CONCLUSION, SUGGESTION AND LIMITATION THE EFFECT OF INDEPENDENT COMMISSIONER BOARD MEMBER, COMMISSIONER BOARD SIZE, AUDIT COMITTEE, CONCENTRATED OWNERSHIP AND CULTURE TOWARD EARNINGS MANAGEMENT.
CHAPTER V
CONCLUSION, SUGGESTION AND LIMITATION
5.1.
Conclusion
Based on data analysis that has been done, researcher may draw following
conclusions:
1. Independent commissioner boards proportion does not negatively affect
earnings management.
2. Commissioner boards size does not negatively affect earnings management.
3. Audit committee does negatively affect earnings management.
4. Concentrated ownership does negatively affect earnings management.
5. Culture does affect earnings management.
5.2.
Research Limitations and Suggestions
This study has several limitations, they are:
1. Sample for this study only consist of 47 manufacturing companies. Upcoming
research can
use a bodder range of industry to increase the number of
samples.
2. This study only analyze the effect of proportion independent commissioner
board,board size, audit committee, concentrated ownership and culture on
earnings management. There are many other variables that play a role in
56
57
affecting earnings management. Therefore, further research is expected to add
other variables deemed to affect earnings management, such as institutional
ownership, managerial ownership and size of company.
3. Concentrated ownership is calculated based on the largest percentage of
ownership by individual or group. The researcher did not identify relationship
among owners eventhough such relationship may exist. Subsequent research
should identify whether or not relationships exist among owners. This will
affect the calculation of concentrated ownership.
LAMPIRAN I
Descriptives
Descriptive Statistics
N
Earnings management
Independent
commissioner board
proportion
Commissioner board size
Audit committee
Concentrated ownership
Culture
Valid N (listwise)
47
Minimum
-.20
Maximum
1.09
Mean
.0811
Std. Deviation
.23887
47
.20
1.00
.4229
.15892
47
47
47
47
47
3.00
.00
10.17
.33
11.00
.50
96.65
1.00
5.8723
.3121
60.2716
.8615
2.28051
.12221
21.58725
.19771
LAMPIRAN II
Normality Test
One-Sample Kolmogorov-Smirnov Test
N
Normal Parametersa,b
Most Extreme
Differences
Mean
Std. Deviation
Absolute
Positive
Negative
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
a. Test distribution is Normal.
b. Calculated from data.
Unstandardize
d Residual
47
.0000000
.23559144
.144
.144
-.093
.986
.286
LAMPIRAN III
Multicolinearity Test
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Audit committee ,
Independent commissioner board
proportion , Concentrated
ownership,
Commissioner board
a
size
a. All requested variables entered.
Variables
Removed
Method
.
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Collinearity Statistics
Tolerance
VIF
Independent
commissioner board
.865
proportion
Commissioner board size
.704
Audit committee
.693
Concentrated ownership
.850
Culture
.900
a. Dependent Variable: Earnings management
1.156
1.420
1.444
1.177
1.111
Enter
LAMPIRAN IV
Heteroscedasticity Test
Variables Entered/Removedb
Variables
Removed
Model
1
Variables Entered
Culture, Independent
commissioner board proportion
, Commissioner board size ,
Audit committee ,
a
Concentrated ownership
a. All requested variables entered.
Method
.
Enter
b. Dependent Variable: ABSY
Model Summary
Adjusted R
Std. Error of
Model
R
R Square
Square
the Estimate
1
.285a
.081
-.031
.16362
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.097
5
.019
.723
Residual
1.098
41
.027
Total
1.194
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.610a
b. Dependent Variable: ABSY
Coefficientsa
Model
1
(Constant)
Independent
commissioner board
proportion
Commissioner board size
Audit committee
Concentrated ownership
Culture
a. Dependent Variable: ABSY
Unstandardized
Coefficients
B
Std. Error
.006
.146
Standardized
Coefficients
Beta
t
.043
Sig.
.966
-.131
.160
-.129
-.819
.417
.010
-.015
.002
.061
.011
.212
.001
.127
.141
-.012
.251
.075
.892
-.072
1.542
.479
.377
.943
.131
.635
LAMPIRAN V
Autocorrelation Test
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Independent
commissioner board proportion
, Commissioner board size ,
Audit committee ,
a
Concentrated ownership
a. All requested variables entered.
