Institutional Repository | Satya Wacana Christian University: Pengaruh Earning Management Terhadap Peringkat Obligasi Di Pasar Kredit Indonesia Tahun 2003-2010
Lampiran 1
DAFTAR PERUSAHAAN MANUFAKTUR SEBAGAI PENERBIT OBLIGASI
No.
Kode
Nama Perusahaan
1
ASGR
2
ASII
3
BRAM
Indo Kordsa Tbk
4
HMSP
HM. Sampoerna Tbk
5
INDF
Indofood Sukses Makmur Tbk
6
INKP
Indah Kiat Pulp & Paper Corp Tbk
7
KLBF
Kalbe Farma Tbk
8
LTLS
Lautan Luas Tbk
9
MTDL
Metrodata Electronics Tbk
10
MYOR
Mayora Indah Tbk
11
RMBA
Bentoel International Investama Tbk
12
SMGR
Semen Gresik (Persero) Tbk
13
SMSM
Selamat Sempurna Tbk
14
TBLA
Tunas Baru Lampung Tbk
15
TKIM
Pabrik Kertas Tjiwi Kimia Tbk
16
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk
17
UNIC
Unggul Indah Cahaya Tbk
Astra Graphia Tbk
Astra International Tbk
42
Lampiran 2
DATA VARIABEL DEPENDEN TAHUN 2004-2011 DAN VARIABEL INDEPENDEN LAPORAN KEUANGAN
TAHUN 2003-2010
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Tahun
Rating
Rating
Beban
(manfaat) Pajak
Tangguhan
Total Aset t-1
Total Aset t
Total Aset RataRata
Laba Fiskal
Laba Akuntansi
1
ASII
Astra International Tbk.
2004
5
Rp (807,620)
Rp
26,185,605
Rp 27,404,308
Rp 26,794,957
Rp
286,360
2
SMSM
Selamat Sempurna Tbk.
2004
5
Rp
451
Rp
583,627
Rp
632,610
Rp
608,119
Rp
79,185
Rp
82,172
3
BRAM
Indo Kordsa Tbk.
2004
5
Rp
(31,312)
Rp
1,641,446
Rp
1,543,441
Rp
1,592,444
Rp
73,859
Rp
96,665
4
LTLS
Lautan Luas Tbk.
2004
4
Rp
14,090
Rp
902,286
Rp
1,228,714
Rp
5
UNIC
Unggul Indah Cahaya Tbk.
2004
5
Rp
(14,770)
Rp
1,855,530
6
MTDL
Metrodata Electronics Tbk.
2004
4
Rp
1,166
Rp
7
ASGR
Astra Graphia Tbk.
2004
5
Rp
(3,137)
8
MYOR
Mayora Indah Tbk.
2004
5
Rp
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2004
4
Rp
10
HMSP
HM Sampoerna Tbk.
2004
6
11
INDF
Indofood Sukses Makmur Tbk.
2004
12
SMGR
Semen Gresik (Persero) Tbk.
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
14
INKP
15
TBLA
16
17
Rp 7,039,250
1,065,500
Rp
9,931
Rp
23,976
Rp 2,256,579
Rp 2,056,055
Rp
157,959
Rp
100,185
452,479
Rp
452,368
Rp
452,424
Rp
(23,868)
Rp
17,939
Rp
722,881
Rp
704,664
Rp
713,773
Rp
3,103
Rp
25,841
15,261
Rp
1,332,375
Rp 1,284,779
Rp
1,308,577
Rp
(70,374)
Rp
123,828
3,121
Rp
1,018,073
Rp
Rp
1,069,462
Rp
(48,044)
Rp
10,607
Rp
(14,139)
Rp
9,817,074
Rp 10,197,768
Rp 10,007,421
Rp 2,384,157
Rp 2,199,497
6
Rp
(28,019)
Rp
15,251,516
Rp 15,308,854
Rp 15,280,185
Rp
9,237
Rp 1,031,455
2004
5
Rp
(12,261)
Rp
6,872,346
Rp 6,559,495
Rp
Rp
478,595
2004
1
93,537
Rp
18,994,899
Rp 17,892,932
Rp 18,443,916
Indah Kiat Pulp & Paper Corp. Tbk.
2004
1
Rp (420,969)
Rp
49,559,865
Rp 46,066,234
Tunas Baru Lampung Tbk.
2004
4
Rp
15,431
Rp
1,021,657
Rp
BRAM
Indo Kordsa Tbk.
2005
5
Rp
6,765
Rp
1,543,441
Rp
LTLS
Lautan Luas Tbk.
2005
5
Rp
3,095
Rp
1,228,714
18
UNIC
Unggul Indah Cahaya Tbk.
2005
5
Rp
(14,171)
Rp
2,256,579
19
ASGR
Astra Graphia Tbk.
2005
5
Rp
(4,013)
Rp
704,664
20
MYOR
Mayora Indah Tbk.
2005
5
Rp
14,609
Rp
1,284,779
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2005
4
Rp
(3,506)
Rp
Rp
1,120,851
1,120,851
6,715,921
Rp
561,985
Rp (1,232,469)
Rp (349,776)
Rp 47,813,050
Rp (3,034,825)
Rp(2,847,300)
Rp
1,086,469
Rp
19,459
Rp
48,458
1,710,352
Rp
1,626,897
Rp
70,450
Rp
86,762
Rp 1,426,798
Rp
1,327,756
Rp
66,864
Rp
85,979
Rp 2,890,880
Rp 2,573,730
Rp
189,305
Rp
232,171
Rp
Rp
637,840
Rp
39,864
Rp
59,375
Rp 1,280,645
Rp
1,282,712
Rp
(6,322)
Rp
125,694
Rp 1,300,240
Rp
1,210,546
Rp
(59,793)
Rp
907
1,151,281
571,015
43
(dalam jutaan rupiah)
Tahun
Rating
Rating
HM Sampoerna Tbk.
2005
6
INDF
Indofood Sukses Makmur Tbk.
2005
6
SMGR
Semen Gresik (Persero) Tbk.
2005
5
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2005
1
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2005
27
TBLA
Tunas Baru Lampung Tbk.
28
BRAM
Indo Kordsa Tbk.
29
LTLS
30
No.
Kode
22
HMSP
23
24
25
26
Nama Perusahaan
Beban
(manfaat) Pajak
Tangguhan
Rp
Total Aset t-1
Total Aset t
Total Aset RataRata
Laba Fiskal
Laba Akuntansi
(11,988)
Rp
10,197,768
Rp 11,699,265
Rp 10,948,517
Rp 3,070,323
Rp 3,059,104
Rp
263
Rp
15,308,854
Rp 15,673,356
Rp 15,491,105
Rp
(156,822)
Rp
Rp
(29,833)
Rp
6,559,495
Rp 6,665,831
Rp
Rp
593,482
Rp
769,150
Rp
456,043
Rp
17,892,932
Rp 19,792,365
Rp 18,842,649
Rp (1,785,500)
Rp
(380,912)
1
Rp
99,599
Rp
46,066,234
Rp 50,325,296
Rp 48,195,765
Rp (6,371,246)
Rp(2,500,283)
2005
4
Rp
12,167
Rp
Rp 1,352,092
Rp
1,251,687
Rp
(608)
Rp
29,407
2006
5
Rp
525
Rp
1,710,352
Rp 1,709,355
Rp
1,709,854
Rp
254,054
Rp
199,501
Lautan Luas Tbk.
2006
5
Rp
(315)
Rp
1,426,798
Rp 1,608,865
Rp
1,517,832
UNIC
Unggul Indah Cahaya Tbk.
2006
5
Rp
(34,246)
Rp
2,890,880
Rp 2,698,410
Rp 2,794,645
31
ASGR
Astra Graphia Tbk.
2006
5
Rp
2,191
Rp
Rp
518,803
Rp
544,909
32
MYOR
Mayora Indah Tbk.
2006
5
Rp
(10,238)
Rp
1,280,645
Rp 1,459,968
Rp
1,370,307
33
HMSP
HM Sampoerna Tbk.
2006
6
Rp
(3,267)
Rp
11,699,265
Rp 11,934,600
Rp 11,816,933
Rp 3,763,862
Rp 3,724,660
34
INDF
Indofood Sukses Makmur Tbk.
2006
6
Rp
78,310
Rp
15,673,356
Rp 14,859,203
Rp 15,266,280
Rp
(305,612)
Rp
424,321
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2006
4
Rp
195,692
Rp
19,792,365
Rp 20,709,412
Rp 20,250,889
Rp (1,241,827)
Rp
372,843
36
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2006
1
Rp
(79,032)
Rp
50,325,296
Rp 51,617,367
Rp 50,971,332
Rp (5,397,219)
Rp
157,757
37
TBLA
Tunas Baru Lampung Tbk.
2006
4
Rp
10,521
Rp
1,352,092
Rp
Rp
1,401,766
Rp
Rp
18,515
38
KLBF
Kalbe Farma Tbk.
2006
6
Rp
6,559
Rp
4,231,054
Rp 4,728,369
Rp
4,479,712
Rp 1,057,884
Rp 1,061,852
39
BRAM
Indo Kordsa Tbk.
2007
5
Rp
(10,490)
Rp
1,709,355
Rp 1,528,904
Rp
1,619,130
Rp
82,967
Rp
40
LTLS
Lautan Luas Tbk.
2007
5
Rp
10,578
Rp
1,608,865
Rp
Rp
1,719,691
Rp
428
Rp
62,991
41
UNIC
Unggul Indah Cahaya Tbk.
2007
5
Rp
(9,893)
Rp
2,698,410
Rp 2,747,039
Rp 2,722,725
Rp
94,073
Rp
30,263
42
ASGR
Astra Graphia Tbk.
2007
5
Rp
(230)
Rp
518,803
Rp
584,839
Rp
551,821
Rp
86,074
Rp
81,600
43
MYOR
Mayora Indah Tbk.
2007
5
Rp
1,484
Rp
1,459,968
Rp 1,553,376
Rp
1,506,672
Rp
21,135
Rp
141,743
44
HMSP
HM Sampoerna Tbk.
2007
7
Rp
(64,507)
Rp
11,934,600
Rp 12,659,804
Rp 12,297,202
45
INDF
Indofood Sukses Makmur Tbk.
2007
6
Rp
(13,782)
Rp
14,859,203
Rp 16,267,483
Rp 15,563,343
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2007
4
Rp (395,952)
Rp
20,709,412
Rp 19,102,295
Rp 19,905,854
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2007
1
Rp (1,435,030)
Rp
51,617,367
Rp 47,646,020
Rp 49,631,694
48
KLBF
Kalbe Farma Tbk.
2007
6
Rp
Rp
4,728,369
Rp 4,624,619
Rp 4,676,494
14,512
1,151,281
571,015
1,451,439
1,830,516
6,612,663
863,321
Rp
61,610
Rp
83,289
Rp
179,900
Rp
64,757
Rp
69,498
Rp
54,706
Rp
(37,710)
Rp
67,580
2,141
39,602
Rp 5,520,631
Rp 5,344,895
Rp
Rp 1,221,206
Rp
705,277
(173,571)
Rp
(175,102)
Rp
(821,622)
Rp
(236,218)
Rp
1,133,786
Rp 1,090,081
44
(dalam jutaan rupiah)
Beban
(manfaat) Pajak
Tangguhan
Tahun
Rating
Rating
Bentoel international Investama Tbk.
2007
5
Rp
(11,954)
Rp
1,842,317
Rp 2,347,942
Rp
BRAM
Indo Kordsa Tbk.
2008
5
Rp
(9,521)
Rp
1,528,904
Rp 1,554,863
LTLS
Lautan Luas Tbk.
2008
5
Rp
4,624
Rp
1,830,516
Rp 2,135,084
MYOR
Mayora Indah Tbk.
2008
5
Rp
(3,560)
Rp
1,553,376
Rp
HMSP
HM Sampoerna Tbk.
2008
7
Rp
(9,798)
Rp
12,659,804
Rp 15,680,542
Rp 14,170,173
Rp 5,123,870
Rp 5,345,073
54
INDF
Indofood Sukses Makmur Tbk.
2008
6
Rp
181,464
Rp
16,267,483
Rp 29,527,466
Rp 22,897,475
Rp 1,076,693
Rp 2,065,229
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2008
4
Rp
16,715
Rp
19,102,295
Rp 20,413,709
Rp 19,758,002
Rp (230,338)
Rp
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2008
1
Rp (185,774)
Rp
47,646,020
Rp 51,689,503
Rp 49,667,762
Rp (944,788)
Rp 1,050,947
57
KLBF
Kalbe Farma Tbk.
2008
6
Rp
7,736
Rp
4,624,619
Rp
5,138,213
Rp
Rp
Rp 1,158,667
58
RMBA
Bentoel international Investama Tbk.
2008
5
(1,711)
Rp
2,347,942
Rp 3,859,160
Rp
3,103,551
Rp
82,077
Rp
281,084
59
LTLS
Lautan Luas Tbk.
2009
5
Rp
7,757
Rp
2,135,084
Rp 3,494,853
Rp
2,814,969
Rp
100,799
Rp
248,593
60
MYOR
Mayora Indah Tbk.
2009
5
Rp
(3,939)
Rp
1,893,175
Rp 2,922,998
Rp 2,408,087
Rp
136,773
Rp
274,069
61
INDF
Indofood Sukses Makmur Tbk.
