THE INDONESIAN JOURNAL OF ACCOUNTING RESEARCH Vol. nn, No. n, September nnnn
Page nn - mm
Supplementary Files
1. List of Company Samples (Coal Subsector Companies Listed on the IDX 2016-2020)
No Company Code Company Name
1 ADRO PT Adaro Energy Tbk.
2 ARII PT Atlas Resource Tbk.
3 BSSR PT Baramulti Suksessarana Tbk.
4 BUMI PT Bumi Resource Tbk.
5 BYAN PT Bayan Resource Tbk.
6 DEWA PT Darma Henwa Tbk.
7 DOID PT Delta Dunia Makmur Tbk.
8 DSSA PT Dian Swastatika Sentosa Tbk.
9 GEMS PT Golden Energy Mines Tbk.
10 HRUM PT Harum Energy Tbk.
11 ITMG PT Indo Tambangraya Megah Tbk.
12 KKGI PT Resource Alam Indonesia Tbk.
13 MBAP PT Mitrabara Adiperdana Tbk.
14 MYOH PT Samindo Resource Tbk.
15 PTBA PT Bukit Asam Tbk.
16 PTRO PT Petrosea Tbk.
17 SMMT PT Golden Eagle Energy Tbk.
18 TOBA PT TBS Energi Utama Tbk.
2. Coal Subsector Companies that Accepted Going Concern Audit Opinions in 2016-2020
Company Code 2016 2017 2018 2019 2020
ADRO 0 0 0 0 0
ARII 1 1 1 1 1
BSSR 0 0 0 0 0
BUMI 1 1 1 1 1
BYAN 0 0 0 0 0
DEWA 1 1 1 1 1
DOID 0 0 0 0 0
DSSA 0 0 0 0 0
GEMS 0 0 0 0 0
HRUM 0 0 0 0 0
ITMG 0 0 0 0 0
KKGI 0 0 0 0 0
MBAP 0 0 0 0 0
MYOH 0 0 0 0 0
PTBA 0 0 0 0 0
PTRO 0 0 0 0 0
SMMT 0 0 0 0 0
TOBA 0 0 0 0 0
TOTAL 3 3 3 3 3
Note:
Accepted a Going Concern Audit Opinion: 1
Does Not Accept a Going Concern Audit Opinion: 0
3. Calculation of Company’s Growth Variable
N o
Compan y Code
Yea
r Net Sales t Net Sales t-1 Result
1 ADRO
2016 Rp34.111.337.837.83
8 Rp37.284.388.888.889 -0,08510
2017 Rp44.031.527.027.02
7 Rp34.111.337.837.838 0,29082
2018 Rp52.460.159.420.29
0 Rp44.031.527.027.027 0,19142
2019 Rp48.016.027.777.77
8 Rp52.460.159.420.290 -0,08471
2020 Rp35.702.000.000.00
0 Rp48.016.027.777.778 -0,25646
2 ARII
2016 Rp157.310.810.811 Rp393.638.888.889 -0,60037 2017 Rp388.256.756.757 Rp157.310.810.811 1,46809 2018 Rp553.057.971.014 Rp388.256.756.757 0,42446 2019 Rp872.263.888.889 Rp553.057.971.014 0,57717 2020 Rp593.802.816.901 Rp872.263.888.889 -0,31924
3 BSSR
2016 Rp3.259.553.916.260 Rp3.573.191.204.865 -0,08778 2017 Rp5.318.712.017.342 Rp3.259.553.916.260 0,63173 2018 Rp6.420.973.110.339 Rp5.318.712.017.342 0,20724 2019 Rp5.812.421.673.850 Rp6.420.973.110.339 -0,09478 2020 Rp4.675.091.184.767 Rp5.812.421.673.850 -0,19567
4 BUMI
2016 Rp315.843.635.135 Rp562.590.805.556 -0,43859 2017 Rp234.684.689.189 Rp315.843.635.135 -0,25696 2018 Rp16.113.339.304.34
8 Rp234.684.689.189 67,65953
2019 Rp15.452.314.138.88
9 Rp16.113.339.304.348 -0,04102
2020 Rp11.132.907.000.00
0 Rp15.452.314.138.889 -0,27953
5 BYAN
2016 Rp7.463.481.962.556 Rp6.414.777.400.285 0,16348 2017 Rp14.460.810.549.27
6 Rp7.463.481.962.556 0,93754
2018 Rp24.280.543.105.45
