Lampiran 1
Klasifikasi Peringkat Obligasi
Peringkat Obligasi Klasifikasi Peringkat Kategori Peringkat
AAA
18 Investment
AA+
17 Investment
AA
16 Investment
AA-
15 Investment
A+
14 Investment
A
13 Investment
A-
12 Investment
BBB+
11 Investment
BBB
10 Investment
BBB-
9 Investment
BB+
8 Speculative
BB
7 Speculative
BB-
6 Speculative
B+
5 Speculative
B
4 Speculative
B-
3 Speculative
CCC
2 Speculative
D / SD
1 Speculative
Sumber: Christina et al., 2010 dengan modifikasi
Lampiran 2
Kriteria Pemilihan Sampel Perusahaan dan Obligasinya
NO KODE
SAHAM NAMA PERUSAHAAN STATUS
Kriteria Sampel Sampel
1 2 3 4 5 6*
20 BEST BEKASI FAJAR INDUSTRIAL ESTATE TBK TETAP X
21 BHIT BHAKTI INVESTAMA TBK TETAP X
22 BIPI BIPI PETROLEUM ENERGY TBK TETAP X
23 BJBR BANK PEMBANGUNAN JAWA BARAT & BANTEN TETAP 6
24 BJTM BANK PEMBANGUNAN JAWA TIMUR TBK TETAP X
32 CNKO EKSPLOITASI ENERGI INDONESIA TBK TETAP X
33 COWL COWELL DEVELOPMENT TBK BARU X X
49 INTP INDOCEMENT TUNGGAL PRAKASA TBK TETAP X
50 ISAT INDOSAT TBK TETAP 11
52 JPFA JAPFA COMFEED INDONESIA TBK TETAP 12
60 LSIP PP LONDON SUMATERA PLANTATIONS TBK TETAP X
61 MAIN MALINDO FEEDMIL TBK TETAP X
62 MAPI MITRA ADIPERKASA TBK TETAP 14
63 MDLN MODERNLAND REALTY LTD TBK TETAP 15
64 MEDC MEDCO ENERGI INTERNATIONAL TBK TETAP X
65 META NUSANTARA INFRASTRUCTURE TBK TETAP X
66 MLPL MULTIPOLAR TBK TETAP X X
74 PTBA TAMBANG BATUBARA BUKIT ASAM (PERSERO) TBK TETAP X
75 PTPP PP (PERSERO) TBK TETAP X
76 PWON PAKUWON JATI TBK TETAP X
77 RALS RAMAYANA LESTARI SENTOSA TBK TETAP X X
78 SAME SARANA MEDIATAMA METROPOLITAN TBK TETAP X
79 SCMA SURYA CITRA MEDIA TBK TETAP X
80 SILO SILOAM INTERNATIONAL HOSPITALS BARU X
81 SIMP SALIM IVOMAS TBK TETAP 17
90 TBIG TOWER BERSAMA INFRASTRUCTURE TBK TETAP X
91 TIFA TIFA FINANCE TBK BARU X
92 TINS TIMAH (PERSERO) TBK TETAP X
93 TLKM TELEKOMUNIKASI INDONESIA (PERSERO) TBK TETAP 20
94 TMPI AGIS TBK TETAP X X
Ket: Kriteria sampel dapat dilihat pada halaman 52
Jumlah Obligasi Perusahaan Sampel
NO
SAMPEL PERUSAHAAN TOTAL OBLIGASI AKHIR TAHUN
TOTAL OBLIGASI KODE
SAHAM NAMA PERUSAHAAN 2012 2013 2014
1 AKRA AKR CORPORINDO TBK 2 2 2 6
2 APLN AGUNG PODOMORO LAND TBK 3 4 5 12
3 BBKP BANK BUKOPIN TBK 1 1 1 3
4 BBTN BANK TABUNGAN NEGARA (PERSERO) TBK 6 6 5 17
5 BDMN BANK TABUNGAN NEGARA (PERSERO) TBK 2 2 1 5
6 BJBR BANK PEMBANGUNAN JAWA BARAT & BANTEN 4 4 2 10
7 BMRI BANK MANDIRI (PERSERO) TBK 1 1 1 3
8 BMTR GLOBAL MEDIACOM TBK 2 2 2 6
9 BWPT BW PLANTATIONS TBK 1 1 1 3
10 INDF INDOFOOD SUKSES MAKMUR TBK 2 2 2 6
11 ISAT INDOSAT TBK 13 11 16 40
12 JPFA JAPFA COMFEED INDONESIA TBK 2 2 2 6
13 JSMR JASA MARGA (PERSERO) TBK 5 6 7 18
14 MAPI MITRA ADIPERKASA TBK 6 4 8 18
15 MDLN MODERNLAND REALTY LTD TBK 2 2 2 6
16 PNBN BANK PAN INDONESIA TBK 7 6 5 18
17 SIMP SALIM IVOMAS TBK 2 2 2 6
18 SMRA SUMMARECON AGUNG TBK 2 2 4 8
19 SSIA SURYA SEMESTA INTERNUSA TBK 2 2 2 6
20 TLKM TELEKOMUNIKASI INDONESIA (PERSERO) TBK 2 2 2 6
TOTAL OBLIGASI SYARIAH PER AKHIR TAHUN (9) (7) (10) (26)
TOTAL SAMPEL OBLIGASI PERUSAHAAN 58 57 62 177
Lampiran 3:
Daftar Sampel Obligasi Perusahaan (2012-2014)
KODE OBLIGASI
KODE SAHAM
NAMA
PERUSAHAAN TAHUN OBLIGASI
001
013 2013 SHELF REGISTRATION BOND I PHASE I YEAR 2013
014 2014 OBLIGASI I SERI B TAHUN 2011
015 2014 OBLIGASI II TAHUN 2012
016 2014 OBLIGASI BERKELANJUTAN I TAHAP I TAHUN 2013
017 2014 OBLIGASI BERKELANJUTAN I TAHAP II TAHUN 2014
018 2014 OBLIGASI BERKELANJUTAN I TAHAP III TAHUN 2014
019
BBKP BANK
BUKOPIN TBK
2012 SHELF REGISTRATION SUBORDINATED BOND I PHASE I YEAR 2012
020 2013 SHELF REGISTRATION SUBORDINATED BOND I PHASE I YEAR
2012
021 2014 SHELF REGISTRATION SUBORDINATED BOND I PHASE I YEAR
2012
025 TBK 2012 BOND XIV YEAR 2010
026 2012 BOND XV YEAR 2011
027 2012 SHELF REGISTRATION BOND I PHASE I YEAR 2012
028 2013 BOND XII YEAR 2006
029 2013 BOND XIII SERIES C YEAR 2009
030 2013 BOND XIV YEAR 2010
031 2013 BOND XV YEAR 2011
032 2013 SHELF REGISTRATION BOND I PHASE I YEAR 2012
033 2013 SHELF REGISTRATION BOND I PHASE II YEAR 2013
034 2014 BOND XII YEAR 2006
035 2014 BOND XIV YEAR 2010
036 2014 BOND XV YEAR 2011
037 2014 SHELF REGISTRATION BOND I PHASE I YEAR 2012
038 2014 SHELF REGISTRATION BOND I PHASE II YEAR 2013
039
BDMN
BANK DANAMON INDONESIA
TBK
2012 BOND II SERIES A YEAR 2010
040 2012 BOND II SERIES B YEAR 2010
041 2013 BOND II SERIES A YEAR 2010 (MATURED)
042 2013 BOND II SERIES B YEAR 2010
043 2014 BOND II SERIES B YEAR 2010
044
BJBR
BANK PEMBANGUN
AN JAWA BARAT & BANTEN
2012 BOND VI SERIES B YEAR 2009
045 2012 BOND VII SERIES A YEAR 2011
046 2012 BOND VII SERIES B YEAR 2011
047 2012 BOND VII SERIES C YEAR 2011
048 2013 BOND VI SERIES B YEAR 2009
049 2013 BOND VII SERIES A YEAR 2011
050 2013 BOND VII SERIES B YEAR 2011
051 2013 BOND VII SERIES C YEAR 2011
052 2014 BOND VII SERIES B YEAR 2011
054
2012 SUB ORDINATED BOND I YEAR 2009
055 2013 SUB ORDINATED BOND I YEAR 2009
056 2014 OBLIGASI SUBORDINASI I TAHUN 2009
