BAB V KESIMPULAN DAN SARAN
5.2 Keterbatasan dan Saran
Adapun dalam menyusun penelitian ini masih sangat banyak keterbatasan yang dialami peneliti. Oleh karena keterbatasan itu, sehingga diharapkan untuk
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peneliti selanjutnya memperhatikan hal-hal berikut yang menjadi saran bagi peneliti selanjutnya :
1. penelitian ini hanya menggunakan satu pengukuran efisiensi investasi yaitu berdasarkan kesempatan pertumbuhan (chen et al, 2011). Penelitian selanjutnya dapat menggunakan proksi lain, seperti menggunakan pertumbuhan aset tetap dalam mengukur pertumbuhan investasi (McNichols & Stubben, 2008) dan menggunakan sensitivitas arus kas investasi (Biddle & Hilary, 2006).
2. Keterbatasan penelitian ini adalah hanya mengukur diversitas dewan direksi berdasarkan gender dan latar belakang pendidikan. Sehingga, untuk peneliti selanjutnya diharapkan agar menambahkan variabel diversitas lainnya seperti usia, etnis dan kebangsaan sebagai variabel diversitas manajerial.
3. Penggunaan sampel penelitian ini hanya sebatas pada perusahaan manufaktur sektor industri barang konsumsi saja. Oleh karena itu, selanjutnya agar para peneliti dapat memperluas objek pengamatan bukan hanya pada salah satu sektor manufaktur melainkan juga untuk seluruh sektor yang terdapat pada perusahaan manufaktur.
Vol. 29 (1): 62-67
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LAMPIRAN I Daftar Sampel Penelitian
11 Perusahaan Manufaktur Sektor Industri Barang Konsumsi
No Kode Saham Nama Perusahaan
1 TSPC PT Tempo Scan Pacific Tbk 2 SKLT PT Sekar Laut Tbk
3 RMBA PT Bentoel Internasional Investama Tbk
4 MERK PT Merck Tbk
5 MBTO PT Martina Berto Tbk 6 KLBF PT Kalbe Farma Tbk 7 KAEF PT Kimia Farma Tbk
8 ICBP PT Indofood CBP Sukses Makmur Tbk 9 HMSP PT Hanjaya Mandala Sampoerna Tbk 10 DVLA PT Darya Varia Laboratoria Tbk 11 DLTA PT Delta Djakarta Tbk
Lampiran II
Perhitungan Efisiensi Investasi
Regresi model untuk mendapatkan nilai Efisiensi Investasi 𝐼𝑁𝑉𝐸𝑆𝑖,𝑡 = 𝛽0+ 𝛽1𝑁𝐸𝐺𝑖,𝑡−1+ 𝛽2𝐺𝑅𝑂𝑊𝑖,𝑡−1+ 𝛽1𝑁𝐸𝐺 ∗ 𝐺𝑅𝑂𝑊𝑖,𝑡−1+ 𝜀𝑖,𝑡 Tahap 1
Mencari nilai INVES
Inves = 𝐼𝑛𝑣𝑒𝑠𝑡𝑎𝑠𝑖 𝐵𝑎𝑟𝑢 𝐴𝑘𝑡𝑖𝑣𝑎 𝑇𝑒𝑡𝑎𝑝𝑖,𝑡−𝑃𝑒𝑛𝑗𝑢𝑎𝑙𝑎𝑛 𝐴𝑘𝑡𝑖𝑣𝑎 𝑇𝑒𝑡𝑎𝑝𝑖,𝑡
𝑇𝑜𝑡𝑎𝑙 𝐴𝑘𝑡𝑖𝑣𝑎𝑖,𝑡−1
Company Year TOTAL ASSET TAMBAH ASSET JUAL ASSET INVES
TSPC 2010 3.589.595.911.220
TSPC 2011 4.250.374.395.321 125.346.772.398 7.627.862.141 0,032794 TSPC 2012 4.632.984.970.719 114.687.060.066 4.956.156.902 0,025817 TSPC 2013 5.407.957.915.805 203.029.863.418 237.830.037.010 (0,007511) TSPC 2014 5.609.556.653.195 350.537.960.987 11.287.647.227 0,062732 TSPC 2015 6.284.729.099.203 62.172.607.676 11.008.135.604 0,009121
SKLT 2010 199.375.442.469
SKLT 2011 214.237.879.424 3.329.548.436 1.004.010.851 0,011664 SKLT 2012 249.746.467.756 1.397.004.703 433.300.000 0,004498 SKLT 2013 301.989.488.699 24.303.317.695 678.434.075 0,094595 SKLT 2014 331.574.891.637 9.178.609.349 535.500.005 0,028621 SKLT 2015 377.110.748.359 13.346.057.178 440.164.066 0,038923
Company Year TOTAL ASSET TAMBAH ASSET JUAL ASSET INVES
RMBA 2010 4.902.597.000.000
RMBA 2011 6.333.957.000.000 207.794.000.000 14.121.000.000 0,039504 RMBA 2012 6.935.601.000.000 270.294.000.000 521.000.000 0,042592 RMBA 2013 9.232.016.000.000 801.021.000.000 6.307.000.000 0,114585 RMBA 2014 10.821.467.000.000 776.148.000.000 17.607.000.000 0,082164 RMBA 2015 12.667.314.000.000 563.564.000.000 38.000.000 0,052075
MERK 2010 434.768.493.000
MERK 2011 584.388.578.000 - 15.221.797.000 (0,035011) MERK 2012 569.430.951.000 1.781.725.000 1.683.696.000 0,000168 MERK 2013 696.946.318.000 - 2.551.461.000 (0,004481) MERK 2014 711.055.830.000 19.758.126.000 3.523.378.000 0,023294 MERK 2015 641.646.818.000 29.399.218.000 1.631.874.000 0,039051
MBTO 2010 333.129.929.836
MBTO 2011 541.673.841.000 14.331.888.573 2.417.212.577 0,035766 MBTO 2012 609.494.013.942 13.665.017.119 671.453.288 0,023988 MBTO 2013 611.769.745.328 53.606.955.232 163.941.713 0,087684 MBTO 2014 623.002.100.394 14.284.185.799 1.518.492.860 0,020867 MBTO 2015 648.899.377.240 - 5.149.795.005 (0,008266)
KLBF 2010 7.032.496.663.288
KLBF 2011 8.274.554.112.840 255.022.452.634 22.069.554.517 0,033125 KLBF 2012 9.417.957.180.958 394.474.789.154 24.409.656.786 0,044723 KLBF 2013 11.315.061.275.026 670.783.510.164 28.053.364.909 0,068245 KLBF 2014 12.439.267.396.015 478.910.348.006 40.268.489.225 0,038766 KLBF 2015 13.696.417.381.439 534.036.920.427 16.062.916.980 0,041640
KAEF 2010 1.657.291.834.312