2009
6
Rp
379,759
Rp
29,527,466
Rp 39,594,264
Rp 34,560,865
Rp
258,152
Rp 2,599,823
62
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2009
4
Rp
89,761
Rp
20,413,709
Rp 24,783,879
Rp 22,598,794
Rp
(677,316)
63
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2009
1
Rp
52,870
Rp
51,689,503
Rp 65,349,184
Rp 58,519,344
Rp (3,784,422)
Rp 2,163,452
No.
Kode
49
RMBA
50
51
52
53
Nama Perusahaan
Rp
Total Aset t-1
Total Aset t
1,893,175
Total Aset RataRata
Laba Fiskal
2,095,130
Rp
Rp
1,541,884
Rp
1,982,800
Rp
1,723,276
4,881,416
Laba Akuntansi
45,786
Rp
Rp
87,113
Rp
66,777
Rp
40,943
Rp
123,304
Rp
88,810
Rp
209,827
1,178,731
Rp
179,538
78,026
477,563
64
RMBA
Bentoel international Investama Tbk.
2009
7
Rp
66,161
Rp
3,859,160
Rp 4,455,532
Rp
4,157,346
Rp
(144,474)
Rp
244,177
65
SMSM
Selamat Sempurna Tbk.
2010
6
Rp
(5,450)
Rp
929,753
Rp
941,651
Rp
935,702
Rp
199,883
Rp
185,861
Lautan Luas Tbk.
2010
5
Rp
(13,401)
Rp
3,494,853
Rp
3,081,130
Rp 3,287,992
Rp
113,866
Rp
134,374
Mayora Indah Tbk.
2010
6
Rp
(7,916)
Rp
2,922,998
Rp 3,246,498
Rp 3,084,748
Rp
262,703
Rp
503,933
66
LTLS
67
MYOR
68
INDF
Indofood Sukses Makmur Tbk.
2010
6
Rp
274,754
Rp
39,594,264
Rp 40,382,953
Rp 39,988,609
Rp
1,965,136
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2010
4
Rp
193,076
Rp
24,783,879
Rp 22,163,109
Rp 23,473,494
Rp
829,528
Rp
680,636
70
SMSM
Selamat Sempurna Tbk.
2011
6
Rp
(5,280)
Rp
941,651
Rp
1,067,103
Rp
1,004,377
Rp
209,802
Rp
204,764
71
LTLS
Lautan Luas Tbk.
2011
5
Rp
(7,252)
Rp
3,081,130
Rp
3,283,511
Rp
3,182,321
Rp
125,968
Rp
145,767
72
MYOR
Mayora Indah Tbk.
2011
6
Rp
1,164
Rp
3,246,498
Rp
4,399,191
Rp 3,822,845
Rp
324,790
Rp
658,358
73
INDF
Indofood Sukses Makmur Tbk.
2011
6
Rp
273,691
Rp
40,382,953
Rp 47,275,955
Rp 43,829,454
Rp
1,194,999
Rp 5,432,375
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2011
4
Rp
94,783
Rp
Rp 20,946,818
Rp 21,554,964
Rp
1,166,487
Rp
22,163,109
Rp 4,063,813
557,954
45
Lampiran 3
DATA VARIABEL KONTROL LAPORAN KEUANGAN TAHUN 2003-2010
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Total Aset t
Laba Bersih
Jumlah
Hutang
Obligasi
Beredar
Hutang Jangka
Panjang
Laba Operasional
Arus Kas dari
Kegiatan Operasi
Aset Tetap
1
ASII
Astra International Tbk.
Rp 27,404,308
Rp 4,421,583
Rp 6,165,477
Rp
368,600
Rp 3,397,794
Rp
2,218,911
2
SMSM
Selamat Sempurna Tbk.
Rp
632,610
Rp
47,898
Rp
123,568
Rp
100,000
Rp
89,550
Rp
58,279
Rp
251,393
3
BRAM
Indo Kordsa Tbk.
Rp
1,543,441
Rp
73,977
Rp
496,242
Rp
275,000
Rp
87,592
Rp
125,511
Rp
848,545
4
LTLS
Lautan Luas Tbk.
Rp
1,228,714
Rp
7,647
Rp
491,692
Rp
500,000
Rp
55,604
Rp
(26,967)
Rp
379,413
5
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,256,579
Rp
62,715
Rp
914,931
Rp
600,000
Rp
154,101
Rp
264,485
Rp
927,990
6
MTDL
Metrodata Electronics Tbk.
Rp
452,368
Rp
(1,314)
Rp
80,652
Rp
48,500
Rp
31,134
Rp
52,283
Rp
72,040
7
ASGR
Astra Graphia Tbk.
Rp
704,664
Rp
21,414
Rp
158,151
Rp
150,000
Rp
51,076
Rp
219,986
Rp
143,303
8
MYOR
Mayora Indah Tbk.
Rp 1,284,779
Rp
84,617
Rp
398,857
Rp
352,000
Rp
151,019
Rp
128,373
Rp
600,992
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
Rp
Rp
7,485
Rp
278,028
Rp
319,300
Rp
85,851
Rp
4,035
Rp
781,152
10
HMSP
HM Sampoerna Tbk.
Rp 10,197,768
Rp 1,406,844
Rp
2,491,621
Rp 1,600,000
Rp 2,392,602
Rp 2,024,678
Rp
2,139,524
11
INDF
Indofood Sukses Makmur Tbk.
Rp 15,308,854
Rp
603,481
Rp 6,888,137
Rp 2,500,000
Rp 2,008,795
Rp 1,557,249
Rp
5,825,951
12
SMGR
Semen Gresik (Persero) Tbk.
Rp 6,559,495
Rp
372,509
Rp
1,320,148
Rp
567,000
Rp
929,038
Rp
1,103,701
Rp 3,968,590
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 17,892,932
Rp (255,694)
Rp
38
Rp
200,000
Rp
949,357
Rp
345,680
Rp 10,295,893
14
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 46,066,234
Rp (2,421,170)
Rp
11,151
Rp 1,000,000
Rp
124,040
Rp 1,502,949
Rp 30,295,739
15
TBLA
Tunas Baru Lampung Tbk.
Rp
Rp
26,433
Rp
Rp
350,000
Rp
74,183
Rp
(36,348)
Rp
379,018
16
BRAM
Indo Kordsa Tbk.
Rp
1,710,352
Rp
42,421
Rp
Rp
275,000
Rp
147,268
Rp
170,052
Rp
814,269
17
LTLS
Lautan Luas Tbk.
Rp 1,426,798
Rp
51,917
Rp
301,737
Rp
500,000
Rp
131,609
Rp
95,121
Rp
442,133
18
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,890,880
Rp
163,763
Rp
938,006
Rp
609,000
Rp
226,881
Rp (4,230,259)
Rp
963,966
19
ASGR
Astra Graphia Tbk.
Rp
Rp
37,334
Rp
161,924
Rp
150,000
Rp
56,959
Rp
32,339
Rp
135,944
20
MYOR
Mayora Indah Tbk.
Rp 1,280,645
Rp
85,107
Rp
272,157
Rp
200,000
Rp
130,632
Rp
103,732
Rp
610,503
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
Rp 1,300,240
Rp
4,412
Rp
400,678
Rp
303,300
Rp
86,453
Rp
35,588
Rp
780,339
22
HMSP
HM Sampoerna Tbk.
Rp 11,699,265
Rp 1,991,852
Rp 2,650,788
Rp 2,600,000
Rp
3,183,278
Rp 2,871,554
Rp
2,176,405
23
INDF
Indofood Sukses Makmur Tbk.
Rp 15,673,356
Rp
Rp 6,289,648
Rp 3,500,000
Rp
2,098,331
Rp 1,838,794
Rp
6,013,390
1,120,851
1,151,281
571,015
386,919
329,230
511,182
Rp 6,079,902
46
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Total Aset t
Laba Bersih
24
SMGR
Semen Gresik (Persero) Tbk.
Rp 6,665,831
Rp
25
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 19,792,365
26
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 50,325,296
27
TBLA
Tunas Baru Lampung Tbk.
28
BRAM
29
30
31
32
33
34
Hutang Jangka
Panjang
Arus Kas dari
Kegiatan Operasi
965,160
Rp
Aset Tetap
Rp
447,500
Rp
Rp 1,731,356
Rp 11,996,378
Rp
200,000
Rp
841,825
Rp 3,671,746
Rp 28,388,499
Rp 1,000,000
Rp
466,339
Rp 1,352,092
Rp
16,455
Rp
560,987
Rp
300,000
Rp
Indo Kordsa Tbk.
Rp 1,709,355
Rp
119,495
Rp
375,256
Rp
275,000
Rp
LTLS
Lautan Luas Tbk.
Rp 1,608,865
Rp
52,425
Rp
271,238
Rp
300,000
Rp
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,698,410
Rp
48,651
Rp
812,099
Rp
609,000
Rp
172,979
Rp
191,078
ASGR
Astra Graphia Tbk.
Rp
518,803
Rp
36,066
Rp
140,894
Rp
150,000
Rp
56,320
Rp
109,559
Rp
140,887
MYOR
Mayora Indah Tbk.
Rp 1,459,968
Rp
45,730
Rp
356,658
Rp
200,000
Rp
93,535
Rp
Rp
732,053
HMSP
HM Sampoerna Tbk.
Rp 11,934,600
Rp 2,383,066
Rp
1,996,105
Rp 1,600,000
Rp 3,939,505
Rp 2,058,731
Rp 2,399,467
INDF
Indofood Sukses Makmur Tbk.
Rp 14,859,203
Rp
124,018
Rp 5,636,769
Rp 2,202,500
Rp
1,661,061
Rp
821,907
Rp 6,055,277
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,709,412
Rp
177,331
Rp 12,390,007
Rp
Rp
567,392
Rp
739,795
Rp 11,668,335
36
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 51,617,367
Rp
79,053
Rp 28,705,791
Rp 1,000,000
Rp
289,965
Rp 1,698,860
Rp 35,219,390
37
TBLA
Tunas Baru Lampung Tbk.
Rp
Rp
Rp
602,720
Rp
300,000
Rp
119,431
Rp
219,863
Rp
38
KLBF
Kalbe Farma Tbk.
Rp 4,728,369
Rp
Rp
918,068
Rp
300,000
Rp
1,106,301
Rp
534,289
Rp
39
BRAM
Indo Kordsa Tbk.
Rp 1,528,904
Rp
Rp
294,225
Rp
275,000
Rp
73,255
Rp
189,866
Rp
687,877
40
LTLS
Lautan Luas Tbk.
Rp
Rp
Rp
282,299
Rp
300,000
Rp
88,018
Rp
43,467
Rp
527,490
41
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,747,039
Rp
Rp
788,899
Rp
600,000
Rp
98,497
Rp
261,662
Rp
928,452
42
ASGR
Astra Graphia Tbk.
Rp
584,839
Rp
55,565
Rp
136,272
Rp
150,000
Rp
76,731
Rp
135,003
Rp
137,308
43
MYOR
Mayora Indah Tbk.
Rp 1,553,376
Rp
93,575
Rp
358,772
Rp
200,000
Rp
170,904
Rp
24,389
Rp
738,125
44
HMSP
HM Sampoerna Tbk.
Rp 12,659,804
Rp 3,530,490
Rp 1,260,422
Rp 1,600,000
Rp
5,175,282
45
INDF
Indofood Sukses Makmur Tbk.
Rp 16,267,483
Rp
Rp 4,247,694
Rp 2,202,500
Rp
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 19,102,295
Rp (571,372)
Rp
Rp
Rp
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 47,646,020
Rp(1,672,305)
Rp 26,937,897
Rp
865,770
48
KLBF
Kalbe Farma Tbk.
Rp 4,624,619
Rp
Rp
421,806
Rp
300,000
49
RMBA
Bentoel international Investama Tbk.
Rp 2,347,942
Rp
145,510
Rp
103,459
50
BRAM
Indo Kordsa Tbk.
Rp 1,554,863
Rp
39,149
Rp
279,122
1,830,516
6,219
653,329
18,314
29,667
11,280
661,210
676,582
Rp
Laba Operasional
1,183,355
1,451,439
508,916
Jumlah
Hutang
Obligasi
Beredar
11,751,155
200,000
134,135
232,658
151,194
850,727
Rp 3,674,298
Rp
888,051
Rp 11,153,489
Rp
900,590
Rp 33,720,790
Rp
147,077
Rp
494,964
Rp
136,743
Rp
742,770
Rp
(66,650)
Rp
475,495
Rp
1,074,382
157,011
570,501
859,111
Rp 3,538,693
Rp 2,390,868
1,971,761
Rp 1,542,143
Rp 6,463,898
130,920
Rp
Rp 10,795,617
Rp
967,105
Rp 3,780,183
Rp 34,343,343
Rp
1,071,271
Rp
640,610
Rp
Rp 1,350,000
Rp
166,503
Rp
(115,042)
Rp
560,160
Rp 2,750,000
Rp
83,573
Rp
143,925
Rp
639,999
173,140
335,225
1,024,372
47
(dalam jutaan rupiah)
No.
Kode
51
LTLS
52
53
Nama Perusahaan
Total Aset t
Laba Bersih
Hutang Jangka
Panjang
Lautan Luas Tbk.
Rp 2,135,084
Rp
71,670
Rp
MYOR
Mayora Indah Tbk.
