Chapter V CONCLUSIONS AND RECOMMENDATIONS
C. Recommendation
Based on the limitations of the study, the authors put forward some suggestions as follows:
1. For future researcher, the researcher recommend to increase the independent variables to explain the good corporate governance indicator, for instance audit committee size, family ownership, company size and other financial ratio, like return on equity, return on investment and earning per-share.
2. For further research, we recommend adding the research periods. More research period will be better, more support variables revealed like type of industry, company profile, audit committee and etc.
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84 APPENDIX I
Sample Research
No CODE COMPANIES NAME
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
BRNA NIPS KICI TRST UNIC AMFG ASII AUTO SMSM TCID KAEF KBLM TPIA PRAS KDSI HMSP IKBI KLBF RMBA SIPD SMGR UNIT DLTA
BerlinaTbk NipressTbk
Kedaung Indah Can Tbk TriasSentosaTbk
Unggul Indah CahayaTbk Asahimas Flat Glass Tbk Astra International Tbk Astra OtopartsTbk SelamatSempurnaTbk Mandom Indonesia Tbk Kimia FarmaTbk KabelindoMurniTbk
Chandra Asri Petrochemical Tbk Prima Alloy Steel Universal Tbk KedawungSetia Industrial Tbk HM sampoernaTbk
Sumi Indo KabelTbk Kalbe FarmaTbk
Bentoel International InvestamaTbk Sierad Produce Tbk
Semen Indonesia Tbk Nusantara Inti Corpora Tbk Delta Djakarta Tbk
85
No Code Year BOC BOD INBOC IO MO ROA
1 BRNA 2012 0.6 0 -1.22 51.42 15.88 .06
2 NIPS 2012 0.5 1 0.98 37.11 24.42 9.63
3 KICI 2012 0.6 0 0.94 82.55 5.00 8.62
4 TRST 2012 0.5 1 0.45 60.36 3.81 2.80
5 UNIC 2012 0.8 1 -0.18 75.84 13.34 .66
6 AMFG 2012 1.0 1 1.16 84.00 6.04 14.40
7 ASII 2012 1.0 1 1.08 50.11 .04 12.00
8 AUTO 2012 1.0 1 1.11 95.00 .07 13.00
9 SMSM 2012 0.5 1 0.95 58.00 6.04 9.00
10 TCID 2012 0.7 1 1.08 78.00 .14 11.90
11 KAEF 2012 0.7 1 0.99 90.00 .15 9.88
12 KBLM 2012 0.5 0 0.52 74.72 .01 3.30
13 TPIA 2012 0.5 1 1.04 59.60 .10 10.91
14 PRAS 2012 0.5 0 0.86 45.24 5.91 7.18
15 KDSI 2012 0.6 0 0.81 74.81 6.89 6.48
16 HMSP 2012 0.8 1 1.60 98.00 3.81 39.50
17 IKBI 2012 0.7 1 -0.92 93.00 .10 .12
18 KLBF 2012 0.8 1 1.27 55.00 .10 18.41
19 RMBA 2012 0.7 1 1.38 85.00 .10 24.08
20 SIPD 2012 0.5 1 -0.34 41.00 .10 .46
21 SMGR 2012 0.8 1 1.26 63.00 .10 18.25
22 UNIT 2012 0.8 1 -0.18 54.00 .04 .66
23 DLTA 2012 0.8 1 1.45 81.67 2.41 27.92
24 BRNA 2013 0.5 0 -2.00 51.42 14.37 .01
25 NIPS 2013 0.5 0 0.98 37.11 6.95 9.58
26 KICI 2013 0.5 0 0.72 75.02 .23 5.23
27 TRST 2013 0.5 1 0.00 59.73 1.50 1.00
28 UNIC 2013 0.8 1 0.58 79.01 .04 3.83
29 AMFG 2013 0.8 1 1.21 87.40 .04 16.10
