CONCLUSION AND SUGGESTION EARNINGS MANAGEMENT AND THE VALUE RELEVANCE OF EARNINGS.
CHAPTER V
CONCLUSION AND SUGGESTION
5.1
Conclusion
earnings
This research
reseaarc
rchh explores the effect of earni
ing
ngs management towards the
relevance
value rele
evance of earnings.
s This research is using sample
le of 301 firms listed
in BEI
BEI during period
peri
pe
riod
od 2010-2013.
2010
0-20
2013
13. It concluded
con
oncl
clud
uded
ed tthat
h t earningss management
ha
positively
positive
ely affects
aff
f ects thee value
val
alue relevance off ea
earnings. As the
the research
researc
rch result
shows,
negatively
affects
sh
show
ows,
s, the
the hhypothesis
ypothesis of earnings management negat
ativ
i ely af
affe
fect
ctss the va
vvalue
lue
relevance
re
rele
levancce of earnings is unsupported.
The
main
This research has implication to financial accounting fi
field. T
he m
ain
n
objective
report
(financial
obbjective of financial accounting is to prepare financial repo
ort (fi
fina
nan
nciaal
statement)
sttatement) that provides useful information about firms’ performance
perfo
formance
ce to
o
external
number
ex
xternal parties (investors, creditors, tax authorities) (SFAC num
umber 1).
).
Valuation of earnings quality,
qual
alit
ity,
y, ass pa
part of financial statement, can hhelp
elp
p
financial accountants to maintain the objective. It is to keep the usefu
usefulness
fuln
lnes
esss of
accounting
external
acco
ac
coun
unti
ting
ng iinformation
nfor
nf
orma
mati
tion
on tto
o ex
exte
tern
rnal pparties.
arti
ar
ties
es.
5.2
5.2
Suggestion
Su
Sugg
ggesti
tion
on
This research has some
limitations,
som
me limitatio
ons, there are:
x
The stock prices’ datee used is oon
n March 31 of next year. It is assumed
that all financial statements
stateme
m nts have been published and accepted by
However,
market (Ursula, 2013). How
owever, publication date is suggested for the
next research, because it can better reflect the market response
towards financial statements information.
4
x
4
Stock prices is used to represent the value relevance of earnings
(Barth et al. 2001; Fattahi, MoeinAddin, and Abtahi 2014). However,
stock return is suggested for the next research, because it can better
reflect the market
mark
rket
et response to
towa
w rds the impact of earnings
towards
management
manage
ement towards the value relevance off ea
earnings.
x
period
years
Th observation peri
The
riodd iiss 4 ye
year
arss an
and it starts from 22010
010 to 2013. The
observation
cannot be lengthened
observatio
ion period
pe
lengthe
hene
ned
d backward,
b ckward, since
ba
sincce there was
financial
crisis
market
2008.
fi
fina
nanc
n ial cr
ris
isis
is and it affected stock marke
kett in 200
008.
8.
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APPENDIX A
A Hierarchy of Accounting Qualities
APPENDIX B
List of Firms
LIST OF FIRMS
NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
7
18
19
20
21
1
22
23
2
24
25
5
26
27
2
28
29
30
31
32
33
34
35
36
37
38
39
40
FIRMS CODE
ADES
AISA
AKPI
ALKA
ALMI
AMFG
G
AP
PLI
APLI
A
RGO
ARGO
ARNA
ASII
II
AUTO
AUTO
BIM
BI
MA
BIMA
BRNA
BR
A
ON
BTON
BU
UDI
BUDI
CEKA
CE
CPIN
CPIN
DLTA
DPNS
DVLA
EKAD
ETWA
ETWA
FASW
GDST
GGRM
GJTL
GJTL
HDTX
HD
TX
H SP
HM
HMSP
IGAR
IGAR
INAF
A
INAI
INDF
INDS
INTP
JECC
JKSW
JPFA
JPRS
KAEF
KBLI
FIRMS NAME
PT Akasha Wira International Tbk
ga Pi
Pil
lar Sejahtera Fo
Food
o Tbk
PT Tig
Tiga
Pilar
Argh
Ar
gha Karya Prima Industry Tbk
bk
Argha
Alaska Industrindo Tbk
Alumindoo Light Metal Industry Tbk
laat Gl
G
asss Tb
as
Tbkk
Asahimas F
Flat
Glass
Asia
As
iaplast In
Indu
dust
strries
es Tbk
Tbk
Asiaplast
Industries
Argo Pantes Tbk
Argo
na C
itra M
it
uli
lia T
bk
Arwana
Citra
Mulia
Tbk
As International Tbk
Astra
Astra Otoparts Tbk
Primarindo Asia Infrastructure Tbk
Berlina Tbk
Beton Jaya Manunggal Tbk
Budi Acid Jaya Tbk
PT Cahaya Kalbar Tbk
Charoen Pokphand Indonesia Tbk
PT Delta Djakarta Tbk
Duta Pertiwi Nusantara Tbk
Darya Varia Laboratoria Tbk
Ekadharma International Tbk
Eterindo W
a anatama Tb
ah
Tbk
Wahanatama
Fajar Surya Wisesa
Wise
Wi
s sa T
bk
Tbk
Gunawan Dianja
aya Steel Tbk
Dianjaya
Gudang Garam Tbk
Gaja
Ga
jah
h Tunggal
Tungggal Tbk
Tu
Gajah
Pana
Pa
nasi
siaa In
Indo
do R
e ou
es
urc
rces
es T
bk
Panasia
Resources
Tbk
ampo
am
p ernaa T
bk
HM S
Sampoerna
Tbk
Champion P
asific Indonesia
Indon
onesia Tbk
Pasific
(P
Persero) Tb
Tbk
Indofarma (Persero)
Indal Alum
minium Indust
stry Tbk
Aluminium
Industry
PT Indofood
Makmur
Indofoo
od Sukses Ma
akmur Tbk
Indospring Tbk
Tbk
Indocement T
Tunggal
Prakarsa
unggal P
rakarsa Tbk
Company
Jembo Cable C
ompaany Tbk
Jakarta Kyoei Steel
Stteeel Work LTD Tbk
Japfa Comfeed Indonesia
In
ndonesia Tbk
Jaya Pari Steel Tbk
Kimia Farma (Persero) Tbk
KMI Wire and Cable Tbk
NO
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
3
64
65
6
66
67
7
68
69
7
70
71
72
73
74
75
76
77
78
79
80
81
FIRMS CODE
KBLM
KDSI
KIAS
KICI
KLBF
LION
LMPI
LMSH
H
LPIN
LP
PIN
MAIN
M
AIN
MBTO
MERK
RK
MLIA
MLIA
MRAT
MRA
MR
AT
MYOR
M OR
MY
R
MYTX
MYT
TX
NIPS
NIIPS
PICO
PI
PRAS
P
RAS
PYFA
RMBA
ROTI
SCCO
SIAP
S
IAP
SIPD
SKLT
SMCB
SMGR
SMGR
SMSM
SMSM
SPMA
S MA
SP
SSTM
SS
TM
TCID
TIRT
TOTO
TRST
TSPC
ULTJ
UNIT
UNVR
VOKS
YPAS
FIRMS NAME
Kabelindo Murni Tbk
Kedawung Setia Industrial Tbk
Keramik Indonesia Assosiasi Tbk
Kedaung
PT Kedau
aunng Indah Can Tbk
Tbk
Kalbe
Kalb
Ka
lbe Farma Tbk
Lion Metal Works Tbk
PT Langgeng
Langg
gen
e g Makmur Industry Tbk
Prima
Tbk
Lionmeshh P
riima T
bk
Multi
Mult
Mu
lti Prima
Prim
ma Sejahtera
Seja
Se
jaht
hterra Tb
Tbkk
Malindo
Mali
Ma
lindo Feedmill Tbk
Martina
Berto
Tbk
PT Mar
arti
tina
na B
erto T
bk
Merck Indonesia Tbk
Me
Mulia Industrindo Tbk
PT Mustika Ratu Tbk
PT Mayora Indah Tbk
Apac Citra Centertec Tbk
Nipress Tbk
Pelangi Indah Canindo Tbk
Prima alloy steel Universal Tbk
Pyridam Farma Tbk
Bentoel International Investama Tbk
PT Nippon Indosari Corporindo Tbk
Supreme Cable Manufacturing and Commerce Tbk
Sekawan Intipratama
Inti
In
tipr
p atama Tb
Tbkk
Sierad Produce
Produ
duce
ce Tbkk
PT Sekar Laut Tb
Tbkk
Holcim Indonesia Tbk
Semen
Seme
Se
men
n In
Indonesia (persero)
(persero
o) Tb
Tbkk
Selamat
Sempurna
Tbk
Sela
Se
lama
matt Se
Semp
mpur
urna
na T
bk
Suparma
Su
upa
parm
rmaa Tbk
Sunson Tex
Textile
Manufacturer
xti
t le Manufac
acturer Tbk
PT Mandom IIndonesia
ndonesiia Tbk
Resources
Tirta Mahakam
Mahakkam Resourc
ces Tbk
Tbk
Surya Toto Indonesia Tb
bk
Sentosa
Trias Sentos
sa Tbk
Tempo Scan P
Pasific
Tbk
asific T
bk
Milk
Industry
PT Ultrajaya M
ilk In
ndustry and Trading Company Tbk
Nusantara Inti Corpora
Corrpora Tbk
PT Unilever Indonesia
Indoonesia Tbk
Voksel Electric Tbk
Yana Prima Hasta Persada Tbk
Source: www.sahamok.com
APPENDIX C
Discretionary Accruals Components
Number Firms'
ms' code
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
ADES
ES
AISA
SA
AKPI
PI
ALKA
KA
ALMI
MI
AMFG
MFG
APLI
LI
ARGO
GO
O
ARNA
NA
ASII
III
AUTO
TO
BIMA
MA
BRNA
NA
BTON
ON
BUDI
DI
CEKA
KA
A
CPIN
IN
DLTA
TA
DPNS
NS
DVLA
LA
EKAD
AD
ETWA
WA
FASW
SW
GDST
ST
GGRM
RM
GJTL
TL
TACC
CC 2013/TA 2012 TACC 2012/TA 2011 TACC
C 22011/TA
0 1/TA 2010 TACC 22010/TA 2009
01
0.049
0.049
0.096
0.096
0.053
0.05
0.
0533
0.000
0.392
-0.032
-0.179
0.165
0.040
0.034
0.081
-0.322
-0.144
0.153
-0.080
-0
0.080
080
00.065
.06
0655
0.113
0.013
0.477
0.064
0.06
0644
0.105
0.2688
-0.097
-0.061
0.083
-0.088
-0.034
-00.034
34
0.055
0.05
0 5
0.000
0.00
0 0
0.043
0.018
0.020
0.061
-0.109
-0.031
0.124
0.104
-0.056
-0.033
0.055
00.005
.00
0055
-0.115
-0
0.115
115
0.191
0.056
0.111
0.092
0.09
0922
0.0811
0.008
-0.023
-0.316
0.040
-0.022
-0.085
0.080
0.
-0.045
4
-0.097
-0.111
-0
0.047
0.0047
0.
0.052
0.05
0.
0522
-0.082
-0
0.082
0 2
-0.016
-0.0
016
0.146
0.1446
0.178
0 1788
0.
00.048
.048
-0.070
-0
0.070
-0.101
-0
0.1011
0.008
0.00
0.