2 Rp14.460.810.549.276 0,67906
2019 Rp19.344.490.282.43
4 Rp24.280.543.105.452 -0,20329
2020 Rp19.678.072.645.14
0 Rp19.344.490.282.434 0,01724
6 DEWA 2016 Rp3.501.290.405.405 Rp3.335.055.180.556 0,04984 2017 Rp3.280.957.756.757 Rp3.501.290.405.405 -0,06293 2018 Rp4.001.407.231.884 Rp3.280.957.756.757 0,21959 2019 Rp4.786.770.263.889 Rp4.001.407.231.884 0,19627
2020 Rp4.270.354.098.592 Rp4.786.770.263.889 -0,10788
7 DOID
2016 Rp8.259.889.351.351 Rp7.855.767.888.889 0,05144 2017 Rp10.332.542.621.62
2 Rp8.259.889.351.351 0,25093
2018 Rp12.934.182.681.15
9 Rp10.332.542.621.622 0,25179
2019 Rp12.247.389.986.11
1 Rp12.934.182.681.159 -0,05310
2020 Rp8.474.534.774.648 Rp12.247.389.986.111 -0,30805
8 DSSA
2016 Rp10.172.212.914.28
6 Rp10.860.838.728.571 -0,06340
2017 Rp18.882.050.200.00
0 Rp10.172.212.914.286 0,85624
2018 Rp25.269.153.457.14
3 Rp18.882.050.200.000 0,33826
2019 Rp23.805.934.014.28
6 Rp25.269.153.457.143 -0,05791
2020 Rp21.533.173.257.14
3 Rp23.805.934.014.286 -0,09547
9 GEMS
2016 Rp5.490.569.085.714 Rp5.045.514.328.571 0,08821 2017 Rp10.290.628.495.93
5 Rp5.490.569.085.714 0,87424
2018 Rp15.123.856.960.92
6 Rp10.290.628.495.935 0,46967
2019 Rp15.402.838.678.72
0 Rp15.123.856.960.926 0,01845
2020 Rp14.970.520.126.93
9 Rp15.402.838.678.720 -0,02807
10 HRUM
2016 Rp3.101.737.042.857 Rp3.561.840.700.000 -0,12918 2017 Rp4.651.426.585.714 Rp3.101.737.042.857 0,49962 2018 Rp4.810.111.285.714 Rp4.651.426.585.714 0,03412 2019 Rp3.751.295.271.429 Rp4.810.111.285.714 -0,22012 2020 Rp2.254.557.814.286 Rp3.751.295.271.429 -0,39899
11 ITMG
2016 Rp18.373.703.128.00
0 Rp21.925.897.155.000 -0,16201
2017 Rp22.889.684.700.00
0 Rp18.373.703.128.000 0,24579
2018 Rp29.072.490.030.00
0 Rp22.889.684.700.000 0,27011
2019 Rp23.848.444.392.00
0 Rp29.072.490.030.000 -0,17969
2020 Rp16.719.164.280.00
0 Rp23.848.444.392.000 -0,29894
12 KKGI 2016 Rp1.244.665.680.064 Rp1.531.404.194.300 -0,18724 2017 Rp1.134.838.004.808 Rp1.244.665.680.064 -0,08824
2018 Rp824.584.487.310 Rp1.134.838.004.808 -0,27339 2019 Rp1.596.553.996.037 Rp824.584.487.310 0,93619 2020 Rp1.018.685.611.580 Rp1.596.553.996.037 -0,36195
13 MBAP
2016 Rp2.515.535.215.054 Rp3.022.256.662.069 -0,16766 2017 Rp3.503.324.442.156 Rp2.515.535.215.054 0,39268 2018 Rp3.738.096.797.949 Rp3.503.324.442.156 0,06701 2019 Rp3.626.073.111.503 Rp3.738.096.797.949 -0,02997 2020 Rp2.838.028.783.135 Rp3.626.073.111.503 -0,21733
14 MYOH
2016 Rp2.554.270.329.380 Rp3.122.254.547.530 -0,18191 2017 Rp2.547.973.484.484 Rp2.554.270.329.380 -0,00247 2018 Rp3.491.580.841.182 Rp2.547.973.484.484 0,37034 2019 Rp3.537.173.269.491 Rp3.491.580.841.182 0,01306 2020 Rp2.446.819.851.840 Rp3.537.173.269.491 -0,30826