KAEF 2011 1.794.242.423.105 13.522.951.103 2.191.343.969 0,006837 KAEF 2012 2.076.347.580.785 22.420.547.925 6.049.403.894 0,009124 KAEF 2013 2.471.939.548.890 49.504.060.250 18.590.496.950 0,014888 KAEF 2014 3.012.778.637.568 70.224.270.290 14.944.001.857 0,022363 KAEF 2015 3.236.224.076.311 112.874.131.558 1.120.745.180 0,037093
ICBP 2010 13.361.313.000.000
ICBP 2011 15.222.857.000.000 285.448.000.000 3.980.000.000 0,021066 ICBP 2012 17.819.884.000.000 1.279.203.000.000 3.599.000.000 0,083795 ICBP 2013 21.267.470.000.000 975.168.000.000 9.869.000.000 0,054170 ICBP 2014 25.029.488.000.000 965.043.000.000 11.172.000.000 0,044851 ICBP 2015 26.560.624.000.000 746.210.000.000 3.810.000.000 0,029661
HMSP 2010 20.525.123.000.000
HMSP 2011 19.376.343.000.000 - 286.809.000.000 (0,013974) HMSP 2012 26.247.527.000.000 264.413.000.000 59.204.000.000 0,010591
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Company Year TOTAL ASSET TAMBAH ASSET JUAL ASSET INVES HMSP 2014 28.380.630.000.000 1.210.931.000.000 35.325.000.000 0,042898 HMSP 2015 29.807.330.000.000 361.576.000.000 108.096.000.000 0,008931
DVLA 2010 854.109.991.000
DVLA 2011 928.290.993.000 22.372.691.000 27.914.056.000 (0,006488) DVLA 2012 1.074.691.476.000 18.417.132.000 2.709.779.000 0,016921 DVLA 2013 1.190.054.288.000 24.759.946.000 1.004.236.000 0,022105 DVLA 2014 1.241.239.780.000 23.984.775.000 5.204.439.000 0,015781 DVLA 2015 1.376.278.237.000 - 1.820.287.000 (0,001467)
DLTA 2010 708.584.000.000
DLTA 2011 696.167.000.000 - 15.780.000.000 (0,022270) DLTA 2012 745.307.000.000 - 3.369.775.000 (0,004840) DLTA 2013 867.041.000.000 - 3.534.804.000 (0,004743) DLTA 2014 997.443.000.000 20.517.000.000 393.985.000 0,023209 DLTA 2015 1.038.321.000.000 - 8.363.070.000 (0,008385)
Tahap 2
Menghitung Nilai NEG dan GROW
𝑁𝐸𝐺𝑖,𝑡−1 : bernilai 1 jika tingkat pertumbuhan penjualan bernilai negatif, 0 jika tidak.
𝐺𝑅𝑂𝑊𝑖,𝑡−1 : tingkat perubahan penjualan perusahaan i dari tahun pada t-1.
Grow =𝑃𝑒𝑛𝑗𝑢𝑎𝑙𝑎𝑛 𝐵𝑒𝑟𝑠𝑖ℎ𝑖,𝑡−𝑃𝑒𝑛𝑗𝑢𝑎𝑙𝑎𝑛 𝐵𝑒𝑟𝑠𝑖ℎ𝑖,𝑡−1 𝑃𝑒𝑛𝑗𝑢𝑎𝑙𝑎𝑛 𝐵𝑒𝑟𝑠𝑖ℎ𝑖,𝑡−1
Company Year Sales ∆Sales GROW NEG neg*grow
TSPC 2009 4.497.931.000.000
TSPC 2010 5.134.242.102.154 636.311.102.154 0,1415 0
TSPC 2011 5.780.664.117.037 646.422.014.883 0,1259 0 0 TSPC 2012 6.630.809.553.343 850.145.436.306 0,1471 0 0 TSPC 2013 6.854.889.233.121 224.079.679.778 0,0338 0 0 TSPC 2014 7.512.115.037.587 657.225.804.466 0,0959 0 0 TSPC 2015 8.181.481.867.179 669.366.829.592 0,0891 0 0
SKLT 2009 276.300.000.000
SKLT 2010 314.145.710.944 37.845.710.944 0,1370 0 SKLT 2011 344.435.729.830 30.290.018.886 0,0964 0 0 SKLT 2012 401.724.215.506 57.288.485.676 0,1663 0 0 SKLT 2013 567.048.547.543 165.324.332.037 0,4115 0 0 SKLT 2014 681.419.524.161 114.370.976.618 0,2017 0 0 SKLT 2015 745.107.731.208 63.688.207.047 0,0935 0 0
RMBA 2009 7.255.325.000.000
Company Year Sales ∆Sales GROW NEG neg*grow RMBA 2010 8.904.568.000.000 1.649.243.000.000 0,2273 0 RMBA 2011 10.070.175.000.000 1.165.607.000.000 0,1309 0 0 RMBA 2012 9.850.010.000.000 (220.165.000.000) (0,0219) 1 0,1309 RMBA 2013 12.273.615.000.000 2.423.605.000.000 0,2461 0 0 RMBA 2014 14.489.473.000.000 2.215.858.000.000 0,1805 0 0 RMBA 2015 16.814.352.000.000 2.324.879.000.000 0,1605 0 0
MERK 2009 751.403.000.000
MERK 2010 795.688.800.000 44.285.800.000 0,0589 0 MERK 2011 918.532.462.000 122.843.662.000 0,1544 0 0 MERK 2012 929.876.824.000 11.344.362.000 0,0124 0 0 MERK 2013 1.193.952.302.000 264.075.478.000 0,2840 0 0 MERK 2014 863.207.535.000 (330.744.767.000) (0,2770) 1 0,2840 MERK 2015 983.446.471.000 120.238.936.000 0,1393 0 0
MBTO 2009 516.319.000.000
MBTO 2010 566.186.416.236 49.867.416.236 0,0966 0 MBTO 2011 648.375.230.795 82.188.814.559 0,1452 0 0 MBTO 2012 717.788.399.047 69.413.168.252 0,1071 0 0 MBTO 2013 614.284.586.295 (103.503.812.752) (0,1442) 1 0,1071 MBTO 2014 671.398.849.823 57.114.263.528 0,0930 0 0 MBTO 2015 694.782.752.351 23.383.902.528 0,0348 0 0
KLBF 2009 9.087.347.000.000
KLBF 2010 10.226.789.206.223 1.139.442.206.223 0,1254 0 KLBF 2011 10.911.860.141.523 685.070.935.300 0,0670 0 0 KLBF 2012 13.636.405.178.957 2.724.545.037.434 0,2497 0 0 KLBF 2013 16.002.131.057.048 2.365.725.878.091 0,1735 0 0 KLBF 2014 17.368.532.547.558 1.366.401.490.510 0,0854 0 0 KLBF 2015 17.887.464.223.321 518.931.675.763 0,0299 0 0
KAEF 2009 2.854.058.000.000
KAEF 2010 3.183.829.303.909 329.771.303.909 0,1155 0 KAEF 2011 3.481.166.441.259 297.337.137.350 0,0934 0 0 KAEF 2012 3.734.241.101.309 253.074.660.050 0,0727 0 0 KAEF 2013 4.348.073.988.385 613.832.887.076 0,1644 0 0 KAEF 2014 4.521.024.379.760 172.950.391.375 0,0398 0 0 KAEF 2015 4.860.371.483.524 339.347.103.764 0,0751 0 0
ICBP 2009 16.332.600.000.000
