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CHAPTER IV RESULT AND ANALYSIS
A. General Description of Research Object
This chapter presents and discusses the findings of the research. The population of this research is real estate business listed in IDX within period
2012-2014. The selection of sample is chosen by criteria of population that have explained in research methodology in previous chapter that is taken as
annually in 2012-2014.
In 2012-2014, Real estate business that go public in Indonesia Stock Exchange are 50 companies. This research is used purposive sampling. And
from 50 companies, regarding on criteria of sampling in previous chapter, so the amount of sampling are 12 companies. This research will use pooling
data method in which the variable will be tasted in three year, so the total
sample are 36 samples of annual report.
Companies that become the sample is the company that fulfill the criteria
of the sample in this research:
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Table 4.1 Sample Selection
No. Criteria
Number
1 Population real estate business
50 2
Real estate business that do not have institutional ownership
38
Total sample of companies 12
Total sample of annual report used in this Research
36
Source : Data Process
Table 4.2 List of Companies Sample
Source : Data Process
No Company
Code
1 Agung Podomoro Land Tbk.
APLN 2
Bekasi Fajar Industrial Estate Tbk. BEST 3
Bukit Darmo Property Tbk. BKDP
4 Ciputra Development Tbk.
CTRA 5
MNC Land Tbk. KPIG
6 Lamicitra Nusantara Tbk.
LAMI 7
Indonesia Prima Property Tbk. OMRE
8 Pudjiati Prestige Tbk.
PUDP 9
Pakuwon Jati Tbk. PWON
10 Rista Bintang Mahkota Sejati Tbk. RBMS 11 Roda Vivatex Tbk.
RDTX 12 Summarecon Agung Tbk.
SMRA
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B. Analysis and Discussion
The data processing in this research is conducted by the statistical application. The application used for data processing in this research is SPSS
22.0 version.
1. Descriptive Statistics
Descriptive statistics provide an overview of the minimum value, maximum value, average value mean and standard deviation of the data
used in the study.
Table 4.3 Descriptive Statistics
N Minimum Maximum Mean
Std. Deviation EM
36 -,01
,02 ,0009
,00603 BOD
36 2,00
9,00 5,6111
2,34555 MO
36 ,01
56,70 8,6180
15,69764 IO
36 19,18
92,88 59,1797 22,77275
TobinsQ 36
,24 2,97
1,1526 ,67146
Size 36
24,08 30,87 27,8583
1,95453 Valid N listwise 36
Source : Output SPSS 22.0 Based on table 4.1 above, the variables of research can be
described as follows:
a. Dependent Variable
Variable TobinsQ has an average 1.1526. The minimum value is .24 the name of the company is PT Pudjiati Prestige Tbk. and the
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maximum value is 2.97 that is PT Bekasi Fajar Industrial Estate Tbk., where as the standard deviation value is 0.67146.
b. Independent Variable
1 Earnings Management EM Variable earnings management has an average 0.0009. The
minimum value is -0.1 that is PT Rista Bintang Mahkota Sejati Tbk and the maximum value is 0.02 that is PT Rista Bintang Mahkota
Sejati Tbk., where as the standard deviation value is .00603. 2 Board of Director BOD
Variable Board of Director as an average 5.6111. The minimum value is 2.00 that is PT Bumi Serpong Damai Tbk and
the maximum value is 9.00 that is PT Agung Podomoro Land Tbk, PT Ciputra Development Tbk and PT Summarecon Agung Tbk,
whereas the standard deviation value is 2.34555. 3 Managerial Ownership MO
Variable Managerial Ownership has an average 8.6180. The minimum value is 0.01 that is PT Lamicitra Nusantara Tbk
and the maximum value is 56.70 that is PT Rista Bintang Mahkota Sejati Tbk, whereas the standard deviation value is 15.69764.
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4 Institutional Ownership IO Variable Institutional Ownership has an average .59.1797
The minimum value is 19.18 that is PT. Rista Bintang Mahkota Sejati Tbk and the maximum value is 92.88 that is PT Lamicitra
Nusantara Tbk, whereas the standard deviation value is 22.77275. 5 Size of Company
Variable size of company has an average 27.8583. The minimum value is 24.08 that is PT Rista Bintang Mahkota Tbk and
the maximum value is 30.87 that is PT MNC Land Tbk, whereas the standard deviation value is 1.95453.
2. Classical Assumtion Test
a. The Result of Normality Test
Normality Data test aims to test whether the dependent variable and independent variables both have a normal distribution or not in the
regression model. The statistical test that can be used to test whether the residuals are normally distributed non-parametric test statistic
Kolmogorov-Smirnov KS by making hypotheses : H0: the data were normally distributed residuals
Ha: the data not normally distributed residuals.
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If the significance value greater than 0.05 then H0 is accepted and Ha rejected, otherwise if the significance value is less than 0.05 then
H0 rejected and Ha accepted. The results of the normality data test using Kolmogorov-Smirnov KS can be shown in the following table:
Table 4.4 One-Sample Kolmogorov-Smirnov Test Model 1
Unstandardized Residual N
36 Normal Parameters
a,b
Mean ,0000000
Std. Deviation ,38854437
Most Extreme Differences Absolute ,147
Positive ,147
Negative -,088
Test Statistic ,147
Asymp. Sig. 2-tailed ,048
c
Source : Output SPSS 22.0
Table 4.5
One-Sample Kolmogorov-Smirnov Test Model 2
Unstandardized Residual N
36 Normal Parameters
a,b
Mean ,0000000
Std. Deviation ,50789697
Most Extreme Differences Absolute ,123
Positive ,123
Negative -,065
Test Statistic ,123
Asymp. Sig. 2-tailed ,182
c
Source : Output SPSS 22.0
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Table 4.6
One-Sample Kolmogorov-Smirnov Test Model 3
Unstandardized Residual N
123 Normal Parameters
a,b
Mean ,0000000
Std. Deviation ,09871739
Most Extreme Differences Absolute ,063
Positive ,040
Negative -,063
Test Statistic ,063
Asymp. Sig. 2-tailed ,200
c,d
Source : Output SPSS 22.0
Based on the results of statistical tests with models such as the Kolmogorov-Smirnov contained in table can be seen from the
significance value of model 1 is 0.048, the significance value of model 2 is 0.182 and the significance value of model 3 is 0.200. In
table model 1 the significance value is 0.048 that means that the data not normally distributed because less than 0.05. But refers to the
assumption of the Central Limit Theorem Dielman 1961 in Ghozali which states that for a large sample, especially more than 30
distribution of samples considered close to the normal distribution, which means that even on the classic assumption test in the form of
normality test indicates that there is data distribution is not normal but because observation of more than 30 then the data will still be
considered normal, because the use of 12 companies with 36 observation of the sample.
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Normally distributed data can also be viewed using a normal plot of the standardized residuals probably, the result is shown in Figure
below:
Figure 4.1 Model 1
Source : Output SPSS 22.0
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