46 Table 4.1 below presents the sample selection process based on
established criteria.
Table 4.1 Sample Selection Process Based on Criteria
No Criteria
Total 1. Companies listed on the Indonesian Stock Exchange in 2013
486 2.
The company did not have complete data related to the studied variables.
133 3.
Outlier Test 65
Total sample during research period 288
Source: Secondary Data Processed
2. Description of Selected Companies’ Sample
Description of Study Sample
Object of the research are companies which is grouped into two categories based on the timeliness submission their
financial report, the categories are: a.
Companies that are submit their financial report on time to BAPEPAM.
b. Companies that are not on time in submit their financial reports to
BAPEPAM.
47
Table 4.2 Company Distribution which is On Time and Delay on
Submitting Financial Report during Study Period
Categories of Companies
Years of Research 2013
Total Companies On
Time 280
97.3 Companies Not
On Time 8
2.7
Total 288
100
Source: Secondary Data Processed Distribution of companies based on the timeliness their
financial reporting for the year period 2013 is shown on Table 4.2. It is known that at year 2013 the company reported its financial
statements on time as much as 280 97.3 companies. As for the companies that report financial statements delay in year 2013 as
much as 8 2.7 companies. Companies that delay in submitting financial report
according to a report from BAPEPAM and LK caused by several things, such caused by
technical problems the parent’s company consolidated with subsidiaries. An increasing number of companies
who are delay in submitting financial statements according to a report from Bapepam-LK because of several things, as a follows:
1. Related to the companys internal problems, such as:
the preparation of human resources, information
48 systems, and the willingness of the company in
submitting their financial report.
2.
There are several companies that perform massive debt restructuring, so it took a long time for the preparation
of financial report. In terms of regulations in Indonesia, since the issuance the
Latter of Chairman of the Capital Market Supervisory Agency and Financial Institution number 40BL2007 about Submission Period
the periodical Financial Statements and Annual Reports going public companies listed on the IDX Indonesia Stock Exchange
push companies listed to report their financial reports on time before the expiry date which is on March 31 90 days. Although
Bapepam will provide tough sanctions to companies that are delay in submitting their financial report, but there are still some
companies that do not submit financial reports on time. It is seen 97.3 of companies that on time in submit their financial report
while the remaining 2.7 of companies has been late.
Table 4.3 Distribution ACI Audit Committee Independence to the timeliness
submission financial report
No ACI Category
On Time Delay
Total Total
Total Total
1 3 Person
7 2.5
7 2.43
2 3 Person
245 87.5
7 87.5
252 87.5
49 3
3 Person 28
10 1
12.5 29
10.07 Total
280 100
8 100
288 100
Source: Secondary Data Processed Table 4.3 shows the number of companies that on time and
delay on submit their financial report based on ACI Audit Committee Independence for year 2013. In the total shows that
companies which is on time submit their financial report have independence member less than 3 persons 7 companies or 2.3,
have member 3 persons 245 companies or 87.5, and have more than 3 persons 28 companies or 10. At the other side, companies
that have delay in submit their financial report have member less than 3 persons 0 companies, and companies have member 3 person
7 companies or 87.5, meanwhile companies that have more than 3 persons 3 companies or 12.5.
Table 4.4 Distribution ACE Audit Committee Expertise to the timeliness
submission financial report
No ACE Category
On Time Delay
Total Total
Total Total
1 2 Person
49 17.5
49 17.01
2 2 Person
144 51.4
7 87.5
151 52.44
3 2 Person
87 31.1
1 12.5
88 30.55
Total 280
100 8
100 288
100 Source: Secondary Data Processed
Table 4.4 shows the number of companies that on time and delay on submit their financial report based on ACE Audit
Committee Expertise for year 2013. In the total shows that
50 companies which is on time submit their financial report have
independence member less than 2 persons 49 companies or 17.5, have member 2 persons 144 companies or 51.4, and have more
than 2 persons 87 companies or 31.1. At the other side, there are no companies that have delay in submit their financial report have
member less than 2 persons and companies have member 2 person 7 companies or 87.5, meanwhile companies that have more than
2 persons 1 companies or 12.5.
Table 4.5 Distribution ACS Audit Committee Size to the timeliness submission
financial report
No ACS Category
On Time Delay
Total Total
Total Total
1 3 Person
6 2.15
6 2.1
2 3 Person
246 87.85
7 87.5
253 87.84
3 3 Person
28 10
1 12.5
29 10.06
Total 280
100 8
100 288
100 Source: Secondary Data Processed
Table 4.5 shows the number of companies that on time and delay on submit their financial report based on ACS Audit
Committee Size for year 2013. In the total shows that companies which is on time submit their financial report have independence
member less than 3 persons 6 companies or 21.5, have member 3 persons 246 companies or 87.85, and have more than 3 persons
28 companies or 10. At the other side, there are no companies that have delay in submit their financial report have member less
51 than 3 persons, and companies have member 3 person 7 companies
or 87.5, meanwhile companies that have more than 3 persons 1 companies or 12.5.