ICBP 2010 17.960.120.000.000 1.627.520.000.000 0,0996 0 ICBP 2011 19.367.155.000.000 1.407.035.000.000 0,0783 0 0 ICBP 2012 21.716.913.000.000 2.349.758.000.000 0,1213 0 0 ICBP 2013 25.094.681.000.000 3.377.768.000.000 0,1555 0 0
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Company Year Sales ∆Sales GROW NEG neg*grow
ICBP 2015 31.741.094.000.000 1.718.631.000.000 0,0572 0 0
HMSP 2009 38.972.000.000.000
HMSP 2010 43.382.000.000.000 4.410.000.000.000 0,1132 0 HMSP 2011 52.857.000.000.000 9.475.000.000.000 0,2184 0 0 HMSP 2012 66.626.000.000.000 13.769.000.000.000 0,2605 0 0 HMSP 2013 75.025.000.000.000 8.399.000.000.000 0,1261 0 0 HMSP 2014 80.690.000.000.000 5.665.000.000.000 0,0755 0 0 HMSP 2015 89.069.000.000.000 8.379.000.000.000 0,1038 0 0
DVLA 2009 869.170.910.000
DVLA 2010 929.196.665.000 60.025.755.000 0,0691 0 DVLA 2011 972.297.437.000 43.100.772.000 0,0464 0 0 DVLA 2012 1.087.379.869.000 115.082.432.000 0,1184 0 0 DVLA 2013 1.101.684.170.000 14.304.301.000 0,0132 0 0 DVLA 2014 1.103.821.775.000 2.137.605.000 0,0019 0 0 DVLA 2015 1.306.098.136.000 202.276.361.000 0,1833 0 0
DLTA 2009 1.264.851.000.000
DLTA 2010 1.205.482.000.000 (59.369.000.000) (0,0469) 1 DLTA 2011 1.394.153.000.000 188.671.000.000 0,1565 0 0 DLTA 2012 1.719.815.000.000 325.662.000.000 0,2336 0 0 DLTA 2013 2.001.359.000.000 281.544.000.000 0,1637 0 0 DLTA 2014 2.111.639.000.000 110.280.000.000 0,0551 0 0 DLTA 2015 1.573.137.000.000 (538.502.000.000) (0,2550) 1 0,0551
Tahap 3
Menghitung nilai EFFIN dengan cara Regresi
𝐼𝑁𝑉𝐸𝑆𝑖,𝑡 = 𝛽0+ 𝛽1𝑁𝐸𝐺𝑖,𝑡−1+ 𝛽2𝐺𝑅𝑂𝑊𝑖,𝑡−1+ 𝛽1𝑁𝐸𝐺 ∗ 𝐺𝑅𝑂𝑊𝑖,𝑡−1+ 𝜀𝑖,𝑡
Company Year INVES NEG GROW neg*grow EFFIN TSPC 2011 0,03279447 0 0,141468 0 0,006969197 TSPC 2012 0,02581676 0 0,125904 0 0,001145393 TSPC 2013 -0,0075114 0 0,147067 0 -0,033751836 TSPC 2014 0,06273169 0 0,033794 0 0,04488959 TSPC 2015 0,00912095 0 0,095877 0 -0,01332414 SKLT 2011 0,01166411 0 0,136973 0 -0,01382795 SKLT 2012 0,00449829 0 0,09642 0 -0,01798708 SKLT 2013 0,09459547 0 0,166326 0 0,066927152 SKLT 2014 0,02862056 0 0,411537 0 -0,017228277 SKLT 2015 0,03892301 0 0,201695 0 0,008632314 RMBA 2011 0,03950416 0 0,227315 0 0,00731397
Company Year INVES NEG GROW neg*grow EFFIN RMBA 2012 0,04259154 0 0,1309 0,130899893 0,012955433 RMBA 2013 0,11458473 1 -0,02186 0 0,069064829 RMBA 2014 0,08216418 0 0,246051 0 0,048584839 RMBA 2015 0,05207482 0 0,180538 0 0,023352747 MERK 2011 -0,0350113 0 0,058937 0 -0,054717581 MERK 2012 0,00016775 0 0,154387 0 -0,026615379 MERK 2013 -0,0044807 0 0,012351 0 -0,020732969 MERK 2014 0,02329412 0 0,28399 0,283989741 -0,023065592 MERK 2015 0,03905086 1 -0,27702 0 0,012448635 MBTO 2011 0,03576585 0 0,096583 0 0,013268448 MBTO 2012 0,0239878 0 0,145162 0 -0,002111403 MBTO 2013 0,08768423 0 0,107057 0,107057094 0,060652718 MBTO 2014 0,02086683 1 -0,1442 0 -0,015582871 MBTO 2015 -0,0082661 0 0,092977 0 -0,030496166 KLBF 2011 0,03312521 0 0,125388 0 0,008492117 KLBF 2012 0,04472327 0 0,066988 0 0,024420085 KLBF 2013 0,06824518 0 0,249687 0 0,034396289 KLBF 2014 0,03876619 0 0,173486 0 0,01056699 KLBF 2015 0,04164023 0 0,085389 0 0,019972767 KAEF 2011 0,00683742 0 0,115545 0 -0,017065877 KAEF 2012 0,00912427 0 0,09339 0 -0,013136419 KAEF 2013 0,01488843 0 0,072698 0 -0,005838132 KAEF 2014 0,02236312 0 0,16438 0 -0,005160914 KAEF 2015 0,03709313 0 0,039776 0 0,01880747 ICBP 2011 0,02106589 0 0,099649 0 -0,00165883 ICBP 2012 0,08379531 0 0,078342 0 0,062650288 ICBP 2013 0,05416977 0 0,121327 0 0,029837759 ICBP 2014 0,04485117 0 0,155536 0 0,017982806 ICBP 2015 0,02966101 0 0,196368 0 -0,000234681 HMSP 2011 -0,0139736 0 0,113158 0 -0,037699915 HMSP 2012 0,0105907 0 0,218409 0 -0,020939165 HMSP 2013 0,01368258 0 0,260495 0 -0,020967686 HMSP 2014 0,04289814 0 0,126062 0 0,018215066 HMSP 2015 0,00893144 0 0,075508 0 -0,012003456 DVLA 2011 -0,0064879 0 0,069061 0 -0,02694477 DVLA 2012 0,01692072 0 0,046385 0 -0,001854919 DVLA 2013 0,02210468 0 0,118361 0 -0,002007454 DVLA 2014 0,01578108 0 0,013155 0 -0,000530806 DVLA 2015 -0,0014665 0 0,00194 0 -0,016946917
77
Company Year INVES NEG GROW neg*grow EFFIN DLTA 2012 -0,0048405 0 0,156511 0 -0,031781093 DLTA 2013 -0,0047427 0 0,233591 0 -0,037398295 DLTA 2014 0,02320884 0 0,163706 0 -0,004265249 DLTA 2015 -0,0083845 0 0,055103 0,055102558 -0,029740487
Lampiran III
Perhitungan Kualitas Pelaporan Keuangan diukur menggunakan indikator manajemen laba yang dihitung berdasarkan discretionary accrual. Tahap 1
Menghitung TACC TACC = EBXT – OCF
Company Year EBXT OCF TACC