057
083 2013 BOND VII SERIES A YEAR 2009
084 2013 BOND VII SERIES B YEAR 2009
085 2013 BOND VIII SERIES A YEAR 2012
086 2013 BOND VIII SERIES B YEAR 2012
087 2014 BOND V SERIES B YEAR 2007
088 2014 BOND VI SERIES B YEAR 2008
089 2014 BOND VII SERIES A YEAR 2009 (jatuh tempo)
090 2014 BOND VII SERIES B YEAR 2009
091 2014 BOND VIII SERIES A YEAR 2012
092 2014 BOND VIII SERIES B YEAR 2012
093 2014 SHELF REGISTRATION BOND I PHASE I SERIES A YEAR 2014
094 2014 SHELF REGISTRATION BOND I PHASE I SERIES B YEAR 2014
095 2014 SHELF REGISTRATION BOND I PHASE I SERIES C YEAR 2014
096 2014 SHELF REGISTRATION BOND I PHASE I SERIES D YEAR 2014
097
JPFA
JAPFA COMFEED INDONESIA
TBK
2012 SHELF REGISTRATION BOND I PHASE I YEAR 2012
098 2012 SHELF REGISTRATION BOND I PHASE II YEAR 2012
099 2013 SHELF REGISTRATION BOND I PHASE I YEAR 2012
100 2013 SHELF REGISTRATION BOND I PHASE II YEAR 2012
101 2014 SHELF REGISTRATION BOND I PHASE I YEAR 2012
102 2014 SHELF REGISTRATION BOND I PHASE II YEAR 2012
103
JSMR
JASA MARGA (PERSERO)
TBK
2012 BOND XI SERIES P YEAR 2003
104 2012 BOND XII SERIES Q YEAR 2006
105 2012 BOND XIII SERIES R YEAR 2007
106 2012 BOND XIV SERIES JM-10 YEAR 2010
107 2012 BOND I SERIES JM-10 YEAR 2010
108 2013 BOND XII SERIES Q YEAR 2006
109 2013 BOND XIII SERIES R YEAR 2007
110 2013 BOND XIV SERIES JM-10 YEAR 2010
112 2013 SHELF REGISTRATION BOND I PHASE I SERIES S SERIES B YEAR 2013
113 2013 SHELF REGISTRATION BOND I PHASE I SERIES S SERIES C YEAR 2013
114 2014 BOND XII SERIES Q YEAR 2006
115 2014 BOND XIII SERIES R YEAR 2007
116 2014 BOND XIV SERIES JM-10 YEAR 2010
117 2014 SHELF REGISTRATION BOND I PHASE I SERIES S SERIES A YEAR 2013 (matured)
118 2014 SHELF REGISTRATION BOND I PHASE I SERIES S SERIES B YEAR 2013
119 2014 SHELF REGISTRATION BOND I PHASE I SERIES S SERIES C YEAR 2013
120 2014 SHELF REGISTRATION BOND I PHASE I SERIES T YEAR 2014
121
MAPI
MITRA ADIPERKASA
TBK
2012 BOND I SERIES A YEAR 2009 (matured)
122 2012 BOND I SERIES B YEAR 2009
123 2012 SHELF REGISTRATION BOND I PHASE I SERIES A YEAR 2012
124 2012 SHELF REGISTRATION BOND I PHASE I SERIES B YEAR 2012
125 2013 BOND I SERIES B YEAR 2009
126 2013 SHELF REGISTRATION BOND I PHASE I SERIES A YEAR 2012
127 2013 SHELF REGISTRATION BOND I PHASE I SERIES B YEAR 2012
128 2014 BOND I SERIES B YEAR 2009 (matured)
129 2014 SHELF REGISTRATION BOND I PHASE I SERIES A YEAR 2012
130 2014 SHELF REGISTRATION BOND I PHASE I SERIES B YEAR 2012
131 2014 SHELF REGISTRATION BOND I PHASE II SERIES A YEAR 2014
132 2014 SHELF REGISTRATION BOND I PHASE II SERIES B YEAR 2014
133 2014 SHELF REGISTRATION BOND I PHASE III SERIES A YEAR 2014
134 2014 SHELF REGISTRATION BOND I PHASE III SERIES B YEAR 2014
135
MDLN
MODERNLAN D REALTY LTD
TBK
2012 BOND II YEAR 2012 SERIES A
136 2012 BOND II YEAR 2012 SERIES B
137 2013 BOND II YEAR 2012 SERIES A
138 2013 BOND II YEAR 2012 SERIES B
139 2014 BOND II YEAR 2012 SERIES A
140 2014 BOND II YEAR 2012 SERIES B
141
PNBN
BANK PAN INDONESIA
TBK
2012 BOND II SERIES C YEAR 2007
142 2012 BOND III YEAR 2009
143 2012 SUBORDINATED BOND II YEAR 2008
144 2012 BOND IV YEAR 2010
145 2012 SUBORDINATED BOND III YEAR 2010
146 2012 SHELF REGISTRATION BOND I YEAR 2012
147 2012 SHELF REGISTRATION SUB-DEBT I YEARV 2012
148 2013 BOND II SERIES C YEAR 2007
149 2013 BOND III YEAR 2009
150 2013 BOND IV YEAR 2010
151 2013 SUBORDINATED BOND III YEAR 2010
152 2013 SHELF REGISTRATION BOND I YEAR 2012
153 2013 SHELF REGISTRATION SUB-DEBT I YEAR 2012
154 2014 BOND III YEAR 2009 (matured)
155 2014 BOND IV YEAR 2010
156 2014 SUBORDINATED BOND III YEAR 2010
157 2014 SHELF REGISTRATION BOND I YEAR 2012
158 2014 SHELF REGISTRATION SUB-DEBT I YEAR 2012
159
SIMP SALIM
IVOMAS TBK
2012 BOND I YEAR 2010
160 2013 BOND I YEAR 2010
161 2014 BOND I YEAR 2010 (matured)
162
SMRA SUMMARECO N AGUNG TBK
2012 BOND II YEAR 2008
163 2013 SHELF REGISTRATION BOND I PHASE I YEAR 2013
164 2014 SHELF REGISTRATION BOND I PHASE I YEAR 2013
165 2014 SHELF REGISTRATION BOND I PHASE II YEAR 2013
166
SSIA SURYA
SEMESTA INTERNUSA
2012 BOND I SERIES A YEAR 2012
168 TBK 2013 BOND I SERIES A YEAR 2012
169 2013 BOND I SERIES B YEAR 2012
170 2014 BOND I SERIES A YEAR 2012
171 2014 BOND I SERIES B YEAR 2012
172
TLKM
TELEKOMUNIK ASI INDONESIA
(PERSERO) TBK
2012 BOND II SERIES A YEAR 2010
173 2012 BOND II SERIES B YEAR 2010
174 2013 BOND II SERIES A YEAR 2010
175 2013 BOND II SERIES B YEAR 2010
176 2014 BOND II SERIES A YEAR 2010
177 2014 BOND II SERIES B YEAR 2010