Rp
Rp
141,589
HMSP
HM Sampoerna Tbk.
Rp 15,680,542
Rp 3,624,018
54
INDF
Indofood Sukses Makmur Tbk.
Rp 29,527,466
Rp
980,357
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,413,709
Rp
94,742
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 51,689,503
Rp
57
KLBF
Kalbe Farma Tbk.
Rp
5,138,213
Rp
58
RMBA
Bentoel international Investama Tbk.
Rp 3,859,160
59
LTLS
Lautan Luas Tbk.
60
MYOR
61
INDF
62
63
1,893,175
Jumlah
Hutang
Obligasi
Beredar
Laba Operasional
Arus Kas dari
Kegiatan Operasi
Aset Tetap
81,027
Rp
300,000
Rp
188,333
Rp
51,188
Rp
63,076
Rp
428,911
Rp
200,000
Rp
238,713
Rp
178,699
Rp
774,390
Rp
1,401,703
Rp 1,000,000
Rp 5,577,278
Rp (1,455,950)
Rp 3,522,336
Rp 5,899,543
Rp 4,202,500
Rp 2,894,428
Rp 2,502,001
Rp 8,079,455
Rp 12,405,700
Rp
158,690
Rp
392,106
Rp
Rp 11,267,198
864,975
Rp 27,812,125
Rp
793,660
Rp
2,115,247
Rp 3,944,656
Rp 37,659,803
705,694
Rp
Rp
300,000
Rp
1,129,355
Rp
362,898
Rp
Rp
242,917
Rp 1,474,904
Rp 1,350,000
Rp
343,319
Rp (552,085)
Rp
615,954
Rp 3,494,853
Rp
145,846
Rp
660,779
Rp
500,000
Rp
521,164
Rp (446,824)
Rp
889,072
Mayora Indah Tbk.
Rp 2,922,998
Rp
196,230
Rp
876,522
Rp
300,000
Rp
345,420
Rp
Rp
1,030,725
Indofood Sukses Makmur Tbk.
Rp 39,594,264
Rp 1,034,389
Rp 10,170,208
Rp 4,476,000
Rp
4,341,476
Rp 2,684,806
Rp 9,586,545
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 24,783,879
Rp
565,965
Rp 14,706,234
Rp
142,390
Rp
940,926
Rp 1,317,523
Rp 13,573,436
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 65,349,184
Rp 2,216,707
Rp 33,463,997
Rp
712,860
Rp 3,230,460
Rp 4,649,324
Rp 47,725,347
366,910
529,224
138,452
1,204,148
64
RMBA
Bentoel international Investama Tbk.
Rp 4,455,532
Rp
239,138
Rp
1,493,413
Rp 1,350,000
Rp
410,140
Rp
(55,097)
Rp
1,033,092
65
SMSM
Selamat Sempurna Tbk.
Rp
941,651
Rp
132,850
Rp
35,141
Rp
240,000
Rp
189,779
Rp
268,070
Rp
341,364
66
LTLS
Lautan Luas Tbk.
Rp
3,081,130
Rp
85,925
Rp
192,507
Rp
500,000
Rp
136,992
Rp
970,833
Rp
879,817
67
MYOR
Mayora Indah Tbk.
Rp 3,246,498
Rp
372,157
Rp
858,739
Rp
300,000
Rp
613,187
Rp
446,429
Rp
1,282,771
68
INDF
Indofood Sukses Makmur Tbk.
Rp 40,382,953
Rp 2,075,861
Rp 13,738,252
Rp 3,610,000
Rp 5,004,209
Rp 2,314,507
Rp 10,796,021
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 22,163,109
Rp
297,546
Rp 12,398,353
Rp
126,200
Rp
1,126,409
Rp 1,373,004
Rp 11,061,092
70
SMSM
Selamat Sempurna Tbk.
Rp
1,067,103
Rp
150,420
Rp
194,273
Rp
160,000
Rp
227,845
Rp
151,302
Rp
376,794
71
LTLS
Lautan Luas Tbk.
Rp
3,283,511
Rp
86,982
Rp 2,321,536
Rp
500,000
Rp
168,069
Rp
(147,945)
Rp
1,025,373
72
MYOR
Mayora Indah Tbk.
Rp
4,399,191
Rp
484,086
Rp
Rp
300,000
Rp
613,187
Rp
238,253
Rp
1,282,771
73
INDF
Indofood Sukses Makmur Tbk.
Rp 47,275,955
Rp 2,952,858
Rp 12,563,999
Rp 3,574,000
Rp
6,729,311
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,946,818
Rp
Rp
Rp
Rp
710,487
418,729
1,318,358
11,112,696
99,770
Rp 6,909,950
Rp 11,737,142
Rp
Rp 10,556,989
1,274
48
Lampiran 4
DATA OLAHAN VARIABEL DEPENDEN, VARIABEL INDEPENDEN, DAN VARIABEL KONTROL
No.
Kode
Nama Perusahaan
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
1
ASII
Astra International Tbk.
2004
5
0
1
0
0
7.438
0.225
368,600
0.124
2,218,911
2,202,672
6,079,902
2
SMSM
Selamat Sempurna Tbk.
2004
5
0
0
0
0
5.801
0.195
100,000
0.142
58,279
-10,381
251,393
3
BRAM
Indo Kordsa Tbk.
2004
5
0
1
0
0
6.188
0.322
275,000
0.057
125,511
-51,534
848,545
4
LTLS
Lautan Luas Tbk.
2004
4
1
0
0
0
6.089
0.400
500,000
0.045
-26,967
34,614
379,413
5
UNIC
Unggul Indah Cahaya Tbk.
2004
5
0
1
1
0
6.353
0.405
600,000
0.068
264,485
-201,770
927,990
6
MTDL
Metrodata Electronics Tbk.
2004
4
0
0
0
1
5.655
0.178
48,500
0.069
52,283
-53,597
72,040
7
ASGR
Astra Graphia Tbk.
2004
5
0
0
0
0
5.848
0.224
150,000
0.072
219,986
-198,572
143,303
8
MYOR
Mayora Indah Tbk.
2004
5
1
0
0
1
6.109
0.310
352,000
0.118
128,373
-43,756
600,992
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2004
4
0
0
0
1
6.050
0.248
319,300
0.077
4,035
3,450
781,152
10
HMSP
HM Sampoerna Tbk.
2004
6
0
0
1
0
7.009
0.244
1,600,000
0.235
2,024,678
-617,834
2,139,524
11
INDF
Indofood Sukses Makmur Tbk.
2004
6
0
0
0
0
7.185
0.450
2,500,000
0.131
1,557,249
-953,768
5,825,951
12
SMGR
Semen Gresik (Persero) Tbk.
2004
5
0
0
0
0
6.817
0.201
567,000
0.142
1,103,701
-731,192
3,968,590
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2004
1
0
0
1
0
7.253
0.000
200,000
0.053
345,680
-601,374
10,295,893
14
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2004
1
0
1
0
0
7.663
0.000
1,000,000
0.003
1,502,949
-3,924,119
30,295,739
15
TBLA
Tunas Baru Lampung Tbk.
2004
4
1
0
0
0
6.061
0.286
350,000
0.064
-36,348
62,781
379,018
16
BRAM
Indo Kordsa Tbk.
2005
5
0
0
0
0
6.233
0.299
275,000
0.086
170,052
-127,631
814,269
17
LTLS
Lautan Luas Tbk.
2005
5
0
0
0
0
6.154
0.211
500,000
0.092
95,121
-43,204
442,133
18
UNIC
Unggul Indah Cahaya Tbk.
2005
5
0
1
0
0
6.461
0.324
609,000
0.078
-4,230,259
4,394,022
963,966
19
ASGR
Astra Graphia Tbk.
2005
5
0
1
0
0
5.757
0.284
150,000
0.100
32,339
4,995
135,944
20
MYOR
Mayora Indah Tbk.
2005
5
1
0
0
1
6.107
0.213
200,000
0.102
103,732
-18,625
610,503
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2005
4
0
0
0
1
6.114
0.308
303,300
0.066
35,588
-31,176
780,339
22
HMSP
HM Sampoerna Tbk.
2005
6
0
0
0
0
7.068
0.227
2,600,000
0.272
2,871,554
-879,702
2,176,405
23
INDF
Indofood Sukses Makmur Tbk.
2005
6
0
0
0
1
7.195
0.401
3,500,000
0.134
1,838,794
-1,451,875
6,013,390
49
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
Semen Gresik (Persero) Tbk.
2005
5
0
0
0
0
6.824
0.178
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2005
1
1
0
1
0
7.296
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2005
1
0
0
1
0
7.702
27
TBLA
Tunas Baru Lampung Tbk.
2005
4
1
0
0
0
28
BRAM
Indo Kordsa Tbk.
2006
5
0
0
1
29
LTLS
Lautan Luas Tbk.
2006
5
0
0
30
UNIC
Unggul Indah Cahaya Tbk.
2006
5
0
1
31
ASGR
Astra Graphia Tbk.
2006
5
0
32
MYOR
Mayora Indah Tbk.
2006
5
33
HMSP
HM Sampoerna Tbk.
2006
34
INDF
Indofood Sukses Makmur Tbk.
2006
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
36
INKP
37
38
No.
Kode
24
SMGR
25
26
Nama Perusahaan
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
447,500
0.145
850,727
-341,811
3,674,298
0.606
200,000
0.043
888,051
843,305
11,153,489
0.564
1,000,000
0.009
900,590
2,771,156
33,720,790
6.131
0.415
300,000
0.099
147,077
-130,622
494,964
0
6.233
0.220
275,000
0.136
136,743
-17,248
742,770
0
0
6.207
0.169
300,000
0.094
-66,650
119,075
475,495
1
0
6.431
0.301
609,000
0.064
191,078
-142,427
1,074,382
0
1
0
5.715
0.272
150,000
0.109
109,559
-73,493
140,887
0
1
0
1
6.164
0.244
200,000
0.064
157,011
-111,281
732,053
6
0
0
0
0
7.077
0.167
1,600,000
0.330
2,058,731
324,335
2,399,467
6
0
0
0
1
7.172
0.379
2,202,500
0.112
821,907
-697,889
6,055,277
2006
4
1
0
0
1
7.316
0.598
200,000
0.027
739,795
-562,464
11,668,335
Indah Kiat Pulp & Paper Corp. Tbk.
2006
1
0
0
0
1
7.713
0.556
1,000,000
0.006
1,698,860
-1,619,807
35,219,390
TBLA
Tunas Baru Lampung Tbk.
2006
4
1
0
0
0
6.162
0.415
300,000
0.082
219,863
-213,644
570,501
KLBF
Kalbe Farma Tbk.
2006
6
0
0
0
0
6.675
0.194
300,000
0.234
534,289
119,040
859,111
39
BRAM
Indo Kordsa Tbk.
2007
5
0
1
1
0
6.184
0.192
275,000
0.048
189,866
-171,552
687,877
40
LTLS
Lautan Luas Tbk.
2007
5
1
0
0
0
6.263
0.154
300,000
0.048
43,467
-13,800
527,490
41
UNIC
Unggul Indah Cahaya Tbk.
2007
5
0
0
1
0
6.439
0.287
600,000
0.036
261,662
-250,382
928,452
42
ASGR
Astra Graphia Tbk.
2007
5
0
0
0
0
5.767
0.233
150,000
0.131
135,003
-79,438
137,308
43
MYOR
Mayora Indah Tbk.
2007
5
0
0
0
0
6.191
0.231
200,000
0.110
24,389
69,186
738,125
44
HMSP
HM Sampoerna Tbk.
2007
7
0
0
0
0
7.102
0.100
1,600,000
0.409
3,538,693
-8,203
2,390,868
45
INDF
Indofood Sukses Makmur Tbk.
2007
6
0
0
0
0
7.211
0.261
2,202,500
0.121
1,542,143
-880,933
6,463,898
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2007
4
0
1
0
0
7.281
0.615
173,140
0.007
335,225
-906,597
10,795,617
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2007
1
0
1
1
0
7.678
0.565
865,770
0.020
3,780,183
-5,452,488
34,343,343
48
KLBF
Kalbe Farma Tbk.
2007
6
0
0
0
0
6.665
0.091
300,000
0.232
640,610
35,972
1,024,372
49
RMBA
Bentoel international Investama Tbk.
2007
5
0
1
0
0
6.371
0.044
1,350,000
0.071
-115,042
260,552
560,160
50
BRAM
Indo Kordsa Tbk.
2008
5
0
1
1
0
6.192
0.180
2,750,000
0.054
143,925
-104,776
639,999
51
LTLS
Lautan Luas Tbk.
2008
5
0
0
0
0
6.329
0.038
300,000
0.088
51,188
20,482
63,076
50
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
Mayora Indah Tbk.
2008
5
0
0
0
0
6.277
0.227
HMSP
HM Sampoerna Tbk.
2008
7
0
0
0
0
7.195
INDF
Indofood Sukses Makmur Tbk.
2008
6
1
0
0
0
7.470
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2008
4
0
0
0
1
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2008
1
0
0
0
57
KLBF
Kalbe Farma Tbk.
2008
6
0
0
58
RMBA
Bentoel international Investama Tbk.
2008
5
0
0
59
LTLS
Lautan Luas Tbk.
2009
5
0
60
MYOR
Mayora Indah Tbk.
2009
5
No.