TSPC 2011 586.362.346.430 587.799.605.916 (1.437.259.486) TSPC 2012 635.176.093.653 635.028.604.390 147.489.263 TSPC 2013 638.535.108.795 448.669.480.614 189.865.628.181 TSPC 2014 585.790.816.012 512.956.089.428 72.834.726.584 TSPC 2015 529.218.651.807 778.361.981.647 (249.143.329.840) SKLT 2011 5.976.790.919 17.708.603.858 (11.731.812.939) SKLT 2012 7.962.693.771 15.260.831.786 (7.298.138.015) SKLT 2013 11.440.014.188 26.893.558.457 (15.453.544.269) SKLT 2014 16.480.714.984 23.398.218.902 (6.917.503.918) SKLT 2015 20.066.791.849 29.666.923.359 (9.600.131.510) RMBA 2011 305.997.000.000 143.218.000.000 162.779.000.000 RMBA 2012 (323.351.000.000) (344.108.000.000) 20.757.000.000 RMBA 2013 (1.042.068.000.000) (1.119.248.000.000) 77.180.000.000 RMBA 2014 (2.251.323.000.000) (1.083.777.000.000) (1.167.546.000.000) RMBA 2015 (1.638.538.000.000) (2.823.747.000.000) 1.185.209.000.000 MERK 2011 231.158.647.000 156.230.625.000 74.928.022.000 MERK 2012 107.808.155.000 88.404.562.000 19.403.593.000 MERK 2013 175.444.757.000 133.099.062.000 42.345.695.000 MERK 2014 182.147.224.000 232.826.497.000 (50.679.273.000) MERK 2015 142.545.462.000 160.700.345.000 (18.154.883.000) MBTO 2011 42.662.530.378 20.619.824.390 22.042.705.988 MBTO 2012 45.523.078.819 13.923.794.275 31.599.284.544 MBTO 2013 16.162.858.075 2.863.783.370 13.299.074.705 MBTO 2014 4.209.673.280 1.669.652.857 2.540.020.423 MBTO 2015 (14.056.549.894) 1.011.148.821 (15.067.698.715)
KLBF 2011 1.522.956.820.292 1.473.495.223.306 49.461.596.986
Company Year EBXT OCF TACC
KLBF 2012 1.775.098.847.932 1.376.343.990.025 398.754.857.907 KLBF 2013 1.970.452.449.686 927.163.654.212 1.043.288.795.474 KLBF 2014 2.122.677.647.816 2.316.125.821.045 (193.448.173.229) KLBF 2015 2.057.694.281.873 2.456.995.428.106 (399.301.146.233) KAEF 2011 171.763.175.754 81.552.753.104 90.210.422.650 KAEF 2012 205.763.997.378 230.612.654.491 (24.848.657.113) KAEF 2013 215.642.329.977 253.783.664.733 (38.141.334.756) KAEF 2014 257.836.015.297 286.309.255.381 (28.473.240.084) KAEF 2015 252.972.506.074 175.966.862.348 77.005.643.726
ICBP 2011 2.066.365.000.000 2.174.427.000.000 (108.062.000.000) ICBP 2012 2.282.371.000.000 3.053.526.000.000 (771.155.000.000) ICBP 2013 2.235.040.000.000 1.993.496.000.000 241.544.000.000 ICBP 2014 2.574.172.000.000 3.860.843.000.000 (1.286.671.000.000) ICBP 2015 2.923.148.000.000 3.485.533.000.000 (562.385.000.000) HMSP 2011 8.064.426.000.000 11.088.270.000.000 (3.023.844.000.000) HMSP 2012 9.945.296.000.000 4.087.495.000.000 5.857.801.000.000 HMSP 2013 10.818.486.000.000 10.802.179.000.000 16.307.000.000 HMSP 2014 10.181.083.000.000 11.103.195.000.000 (922.112.000.000) HMSP 2015 10.363.308.000.000 811.163.000.000 9.552.145.000.000
DVLA 2011 120.915.340.000 72.518.015.000 48.397.325.000 DVLA 2012 148.909.089.000 119.207.439.000 29.701.650.000 DVLA 2013 125.796.473.000 106.931.180.000 18.865.293.000 DVLA 2014 81.597.761.000 104.436.317.000 (22.838.556.000) DVLA 2015 107.894.430.000 214.166.823.000 (106.272.393.000) DLTA 2011 151.715.000.000 177.327.000.000 (25.612.000.000) DLTA 2012 213.421.000.000 248.441.000.000 (35.020.000.000) DLTA 2013 270.498.000.000 348.712.000.000 (78.214.000.000) DLTA 2014 288.499.000.000 164.246.000.000 124.253.000.000 DLTA 2015 192.045.000.000 246.625.000.000 (54.580.000.000) Tahap 2
Mencari nilai α untuk memperoleh nilai NDACC, dengan rumus :
𝑻𝑨𝑪𝑪𝒊,𝒕
𝑻𝑨𝒊,𝒕−𝟏
= 𝜶
𝟏 𝟏𝑻𝑨𝒊,𝒕−𝟏
+ 𝜶
𝟐(𝜟𝑹𝑬𝑽𝒊,𝒕− 𝜟𝑹𝑬𝑪𝒊,𝒕)𝑻𝑨𝒊,𝒕−𝟏
+ 𝜶
𝟑 𝑷𝑷𝑬𝒊,𝒕𝑻𝑨𝒊,𝒕−𝟏
Company Year TACC i,t / TA
i,t-1 1 / TA i,t-1 (ΔREV i,t-ΔREC
i,t) / TA i,t-1 PPE i,t / TA i,t-1 TSPC 2011 (0,000400) 0,00000000000028 0,16247930 0,24686204 TSPC 2012 0,000035 0,00000000000024 0,16556460 0,235466793
79
Company Year TACC i,t / TA
i,t-1 1 / TA i,t-1 (ΔREV i,t-ΔREC
i,t) / TA i,t-1 PPE i,t / TA i,t-1 TSPC 2014 0,013468 0,00000000000018 0,11582402 0,287426396 TSPC 2015 (0,044414) 0,00000000000018 0,10442215 0,288180076 SKLT 2011 (0,058843) 0,00000000000502 0,10710659 0,503229988 SKLT 2012 (0,034066) 0,00000000000467 0,24294006 0,474839961 SKLT 2013 (0,061877) 0,00000000000400 0,57166965 0,504639866 SKLT 2014 (0,022906) 0,00000000000331 0,35412606 0,447732912 SKLT 2015 (0,028953) 0,00000000000302 0,16991397 0,448033594 RMBA 2011 0,033203 0,00000000000020 0,21929296 0,391872716 RMBA 2012 0,003277 0,00000000000016 -0,02011997 0,34599035 RMBA 2013 0,011128 0,00000000000014 0,33729449 0,431470755 RMBA 2014 (0,126467) 0,00000000000011 0,19020212 0,408216039 RMBA 2015 0,109524 0,00000000000009 0,23350956 0,400335832 MERK 2011 0,172340 0,00000000000230 0,24023598 0,141537588 MERK 2012 0,033203 0,00000000000171 