008
0.005
0.291
0.0399
-0.123
-0.123
1 3
0.110
0.11
0.
1100
0.101
0.10
1011
00.305
.30
3055
-0.385
0
0.111
0.218
0.082
0.355
0.087
0.059
0.040
0.090
-0.022
-0.003
0.040
-0.009
0.204
0.214
0.088
-0.026
-0.144
0.010
0.435
0.077
0.212
0.016
0.040
0.119
0.370
-0.214
0.274
0.101
0.126
Number
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Firms'
ms' code
HDTX
TX
HMSP
MSP
IGAR
AR
INAF
AF
INAI
AI
INDF
DF
INDS
DS
INTP
TP
P
JECC
CC
C
JKSW
SW
W
JPFA
A
JPRS
RS
S
KAEF
EF
KBLI
LI
KBLM
LM
M
KDSI
SII
KIAS
AS
KICI
CI
KLBF
BF
LION
ON
LMPI
PI
LMSH
SH
LPIN
N
MAIN
AIN
MBTO
TO
MERK
RK
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
-0.508
-0.046
0.012
-0.024
-0
-00.046
46
0.141
0.480
-0.009
0.095
0.141
0.48
4 0
-00.0
. 09
0.054
0.075
-0.072
-0.050
0.05
0.
0544
0.07
0 5
7
0.066
0.093
0.035
-0.005
-0.108
0.238
0.028
0.243
0.
-0.038
-0.021
0.029
-0.038
0.0029
0.
-0.043
0.062
0.165
-0.131
0.16
0.
1655
0.052
0.031
0.054
0.065
0 0544
0.
0.055
-0.009
0.229
0.079
0.05
055
0.028
0.055
-0.026
0.055
- .026
-0
26
0.136
0.056
0.066
0.129
0 1366
0.
-0.151
0.052
0.207
-0.029
0.207
0.015
0.027
0.091
0.025
0.091
0.114
0.150
0.025
-0.021
0.0255
0.162
0.174
-0.054
0.000
0.16
1622
0.17
1744
-0
0.05
054
-0.067
-0.005
-0.026
0.076
-00.067
067
-00.005
005
-0.045
-0.034
-0.048
-0.015
0.079
0.032
-0.035
0.0466
0.175
0.113
0.073
0.080
0.00733
0.075
0.101
0.089
0.065
0.07
0755
0.10
1011
0.08
0.
0899
-0.036
-0.084
0.018
0.0288
-0.0
036
0.0444
0.352
0.128
0.009
0.1228
0.125
0.121
0.088
00.077
.077
0.112
0.068
0.205
0.086
0.142
0.042
0.136
0.101
-367.366
0.086
0.012
-0.359
Number
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
Firms'
ms' code
MLIA
IA
MRAT
RAT
MYOR
YOR
MYTX
YTX
NIPS
PS
PICO
O
PRAS
AS
PYFA
FA
A
RMBA
MB
BA
ROTI
TI
SCCO
CO
SIAP
AP
P
SIPD
D
SKLT
LT
SMCB
CB
SMGR
GR
R
SMSM
SM
M
SPMA
MA
A
SSTM
TM
TCID
ID
TIRT
RT
TOTO
TO
TRST
ST
TSPC
PC
ULTJ
TJ
UNIT
IT
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
-0.165
-0.089
-0.044
-0.667
-0
-00.089
89
-0.040
0.071
0.092
0.078
-00.040
0.07
0 1
0.
0.044
0.020
0.281
-0.053
0.04
0.
0444
0.02
0 0
0.2881
-0.133
-0.028
-0.063
-0.073
0.231
0.017
0.206
-0.024
0.
0.054
0.080
0.045
0.072
0.0
0.
054
0.009
-0.079
0.004
-0.216
0.00
0.
0044
0.106
0.071
0.054
-0.039
0 0544
0.
0.070
-0.046
-0.028
-0.013
0.07
070
0.013
0.128
-0.086
0.013
0.01
13
0.122
0.084
0.060
00.009
0.
0099
0.160
-0.095
0.056
-0.003
0.056
-0.024
0.062
0.006
0.052
0.006
-0.041
-0.017
-0.049
-0.010
-0
0.0499
-0.076
-0.053
0.012
-0
0.076
076
00.016
.01
0166
-0
0.05
053
0.105
00.033
.03
0333
00.091
.09
0911
0.043
0.006
-0.036
0.047
0.063
-0.004
-0.063
0.017
-0.0466
-0.083
-0.003
-0.124
-0.086
-0
.083
0 3
-0.028
-0.042
0.112
0.016
-0
0.028
028
-0
0.042
042
0.11
0.
1122
0.104
-0.070
-0.248
-0.0766
0.10
1044
0.103
0.0022
0.111
00.055
.05
0555
0.021
-0.029
0.002
-0.019
0
0.077
0.082
0.042
0.042
-0.034
0.099
-0.019
-0.083
0.006
-0.027
-0.081
-0.041
Number
79
80
81
Firms'
ms' code
UNVR
VR
VOKS
KS
YPAS
AS
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
0.077
0.122
0.013
0.124
0.077
0.1222
0.
-0.151
0.051
0.003
-0.079
-00.151
0.05
0 1
0.
0.064
0.227
0.033
0.033
0.06
0.
0644
0.22
2 7
0.0333
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Firms' code
ADES
AISA
AKPI
ALKA
ALMII
AMFG
AMF
FG
APLI
AP
PLI
ARGO
AR
ARNA
A
RNA
ASII
A
SII
AUTO
AU
BIMA
BIMA
BRNA
BR A
BTON
BT
BUDI
BUD
CEKA
CE
KA
CPIN
CP
PIN
DLTA
DL
LTA
DPNS
NS
DVLA
A
EKAD
ETWA
FASW
GDST
GGRM
GJTL
1/TA
A 2012
2012
11/TA
1/
TA 2011
1/TA 20100
1/TA 2009
0.00000000000257
0.00000000000002
0.
0257
57
0.00000000000026
0.000000
00000000
0026
26
0.00000000000058
0.0000
0000
0000
0 000058
0.00000000000676
0.00
0.
0000
0000
000000006
06776
0.00000000000053
0.00000000
0
000000053
0.00000000000032
0.0000000
0.
0000000032
0.00000000000300
0.000
000000000300
0.00000000000055
0.00
00000000000055
0.00000000000107
0.
0.00000000000001
0.00000000000001
0.00000000000011
0.00000000000999
0.00000000000130
0.00000000000689
0.00000000000043
0.0000000000
000
0043
43
0.00000000000097
0.000000
0000
0000
0000
0097
97
0.00000000000008
0.00000000000134
0.00000000000542
0 00000000000542
0.
0.00000000000093
0.00
0000
0000
0000
0000
0000
0093
93
0.00000000000365
0.00000000000
0003
03665
0.00000000000104
0.00
0.
0000
0000
0000
0000001
01004
0.00000000000018
0.00
0000
0000
00000000018
0.00000000000086
0.00000000000002
0.00000000000008
0.00000000000316
0.0000
0000
0000
0000
0 03
0316
16
0.00000000000028
0.00000000000000
0.00
00000000000000
0.00000000000387
0.00000000000056
0.00000000000037
0.00000000000300
0.00000000000069
0.00000000000120
0.00000000000001
0.00000000000014
0.00000000001093
0.00000000000155
0.00000000000842
00.00000000000047
.00
0000
0 00000000477
00.00000000000121
.00
0000
0000
00000001
0121
21
0.00000000000011
0.000000
000
0000
0000011
0.00000000000144
0.0000000000
0 0144
0.00000000000580
0.00000000000108
0.00
0000
0000
00000001
0108
08
0.00000000000421
0.0000000
0000
0000
0004
0421
0.00000000000161
0.00
000
0 00000000161
61
0.00000000000020
0.000000
0 000000
0020
0.00000000000102
0.000000000000102
0
0.00000000000003
0.0000000000000
03
0.00000000000009
0.0000000000000009
0.00000000000308
0.00
0.
0000
0000
0000000308
0.00000000000052
0.00
0000
0000
000000000
0 52
0.00000000000077
0.00
0000000000000
0077
7
0.00000000000628
0.0000000
00000006628
0.00000000000066
0.00000000000
0000666
0.00000000000042
0.000000000000
0042
0.00000000000299
99
0.00000000000070
0.00000000000115
0.00000000000001
0.00000000000018
0.00000000001146
0.00000000000182
0.00000000001113
00.00000000000051
.00
0000
0000
0000
0 000051
00.00000000000118
.00
0000
0000
0000
0000
0001
0118
0.00000000000015
0.00000000000141
0.00000000000569
0.00000000000117
0.00
0000
0000
0000
0000
0001
0117
17
0.00000000000489
0.0000000
0000
0000
0 0489
0.00000000000188
0.0000000
0000
0 00
0001
0188
88
0.00000000000022
0.0000000000000
0022
22
0.00000000000093
0.00000000000003
0.00000000000010
0.00000000000561
0.0000000000056
0.
0.00000000000074
0.00
0000000000007
0.00000000000063
0.00000000000006
0.00000000000742
0 00000000000074
0.
0.00000000000067
0.00
0.
00000000
0000006
0.00000000000051
0.00
00000000000
00005
0.00000000000331
0.00
0000
0000
0 0000003
0 3
0.00000000000068
0.00
0000000
0000
000000
006
00.00000000000122
.0000
0000000
00000112
0.00000000000001
0.00
0 00000
0000
00000000
0.00000000000022
0.0000000
0000000000
0 2
0.00000000001054
0.00000000000
001055
0.00000000000197
0.00
0000000
00000019
0.00000000001433
0.0000000
00000014
143
0.00000000000063
0.00
0000
00000000
0000
006
0.00000000000176
0.00000000
000
000017
0.00000000000019
0.00000000
0000
000001
0.00000000000132
0.000000
0000
0000
000013
0.00000000000702
0.00
0.
0000000
0000
0000
00070
0.00000000000128
0.00
0000
0000
0000
00000012
0.00000000000606
0.0000
0000
0000000060
0.00000000000187
0.00
0.
0000
000000000018
0.00000000000027
0.00
0000000000002
0.00000000000103
0.0000000000010
0.00000000000004
0.0000000000000
0.00000000000011
0.0000000000001
Number
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Firms' code
HDTX
HMSP
IGAR
INAF
INAI
INDF
DF
INDS
IND
DS
INTP
IN
NTP
JECC
JE
JJKSW
KSW
W
JPFA
JPF
JP
FA
JPRS
JP
RS
KAEF
KA
F
KBLI
KB
KBLM
KB
L
KDSI
KD
SI
KIAS
KI
IAS
KICI
CI
KLBF
BF
LION
N
LMPI
LMSH
LPIN
MAIN
MBTO
MERK
1/TA
1/T
1/
TA 2012
0.00000000000073
0.00000000000000
0.
0073
73
0.00000000000004
0.000000
00000000
0004
04
0.00000000000320
0.0000
0000
0000
0 000320
0.00000000000084
0.00
0.
0000
0000
000000000
00884
0.00000000000163
0.00000000
0
000000163
0.00000000000002
0.0000000
0.
0000000002
0.00000000000060
0.000000000000060
0.00000000000004
0.00
00000000000004
0.00000000000141
0.