15 PTBA
2016 Rp14.058.869.000.00
0 Rp13.845.199.000.000 0,01543
2017 Rp19.471.030.000.00
0 Rp14.058.869.000.000 0,38496
2018 Rp21.166.993.000.00
0 Rp19.471.030.000.000 0,08710
2019 Rp21.787.564.000.00
0 Rp21.166.993.000.000 0,02932
2020 Rp17.325.192.000.00
0 Rp21.787.564.000.000 -0,20481
16 PTRO
2016 Rp2.814.112.903.226 Rp2.852.882.758.621 -0,01359 2017 Rp4.247.642.276.423 Rp2.814.112.903.226 0,50941 2018 Rp6.740.115.774.240 Rp4.247.642.276.423 0,58679 2019 Rp6.626.439.499.305 Rp6.740.115.774.240 -0,01687 2020 Rp4.805.190.409.027 Rp6.626.439.499.305 -0,27485
17 SMMT
2016 Rp56.064.913.975 Rp28.770.043.945 0,94873 2017 Rp57.637.418.578 Rp56.064.913.975 0,02805 2018 Rp190.410.914.134 Rp57.637.418.578 2,30360 2019 Rp250.264.866.368 Rp190.410.914.134 0,31434 2020 Rp209.445.719.950 Rp250.264.866.368 -0,16310
18 TOBA
2016 Rp3.471.392.486.559 Rp4.809.133.558.621 -0,27817 2017 Rp4.210.155.501.355 Rp3.471.392.486.559 0,21281 2018 Rp6.345.069.739.508 Rp4.210.155.501.355 0,50709 2019 Rp7.309.102.906.815 Rp6.345.069.739.508 0,15193 2020 Rp4.681.698.222.849 Rp7.309.102.906.815 -0,35947
4. Calculation of Cash Flow Variable
N o
Compan
y Code Year Operating Cash Flow Total Debt Result
1 ADRO
2016 Rp9.128.689.189.189 Rp36.978.040.540.54
1 0,24687
2017 Rp11.536.216.216.216 Rp36.790.810.810.81
1 0,31356
2018 Rp13.129.130.434.783 Rp39.971.927.536.23
2 0,32846
2019 Rp12.740.041.666.667 Rp44.912.638.888.88
9 0,28366
2020 Rp10.372.267.605.634 Rp34.223.267.605.63
4 0,30308
2 ARII
2016 -Rp36.229.729.730 Rp3.700.648.648.649 -0,00979 2017 -Rp8.500.000.000 Rp3.882.297.297.297 -0,00219 2018 Rp205.333.333.333 Rp4.928.681.159.420 0,04166 2019 Rp245.388.888.889 Rp4.415.194.444.444 0,05558 2020 Rp224.295.774.648 Rp4.684.338.028.169 0,04788
3 BSSR
2016 Rp215.223.477.684 Rp760.968.403.644 0,28283 2017 Rp1.347.104.660.615 Rp816.241.417.152 1,65038 2018 Rp1.220.796.886.765 Rp1.373.021.503.041 0,88913 2019 Rp494.012.957.042 Rp1.117.234.227.721 0,44217 2020 Rp530.070.324.401 Rp1.029.163.935.120 0,51505
4 BUMI
2016 -Rp716.986.135.135 Rp79.553.628.472.97
3 -0,00901
2017 -Rp1.725.777.202.703 Rp46.083.075.972.97
3 -0,03745
2018 -Rp1.591.592.681.159 Rp49.321.189.826.08
7 -0,03227
2019 -Rp809.863.402.778 Rp44.345.418.041.66
7 -0,01826
2020 -Rp247.007.126.761 Rp46.421.299.971.83
1 -0,00532
5 BYAN
2016 Rp1.336.442.118.796 Rp8.552.493.490.532 0,15626 2017 Rp5.851.958.995.104 Rp5.056.239.880.908 1,15737 2018 Rp8.281.816.212.897 Rp6.846.523.498.917 1,20964 2019 Rp687.775.189.670 Rp9.160.202.403.960 0,07508 2020 Rp5.091.552.389.105 Rp10.694.005.453.04
0 0,47611
6 DEWA
