96
Lampiran 1
Daftar Perhitungan Indeks Eckel
No Kode Perusahaan Tahun 2010, 2011, 2012, dan 2013 CV ∆I CV ∆S Indeks Eckel Kategori 1 AALI -7.65577 0.45298 -16.9009007 Income Smoothing 2 BWPT -4.12972 0.535872 -7.70654186 Income Smoothing 3 LSIP -7.53294 4.52256 -1.66563628 Income Smoothing 4 SGRO -1.57703 7.969333 -0.19788733 Income Smoothing 5 SMART -8.06063 7.216012 -1.11704775 Income Smoothing 6 TBLA -3.65225 1.856068 -1.96773502 Income Smoothing 7 1929 -13.0445 -10.2185 1.276557225 No Income Smoothing 8 8982 -216.244 -127.707 1.693282279 No Income Smoothing 9 5029 -2.23205 -11.1707 0.199812903 Income Smoothing 10 2291 1.563704 1.583886 0.987257921 Income Smoothing 11 2135 -1.63862 -7.74534 0.211562049 Income Smoothing 12 7382 -4.59539 -3.22383 1.42544427 No Income Smoothing 13 5138 -4.53627 -6.3924 0.709634879 Income Smoothing 14 1996 -17.7568 -107.989 0.164431562 Income Smoothing 15 2003 2.008776 24.72134 0.08125676 Income Smoothing 16 2445 0.624071 0.221794 2.81374158 No Income Smoothing 17 2453 3 244.8133 0.012254236 Income Smoothing 18 5026 -20.5411 -2.18759 9.389830818 No Income Smoothing 19 2038 -2.3176 -2.12389 1.091205288 No Income Smoothing 21 2542 -5.19065 -3.1844 1.630024494 No Income Smoothing 22 5126 4.102018 2.64265 1.552236581 No Income Smoothing 23 5135 -103.976 115.3247 -0.9015935 Income Smoothing 24 9059 1.03634 -1.55991 -0.66435884 Income Smoothing 25 5112 79.65464 5.69928 13.97626367 No Income Smoothing 26 2054 1.255267 3.348294 0.374897485 Income Smoothing 27 2089 -82.0784 -48.6454 1.687279784 No Income Smoothing
97
Lampiran 2
Daftar Populasi dan Sampel Perusahaan Perkebunan di BEI
No Kode Nama Perusahaan Kriteria Sampel
1 2 3 4 5
1 AALI PT. Astra Agro Lestari Tbk. √ √ √ √ √ 1 2 ANJT PT. Austindo Nusantara Jaya
Tbk.
- - - - 3 BWPT PT. BW Plantation Tbk. √ √ √ √ √ 2 4 DSNG PT. Dharma Satya Nusantara
Tbk.
- - - - 5 GZCO PT. Gozco Plantation Tbk. √ √ - √ - - 6 JAWA PT. Jaya Agra Wattie Tbk. - - - - 7 LSIP PT. PP London Sumatera
Indonesia
√ √ √ √ √ 3 8 MAGP PT. Multi Agro Gemilang
Plantation Tbk.
- - - - 9 PALM PT. Provident Agro Tbk. - - - - 10 SGRO PT. Sampoerna Agro Tbk. √ √ √ √ √ 4 11 SIMP PT. Salim Ivornas Pratama
Tbk.
- - - - 12 SMAR PT. Sinar Mas Agro Resources
and Technology Tbk.
√ √ √ √ √ 5 13 SSMS PT. Sawit Sumbermas Sarana
Tbk.
- - - - 14 TBLA PT. Tunas Baru Lampung Tbk. √ √ √ √ √ 6 15 UNSP PT. Bakrie Sumatera Plantation
Tbk.