0,08666239 0,108348813 MERK 2013 0,074365 0,00000000000176 0,34235021 0,108225227 MERK 2014 (0,072716) 0,00000000000143 -0,48455913 0,116773585 MERK 2015 (0,025532) 0,00000000000141 0,14360624 0,155802306 MBTO 2011 0,066168 0,00000000000300 0,16889605 0,202318336 MBTO 2012 0,058336 0,00000000000185 -0,03385748 0,14965336 MBTO 2013 0,021820 0,00000000000164 -0,15082757 0,220954205 MBTO 2014 0,004152 0,00000000000163 0,05147748 0,243481232 MBTO 2015 (0,024186) 0,00000000000161 -0,01632567 0,233191749 KLBF 2011 0,007033 0,00000000000014 0,05940849 0,264527461 KLBF 2012 0,048190 0,00000000000012 0,29600407 0,272493628 KLBF 2013 0,110777 0,00000000000011 0,21509356 0,310634963 KLBF 2014 (0,017097) 0,00000000000009 0,10293155 0,300878365 KLBF 2015 (0,032100) 0,00000000000008 0,041087272 0,316617846 KAEF 2011 0,054432 0,00000000000060 0,163526958 0,257480162 KAEF 2012 (0,013849) 0,00000000000056 0,09941967 0,250323096 KAEF 2013 (0,018369) 0,00000000000048 0,25332222 0,240154579 KAEF 2014 -0,0115186 0,000000000000405 0,082767629 0,230130485 KAEF 2015 0,02555968 0,000000000000332 0,099219084 0,226283727 ICBP 2011 -0,0080877 0,000000000000075 0,082387487 0,193845919 ICBP 2012 -0,0506577 0,000000000000066 0,154821792 0,254172985 ICBP 2013 0,01355475 0,000000000000056 0,178254359 0,271854014 ICBP 2014 -0,0604995 0,000000000000047 0,219695432 0,273161312 ICBP 2015 -0,0224689 0,000000000000040 0,04917264 0,261917463 HMSP 2011 -0,147324 0,000000000000049 0,419554709 0,187607402 HMSP 2012 0,30231716 0,000000000000052 0,755073339 0,212376401
Company Year TACC i,t / TA
i,t-1 1 / TA i,t-1 (ΔREV i,t-ΔREC
i,t) / TA i,t-1 PPE i,t / TA i,t-1 HMSP 2013 0,00062128 0,000000000000038 0,307929391 0,179394767 HMSP 2014 -0,0336481 0,000000000000036 0,220711717 0,216007579 HMSP 2015 0,33657269 0,000000000000035 0,250169529 0,221319118 DVLA 2011 0,05666404 0,000000000001171 0,028359318 0,234019145 DVLA 2012 0,03199606 0,000000000001077 0,039434022 0,235158182 DVLA 2013 0,01755415 0,000000000000930 0,025311566 0,226162739 DVLA 2014 -0,0191912 0,000000000000840 0,023502835 0,224393077 DVLA 2015 -0,0856179 0,000000000000806 0,12490629 0,20807034 DLTA 2011 -0,0361453 0,000000000001411 0,27570902 0,1385298 DLTA 2012 -0,050304 0,000000000001436 0,504768252 0,136635319 DLTA 2013 -0,104942 0,000000000001342 0,42035698 0,124886792 DLTA 2014 0,14330695 0,000000000001153 0,015806634 0,131015719 DLTA 2015 -0,0547199 0,000000000001003 -0,473682205 0,105583978
Hasil uji regresi dapat diketahui nilai : α1 = -5795683239,87
α2 = 0,102133251495
α3 = -0,151002473832 Estimation Command:
=========================
LS(?) TACC_I_T___TA_I_T_1 _1___TA_I_T_1 __REV_I_T____REC_I_T____
PPE_I_T___TA_I_T_1 C
Estimation Equation:
=========================
TACC_I_T___TA_I_T_1 = C(1)*_1___TA_I_T_1 + C(2)*__REV_I_T____REC_I_T____ + C(3)*PPE_I_T___TA_I_T_1 + C(4)
Substituted Coefficients:
=========================
TACC_I_T___TA_I_T_1 = -5795683239.87*_1___TA_I_T_1 +
0.102133251495*__REV_I_T____REC_I_T____ - 0.151002473832*PPE_I_T___TA_I_T_1 + 0.0383448355182
81
Tahap 3
Menghitung NDACC
NDACCi,t =
𝜶
𝟏 𝟏𝑻𝑨𝒊,𝒕−𝟏
+ 𝜶
𝟐(𝜟𝑹𝑬𝑽𝒊,𝒕− 𝜟𝑹𝑬𝑪𝒊,𝒕)𝑻𝑨𝒊,𝒕−𝟏
+ 𝜶
𝟑 𝑷𝑷𝑬𝒊,𝒕𝑻𝑨𝒊,𝒕−𝟏
Company Year α1 1 / TA i,t-1 α2 (ΔREV i,t - ΔREC
i,t) / TA i,t-1 α3
PPE i,t / TA i,t-1 TSPC 2011 -5795683239,87 0,00000000000028 0,1021 0,16247930 -0,1510 0,2469 TSPC 2012 -5795683239,87 0,00000000000024 0,1021 0,16556460 -0,1510 0,2355 TSPC 2013 -5795683239,87 0,00000000000022 0,1021 0,03476435 -0,1510 0,2598 TSPC 2014 -5795683239,87 0,00000000000018 0,1021 0,11582402 -0,1510 0,2874 TSPC 2015 -5795683239,87 0,00000000000018 0,1021 0,10442215 -0,1510 0,2882 SKLT 2011 -5795683239,87 0,00000000000502 0,1021 0,10710659 -0,1510 0,5032 SKLT 2012 -5795683239,87 0,00000000000467 0,1021 0,24294006 -0,1510 0,4748 SKLT 2013 -5795683239,87 0,00000000000400 0,1021 0,57166965 -0,1510 0,5046 SKLT 2014 -5795683239,87 0,00000000000331 0,1021 0,35412606 -0,1510 0,4477 SKLT 2015 -5795683239,87 0,00000000000302 0,1021 0,16991397 -0,1510 0,4480 RMBA 2011 -5795683239,87 0,00000000000020 0,1021 0,21929296 -0,1510 0,3919 RMBA 2012 -5795683239,87 0,00000000000016 0,1021 -0,02011997 -0,1510 0,3460 RMBA 2013 -5795683239,87 0,00000000000014 0,1021 0,33729449 -0,1510 0,4315 RMBA 2014 -5795683239,87 0,00000000000011 0,1021 0,19020212 -0,1510 0,4082 RMBA 2015 -5795683239,87 0,00000000000009 0,1021 0,23350956 -0,1510 0,4003 MERK 2011 -5795683239,87 0,00000000000230 0,1021 0,24023598 -0,1510 0,1415 MERK 2012 -5795683239,87 0,00000000000171 0,1021 0,08666239 -0,1510 0,1083 MERK 2013 -5795683239,87 