2016 Rp613.754.324.324 Rp2.110.946.405.405 0,29075 2017 -Rp2.261.135.135 Rp2.354.697.513.514 -0,00096 2018 Rp261.872.840.580 Rp2.670.931.826.087 0,09805 2019 -Rp226.486.902.778 Rp4.378.549.486.111 -0,05173 2020 Rp725.800.563.380 Rp3.961.116.704.225 0,18323
7 DOID
2016 Rp2.566.205.905.405 Rp10.213.607.013.51
4 0,25125
2017 Rp2.251.268.770.270 Rp10.383.965.351.35
1 0,21680
2018 Rp2.519.809.086.957 Rp13.370.778.289.85
5 0,18846
2019 Rp1.884.357.847.222 Rp12.518.614.055.55
6 0,15052
2020 Rp2.871.603.154.930 Rp10.010.117.380.28
2 0,28687
8 DSSA
2016 Rp350.731.728.571 Rp13.550.950.542.85
7 0,02588
2017 Rp3.214.564.500.000 Rp18.335.202.685.71
4 0,17532
2018 Rp1.949.167.514.286 Rp26.764.243.385.71
4 0,07283
2019 Rp3.107.143.757.143 Rp29.726.634.028.57
1 0,10452
2020 Rp4.679.603.242.857 Rp18.733.147.142.85
7 0,24980
9 GEMS
2016 Rp714.626.628.571 Rp1.610.733.057.143 0,44367 2017 Rp2.137.082.046.070 Rp4.041.345.162.602 0,52880 2018 Rp1.153.251.895.803 Rp5.575.017.568.741 0,20686 2019 Rp1.466.109.123.783 Rp5.874.536.258.693 0,24957 2020 Rp2.044.993.272.214 Rp6.548.423.427.362 0,31229
10 HRUM
2016 Rp641.652.057.143 Rp827.650.457.143 0,77527 2017 Rp780.002.600.000 Rp908.319.271.429 0,85873 2018 Rp355.775.185.714 Rp1.135.748.628.571 0,31325 2019 Rp337.168.942.857 Rp677.406.300.000 0,49774 2020 Rp682.066.400.000 Rp627.222.828.571 1,08744
11 ITMG
2016 Rp1.951.229.664.000 Rp4.062.535.832.000 0,48030 2017 Rp4.321.500.396.000 Rp5.426.299.152.000 0,79640 2018 Rp5.139.234.495.000 Rp6.848.716.545.000 0,75039 2019 Rp1.243.527.856.000 Rp4.511.930.976.000 0,27561 2020 Rp2.436.540.015.000 Rp4.405.541.595.000 0,55306
12 KKGI
2016 Rp183.475.687.644 Rp192.121.955.184 0,95500 2017 Rp282.951.930.912 Rp222.643.754.052 1,27087 2018 Rp74.263.506.021 Rp442.517.406.804 0,16782 2019 Rp197.204.534.756 Rp458.336.307.163 0,43026 2020 Rp59.642.428.300 Rp344.694.139.335 0,17303
13 MBAP
2016 Rp484.882.311.828 Rp332.599.139.785 1,45786 2017 Rp951.681.292.200 Rp521.254.165.308 1,82575 2018 Rp567.982.644.372 Rp714.318.883.848 0,79514 2019 Rp720.915.590.700 Rp651.774.782.999 1,10608 2020 Rp629.310.838.065 Rp617.135.021.230 1,01973 14 MYOH 2016 Rp329.039.739.632 Rp534.390.041.436 0,61573
2017 Rp419.670.963.252 Rp454.218.810.336 0,92394 2018 Rp790.118.157.843 Rp540.696.834.603 1,46130 2019 Rp240.868.465.420 Rp526.608.705.493 0,45740 2020 Rp653.901.847.690 Rp311.172.337.385 2,10141
15 PTBA
2016 Rp1.928.346.000.000 Rp8.024.369.000.000 0,24031 2017 Rp2.415.444.000.000 Rp8.187.497.000.000 0,29502 2018 Rp7.867.786.000.000 Rp7.903.237.000.000 0,99551 2019 Rp4.296.479.000.000 Rp7.675.226.000.000 0,55979 2020 Rp3.513.628.000.000 Rp7.117.559.000.000 0,49366
16 PTRO