√ √ - √ - - Sumber data : www.idx.co.id
98
Lampiran 3
Daftar Populasi dan Sampel Perusahaan Perkebunan di Bursa Malaysia
No Kode Nama Perusahaan Kriteria Sampel
1 2 3 4 5
1 7054 Astral Asia Berhad √ √ - - - - 2 1899 Batu Kawan Berhad - - - - 3 5069 BLD Plantation Phd √ √ - √ - - 4 5254 Boustead Plantation Berhad - - - - 5 1929 Chin Teck Plantations
Berhad √ √ √ √ - - 6 4936 Cepatwawasan Holdings Berhad √ √ √ √ - - 7 3948 Dutaland Berhad √ - - - - - 8 5029 Far East Holdings Berhad √ √ √ √ √ 1 9 5222 Felda Global Ventures
Holdings Berhad
- - - - 10 2291 Genting Plantations Berhad √ √ √ √ √ 2
11 2135 Gopeng Berhad √ √ √ √ √ 3
12 7382 Golden Land Berhad √ √ √ √ - - 13 5138 Hap Seng Plantations
Holdings Berhad
√ √ √ √ √ 4 14 7501 Harlen Corporation BHD √ √ - - - - 15 2216 IJM Plantations Berhad √ - - - - - 16 2607 Inch Kenneth Kajang
Rubber Public Ltd Co.
√ √ - - - - 17 1961 IOI Corporation Berhad √ - - - - - 18 6262 Innoprise Plantations
Berhad
√ √ - - - - 19 1996 Kretam Holdings Berhad √ √ √ √ √ 5 20 2003 Kulim (Malaysia) Berhad √ √ √ √ √ 6 21 2445 Kuala Lumpur Kepong
Berhad
√ √ √ √ - - 22 6572 Kwantas Corporation
Berhad
√ √ - - - - 23 5027 Kim Loong Resources
Berhad
√ - - - - - 24 2543 Kluang Rubber Company
(Malaysia) Berhad
√ - - - -
25 5026 MHC Plantations BHD √ √ √ √ - - 26 4936 Malpac Holdings Berhad √ √ - - - - 27 2038 Negri Sembilan Oil Palms
Berhad
√ √ √ √ - - 28 1902 Pinehill Pacific Berhad √ √ √ - - -
99
No Kode Nama Perusahaan Kriteria Sampel
1 2 3 4 5
29 5113 Rimbunan Sawit Berhad √ √ √ √ - - 30 2542 Riverview Rubber Estates
Berhad
√ √ √ √ - - 31 5126 Sarawak Oil Palms Berhad √ √ √ √ - - 32 5135 Sarawak Plantations Berhad √ √ √ √ √ 7 33 2569 Sungei Bagan Rubber
Company (Malaya) Berhad
√ √ - - - - 34 6327 Tradewinds Plantations Berhad - - - - 35 9059 TSH Resources Berhad √ √ √ √ √ 8 36 5112 TH Plantations Berhad √ √ √ √ - - 37 2054 TDM Berhad √ √ √ √ √ 9
38 2089 United Plantations Berhad √ √ √ √ - - 39 5119 Unico Desa Plantation
Berhad
√ - - - - - 40 2593 United Malacca Berhad √ - - - - - Sumber data :www.bursamalaysia.com/market/
100
Lampiran 4
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2010
No Kode ROE DAR NPM Indeks