Kode
52
MYOR
53
54
Nama Perusahaan
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
200,000
0.126
178,699
-37,110
774,390
0.089
1,000,000
0.356
-1,455,950
5,079,968
3,522,336
0.200
4,202,500
0.098
2,502,001
-1,521,644
8,079,455
7.310
0.608
158,690
0.019
529,224
-434,482
11,267,198
1
7.713
0.538
793,660
0.041
3,944,656
-3,079,681
37,659,803
0
0
6.711
0.071
300,000
0.220
362,898
342,796
1,204,148
0
0
6.586
0.382
1,350,000
0.089
-552,085
795,002
615,954
0
0
0
6.543
0.189
500,000
0.149
-446,824
592,670
889,072
0
0
0
0
6.466
0.300
300,000
0.118
138,452
57,778
1,030,725
61
INDF
Indofood Sukses Makmur Tbk.
2009
6
1
0
0
0
7.598
0.257
4,476,000
0.110
2,684,806
-1,650,417
9,586,545
62
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2009
4
0
0
0
1
7.394
0.593
142,390
0.038
1,317,523
-751,558
13,573,436
63
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2009
1
0
0
0
1
7.815
0.512
712,860
0.049
4,649,324
-2,432,617
47,725,347
64
RMBA
Bentoel international Investama Tbk.
2009
7
1
0
0
1
6.649
0.335
1,350,000
0.092
-55,097
294,235
1,033,092
65
SMSM
Selamat Sempurna Tbk.
2010
6
0
1
1
0
5.974
0.037
240,000
0.202
268,070
-135,220
341,364
66
LTLS
Lautan Luas Tbk.
2010
5
0
0
0
0
6.489
0.062
500,000
0.044
970,833
-884,908
879,817
67
MYOR
Mayora Indah Tbk.
2010
6
0
0
0
0
6.511
0.265
300,000
0.189
446,429
-74,272
1,282,771
68
INDF
Indofood Sukses Makmur Tbk.
2010
6
1
0
0
0
7.606
0.340
3,610,000
0.124
2,314,507
-238,646
10,796,021
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2010
4
1
0
1
0
7.346
0.559
126,200
0.051
1,373,004
-1,075,458
11,061,092
70
SMSM
Selamat Sempurna Tbk.
2011
6
0
1
0
0
6.028
0.182
160,000
0.214
151,302
-882
376,794
71
LTLS
Lautan Luas Tbk.
2011
5
0
0
0
0
6.516
0.707
500,000
0.051
-147,945
234,927
1,025,373
72
MYOR
Mayora Indah Tbk.
2011
6
0
0
0
0
6.643
0.300
300,000
0.139
238,253
245,833
1,282,771
73
INDF
Indofood Sukses Makmur Tbk.
2011
6
1
0
0
0
7.675
0.266
3,574,000
0.142
6,909,950
-3,957,092
11,737,142
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2011
4
0
0
1
0
7.321
0.531
99,770
0.034
1,274
417,455
10,556,989
51
Lampiran 5
DESCRIPTIVE STATISTIC CROSSTABS
Case Processing Summary
Cases
Valid
Missing
N
Percent
N
Percent
LPOSDefTax * RATING
74
100.0%
0
.0%
LNEGDefTax * RATING
74
100.0%
0
.0%
LargeTB * RATING
74
100.0%
0
.0%
SmallTB * RATING
74
100.0%
0
.0%
Total
N
Percent
74
100.0%
74
100.0%
74
100.0%
74
100.0%
Crosstab
RATING
4
5
7
29
6
3
13
32
1
LPOSDefTax 0
1
Total
7
1
8
6
7
14
4
18
2
1
3
Total
59
15
74
3
0
3
Total
59
15
74
Chi-Square Tests
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear
Association
N of Valid Cases
Value
8.398a
7.837
.002
Df
Asymp. Sig.
(2-sided)
4
.078
4
.098
1
.961
74
Crosstab
Count
LNEGDefTax 0
1
Total
RATING
1
4
5
6
6
12
22
16
2
1
10
2
8
13
32
18
Chi-Square Tests
Asymp. Sig.
Value
Df
(2-sided)
7
52
Pearson Chi-Square
5.467a
4
.243
Likelihood Ratio
6.255
4
.181
Linear-by-Linear
.278
1
.598
Association
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
Crosstab
Count
1
LargeTB 0
1
Total
4
4
8
RATING
4
5
11
25
2
7
13
32
6
7
16
2
18
Total
3
0
3
59
15
74
Chi-Square Tests
Value
6.315a
6.179
Asymp. Sig.
(2-sided)
4
.177
4
.186
Df
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear
5.100
1
.024
Association
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
Crosstab
Count
RATING
1
SmallTB 0
1
Total
4
5
6
5
7
3
6
8
13
Chi-Square Tests
29
3
32
7
16
2
18
Total
2
1
3
59
15
74
Asymp. Sig.
Value
Pearson Chi-Square
10.460a
(2-sided)
Df
4
.033
53
Likelihood Ratio
Linear-by-Linear
Association
9.792
4
.044
3.511
1
.061
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
54
Lampiran 6
HASIL PENGUJIAN ORDINAL REGRESSION
HIPOTESIS 1 :
Case Processing Summary
Marginal
N
Percentage
RATING
1
8
10.8%
4
13
17.6%
5
32
43.2%
6
18
24.3%
7
3
4.1%
LPOSDefTax 0
59
79.7%
1
15
20.3%
LNEGDefTax 0
59
79.7%
1
15
20.3%
Valid
74
100.0%
Missing
0
Total
74
Link function : Logit
Model Fitting Information
-2 Log
Model
Likelihood Chi-Square Df
Intercept Only
204.590
Final
55.187
149.402 9
Link function : Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
349.348
283
.004
Deviance
55.187
283
1.000
Link function : Logit
Sig.
.000
55
Pseudo R-Square
Cox and Snell
.867
Nagelkerke
.926
McFadden
.730
Link function : Logit
Parameter Estimates
Estimate Std. Error Wald
Threshold [RATING =
262.899
1]
[RATING =
282.785
4]
[RATING =
314.862
5]
[RATING =
366.450
6]
Location ASSETS
22.271
DEBT
-11.708
BETA
9.380E-12
INCOME
233.805
CASHFLO
-4.382E-12
WS
TACC
-3.078E-12
PPE
[LPOSDefT
ax=0]
[LPOSDefT
ax=1]
[LNEGDefT
ax=0]
[LNEGDefT
ax=1]
90% Confidence Interval
Upper
Sig. Lower Bound Bound
df
133.510 3.878
1
.049
43.295
482.503
140.243 4.066
1
.044
52.107
513.464
154.154 4.172
1
.041
61.302
568.423
176.811 4.295
1
.038
75.621
657.278
11.151
9.085
.000
113.101
3.989
1.661
2.388
4.273
1
1
1
1
.046
.198
.122
.039
3.929
-26.652
-6.048E-13
47.771
40.613
3.236
1.936E-11
419.839
.000 2.416
1
.120
-9.019E-12
2.553E-13
.000 2.399
1
.121
-6.347E-12
1.907E-13
-2.192E-12
.000 3.685
1
.055
-4.071E-12 -3.138E-13
6.610
3.489 3.589
1
.058
.871
12.350
0a
.
.
0
.
.
.
-7.444
7.877
.893
1
.345
-20.402
5.513
0a
.
.
0
.
.
.
56
Link function : Logit
This parameter is set to zero because it is redundant
Model
Null
Hypothesis
General
Test of Parallel Linesc
-2 Log
Likelihood Chi-Square
Df
Sig.
55.187
11.235a
43.953b
27
.121
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
UJI HIPOTESIS 2 :
Case Processing Summary
N
RATING 1
4
5
6
7
LargeTB 0
1
SmallTB 0
1
Valid
Missing
Total
Link function : Logit.
8
13
32
18
3
59
15
59
15
74
0
74
Marginal
Percentage
10.8%
17.6%
43.2%
24.3%
4.1%
79.7%
20.3%
79.7%
20.3%
100.0%
57
Model Fitting Information
-2 Log
Model
Likelihood Chi-Square Df
Intercept Only
204.590
Final
66.480
138.109
9
Link function : Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
234.277
283
.984
Deviance
66.480
283
1.000
Link function : Logit
Sig.
.000
Pseudo R-Square
Cox and Snell
.845
Nagelkerke
.902
McFadden
.675
Link function : Logit
Estimate
Threshold [RATING
102.424
= 1]
[RATING
115.927
= 4]
[RATING
132.078
= 5]
[RATING
161.685
= 6]
Location ASSETS
9.184
DEBT
-7.427
BETA
5.153E-12
INCOME
111.985
CASHFL
-3.017E-13
OWS
TACC
2.245E-13
Parameter Estimates
Std. Error
Wald
Df
Sig.
90% Confidence
Interval
Lower
Upper
Bound
Bound
65.545
2.442
1
.118
-5.387
210.236
67.966
2.909
1
.088
4.134
227.721
73.203
3.255
1
.071
11.670
252.485
82.272
3.862
1
.049
26.360
297.009
5.520
6.398
.000
46.655
2.768
1.347
3.989
5.761
1
1
1
1
.096
.105
.246
-17.951
.046 9.094E-13
.016
35.245
18.264
3.098
9.397E-12
188.725
.000
.036
1
.850 -2.926E-12
2.322E-12
.000
.025
1
.874 -2.107E-12
2.556E-12
58
PPE
-1.179E-12
.000
2.426
[LargeTB
-1.625
3.118
.272
=0]
[LargeTB
0a
.
.
=1]
[SmallTB
1.459
1.412
1.069
=0]
[SmallTB
0a
.
.
=1]
Link function : Logit
This parameter is set to zero because it is redundant.
Model
Null
Hypothesis
General
Test of Parallel Linesc
-2 Log
Likelihood Chi-Square
Df
1
.119 -2.423E-12
1
.602
-6.753
3.504
0
.
.
.
1
.301
-.862
3.781
0
.
.
.
Sig.
66.480
53.118a
13.362b
27
.987
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
UJI HIPOTESIS 3 :
Case Processing Summary
Marginal
N
Percentage
RATING
1
8
10.8%
4
13
17.6%
5
32
43.2%
6
18
24.3%
59
6.610E-14
7
LPOSDefTax 0
1
LNEGDefTax 0
1
LargeTB
0
1
SmallTB
0
1
Valid
Missing
Total
Link function: Logit
3
59
15
59
15
59
15
59
15
74
0
74
4.1%
79.7%
20.3%
79.7%
20.3%
79.7%
20.3%
79.7%
20.3%
100.0%
Model Fitting Information
-2 Log
Model
Df
Likelihood Chi-Square
Intercept Only
204.590
Final
51.989
152.601
11
Link function: Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
552.786
281
.000
Deviance
51.989
281
1.000
Link function: Logit
Sig.
.000
Pseudo R-Square
Cox and Snell
.873
Nagelkerke
.932
McFadden
.746
Link function: Logit
Parameter Estimates
Estimate Std. Error Wald
df
90% Confidence Interval
Upper
Sig. Lower Bound Bound
60
Threshold [RATING
398.076 221.941
= 1]
[RATING
441.933 243.191
= 4]
[RATING
498.895 271.887
= 5]
[RATING
578.763 310.689
= 6]
Location ASSETS
34.672 19.246
DEBT
-37.158 21.357
BETA
1.791E-11
.000
INCOME
344.206 179.014
CASHFLO
-6.896E-12
.000
WS
TACC
-4.637E-12
.000
PPE
-4.193E-12
.000
3.217
1
.073
33.016
763.135
3.302
1
.069
41.919
841.947
3.367
1
.067
51.681
946.110
3.470
1
.062
67.725
1089.802
3.245
3.027
3.018
3.697
1
1
1
1
.072
.082
.082
.055
3.015
-72.288
9.519E-13
49.755
66.329
-2.029
3.486E-11
638.658
2.306
1
.129
-1.437E-11
5.741E-13
1.970
1
.160
-1.007E-11
7.977E-13
3.239
1
.072
-8.025E-12 -3.608E-13
1
.095
.148
19.999
0
.
.
.
1
.223
-20.318
3.035
0
.
.
.
1
.167
-1.178
13.509
0
.
.
.
1
.147
-.833
13.194
0
.
.
.
[LPOSDef
10.074
6.034 2.787
Tax=0]
[LPOSDef
0a
.
.
Tax=1]
[LNEGDef
-8.641
7.099 1.482
Tax=0]
[LNEGDef
0a
.
.
Tax=1]
[LargeTB=
6.166
4.465 1.907
0]
[LargeTB=
0a
.
.
1]
[SmallTB=
6.181
4.264 2.101
0]
[SmallTB=
0a
.
.
1]
Link function : Logit
This parameter is set to zero because it is redundant
Test of Parallel Linesc
61
Model
Null Hypothesis
General
-2 Log
Likelihood Chi-Square
51.989
37.391a
14.597b
Df
Sig.
33
.998
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
62
DAFTAR PERUSAHAAN MANUFAKTUR SEBAGAI PENERBIT OBLIGASI
No.