Variables
Removed
Method
.
Enter
b. Dependent Variable: Earnings management
Model Summaryb
Adjusted R
Std. Error of
Model
R
R Square
Durbin-Watson
Square
the Estimate
1
.603a
.363
.285
.20191
1.860
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
b. Dependent Variable: Earnings management
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.953
5
.191
4.676
Residual
1.672
41
.041
Total
2.625
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.002a
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Unstandardized
Coefficients
B
Std. Error
.785
.180
(Constant)
Independent
commissioner board
-.060
proportion
Commissioner board size
-.002
Audit committee
-.593
Concentrated ownership
-.003
Culture
-.319
a. Dependent Variable: Earnings management
Standardized
Coefficients
Beta
t
4.354
Sig.
.000
.198
-.040
-.304
.762
.014
.262
.002
.157
-.017
-.304
-.312
-.264
-.132
-2.267
-2.297
-2.036
.896
.029
.027
.048
LAMPIRAN VI
Regression
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Independent
commissioner board proportion ,
Commissioner board size , Audit
committeea, Concentrated
ownership
a. All requested variables entered.
Variables
Removed
Method
.
Enter
b. Dependent Variable: Earnings management
Model Summary
Adjusted R
Std. Error of
Model
R
R Square
Square
the Estimate
1
.603a
.363
.285
.20191
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.953
5
.191
4.676
Residual
1.672
41
.041
Total
2.625
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.002a
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Unstandardized
Coefficients
B
Std. Error
.785
.180
(Constant)
Independent
commissioner board
-.060
proportion
Commissioner board size
-.002
Audit committee
-.593
Concentrated ownership
-.003
Culture
-.319
a. Dependent Variable: Earnings management
Standardized
Coefficients
Beta
t
4.354
Sig.
.000
.198
-.040
-.304
.762
.014
.262
.002
.157
-.017
-.304
-.312
-.264
-.132
-2.267
-2.297
-2.036
.896
.029
.027
.048
LAMPIRAN VII
2006
No
1
2
3
4
5
6
7
Nama Perusahaan
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASGR
ASII
AUTO
BUDI
FAST
UNVR
UNTR
Independent commissioner
0.3333
0.5556
0.4000
0.3333
0.3333
0.8000
0.3333
Board Size
3
9
5
3
6
5
6
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
Concentrated ownership
76.87
50.11
86.72
19.73
43.77
85
58.45
Culture
1
1
0.86
1
1
0.67
1
Earnings Management
0.0169
0.1465
0.1108
0.2714
0.2904
0.2430
0.1533
2007
No
1
2
3
4
5
6
7
8
Nama Perusahaan
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASGR
ASII
AUTO
BUDI
FAST
INTP
UNVR
UNTR
Independent commissioner
0.3333
0.5000
0.4286
0.4000
0.3333
0.2857
0.8000
0.6000
Board Size
3
10
7
5
6
7
5
5
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
Concentrated ownership
76.87
50.11
86.72
20.94
43.82
65.14
85
58.45
Culture
1
0.86
1
1
1
0.5
0.67
1
Earnings Management
-0.1889
-0.0860
0.1046
-0.0002
-0.1614
-0.2014
-0.0515
-0.0791
2008
No
1
2
3
4
5
6
7
8
Nama Perusahaan
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Merck Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASII
AUTO
BUDI
FAST
INTP
MERK
UNVR
UNTR
Independent commissioner
0.5000
0.3333
0.4000
0.3333
0.4286
0.3333
0.8000
0.4000
Board Size
10
9
5
6
7
3
5
5
Komite Audit
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.3333
Concentrated ownership
50.11
93.91
25.5
43.84
65.14
74
85
59.5
Culture
0.88
1
1
1
0.5
0.33
0.88
1
Earnings Management
0.3267
0.3175
0.2878
0.3673
0.3809
0.0528
0.4116
0.5535
2009
No
1
2
3
4
5
6
7
8
9
10
11
Nama Perusahaan
PT AKR Corporindo Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Merck Tbk
PT Perdana Bangun Pusaka Tbk
PT Tunas Ridean Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
AKRA
ASII
AUTO
BUDI
FAST
INTP
MERK
KONI
TURI
UNVR
UNTR
Independent commissioner
0.3333
0.5000
0.3333