Eckel Ukuran Perusahaan 1 AALI 0.2821 0.1518 0.2393 -16.6691 29.8048 2 BWPT 0.2158 0.5748 0.3420 -7.7066 28.6073 3 LSIP 0.2269 0.1811 0.2876 -1.1656 35.5151 4 SGRO 0.2118 0.2672 0.1749 -0.1979 28.6874 5 SMAR 0.2162 0.5209 0.0622 -1.1170 30.1548 6 TBLA 0.2000 0.6599 0.0841 -1.9677 28.9261 7 5029 0.1616 0.0859 0.8492 0.1998 28.0208 8 2291 0.0674 0.0378 0.7286 0.9873 29.8743 9 2135 0.2475 0.1226 7.1879 0.2116 27.7552 10 5138 0.0786 0.0182 0.9492 0.7096 29.1684 11 1996 0.0601 0.2403 0.2598 0.1644 27.4681 12 2003 0.0879 0.2131 1.1314 0.0813 29.8182 13 5135 0.0675 0.0048 0.9036 -0.9016 27.6879 14 9059 0.3895 0.4936 0.7492 0.6644 28.7195 15 2054 0.1266 0.1537 0.3672 0.3749 27.6264
101
Lampiran 5
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2011
No Kode ROE DAR NPM Indeks
Eckel Ukuran Perusahaan 1 AALI 0.2965 0.1743 0.2319 -16.6691 29.9538 2 BWPT 0.2247 0.6027 0.3607 -7.7066 28.9089 3 LSIP 0.2914 0.1402 0.3631 -1.1656 29.5467 4 SGRO 0.2199 0.2492 0.1978 -0.1979 28.8580 5 SMAR 0.2434 0.5017 0.0564 -1.1170 30.3204 6 TBLA 0.2620 0.6213 0.1128 -1.9677 29.0767 7 5029 0.1658 0.1159 0.7114 0.1998 28.1291 8 2291 0.0890 0.0317 0.7623 0.9873 29.9158 9 2135 0.0357 0.0579 0.6274 0.2116 27.4556 10 5138 0.0919 0.0178 0.9440 0.7096 29.1518 11 1996 0.1019 0.1174 0.6689 0.1644 28.5217 12 2003 0.0534 0.1892 0.4913 0.0813 29.7723 13 5135 0.1507 0.0051 0.9555 -0.9016 27.7509 14 9059 0.1083 0.5346 0.4852 0.6644 28.8378 15 2054 0.1979 0.1955 0.4800 0.3749 27.8501
102
Lampiran 6
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2012
No Kode ROE DAR NPM
Indeks
Eckel Ukuran Perusahaan 1 AALI 0.2691 0.2459 0.2179 -16.6691 30.1503 2 BWPT 0.1574 0.6609 0.2777 -7.7066 29.2229 3 LSIP 0.1776 0.1684 0.2649 -1.1656 29.6528 4 SGRO 0.1261 0.1769 0.1126 -0.1979 29.0512 5 SMAR 0.2408 0.4498 0.0782 -1.1170 30.4190 6 TBLA 0.1385 0.6615 0.0640 -1.9677 29.2792 7 5029 0.1052 0.0943 0.6352 0.1998 28.2522 8 2291 0.0855 0.0229 0.8091 0.9873 30.0698 9 2135 0.0124 0.0572 0.2529 0.2116 27.6292 10 5138 0.0969 0.0019 0.7886 0.7096 29.2550 11 1996 0.0762 0.0760 0.5183 0.1644 28.6572 12 2003 0.1146 0.5004 0.5312 0.0813 29.8881 13 5135 0.0843 0.0071 0.8402 -0.9016 27.8303 14 9059 0.0440 0.5971 0.2232 0.6644 29.1442 15 2054 0.1966 0.2579 0.6687 0.3749 28.1938
103
Lampiran 7
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2013
No Kode ROE DAR NPM
Indeks
Eckel Ukuran Perusahaan 1 AALI 0.1853 0.3138 0.1501 -16.6691 30.3366 2 BWPT 0.0832 0.6476 0.1589 -7.7066 29.4556 3 LSIP 0.1162 0.1706 0.1859 -1.1656 29.7073 4 SGRO 0.0446 0.4020 0.0047 -0.1979 29.1379 5 SMAR 0.1377 0.6472 0.0373 -1.1170 30.5423 6 TBLA 0.0481 0.7106 0.0234 -1.9677 29.4576 7 5029 0.0961 0.0900 0.6143 0.1998 28.4329 8 2291 0.0806 0.0247 0.7580 0.9873 30.2900 9 2135 0.0231 0.0445 0.6595 0.2116 27.7522 10 5138 0.0571 0.0012 0.8673 0.7096 29.4322 11 1996 0.0034 0.0657 0.0565 0.1644 28.8094 12 2003 0.2958 0.1050 3.1868 0.0813 29.8321 13 5135 0.0615 0.0126 0.8446 -0.9016 27.9914 14 9059 0.0093 0.6001 0.0590 0.6644 29.5099 15 2054 0.1824 0.3808 0.6880 0.3749 28.5824