Kode
Nama Perusahaan
1
ASGR
2
ASII
3
BRAM
Indo Kordsa Tbk
4
HMSP
HM. Sampoerna Tbk
5
INDF
Indofood Sukses Makmur Tbk
6
INKP
Indah Kiat Pulp & Paper Corp Tbk
7
KLBF
Kalbe Farma Tbk
8
LTLS
Lautan Luas Tbk
9
MTDL
Metrodata Electronics Tbk
10
MYOR
Mayora Indah Tbk
11
RMBA
Bentoel International Investama Tbk
12
SMGR
Semen Gresik (Persero) Tbk
13
SMSM
Selamat Sempurna Tbk
14
TBLA
Tunas Baru Lampung Tbk
15
TKIM
Pabrik Kertas Tjiwi Kimia Tbk
16
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk
17
UNIC
Unggul Indah Cahaya Tbk
Astra Graphia Tbk
Astra International Tbk
42
Lampiran 2
DATA VARIABEL DEPENDEN TAHUN 2004-2011 DAN VARIABEL INDEPENDEN LAPORAN KEUANGAN
TAHUN 2003-2010
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Tahun
Rating
Rating
Beban
(manfaat) Pajak
Tangguhan
Total Aset t-1
Total Aset t
Total Aset RataRata
Laba Fiskal
Laba Akuntansi
1
ASII
Astra International Tbk.
2004
5
Rp (807,620)
Rp
26,185,605
Rp 27,404,308
Rp 26,794,957
Rp
286,360
2
SMSM
Selamat Sempurna Tbk.
2004
5
Rp
451
Rp
583,627
Rp
632,610
Rp
608,119
Rp
79,185
Rp
82,172
3
BRAM
Indo Kordsa Tbk.
2004
5
Rp
(31,312)
Rp
1,641,446
Rp
1,543,441
Rp
1,592,444
Rp
73,859
Rp
96,665
4
LTLS
Lautan Luas Tbk.
2004
4
Rp
14,090
Rp
902,286
Rp
1,228,714
Rp
5
UNIC
Unggul Indah Cahaya Tbk.
2004
5
Rp
(14,770)
Rp
1,855,530
6
MTDL
Metrodata Electronics Tbk.
2004
4
Rp
1,166
Rp
7
ASGR
Astra Graphia Tbk.
2004
5
Rp
(3,137)
8
MYOR
Mayora Indah Tbk.
2004
5
Rp
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2004
4
Rp
10
HMSP
HM Sampoerna Tbk.
2004
6
11
INDF
Indofood Sukses Makmur Tbk.
2004
12
SMGR
Semen Gresik (Persero) Tbk.
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
14
INKP
15
TBLA
16
17
Rp 7,039,250
1,065,500
Rp
9,931
Rp
23,976
Rp 2,256,579
Rp 2,056,055
Rp
157,959
Rp
100,185
452,479
Rp
452,368
Rp
452,424
Rp
(23,868)
Rp
17,939
Rp
722,881
Rp
704,664
Rp
713,773
Rp
3,103
Rp
25,841
15,261
Rp
1,332,375
Rp 1,284,779
Rp
1,308,577
Rp
(70,374)
Rp
123,828
3,121
Rp
1,018,073
Rp
Rp
1,069,462
Rp
(48,044)
Rp
10,607
Rp
(14,139)
Rp
9,817,074
Rp 10,197,768
Rp 10,007,421
Rp 2,384,157
Rp 2,199,497
6
Rp
(28,019)
Rp
15,251,516
Rp 15,308,854
Rp 15,280,185
Rp
9,237
Rp 1,031,455
2004
5
Rp
(12,261)
Rp
6,872,346
Rp 6,559,495
Rp
Rp
478,595
2004
1
93,537
Rp
18,994,899
Rp 17,892,932
Rp 18,443,916
Indah Kiat Pulp & Paper Corp. Tbk.
2004
1
Rp (420,969)
Rp
49,559,865
Rp 46,066,234
Tunas Baru Lampung Tbk.
2004
4
Rp
15,431
Rp
1,021,657
Rp
BRAM
Indo Kordsa Tbk.
2005
5
Rp
6,765
Rp
1,543,441
Rp
LTLS
Lautan Luas Tbk.
2005
5
Rp
3,095
Rp
1,228,714
18
UNIC
Unggul Indah Cahaya Tbk.
2005
5
Rp
(14,171)
Rp
2,256,579
19
ASGR
Astra Graphia Tbk.
2005
5
Rp
(4,013)
Rp
704,664
20
MYOR
Mayora Indah Tbk.
2005
5
Rp
14,609
Rp
1,284,779
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2005
4
Rp
(3,506)
Rp
Rp
1,120,851
1,120,851
6,715,921
Rp
561,985
Rp (1,232,469)
Rp (349,776)
Rp 47,813,050
Rp (3,034,825)
Rp(2,847,300)
Rp
1,086,469
Rp
19,459
Rp
48,458
1,710,352
Rp
1,626,897
Rp
70,450
Rp
86,762
Rp 1,426,798
Rp
1,327,756
Rp
66,864
Rp
85,979
Rp 2,890,880
Rp 2,573,730
Rp
189,305
Rp
232,171
Rp
Rp
637,840
Rp
39,864
Rp
59,375
Rp 1,280,645
Rp
1,282,712
Rp
(6,322)
Rp
125,694
Rp 1,300,240
Rp
1,210,546
Rp
(59,793)
Rp
907
1,151,281
571,015
43
(dalam jutaan rupiah)
Tahun
Rating
Rating
HM Sampoerna Tbk.
2005
6
INDF
Indofood Sukses Makmur Tbk.
2005
6
SMGR
Semen Gresik (Persero) Tbk.
2005
5
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2005
1
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2005
27
TBLA
Tunas Baru Lampung Tbk.
28
BRAM
Indo Kordsa Tbk.
29
LTLS
30
No.
Kode
22
HMSP
23
24
25
26
Nama Perusahaan
Beban
(manfaat) Pajak
Tangguhan
Rp
Total Aset t-1
Total Aset t
Total Aset RataRata
Laba Fiskal
Laba Akuntansi
(11,988)
Rp
10,197,768
Rp 11,699,265
Rp 10,948,517
Rp 3,070,323
Rp 3,059,104
Rp
263
Rp
15,308,854
Rp 15,673,356
Rp 15,491,105
Rp
(156,822)
Rp
Rp
(29,833)
Rp
6,559,495
Rp 6,665,831
Rp
Rp
593,482
Rp
769,150
Rp
456,043
Rp
17,892,932
Rp 19,792,365
Rp 18,842,649
Rp (1,785,500)
Rp
(380,912)
1
Rp
99,599
Rp
46,066,234
Rp 50,325,296
Rp 48,195,765
Rp (6,371,246)
Rp(2,500,283)
2005
4
Rp
12,167
Rp
Rp 1,352,092
Rp
1,251,687
Rp
(608)
Rp
29,407
2006
5
Rp
525
Rp
1,710,352
Rp 1,709,355
Rp
1,709,854
Rp
254,054
Rp
199,501
Lautan Luas Tbk.
2006
5
Rp
(315)
Rp
1,426,798
Rp 1,608,865
Rp
1,517,832
UNIC
Unggul Indah Cahaya Tbk.
2006
5
Rp
(34,246)
Rp
2,890,880
Rp 2,698,410
Rp 2,794,645
31
ASGR
Astra Graphia Tbk.
2006
5
Rp
2,191
Rp
Rp
518,803
Rp
544,909
32
MYOR
Mayora Indah Tbk.
2006
5
Rp
(10,238)
Rp
1,280,645
Rp 1,459,968
Rp
1,370,307
33
HMSP
HM Sampoerna Tbk.
2006
6
Rp
(3,267)
Rp
11,699,265
Rp 11,934,600
Rp 11,816,933
Rp 3,763,862
Rp 3,724,660
34
INDF
Indofood Sukses Makmur Tbk.
2006
6
Rp
78,310
Rp
15,673,356
Rp 14,859,203
Rp 15,266,280
Rp
(305,612)
Rp
424,321
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2006
4
Rp
195,692
Rp
19,792,365
Rp 20,709,412
Rp 20,250,889
Rp (1,241,827)
Rp
372,843
36
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2006
1
Rp
(79,032)
Rp
50,325,296
Rp 51,617,367
Rp 50,971,332
Rp (5,397,219)
Rp
157,757
37
TBLA
Tunas Baru Lampung Tbk.
2006
4
Rp
10,521
Rp
1,352,092
Rp
Rp
1,401,766
Rp
Rp
18,515
38
KLBF
Kalbe Farma Tbk.
2006
6
Rp
6,559
Rp
4,231,054
Rp 4,728,369
Rp
4,479,712
Rp 1,057,884
Rp 1,061,852
39
BRAM
Indo Kordsa Tbk.
2007
5
Rp
(10,490)
Rp
1,709,355
Rp 1,528,904
Rp
1,619,130
Rp
82,967
Rp
40
LTLS
Lautan Luas Tbk.
2007
5
Rp
10,578
Rp
1,608,865
Rp
Rp
1,719,691
Rp
428
Rp
62,991
41
UNIC
Unggul Indah Cahaya Tbk.
2007
5
Rp
(9,893)
Rp
2,698,410
Rp 2,747,039
Rp 2,722,725
Rp
94,073
Rp
30,263
42
ASGR
Astra Graphia Tbk.
2007
5
Rp
(230)
Rp
518,803
Rp
584,839
Rp
551,821
Rp
86,074
Rp
81,600
43
MYOR
Mayora Indah Tbk.
2007
5
Rp
1,484
Rp
1,459,968
Rp 1,553,376
Rp
1,506,672
Rp
21,135
Rp
141,743
44
HMSP
HM Sampoerna Tbk.
2007
7
Rp
(64,507)
Rp
11,934,600
Rp 12,659,804
Rp 12,297,202
45
INDF
Indofood Sukses Makmur Tbk.
2007
6
Rp
(13,782)
Rp
14,859,203
Rp 16,267,483
Rp 15,563,343
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2007
4
Rp (395,952)
Rp
20,709,412
Rp 19,102,295
Rp 19,905,854
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2007
1
Rp (1,435,030)
Rp
51,617,367
Rp 47,646,020
Rp 49,631,694
48
KLBF
Kalbe Farma Tbk.
2007
6
Rp
Rp
4,728,369
Rp 4,624,619
Rp 4,676,494
14,512
1,151,281
571,015
1,451,439
1,830,516
6,612,663
863,321
Rp
61,610
Rp
83,289
Rp
179,900
Rp
64,757
Rp
69,498
Rp
54,706
Rp
(37,710)
Rp
67,580
2,141
39,602
Rp 5,520,631
Rp 5,344,895
Rp
Rp 1,221,206
Rp
705,277
(173,571)
Rp
(175,102)
Rp
(821,622)
Rp
(236,218)
Rp
1,133,786
Rp 1,090,081
44
(dalam jutaan rupiah)
Beban
(manfaat) Pajak
Tangguhan
Tahun
Rating
Rating
Bentoel international Investama Tbk.
2007
5
Rp
(11,954)
Rp
1,842,317
Rp 2,347,942
Rp
BRAM
Indo Kordsa Tbk.
2008
5
Rp
(9,521)
Rp
1,528,904
Rp 1,554,863
LTLS
Lautan Luas Tbk.
2008
5
Rp
4,624
Rp
1,830,516
Rp 2,135,084
MYOR
Mayora Indah Tbk.
2008
5
Rp
(3,560)
Rp
1,553,376
Rp
HMSP
HM Sampoerna Tbk.
2008
7
Rp
(9,798)
Rp
12,659,804
Rp 15,680,542
Rp 14,170,173
Rp 5,123,870
Rp 5,345,073
54
INDF
Indofood Sukses Makmur Tbk.
2008
6
Rp
181,464
Rp
16,267,483
Rp 29,527,466
Rp 22,897,475
Rp 1,076,693
Rp 2,065,229
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2008
4
Rp
16,715
Rp
19,102,295
Rp 20,413,709
Rp 19,758,002
Rp (230,338)
Rp
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2008
1
Rp (185,774)
Rp
47,646,020
Rp 51,689,503
Rp 49,667,762
Rp (944,788)
Rp 1,050,947
57
KLBF
Kalbe Farma Tbk.
2008
6
Rp
7,736
Rp
4,624,619
Rp
5,138,213
Rp
Rp
Rp 1,158,667
58
RMBA
Bentoel international Investama Tbk.
2008
5
(1,711)
Rp
2,347,942
Rp 3,859,160
Rp
3,103,551
Rp
82,077
Rp
281,084
59
LTLS
Lautan Luas Tbk.
2009
5
Rp
7,757
Rp
2,135,084
Rp 3,494,853
Rp
2,814,969
Rp
100,799
Rp
248,593
60
MYOR
Mayora Indah Tbk.
2009
5
Rp
(3,939)
Rp
1,893,175
Rp 2,922,998
Rp 2,408,087
Rp
136,773
Rp
274,069
61
INDF
Indofood Sukses Makmur Tbk.
2009
6
Rp
379,759
Rp
29,527,466
Rp 39,594,264
Rp 34,560,865
Rp
258,152
Rp 2,599,823
62
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2009
4
Rp
89,761
Rp
20,413,709
Rp 24,783,879
Rp 22,598,794
Rp
(677,316)
63
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2009
1
Rp
52,870
Rp
51,689,503
Rp 65,349,184
Rp 58,519,344
Rp (3,784,422)
Rp 2,163,452
No.