1 AKRA 22,146,669,000 65,491,392,000 8,417,862,992,000 749,941,149,000 711,322,589,000 0.00263 0.00778 0.94850 29.76138 2 AKRA 27,891,824,000 70,087,745,000 11,787,524,999,000 809,682,380,000 775,277,795,000 0.00237 0.00595 0.95751 30.09806 3 AKRA 56,742,590,000 103,134,210,000 14,633,141,381,000 733,052,865,000 515,891,377,000 0.00388 0.00705 0.70376 30.31431 4 APLN 0 2,019,389,000 10,383,820,997,000 888,230,223,000 1,001,363,444,000 0.00000 0.00019 1.12737 29.97127 5 APLN 83,071,000 5,873,750,000 15,195,642,352,000 1,097,546,731,000 1,040,109,072,000 0.00001 0.00039 0.94767 30.35203 6 APLN 170,219,000 29,277,608,000 19,679,908,990,000 1,117,175,519,000 1,081,006,928,000 0.00001 0.00149 0.96762 30.61062 7 BBKP 0 73,398,000,000 57,183,463,000,000 940,404,000,000 905,883,000,000 0.00000 0.00128 0.96329 31.67729 8 BBKP 0 74,338,000,000 65,889,830,000,000 1,059,370,000,000 1,096,448,000,000 0.00000 0.00113 1.03500 31.81901 9 BBKP 0 67,198,000,000 69,457,663,000,000 1,193,605,000,000 1,132,298,000,000 0.00000 0.00097 0.94864 31.87174 10 BBTN 0 58,188,000,000 89,121,459,000,000 1,522,260,000,000 1,571,342,000,000 0.00000 0.00065 1.03224 32.12102 11 BBTN 45,009,000,000 0 111,748,593,000,000 1,863,202,000,000 1,547,808,000,000 0.00040 0.00000 0.83072 32.34727 12 BBTN 152,777,000,000 0 131,169,730,000,000 2,140,771,000,000 1,721,290,000,000 0.00116 0.00000 0.80405 32.50751 13 BDMN 403,744,000,000 965,922,000,000 142,292,206,000,000 4,551,581,000,000 1,939,584,000,000 0.00284 0.00679 0.42613 32.58890 14 BDMN 400,644,000,000 903,123,000,000 155,791,308,000,000 5,486,679,000,000 2,920,076,000,000 0.00257 0.00580 0.53221 32.67954 15 BDMN 347,424,000,000 1,022,111,000,000 184,237,348,000,000 5,530,213,000,000 3,123,871,000,000 0.00189 0.00555 0.56487 32.84725 16 BJBR 0 37,174,000,000 58,448,658,000,000 1,319,816,000,000 1,347,917,000,000 0.00000 0.00064 1.02129 31.69917 17 BJBR 32,650,000,000 3,635,000,000 70,840,878,000,000 1,512,499,000,000 1,231,407,000,000 0.00046 0.00005 0.81415 31.89146 18 BJBR 23,971,000,000 5,819,000,000 70,958,233,000,000 1,752,879,000,000 1,877,238,000,000 0.00034 0.00008 1.07095 31.89311 19 BMRI 0 3,800,412,000,000 551,891,704,000,000 16,512,035,000,000 13,095,534,000,000 0.00000 0.00689 0.79309 33.94437 20 BMRI 0 3,966,613,000,000 635,618,708,000,000 20,504,268,000,000 19,531,694,000,000 0.00000 0.00624 0.95257 34.08562 21 BMRI 0 4,322,498,000,000 733,099,762,000,000 24,061,837,000,000 22,643,911,000,000 0.00000 0.00590 0.94107 34.22830 22 BMTR 125,843,000,000 86,385,000,000 15,111,603,000,000 1,596,535,000,000 23,942,000,000 0.00833 0.00572 0.01500 30.34648 23 BMTR 128,860,000,000 68,126,000,000 19,995,526,000,000 2,561,391,000,000 153,446,000,000 0.00644 0.00341 0.05991 30.62653 24 BMTR 13,841,000,000 101,199,000,000 21,069,471,000,000 1,511,463,000,000 18,096,000,000 0.00066 0.00480 0.01197 30.67885 25 BWPT 5,605,763,000 18,205,883,000 3,589,031,806,000 429,924,860,000 74,106,357,000 0.00156 0.00507 0.17237 28.90890 26 BWPT 27,102,816,000 40,892,643,000 4,912,982,787,000 351,413,724,000 74,232,975,000 0.00552 0.00832 0.21124 29.22290 27 BWPT 33,509,510,000 62,169,187,000 6,200,427,308,000 254,896,273,000 -32,558,376,000 0.00540 0.01003 -0.12773 29.45564 28 INDF 1,470,720,000,000 669,810,000,000 53,715,950,000,000 6,352,389,000,000 461,024,000,000 0.02738 0.01247 0.07257 31.61473 29 INDF 1,362,434,000,000 904,782,000,000 59,389,405,000,000 6,319,960,000,000 1,117,666,000,000 0.02294 0.01523 0.17685 31.71514 30 INDF 1,278,384,000,000 1,249,370,000,000 78,092,789,000,000 4,666,958,000,000 179,248,000,000 0.01637 0.01600 0.03841 31.98892 31 ISAT 1,956,352,000,000 113,812,000,000 53,233,012,000,000 1,331,357,000,000 461,024,000,000 0.03675 0.00214 0.34628 31.60570 32 ISAT 1,684,270,000,000 100,639,000,000 55,225,061,000,000 461,618,000,000 1,117,666,000,000 0.03050 0.00182 2.42119 31.64244 33 ISAT 893,285,000,000 96,075,000,000 54,520,891,000,000 -3,333,837,000,000 179,248,000,000 0.01638 0.00176 -0.05377 31.62961 34 JPFA 34,270,000,000 73,382,000,000 8,266,417,000,000 872,309,000,000 528,422,000,000 0.00415 0.00888 0.60577 29.74322 35 JPFA 34,431,000,000 113,819,000,000 10,961,464,000,000 1,364,891,000,000 862,933,000,000 0.00314 0.01038 0.63224 30.02541 36 JPFA 13,201,000,000 94,636,000,000 14,917,590,000,000 895,947,000,000 740,069,000,000 0.00088 0.00634 0.82602 30.33356 37 JSMR 422,310,725,000 0 20,915,890,567,000 1,590,175,158,000 1,285,639,000,000 0.02019 0.00000 0.80849 30.67153 38 JSMR 466,565,928,000 0 24,753,551,441,000 2,055,256,702,000 1,881,453,323,000 0.01885 0.00000 0.91543 30.83999 39 JSMR 522,668,019,000 0 28,366,345,328,000 1,714,655,142,000 1,679,519,797,000 0.01843 0.00000 0.97951 30.97622 40 MAPI 38,275,016,000 34,684,338,000 4,415,342,528,000 484,571,847,000 134,537,723,000 0.00867 0.00786 0.27764 29.11611 41 MAPI 45,582,833,000 27,131,554,000 5,990,586,903,000 597,637,801,000 103,822,055,000 0.00761 0.00453 0.17372 29.42121 42 MAPI 56,179,485,000 18,433,099,000 7,808,299,570,000 485,106,683,000 158,868,249,000 0.00719 0.00236 0.32749 29.68621 43 MDLN 111,720,396 27,911,533 2,526,029,716,477 98,215,038,211 7,700,202,725 0.00004 0.00001 0.07840 28.55767 44 MDLN 0 4,601,227,700 4,591,920,046,013 311,607,099,170 8,141,300,800 