104
Lampiran 8
Hasil Perhitungan Total Aset Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia selama tahun 2010-2013
No Kode 2010 2011 2012 2013 1 AALI 8,791,799,000,000 10,204,495,000,000 12,419,820,000,000 14,963,190,000,000 2 BWPT 2,654,678,284,000 3,589,031,806,000 4,912,982,787,000 6,200,427,308,000 3 LSIP 5.443.000,000,000 6,791,859,000,000 7,551,796,000,000 7,974,876,000,000 4 SGRO 2,875,847,106,000 3,411,026,249,000 4,137,700,386,000 4,512,655,525,000 5 SMAR 12,475,642,000,000 14,721,899,000,000 16,247,395,000,000 18,381,114,000,000 6 TBLA 3,651,105,169,000 4,244,618,000,000 5,197,552,000,000 6,212,359,000,000 7 5029 1,476,721,423,444 1,645,629,287,915 1,861,102,119,226 2,229,643,585,300 8 2291 9,424,420,839,750 9,823,120,135,170 11,459,349,243,630 14,281,365,618,870 9 2135 1,132,221,989,052 839,076,443,384 998,160,581,322 1,128,798,085,828 10 5138 4,652,369,888,250 4,575,708,868,590 5,073,231,472,830 6,056,808,230,200 11 1996 849,640,783,950 2,436,764,542,110 2,790,319,807,080 3,249,130,316,180 12 2003 8,910,094,058,250 8,510,264,513,630 9,554,913,857,430 9,034,654,284,460 13 5135 1,058,512,374,358 1,127,346,324,633 1,220,580,418,483 1,433,898,669,085 14 9059 2,969,717,412,900 3,342,760,963,420 4,540,960,203,030 6,546,419,817,770 15 2054 995,348,724,300 1,244,973,005,120 1,755,566,259,120 2,589,235,649,980
105
Lampiran 9
Nilai Kurs Tengah Bank Indonesia (BI) setiap akhir tahun selama tahun 2010-2013
Keterangan 2010 2011 2012 2013
Kurs Jual BI 2,931.86 2,868.43 3,176.86 3,727.94 Kurs Beli BI 2,899.84 2,837.42 3,142.39 3,687.44 Kurs Tengah BI 2,915.85 2,852.93 3,159.63 3,707.69
106
Lampiran 10
Hasil Ouput SPSS Sebelum Moderating
Descriptive Statistics
Mean Std. Deviation N Income Smoothing -.1505 .85011 52 Return on equity .1309 .08481 52 Debt to total assets .2327 .22305 52 Net profit margin .6616 1.04584 52
Correlations Income Smoothing Return on equity Debt to total assets Net profit margin Pearson Correlation Income Smoothing 1.000 -.312 -.464 .226 Return on equity -.312 1.000 .272 .223 Debt to total assets -.464 .272 1.000 -.295 Net profit margin .226 .223 -.295 1.000 Sig.
(1-tailed)
Income Smoothing . .012 .000 .054
Return on equity .012 . .026 .056
Debt to total assets .000 .026 . .017
Net profit margin .054 .056 .017 .