Kode
49
RMBA
50
51
52
53
Nama Perusahaan
Rp
Total Aset t-1
Total Aset t
1,893,175
Total Aset RataRata
Laba Fiskal
2,095,130
Rp
Rp
1,541,884
Rp
1,982,800
Rp
1,723,276
4,881,416
Laba Akuntansi
45,786
Rp
Rp
87,113
Rp
66,777
Rp
40,943
Rp
123,304
Rp
88,810
Rp
209,827
1,178,731
Rp
179,538
78,026
477,563
64
RMBA
Bentoel international Investama Tbk.
2009
7
Rp
66,161
Rp
3,859,160
Rp 4,455,532
Rp
4,157,346
Rp
(144,474)
Rp
244,177
65
SMSM
Selamat Sempurna Tbk.
2010
6
Rp
(5,450)
Rp
929,753
Rp
941,651
Rp
935,702
Rp
199,883
Rp
185,861
Lautan Luas Tbk.
2010
5
Rp
(13,401)
Rp
3,494,853
Rp
3,081,130
Rp 3,287,992
Rp
113,866
Rp
134,374
Mayora Indah Tbk.
2010
6
Rp
(7,916)
Rp
2,922,998
Rp 3,246,498
Rp 3,084,748
Rp
262,703
Rp
503,933
66
LTLS
67
MYOR
68
INDF
Indofood Sukses Makmur Tbk.
2010
6
Rp
274,754
Rp
39,594,264
Rp 40,382,953
Rp 39,988,609
Rp
1,965,136
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2010
4
Rp
193,076
Rp
24,783,879
Rp 22,163,109
Rp 23,473,494
Rp
829,528
Rp
680,636
70
SMSM
Selamat Sempurna Tbk.
2011
6
Rp
(5,280)
Rp
941,651
Rp
1,067,103
Rp
1,004,377
Rp
209,802
Rp
204,764
71
LTLS
Lautan Luas Tbk.
2011
5
Rp
(7,252)
Rp
3,081,130
Rp
3,283,511
Rp
3,182,321
Rp
125,968
Rp
145,767
72
MYOR
Mayora Indah Tbk.
2011
6
Rp
1,164
Rp
3,246,498
Rp
4,399,191
Rp 3,822,845
Rp
324,790
Rp
658,358
73
INDF
Indofood Sukses Makmur Tbk.
2011
6
Rp
273,691
Rp
40,382,953
Rp 47,275,955
Rp 43,829,454
Rp
1,194,999
Rp 5,432,375
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2011
4
Rp
94,783
Rp
Rp 20,946,818
Rp 21,554,964
Rp
1,166,487
Rp
22,163,109
Rp 4,063,813
557,954
45
Lampiran 3
DATA VARIABEL KONTROL LAPORAN KEUANGAN TAHUN 2003-2010
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Total Aset t
Laba Bersih
Jumlah
Hutang
Obligasi
Beredar
Hutang Jangka
Panjang
Laba Operasional
Arus Kas dari
Kegiatan Operasi
Aset Tetap
1
ASII
Astra International Tbk.
Rp 27,404,308
Rp 4,421,583
Rp 6,165,477
Rp
368,600
Rp 3,397,794
Rp
2,218,911
2
SMSM
Selamat Sempurna Tbk.
Rp
632,610
Rp
47,898
Rp
123,568
Rp
100,000
Rp
89,550
Rp
58,279
Rp
251,393
3
BRAM
Indo Kordsa Tbk.
Rp
1,543,441
Rp
73,977
Rp
496,242
Rp
275,000
Rp
87,592
Rp
125,511
Rp
848,545
4
LTLS
Lautan Luas Tbk.
Rp
1,228,714
Rp
7,647
Rp
491,692
Rp
500,000
Rp
55,604
Rp
(26,967)
Rp
379,413
5
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,256,579
Rp
62,715
Rp
914,931
Rp
600,000
Rp
154,101
Rp
264,485
Rp
927,990
6
MTDL
Metrodata Electronics Tbk.
Rp
452,368
Rp
(1,314)
Rp
80,652
Rp
48,500
Rp
31,134
Rp
52,283
Rp
72,040
7
ASGR
Astra Graphia Tbk.
Rp
704,664
Rp
21,414
Rp
158,151
Rp
150,000
Rp
51,076
Rp
219,986
Rp
143,303
8
MYOR
Mayora Indah Tbk.
Rp 1,284,779
Rp
84,617
Rp
398,857
Rp
352,000
Rp
151,019
Rp
128,373
Rp
600,992
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
Rp
Rp
7,485
Rp
278,028
Rp
319,300
Rp
85,851
Rp
4,035
Rp
781,152
10
HMSP
HM Sampoerna Tbk.
Rp 10,197,768
Rp 1,406,844
Rp
2,491,621
Rp 1,600,000
Rp 2,392,602
Rp 2,024,678
Rp
2,139,524
11
INDF
Indofood Sukses Makmur Tbk.
Rp 15,308,854
Rp
603,481
Rp 6,888,137
Rp 2,500,000
Rp 2,008,795
Rp 1,557,249
Rp
5,825,951
12
SMGR
Semen Gresik (Persero) Tbk.
Rp 6,559,495
Rp
372,509
Rp
1,320,148
Rp
567,000
Rp
929,038
Rp
1,103,701
Rp 3,968,590
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 17,892,932
Rp (255,694)
Rp
38
Rp
200,000
Rp
949,357
Rp
345,680
Rp 10,295,893
14
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 46,066,234
Rp (2,421,170)
Rp
11,151
Rp 1,000,000
Rp
124,040
Rp 1,502,949
Rp 30,295,739
15
TBLA
Tunas Baru Lampung Tbk.
Rp
Rp
26,433
Rp
Rp
350,000
Rp
74,183
Rp
(36,348)
Rp
379,018
16
BRAM
Indo Kordsa Tbk.
Rp
1,710,352
Rp
42,421
Rp
Rp
275,000
Rp
147,268
Rp
170,052
Rp
814,269
17
LTLS
Lautan Luas Tbk.
Rp 1,426,798
Rp
51,917
Rp
301,737
Rp
500,000
Rp
131,609
Rp
95,121
Rp
442,133
18
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,890,880
Rp
163,763
Rp
938,006
Rp
609,000
Rp
226,881
Rp (4,230,259)
Rp
963,966
19
ASGR
Astra Graphia Tbk.
Rp
Rp
37,334
Rp
161,924
Rp
150,000
Rp
56,959
Rp
32,339
Rp
135,944
20
MYOR
Mayora Indah Tbk.
Rp 1,280,645
Rp
85,107
Rp
272,157
Rp
200,000
Rp
130,632
Rp
103,732
Rp
610,503
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
Rp 1,300,240
Rp
4,412
Rp
400,678
Rp
303,300
Rp
86,453
Rp
35,588
Rp
780,339
22
HMSP
HM Sampoerna Tbk.
Rp 11,699,265
Rp 1,991,852
Rp 2,650,788
Rp 2,600,000
Rp
3,183,278
Rp 2,871,554
Rp
2,176,405
23
INDF
Indofood Sukses Makmur Tbk.
Rp 15,673,356
Rp
Rp 6,289,648
Rp 3,500,000
Rp
2,098,331
Rp 1,838,794
Rp
6,013,390
1,120,851
1,151,281
571,015
386,919
329,230
511,182
Rp 6,079,902
46
(dalam jutaan rupiah)
No.
Kode
Nama Perusahaan
Total Aset t
Laba Bersih
24
SMGR
Semen Gresik (Persero) Tbk.
Rp 6,665,831
Rp
25
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 19,792,365
26
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 50,325,296
27
TBLA
Tunas Baru Lampung Tbk.
28
BRAM
29
30
31
32
33
34
Hutang Jangka
Panjang
Arus Kas dari
Kegiatan Operasi
965,160
Rp
Aset Tetap
Rp
447,500
Rp
Rp 1,731,356
Rp 11,996,378
Rp
200,000
Rp
841,825
Rp 3,671,746
Rp 28,388,499
Rp 1,000,000
Rp
466,339
Rp 1,352,092
Rp
16,455
Rp
560,987
Rp
300,000
Rp
Indo Kordsa Tbk.
Rp 1,709,355
Rp
119,495
Rp
375,256
Rp
275,000
Rp
LTLS
Lautan Luas Tbk.
Rp 1,608,865
Rp
52,425
Rp
271,238
Rp
300,000
Rp
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,698,410
Rp
48,651
Rp
812,099
Rp
609,000
Rp
172,979
Rp
191,078
ASGR
Astra Graphia Tbk.
Rp
518,803
Rp
36,066
Rp
140,894
Rp
150,000
Rp
56,320
Rp
109,559
Rp
140,887
MYOR
Mayora Indah Tbk.
Rp 1,459,968
Rp
45,730
Rp
356,658
Rp
200,000
Rp
93,535
Rp
Rp
732,053
HMSP
HM Sampoerna Tbk.
Rp 11,934,600
Rp 2,383,066
Rp
1,996,105
Rp 1,600,000
Rp 3,939,505
Rp 2,058,731
Rp 2,399,467
INDF
Indofood Sukses Makmur Tbk.
Rp 14,859,203
Rp
124,018
Rp 5,636,769
Rp 2,202,500
Rp
1,661,061
Rp
821,907
Rp 6,055,277
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,709,412
Rp
177,331
Rp 12,390,007
Rp
Rp
567,392
Rp
739,795
Rp 11,668,335
36
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 51,617,367
Rp
79,053
Rp 28,705,791
Rp 1,000,000
Rp
289,965
Rp 1,698,860
Rp 35,219,390
37
TBLA
Tunas Baru Lampung Tbk.
Rp
Rp
Rp
602,720
Rp
300,000
Rp
119,431
Rp
219,863
Rp
38
KLBF
Kalbe Farma Tbk.
Rp 4,728,369
Rp
Rp
918,068
Rp
300,000
Rp
1,106,301
Rp
534,289
Rp
39
BRAM
Indo Kordsa Tbk.
Rp 1,528,904
Rp
Rp
294,225
Rp
275,000
Rp
73,255
Rp
189,866
Rp
687,877
40
LTLS
Lautan Luas Tbk.
Rp
Rp
Rp
282,299
Rp
300,000
Rp
88,018
Rp
43,467
Rp
527,490
41
UNIC
Unggul Indah Cahaya Tbk.
Rp 2,747,039
Rp
Rp
788,899
Rp
600,000
Rp
98,497
Rp
261,662
Rp
928,452
42
ASGR
Astra Graphia Tbk.
Rp
584,839
Rp
55,565
Rp
136,272
Rp
150,000
Rp
76,731
Rp
135,003
Rp
137,308
43
MYOR
Mayora Indah Tbk.
Rp 1,553,376
Rp
93,575
Rp
358,772
Rp
200,000
Rp
170,904
Rp
24,389
Rp
738,125
44
HMSP
HM Sampoerna Tbk.
Rp 12,659,804
Rp 3,530,490
Rp 1,260,422
Rp 1,600,000
Rp
5,175,282
45
INDF
Indofood Sukses Makmur Tbk.
Rp 16,267,483
Rp
Rp 4,247,694
Rp 2,202,500
Rp
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 19,102,295
Rp (571,372)
Rp
Rp
Rp
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 47,646,020
Rp(1,672,305)
Rp 26,937,897
Rp
865,770
48
KLBF
Kalbe Farma Tbk.
Rp 4,624,619
Rp
Rp
421,806
Rp
300,000
49
RMBA
Bentoel international Investama Tbk.
Rp 2,347,942
Rp
145,510
Rp
103,459
50
BRAM
Indo Kordsa Tbk.
Rp 1,554,863
Rp
39,149
Rp
279,122
1,830,516
6,219
653,329
18,314
29,667
11,280
661,210
676,582
Rp
Laba Operasional
1,183,355
1,451,439
508,916
Jumlah
Hutang
Obligasi
Beredar
11,751,155
200,000
134,135
232,658
151,194
850,727
Rp 3,674,298
Rp
888,051
Rp 11,153,489
Rp
900,590
Rp 33,720,790
Rp
147,077
Rp
494,964
Rp
136,743
Rp
742,770
Rp
(66,650)
Rp
475,495
Rp
1,074,382
157,011
570,501
859,111
Rp 3,538,693
Rp 2,390,868
1,971,761
Rp 1,542,143
Rp 6,463,898
130,920
Rp
Rp 10,795,617
Rp
967,105
Rp 3,780,183
Rp 34,343,343
Rp
1,071,271
Rp
640,610
Rp
Rp 1,350,000
Rp
166,503
Rp
(115,042)
Rp
560,160
Rp 2,750,000
Rp
83,573
Rp
143,925
Rp
639,999
173,140
335,225
1,024,372
47
(dalam jutaan rupiah)
No.
Kode
51
LTLS
52
53
Nama Perusahaan
Total Aset t
Laba Bersih
Hutang Jangka
Panjang
Lautan Luas Tbk.
Rp 2,135,084
Rp
71,670
Rp
MYOR
Mayora Indah Tbk.
Rp
Rp
141,589
HMSP
HM Sampoerna Tbk.
Rp 15,680,542
Rp 3,624,018
54
INDF
Indofood Sukses Makmur Tbk.
Rp 29,527,466
Rp
980,357
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,413,709
Rp
94,742
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 51,689,503
Rp
57
KLBF
Kalbe Farma Tbk.
Rp
5,138,213
Rp
58
RMBA
Bentoel international Investama Tbk.
Rp 3,859,160
59
LTLS
Lautan Luas Tbk.