0.00000000000361
0.00000000000361
0.00000000000009
0.00000000000251
0.00000000000048
0.00000000000086
0.00000000000138
0.0000000000001
0138
38
0.00000000000175
0.000000
0000
0000
0001
0175
75
0.00000000000047
0.00000000001053
0.00000000000011
0 00000000000011
0.
0.00000000000231
0.00
0000
0000
0000
0000
0002
0231
31
0.00000000000123
0.00000000
000
0001
01223
0.00000000000778
0.00
0.
0000
0000
0000
0000007
07778
00.00000000000580
.00
0000
0000
00000000580
0.00000000000056
0.00000000000164
0.00000000000176
1/TA
1/
A 2011
20111
0.00000000000099
0.0000
0000
0000
0000
0 00
0099
99
0.00000000000005
0.00000000000281
0.00
00000000000281
0.00000000000090
0.00000000000184
0.00000000000002
0.00000000000088
0.00000000000006
0.00000000000159
0.00000000000348
0.00000000000012
0.00000000000228
0.00000000000056
0.00000000000092
0.00000000000156
0.00
0000
0 00000001566
0.00000000000170
0.00
0000
0000
00000001
0170
70
0.00000000000049
0.000000000
0000
0000049
0.00000000001144
0.0000000000
0 1144
0.00000000000012
0.00000000000273
0.00
0000
0000
00000002
0273
73
0.00000000000146
0.0000
000
0000
0000
0001
0146
0.00000000001020
0.00000
0 00000001020
20
0.00000000000635
0.000000
0 000006
0635
0.00000000000075
0.0000000000000075
7
0.00000000000185
0.00000000000171
0.0000
000000001771
1/TA 2010
0.00000000000098
0.00
0.
0000
0000
0000000098
0.00000000000005
0.00
0000
0000
000000000
0 05
0.00000000000288
0.00
0000000000002
0288
8
0.00000000000136
0.0000000
00000001136
0.00000000000257
0.00000000000
0002577
0.00000000000002
0.000000000000
0002
0.000000000004199
0.00000000000007
0.00000000000178
0.00000000000345
0.00000000000014
0.00000000000243
0.00000000000060
0.00000000000168
0.00000000000248
0.00
0000
0000
0000
0 000248
0.00000000000179
0.00
0000
0000
0000
0000
0001
0179
0.00000000000079
0.00000000001164
0.00000000000014
0.00000000000329
0.00
0000
0000
0000
0000
0003
0329
29
0.00000000000164
0.0000000
0000
0000
0 0164
0.00000000001279
0.0000000
0000
0 00
0012
1279
79
0.00000000000663
0.0000000000
006
0663
63
0.00000000000103
0.00000000000300
0.00000000000230
1/TA 2009
0.00000000000092
0.0000000000009
0.
0.00000000000006
0.00
0000000000000
0.00000000000315
0.00000000000031
0.00000000000137
0 00000000000013
0.
0.00000000000213
0.00
0.
00000000
0000021
0.00000000000002
0.00
00000000000
00000
0.00000000000481
0.00
0000
0000
0 0000004
0 8
0.00000000000008
0.00
0000000
0000
000000
000
0.00000000000170
0.0000
0000000
00000117
0.00000000000369
0.00
0 00000
0000
00000366
0.00000000000016
0.0000000
0000000000
0 1
0.00000000000283
0.00000000000
000028
0.00000000000064
0.000000000
00000006
0.00000000000204
0.0000000
00000002
020
0.00000000000282
0.00
0000
00000000
0002
028
0.00000000000182
0.00000000000
000018
0.00000000000076
0.00000000
0000
000007
0.00000000001187
0.000000
0000
0000
00118
0.00000000000015
0.00
0.
0000000
0000
0000
00001
0.00000000000369
0.00
0000
0000
0000
00000036
0.00000000000185
0.0000
0000
0000000018
0.00000000001373
0.00
0.
0000
000000000137
0.00000000000725
0.00
0000000000072
0.00000000000113
0.0000000000011
0.00000000000361
0.0000000000036
0.00000000230430
0.0000000023043
Number
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
Firms' code
MLIA
MRAT
MYOR
MYTX
NIPS
PICO
O
PRAS
PR
RAS
PYFA
PY
YFA
RMBA
RMBA
ROTI
ROTI
SCCO
SCC
SIAP
SI
P
SIPD
SI
SKLT
SK
SMCB
SM
C
SMGR
SM
MGR
SMSM
SM
MSM
SPMA
MA
SSTM
TM
TCID
D
TIRT
TOTO
TRST
TSPC
ULTJ
UNIT
1/TA
1/T
1/
TA 2012
0.00000000000015
0.00000000000000
0.
0015
15
0.00000000000220
0.000000
00000002
0220
20
0.00000000000012
0.0000
0000
0000
0 000012
0.00000000000055
0.00
0.
0000
0000
000000000
00555
0.00000000000191
0.00000000
0
000000191
0.00000000000168
0.0000
0.
000
0000000168
0.00000000000173
0.000000000000173
0.00000000000736
0.00
00000000000736
0.00000000000014
0.
00.00000000000083
.00000000000083
0.00000000000067
0.00000000000542
0.00000000000030
0.00000000000400
0.00000000000008
0.0000000000
000
0008
08
0.00000000000004
0.000000
0000
0000
0000
0004
04
0.00000000000064
0.00000000000060
00.00000000000123
0.
00000000000123
00.00000000000079
.00
0000
0000
0000
0000
0000
0079
79
0.00000000000147
0.00000000
000
0001
01447
0.00000000000066
0.00
0.
0000
0000
0000
0000000
00666
00.00000000000046
.00
0000
0000
00000000046
0.00000000000022
0.00000000000041
0.00000000000263
1/TA
1/
A 2011
20111
0.00000000000016
0.0000
0000
0000
0000
0 00
0016
16
0.00000000000237
0.00000000000015
0.00
00000000000015
0.00000000000054
0.00000000000224
0.00000000000178
0.00000000000208
0.00000000000847
0.00000000000016
0.00000000000132
0.00000000000069
0.00000000000613
0.00000000000038
0.00000000000467
00.00000000000009
.00
0000
0 00000000099
00.00000000000013
.00
0000
0000
00000000
00133
0.00000000000088
0.000000000
0000
0000088
0.00000000000064
0.0000000000
0 0064
0.00000000000119
00.00000000000088
.00
0000
0000
00000000
0088
88
0.00000000000145
0.0000
000
0000
0000
0001
0145
0.00000000000075
0.00
000
0 00000000075
75
0.00000000000047
0.000000
0 000000
0047
0.00000000000024
0.0000
000000000024
2
0.00000000000046
0.0000000000004
46
0.00000000000328
0.0000000000003228
1/TA 2010
0.00000000000022
0.00
0.
0000
0000
0000000022
0.00000000000259
0.00
0000
0000
000000002
0 59
0.00000000000023
0.00
0000000000000
0023
2
0.00000000000053
0.0000000
00000000053
0.00000000000296
0.00000000000
0002966
0.00000000000175
0.000000000001
0175
0.000000000002166
0.00000000000994
0.00000000000020
0.00000000000176
0.00000000000086
0.00000000000663
0.00000000000049
0.00000000000502
00.00000000000010
.00
0000
0000
0000
0 000010
00.00000000000006
.00
0000
0000
0000
0000
0000
0006
0.00000000000094
0.00000000000067
0.00000000000115
0.00000000000095
0.00
0000
0000
0000
0000
0000
0095
95
0.00000000000173
0.0000
000
0000
0000
0 0173
0.00000000000092
0.0000
000
0000
0 00
0000
0092
92
0.00000000000049
0.0000000000
000
0049
49
0.00000000000028
0.00000000000050
0.00000000000323
1/TA 2009
0.00000000000031
0.0000000000003
0.
0.00000000000273
0.00
0000000000027
0.00000000000031
0.00000000000003
0.00000000000055
0 00000000000005
0.
0.00000000000318
0.00
0.
00000000
0000031
0.00000000000184
0.00
00000000000
00018
0.00000000000238
0.00
0000
0000
0 0000002
0 3
0.00000000001001
0.00
0000000
0000
000010
100
0.00000000000023
0.0000
0000000
00000002
0.00000000000288
0.00
0 00000
0000
0000028
0.00000000000108
0.0000000
0000000001
0 0
0.00000000000678
0.00000000000
0000677
0.00000000000061
0.000000000
00000006
0.00000000000510
0.00
00000
00000005
051
0.00000000000014
0.00
0000
00000000
0000
001
0.00000000000008
0.00000000000
0000
000
0.00000000000106
0.00000000
0000
000010
0.00000000000070
0.000000
0000
0000
000007
0.00000000000114
0.00
0.
0000000
0000
0000
00011
0.00000000000101
0.00
0000
0000
0000
00000010
0.00000000000159
0.0000
0000
0000000015
0.00000000000099
0.00
0.
0000
000000000009
00.00000000000052
.00
0000000000005
0.00000000000031
0.0000000000003
0.00000000000058
0.0000000000005
0.00000000000322
0.0000000000032
Number
79
80
81
Firms' code
UNVR
VOKS
YPAS
1/TA
1/T
1/
TA 2012
1/TA
1/
A 2011
20111
1/TA 2010
1/TA 2009
0.00000000000008
0.00000000000000
0.
0008
08 0.00000000000010
0.0000
0000
0000
0000
0 00
0010
10 0.00000000000011
0.00
0.
0000
0000
0000000011 0.00000000000013
0.0000000000001
0.
0.00000000000059
0.00000000000081
0.000000
00000000
0059
59 0.00000000000064 0.00000000000089
0.00
0000
0000
000000000
0 89 0.00
0000000000008
0.00000000000286
0.0000
0000
0000
0 000286 0.00000000000447
0.00
00000000000447 0.00000000000498
0.00
0000000000004
0498
9 0.00000000000523
0.00000000000052
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
EV 13,12)-(REC 13,12))/TA
A12
)-(REC
REC
E 12,11))/TA11 ((REV 11,10)-(REC
C 11,10
((REV 10,09
Firms' code ((REV
12 ((REV 12,11)-(R
11 10))/TA10
11,
10, )-(REC 10,09))/TA09
ADES
0.047
0.047
0.549
0.54
0.
5499
0.333
0.052
AISA
0.249
0.253
0.379
0.114
0.25
2533
AKPI
0.021
0.000
0.244
-0.164
0.02
021
0 24
0.
2 4
ALKA
1.508
0.203
-0.329
0.442
1.50
1.
5088
29
ALMI
-0.218
-0.098
0.328
0.843
-0.2218
-0
AMFG
0.0866
0.079
0.059
0.248
0.0059
0.
APLI
-0.194
0.040
-0.005
-0.1
194
0.150
0.04
0.
040
ARGO
0.123
-0.059
00.157
.157
0.101
0.12
0.
1233
ARNA
0.095
0.232
0.206
00.102
0.
1022
ASII
-0.944
0.154
0.243
0.333
0.2443
AUTO
0.220
0.111
0.1755
0.194
BIMA
-1.590
0.867
0.309
0.616
-1
1.590
BRNA
0.068
0.134
0.238
00.208
.208
BTON
0.000
-0.357
-261.539
1183.753
0..000
BUDI
0.175
0.165
0.049
-0.184
0.
.1755
CEKA
0.560
-0.914
1.248
-0.1466
0.56
0.
560
CPIN
0.295
0.329
0.137
0.29
2955
0.
.32
3299
0.566
DLTA
-0.347
0.421
11.697
1.