0.00000 0.00100 0.02613 29.15532 45 MDLN 89,079,023,215 165,619,322 9,647,813,079,565 2,548,597,657,571 9,479,606,831 0.00923 0.00002 0.00372 29.89775 46 PNBN 0 53,590,000,000 124,755,428,000,000 2,736,366,000,000 2,240,007,000,000 0.00000 0.00043 0.81861 32.45738 47 PNBN 0 96,958,000,000 148,792,615,000,000 3,042,464,000,000 2,716,787,000,000 0.00000 0.00065 0.89296 32.63357 48 PNBN 0 209,845,000,000 164,055,578,000,000 3,252,163,000,000 2,895,606,000,000 0.00000 0.00128 0.89036 32.73123 49 SIMP 604,772,000,000 472,988,000,000 25,510,399,000,000 2,911,994,000,000 850,049,000,000 0.02371 0.01854 0.29191 30.87011 50 SIMP 546,826,000,000 657,095,000,000 26,574,461,000,000 2,012,037,000,000 1,099,779,000,000 0.02058 0.02473 0.54660 30.91097 51 SIMP 508,795,000,000 907,860,000,000 28,065,121,000,000 934,368,000,000 799,576,000,000 0.01813 0.03235 0.85574 30.96555 52 SMRA 1,460,610,000 4,762,822,000 8,099,174,681,000 530,915,731,000 8,361,654,000 0.00018 0.00059 0.01575 29.72278 53 SMRA 1,364,521,000 9,260,769,000 10,876,386,685,000 986,394,703,000 9,651,855,000 0.00013 0.00085 0.00978 30.01762 54 SMRA 1,156,949,000 11,833,903,000 13,659,136,825,000 1,319,424,341,000 9,906,209,000 0.00008 0.00087 0.00751 30.24543 55 SSIA 34,257,723,092 12,971,283,869 2,937,938,049,768 385,089,514,791 -11,361,274,708 0.01166 0.00442 -0.02950 28.70873 56 SSIA 38,818,238,166 15,213,438,312 4,854,633,414,808 877,962,947,639 -21,117,991,129 0.00800 0.00313 -0.02405 29.21095 57 SSIA 42,220,615,691 16,967,982,701 5,814,435,113,331 906,928,927,108 -80,946,465,876 0.00726 0.00292 -0.08925 29.39136 58 TLKM 3,794,000,000,000 67,000,000,000 103,054,000,000,000 20,857,000,000,000 3,568,000,000,000 0.03682 0.00065 0.17107 32.26627 59 TLKM 3,059,000,000,000 89,000,000,000 111,369,000,000,000 24,228,000,000,000 6,628,000,000,000 0.02747 0.00080 0.27357 32.34387 LOG NATURAL TOTAL ASET NO KODE
SAHAM
KEWAJIBAN PAJAK TANGGUHAN
AKTIVA PAJAK
TANGGUHAN TOTAL ASET LABA AKUNTANSI LABA FISKAL
KEWAJIBAN PAJAK TANGGUHAN
PER TOTAL ASET
ASET PAJAK TANGGUHAN
PER TOTAL ASET
LABA FISKAL PER LABA AKUNTANSI
Lampiran
4
KODE OBLIGASI
PERINGKAT
RATING
LPDT
LNDT
LTB
STB
ASSETS
111 AA 16 1 0 0 0 30.83999
058 TLKM 2011 3,794,000,000,000 103,054,000,000,000 0.03682 1
031 ISAT 2011 1,956,352,000,000 53,233,012,000,000 0.03675 1
032 ISAT 2012 1,684,270,000,000 55,225,061,000,000 0.03050 1
059 TLKM 2012 3,059,000,000,000 111,369,000,000,000 0.02747 1
028 INDF 2011 1,470,720,000,000 53,715,950,000,000 0.02738 1
049 SIMP 2011 604,772,000,000 25,510,399,000,000 0.02371 1
060 TLKM 2013 3,004,000,000,000 127,951,000,000,000 0.02348 1
029 INDF 2012 1,362,434,000,000 59,389,405,000,000 0.02294 1
050 SIMP 2012 546,826,000,000 26,574,461,000,000 0.02058 1
037 JSMR 2011 422,310,725,000 20,915,890,567,000 0.02019 1
038 JSMR 2012 466,565,928,000 24,753,551,441,000 0.01885 1
039 JSMR 2013 522,668,019,000 28,366,345,328,000 0.01843 1
051 SIMP 2013 508,795,000,000 28,065,121,000,000 0.01813 0
033 ISAT 2013 893,285,000,000 54,520,891,000,000 0.01638 0
030 INDF 2013 1,278,384,000,000 78,092,789,000,000 0.01637 0
055 SSIA 2011 34,257,723,092 2,937,938,049,768 0.01166 0
045 MDLN 2013 89,079,023,215 9,647,813,079,565 0.00923 0
040 MAPI 2011 38,275,016,000 4,415,342,528,000 0.00867 0
022 BMTR 2011 125,843,000,000 15,111,603,000,000 0.00833 0
056 SSIA 2012 38,818,238,166 4,854,633,414,808 0.00800 0
041 MAPI 2012 45,582,833,000 5,990,586,903,000 0.00761 0
057 SSIA 2013 42,220,615,691 5,814,435,113,331 0.00726 0
042 MAPI 2013 56,179,485,000 7,808,299,570,000 0.00719 0
023 BMTR 2012 128,860,000,000 19,995,526,000,000 0.00644 0
026 BWPT 2012 27,102,816,000 4,912,982,787,000 0.00552 0
027 BWPT 2013 33,509,510,000 6,200,427,308,000 0.00540 0
034 JPFA 2011 34,270,000,000 8,266,417,000,000 0.00415 0
003 AKRA 2013 56,742,590,000 14,633,141,381,000 0.00388 0
035 JPFA 2012 34,431,000,000 10,961,464,000,000 0.00314 0
013 BDMN 2011 403,744,000,000 142,292,206,000,000 0.00284 0
001 AKRA 2011 22,146,669,000 8,417,862,992,000 0.00263 0
014 BDMN 2012 400,644,000,000 155,791,308,000,000 0.00257 0
002 AKRA 2012 27,891,824,000 11,787,524,999,000 0.00237 0
015 BDMN 2013 347,424,000,000 184,237,348,000,000 0.00189 0
025 BWPT 2011 5,605,763,000 3,589,031,806,000 0.00156 0
012 BBTN 2013 152,777,000,000 131,169,730,000,000 0.00116 0
036 JPFA 2013 13,201,000,000 14,917,590,000,000 0.00088 0
024 BMTR 2013 13,841,000,000 21,069,471,000,000 0.00066 0
017 BJBR 2012 32,650,000,000 70,840,878,000,000 0.00046 0
011 BBTN 2012 45,009,000,000 111,748,593,000,000 0.00040 0
018 BJBR 2013 23,971,000,000 70,958,233,000,000 0.00034 0
052 SMRA 2011 1,460,610,000 8,099,174,681,000 0.00018 0
053 SMRA 2012 1,364,521,000 10,876,386,685,000 0.00013 0
054 SMRA 2013 1,156,949,000 13,659,136,825,000 0.00008 0
043 MDLN 2011 111,720,396 2,526,029,716,477 0.00004 0
006 APLN 2013 170,219,000 19,679,908,990,000 0.00001 0