N Income Smoothing 52 52 52 52
Return on equity 52 52 52 52
Debt to total assets 52 52 52 52
Net profit margin 52 52 52 52
Model Summaryb
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .529a .280 .235 .74360
a. Predictors: (Constant), Net profit margin, Return on equity, Debt to total assets b. Dependent Variable: Income Smoothing
ANOVAb
Model Sum of Squares df Mean Square F Sig. 1 Regression 10.317 3 3.439 6.219 .001a
Residual 26.541 48 .553
Total 36.857 51
a. Predictors: (Constant), Net profit margin, Return on equity, Debt to total assets b. Dependent Variable: Income Smoothing
Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) .393 .211 1.858 .069
Return on equity -2.610 1.351 -.260 -1.931 .059 .825 1.212 Debt to total assets -1.292 .524 -.339 -2.465 .017 .793 1.261 Net profit margin .149 .110 .184 1.355 .182 .814 1.229 a. Dependent Variable: Income Smoothing
107
Coefficient Correlationsa
Model Net profit margin Return on equity Debt to total assets 1 Correlations Net profit margin 1.000 -.330 .379 Return on equity -.330 1.000 -.363 Debt to total assets .379 -.363 1.000 Covariances Net profit margin .012 -.049 .022 Return on equity -.049 1.826 -.257 Debt to total assets .022 -.257 .275 a. Dependent Variable: Income Smoothing
Collinearity Diagnosticsa Model Dimension Eigenvalue Condition Index Variance Proportions (Constant) Return on equity Debt to total assets Net profit margin 1 dimension1 1 2.842 1.000 .03 .03 .03 .03 2 .792 1.895 .00 .00 .15 .50 3 .208 3.695 .19 .24 .82 .47 4 .158 4.242 .78 .73 .00 .00
a. Dependent Variable: Income Smoothing
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N Predicted Value -1.1492 .6631 -.1505 .44976 52 Std. Predicted Value -2.221 1.809 .000 1.000 52 Standard Error of Predicted
Value
.119 .677 .187 .088 52
Adjusted Predicted Value -1.6290 2.8344 -.1117 .61440 52 Residual -1.32052 1.81365 .00000 .72139 52 Std. Residual -1.776 2.439 .000 .970 52 Stud. Residual -1.946 2.743 -.015 1.036 52 Deleted Residual -2.62282 2.29337 -.03882 .87503 52 Stud. Deleted Residual -2.007 2.955 -.015 1.058 52 Mahal. Distance .319 41.240 2.942 5.821 52 Cook's Distance .000 2.575 .077 .361 52 Centered Leverage Value .006 .809 .058 .114 52 a. Dependent Variable: Income Smoothing
109
One-Sample Kolmogorov-Smirnov Test
res1
N 52
Normal Parametersa,b Mean .0000000 Std. Deviation .72139334 Most Extreme Differences Absolute .084 Positive .084 Negative -.084 Kolmogorov-Smirnov Z .607
Asymp. Sig. (2-tailed) .855
a. Test distribution is Normal. b. Calculated from data.
Runs Test
Unstandardized Residual
Test Valuea ,06000
Cases < Test Value 26
Cases >= Test Value 26
Total Cases 52
Number of Runs 32
Z 1,401
Asymp. Sig. (2-tailed) ,161 a. Median
110
Lampiran 11
Hasil Ouput SPSS Setelah Moderating
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation Return on equity 52 .00 .39 .1309 .08481 Debt to total assets 52 .00 .71 .2327 .22305 Net profit margin 52 .02 7.19 .6616 1.04584 Income smoothing 52 -1.97 .99 -.1505 .85011 Ukuran Perusahaan 52 19.46 35.52 23.4886 4.45846 Valid N (listwise) 52 Correlations Income smoothing Return on equity Debt to total assets Net profit margin Ukuran Perusahaan Pearson Correlation Income smoothing 1,000 -,312 -,464 ,226 -,121 Return on equity -,312 1,000 ,272 ,223 ,151 Debt to total assets -,464 ,272 1,000 -,295 ,353 Net profit margin ,226 ,223 -,295 1,000 -,201 Ukuran Perusahaan -,121 ,151 ,353 -,201 1,000 Sig. (1-tailed) Income smoothing . ,012 ,000 ,054 ,196 Return on equity ,012 . ,026 ,056 ,142 Debt to total assets ,000 ,026 . ,017 ,005 Net profit margin ,054 ,056 ,017 . ,077 Ukuran Perusahaan ,196 ,142 ,005 ,077 .