2016 Rp722.809.139.785 Rp3.124.193.548.387 0,23136 2017 Rp781.300.813.008 Rp3.595.840.108.401 0,21728 2018 Rp1.092.575.976.845 Rp5.274.370.477.569 0,20715 2019 Rp1.279.554.937.413 Rp4.707.663.421.419 0,27180 2020 Rp1.515.698.166.432 Rp4.206.600.846.262 0,36031
17 SMMT
2016 -Rp27.256.984.967 Rp255.549.688.996 -0,10666 2017 -Rp9.463.298.519 Rp306.303.664.687 -0,03090 2018 Rp53.183.856.754 Rp342.430.970.325 0,15531 2019 Rp49.139.143.652 Rp287.067.420.462 0,17118 2020 Rp8.676.404.078 Rp317.228.386.339 0,02735
18 TOBA
2016 Rp416.644.623.656 Rp1.530.158.938.172 0,27229 2017 Rp266.767.303.523 Rp2.351.471.612.466 0,11345 2018 Rp553.184.732.272 Rp4.142.681.939.219 0,13353 2019 -Rp1.767.725.716.273 Rp5.152.998.178.025 -0,34305 2020 -Rp1.578.566.191.819 Rp6.783.605.458.392 -0,23270
5. Calculation of Debt Default Variable
N o
Company
Code Year Total Debt Total Equity Result
1 ADRO
2016 Rp36.978.040.540.54
1 Rp51.160.567.567.568 0,72278
2017 Rp36.790.810.810.81
1 Rp55.292.256.756.757 0,66539
2018 Rp39.971.927.536.23
2 Rp62.357.855.072.464 0,64101
2019 Rp44.912.638.888.88
9 Rp55.324.930.555.556 0,81180
2020 Rp34.223.267.605.63
4 Rp55.657.943.661.972 0,61489
2 ARII
2016 Rp3.700.648.648.649 Rp760.364.864.865 4,86694 2017 Rp3.882.297.297.297 Rp537.364.864.865 7,22470 2018 Rp4.928.681.159.420 Rp144.724.637.681 34,05558 2019 Rp4.415.194.444.444 Rp639.694.444.444 6,90204 2020 Rp4.684.338.028.169 Rp397.380.281.690 11,78805
3 BSSR
2016 Rp760.968.403.644 Rp1.711.012.539.116 0,44475 2017 Rp816.241.417.152 Rp2.030.763.785.395 0,40194 2018 Rp1.373.021.503.041 Rp2.176.069.171.735 0,63096 2019 Rp1.117.234.227.721 Rp2.367.825.079.939 0,47184 2020 Rp1.029.163.935.120 Rp2.685.134.626.234 0,38328
4 BUMI
2016 Rp79.553.628.472.97
3 -Rp37.632.091.986.487 -2,11398
2017 Rp46.083.075.972.97
3 Rp3.869.608.135.135 11,90898
2018 Rp49.321.189.826.08
7 Rp5.981.955.173.913 8,24499
2019 Rp44.345.418.041.66
7 Rp5.820.538.125.000 7,61878
2020 Rp46.421.299.971.83
1 Rp1.868.141.253.521 24,84892
5 BYAN
2016 Rp8.552.493.490.532 Rp2.527.996.486.664 3,38311 2017 Rp5.056.239.880.908 Rp6.985.400.539.812 0,72383 2018 Rp6.846.523.498.917 Rp9.819.136.506.654 0,69726 2019 Rp9.160.202.403.960 Rp8.605.833.345.863 1,06442 2020 Rp10.694.005.453.04
0 Rp12.152.215.982.270 0,88000
6 DEWA
2016 Rp2.110.946.405.405 Rp3.042.292.851.351 0,69387 2017 Rp2.354.697.513.514 Rp3.075.034.243.243 0,76575 2018 Rp2.670.931.826.087 Rp3.344.987.478.261 0,79849 2019 Rp4.378.549.486.111 Rp3.253.653.250.000 1,34573 2020 Rp3.961.116.704.225 Rp3.794.370.112.676 1,04395
7 DOID
2016 Rp10.213.607.013.51
4 Rp1.709.037.635.135 5,97623
2017 Rp10.383.965.351.35
1 Rp2.394.161.837.838 4,33720
2018 Rp13.370.778.289.85
5 Rp3.790.014.623.188 3,52790