697
0.031
DPNS
-0.076
0.172
0.1122
0.031
DVLA
0.025
0.039
0.028
0.060
0.00288
EKAD
0.076
0.205
0.310
0.260
0.07
0766
0..20
2055
0.31
0.
3100
ETWA
0.047
0.143
0.115
0.173
0.04
0.
047
0.14
1433
FASW
0.173
-0.1377
0.207
0.163
0.17
0.
1733
0.20
2077
GDST
-0.175
-0.519
0.334
0.181
-00.175
175
-0.5519
0.334
GGRM
0.171
0.177
0.135
0.17
71
0.136
GJTL
-0.027
0.0322
0.163
0.142
HDTX
0.151
-0.2144
0.306
-0.184
Number
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
HMSP
0.305
0.705
0.70
7055
0.460
0.229
IGAR
0.237
0.076
-0.107
0.169
0.23
237
-0
0.1
.107
INAF
0.124
-0.119
0.238
-0.106
0.12
0.
1244
0.2338
INAI
0.016
0.039
0.131
0.072
0 016
0.
INDF
0.1033
0.089
0.136
0.014
0.
INDS
0.093
0.200
0.614
1.114
0.09
093
0.6614
0.
INTP
0.059
0.159
0.141
0.042
0.059
0.14
0.
1411
JECC
0.167
-0.055
-0.138
00.834
0.
8344
JKSW
0.026
-0.183
-0.097
-0.249
9
JPFA
0.2588
-0.071
0.300
0.239
JPRS
-0.431
-0.383
0.281
0.450
0.281
KAEF
0.253
0.099
0.164
0.177
0.164
KBLI
0.130
0.336
0.939
0.786
0..939
KBLM
0.056
0.149
0.607
0.538
0..6077
KDSI
0.102
0.1677
0.059
0.335
0.05
0.
059
KIAS
0.079
0.064
0.083
0.195
0.07
0799
0..06
0644
KICI
0.083
-0.059
0.081
0.039
-0
KLBF
0.215
0.296
0.0599
0.167
LION
0.003
0.107
0.189
0.050
0.11899
LMPI
0.063
0.088
0.114
-0.013
0.06
0633
0..08
0888
0.11
0.
1144
LMSH
0.288
0.153
0.465
0.484
0.15
0.
153
0.46
4655
LPIN
0.064
-0.016
0.06
0.
0644
0.0177
00.026
.02
0266
MAIN
0.424
0.500
0.556
0.213
0.42
4244
0.50
500
0.556
MBTO
-0.034
-0.013
-0.107
34
0.169
MERK
300.845
0.342
0.0877
0.240
MLIA
0.082
0.111
0.100
0.071
Number
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
MRAT
-113.553
603
60
603.738
3.77388
0.025
0.023
MYOR
0.090
0.105
0.421
0.619
0.09
090
0 42
0.
4 1
MYTX
0.188
0.140
0.111
0.18
0.
1888
-0.225
0.14
40
NIPS
0.214
0.224
0.421
0.295
0 214
0.
PICO
0.051
-0.045
0.1722
-0.107
0.0
0.
051
PRAS
0.002
0.033
0.046
0.394
0.00
002
0.04
0.
046
PYFA
0.119
0.162
0.067
0.061
0.119
0.06
0.
0677
RMBA
0.385
0.337
-0.020
00.219
0.
2199
ROTI
0.305
0.299
0.223
0.454
0.30
05
SCCO
0.587
0.086
0.109
0.8377
SIAP
0.121
0.044
0.236
0.051
0.236
SIPD
-0.090
0.006
0.210
0.227
0.210
SKLT
0.572
0.243
0.108
0.199
0..108
SMCB
0.144
0.004
0.043
0.121
0.
.1444
SMGR
0.124
-0.026
0.171
0.3388
0.12
0.
124
SMSM
0.008
0.310
-0.060
0.444
0.00
0088
0..3100
SPMA
0.089
0.066
0.055
0.
-0.008
SSTM
0.027
-0.013
0.225
0.1133
TCID
0.138
0.063
0.140
00.137
.11377
TIRT
0.129
-0.035
-0.039
00.135
.13
1355
0.
.12
1299
-0.0
-0
.035
35
TOTO
1.084
-1.058
0.160
0.086
-1.0
-1
.0558
0.16
1600
TRST
-0.024
0.033
-0.0
-0
.024
24
-0.0333
00.143
.143
43
TSPC
0.166
0.162
0.173
00.035
.03
0355
0.16
166
0.162
ULTJ
0.305
0.145
0.239
0.30
05
0.078
UNIT
0.021
-0.0199
-0.030
-0.023
UNVR
0.218
0.3322
0.376
0.151
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Number Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
80
VOKS
-0.051
0.149
0.14
1499
0.592
-0.283
81
YPAS
0.119
0.104
0.071
0.321
0.11
119
0 07
0.
0 1
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Firms' code
ADES
AISA
AKPI
ALKA
ALMI
AMFG
G
APLI
LI
ARGO
AR
RGO
ARNA
AR
ASII
A
SII
AUTO
AU
O
BIMA
BIM
BI
MA
BRNA
BRN
BR
NA
BTON
BT N
BUDI
BUD
CEKA
CE
K
CPIN
CP
PIN
DLTA
DL
LTA
DPNS
DP
PNS
DVLA
LA
EKAD
D
ETWA
A
FASW
GDST
GGRM
GJTL
HDTX
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.847
0.877
0.8777
0.787
0.78
0.
787
1.270
0.519
0.477
0.673
0.691
0.4777
0 67
0.
6733
0 691
0.
1.526
0.001
1.297
1.004
1 526
1.
0.123
0.043
0.061
0.0666
0.1123
0.0043
1.040
0.859
0.683
0.646
1 040
1.
0.
1.114
1.255
1.277
1.407
1.11
1144
1.4007
11.018
.018
1.060
1.009
1.093
2.300
2.260
1.529
1.579
1.166
1.117
0.981
0.985
0.370
0.380
0.428
0.426
0.606
0.481
0.469
0.414
1.418
1.393
1.510
1.554
1.394
1.262
1.174
1.018
0.404
0.466
102.834
124.221
1.007
1.066
1.067
1.201
0.364
0.506
0.345
00.398
.39
398
0.36
64
0.50
0.
5 6
00.671
0.
6711
67
00.700
.70
7000
11.066
.06
0666
00.906
.90
9066
0.535
0.557
0.526
0.481
0.278
0.283
0.277
0.329
0.400
0.409
0.397
0.385
0.559
0.530
0.535
0.590
0.55
5599
0.53
0.
5300
0.53
5355
0.59
5900
0.285
0.153
0.095
0.28
85
0.429
0.153
0.09
0.
095
1.203
1.246
1.298
11.093
.09
093
1.2003
1.24
2466
1.29
1.
2 8
0.656
0.778
0.635
0.682
0.6656
0.
0.487
0.561
0.4577
0.4
487
0.489
0.828
0.865
0.882
0.9144
0.8228
1.285
1.4211
1.201
0.874
1.2201
Number
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Firms' code
HMSP
IGAR
INAF
INAI
INDF
INDS
S
INTP
TP
JECC
JEC
CC
JKSW
JK
KSW
JPFA
JPFA
JPRS
JP
KAEF
KA
KBLI
KBL
KB
LI
KBLM
KB
M
KDSI
KD
S
KIAS
K
IAS
AS
KICI
K
ICI
CI
KLBF
KL
LBF
LION
ON
LMPI
PI
LMSH
H
LPIN
MAIN
MBTO
MERK
MLIA
MRAT
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.302
0.368
0.3668
0.318
0.31
0.
318
0.361
0.585
0.476
0.416
0.444
0.4776
0 41
0.
4166
0 444
0.
0.411
0.403
0.684
0.343
0 411
0.
0 343
0.
0.404
0.435
0.555
0.3400
0.4404
0.4435
0.566
0.464
0.442
0.462
0.566
0.
0.645
0.699
2.280
1.771
0.64
645
1.7771
0.784
0.865
0.970
1.078
0.784
0.564
0.514
0.464
0.521
0.222
0.211
0.236
0.252
0.680
0.634
0.700
0.740
0.190
0.173
0.173
0.203
0.444
0.473
0.466
0.469
0.702
0.730
1.297
1.544
0.679
0.728
1.110
1.092
1.100
0.755
0.788
0.764
1.001
0.945
1.458
0.955
0.94
945
1.4558
0.95
0.
9 5
0.573
0.618
0.605
0 57
0.
5733
0.61
6188
0.60
0.
6055
00.613
.61
6133
0.484
0.447
0.453
0.427
0.260
0.217
0.209
0.226
0.710
0.805
0.799
0.775
0.366
0.465
0.515
0.586
0.36
3666
0.46
0.
4655
0.51
5155
0.58
5866
0.089
0.074
0.08
89
0.093
00.074
.074
0.07
0.
0744
0.901
0.948
0.933
0.811
0.90
901
0.9448
0.93
9333
0.81
0.
8 1
0.453
00.394
.3394
0.314
0.435
0.
0.276
272.799
0.229
0.2188
0.2
276
1.509
1.4799
1.834
2.041
1.8334
0.399
395.430
395.5333
0.3
399
0.388
Number
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
Firms' code
MYOR
MYTX
NIPS
PICO
PRAS
PYFA
A
RMBA
RMB
BA
ROTI
RO
OTI
SCCO
SC
CCO
SIAP
S
IAP
SIPD
SI
SKLT
SK
L
SMCB
SMC
SM
CB
SMGR
SM R
SMSM
SM
S
SPMA
SPM
SSTM
SS
STM
TCID
TC
CID
TIRT
RT
TOTO
TO
TRST
T
TSPC
ULTJ
UNIT
UNVR
VOKS
YPAS
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.603
0.665
0.6665
0.751
0.75
0.
751
0.791
1.480
1.352
1.385
1.933
1.48
80
1.35
3522
1 385
1.
0.785
0.790
0.896
0.869
0 785
0.
0 869
0.
0.7922
00.718
.7718
00.751
.751
0.741
0.850
0.770
1.148
1.218
0.850
1.
1.119
0.912
0.912
0.862
1.11
1199
0.8662
00.572
.572
0.478
0.537
0.544
1.245
1.151
1.375
1.153
0.514
0.404
0.379
0.442
0.914
0.679
0.564
0.407
0.717
0.828
0.920
0.814
0.769
0.716
0.706
0.651
1.561
1.422
1.317
1.767
1.044
3.217
1.249
1.077
1.018
1.323
1.095
1.128
1.283
1.259
1.257
11.280
.28
280
1.28
83
1.25
1.
2 9
0.944
11.120
1.
1200
12
11.027
.02
0277
0.94
0.
9444
00.922
.92
9222
0.973
0.817
0.807
0.785
0.840
0.634
0.742
0.664
0.737
0.728
0.885
0.796
1.402
11.967
.96
9677
1.40
1.
4022
11.236
.23
2366
11.274
.27
2744
0.419
0.387
0.41
19
0.403
00.422
.422
0.38
0.
387
0.804
0.872
0.891
00.760
.76
760
0.80
04
0.87
8722
0.89
0.
8 1
1.284
1.296
1.013
0.948
1.2284
1.