005 APLN 2012 83,071,000 15,195,642,352,000 0.00001 0
004 APLN 2011 0 10,383,820,997,000 0.00000 0
007 BBKP 2011 0 57,183,463,000,000 0.00000 0
008 BBKP 2012 0 65,889,830,000,000 0.00000 0
009 BBKP 2013 0 69,457,663,000,000 0.00000 0
010 BBTN 2011 0 89,121,459,000,000 0.00000 0
016 BJBR 2011 0 58,448,658,000,000 0.00000 0
019 BMRI 2011 0 551,891,704,000,000 0.00000 0
020 BMRI 2012 0 635,618,708,000,000 0.00000 0
021 BMRI 2013 0 733,099,762,000,000 0.00000 0
044 MDLN 2012 0 4,591,920,046,013 0.00000 0
046 PNBN 2011 0 124,755,428,000,000 0.00000 0
047 PNBN 2012 0 148,792,615,000,000 0.00000 0
048 PNBN 2013 0 164,055,578,000,000 0.00000 0
*"1"=highest LPDT,"0"other
KEWAJIBAN PAJAK
TANGGUHAN TOTAL ASET
KEWAJIBAN PAJAK TANGGUHAN PER TOTAL TAHUN
051 SIMP 2013 907,860,000,000 28,065,121,000,000 0.03235 1
050 SIMP 2012 657,095,000,000 26,574,461,000,000 0.02473 1
049 SIMP 2011 472,988,000,000 25,510,399,000,000 0.01854 1
030 INDF 2013 1,249,370,000,000 78,092,789,000,000 0.01600 1
029 INDF 2012 904,782,000,000 59,389,405,000,000 0.01523 1
028 INDF 2011 669,810,000,000 53,715,950,000,000 0.01247 1
035 JPFA 2012 113,819,000,000 10,961,464,000,000 0.01038 1
027 BWPT 2013 62,169,187,000 6,200,427,308,000 0.01003 1
034 JPFA 2011 73,382,000,000 8,266,417,000,000 0.00888 1
026 BWPT 2012 40,892,643,000 4,912,982,787,000 0.00832 1
040 MAPI 2011 34,684,338,000 4,415,342,528,000 0.00786 1
001 AKRA 2011 65,491,392,000 8,417,862,992,000 0.00778 1
003 AKRA 2013 103,134,210,000 14,633,141,381,000 0.00705 0
019 BMRI 2011 3,800,412,000,000 551,891,704,000,000 0.00689 0
013 BDMN 2011 965,922,000,000 142,292,206,000,000 0.00679 0
036 JPFA 2013 94,636,000,000 14,917,590,000,000 0.00634 0
020 BMRI 2012 3,966,613,000,000 635,618,708,000,000 0.00624 0
002 AKRA 2012 70,087,745,000 11,787,524,999,000 0.00595 0
021 BMRI 2013 4,322,498,000,000 733,099,762,000,000 0.00590 0
014 BDMN 2012 903,123,000,000 155,791,308,000,000 0.00580 0
022 BMTR 2011 86,385,000,000 15,111,603,000,000 0.00572 0
015 BDMN 2013 1,022,111,000,000 184,237,348,000,000 0.00555 0
025 BWPT 2011 18,205,883,000 3,589,031,806,000 0.00507 0
024 BMTR 2013 101,199,000,000 21,069,471,000,000 0.00480 0
041 MAPI 2012 27,131,554,000 5,990,586,903,000 0.00453 0
055 SSIA 2011 12,971,283,869 2,937,938,049,768 0.00442 0
023 BMTR 2012 68,126,000,000 19,995,526,000,000 0.00341 0
056 SSIA 2012 15,213,438,312 4,854,633,414,808 0.00313 0
057 SSIA 2013 16,967,982,701 5,814,435,113,331 0.00292 0
042 MAPI 2013 18,433,099,000 7,808,299,570,000 0.00236 0
031 ISAT 2011 113,812,000,000 53,233,012,000,000 0.00214 0
032 ISAT 2012 100,639,000,000 55,225,061,000,000 0.00182 0
033 ISAT 2013 96,075,000,000 54,520,891,000,000 0.00176 0
006 APLN 2013 29,277,608,000 19,679,908,990,000 0.00149 0
007 BBKP 2011 73,398,000,000 57,183,463,000,000 0.00128 0
048 PNBN 2013 209,845,000,000 164,055,578,000,000 0.00128 0
008 BBKP 2012 74,338,000,000 65,889,830,000,000 0.00113 0
044 MDLN 2012 4,601,227,700 4,591,920,046,013 0.00100 0
009 BBKP 2013 67,198,000,000 69,457,663,000,000 0.00097 0
054 SMRA 2013 11,833,903,000 13,659,136,825,000 0.00087 0
053 SMRA 2012 9,260,769,000 10,876,386,685,000 0.00085 0
059 TLKM 2012 89,000,000,000 111,369,000,000,000 0.00080 0
010 BBTN 2011 58,188,000,000 89,121,459,000,000 0.00065 0
047 PNBN 2012 96,958,000,000 148,792,615,000,000 0.00065 0
058 TLKM 2011 67,000,000,000 103,054,000,000,000 0.00065 0
060 TLKM 2013 82,000,000,000 127,951,000,000,000 0.00064 0
016 BJBR 2011 37,174,000,000 58,448,658,000,000 0.00064 0
052 SMRA 2011 4,762,822,000 8,099,174,681,000 0.00059 0
046 PNBN 2011 53,590,000,000 124,755,428,000,000 0.00043 0
005 APLN 2012 5,873,750,000 15,195,642,352,000 0.00039 0
004 APLN 2011 2,019,389,000 10,383,820,997,000 0.00019 0
018 BJBR 2013 5,819,000,000 70,958,233,000,000 0.00008 0
017 BJBR 2012 3,635,000,000 70,840,878,000,000 0.00005 0
045 MDLN 2013 165,619,322 9,647,813,079,565 0.00002 0
043 MDLN 2011 27,911,533 2,526,029,716,477 0.00001 0
011 BBTN 2012 0 111,748,593,000,000 0.00000 0
012 BBTN 2013 0 131,169,730,000,000 0.00000 0
037 JSMR 2011 0 20,915,890,567,000 0.00000 0
038 JSMR 2012 0 24,753,551,441,000 0.00000 0
039 JSMR 2013 0 28,366,345,328,000 0.00000 0
LNDT*
AKTIVA PAJAK
TANGGUHAN TOTAL ASET LNDT
032 ISAT 2012 461,618,000,000 1,117,666,000,000 2.42119 1
004 APLN 2011 888,230,223,000 1,001,363,444,000 1.12737 1
018 BJBR 2013 1,752,879,000,000 1,877,238,000,000 1.07095 1
008 BBKP 2012 1,059,370,000,000 1,096,448,000,000 1.03500 1
010 BBTN 2011 1,522,260,000,000 1,571,342,000,000 1.03224 1
016 BJBR 2011 1,319,816,000,000 1,347,917,000,000 1.02129 1
039 JSMR 2013 1,714,655,142,000 1,679,519,797,000 0.97951 1
006 APLN 2013 1,117,175,519,000 1,081,006,928,000 0.96762 1
007 BBKP 2011 940,404,000,000 905,883,000,000 0.96329 1
002 AKRA 2012 809,682,380,000 775,277,795,000 0.95751 1