0,00000000000176 0,1021 0,34235021 -0,1510 0,1082 MERK 2014 -5795683239,87 0,00000000000143 0,1021 -0,48455913 -0,1510 0,1168 MERK 2015 -5795683239,87 0,00000000000141 0,1021 0,14360624 -0,1510 0,1558 MBTO 2011 -5795683239,87 0,00000000000300 0,1021 0,16889605 -0,1510 0,2023 MBTO 2012 -5795683239,87 0,00000000000185 0,1021 -0,03385748 -0,1510 0,1497 MBTO 2013 -5795683239,87 0,00000000000164 0,1021 -0,15082757 -0,1510 0,2210 MBTO 2014 -5795683239,87 0,00000000000163 0,1021 0,05147748 -0,1510 0,2435 MBTO 2015 -5795683239,87 0,00000000000161 0,1021 -0,01632567 -0,1510 0,2332 KLBF 2011 -5795683239,87 0,00000000000014 0,1021 0,05940849 -0,1510 0,2645 KLBF 2012 -5795683239,87 0,00000000000012 0,1021 0,29600407 -0,1510 0,2725 KLBF 2013 -5795683239,87 0,00000000000011 0,1021 0,21509356 -0,1510 0,3106 KLBF 2014 -5795683239,87 0,00000000000009 0,1021 0,10293155 -0,1510 0,3009 KLBF 2015 -5795683239,87 0,00000000000008 0,1021 0,041087272 -0,1510 0,3166 KAEF 2011 -5795683239,87 0,00000000000060 0,1021 0,163526958 -0,1510 0,2575 KAEF 2012 -5795683239,87 0,00000000000056 0,1021 0,09941967 -0,1510 0,2503 KAEF 2013 -5795683239,87 0,00000000000048 0,1021 0,25332222 -0,1510 0,2402
Company Year α1 1 / TA i,t-1 α2 (ΔREV i,t - ΔREC i,t) / TA i,t-1 α3
PPE i,t / TA i,t-1 KAEF 2014 -5795683239,87 0,000000000000405 0,1021 0,082767629 -0,1510 0,2301 KAEF 2015 -5795683239,87 0,000000000000332 0,1021 0,099219084 -0,1510 0,2263 ICBP 2011 -5795683239,87 0,000000000000075 0,1021 0,082387487 -0,1510 0,1938 ICBP 2012 -5795683239,87 0,000000000000066 0,1021 0,154821792 -0,1510 0,2542 ICBP 2013 -5795683239,87 0,000000000000056 0,1021 0,178254359 -0,1510 0,2719 ICBP 2014 -5795683239,87 0,000000000000047 0,1021 0,219695432 -0,1510 0,2732 ICBP 2015 -5795683239,87 0,000000000000040 0,1021 0,04917264 -0,1510 0,2619 HMSP 2011 -5795683239,87 0,000000000000049 0,1021 0,419554709 -0,1510 0,1876 HMSP 2012 -5795683239,87 0,000000000000052 0,1021 0,755073339 -0,1510 0,2124 HMSP 2013 -5795683239,87 0,000000000000038 0,1021 0,307929391 -0,1510 0,1794 HMSP 2014 -5795683239,87 0,000000000000036 0,1021 0,220711717 -0,1510 0,2160 HMSP 2015 -5795683239,87 0,000000000000035 0,1021 0,250169529 -0,1510 0,2213 DVLA 2011 -5795683239,87 0,000000000001171 0,1021 0,028359318 -0,1510 0,2340 DVLA 2012 -5795683239,87 0,000000000001077 0,1021 0,039434022 -0,1510 0,2352 DVLA 2013 -5795683239,87 0,000000000000930 0,1021 0,025311566 -0,1510 0,2262 DVLA 2014 -5795683239,87 0,000000000000840 0,1021 0,023502835 -0,1510 0,2244 DVLA 2015 -5795683239,87 0,000000000000806 0,1021 0,12490629 -0,1510 0,2081 DLTA 2011 -5795683239,87 0,000000000001411 0,1021 0,27570902 -0,1510 0,1385 DLTA 2012 -5795683239,87 0,000000000001436 0,1021 0,504768252 -0,1510 0,1366 DLTA 2013 -5795683239,87 0,000000000001342 0,1021 0,42035698 -0,1510 0,1249 DLTA 2014 -5795683239,87 0,000000000001153 0,1021 0,015806634 -0,1510 0,1310 DLTA 2015 -5795683239,87 0,000000000001003 0,1021 -0,473682205 -0,1510 0,1056
Tahap 3 – Lanjutan Menghitung DACC
Company Year NDACC TSPC 2011 -0,02230161 TSPC 2012 -0,02001491 TSPC 2013 -0,036937918 TSPC 2014 -0,032647449 TSPC 2015 -0,03388687 SKLT 2011 -0,094121338 SKLT 2012 -0,073949215 SKLT 2013 -0,041039415 SKLT 2014 -0,050643071 SKLT 2015 -0,067784115
83
Company Year NDACC RMBA 2012 -0,055213809 RMBA 2013 -0,031549959 RMBA 2014 -0,042848766 RMBA 2015 -0,037144957 MERK 2011 -0,010174586 MERK 2012 -0,017429958 MERK 2013 0,008433921 MERK 2014 -0,075422123 MERK 2015 -0,017014764 MBTO 2011 -0,030703448 MBTO 2012 -0,036754087 MBTO 2013 -0,058272587 MBTO 2014 -0,04098345 MBTO 2015 -0,046181636 KLBF 2011 -0,034702169 KLBF 2012 -0,011624945 KLBF 2013 -0,025560213 KLBF 2014 -0,035435532 KLBF 2015 -0,044080203 KAEF 2011 -0,025680483 KAEF 2012 -0,030878195 KAEF 2013 -0,01319043 KAEF 2014 -0,028643718 KAEF 2015 -0,025962275 ICBP 2011 -0,021292737 ICBP 2012 -0,022953538 ICBP 2013 -0,023175423 ICBP 2014 -0,019088968 ICBP 2015 -0,034760565 HMSP 2011 0,014225448 HMSP 2012 0,04472504 HMSP 2013 0,004130172 HMSP 2014 -0,010293964 HMSP 2015 -0,008081091 DVLA 2011 -0,039227045 DVLA 2012 -0,037726062 DVLA 2013 -0,036959144 DVLA 2014 -0,036353815 DVLA 2015 -0,023334959
Company Year NDACC DLTA 2011 -0,000947355 DLTA 2012 0,022579772 DLTA 2013 0,016284306 DLTA 2014 -0,024853956 DLTA 2015 -0,070116675 Tahap 4
Menghitung nilai discretionary accruals (DACC) sebagai berikut : 𝑫𝑨𝑪𝑪𝒊,𝒕 = ( 𝑻𝑨𝑪𝑪𝒊,𝒕
𝑻𝑨𝒊,𝒕−𝟏 ) − 𝑵𝑫𝑨𝑪𝑪𝒊,𝒕