0.728
0.7355
0.745
0.676
0.7745
0.389
0.3566
0.432
0.4332
0.389
0.759
1.0388
0.810
0.771
0.8810
CONCLUSION AND SUGGESTION
5.1
Conclusion
earnings
This research
reseaarc
rchh explores the effect of earni
ing
ngs management towards the
relevance
value rele
evance of earnings.
s This research is using sample
le of 301 firms listed
in BEI
BEI during period
peri
pe
riod
od 2010-2013.
2010
0-20
2013
13. It concluded
con
oncl
clud
uded
ed tthat
h t earningss management
ha
positively
positive
ely affects
aff
f ects thee value
val
alue relevance off ea
earnings. As the
the research
researc
rch result
shows,
negatively
affects
sh
show
ows,
s, the
the hhypothesis
ypothesis of earnings management negat
ativ
i ely af
affe
fect
ctss the va
vvalue
lue
relevance
re
rele
levancce of earnings is unsupported.
The
main
This research has implication to financial accounting fi
field. T
he m
ain
n
objective
report
(financial
obbjective of financial accounting is to prepare financial repo
ort (fi
fina
nan
nciaal
statement)
sttatement) that provides useful information about firms’ performance
perfo
formance
ce to
o
external
number
ex
xternal parties (investors, creditors, tax authorities) (SFAC num
umber 1).
).
Valuation of earnings quality,
qual
alit
ity,
y, ass pa
part of financial statement, can hhelp
elp
p
financial accountants to maintain the objective. It is to keep the usefu
usefulness
fuln
lnes
esss of
accounting
external
acco
ac
coun
unti
ting
ng iinformation
nfor
nf
orma
mati
tion
on tto
o ex
exte
tern
rnal pparties.
arti
ar
ties
es.
5.2
5.2
Suggestion
Su
Sugg
ggesti
tion
on
This research has some
limitations,
som
me limitatio
ons, there are:
x
The stock prices’ datee used is oon
n March 31 of next year. It is assumed
that all financial statements
stateme
m nts have been published and accepted by
However,
market (Ursula, 2013). How
owever, publication date is suggested for the
next research, because it can better reflect the market response
towards financial statements information.
4
x
4
Stock prices is used to represent the value relevance of earnings
(Barth et al. 2001; Fattahi, MoeinAddin, and Abtahi 2014). However,
stock return is suggested for the next research, because it can better
reflect the market
mark
rket
et response to
towa
w rds the impact of earnings
towards
management
manage
ement towards the value relevance off ea
earnings.
x
period
years
Th observation peri
The
riodd iiss 4 ye
year
arss an
and it starts from 22010
010 to 2013. The
observation
cannot be lengthened
observatio
ion period
pe
lengthe
hene
ned
d backward,
b ckward, since
ba
sincce there was
financial
crisis
market
2008.
fi
fina
nanc
n ial cr
ris
isis
is and it affected stock marke
kett in 200
008.
8.
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from
APPENDIX A
A Hierarchy of Accounting Qualities
APPENDIX B
List of Firms
LIST OF FIRMS
NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
7
18
19
20
21
1
22
23
2
24
25
5
26
27
2
28
29
30
31
32
33
34
35
36
37
38
39
40
FIRMS CODE
ADES
AISA
AKPI
ALKA
ALMI
AMFG
G
AP
PLI
APLI
A
RGO
ARGO
ARNA
ASII
II
AUTO
AUTO
BIM
BI
MA
BIMA
BRNA
BR
A
ON
BTON
BU
UDI
BUDI
CEKA
CE
CPIN
CPIN
DLTA
DPNS
DVLA
EKAD
ETWA
ETWA
FASW
GDST
GGRM
GJTL
GJTL
HDTX
HD
TX
H SP
HM
HMSP
IGAR
IGAR
INAF
A
INAI
INDF
INDS
INTP
JECC
JKSW
JPFA
JPRS
KAEF
KBLI
FIRMS NAME
PT Akasha Wira International Tbk
ga Pi
Pil
lar Sejahtera Fo
Food
o Tbk
PT Tig
Tiga
Pilar
Argh
Ar
gha Karya Prima Industry Tbk
bk
Argha
Alaska Industrindo Tbk
Alumindoo Light Metal Industry Tbk
laat Gl
G
asss Tb
as
Tbkk
Asahimas F
Flat
Glass
Asia
As
iaplast In
Indu
dust
strries
es Tbk
Tbk
Asiaplast
Industries
Argo Pantes Tbk
Argo
na C
itra M
it
uli
lia T
bk
Arwana
Citra
Mulia
Tbk
As International Tbk
Astra
Astra Otoparts Tbk
Primarindo Asia Infrastructure Tbk
Berlina Tbk
Beton Jaya Manunggal Tbk
Budi Acid Jaya Tbk
PT Cahaya Kalbar Tbk
Charoen Pokphand Indonesia Tbk
PT Delta Djakarta Tbk
Duta Pertiwi Nusantara Tbk
Darya Varia Laboratoria Tbk
Ekadharma International Tbk
Eterindo W
a anatama Tb
ah
Tbk
Wahanatama
Fajar Surya Wisesa
Wise
Wi
s sa T
bk
Tbk
Gunawan Dianja
aya Steel Tbk
Dianjaya
Gudang Garam Tbk
Gaja
Ga
jah
h Tunggal
Tungggal Tbk
Tu
Gajah
Pana
Pa
nasi
siaa In
Indo
do R
e ou
es
urc
rces
es T
bk
Panasia
Resources
Tbk
ampo
am
p ernaa T
bk
HM S
Sampoerna
Tbk
Champion P
asific Indonesia
Indon
onesia Tbk
Pasific
(P
Persero) Tb
Tbk
Indofarma (Persero)
Indal Alum
minium Indust
stry Tbk
Aluminium
Industry
PT Indofood
Makmur
Indofoo
od Sukses Ma
akmur Tbk
Indospring Tbk
Tbk
Indocement T
Tunggal
Prakarsa
unggal P
rakarsa Tbk
Company
Jembo Cable C
ompaany Tbk
Jakarta Kyoei Steel
Stteeel Work LTD Tbk
Japfa Comfeed Indonesia
In
ndonesia Tbk
Jaya Pari Steel Tbk
Kimia Farma (Persero) Tbk
KMI Wire and Cable Tbk
NO
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
3
64
65
6
66
67
7
68
69
7
70
71
72
73
74
75
76
77
78
79
80
81
FIRMS CODE
KBLM
KDSI
KIAS
KICI
KLBF
LION
LMPI
LMSH
H
LPIN
LP
PIN
MAIN
M
AIN
MBTO
MERK
RK
MLIA
MLIA
MRAT
MRA
MR
AT
MYOR
M OR
MY
R
MYTX
MYT
TX
NIPS
NIIPS
PICO
PI
PRAS
P
RAS
PYFA
RMBA
ROTI
SCCO
SIAP
S
IAP
SIPD
SKLT
SMCB
SMGR
SMGR
SMSM
SMSM
SPMA
S MA
SP
SSTM
SS
TM
TCID
TIRT
TOTO
TRST
TSPC
ULTJ
UNIT
UNVR
VOKS
YPAS
FIRMS NAME
Kabelindo Murni Tbk
Kedawung Setia Industrial Tbk
Keramik Indonesia Assosiasi Tbk
Kedaung
PT Kedau
aunng Indah Can Tbk
Tbk
Kalbe
Kalb
Ka
lbe Farma Tbk
Lion Metal Works Tbk
PT Langgeng
Langg
gen
e g Makmur Industry Tbk
Prima
Tbk
Lionmeshh P
riima T
bk
Multi
Mult
Mu
lti Prima
Prim
ma Sejahtera
Seja
Se
jaht
hterra Tb
Tbkk
Malindo
Mali
Ma
lindo Feedmill Tbk
Martina
Berto
Tbk
PT Mar
arti
tina
na B
erto T
bk
Merck Indonesia Tbk
Me
Mulia Industrindo Tbk
PT Mustika Ratu Tbk
PT Mayora Indah Tbk
Apac Citra Centertec Tbk
Nipress Tbk
Pelangi Indah Canindo Tbk
Prima alloy steel Universal Tbk
Pyridam Farma Tbk
Bentoel International Investama Tbk
PT Nippon Indosari Corporindo Tbk
Supreme Cable Manufacturing and Commerce Tbk
Sekawan Intipratama
Inti
In
tipr
p atama Tb
Tbkk
Sierad Produce
Produ
duce
ce Tbkk
PT Sekar Laut Tb
Tbkk
Holcim Indonesia Tbk
Semen
Seme
Se
men
n In
Indonesia (persero)
(persero
o) Tb
Tbkk
Selamat
Sempurna
Tbk
Sela
Se
lama
matt Se
Semp
mpur
urna
na T
bk
Suparma
Su
upa
parm
rmaa Tbk
Sunson Tex
Textile
Manufacturer
xti
t le Manufac
acturer Tbk
PT Mandom IIndonesia
ndonesiia Tbk
Resources
Tirta Mahakam
Mahakkam Resourc
ces Tbk
Tbk
Surya Toto Indonesia Tb
bk
Sentosa
Trias Sentos
sa Tbk
Tempo Scan P
Pasific
Tbk
asific T
bk
Milk
Industry
PT Ultrajaya M
ilk In
ndustry and Trading Company Tbk
Nusantara Inti Corpora
Corrpora Tbk
PT Unilever Indonesia
Indoonesia Tbk
Voksel Electric Tbk
Yana Prima Hasta Persada Tbk
Source: www.sahamok.com
APPENDIX C
Discretionary Accruals Components
Number Firms'
ms' code
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
ADES
ES
AISA
SA
AKPI
PI
ALKA
KA
ALMI
MI
AMFG
MFG
APLI
LI
ARGO
GO
O
ARNA
NA
ASII
III
AUTO
TO
BIMA
MA
BRNA
NA
BTON
ON
BUDI
DI
CEKA
KA
A
CPIN
IN
DLTA
TA
DPNS
NS
DVLA
LA
EKAD
AD
ETWA
WA
FASW
SW
GDST
ST
GGRM
RM
GJTL
TL
TACC
CC 2013/TA 2012 TACC 2012/TA 2011 TACC
C 22011/TA
0 1/TA 2010 TACC 22010/TA 2009
01
0.049
0.049
0.096
0.096
0.053
0.05
0.
0533
0.000
0.392
-0.032
-0.179
0.165
0.040
0.034
0.081
-0.322
-0.144
0.153
-0.080
-0
0.080
080
00.065
.06
0655
0.113
0.013
0.477
0.064
0.06
0644
0.105
0.2688
-0.097
-0.061
0.083
-0.088
-0.034
-00.034
34
0.055
0.05
0 5
0.000
0.00
0 0
0.043
0.018
0.020
0.061
-0.109
-0.031
0.124
0.104
-0.056
-0.033
0.055
00.005
.00
0055
-0.115
-0
0.115
115
0.191
0.056
0.111
0.092
0.09
0922
0.0811
0.008
-0.023
-0.316
0.040
-0.022
-0.085
0.080
0.
-0.045
4
-0.097
-0.111
-0
0.047
0.0047
0.
0.052
0.05
0.
0522
-0.082
-0
0.082
0 2
-0.016
-0.0
016
0.146
0.1446
0.178
0 1788
0.
00.048
.048
-0.070
-0
0.070
-0.101
-0
0.1011
0.008
0.00
0.
008
0.005
0.291
0.0399
-0.123
-0.123
1 3
0.110
0.11
0.