2019 Rp12.518.614.055.55
6 Rp3.896.819.152.778 3,21252
2020 Rp10.010.117.380.28
2 Rp3.714.527.028.169 2,69486
8 DSSA
2016 Rp13.550.950.542.85
7 Rp18.352.317.957.143 0,73838
2017 Rp18.335.202.685.71
4 Rp20.768.348.814.286 0,88284
2018 Rp26.764.243.385.71
4 Rp21.618.483.514.286 1,23803
2019 Rp29.726.634.028.57
1 Rp23.401.552.600.000 1,27028
2020 Rp18.733.147.142.85
7 Rp22.698.718.885.714 0,82530
9 GEMS
2016 Rp1.610.733.057.143 Rp3.784.552.657.143 0,42561 2017 Rp4.041.345.162.602 Rp3.959.595.000.000 1,02065 2018 Rp5.575.017.568.741 Rp4.570.375.050.651 1,21982 2019 Rp5.874.536.258.693 Rp4.982.851.321.280 1,17895 2020 Rp6.548.423.427.362 Rp4.928.554.922.426 1,32867
10 HRUM
2016 Rp827.650.457.143 Rp5.077.576.014.286 0,16300 2017 Rp908.319.271.429 Rp5.655.153.171.429 0,16062 2018 Rp1.135.748.628.571 Rp5.549.811.300.000 0,20465 2019 Rp677.406.300.000 Rp5.708.335.900.000 0,11867 2020 Rp627.222.828.571 Rp6.497.094.542.857 0,09654
11 ITMG
2016 Rp4.062.535.832.000 Rp12.192.229.480.000 0,33321 2017 Rp5.426.299.152.000 Rp12.980.867.172.000 0,41802 2018 Rp6.848.716.545.000 Rp14.043.427.623.000 0,48768 2019 Rp4.511.930.976.000 Rp12.294.947.965.000 0,36697 2020 Rp4.405.541.595.000 Rp11.936.920.450.000 0,36907
12 KKGI
2016 Rp192.121.955.184 Rp1.134.128.809.816 0,16940 2017 Rp222.643.754.052 Rp1.200.622.391.652 0,18544 2018 Rp442.517.406.804 Rp1.255.600.258.497 0,35243 2019 Rp458.336.307.163 Rp1.298.118.111.674 0,35308 2020 Rp344.694.139.335 Rp1.188.354.092.380 0,29006
13 MBAP
2016 Rp332.599.139.785 Rp1.231.591.169.355 0,27006 2017 Rp521.254.165.308 Rp1.656.979.211.868 0,31458 2018 Rp714.318.883.848 Rp1.798.268.739.174 0,39723 2019 Rp651.774.782.999 Rp2.024.547.061.390 0,32194 2020 Rp617.135.021.230 Rp1.949.595.582.480 0,31655 14 MYOH 2016 Rp534.390.041.436 Rp1.444.118.222.796 0,37005
2017 Rp454.218.810.336 Rp1.389.230.114.964 0,32696 2018 Rp540.696.834.603 Rp1.650.656.390.535 0,32756 2019 Rp526.608.705.493 Rp1.700.077.773.455 0,30976 2020 Rp311.172.337.385 Rp1.820.218.118.810 0,17095
15 PTBA
2016 Rp8.024.369.000.000 Rp10.552.405.000.000 0,76043 2017 Rp8.187.497.000.000 Rp13.799.985.000.000 0,59330 2018 Rp7.903.237.000.000 Rp16.269.696.000.000 0,48576 2019 Rp7.675.226.000.000 Rp18.422.826.000.000 0,41662 2020 Rp7.117.559.000.000 Rp16.939.196.000.000 0,42018
16 PTRO
2016 Rp3.124.193.548.387 Rp2.381.263.440.860 1,31199 2017 Rp3.595.840.108.401 Rp2.558.644.986.450 1,40537 2018 Rp5.274.370.477.569 Rp2.766.020.260.492 1,90684 2019 Rp4.707.663.421.419 Rp2.956.369.958.275 1,59238 2020 Rp4.206.600.846.262 Rp3.264.315.937.941 1,28866
17 SMMT