0.4000
0.3333
0.4286
0.3333
0.3333
0.4000
0.6667
0.3750
Board Size
3
10
9
5
6
7
3
3
5
8
8
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.2500
0.3333
0.3333
Concentrated ownership
70.82
50.11
95.65
25.91
43.84
50
74
64.16
68.885
85
59.5
Culture
0.89
0.89
1
1
1
0.5
0.43
1
0.8
0.75
1
Earnings Management
-0.0469
0.0159
0.0515
0.0639
-0.0433
-0.0292
0.2180
1.0897
0.0917
0.1365
0.0193
2010
No
1
2
3
4
5
6
7
8
9
10
11
12
13
Nama Perusahaan
PT AKR Corporindo Tbk
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Kalbe Farma Tbk
PT Merck Tbk
PT Perdana Bangun Pusaka Tbk
PT Tunas Ridean Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
AKRA
ASGR
ASII
AUTO
BUDI
FAST
INTP
KLBF
MERK
KONI
TURI
UNVR
UNTR
Independent commissioner
0.3333
0.3333
0.4545
0.3000
0.4000
0.3333
0.2857
0.3333
0.3333
0.3333
0.2000
1.0000
0.5000
Board Size
3
3
11
10
5
6
7
6
3
3
5
6
6
Komite Audit
0.3333
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.3333
0.2500
0.3333
0.3333
Concentrated ownership
59.24
76.87
50.11
96.65
25.81
43.84
51
10.17
74
64.16
43.84
85
59.5
Culture
0.8
1
0.88
1
1
1
0.5
1
0.43
1
0.75
0.75
1
Earnings Management
-0.1795
-0.1968
0.0912
0.1364
-0.1525
-0.1243
-0.0778
-0.0271
-0.1189
-0.1754
-0.0923
-0.0967
-0.0093
CONCLUSION, SUGGESTION AND LIMITATION
5.1.
Conclusion
Based on data analysis that has been done, researcher may draw following
conclusions:
1. Independent commissioner boards proportion does not negatively affect
earnings management.
2. Commissioner boards size does not negatively affect earnings management.
3. Audit committee does negatively affect earnings management.
4. Concentrated ownership does negatively affect earnings management.
5. Culture does affect earnings management.
5.2.
Research Limitations and Suggestions
This study has several limitations, they are:
1. Sample for this study only consist of 47 manufacturing companies. Upcoming
research can
use a bodder range of industry to increase the number of
samples.
2. This study only analyze the effect of proportion independent commissioner
board,board size, audit committee, concentrated ownership and culture on
earnings management. There are many other variables that play a role in
56
57
affecting earnings management. Therefore, further research is expected to add
other variables deemed to affect earnings management, such as institutional
ownership, managerial ownership and size of company.
3. Concentrated ownership is calculated based on the largest percentage of
ownership by individual or group. The researcher did not identify relationship
among owners eventhough such relationship may exist. Subsequent research
should identify whether or not relationships exist among owners. This will
affect the calculation of concentrated ownership.
LAMPIRAN I
Descriptives
Descriptive Statistics
N
Earnings management
Independent
commissioner board
proportion
Commissioner board size
Audit committee
Concentrated ownership
Culture
Valid N (listwise)
47
Minimum
-.20
Maximum
1.09
Mean
.0811
Std. Deviation
.23887
47
.20
1.00
.4229
.15892
47
47
47
47
47
3.00
.00
10.17
.33
11.00
.50
96.65
1.00
5.8723
.3121
60.2716
.8615
2.28051
.12221
21.58725
.19771
LAMPIRAN II
Normality Test
One-Sample Kolmogorov-Smirnov Test
N
Normal Parametersa,b
Most Extreme
Differences
Mean
Std. Deviation
Absolute
Positive
Negative
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
a. Test distribution is Normal.
b. Calculated from data.
Unstandardize
d Residual
47
.0000000
.23559144
.144
.144
-.093
.986
.286
LAMPIRAN III
Multicolinearity Test
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Audit committee ,
Independent commissioner board
proportion , Concentrated
ownership,
Commissioner board
a
size
a. All requested variables entered.
Variables
Removed
Method
.