1100
0.101
0.10
1011
00.305
.30
3055
-0.385
0
0.111
0.218
0.082
0.355
0.087
0.059
0.040
0.090
-0.022
-0.003
0.040
-0.009
0.204
0.214
0.088
-0.026
-0.144
0.010
0.435
0.077
0.212
0.016
0.040
0.119
0.370
-0.214
0.274
0.101
0.126
Number
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Firms'
ms' code
HDTX
TX
HMSP
MSP
IGAR
AR
INAF
AF
INAI
AI
INDF
DF
INDS
DS
INTP
TP
P
JECC
CC
C
JKSW
SW
W
JPFA
A
JPRS
RS
S
KAEF
EF
KBLI
LI
KBLM
LM
M
KDSI
SII
KIAS
AS
KICI
CI
KLBF
BF
LION
ON
LMPI
PI
LMSH
SH
LPIN
N
MAIN
AIN
MBTO
TO
MERK
RK
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
-0.508
-0.046
0.012
-0.024
-0
-00.046
46
0.141
0.480
-0.009
0.095
0.141
0.48
4 0
-00.0
. 09
0.054
0.075
-0.072
-0.050
0.05
0.
0544
0.07
0 5
7
0.066
0.093
0.035
-0.005
-0.108
0.238
0.028
0.243
0.
-0.038
-0.021
0.029
-0.038
0.0029
0.
-0.043
0.062
0.165
-0.131
0.16
0.
1655
0.052
0.031
0.054
0.065
0 0544
0.
0.055
-0.009
0.229
0.079
0.05
055
0.028
0.055
-0.026
0.055
- .026
-0
26
0.136
0.056
0.066
0.129
0 1366
0.
-0.151
0.052
0.207
-0.029
0.207
0.015
0.027
0.091
0.025
0.091
0.114
0.150
0.025
-0.021
0.0255
0.162
0.174
-0.054
0.000
0.16
1622
0.17
1744
-0
0.05
054
-0.067
-0.005
-0.026
0.076
-00.067
067
-00.005
005
-0.045
-0.034
-0.048
-0.015
0.079
0.032
-0.035
0.0466
0.175
0.113
0.073
0.080
0.00733
0.075
0.101
0.089
0.065
0.07
0755
0.10
1011
0.08
0.
0899
-0.036
-0.084
0.018
0.0288
-0.0
036
0.0444
0.352
0.128
0.009
0.1228
0.125
0.121
0.088
00.077
.077
0.112
0.068
0.205
0.086
0.142
0.042
0.136
0.101
-367.366
0.086
0.012
-0.359
Number
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
Firms'
ms' code
MLIA
IA
MRAT
RAT
MYOR
YOR
MYTX
YTX
NIPS
PS
PICO
O
PRAS
AS
PYFA
FA
A
RMBA
MB
BA
ROTI
TI
SCCO
CO
SIAP
AP
P
SIPD
D
SKLT
LT
SMCB
CB
SMGR
GR
R
SMSM
SM
M
SPMA
MA
A
SSTM
TM
TCID
ID
TIRT
RT
TOTO
TO
TRST
ST
TSPC
PC
ULTJ
TJ
UNIT
IT
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
-0.165
-0.089
-0.044
-0.667
-0
-00.089
89
-0.040
0.071
0.092
0.078
-00.040
0.07
0 1
0.
0.044
0.020
0.281
-0.053
0.04
0.
0444
0.02
0 0
0.2881
-0.133
-0.028
-0.063
-0.073
0.231
0.017
0.206
-0.024
0.
0.054
0.080
0.045
0.072
0.0
0.
054
0.009
-0.079
0.004
-0.216
0.00
0.
0044
0.106
0.071
0.054
-0.039
0 0544
0.
0.070
-0.046
-0.028
-0.013
0.07
070
0.013
0.128
-0.086
0.013
0.01
13
0.122
0.084
0.060
00.009
0.
0099
0.160
-0.095
0.056
-0.003
0.056
-0.024
0.062
0.006
0.052
0.006
-0.041
-0.017
-0.049
-0.010
-0
0.0499
-0.076
-0.053
0.012
-0
0.076
076
00.016
.01
0166
-0
0.05
053
0.105
00.033
.03
0333
00.091
.09
0911
0.043
0.006
-0.036
0.047
0.063
-0.004
-0.063
0.017
-0.0466
-0.083
-0.003
-0.124
-0.086
-0
.083
0 3
-0.028
-0.042
0.112
0.016
-0
0.028
028
-0
0.042
042
0.11
0.
1122
0.104
-0.070
-0.248
-0.0766
0.10
1044
0.103
0.0022
0.111
00.055
.05
0555
0.021
-0.029
0.002
-0.019
0
0.077
0.082
0.042
0.042
-0.034
0.099
-0.019
-0.083
0.006
-0.027
-0.081
-0.041
Number
79
80
81
Firms'
ms' code
UNVR
VR
VOKS
KS
YPAS
AS
TACC
TA
2013/TA 2012 TACC
TACC 2012/TA
201
012/
2/TA
TA 2011
201
0 1 TACC 201
2011/TA
11/
1/TA 2010 TACC 22010/TA 2009
0.077
0.122
0.013
0.124
0.077
0.1222
0.
-0.151
0.051
0.003
-0.079
-00.151
0.05
0 1
0.
0.064
0.227
0.033
0.033
0.06
0.
0644
0.22
2 7
0.0333
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Firms' code
ADES
AISA
AKPI
ALKA
ALMII
AMFG
AMF
FG
APLI
AP
PLI
ARGO
AR
ARNA
A
RNA
ASII
A
SII
AUTO
AU
BIMA
BIMA
BRNA
BR A
BTON
BT
BUDI
BUD
CEKA
CE
KA
CPIN
CP
PIN
DLTA
DL
LTA
DPNS
NS
DVLA
A
EKAD
ETWA
FASW
GDST
GGRM
GJTL
1/TA
A 2012
2012
11/TA
1/
TA 2011
1/TA 20100
1/TA 2009
0.00000000000257
0.00000000000002
0.
0257
57
0.00000000000026
0.000000
00000000
0026
26
0.00000000000058
0.0000
0000
0000
0 000058
0.00000000000676
0.00
0.
0000
0000
000000006
06776
0.00000000000053
0.00000000
0
000000053
0.00000000000032
0.0000000
0.
0000000032
0.00000000000300
0.000
000000000300
0.00000000000055
0.00
00000000000055
0.00000000000107
0.
0.00000000000001
0.00000000000001
0.00000000000011
0.00000000000999
0.00000000000130
0.00000000000689
0.00000000000043
0.0000000000
000
0043
43
0.00000000000097
0.000000
0000
0000
0000
0097
97
0.00000000000008
0.00000000000134
0.00000000000542
0 00000000000542
0.
0.00000000000093
0.00
0000
0000
0000
0000
0000
0093
93
0.00000000000365
0.00000000000
0003
03665
0.00000000000104
0.00
0.
0000
0000
0000
0000001
01004
0.00000000000018
0.00
0000
0000
00000000018
0.00000000000086
0.00000000000002
0.00000000000008
0.00000000000316
0.0000
0000
0000
0000
0 03
0316
16
0.00000000000028
0.00000000000000
0.00
00000000000000
0.00000000000387
0.00000000000056
0.00000000000037
0.00000000000300
0.00000000000069
0.00000000000120
0.00000000000001
0.00000000000014
0.00000000001093
0.00000000000155
0.00000000000842
00.00000000000047
.00
0000
0 00000000477
00.00000000000121
.00
0000
0000
00000001
0121
21
0.00000000000011
0.000000
000
0000
0000011
0.00000000000144
0.0000000000
0 0144
0.00000000000580
0.00000000000108
0.00
0000
0000
00000001
0108
08
0.00000000000421
0.0000000
0000
0000
0004
0421
0.00000000000161
0.00
000
0 00000000161
61
0.00000000000020
0.000000
0 000000
0020
0.00000000000102
0.000000000000102
0
0.00000000000003
0.0000000000000
03
0.00000000000009
0.0000000000000009
0.00000000000308
0.00
0.
0000
0000
0000000308
0.00000000000052
0.00
0000
0000
000000000
0 52
0.00000000000077
0.00
0000000000000
0077
7
0.00000000000628
0.0000000
00000006628
0.00000000000066
0.00000000000
0000666
0.00000000000042
0.000000000000
0042
0.00000000000299
99
0.00000000000070
0.00000000000115
0.00000000000001
0.00000000000018
0.00000000001146
0.00000000000182
0.00000000001113
00.00000000000051
.00
0000
0000
0000
0 000051
00.00000000000118
.00
0000
0000
0000
0000
0001
0118
0.00000000000015
0.00000000000141
0.00000000000569
0.00000000000117
0.00
0000
0000
0000
0000
0001
0117
17
0.00000000000489
0.0000000
0000
0000
0 0489
0.00000000000188
0.0000000
0000
0 00
0001
0188
88
0.00000000000022
0.0000000000000
0022
22
0.00000000000093
0.00000000000003
0.00000000000010
0.00000000000561
0.0000000000056
0.
0.00000000000074
0.00
0000000000007
0.00000000000063
0.00000000000006
0.00000000000742
0 00000000000074
0.
0.00000000000067
0.00
0.
00000000
0000006
0.00000000000051
0.00
00000000000
00005
0.00000000000331
0.00
0000
0000
0 0000003
0 3
0.00000000000068
0.00
0000000
0000
000000
006
00.00000000000122
.0000
0000000
00000112
0.00000000000001
0.00
0 00000
0000
00000000
0.00000000000022
0.0000000
0000000000
0 2
0.00000000001054
0.00000000000
001055
0.00000000000197
0.00
0000000
00000019
0.00000000001433
0.0000000
00000014
143
0.00000000000063
0.00
0000
00000000
0000
006
0.00000000000176
0.00000000
000
000017
0.00000000000019
0.00000000
0000
000001
0.00000000000132
0.000000
0000
0000
000013
0.00000000000702
0.00
0.
0000000
0000
0000
00070
0.00000000000128
0.00
0000
0000
0000
00000012
0.00000000000606
0.0000
0000
0000000060
0.00000000000187
0.00
0.
0000
000000000018
0.00000000000027
0.00
0000000000002
0.00000000000103
0.0000000000010
0.00000000000004
0.0000000000000
0.00000000000011
0.0000000000001
Number
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Firms' code
HDTX
HMSP
IGAR
INAF
INAI
INDF
DF
INDS
IND
DS
INTP
IN
NTP
JECC
JE
JJKSW
KSW
W
JPFA
JPF
JP
FA
JPRS
JP
RS
KAEF
KA
F
KBLI
KB
KBLM
KB
L
KDSI
KD
SI
KIAS
KI
IAS
KICI
CI
KLBF
BF
LION
N
LMPI
LMSH
LPIN
MAIN
MBTO
MERK
1/TA
1/T
1/
TA 2012
0.00000000000073
0.00000000000000
0.
0073
73
0.00000000000004
0.000000
00000000
0004
04
0.00000000000320
0.0000
0000
0000
0 000320
0.00000000000084
0.00
0.
0000
0000
000000000
00884
0.00000000000163
0.00000000
0
000000163
0.00000000000002
0.0000000
0.
0000000002
0.00000000000060
0.000000000000060
0.00000000000004
0.00
00000000000004
0.00000000000141
0.