N Income smoothing 52 52 52 52 52
Return on equity 52 52 52 52 52
Debt to total assets 52 52 52 52 52
Net profit margin 52 52 52 52 52
Ukuran Perusahaan 52 52 52 52 52
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 ,535a ,286 ,226 ,74805
a. Predictors: (Constant), Ukuran Perusahaan, Return on equity, Net profit margin, Debt to total assets
ANOVAb
Model Sum of Squares df Mean Square F Sig. 1 Regression 10,557 4 2,639 4,716 ,003a
Residual 26,301 47 ,560
Total 36,857 51
a. Predictors: (Constant), Ukuran Perusahaan, Return on equity, Net profit margin, Debt to total assets
111 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) -2,025 3,696 -,548 ,586
Return on equity -2,702 1,367 -,270 -1,977 ,054 ,817 1,225 Debt to total assets -1,386 ,547 -,364 -2,536 ,015 ,738 1,354 Net profit margin ,159 ,112 ,196 1,423 ,161 ,799 1,252 Ukuran Perusahaan ,084 ,129 ,087 ,655 ,515 ,856 1,169 a. Dependent Variable: Income smoothing
Collinearity Diagnosticsa Model Dimension Eigenvalue Condition Index Variance Proportions (Constant) Return on equity Debt to total assets Net profit margin Ukuran Perusahaan 1 dimension1 1 3,755 1,000 ,00 ,01 ,02 ,02 ,00 2 ,795 2,173 ,00 ,00 ,13 ,51 ,00 3 ,264 3,773 ,00 ,03 ,55 ,26 ,00 4 ,186 4,495 ,00 ,95 ,25 ,19 ,00 5 ,000 98,088 1,00 ,01 ,06 ,02 1,00
113
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 52
Normal Parametersa,b Mean ,0000000 Std. Deviation ,71812051 Most Extreme Differences Absolute ,105
Positive ,079
Negative -,105
Kolmogorov-Smirnov Z ,754
Asymp. Sig. (2-tailed) ,620
a. Test distribution is Normal. b. Calculated from data.
Runs Test
Unstandardized Residual
Test Valuea ,02934
Cases < Test Value 26
Cases >= Test Value 26
Total Cases 52
Number of Runs 32
Z 1,401
Asymp. Sig. (2-tailed) ,161 a. Median Coefficientsa Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) -,655 ,197 -3,322 ,002
Zscore(ROE) Return on equity -,328 ,110 -,385 -2,968 ,005 Zscore(Ukuran) Ukuran
Perusahaan
-,089 ,108 -,105 -,827 ,412 ABS(ROE-Ukuran) ,467 ,154 ,391 3,028 ,004 a. Dependent Variable: Income smoothing
Adjusted R2 = 0.200 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) -,482 ,192 -2,513 ,015
Zscore(DAR) Debt to total assets -,401 ,111 -,472 -3,601 ,001 Zscore(Ukuran) Ukuran Perusahaan -,025 ,116 -,030 -,219 ,828 ABS(DAR-Ukuran) ,354 ,173 ,262 2,050 ,046 a. Dependent Variable: Income smoothing
114 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) ,435 ,191 2,279 ,027
Zscore(NPM) Net profit margin ,608 ,159 ,715 3,821 ,000 Zscore(Ukuran) Ukuran
Perusahaan
-,028 ,108 -,033 -,257 ,798 ABS(NPM-Ukuran) -,531 ,145 -,674 -3,664 ,001 a. Dependent Variable: Income smoothing