60
MYOR
61
INDF
62
63
1,893,175
Jumlah
Hutang
Obligasi
Beredar
Laba Operasional
Arus Kas dari
Kegiatan Operasi
Aset Tetap
81,027
Rp
300,000
Rp
188,333
Rp
51,188
Rp
63,076
Rp
428,911
Rp
200,000
Rp
238,713
Rp
178,699
Rp
774,390
Rp
1,401,703
Rp 1,000,000
Rp 5,577,278
Rp (1,455,950)
Rp 3,522,336
Rp 5,899,543
Rp 4,202,500
Rp 2,894,428
Rp 2,502,001
Rp 8,079,455
Rp 12,405,700
Rp
158,690
Rp
392,106
Rp
Rp 11,267,198
864,975
Rp 27,812,125
Rp
793,660
Rp
2,115,247
Rp 3,944,656
Rp 37,659,803
705,694
Rp
Rp
300,000
Rp
1,129,355
Rp
362,898
Rp
Rp
242,917
Rp 1,474,904
Rp 1,350,000
Rp
343,319
Rp (552,085)
Rp
615,954
Rp 3,494,853
Rp
145,846
Rp
660,779
Rp
500,000
Rp
521,164
Rp (446,824)
Rp
889,072
Mayora Indah Tbk.
Rp 2,922,998
Rp
196,230
Rp
876,522
Rp
300,000
Rp
345,420
Rp
Rp
1,030,725
Indofood Sukses Makmur Tbk.
Rp 39,594,264
Rp 1,034,389
Rp 10,170,208
Rp 4,476,000
Rp
4,341,476
Rp 2,684,806
Rp 9,586,545
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 24,783,879
Rp
565,965
Rp 14,706,234
Rp
142,390
Rp
940,926
Rp 1,317,523
Rp 13,573,436
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
Rp 65,349,184
Rp 2,216,707
Rp 33,463,997
Rp
712,860
Rp 3,230,460
Rp 4,649,324
Rp 47,725,347
366,910
529,224
138,452
1,204,148
64
RMBA
Bentoel international Investama Tbk.
Rp 4,455,532
Rp
239,138
Rp
1,493,413
Rp 1,350,000
Rp
410,140
Rp
(55,097)
Rp
1,033,092
65
SMSM
Selamat Sempurna Tbk.
Rp
941,651
Rp
132,850
Rp
35,141
Rp
240,000
Rp
189,779
Rp
268,070
Rp
341,364
66
LTLS
Lautan Luas Tbk.
Rp
3,081,130
Rp
85,925
Rp
192,507
Rp
500,000
Rp
136,992
Rp
970,833
Rp
879,817
67
MYOR
Mayora Indah Tbk.
Rp 3,246,498
Rp
372,157
Rp
858,739
Rp
300,000
Rp
613,187
Rp
446,429
Rp
1,282,771
68
INDF
Indofood Sukses Makmur Tbk.
Rp 40,382,953
Rp 2,075,861
Rp 13,738,252
Rp 3,610,000
Rp 5,004,209
Rp 2,314,507
Rp 10,796,021
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 22,163,109
Rp
297,546
Rp 12,398,353
Rp
126,200
Rp
1,126,409
Rp 1,373,004
Rp 11,061,092
70
SMSM
Selamat Sempurna Tbk.
Rp
1,067,103
Rp
150,420
Rp
194,273
Rp
160,000
Rp
227,845
Rp
151,302
Rp
376,794
71
LTLS
Lautan Luas Tbk.
Rp
3,283,511
Rp
86,982
Rp 2,321,536
Rp
500,000
Rp
168,069
Rp
(147,945)
Rp
1,025,373
72
MYOR
Mayora Indah Tbk.
Rp
4,399,191
Rp
484,086
Rp
Rp
300,000
Rp
613,187
Rp
238,253
Rp
1,282,771
73
INDF
Indofood Sukses Makmur Tbk.
Rp 47,275,955
Rp 2,952,858
Rp 12,563,999
Rp 3,574,000
Rp
6,729,311
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
Rp 20,946,818
Rp
Rp
Rp
Rp
710,487
418,729
1,318,358
11,112,696
99,770
Rp 6,909,950
Rp 11,737,142
Rp
Rp 10,556,989
1,274
48
Lampiran 4
DATA OLAHAN VARIABEL DEPENDEN, VARIABEL INDEPENDEN, DAN VARIABEL KONTROL
No.
Kode
Nama Perusahaan
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
1
ASII
Astra International Tbk.
2004
5
0
1
0
0
7.438
0.225
368,600
0.124
2,218,911
2,202,672
6,079,902
2
SMSM
Selamat Sempurna Tbk.
2004
5
0
0
0
0
5.801
0.195
100,000
0.142
58,279
-10,381
251,393
3
BRAM
Indo Kordsa Tbk.
2004
5
0
1
0
0
6.188
0.322
275,000
0.057
125,511
-51,534
848,545
4
LTLS
Lautan Luas Tbk.
2004
4
1
0
0
0
6.089
0.400
500,000
0.045
-26,967
34,614
379,413
5
UNIC
Unggul Indah Cahaya Tbk.
2004
5
0
1
1
0
6.353
0.405
600,000
0.068
264,485
-201,770
927,990
6
MTDL
Metrodata Electronics Tbk.
2004
4
0
0
0
1
5.655
0.178
48,500
0.069
52,283
-53,597
72,040
7
ASGR
Astra Graphia Tbk.
2004
5
0
0
0
0
5.848
0.224
150,000
0.072
219,986
-198,572
143,303
8
MYOR
Mayora Indah Tbk.
2004
5
1
0
0
1
6.109
0.310
352,000
0.118
128,373
-43,756
600,992
9
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2004
4
0
0
0
1
6.050
0.248
319,300
0.077
4,035
3,450
781,152
10
HMSP
HM Sampoerna Tbk.
2004
6
0
0
1
0
7.009
0.244
1,600,000
0.235
2,024,678
-617,834
2,139,524
11
INDF
Indofood Sukses Makmur Tbk.
2004
6
0
0
0
0
7.185
0.450
2,500,000
0.131
1,557,249
-953,768
5,825,951
12
SMGR
Semen Gresik (Persero) Tbk.
2004
5
0
0
0
0
6.817
0.201
567,000
0.142
1,103,701
-731,192
3,968,590
13
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2004
1
0
0
1
0
7.253
0.000
200,000
0.053
345,680
-601,374
10,295,893
14
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2004
1
0
1
0
0
7.663
0.000
1,000,000
0.003
1,502,949
-3,924,119
30,295,739
15
TBLA
Tunas Baru Lampung Tbk.
2004
4
1
0
0
0
6.061
0.286
350,000
0.064
-36,348
62,781
379,018
16
BRAM
Indo Kordsa Tbk.
2005
5
0
0
0
0
6.233
0.299
275,000
0.086
170,052
-127,631
814,269
17
LTLS
Lautan Luas Tbk.
2005
5
0
0
0
0
6.154
0.211
500,000
0.092
95,121
-43,204
442,133
18
UNIC
Unggul Indah Cahaya Tbk.
2005
5
0
1
0
0
6.461
0.324
609,000
0.078
-4,230,259
4,394,022
963,966
19
ASGR
Astra Graphia Tbk.
2005
5
0
1
0
0
5.757
0.284
150,000
0.100
32,339
4,995
135,944
20
MYOR
Mayora Indah Tbk.
2005
5
1
0
0
1
6.107
0.213
200,000
0.102
103,732
-18,625
610,503
21
ULTJ
Ultrajaya Milk Industry & Trading Co. Tbk.
2005
4
0
0
0
1
6.114
0.308
303,300
0.066
35,588
-31,176
780,339
22
HMSP
HM Sampoerna Tbk.
2005
6
0
0
0
0
7.068
0.227
2,600,000
0.272
2,871,554
-879,702
2,176,405
23
INDF
Indofood Sukses Makmur Tbk.
2005
6
0
0
0
1
7.195
0.401
3,500,000
0.134
1,838,794
-1,451,875
6,013,390
49
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
Semen Gresik (Persero) Tbk.
2005
5
0
0
0
0
6.824
0.178
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2005
1
1
0
1
0
7.296
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2005
1
0
0
1
0
7.702
27
TBLA
Tunas Baru Lampung Tbk.
2005
4
1
0
0
0
28
BRAM
Indo Kordsa Tbk.
2006
5
0
0
1
29
LTLS
Lautan Luas Tbk.
2006
5
0
0
30
UNIC
Unggul Indah Cahaya Tbk.
2006
5
0
1
31
ASGR
Astra Graphia Tbk.
2006
5
0
32
MYOR
Mayora Indah Tbk.
2006
5
33
HMSP
HM Sampoerna Tbk.
2006
34
INDF
Indofood Sukses Makmur Tbk.
2006
35
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
36
INKP
37
38
No.
Kode
24
SMGR
25
26
Nama Perusahaan
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
447,500
0.145
850,727
-341,811
3,674,298
0.606
200,000
0.043
888,051
843,305
11,153,489
0.564
1,000,000
0.009
900,590
2,771,156
33,720,790
6.131
0.415
300,000
0.099
147,077
-130,622
494,964
0
6.233
0.220
275,000
0.136
136,743
-17,248
742,770
0
0
6.207
0.169
300,000
0.094
-66,650
119,075
475,495
1
0
6.431
0.301
609,000
0.064
191,078
-142,427
1,074,382
0
1
0
5.715
0.272
150,000
0.109
109,559
-73,493
140,887
0
1
0
1
6.164
0.244
200,000
0.064
157,011
-111,281
732,053
6
0
0
0
0
7.077
0.167
1,600,000
0.330
2,058,731
324,335
2,399,467
6
0
0
0
1
7.172
0.379
2,202,500
0.112
821,907
-697,889
6,055,277
2006
4
1
0
0
1
7.316
0.598
200,000
0.027
739,795
-562,464
11,668,335
Indah Kiat Pulp & Paper Corp. Tbk.
2006
1
0
0
0
1
7.713
0.556
1,000,000
0.006
1,698,860
-1,619,807
35,219,390
TBLA
Tunas Baru Lampung Tbk.
2006
4
1
0
0
0
6.162
0.415
300,000
0.082
219,863
-213,644
570,501
KLBF
Kalbe Farma Tbk.
2006
6
0
0
0
0
6.675
0.194
300,000
0.234
534,289
119,040
859,111
39
BRAM
Indo Kordsa Tbk.
2007
5
0
1
1
0
6.184
0.192
275,000
0.048
189,866
-171,552
687,877
40
LTLS
Lautan Luas Tbk.
2007
5
1
0
0
0
6.263
0.154
300,000
0.048
43,467
-13,800
527,490
41
UNIC
Unggul Indah Cahaya Tbk.
2007
5
0
0
1
0
6.439
0.287
600,000
0.036
261,662
-250,382
928,452
42
ASGR
Astra Graphia Tbk.
2007
5
0
0
0
0
5.767
0.233
150,000
0.131
135,003
-79,438
137,308
43
MYOR
Mayora Indah Tbk.
2007
5
0
0
0
0
6.191
0.231
200,000
0.110
24,389
69,186
738,125
44
HMSP
HM Sampoerna Tbk.
2007
7
0
0
0
0
7.102
0.100
1,600,000
0.409
3,538,693
-8,203
2,390,868
45
INDF
Indofood Sukses Makmur Tbk.
2007
6
0
0
0
0
7.211
0.261
2,202,500
0.121
1,542,143
-880,933
6,463,898
46
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2007
4
0
1
0
0
7.281
0.615
173,140
0.007
335,225
-906,597
10,795,617
47
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2007
1
0
1
1
0
7.678
0.565
865,770
0.020
3,780,183
-5,452,488
34,343,343
48
KLBF
Kalbe Farma Tbk.
2007
6
0
0
0
0
6.665
0.091
300,000
0.232
640,610
35,972
1,024,372
49
RMBA
Bentoel international Investama Tbk.
2007
5
0
1
0
0
6.371
0.044
1,350,000
0.071
-115,042
260,552
560,160
50
BRAM
Indo Kordsa Tbk.
2008
5
0
1
1
0
6.192
0.180
2,750,000
0.054
143,925
-104,776
639,999
51
LTLS
Lautan Luas Tbk.
2008
5
0
0
0
0
6.329
0.038
300,000
0.088
51,188
20,482
63,076
50
Tahun
Rating
RATING
LPOSDefTax
LNEGDefTax
LargeTB
SmallTB
Mayora Indah Tbk.
2008
5
0
0
0
0
6.277
0.227
HMSP
HM Sampoerna Tbk.
2008
7
0
0
0
0
7.195
INDF
Indofood Sukses Makmur Tbk.
2008
6
1
0
0
0
7.470
55
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2008
4
0
0
0
1
56
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2008
1
0
0
0
57
KLBF
Kalbe Farma Tbk.
2008
6
0
0
58
RMBA
Bentoel international Investama Tbk.
2008
5
0
0
59
LTLS
Lautan Luas Tbk.
2009
5
0
60
MYOR
Mayora Indah Tbk.
2009
5
No.