0.00000000000361
0.00000000000361
0.00000000000009
0.00000000000251
0.00000000000048
0.00000000000086
0.00000000000138
0.0000000000001
0138
38
0.00000000000175
0.000000
0000
0000
0001
0175
75
0.00000000000047
0.00000000001053
0.00000000000011
0 00000000000011
0.
0.00000000000231
0.00
0000
0000
0000
0000
0002
0231
31
0.00000000000123
0.00000000
000
0001
01223
0.00000000000778
0.00
0.
0000
0000
0000
0000007
07778
00.00000000000580
.00
0000
0000
00000000580
0.00000000000056
0.00000000000164
0.00000000000176
1/TA
1/
A 2011
20111
0.00000000000099
0.0000
0000
0000
0000
0 00
0099
99
0.00000000000005
0.00000000000281
0.00
00000000000281
0.00000000000090
0.00000000000184
0.00000000000002
0.00000000000088
0.00000000000006
0.00000000000159
0.00000000000348
0.00000000000012
0.00000000000228
0.00000000000056
0.00000000000092
0.00000000000156
0.00
0000
0 00000001566
0.00000000000170
0.00
0000
0000
00000001
0170
70
0.00000000000049
0.000000000
0000
0000049
0.00000000001144
0.0000000000
0 1144
0.00000000000012
0.00000000000273
0.00
0000
0000
00000002
0273
73
0.00000000000146
0.0000
000
0000
0000
0001
0146
0.00000000001020
0.00000
0 00000001020
20
0.00000000000635
0.000000
0 000006
0635
0.00000000000075
0.0000000000000075
7
0.00000000000185
0.00000000000171
0.0000
000000001771
1/TA 2010
0.00000000000098
0.00
0.
0000
0000
0000000098
0.00000000000005
0.00
0000
0000
000000000
0 05
0.00000000000288
0.00
0000000000002
0288
8
0.00000000000136
0.0000000
00000001136
0.00000000000257
0.00000000000
0002577
0.00000000000002
0.000000000000
0002
0.000000000004199
0.00000000000007
0.00000000000178
0.00000000000345
0.00000000000014
0.00000000000243
0.00000000000060
0.00000000000168
0.00000000000248
0.00
0000
0000
0000
0 000248
0.00000000000179
0.00
0000
0000
0000
0000
0001
0179
0.00000000000079
0.00000000001164
0.00000000000014
0.00000000000329
0.00
0000
0000
0000
0000
0003
0329
29
0.00000000000164
0.0000000
0000
0000
0 0164
0.00000000001279
0.0000000
0000
0 00
0012
1279
79
0.00000000000663
0.0000000000
006
0663
63
0.00000000000103
0.00000000000300
0.00000000000230
1/TA 2009
0.00000000000092
0.0000000000009
0.
0.00000000000006
0.00
0000000000000
0.00000000000315
0.00000000000031
0.00000000000137
0 00000000000013
0.
0.00000000000213
0.00
0.
00000000
0000021
0.00000000000002
0.00
00000000000
00000
0.00000000000481
0.00
0000
0000
0 0000004
0 8
0.00000000000008
0.00
0000000
0000
000000
000
0.00000000000170
0.0000
0000000
00000117
0.00000000000369
0.00
0 00000
0000
00000366
0.00000000000016
0.0000000
0000000000
0 1
0.00000000000283
0.00000000000
000028
0.00000000000064
0.000000000
00000006
0.00000000000204
0.0000000
00000002
020
0.00000000000282
0.00
0000
00000000
0002
028
0.00000000000182
0.00000000000
000018
0.00000000000076
0.00000000
0000
000007
0.00000000001187
0.000000
0000
0000
00118
0.00000000000015
0.00
0.
0000000
0000
0000
00001
0.00000000000369
0.00
0000
0000
0000
00000036
0.00000000000185
0.0000
0000
0000000018
0.00000000001373
0.00
0.
0000
000000000137
0.00000000000725
0.00
0000000000072
0.00000000000113
0.0000000000011
0.00000000000361
0.0000000000036
0.00000000230430
0.0000000023043
Number
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
Firms' code
MLIA
MRAT
MYOR
MYTX
NIPS
PICO
O
PRAS
PR
RAS
PYFA
PY
YFA
RMBA
RMBA
ROTI
ROTI
SCCO
SCC
SIAP
SI
P
SIPD
SI
SKLT
SK
SMCB
SM
C
SMGR
SM
MGR
SMSM
SM
MSM
SPMA
MA
SSTM
TM
TCID
D
TIRT
TOTO
TRST
TSPC
ULTJ
UNIT
1/TA
1/T
1/
TA 2012
0.00000000000015
0.00000000000000
0.
0015
15
0.00000000000220
0.000000
00000002
0220
20
0.00000000000012
0.0000
0000
0000
0 000012
0.00000000000055
0.00
0.
0000
0000
000000000
00555
0.00000000000191
0.00000000
0
000000191
0.00000000000168
0.0000
0.
000
0000000168
0.00000000000173
0.000000000000173
0.00000000000736
0.00
00000000000736
0.00000000000014
0.
00.00000000000083
.00000000000083
0.00000000000067
0.00000000000542
0.00000000000030
0.00000000000400
0.00000000000008
0.0000000000
000
0008
08
0.00000000000004
0.000000
0000
0000
0000
0004
04
0.00000000000064
0.00000000000060
00.00000000000123
0.
00000000000123
00.00000000000079
.00
0000
0000
0000
0000
0000
0079
79
0.00000000000147
0.00000000
000
0001
01447
0.00000000000066
0.00
0.
0000
0000
0000
0000000
00666
00.00000000000046
.00
0000
0000
00000000046
0.00000000000022
0.00000000000041
0.00000000000263
1/TA
1/
A 2011
20111
0.00000000000016
0.0000
0000
0000
0000
0 00
0016
16
0.00000000000237
0.00000000000015
0.00
00000000000015
0.00000000000054
0.00000000000224
0.00000000000178
0.00000000000208
0.00000000000847
0.00000000000016
0.00000000000132
0.00000000000069
0.00000000000613
0.00000000000038
0.00000000000467
00.00000000000009
.00
0000
0 00000000099
00.00000000000013
.00
0000
0000
00000000
00133
0.00000000000088
0.000000000
0000
0000088
0.00000000000064
0.0000000000
0 0064
0.00000000000119
00.00000000000088
.00
0000
0000
00000000
0088
88
0.00000000000145
0.0000
000
0000
0000
0001
0145
0.00000000000075
0.00
000
0 00000000075
75
0.00000000000047
0.000000
0 000000
0047
0.00000000000024
0.0000
000000000024
2
0.00000000000046
0.0000000000004
46
0.00000000000328
0.0000000000003228
1/TA 2010
0.00000000000022
0.00
0.
0000
0000
0000000022
0.00000000000259
0.00
0000
0000
000000002
0 59
0.00000000000023
0.00
0000000000000
0023
2
0.00000000000053
0.0000000
00000000053
0.00000000000296
0.00000000000
0002966
0.00000000000175
0.000000000001
0175
0.000000000002166
0.00000000000994
0.00000000000020
0.00000000000176
0.00000000000086
0.00000000000663
0.00000000000049
0.00000000000502
00.00000000000010
.00
0000
0000
0000
0 000010
00.00000000000006
.00
0000
0000
0000
0000
0000
0006
0.00000000000094
0.00000000000067
0.00000000000115
0.00000000000095
0.00
0000
0000
0000
0000
0000
0095
95
0.00000000000173
0.0000
000
0000
0000
0 0173
0.00000000000092
0.0000
000
0000
0 00
0000
0092
92
0.00000000000049
0.0000000000
000
0049
49
0.00000000000028
0.00000000000050
0.00000000000323
1/TA 2009
0.00000000000031
0.0000000000003
0.
0.00000000000273
0.00
0000000000027
0.00000000000031
0.00000000000003
0.00000000000055
0 00000000000005
0.
0.00000000000318
0.00
0.
00000000
0000031
0.00000000000184
0.00
00000000000
00018
0.00000000000238
0.00
0000
0000
0 0000002
0 3
0.00000000001001
0.00
0000000
0000
000010
100
0.00000000000023
0.0000
0000000
00000002
0.00000000000288
0.00
0 00000
0000
0000028
0.00000000000108
0.0000000
0000000001
0 0
0.00000000000678
0.00000000000
0000677
0.00000000000061
0.000000000
00000006
0.00000000000510
0.00
00000
00000005
051
0.00000000000014
0.00
0000
00000000
0000
001
0.00000000000008
0.00000000000
0000
000
0.00000000000106
0.00000000
0000
000010
0.00000000000070
0.000000
0000
0000
000007
0.00000000000114
0.00
0.
0000000
0000
0000
00011
0.00000000000101
0.00
0000
0000
0000
00000010
0.00000000000159
0.0000
0000
0000000015
0.00000000000099
0.00
0.
0000
000000000009
00.00000000000052
.00
0000000000005
0.00000000000031
0.0000000000003
0.00000000000058
0.0000000000005
0.00000000000322
0.0000000000032
Number
79
80
81
Firms' code
UNVR
VOKS
YPAS
1/TA
1/T
1/
TA 2012
1/TA
1/
A 2011
20111
1/TA 2010
1/TA 2009
0.00000000000008
0.00000000000000
0.
0008
08 0.00000000000010
0.0000
0000
0000
0000
0 00
0010
10 0.00000000000011
0.00
0.
0000
0000
0000000011 0.00000000000013
0.0000000000001
0.
0.00000000000059
0.00000000000081
0.000000
00000000
0059
59 0.00000000000064 0.00000000000089
0.00
0000
0000
000000000
0 89 0.00
0000000000008
0.00000000000286
0.0000
0000
0000
0 000286 0.00000000000447
0.00
00000000000447 0.00000000000498
0.00
0000000000004
0498
9 0.00000000000523
0.00000000000052
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
EV 13,12)-(REC 13,12))/TA
A12
)-(REC
REC
E 12,11))/TA11 ((REV 11,10)-(REC
C 11,10
((REV 10,09
Firms' code ((REV
12 ((REV 12,11)-(R
11 10))/TA10
11,
10, )-(REC 10,09))/TA09
ADES
0.047
0.047
0.549
0.54
0.
5499
0.333
0.052
AISA
0.249
0.253
0.379
0.114
0.25
2533
AKPI
0.021
0.000
0.244
-0.164
0.02
021
0 24
0.
2 4
ALKA
1.508
0.203
-0.329
0.442
1.50
1.
5088
29
ALMI
-0.218
-0.098
0.328
0.843
-0.2218
-0
AMFG
0.0866
0.079
0.059
0.248
0.0059
0.
APLI
-0.194
0.040
-0.005
-0.1
194
0.150
0.04
0.
040
ARGO
0.123
-0.059
00.157
.157
0.101
0.12
0.
1233
ARNA
0.095
0.232
0.206
00.102
0.
1022
ASII
-0.944
0.154
0.243
0.333
0.2443
AUTO
0.220
0.111
0.1755
0.194
BIMA
-1.590
0.867
0.309
0.616
-1
1.590
BRNA
0.068
0.134
0.238
00.208
.208
BTON
0.000
-0.357
-261.539
1183.753
0..000
BUDI
0.175
0.165
0.049
-0.184
0.
.1755
CEKA
0.560
-0.914
1.248
-0.1466
0.56
0.