2016 Rp255.549.688.996 Rp381.192.651.563 0,67040 2017 Rp306.303.664.687 Rp469.954.225.745 0,65177 2018 Rp342.430.970.325 Rp558.135.230.700 0,61353 2019 Rp287.067.420.462 Rp584.445.919.301 0,49118 2020 Rp317.228.386.339 Rp564.557.831.801 0,56191
18 TOBA
2016 Rp1.530.158.938.172 Rp1.985.810.940.860 0,77055 2017 Rp2.351.471.612.466 Rp2.368.555.867.209 0,99279 2018 Rp4.142.681.939.219 Rp3.120.461.244.573 1,32759 2019 Rp5.152.998.178.025 Rp3.673.711.919.332 1,40267 2020 Rp6.783.605.458.392 Rp4.103.161.636.107 1,65326
6. Nominal-Scale Descriptive Statistical Analysis
OAGCFrequency Percent Valid Percent
Cumulative Percent Valid The companies did not
accept a GCAO
75 83,3 83,3 83,3
The companies accept a GCAO
15 16,7 16,7 100,0
Total 90 100,0 100,0
7. Ratio-Scaled Descriptive Statistical Analysis
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Company’s Growth 90 -,60 67,66 ,8620 7,13342
Cash Flow 90 -,34 2,10 ,4169 ,46527
Debt Default 90 -2,11 34,06 2,0991 4,80962
Valid N (listwise) 90
8. Assessing the Feasibility of the Regression Model
Hosmer and Lemeshow Test
Step Chi-square df Sig.
1 1,890 8 ,984
9. Assessing the Overall Model
Iteration Historya,b,cIteration -2 Log likelihood
Coefficients Constant
Step 0 1 82,113 -1,333
2 81,107 -1,587
3 81,101 -1,609
4 81,101 -1,609 a. Constant is included in the model.
b. Initial -2 Log Likelihood: 81,101
c. Estimation terminated at iteration number 4 because parameter estimates changed by less than ,001.
Iteration Historya,b,c,d
Iteration -2 Log likelihood
Coefficients
Constant
Pertumbuhan
Perusahaan Arus Kas Debt Default
Step 1 1 58,867 -1,371 ,031 -,709 ,146
2 48,326 -1,668 ,036 -1,791 ,266
3 44,254 -1,653 ,037 -3,430 ,344
4 43,184 -1,574 ,039 -4,952 ,367
5 43,110 -1,567 ,039 -5,460 ,374
6 43,110 -1,567 ,039 -5,498 ,374
7 43,110 -1,567 ,039 -5,498 ,374
a. Method: Enter
b. Constant is included in the model.
c. Initial -2 Log Likelihood: 81,101
d. Estimation terminated at iteration number 7 because parameter estimates changed by less than ,001.
Block 0 81.101
Block 1 43.110
10. Coefficient of Determination
Model SummaryStep -2 Log likelihood
Cox & Snell R Square
Nagelkerke R Square
1 43,110a ,344 ,580
a. Estimation terminated at iteration number 7 because parameter estimates changed by less than ,001.
11. Simultaneous Hypothesis Testing (F-test)
Omnibus Tests of Model Coefficients
Chi-square df Sig.
Step 1 Step 37,991 3 ,000
Block 37,991 3 ,000
Model 37,991 3 ,000
12. Partial Hypothesis Testing (t-test)
Variables in the Equation
B S.E. Wald df Sig. Exp(B)
Step 1a Company’s Growth ,039 ,132 ,089 1 ,765 1,040
Cash Flow -5,498 2,272 5,856 1 ,016 ,004
Debt Default ,374 ,160 5,462 1 ,019 1,454
Constant -1,567 ,609 6,620 1 ,010 ,209