Table 4.6 Distribution ACM Audit Committee Meeting to the timeliness
submission financial report
No ACM Category
On Time Delay
Total Total
Total Total
1 4 Times
35 12.5
35 12.15
2 4 Times
133 47.5
4 50
137 47.56
3 4 Times
112 40
4 50
116 40.27
Total 280
100 8
100 288
100 Source: Secondary Data Processed
Table 4.6 shows the number of companies that on time and delay on submit their financial report based on ACM Audit
Committee Meeting for year 2013. In the total shows that companies which is on time submit their financial report held
meeting less than 4 times 35 companies or 12.5, held meeting 4 times 133 companies or 47.5, and held meeting more than 4
times 112 companies or 40. At the other side, there are no companies that have delay in submit their financial report held
meeting less than 4, and companies held meeting 4 times 4 companies or 50, meanwhile companies that held meeting more
than 4 times 4 companies or 50.
52
Table 4.7 Distribution Company Size to the timeliness submission financial
report
No Company
Size Category On Time
Delay Total
Total Total
Total Total
1 25
15 5.35
1 12.5
16 5.55
2 25-30
214 76.43
5 62.5
219 76.04
3 30
51 18.21
2 25
53 18.4
Total 280
100 8
100 288
100 Source: Secondary Data Processed
Table 4.7 shows the number of companies that on time and delay on submit their financial report based on Company Size for
year 2013. In the total shows that companies which is on time submit their financial report have value less than 25 15 companies
or 5.35, have value between 25-30 214 companies or 76.43, and have value more than 30 51 companies or 18.21. At the other
side, companies that have delay in submit their financial report have value less than 25 1 companies or 12.5, and companies have
value between 25-30 5 companies or 62.5, meanwhile companies that have value more than 30 2 companies or 25.
Table 4.8 Distribution External Auditor to the timeliness submission financial
report
No External Auditor
On Time Delay
Total Total
Total Total
1 Big 4
105 37.5
1 12.5
106 36.8
2 Non Big 4
175 62.5
7 87.5
152 63.2
Total 280
100 8
100 288
100 Source: Secondary Data Processed
53 Table 4.8 shows the number of companies that on time and
delay on submit their financial report based on External Auditor for year 2013. In the total shows that companies that is on time submit
their financial report used Big 4 Public Accountant 105 companies or 37.5, did not use Big 4 Public Accountant 17 5 companies or
62.5. At the other side, companies that have delay in submit their financial report used Big 4 Public Accountant 1 companies or
12.5, and companies did not use Big 4 Public Accountant 7 companies or 87.5.
Table 4.9 Distribution Profitability ROA to the timeliness submission financial
report
No ROA
On Time Delay
Total Total
Total Total
1 10
216 77.14
8 100
224 77.78
2 10-50
62 22.14
62 22.14
3 50
2 0.72
2 0.7
Total 280
100 8
100 288
100 Source: Secondary Data Processed
Table 4.9 shows the number of companies that on time and delay on submit their financial report based on Profitability for
year 2013. In the total shows that companies which is on time submit their financial report have value less than 10 216
companies or 77.14, have value 10-50 62 companies or 22.14, and have value more than 50 2 companies or 0.72. At
the other side, companies that have delay in submit their financial
54 report have value less than 10 8 companies or 100, and there
are no companies that have value gather than 10.
B. Analysis and Discussion 1.
Descriptive Statistic Analysis
The descriptive statistical testing obtains a picture or describes data that can be seen from median, mean, mode, standard deviation, variance,
maximum and minimum. Variable used in this test are variable of audit committee independent, audit committee expertise, audit committee size,
audit committee meeting, company size, external auditor, profitability and financial report submission. Based on the test result, it is obtained the
descriptive statistic as much as 163 observation data coming from a single study period in 2013.
Table 4.10 Descriptive Statistic
Descriptive Statistics
N Minimum
Maximum Mean
Std. Deviation
ACI 288
2.00 6.00
3.1111 .48116
ACE 288
.00 5.00
2.1771 .79188
ACS 288
2.00 6.00
3.1285 .52215
ACM 288
.00 44.00
6.0486 5.25162
CS 288
19.11 40.65
28.3165 2.32984
EA 288
.00 1.00
.3681 .48312
ROA 288
-1.00 .67
.0512 .11513
Audit Lag AL 288
41.00 101.00
79.4271 8.53043
Valid N listwise 288
Source: Output SPSS 20.0
55 Table 4.10 shows the descriptive statistic of each variable of the
research. Based on table 4.10, the result of the analysis using descriptive statistic on ACI Audit Committee Independence indicates the minimum
value is 2.00 and the maximum value is 6.00. Average ACI variable is 3.1111 and the standard deviation is 0.48116, which is lower than average
value and indicate the data is distributed normally. The result of the analysis using descriptive statistic on ACE Audit
Committee Expertise indicates the minimum value of ACE value is 0.00, and the maximum value is 5.00. Average ACE variable is 2.1771 and the
standard deviation is 0.79188, which is lower than average value and indicate the data is distributed normally.
The result of the analysis using descriptive statistic on ACS Audit Committee Size indicates the minimum value of ACS value is 2.00, and
the maximum value is 6.00. Average ACS variable is 3.1285 and the standard deviation is 0.52215, which is lower than average value and
indicate the data is distributed normally. The result of the analysis using descriptive statistic on ACM Audit
Committee Meeting indicates the minimum value of ACM value is 0.00, and the maximum value is 44.00. Average ACM variable is 6.0486 and the
standard deviation is 5.25162, which is lower than average value and indicate the data is distributed normally.
The result of the analysis using descriptive statistic on CS Company Size indicates the minimum value of CS value is 19.11, and