Kode
52
MYOR
53
54
Nama Perusahaan
ASSETS
DEBT
BETA
INCOME
CASHFLOWS
TACC
PPE
200,000
0.126
178,699
-37,110
774,390
0.089
1,000,000
0.356
-1,455,950
5,079,968
3,522,336
0.200
4,202,500
0.098
2,502,001
-1,521,644
8,079,455
7.310
0.608
158,690
0.019
529,224
-434,482
11,267,198
1
7.713
0.538
793,660
0.041
3,944,656
-3,079,681
37,659,803
0
0
6.711
0.071
300,000
0.220
362,898
342,796
1,204,148
0
0
6.586
0.382
1,350,000
0.089
-552,085
795,002
615,954
0
0
0
6.543
0.189
500,000
0.149
-446,824
592,670
889,072
0
0
0
0
6.466
0.300
300,000
0.118
138,452
57,778
1,030,725
61
INDF
Indofood Sukses Makmur Tbk.
2009
6
1
0
0
0
7.598
0.257
4,476,000
0.110
2,684,806
-1,650,417
9,586,545
62
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2009
4
0
0
0
1
7.394
0.593
142,390
0.038
1,317,523
-751,558
13,573,436
63
INKP
Indah Kiat Pulp & Paper Corp. Tbk.
2009
1
0
0
0
1
7.815
0.512
712,860
0.049
4,649,324
-2,432,617
47,725,347
64
RMBA
Bentoel international Investama Tbk.
2009
7
1
0
0
1
6.649
0.335
1,350,000
0.092
-55,097
294,235
1,033,092
65
SMSM
Selamat Sempurna Tbk.
2010
6
0
1
1
0
5.974
0.037
240,000
0.202
268,070
-135,220
341,364
66
LTLS
Lautan Luas Tbk.
2010
5
0
0
0
0
6.489
0.062
500,000
0.044
970,833
-884,908
879,817
67
MYOR
Mayora Indah Tbk.
2010
6
0
0
0
0
6.511
0.265
300,000
0.189
446,429
-74,272
1,282,771
68
INDF
Indofood Sukses Makmur Tbk.
2010
6
1
0
0
0
7.606
0.340
3,610,000
0.124
2,314,507
-238,646
10,796,021
69
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2010
4
1
0
1
0
7.346
0.559
126,200
0.051
1,373,004
-1,075,458
11,061,092
70
SMSM
Selamat Sempurna Tbk.
2011
6
0
1
0
0
6.028
0.182
160,000
0.214
151,302
-882
376,794
71
LTLS
Lautan Luas Tbk.
2011
5
0
0
0
0
6.516
0.707
500,000
0.051
-147,945
234,927
1,025,373
72
MYOR
Mayora Indah Tbk.
2011
6
0
0
0
0
6.643
0.300
300,000
0.139
238,253
245,833
1,282,771
73
INDF
Indofood Sukses Makmur Tbk.
2011
6
1
0
0
0
7.675
0.266
3,574,000
0.142
6,909,950
-3,957,092
11,737,142
74
TKIM
Pabrik Kertas Tjiwi Kimia Tbk.
2011
4
0
0
1
0
7.321
0.531
99,770
0.034
1,274
417,455
10,556,989
51
Lampiran 5
DESCRIPTIVE STATISTIC CROSSTABS
Case Processing Summary
Cases
Valid
Missing
N
Percent
N
Percent
LPOSDefTax * RATING
74
100.0%
0
.0%
LNEGDefTax * RATING
74
100.0%
0
.0%
LargeTB * RATING
74
100.0%
0
.0%
SmallTB * RATING
74
100.0%
0
.0%
Total
N
Percent
74
100.0%
74
100.0%
74
100.0%
74
100.0%
Crosstab
RATING
4
5
7
29
6
3
13
32
1
LPOSDefTax 0
1
Total
7
1
8
6
7
14
4
18
2
1
3
Total
59
15
74
3
0
3
Total
59
15
74
Chi-Square Tests
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear
Association
N of Valid Cases
Value
8.398a
7.837
.002
Df
Asymp. Sig.
(2-sided)
4
.078
4
.098
1
.961
74
Crosstab
Count
LNEGDefTax 0
1
Total
RATING
1
4
5
6
6
12
22
16
2
1
10
2
8
13
32
18
Chi-Square Tests
Asymp. Sig.
Value
Df
(2-sided)
7
52
Pearson Chi-Square
5.467a
4
.243
Likelihood Ratio
6.255
4
.181
Linear-by-Linear
.278
1
.598
Association
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
Crosstab
Count
1
LargeTB 0
1
Total
4
4
8
RATING
4
5
11
25
2
7
13
32
6
7
16
2
18
Total
3
0
3
59
15
74
Chi-Square Tests
Value
6.315a
6.179
Asymp. Sig.
(2-sided)
4
.177
4
.186
Df
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear
5.100
1
.024
Association
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
Crosstab
Count
RATING
1
SmallTB 0
1
Total
4
5
6
5
7
3
6
8
13
Chi-Square Tests
29
3
32
7
16
2
18
Total
2
1
3
59
15
74
Asymp. Sig.
Value
Pearson Chi-Square
10.460a
(2-sided)
Df
4
.033
53
Likelihood Ratio
Linear-by-Linear
Association
9.792
4
.044
3.511
1
.061
N of Valid Cases
74
a. 5 cells (50.0%) have expected count less than 5. The
minimum expected count is .61.
54
Lampiran 6
HASIL PENGUJIAN ORDINAL REGRESSION
HIPOTESIS 1 :
Case Processing Summary
Marginal
N
Percentage
RATING
1
8
10.8%
4
13
17.6%
5
32
43.2%
6
18
24.3%
7
3
4.1%
LPOSDefTax 0
59
79.7%
1
15
20.3%
LNEGDefTax 0
59
79.7%
1
15
20.3%
Valid
74
100.0%
Missing
0
Total
74
Link function : Logit
Model Fitting Information
-2 Log
Model
Likelihood Chi-Square Df
Intercept Only
204.590
Final
55.187
149.402 9
Link function : Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
349.348
283
.004
Deviance
55.187
283
1.000
Link function : Logit
Sig.
.000
55
Pseudo R-Square
Cox and Snell
.867
Nagelkerke
.926
McFadden
.730
Link function : Logit
Parameter Estimates
Estimate Std. Error Wald
Threshold [RATING =
262.899
1]
[RATING =
282.785
4]
[RATING =
314.862
5]
[RATING =
366.450
6]
Location ASSETS
22.271
DEBT
-11.708
BETA
9.380E-12
INCOME
233.805
CASHFLO
-4.382E-12
WS
TACC
-3.078E-12
PPE
[LPOSDefT
ax=0]
[LPOSDefT
ax=1]
[LNEGDefT
ax=0]
[LNEGDefT
ax=1]
90% Confidence Interval
Upper
Sig. Lower Bound Bound
df
133.510 3.878
1
.049
43.295
482.503
140.243 4.066
1
.044
52.107
513.464
154.154 4.172
1
.041
61.302
568.423
176.811 4.295
1
.038
75.621
657.278
11.151
9.085
.000
113.101
3.989
1.661
2.388
4.273
1
1
1
1
.046
.198
.122
.039
3.929
-26.652
-6.048E-13
47.771
40.613
3.236
1.936E-11
419.839
.000 2.416
1
.120
-9.019E-12
2.553E-13
.000 2.399
1
.121
-6.347E-12
1.907E-13
-2.192E-12
.000 3.685
1
.055
-4.071E-12 -3.138E-13
6.610
3.489 3.589
1
.058
.871
12.350
0a
.
.
0
.
.
.
-7.444
7.877
.893
1
.345
-20.402
5.513
0a
.
.
0
.
.
.
56
Link function : Logit
This parameter is set to zero because it is redundant
Model
Null
Hypothesis
General
Test of Parallel Linesc
-2 Log
Likelihood Chi-Square
Df
Sig.
55.187
11.235a
43.953b
27
.121
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
UJI HIPOTESIS 2 :
Case Processing Summary
N
RATING 1
4
5
6
7
LargeTB 0
1
SmallTB 0
1
Valid
Missing
Total
Link function : Logit.
8
13
32
18
3
59
15
59
15
74
0
74
Marginal
Percentage
10.8%
17.6%
43.2%
24.3%
4.1%
79.7%
20.3%
79.7%
20.3%
100.0%
57
Model Fitting Information
-2 Log
Model
Likelihood Chi-Square Df
Intercept Only
204.590
Final
66.480
138.109
9
Link function : Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
234.277
283
.984
Deviance
66.480
283
1.000
Link function : Logit
Sig.
.000
Pseudo R-Square
Cox and Snell
.845
Nagelkerke
.902
McFadden
.675
Link function : Logit
Estimate
Threshold [RATING
102.424
= 1]
[RATING
115.927
= 4]
[RATING
132.078
= 5]
[RATING
161.685
= 6]
Location ASSETS
9.184
DEBT
-7.427
BETA
5.153E-12
INCOME
111.985
CASHFL
-3.017E-13
OWS
TACC
2.245E-13
Parameter Estimates
Std. Error
Wald
Df
Sig.
90% Confidence
Interval
Lower
Upper
Bound
Bound
65.545
2.442
1
.118
-5.387
210.236
67.966
2.909
1
.088
4.134
227.721
73.203
3.255
1
.071
11.670
252.485
82.272
3.862
1
.049
26.360
297.009
5.520
6.398
.000
46.655
2.768
1.347
3.989
5.761
1
1
1
1
.096
.105
.246
-17.951
.046 9.094E-13
.016
35.245
18.264
3.098
9.397E-12
188.725
.000
.036
1
.850 -2.926E-12
2.322E-12
.000
.025
1
.874 -2.107E-12
2.556E-12
58
PPE
-1.179E-12
.000
2.426
[LargeTB
-1.625
3.118
.272
=0]
[LargeTB
0a
.
.
=1]
[SmallTB
1.459
1.412
1.069
=0]
[SmallTB
0a
.
.
=1]
Link function : Logit
This parameter is set to zero because it is redundant.
Model
Null
Hypothesis
General
Test of Parallel Linesc
-2 Log
Likelihood Chi-Square
Df
1
.119 -2.423E-12
1
.602
-6.753
3.504
0
.
.
.
1
.301
-.862
3.781
0
.
.
.
Sig.
66.480
53.118a
13.362b
27
.987
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
UJI HIPOTESIS 3 :
Case Processing Summary
Marginal
N
Percentage
RATING
1
8
10.8%
4
13
17.6%
5
32
43.2%
6
18
24.3%
59
6.610E-14
7
LPOSDefTax 0
1
LNEGDefTax 0
1
LargeTB
0
1
SmallTB
0
1
Valid
Missing
Total
Link function: Logit
3
59
15
59
15
59
15
59
15
74
0
74
4.1%
79.7%
20.3%
79.7%
20.3%
79.7%
20.3%
79.7%
20.3%
100.0%
Model Fitting Information
-2 Log
Model
Df
Likelihood Chi-Square
Intercept Only
204.590
Final
51.989
152.601
11
Link function: Logit
Goodness-of-Fit
Chi-Square
df
Sig.
Pearson
552.786
281
.000
Deviance
51.989
281
1.000
Link function: Logit
Sig.
.000
Pseudo R-Square
Cox and Snell
.873
Nagelkerke
.932
McFadden
.746
Link function: Logit
Parameter Estimates
Estimate Std. Error Wald
df
90% Confidence Interval
Upper
Sig. Lower Bound Bound
60
Threshold [RATING
398.076 221.941
= 1]
[RATING
441.933 243.191
= 4]
[RATING
498.895 271.887
= 5]
[RATING
578.763 310.689
= 6]
Location ASSETS
34.672 19.246
DEBT
-37.158 21.357
BETA
1.791E-11
.000
INCOME
344.206 179.014
CASHFLO
-6.896E-12
.000
WS
TACC
-4.637E-12
.000
PPE
-4.193E-12
.000
3.217
1
.073
33.016
763.135
3.302
1
.069
41.919
841.947
3.367
1
.067
51.681
946.110
3.470
1
.062
67.725
1089.802
3.245
3.027
3.018
3.697
1
1
1
1
.072
.082
.082
.055
3.015
-72.288
9.519E-13
49.755
66.329
-2.029
3.486E-11
638.658
2.306
1
.129
-1.437E-11
5.741E-13
1.970
1
.160
-1.007E-11
7.977E-13
3.239
1
.072
-8.025E-12 -3.608E-13
1
.095
.148
19.999
0
.
.
.
1
.223
-20.318
3.035
0
.
.
.
1
.167
-1.178
13.509
0
.
.
.
1
.147
-.833
13.194
0
.
.
.
[LPOSDef
10.074
6.034 2.787
Tax=0]
[LPOSDef
0a
.
.
Tax=1]
[LNEGDef
-8.641
7.099 1.482
Tax=0]
[LNEGDef
0a
.
.
Tax=1]
[LargeTB=
6.166
4.465 1.907
0]
[LargeTB=
0a
.
.
1]
[SmallTB=
6.181
4.264 2.101
0]
[SmallTB=
0a
.
.
1]
Link function : Logit
This parameter is set to zero because it is redundant
Test of Parallel Linesc
61
Model
Null Hypothesis
General
-2 Log
Likelihood Chi-Square
51.989
37.391a
14.597b
Df
Sig.
33
.998
The null hypothesis states that the location parameters (slope
coefficients) are the same across response categories.
a. The log-likelihood value cannot be further increased after
maximum number of step-halving.
b. The Chi-Square statistic is computed based on the loglikelihood value of the last iteration of the general model.
Validity of the test is uncertain.
c. Link function: Logit.
62