Company Year DACC TACC i,t / TA i,t-1 NDACC TSPC 2011 0,021896422 -0,000400396 -0,022296818 TSPC 2012 0,020044688 0,000034700 -0,020009988 TSPC 2013 0,077918679 0,040981274 -0,036937405 TSPC 2014 0,046112373 0,013468065 -0,032644309 TSPC 2015 -0,010529975 -0,044414086 -0,033884111 SKLT 2011 0,035276204 -0,058842818 -0,094119022 SKLT 2012 0,03987673 -0,034065582 -0,073942311 SKLT 2013 -0,020855273 -0,061876928 -0,041021655 SKLT 2014 0,027725964 -0,022906439 -0,050632403 SKLT 2015 0,038826442 -0,028953132 -0,067779573 RMBA 2011 0,071161419 0,033202607 -0,037958813 RMBA 2012 0,058492432 0,003277098 -0,055215334 RMBA 2013 0,042667902 0,011128091 -0,031539811 RMBA 2014 -0,083623617 -0,126467069 -0,042843452 RMBA 2015 0,146662058 0,109523875 -0,037138183 MERK 2011 0,182506994 0,172340046 -0,010166948 MERK 2012 0,050630582 0,033203238 -0,017427344 MERK 2013 0,065919897 0,074364934 0,008445037 MERK 2014 0,002722345 -0,072716179 -0,075438524 MERK 2015 -0,008521915 -0,025532289 -0,017010374 MBTO 2011 0,096866827 0,066168495 -0,030698333 MBTO 2012 0,095091951 0,058336368 -0,036755583 MBTO 2013 0,08009801 0,021819861 -0,058278149 MBTO 2014 0,045134263 0,004151922 -0,04098234 MBTO 2015 0,021997125 -0,024185631 -0,046182756 KLBF 2011 0,041734139 0,007033291 -0,034700848 KLBF 2012 0,059806271 0,048190495 -0,011615776
85
Company Year DACC TACC i,t / TA i,t-1 NDACC KLBF 2013 0,136330379 0,110776549 -0,02555383 KLBF 2014 0,018336333 -0,01709652 -0,035432854 KLBF 2015 0,011979566 -0,032100053 -0,04407962 KAEF 2011 0,080108113 0,054432431 -0,025675682 KAEF 2012 0,017026401 -0,013849108 -0,030875509 KAEF 2013 -0,005186835 -0,018369436 -0,013182601 KAEF 2014 0,017122952 -0,011518583 -0,028641535 KAEF 2015 0,051519211 0,025559675 -0,025959535 ICBP 2011 0,013202799 -0,008087678 -0,021290477 ICBP 2012 -0,027708686 -0,050657705 -0,022949019 ICBP 2013 0,036724914 0,013554746 -0,023170168 ICBP 2014 -0,041417147 -0,060499486 -0,019082339 ICBP 2015 0,01229068 -0,022468897 -0,034759577 HMSP 2011 -0,161562973 -0,147324038 0,014238935 HMSP 2012 0,257567539 0,302317161 0,044749622 HMSP 2013 -0,00351869 0,000621278 0,004139968 HMSP 2014 -0,023360922 -0,033648081 -0,010287159 HMSP 2015 0,34464601 0,336572691 -0,00807332 DVLA 2011 0,095890724 0,056664043 -0,039226681 DVLA 2012 0,069721388 0,031996055 -0,037725333 DVLA 2013 0,054513009 0,017554148 -0,036958862 DVLA 2014 0,0171624 -0,019191188 -0,036353589 DVLA 2015 -0,06228662 -0,08561794 -0,02333132 DLTA 2011 -0,035206796 -0,036145326 -0,00093853 DLTA 2012 -0,07290024 -0,050304022 0,022596218 DLTA 2013 -0,121239965 -0,10494199 0,016297975 DLTA 2014 0,168160703 0,143306949 -0,024853754 DLTA 2015 0,015412768 -0,054719919 -0,070132687
Lampiran IV Tabel Regresi Data Panel
Company Year EFFIN DACC GENDER EDU TSPC 2011 0,006969197 0,021896422 0,555556 0 TSPC 2012 0,001145393 0,020044688 0,666667 0 TSPC 2013 -0,033751836 0,077918679 0,666667 0 TSPC 2014 0,04488959 0,046112373 0,545455 0 TSPC 2015 -0,01332414 -0,010529975 0,545455 0 SKLT 2011 -0,01382795 0,035276204 0 0 SKLT 2012 -0,01798708 0,03987673 0 0 SKLT 2013 0,066927152 -0,020855273 0 0 SKLT 2014 -0,017228277 0,027725964 0 0 SKLT 2015 0,008632314 0,038826442 0 0 RMBA 2011 0,00731397 0,071161419 0 0 RMBA 2012 0,012955433 0,058492432 0,2 1 RMBA 2013 0,069064829 0,042667902 0 1 RMBA 2014 0,048584839 -0,083623617 0 1 RMBA 2015 0,023352747 0,146662058 0 1 MERK 2011 -0,054717581 0,182506994 0,428571 0 MERK 2012 -0,026615379 0,050630582 0,285714 0 MERK 2013 -0,020732969 0,065919897 0,333333 0 MERK 2014 -0,023065592 0,002722345 0,4 0 MERK 2015 0,012448635 -0,008521915 0,2 0 MBTO 2011 0,013268448 0,096866827 0,25 0 MBTO 2012 -0,002111403 0,095091951 0,25 0 MBTO 2013 0,060652718 0,08009801 0 0 MBTO 2014 -0,015582871 0,045134263 0 0 MBTO 2015 -0,030496166 0,021997125 0 0 KLBF 2011 0,008492117 0,041734139 0,166667 0 KLBF 2012 0,024420085 0,059806271 0,2 1 KLBF 2013 0,034396289 0,136330379 0,2 1 KLBF 2014 0,01056699 0,018336333 0,2 1 KLBF 2015 0,019972767 0,011979566 0,2 0 KAEF 2011 -0,017065877 0,080108113 0 0 KAEF 2012 -0,013136419 0,017026401 0 0 KAEF 2013 -0,005838132 -0,005186835 0 0 KAEF 2014 -0,005160914 0,017122952 0,2 0 KAEF 2015 0,01880747 0,051519211 0,2 0 ICBP 2011 -0,00165883 0,013202799 0,125 0 ICBP 2012 0,062650288 -0,027708686 0,111111 0
87