30 ASII 2013 1.0 1 1.00 50.11 .04 10.00
31 AUTO 2013 1.0 1 0.90 80.00 .06 8.00
32 SMSM 2013 0.5 1 1.30 58.13 8.32 20.00
33 TCID 2013 0.7 1 1.01 72.10 .01 10.20
34 KAEF 2013 0.7 1 0.94 90.00 .15 8.68
35 KBLM 2013 0.5 0 0.08 82.53 .01 1.20
36 TPIA 2013 0.4 1 0.94 95.33 .05 .60
37 PRAS 2013 0.5 0 1.04 54.07 4.96 10.95
38 KDSI 2013 0.6 0 0.64 75.70 2.47 4.41
39 HMSP 2013 0.8 1 1.56 92.50 .01 35.90
40 IKBI 2013 0.7 1 -1.10 93.06 .01 .08
41 KLBF 2013 0.8 1 1.21 56.71 .01 16.06
42 RMBA 2013 0.7 1 1.29 84.00 .01 19.29
43 SIPD 2013 0.5 1 -0.57 41.24 .01 .27
44 SMGR 2013 0.8 1 1.24 89.40 .01 17.40
86
No Code Year BOC BOD INBOC IO MO ROA
45 UNIT 2013 0.8 1 0.58 79.40 .04 3.83
46 DLTA 2013 0.8 1 1.48 82.21 2.52 30.30
47 BRNA 2014 0.8 1 -1.40 51.00 11.70 .04
48 NIPS 2014 0.5 0 0.93 62.90 3.37 8.57
49 KICI 2014 0.5 0 -0.40 75.02 .23 .40
50 TRST 2014 0.5 1 -0.05 59.71 1.19 .90
51 UNIC 2014 0.8 1 0.04 79.01 .04 1.09
52 AMFG 2014 0.8 1 1.15 84.73 .04 14.20
53 ASII 2014 1.0 1 0.95 50.11 .04 9.00
54 AUTO 2014 1.0 1 0.85 80.00 .02 7.00
55 SMSM 2014 0.5 1 1.38 58.13 8.31 24.00
56 TCID 2014 0.7 1 0.97 72.10 .01 9.40
57 KAEF 2014 0.7 1 0.90 90.02 .15 7.90
58 KBLM 2014 0.5 0 0.51 82.50 .01 3.20
59 TPIA 2014 0.8 1 0.00 95.73 .05 1.00
60 PRAS 2014 0.5 0 0.94 54.07 4.96 8.65
61 KDSI 2014 0.6 0 0.68 75.70 2.47 4.76
62 HMSP 2014 0.8 1 1.44 92.50 .01 27.30
63 IKBI 2014 0.7 1 -1.70 93.00 .01 .02
64 KLBF 2014 0.8 1 1.22 56.70 .01 16.62
65 RMBA 2014 0.8 1 1.17 85.00 .01 14.81
66 SIPD 2014 0.8 1 -1.15 41.23 .01 .07
67 SMGR 2014 0.8 1 1.21 89.60 .01 16.20
68 UNIT 2014 0.8 1 0.04 79.10 .04 1.10
69 DLTA 2014 0.8 1 1.45 84.59 3.54 28.33
70 BRNA 2015 0.5 0 -2.00 53.02 10.18 .01
71 NIPS 2015 0.5 1 0.47 80.11 .03 2.94
72 KICI 2015 0.5 0 0.73 62.90 3.37 5.41
73 TRST 2015 0.6 0 1.52 75.02 .23 33.40
74 UNIC 2015 0.8 0 -0.10 56.69 2.81 .80
75 AMFG 2015 0.5 1 1.23 59.00 .10 16.80
76 ASII 2015 1.0 1 1.00 84.82 .04 10.00
77 AUTO 2015 1.0 1 0.78 50.11 .04 6.00
78 SMSM 2015 0.5 1 0.60 88.68 .03 4.00
79 TCID 2015 0.8 1 1.32 58.13 8.31 21.00
80 KAEF 2015 0.7 1 0.89 90.03 .14 7.69
81 KBLM 2015 0.7 1 1.35 85.10 .10 24.15
82 TPIA 2015 0.8 0 0.26 82.52 .01 1.80
83 PRAS 2015 0.5 1 0.15 95.78 .06 1.40
84 KDSI 2015 0.6 1 -2.00 94.17 .01 .01
85 HMSP 2015 0.8 0 -0.01 75.68 4.81 .97
86 IKBI 2015 0.7 1 1.39 92.50 .01 24.40
87 KLBF 2015 0.8 1 1.19 64.03 .01 15.50
88 RMBA 2015 0.7 1 0.76 81.78 .01 5.80
87
No Code Year BOC BOD INBOC IO MO ROA
89 SIPD 2015 0.7 1 0.86 91.00 .16 8.88
90 SMGR 2015 0.8 1 -2.00 80.65 .01 .01
91 UNIT 2015 0.8 1 1.08 85.60 .01 11.90
92 DLTA 2015 0.8 1 0.70 13.97 .01 5.00
APPENDIX II