020 BMRI 2012 20,504,268,000,000 19,531,694,000,000 0.95257 1
009 BBKP 2013 1,193,605,000,000 1,132,298,000,000 0.94864 1
001 AKRA 2011 749,941,149,000 711,322,589,000 0.94850 0
005 APLN 2012 1,097,546,731,000 1,040,109,072,000 0.94767 0
021 BMRI 2013 24,061,837,000,000 22,643,911,000,000 0.94107 0
038 JSMR 2012 2,055,256,702,000 1,881,453,323,000 0.91543 0
047 PNBN 2012 3,042,464,000,000 2,716,787,000,000 0.89296 0
048 PNBN 2013 3,252,163,000,000 2,895,606,000,000 0.89036 0
051 SIMP 2013 934,368,000,000 799,576,000,000 0.85574 0
011 BBTN 2012 1,863,202,000,000 1,547,808,000,000 0.83072 0
036 JPFA 2013 895,947,000,000 740,069,000,000 0.82602 0
046 PNBN 2011 2,736,366,000,000 2,240,007,000,000 0.81861 0
017 BJBR 2012 1,512,499,000,000 1,231,407,000,000 0.81415 0
037 JSMR 2011 1,590,175,158,000 1,285,639,000,000 0.80849 0
012 BBTN 2013 2,140,771,000,000 1,721,290,000,000 0.80405 0
019 BMRI 2011 16,512,035,000,000 13,095,534,000,000 0.79309 0
003 AKRA 2013 733,052,865,000 515,891,377,000 0.70376 0
035 JPFA 2012 1,364,891,000,000 862,933,000,000 0.63224 0
034 JPFA 2011 872,309,000,000 528,422,000,000 0.60577 0
015 BDMN 2013 5,530,213,000,000 3,123,871,000,000 0.56487 0
050 SIMP 2012 2,012,037,000,000 1,099,779,000,000 0.54660 0
014 BDMN 2012 5,486,679,000,000 2,920,076,000,000 0.53221 0
013 BDMN 2011 4,551,581,000,000 1,939,584,000,000 0.42613 0
031 ISAT 2011 1,331,357,000,000 461,024,000,000 0.34628 0
042 MAPI 2013 485,106,683,000 158,868,249,000 0.32749 0
049 SIMP 2011 2,911,994,000,000 850,049,000,000 0.29191 0
040 MAPI 2011 484,571,847,000 134,537,723,000 0.27764 0
059 TLKM 2012 24,228,000,000,000 6,628,000,000,000 0.27357 0
026 BWPT 2012 351,413,724,000 74,232,975,000 0.21124 0
029 INDF 2012 6,319,960,000,000 1,117,666,000,000 0.17685 0
041 MAPI 2012 597,637,801,000 103,822,055,000 0.17372 0
025 BWPT 2011 429,924,860,000 74,106,357,000 0.17237 0
058 TLKM 2011 20,857,000,000,000 3,568,000,000,000 0.17107 0
060 TLKM 2013 27,149,000,000,000 4,240,000,000,000 0.15618 0
043 MDLN 2011 98,215,038,211 7,700,202,725 0.07840 0
028 INDF 2011 6,352,389,000,000 461,024,000,000 0.07257 0
023 BMTR 2012 2,561,391,000,000 153,446,000,000 0.05991 0
030 INDF 2013 4,666,958,000,000 179,248,000,000 0.03841 0
044 MDLN 2012 311,607,099,170 8,141,300,800 0.02613 0
052 SMRA 2011 530,915,731,000 8,361,654,000 0.01575 0
022 BMTR 2011 1,596,535,000,000 23,942,000,000 0.01500 0
024 BMTR 2013 1,511,463,000,000 18,096,000,000 0.01197 0
053 SMRA 2012 986,394,703,000 9,651,855,000 0.00978 0
054 SMRA 2013 1,319,424,341,000 9,906,209,000 0.00751 0
045 MDLN 2013 2,548,597,657,571 9,479,606,831 0.00372 0
056 SSIA 2012 877,962,947,639 -21,117,991,129 -0.02405 0
055 SSIA 2011 385,089,514,791 -11,361,274,708 -0.02950 0
033 ISAT 2013 -3,333,837,000,000 179,248,000,000 -0.05377 0
057 SSIA 2013 906,928,927,108 -80,946,465,876 -0.08925 0
027 BWPT 2013 254,896,273,000 -32,558,376,000 -0.12773 0
KODE OBLIGASI
LTB*
LTB* KODE
KODE
027 BWPT 2013 254,896,273,000 -32,558,376,000 -0.12773 1
057 SSIA 2013 906,928,927,108 -80,946,465,876 -0.08925 1
033 ISAT 2013 -3,333,837,000,000 179,248,000,000 -0.05377 1
055 SSIA 2011 385,089,514,791 -11,361,274,708 -0.02950 1
056 SSIA 2012 877,962,947,639 -21,117,991,129 -0.02405 1
045 MDLN 2013 2,548,597,657,571 9,479,606,831 0.00372 1
054 SMRA 2013 1,319,424,341,000 9,906,209,000 0.00751 1
053 SMRA 2012 986,394,703,000 9,651,855,000 0.00978 1
024 BMTR 2013 1,511,463,000,000 18,096,000,000 0.01197 1
022 BMTR 2011 1,596,535,000,000 23,942,000,000 0.01500 1
052 SMRA 2011 530,915,731,000 8,361,654,000 0.01575 1
044 MDLN 2012 311,607,099,170 8,141,300,800 0.02613 1
030 INDF 2013 4,666,958,000,000 179,248,000,000 0.03841 0
023 BMTR 2012 2,561,391,000,000 153,446,000,000 0.05991 0
028 INDF 2011 6,352,389,000,000 461,024,000,000 0.07257 0
043 MDLN 2011 98,215,038,211 7,700,202,725 0.07840 0
060 TLKM 2013 27,149,000,000,000 4,240,000,000,000 0.15618 0
058 TLKM 2011 20,857,000,000,000 3,568,000,000,000 0.17107 0
025 BWPT 2011 429,924,860,000 74,106,357,000 0.17237 0
041 MAPI 2012 597,637,801,000 103,822,055,000 0.17372 0
029 INDF 2012 6,319,960,000,000 1,117,666,000,000 0.17685 0
026 BWPT 2012 351,413,724,000 74,232,975,000 0.21124 0
059 TLKM 2012 24,228,000,000,000 6,628,000,000,000 0.27357 0
040 MAPI 2011 484,571,847,000 134,537,723,000 0.27764 0
049 SIMP 2011 2,911,994,000,000 850,049,000,000 0.29191 0
042 MAPI 2013 485,106,683,000 158,868,249,000 0.32749 0
031 ISAT 2011 1,331,357,000,000 461,024,000,000 0.34628 0
013 BDMN 2011 4,551,581,000,000 1,939,584,000,000 0.42613 0
014 BDMN 2012 5,486,679,000,000 2,920,076,000,000 0.53221 0
050 SIMP 2012 2,012,037,000,000 1,099,779,000,000 0.54660 0
015 BDMN 2013 5,530,213,000,000 3,123,871,000,000 0.56487 0
034 JPFA 2011 872,309,000,000 528,422,000,000 0.60577 0
035 JPFA 2012 1,364,891,000,000 862,933,000,000 0.63224 0
003 AKRA 2013 733,052,865,000 515,891,377,000 0.70376 0