560
CPIN
0.295
0.329
0.137
0.29
2955
0.
.32
3299
0.566
DLTA
-0.347
0.421
11.697
1.
697
0.031
DPNS
-0.076
0.172
0.1122
0.031
DVLA
0.025
0.039
0.028
0.060
0.00288
EKAD
0.076
0.205
0.310
0.260
0.07
0766
0..20
2055
0.31
0.
3100
ETWA
0.047
0.143
0.115
0.173
0.04
0.
047
0.14
1433
FASW
0.173
-0.1377
0.207
0.163
0.17
0.
1733
0.20
2077
GDST
-0.175
-0.519
0.334
0.181
-00.175
175
-0.5519
0.334
GGRM
0.171
0.177
0.135
0.17
71
0.136
GJTL
-0.027
0.0322
0.163
0.142
HDTX
0.151
-0.2144
0.306
-0.184
Number
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
HMSP
0.305
0.705
0.70
7055
0.460
0.229
IGAR
0.237
0.076
-0.107
0.169
0.23
237
-0
0.1
.107
INAF
0.124
-0.119
0.238
-0.106
0.12
0.
1244
0.2338
INAI
0.016
0.039
0.131
0.072
0 016
0.
INDF
0.1033
0.089
0.136
0.014
0.
INDS
0.093
0.200
0.614
1.114
0.09
093
0.6614
0.
INTP
0.059
0.159
0.141
0.042
0.059
0.14
0.
1411
JECC
0.167
-0.055
-0.138
00.834
0.
8344
JKSW
0.026
-0.183
-0.097
-0.249
9
JPFA
0.2588
-0.071
0.300
0.239
JPRS
-0.431
-0.383
0.281
0.450
0.281
KAEF
0.253
0.099
0.164
0.177
0.164
KBLI
0.130
0.336
0.939
0.786
0..939
KBLM
0.056
0.149
0.607
0.538
0..6077
KDSI
0.102
0.1677
0.059
0.335
0.05
0.
059
KIAS
0.079
0.064
0.083
0.195
0.07
0799
0..06
0644
KICI
0.083
-0.059
0.081
0.039
-0
KLBF
0.215
0.296
0.0599
0.167
LION
0.003
0.107
0.189
0.050
0.11899
LMPI
0.063
0.088
0.114
-0.013
0.06
0633
0..08
0888
0.11
0.
1144
LMSH
0.288
0.153
0.465
0.484
0.15
0.
153
0.46
4655
LPIN
0.064
-0.016
0.06
0.
0644
0.0177
00.026
.02
0266
MAIN
0.424
0.500
0.556
0.213
0.42
4244
0.50
500
0.556
MBTO
-0.034
-0.013
-0.107
34
0.169
MERK
300.845
0.342
0.0877
0.240
MLIA
0.082
0.111
0.100
0.071
Number
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
MRAT
-113.553
603
60
603.738
3.77388
0.025
0.023
MYOR
0.090
0.105
0.421
0.619
0.09
090
0 42
0.
4 1
MYTX
0.188
0.140
0.111
0.18
0.
1888
-0.225
0.14
40
NIPS
0.214
0.224
0.421
0.295
0 214
0.
PICO
0.051
-0.045
0.1722
-0.107
0.0
0.
051
PRAS
0.002
0.033
0.046
0.394
0.00
002
0.04
0.
046
PYFA
0.119
0.162
0.067
0.061
0.119
0.06
0.
0677
RMBA
0.385
0.337
-0.020
00.219
0.
2199
ROTI
0.305
0.299
0.223
0.454
0.30
05
SCCO
0.587
0.086
0.109
0.8377
SIAP
0.121
0.044
0.236
0.051
0.236
SIPD
-0.090
0.006
0.210
0.227
0.210
SKLT
0.572
0.243
0.108
0.199
0..108
SMCB
0.144
0.004
0.043
0.121
0.
.1444
SMGR
0.124
-0.026
0.171
0.3388
0.12
0.
124
SMSM
0.008
0.310
-0.060
0.444
0.00
0088
0..3100
SPMA
0.089
0.066
0.055
0.
-0.008
SSTM
0.027
-0.013
0.225
0.1133
TCID
0.138
0.063
0.140
00.137
.11377
TIRT
0.129
-0.035
-0.039
00.135
.13
1355
0.
.12
1299
-0.0
-0
.035
35
TOTO
1.084
-1.058
0.160
0.086
-1.0
-1
.0558
0.16
1600
TRST
-0.024
0.033
-0.0
-0
.024
24
-0.0333
00.143
.143
43
TSPC
0.166
0.162
0.173
00.035
.03
0355
0.16
166
0.162
ULTJ
0.305
0.145
0.239
0.30
05
0.078
UNIT
0.021
-0.0199
-0.030
-0.023
UNVR
0.218
0.3322
0.376
0.151
EV 13,12)-(REC 13,12))
))/TA
)/T
/TA12 ((REV 12,11)-(REC
E 12,11
)))/T
/TA
A111 ((REV
(((RE
REV
V 11,10)-(REC 11,100))/TA
))
((REV 10,09
Number Firms' code ((REV
10
12,11
11))/TA
10, )-(REC 10,09))/TA09
80
VOKS
-0.051
0.149
0.14
1499
0.592
-0.283
81
YPAS
0.119
0.104
0.071
0.321
0.11
119
0 07
0.
0 1
Number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Firms' code
ADES
AISA
AKPI
ALKA
ALMI
AMFG
G
APLI
LI
ARGO
AR
RGO
ARNA
AR
ASII
A
SII
AUTO
AU
O
BIMA
BIM
BI
MA
BRNA
BRN
BR
NA
BTON
BT N
BUDI
BUD
CEKA
CE
K
CPIN
CP
PIN
DLTA
DL
LTA
DPNS
DP
PNS
DVLA
LA
EKAD
D
ETWA
A
FASW
GDST
GGRM
GJTL
HDTX
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.847
0.877
0.8777
0.787
0.78
0.
787
1.270
0.519
0.477
0.673
0.691
0.4777
0 67
0.
6733
0 691
0.
1.526
0.001
1.297
1.004
1 526
1.
0.123
0.043
0.061
0.0666
0.1123
0.0043
1.040
0.859
0.683
0.646
1 040
1.
0.
1.114
1.255
1.277
1.407
1.11
1144
1.4007
11.018
.018
1.060
1.009
1.093
2.300
2.260
1.529
1.579
1.166
1.117
0.981
0.985
0.370
0.380
0.428
0.426
0.606
0.481
0.469
0.414
1.418
1.393
1.510
1.554
1.394
1.262
1.174
1.018
0.404
0.466
102.834
124.221
1.007
1.066
1.067
1.201
0.364
0.506
0.345
00.398
.39
398
0.36
64
0.50
0.
5 6
00.671
0.
6711
67
00.700
.70
7000
11.066
.06
0666
00.906
.90
9066
0.535
0.557
0.526
0.481
0.278
0.283
0.277
0.329
0.400
0.409
0.397
0.385
0.559
0.530
0.535
0.590
0.55
5599
0.53
0.
5300
0.53
5355
0.59
5900
0.285
0.153
0.095
0.28
85
0.429
0.153
0.09
0.
095
1.203
1.246
1.298
11.093
.09
093
1.2003
1.24
2466
1.29
1.
2 8
0.656
0.778
0.635
0.682
0.6656
0.
0.487
0.561
0.4577
0.4
487
0.489
0.828
0.865
0.882
0.9144
0.8228
1.285
1.4211
1.201
0.874
1.2201
Number
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Firms' code
HMSP
IGAR
INAF
INAI
INDF
INDS
S
INTP
TP
JECC
JEC
CC
JKSW
JK
KSW
JPFA
JPFA
JPRS
JP
KAEF
KA
KBLI
KBL
KB
LI
KBLM
KB
M
KDSI
KD
S
KIAS
K
IAS
AS
KICI
K
ICI
CI
KLBF
KL
LBF
LION
ON
LMPI
PI
LMSH
H
LPIN
MAIN
MBTO
MERK
MLIA
MRAT
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.302
0.368
0.3668
0.318
0.31
0.
318
0.361
0.585
0.476
0.416
0.444
0.4776
0 41
0.
4166
0 444
0.
0.411
0.403
0.684
0.343
0 411
0.
0 343
0.
0.404
0.435
0.555
0.3400
0.4404
0.4435
0.566
0.464
0.442
0.462
0.566
0.
0.645
0.699
2.280
1.771
0.64
645
1.7771
0.784
0.865
0.970
1.078
0.784
0.564
0.514
0.464
0.521
0.222
0.211
0.236
0.252
0.680
0.634
0.700
0.740
0.190
0.173
0.173
0.203
0.444
0.473
0.466
0.469
0.702
0.730
1.297
1.544
0.679
0.728
1.110
1.092
1.100
0.755
0.788
0.764
1.001
0.945
1.458
0.955
0.94
945
1.4558
0.95
0.
9 5
0.573
0.618
0.605
0 57
0.
5733
0.61
6188
0.60
0.
6055
00.613
.61
6133
0.484
0.447
0.453
0.427
0.260
0.217
0.209
0.226
0.710
0.805
0.799
0.775
0.366
0.465
0.515
0.586
0.36
3666
0.46
0.
4655
0.51
5155
0.58
5866
0.089
0.074
0.08
89
0.093
00.074
.074
0.07
0.
0744
0.901
0.948
0.933
0.811
0.90
901
0.9448
0.93
9333
0.81
0.
8 1
0.453
00.394
.3394
0.314
0.435
0.
0.276
272.799
0.229
0.2188
0.2
276
1.509
1.4799
1.834
2.041
1.8334
0.399
395.430
395.5333
0.3
399
0.388
Number
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
Firms' code
MYOR
MYTX
NIPS
PICO
PRAS
PYFA
A
RMBA
RMB
BA
ROTI
RO
OTI
SCCO
SC
CCO
SIAP
S
IAP
SIPD
SI
SKLT
SK
L
SMCB
SMC
SM
CB
SMGR
SM R
SMSM
SM
S
SPMA
SPM
SSTM
SS
STM
TCID
TC
CID
TIRT
RT
TOTO
TO
TRST
T
TSPC
ULTJ
UNIT
UNVR
VOKS
YPAS
PPE13/TA
/T
TA12 PPE12/TA
A11 PPE11/TA10 PPE10/TA09
0.603
0.665
0.6665
0.751
0.75
0.
751
0.791
1.480
1.352
1.385
1.933
1.48
80
1.35
3522
1 385
1.
0.785
0.790
0.896
0.869
0 785
0.
0 869
0.
0.7922
00.718
.7718
00.751
.751
0.741
0.850
0.770
1.148
1.218
0.850
1.
1.119
0.912
0.912
0.862
1.11
1199
0.8662
00.572
.572
0.478
0.537
0.544
1.245
1.151
1.375
1.153
0.514
0.404
0.379
0.442
0.914
0.679
0.564
0.407
0.717
0.828
0.920
0.814
0.769
0.716
0.706
0.651
1.561
1.422
1.317
1.767
1.044
3.217
1.249
1.077
1.018
1.323
1.095
1.128
1.283
1.259
1.257
11.280
.28
280
1.28
83
1.25
1.
2 9
0.944
11.120
1.
1200
12
11.027
.02
0277
0.94
0.
9444
00.922
.92
9222
0.973
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11.236
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1.0388
0.810
0.771
0.8810