00003177697 0.0772 0.0455 0.07545
2010 -0.0100 0.00002305597 0.1223 0.0303 0.10509
2011 0.0564 0.00002029011 0.0507 0.0267 0.05242
RDTX 2008 -0.0832 0.00017139303 0.1089 0.8468 0.10132
2009 -0.0393 0.00017213746 0.0525 0.8542 0.04445
2010 -0.0358 0.00015356734 0.0380 0.7682 0.03109
2011 -0.0231 0.00011730928 0.0412 0.9665 0.03848
SMRA 2008 -0.0520 0.00004188395 0.1005 0.1306 0.09754
2009 -0.0701 0.00002754844 -0.0191 0.0850 -0.00698
2010 -0.0573 0.00002242013 0.1128 0.0850 0.10257
Lampiran v
Tabulasi Hasil Perhitungan Discretionary Accruals (DA) 2008 – 2011
Perusahaan Kode Tahun DA
PT. Agung Podomoro Land Tbk APLN 2008 -0.3104
2009 0.2027
2010 -0.0914
2011 0.0907
PT. Alam Sutera Realty Tbk ASRI 2008 0.0079
2009 -0.0382
2010 -0.1326
2011 -0.1337
PT. Bekasi Asri Pemula Tbk BAPA 2008 0.0207
2009 -0.0384
2010 0.0002
2011 0.0065
PT. Bumi Serpong Damai Tbk BSDE 2008 -0.0483
2009 0.1164
2010 0.0119
2011 0.0029
PT. Cowell Development Tbk COWL 2008 -0.0017
2009 0.0880
2010 -0.0632
2011 -0.1880
PT. Ciputra Development Tbk CTRA 2008 -0.0168
2009 -0.0091
2010 -0.0298
2011 -0.0347
PT. Ciputra Property Tbk CTRP 2008 -0.0246
2009 -0.0128
2010 -0.0204
2011 0.0268
PT. Duta Anggada Realty Tbk DART 2008 -0.0505
2009 0.0197
2010 -0.0180
2011 0.0531
2009 0.0236
2010 0.0023
2011 -0.0009
PT. Duta Pertiwi Tbk DUTI 2008 -0.0521
2009 -0.0046
2010 0.0135
2011 0.0128
PT. Bakrieland Development Tbk ELTY 2008 -0.1491
2009 -0.0410
2010 -0.1807
2011 -0.0682
PT. Jaya Real Property Tbk JRPT 2008 0.1082
2009 -0.0647
2010 -0.1362
2011 0.0130
PT. Lippo Karawaci Tbk LPKR 2008 0.0195
2009 0.0291
2010 0.0075
2011 0.0464
PT. Indonesia Prima Property Tbk OMRE 2008 -0.0343
2009 -0.0503
2010 0.0957
2011 0.0407
PT. Pakuwon Jati Tbk PWON 2008 0.0503
2009 0.0533
2010 0.0106
2011 0.0666
PT. Roda Vivatex Tbk RDTX 2008 -0.0800
2009 -0.0476
2010 -0.0450
2011 -0.0364
PT. Suryamas Dutamakmur Tbk SMRA 2008 -0.0349
2009 -0.0730
2010 -0.0385
Lampiran vi
Hasil Regresi
Descriptives
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Manajemen Laba 68 -.3104 .2027 -.016834 .0768015
Arus Kas Bebas 68 -.3666 .2157 -.028865 .1293343
Leverage Keuangan 68 .0594 .7929 .444949 .1725678
Valid N (listwise) 68
Regression
Variables Entered/Removed
Model
Variables
Entered
Variables
Removed Method
1 Leverage
Keuangan,
Arus Kas
Bebasa
. Enter
a. All requested variables entered.
Model Summaryb
Model R R Square
Adjusted R
Square
Std. Error of
the Estimate
Durbin-Watson
1 .322a .104 .076 .0738160 2.058
a. Predictors: (Constant), Leverage Keuangan, Arus Kas Bebas
ANOVAb
Model Sum of Squares df Mean Square F Sig.
1 Regression .041 2 .021 3.765 .028a
Residual .354 65 .005
Total .395 67
a. Predictors: (Constant), Leverage Keuangan, Arus Kas Bebas
b. Dependent Variable: Manajemen Laba
Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -.005 .025 -.214 .831
Arus Kas Bebas -.192 .070 -.323 -2.724 .008 .978 1.022
Leverage
Keuangan
-.038 .053 -.086 -.725 .471 .978 1.022
a. Dependent Variable: Manajemen Laba
Coefficient Correlationsa
Model
Leverage
Keuangan
Arus Kas
Bebas
1 Correlations Leverage Keuangan 1.000 .147
Collinearity Diagnosticsa
Model
Dimensio
n Eigenvalue
Condition
Index
Variance Proportions
(Constant)
Arus Kas
Bebas
Leverage
Keuangan
1 1 2.042 1.000 .03 .04 .03
2 .892 1.513 .01 .94 .01
3 .066 5.563 .96 .01 .97
a. Dependent Variable: Manajemen Laba
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value -.069181 .042267 -.016834 .0247451 68
Std. Predicted Value -2.115 2.388 .000 1.000 68
Standard Error of Predicted
Value
.009 .026 .015 .005 68
Adjusted Predicted Value -.060237 .056505 -.016007 .0250023 68
Residual -.2412187 .1937185 .0000000 .0727059 68
Std. Residual -3.268 2.624 .000 .985 68
Stud. Residual -3.473 2.714 -.005 1.017 68
Deleted Residual -.2724181 .2072438 -.0008265 .0776064 68
Stud. Deleted Residual -3.818 2.860 -.013 1.059 68
Mahal. Distance .015 7.062 1.971 1.760 68
Cook's Distance .000 .520 .023 .076 68
Centered Leverage Value .000 .105 .029 .026 68
NPar Tests
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N 68
Normal Parametersa,,b Mean .0000000
Std. Deviation .07270593
Most Extreme
Differences
Absolute .132
Positive .083
Negative -.132
Kolmogorov-Smirnov Z 1.092
Asymp. Sig. (2-tailed) .184
a. Test distribution is Normal.
Lampiran vii
Jadwal Penelitian
No Kegiatan Februari
2012
Maret 2012
April 2012
Mei 2012
Juni 2012
1 Pengajuan Judul
2 Penyelesaian Proposal
3 Bimbingan Proposal
4 Pengumpulan Data
5 Pengolahan Data