019 BMRI 2011 16,512,035,000,000 13,095,534,000,000 0.79309 0
012 BBTN 2013 2,140,771,000,000 1,721,290,000,000 0.80405 0
037 JSMR 2011 1,590,175,158,000 1,285,639,000,000 0.80849 0
017 BJBR 2012 1,512,499,000,000 1,231,407,000,000 0.81415 0
046 PNBN 2011 2,736,366,000,000 2,240,007,000,000 0.81861 0
036 JPFA 2013 895,947,000,000 740,069,000,000 0.82602 0
011 BBTN 2012 1,863,202,000,000 1,547,808,000,000 0.83072 0
051 SIMP 2013 934,368,000,000 799,576,000,000 0.85574 0
048 PNBN 2013 3,252,163,000,000 2,895,606,000,000 0.89036 0
047 PNBN 2012 3,042,464,000,000 2,716,787,000,000 0.89296 0
038 JSMR 2012 2,055,256,702,000 1,881,453,323,000 0.91543 0
021 BMRI 2013 24,061,837,000,000 22,643,911,000,000 0.94107 0
005 APLN 2012 1,097,546,731,000 1,040,109,072,000 0.94767 0
001 AKRA 2011 749,941,149,000 711,322,589,000 0.94850 0
009 BBKP 2013 1,193,605,000,000 1,132,298,000,000 0.94864 0
020 BMRI 2012 20,504,268,000,000 19,531,694,000,000 0.95257 0
002 AKRA 2012 809,682,380,000 775,277,795,000 0.95751 0
007 BBKP 2011 940,404,000,000 905,883,000,000 0.96329 0
006 APLN 2013 1,117,175,519,000 1,081,006,928,000 0.96762 0
039 JSMR 2013 1,714,655,142,000 1,679,519,797,000 0.97951 0
016 BJBR 2011 1,319,816,000,000 1,347,917,000,000 1.02129 0
010 BBTN 2011 1,522,260,000,000 1,571,342,000,000 1.03224 0
008 BBKP 2012 1,059,370,000,000 1,096,448,000,000 1.03500 0
018 BJBR 2013 1,752,879,000,000 1,877,238,000,000 1.07095 0
004 APLN 2011 888,230,223,000 1,001,363,444,000 1.12737 0
032 ISAT 2012 461,618,000,000 1,117,666,000,000 2.42119 0
*"1"=lowest LPDT,"0"other
STB*
STB* STB
KODE
SAHAM TAHUN LABA AKUNTANSI LABA FISKAL
Lampiran 5
Hasil Olah Statistik
Analisis Deskriptif
–
Crosstabs
Case Processing Summary
Cases
Valid Missing Total
N Percent N Percent N Percent
large tax to book ratio * Rating Obligation 177 100.0% 0 .0% 177 100.0%
small tax to book ratio * Rating Obligation 177 100.0% 0 .0% 177 100.0%
Large Positive Def Tax * Rating Obligation 177 100.0% 0 .0% 177 100.0%
Large Negative Def Tax * Rating Obligation 177 100.0% 0 .0% 177 100.0%
Large Tax To Book Ratio * Rating Obligation
Crosstab
Rating Obligation
Total
11 12 13 14 15 16 17 18
large tax to book
ratio
0 Count 2 7 12 14 29 34 19 17 134
% within large
tax to book ratio
1.5% 5.2% 9.0% 10.4% 21.6% 25.4% 14.2% 12.7% 100.0
%
% within Rating
Obligation
100.0% 100.0% 52.2% 100.0% 74.4% 72.3% 67.9% 100.0
% 75.7%
% of Total 1.1% 4.0% 6.8% 7.9% 16.4% 19.2% 10.7% 9.6% 75.7%
% within large
tax to book ratio
.0% .0% 25.6% .0% 23.3% 30.2% 20.9% .0% 100.0
%
% within Rating
Obligation
.0% .0% 47.8% .0% 25.6% 27.7% 32.1% .0% 24.3%
% of Total .0% .0% 6.2% .0% 5.6% 7.3% 5.1% .0% 24.3%
Total Count 2 7 23 14 39 47 28 17 177
% within large
tax to book ratio
1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
%
% within Rating
Obligation
100.0% 100.0% 100.0
%
100.0% 100.0
% 100.0
%
100.0% 100.0
% 100.0
%
% of Total 1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
%
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 21.027a 7 .004
Likelihood Ratio 29.431 7 .000
Linear-by-Linear Association .510 1 .475
N of Valid Cases 177
a. 5 cells (31.3%) have expected count less than 5. The minimum expected count is .49.
Small Tax To Book Ratio * Rating Obligation
Crosstab
Rating Obligation
Total
11 12 13 14 15 16 17 18
small tax to
book ratio
0 Count 1 3 17 6 39 47 28 7 148
% within small tax
to book ratio
.7% 2.0% 11.5% 4.1% 26.4% 31.8% 18.9% 4.7% 100.0
%
% within Rating
Obligation
% within Rating
Obligation
% within Rating
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 73.383a 7 .000
Likelihood Ratio 76.987 7 .000
Linear-by-Linear Association 4.114 1 .043
N of Valid Cases 177
a. 7 cells (43.8%) have expected count less than 5. The minimum expected count is .33.
Large Positive Def Tax * Rating Obligation
Crosstab
Rating Obligation
Total
11 12 13 14 15 16 17 18
Large Positive
Def Tax
0 Count 2 7 23 14 39 27 9 11 132
% within Large
Positive Def Tax
1.5% 5.3% 17.4% 10.6% 29.5% 20.5% 6.8% 8.3% 100.0
%
% within Rating
Obligation
100.0
% 100.0
% 100.0
% 100.0
% 100.0
%
57.4% 32.1% 64.7% 74.6%
% of Total 1.1% 4.0% 13.0% 7.9% 22.0% 15.3% 5.1% 6.2% 74.6%
1 Count 0 0 0 0 0 20 19 6 45
% within Large
Positive Def Tax
.0% .0% .0% .0% .0% 44.4% 42.2% 13.3% 100.0
%
% within Rating
Obligation
.0% .0% .0% .0% .0% 42.6% 67.9% 35.3% 25.4%
% of Total .0% .0% .0% .0% .0% 11.3% 10.7% 3.4% 25.4%
Total Count 2 7 23 14 39 47 28 17 177
% within Large
Positive Def Tax
1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
%
% within Rating
Obligation
100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
%
% of Total 1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 63.715a 7 .000
Likelihood Ratio 79.349 7 .000
Linear-by-Linear Association 37.926 1 .000
N of Valid Cases 177
a. 5 cells (31.3%) have expected count less than 5. The minimum expected count is .51.