Company Year EFFIN DACC GENDER EDU ICBP 2013 0,029837759 0,036724914 0,111111 0 ICBP 2014 0,017982806 -0,041417147 0,111111 0 ICBP 2015 -0,000234681 0,01229068 0,111111 0 HMSP 2011 -0,037699915 -0,161562973 0,25 0 HMSP 2012 -0,020939165 0,257567539 0,142857 0 HMSP 2013 -0,020967686 -0,00351869 0 0 HMSP 2014 0,018215066 -0,023360922 0 0 HMSP 2015 -0,012003456 0,34464601 0 0 DVLA 2011 -0,02694477 0,095890724 0,1 0 DVLA 2012 -0,001854919 0,069721388 0,272727 0 DVLA 2013 -0,002007454 0,054513009 0,333333 0 DVLA 2014 -0,000530806 0,0171624 0,571429 0 DVLA 2015 -0,016946917 -0,06228662 0,571429 0 DLTA 2011 -0,065930593 -0,035206796 0 0 DLTA 2012 -0,031781093 -0,07290024 0 0 DLTA 2013 -0,037398295 -0,121239965 0 0 DLTA 2014 -0,004265249 0,168160703 0 0 DLTA 2015 -0,029740487 0,015412768 0 0
Lampiran V
Hasil Regresi dengan menggunakan Common Effect
STATISTIK DESKRIPTIF
EFFIN DACC GENDER EDU
Mean 0.002523 0.038345 0.172824 0.127273 Median -0.002007 0.035276 0.111111 0.000000 Maximum 0.069065 0.344646 0.666667 1.000000 Minimum -0.065931 -0.161563 0.000000 0.000000 Std. Dev. 0.029292 0.081798 0.199791 0.336350 Skewness 0.476309 0.994614 1.048.943 2.236.733 Kurtosis 3.153.144 6.303.624 3.062.611 6.002.976
Jarque-Bera 2.133.389 3.407.928 1.009.490 6.652.656 Probability 0.344144 0.000000 0.006426 0.000000
Sum 2.08E-16 2.108.966 9.505.303 7.000.000 Sum Sq.
Dev. 0.046332 0.361312 2.155.494 6.109.091
Observations 55 55 55 55
UJI NORMALITAS
0 2 4 6 8 10 12 14
-0.06 -0.04 -0.02 0.00 0.02 0.04 0.06
Series: Standardized Residuals Sample 2011 2015
Observations 55 Mean 1.89e-18 Median -0.003170 Maximum 0.069400 Minimum -0.063637 Std. Dev. 0.026518 Skewness 0.595923 Kurtosis 3.778307 Jarque-Bera 4.643506 Probability 0.098101
UJI MULTIKOLINIERITAS
89
DACC GENDER EDU
DACC 1,000000000 -0,012558692 0,074213008
GENDER -0,012558692 1,000000000 -0,112920826
EDU 0,074213008 -0,112920826 1,000000000
UJI HETEROSKEDASTISITAS
Dependent Variable: RESID2 Method: Panel Least Squares Date: 08/21/16 Time: 21:44 Sample: 2011 2015
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55
Variable Coefficient Std. Error t-Statistic Prob.
DACC -0.002513 0.001931 -1.301660 0.1989 GENDER -0.000783 0.000793 -0.987533 0.3280 EDU -0.000404 0.000473 -0.855313 0.3964 C 0.000974 0.000231 4.207825 0.0001
R-squared 0.062112 Mean dependent var 0.000690 Adjusted R-squared 0.006942 S.D. dependent var 0.001161 S.E. of regression 0.001157 Akaike info criterion -10.61545 Sum squared resid 6.83E-05 Schwarz criterion -10.46946 Log likelihood 295.9249 Hannan-Quinn criter. -10.55900 F-statistic 1.125823 Durbin-Watson stat 2.391242 Prob(F-statistic) 0.347369
UJI AUTOKORELASI
Dependent Variable: EFFIN Method: Panel Least Squares Date: 08/21/16 Time: 21:39 Sample: 2011 2015
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55
Variable Coefficient Std. Error t-Statistic Prob.
DACC -0.012482 0.045520 -0.274200 0.7850 GENDER -0.008107 0.018705 -0.433411 0.6665 EDU 0.036240 0.011141 3.252972 0.0020 C -0.002733 0.005455 -0.500938 0.6186
R-squared 0.180442 Mean dependent var 4.64E-18 Adjusted R-squared 0.132232 S.D. dependent var 0.029292 S.E. of regression 0.027286 Akaike info criterion -4.294918 Sum squared resid 0.037972 Schwarz criterion -4.148930 Log likelihood 122.1102 Hannan-Quinn criter. -4.238463 F-statistic 3.742879 Durbin-Watson stat 1.878572 Prob(F-statistic) 0.016590
PERSAMAAN REGRESI
Estimation Command:
=========================
LS(?) EFFIN DACC GENDER EDU C
Estimation Equation:
=========================
EFFIN = C(1)*DACC + C(2)*GENDER + C(3)*EDU + C(4)
Substituted Coefficients:
=========================
EFFIN = -0.0124816984655*DACC - 0.00810702036465*GENDER + 0.0362403246842*EDU - 0.002732711099
91
FAJAR GUSMAWAN
Jakarta, August 18th 1994 Indonesian
Jl. Tegal Parang Utara VI no. 34A rt006/04, Mampang Prapatan Jakarta Selatan 12790 I N D O N E S I A
Mobile phone : +62-857.8092.59.24 E M A I L : [email protected]
FORMAL EDUCATION
1. 2012 – Now. Indonesia Banking School, JAKARTA 2. 2009 - 2012 SMAN 28, JAKARTA
3. 2006 - 2009 SMPN 43, JAKARTA
4. 2000 - 2006 SDN 01 Mampang Prapatan, JAKARTA
INFORMAL EDUCATION
1. 2012 - 2014 GMU (George Mason University) 2. 2011 – 2012 Nurul Fikri
3. 2008 - 2010 ADEKKU Informal Education
LANGUANGE & SKILL
Language Indonesia, English
Skill Word, Excel, Power Point, Zahir Accounting
WORKING EXPERIENCES
1. Internship in Bank of Indonesia, 2015 2. Internship in KAP Djoko Sidik & Indra 2016
ORGANIZATIONAL EXPERIENCES
1. Operational Division HMPS-Akuntansi at Indonesia Banking School period 2013/2014
2. Chairman of Fun Accounting Competition 2014 3. Committee of Pekan Orientasi Mahasiswa 2014 4. Committee of Accounting Goes to IBS 2014 5. Committee of National Banking Forum 2014 6. Committee of SHISHA.Com 2014
7. Committee of SHISHA.Com 2013 8. Committee of Rhtyhm Night 2013
9. Committee of Business and Marketing Competition 2013