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Collinearity Statistics
Tolerance
VIF
Independent
commissioner board
.865
proportion
Commissioner board size
.704
Audit committee
.693
Concentrated ownership
.850
Culture
.900
a. Dependent Variable: Earnings management
1.156
1.420
1.444
1.177
1.111
Enter
LAMPIRAN IV
Heteroscedasticity Test
Variables Entered/Removedb
Variables
Removed
Model
1
Variables Entered
Culture, Independent
commissioner board proportion
, Commissioner board size ,
Audit committee ,
a
Concentrated ownership
a. All requested variables entered.
Method
.
Enter
b. Dependent Variable: ABSY
Model Summary
Adjusted R
Std. Error of
Model
R
R Square
Square
the Estimate
1
.285a
.081
-.031
.16362
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.097
5
.019
.723
Residual
1.098
41
.027
Total
1.194
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.610a
b. Dependent Variable: ABSY
Coefficientsa
Model
1
(Constant)
Independent
commissioner board
proportion
Commissioner board size
Audit committee
Concentrated ownership
Culture
a. Dependent Variable: ABSY
Unstandardized
Coefficients
B
Std. Error
.006
.146
Standardized
Coefficients
Beta
t
.043
Sig.
.966
-.131
.160
-.129
-.819
.417
.010
-.015
.002
.061
.011
.212
.001
.127
.141
-.012
.251
.075
.892
-.072
1.542
.479
.377
.943
.131
.635
LAMPIRAN V
Autocorrelation Test
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Independent
commissioner board proportion
, Commissioner board size ,
Audit committee ,
a
Concentrated ownership
a. All requested variables entered.
Variables
Removed
Method
.
Enter
b. Dependent Variable: Earnings management
Model Summaryb
Adjusted R
Std. Error of
Model
R
R Square
Durbin-Watson
Square
the Estimate
1
.603a
.363
.285
.20191
1.860
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
b. Dependent Variable: Earnings management
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.953
5
.191
4.676
Residual
1.672
41
.041
Total
2.625
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.002a
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Unstandardized
Coefficients
B
Std. Error
.785
.180
(Constant)
Independent
commissioner board
-.060
proportion
Commissioner board size
-.002
Audit committee
-.593
Concentrated ownership
-.003
Culture
-.319
a. Dependent Variable: Earnings management
Standardized
Coefficients
Beta
t
4.354
Sig.
.000
.198
-.040
-.304
.762
.014
.262
.002
.157
-.017
-.304
-.312
-.264
-.132
-2.267
-2.297
-2.036
.896
.029
.027
.048
LAMPIRAN VI
Regression
Variables Entered/Removedb
Model
1
Variables Entered
Culture, Independent
commissioner board proportion ,
Commissioner board size , Audit
committeea, Concentrated
ownership
a. All requested variables entered.
Variables
Removed
Method
.
Enter
b. Dependent Variable: Earnings management
Model Summary
Adjusted R
Std. Error of
Model
R
R Square
Square
the Estimate
1
.603a
.363
.285
.20191
a. Predictors: (Constant), Culture, Independent commissioner board proportion
, Commissioner board size , Audit committee , Concentrated ownership
ANOVAb
Sum of
df
Mean Square
F
Squares
Regression
.953
5
.191
4.676
Residual
1.672
41
.041
Total
2.625
46
a. Predictors: (Constant), Culture, Independent commissioner board proportion ,
Commissioner board size , Audit committee , Concentrated ownership
Model
1
Sig.
.002a
b. Dependent Variable: Earnings management
Coefficientsa
Model
1
Unstandardized
Coefficients
B
Std. Error
.785
.180
(Constant)
Independent
commissioner board
-.060
proportion
Commissioner board size
-.002
Audit committee
-.593
Concentrated ownership
-.003
Culture
-.319
a. Dependent Variable: Earnings management
Standardized
Coefficients
Beta
t
4.354
Sig.