Large Negative Def Tax * Rating Obligation
Crosstab
Rating Obligation
Total
11 12 13 14 15 16 17 18
Large Negative
Def Tax
0 Count 0 7 21 12 33 44 22 17 156
% within Large
Negative Def Tax
.0% 4.5% 13.5% 7.7% 21.2% 28.2% 14.1% 10.9% 100.0
%
% within Rating
Obligation
.0% 100.0
%
91.3% 85.7% 84.6% 93.6% 78.6% 100.0
% 88.1%
% of Total .0% 4.0% 11.9% 6.8% 18.6% 24.9% 12.4% 9.6% 88.1%
1 Count 2 0 2 2 6 3 6 0 21
% within Large
Negative Def Tax
9.5% .0% 9.5% 9.5% 28.6% 14.3% 28.6% .0% 100.0
%
% within Rating
Obligation
100.0
%
.0% 8.7% 14.3% 15.4% 6.4% 21.4% .0% 11.9%
% of Total 1.1% .0% 1.1% 1.1% 3.4% 1.7% 3.4% .0% 11.9%
Total Count 2 7 23 14 39 47 28 17 177
% within Large
Negative Def Tax
1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
%
% within Rating
Obligation
100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
% 100.0
%
% of Total 1.1% 4.0% 13.0% 7.9% 22.0% 26.6% 15.8% 9.6% 100.0
%
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 22.649a 7 .002
Likelihood Ratio 18.961 7 .008
Linear-by-Linear Association .876 1 .349
N of Valid Cases 177
Uji Multikolinearitas
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 15.193 .176 86.232 .000
large tax to book ratio -.554 .274 -.143 -2.019 .045 .880 1.137
small tax to book ratio -.378 .322 -.084 -1.173 .242 .856 1.169
Large Positive Def Tax 1.752 .262 .459 6.677 .000 .932 1.073
Large Negative Def Tax -.628 .354 -.122 -1.771 .078 .927 1.079
a. Dependent Variable: Rating Obligation
Coefficient Correlationsa
Model Large Negative
Def Tax
Large Positive
Def Tax
large tax to book
ratio
small tax to
book ratio
1 Correlations Large Negative Def Tax 1.000 -.004 .246 .171
Large Positive Def Tax -.004 1.000 -.030 .240
large tax to book ratio .246 -.030 1.000 .267
small tax to book ratio .171 .240 .267 1.000
Covariances Large Negative Def Tax .126 .000 .024 .019
Large Positive Def Tax .000 .069 -.002 .020
large tax to book ratio .024 -.002 .075 .024
small tax to book ratio .019 .020 .024 .104
Coefficient Correlationsa
Model Large Negative
Def Tax
Large Positive
Def Tax
large tax to book
ratio
small tax to
book ratio
1 Correlations Large Negative Def Tax 1.000 -.004 .246 .171
Large Positive Def Tax -.004 1.000 -.030 .240
large tax to book ratio .246 -.030 1.000 .267
small tax to book ratio .171 .240 .267 1.000
Covariances Large Negative Def Tax .126 .000 .024 .019
Large Positive Def Tax .000 .069 -.002 .020
large tax to book ratio .024 -.002 .075 .024
small tax to book ratio .019 .020 .024 .104
Ordinal Regression Model I
Case Processing Summary
N Marginal Percentage
Rating Obligation 11 2 1.1%
12 7 4.0%
13 23 13.0%
14 14 7.9%
15 39 22.0%
16 47 26.6%
17 28 15.8%
18 17 9.6%
Large Positive Def Tax 0 132 74.6%
1 45 25.4%
Large Negative Def Tax 0 156 88.1%
1 21 11.9%
Valid 177 100.0%
Missing 0
Total 177
Model Fitting Information
Model -2 Log Likelihood Chi-Square df Sig.
Intercept Only 637.865
Final 446.693 191.172 3 .000
Goodness-of-Fit
Chi-Square df Sig.
Pearson 833.196 410 .000
Deviance 440.236 410 .146
Link function: Cauchit.
Pseudo R-Square
Cox and Snell .660
Nagelkerke .677
McFadden .292
Link function: Cauchit.
Parameter Estimates
Estimate Std. Error Wald df Sig.
95% Confidence Interval
Lower Bound Upper Bound
Threshold [RATING = 11] 58.869 10.602 30.831 1 .000 38.089 79.649
[RATING = 12] 64.589 10.410 38.496 1 .000 44.186 84.992
[RATING = 13] 67.897 10.793 39.575 1 .000 46.743 89.051
[RATING = 14] 68.818 10.892 39.923 1 .000 47.471 90.165
[RATING = 15] 72.642 11.504 39.870 1 .000 50.094 95.190
[RATING = 16] 75.639 11.735 41.544 1 .000 52.638 98.639
[RATING = 17] 78.433 12.055 42.333 1 .000 54.806 102.060
Location ASSETS 2.457 .380 41.746 1 .000 1.711 3.202
[LPDT=0] -5.060 .820 38.059 1 .000 -6.668 -3.452
[LPDT=1] 0a . . 0 . . .
[LNDT=0] -1.101 .493 4.992 1 .025 -2.066 -.135
[LNDT=1] 0a . . 0 . . .
Link function: Cauchit.
a. This parameter is set to zero because it is redundant.
Test of Parallel Linesc
Model -2 Log Likelihood Chi-Square df Sig.
Null Hypothesis 446.693
General 278.616a 168.077b 18 .000
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: Cauchit.
Ordinal Regression Model II
Case Processing Summary
N Marginal Percentage
Rating Obligation 11 2 1.1%
12 7 4.0%
13 23 13.0%
14 14 7.9%
15 39 22.0%
16 47 26.6%
17 28 15.8%
18 17 9.6%
large tax to book ratio 0 134 75.7%
1 43 24.3%
small tax to book ratio 0 148 83.6%
1 29 16.4%
Valid 177 100.0%
Missing 0
Total 177
Model Fitting Information
Model -2 Log Likelihood Chi-Square df Sig.
Intercept Only 637.865
Final 566.634 71.232 3 .000
Link function: Cauchit.
Goodness-of-Fit
Pearson 977.849 410 .000
Deviance 560.176 410 .000
Link function: Cauchit.
Pseudo R-Square
Cox and Snell .331
Nagelkerke .340
McFadden .109
Link function: Cauchit.
Parameter Estimates
Estimate Std. Error Wald df Sig.
95% Confidence Interval
Lower Bound Upper Bound
Threshold [RATING = 11] 5.740 10.078 .324 1 .569 -14.014 25.493
[RATING = 12] 18.115 4.364 17.234 1 .000 9.562 26.667
[RATING = 13] 21.346 4.279 24.886 1 .000 12.960 29.733
[RATING = 14] 22.141 4.323 26.233 1 .000 13.668 30.614
[RATING = 15] 23.583 4.437 28.255 1 .000 14.887 32.279
[RATING = 16] 25.037 4.565 30.081 1 .000 16.090 33.984
[RATING = 17] 27.390 4.676 34.314 1 .000 18.226 36.554
Location ASSETS .704 .139 25.495 1 .000 .431 .977
[LTB=0] .273 .302 .819 1 .366 -.318 .864
[LTB=1] 0a . . 0 . . .
[STB=0] 1.634 .421 15.033 1 .000 .808 2.460
[STB=1] 0a . . 0 . . .
Link function: Cauchit.
a. This parameter is set to zero because it is redundant.
Test of Parallel Linesc
Model -2 Log Likelihood Chi-Square df Sig.
Null Hypothesis 566.634
General 548.997a 17.636b 18 .480
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.