.000
.198
-.040
-.304
.762
.014
.262
.002
.157
-.017
-.304
-.312
-.264
-.132
-2.267
-2.297
-2.036
.896
.029
.027
.048
LAMPIRAN VII
2006
No
1
2
3
4
5
6
7
Nama Perusahaan
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASGR
ASII
AUTO
BUDI
FAST
UNVR
UNTR
Independent commissioner
0.3333
0.5556
0.4000
0.3333
0.3333
0.8000
0.3333
Board Size
3
9
5
3
6
5
6
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
Concentrated ownership
76.87
50.11
86.72
19.73
43.77
85
58.45
Culture
1
1
0.86
1
1
0.67
1
Earnings Management
0.0169
0.1465
0.1108
0.2714
0.2904
0.2430
0.1533
2007
No
1
2
3
4
5
6
7
8
Nama Perusahaan
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASGR
ASII
AUTO
BUDI
FAST
INTP
UNVR
UNTR
Independent commissioner
0.3333
0.5000
0.4286
0.4000
0.3333
0.2857
0.8000
0.6000
Board Size
3
10
7
5
6
7
5
5
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
Concentrated ownership
76.87
50.11
86.72
20.94
43.82
65.14
85
58.45
Culture
1
0.86
1
1
1
0.5
0.67
1
Earnings Management
-0.1889
-0.0860
0.1046
-0.0002
-0.1614
-0.2014
-0.0515
-0.0791
2008
No
1
2
3
4
5
6
7
8
Nama Perusahaan
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Merck Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
ASII
AUTO
BUDI
FAST
INTP
MERK
UNVR
UNTR
Independent commissioner
0.5000
0.3333
0.4000
0.3333
0.4286
0.3333
0.8000
0.4000
Board Size
10
9
5
6
7
3
5
5
Komite Audit
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.3333
Concentrated ownership
50.11
93.91
25.5
43.84
65.14
74
85
59.5
Culture
0.88
1
1
1
0.5
0.33
0.88
1
Earnings Management
0.3267
0.3175
0.2878
0.3673
0.3809
0.0528
0.4116
0.5535
2009
No
1
2
3
4
5
6
7
8
9
10
11
Nama Perusahaan
PT AKR Corporindo Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Merck Tbk
PT Perdana Bangun Pusaka Tbk
PT Tunas Ridean Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
AKRA
ASII
AUTO
BUDI
FAST
INTP
MERK
KONI
TURI
UNVR
UNTR
Independent commissioner
0.3333
0.5000
0.3333
0.4000
0.3333
0.4286
0.3333
0.3333
0.4000
0.6667
0.3750
Board Size
3
10
9
5
6
7
3
3
5
8
8
Komite Audit
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.2500
0.3333
0.3333
Concentrated ownership
70.82
50.11
95.65
25.91
43.84
50
74
64.16
68.885
85
59.5
Culture
0.89
0.89
1
1
1
0.5
0.43
1
0.8
0.75
1
Earnings Management
-0.0469
0.0159
0.0515
0.0639
-0.0433
-0.0292
0.2180
1.0897
0.0917
0.1365
0.0193
2010
No
1
2
3
4
5
6
7
8
9
10
11
12
13
Nama Perusahaan
PT AKR Corporindo Tbk
PT Astra Graphia Tbk
PT Astra International Tbk
PT Astra Otoparts Tbk
PT Budi Acid Jaya Tbk
PT Fast Food Indonesia Tbk
PT Indocement Tunggal Prakasa Tbk
PT Kalbe Farma Tbk
PT Merck Tbk
PT Perdana Bangun Pusaka Tbk
PT Tunas Ridean Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
Kode
AKRA
ASGR
ASII
AUTO
BUDI
FAST
INTP
KLBF
MERK
KONI
TURI
UNVR
UNTR
Independent commissioner
0.3333
0.3333
0.4545
0.3000
0.4000
0.3333
0.2857
0.3333
0.3333
0.3333
0.2000
1.0000
0.5000
Board Size
3
3
11
10
5
6
7
6
3
3
5
6
6
Komite Audit
0.3333
0.3333
0.0000
0.3333
0.3333
0.5000
0.3333
0.3333
0.3333
0.3333
0.2500
0.3333
0.3333
Concentrated ownership
59.24
76.87
50.11
96.65
25.81
43.84
51
10.17
74
64.16
43.84
85
59.5
Culture
0.8
1
0.88
1
1
1
0.5
1
0.43
1
0.75
0.75
1
Earnings Management
-0.1795
-0.1968
0.0912
0.1364
-0.1525
-0.1243
-0.0778
-0.0271
-0.1189
-0.1754
-0.0923
-0.0967
-0.0093