Lampiran i Tabulasi Hasil Perhitungan Arus Kas Bebas (AKB) Tahun 2008 – 2011 Perusahaan Tahun Arus Kas Aktifitas Operasi Pengeluaran modal bersih Selisih Modal Kerja Operasi Arus Kas Bebas

   Lampiran i

Tabulasi Hasil Perhitungan Arus Kas Bebas (AKB)

Tahun 2008 – 2011

  Arus Kas Pengeluaran Selisih Modal Perusahaan Tahun Arus Kas Bebas Aktifitas Operasi modal bersih Kerja Operasi

  APLN 2008 734367660000 286431444000 -517013769000 503785335000 2009 -561179586000 522750030000 -889365922000 -927795478000 2010 -1044599692000 -1070259628000 520322304000 -1594537016000 2011 -313502448000 1487330795000 33998212000 -1834831455000

  ASRI 2008 56686359444 21041294122 236507355225 -200862289903 2009 228731812066 16226680861 96433570781 116071560424 2010 879700208453 97163508491 -34980164259 817516864221 2011 1419007133264 193450297916 -414385524952 1198071906228

  BAPA 2008 8388345061 505808442 -37571846640 -28677693137 2009 24824672443 -393685832 -23254482617 1176503994 2010 15498483793 -373364412 -22685972545 -7560853164 2011 4399876746 315175184 -26872800493 -22157748563

  BSDE 2008 582844638000 24414615000 762345606000 -203915583000 2009 517313698649 216057979492 67776109562 233479609595 2010 759666347857 -2683318120 1641614661583 -879264995606 2011 984957071642 124540211191 -97780087731 958196948182

  COWL 2008 13182527909 1062349301 20257470147 -8137291539 2009 8957435448 -609221395 -6494366370 1853847683 2010 26455150022 1329936554 -25007173214 2777913362 2011 107047598359 -523852504 39254308387 68317142476

  CTRA 2008 369387812248 588081628440 -79414148176 -139279668016 2009 332470437239 197767932558 -464410140401 65828229396 2010 609302275237 488192097968 82928551135 38181626134 2011 886887364440 371102575229 -657947830530 600042109139

  CTRP 2008 174605113142 380129957372 -3063244578 -202461599652 2009 138676652011 121793320516 -98836502227 115719833722 2010 157294272376 313594670575 -218558148500 62257750301 2011 5056488162 527888942693 -564824812283 -31879381428

  DART 2008 -249382613813 1272945049 42902981782 -205206686982 2009 -68047212728 -5459181969 87048320386 13541925689

  2010 -194355778950 -2397416715 48061223899 -148691971766 2011 -32575733569 6763258930 184373696953 158561222314 DILD 2008 10106500731 17156336100 83183304472 -90233139841 2009 21252628323 30115115643 -8651559338 -210927982

  2010 -281183722896 1786582040 1271484762022 992087621166 2011 -226548671029 27267573948 203020998484 3739901403 DUTI 2008 293093057003 -105693709 357660626465 -64461875753 2009 309646127132 -1432011013 100558584709 210519553436

  2010 279191566362 -16252442521 577721184179 -282277175296 2011 373657602615 -24573444500 -421256427146 819487474261 ELTY 2008 -1057406702136 264984303402 844069948125 -2166460953663

• 2009 -365677947540 3663125100808 -2713974369985

  1314828678363 2010 -2208637400758 1023908006123 1800171546696 -5032716953577 2011 -1268893315704 -38208626750 -80735027542 -1387836969996

  JRPT 2008 45760685000 22921442000 98585589000 -75746346000 2009 377493848000 -44568634000 125630285000 296432197000 2010 658108015000 8097368000 211050600000 438960047000 2011 311723404000 23802730000 175198676000 112721998000

  LPKR 2008 -239041705492 -134042690624 427311287562 -532310302430 2009 115733565255 -23299331282 -114463918472 -22029684499 2010 -689995773786 -39286806236 2916570641847 -3567279609397 2011 374527460106 349750374902 538370637442 -513593552238

  OMRE 2008 20769425777 10347486783 -35435901312 -4318988752 2009 15352807668 14284728471 -290398807028 -260761270889 2010 124251670077 -11711357608 -453148382174 -340608069705 2011 37658483199 -220558621 -246424478162 -208986553584

  PWON 2008 67925411000 233526499000 31842614000 -197443702000 2009 82835045000 293857519000 62030011000 -273052485000 2010 512898902000 -761278510000 16858170000 -231521438000 2011 346238989000 207959187000 245749774000 -107469972000

  RDTX 2008 129264456011 -19426505658 -40718660433 69119289920 2009 133655803969 2156541786 37562481088 93936781095 2010 150935043606 3991623843 51041340960 95902078803 2011 153084070257 323635377105 -642651488 -169908655360

  SMRA 2008 -345011480000 32624410000 26156541000 -403792431000 2009 572891906000 -3198646000 -222652100000 347041160000 2010 654388839000 70469175000 207912353000 376007311000 2011 749301225000 -74679697000 298319528000 525661394000

  Lampiran ii

Tabulasi Hasil Perhitungan Arus Kas Bebas Per Total Aset (AKB/TA)

2008 – 2011

  

Perusahaan Tahun Arus Kas Bebas Total Aset FCF/TA

  APLN 2008 503785335000 2734460554000 0.1842 2009 -927795478000 4400898528000 -0.2108 2010 -1594537016000 7753456799000 -0.2057 2011 -1834831455000 10787265542000 -0.1701

  ASRI 2008 -200862289903 3056536740640 -0.0657 2009 116071560424 3559964928251 0.0326 2010 817516864221 4587986472840 0.1782 2011 1198071906228 6007548091185 0.1994

  BAPA 2008 -28677693137 127212980516 -0.2254 2009 1176503994 134883970713 0.0087 2010 -7560853164 136358827789 -0.0554 2011 -22157748563 148084624723 -0.1496

  BSDE 2008 -203915583000 4381085317000 -0.0465 2009 233479609595 9334997312907 0.0250 2010 -879264995606 11694747901551 -0.0752 2011 958196948182 12787376914156 0.0749

  COWL 2008 -8137291539 207447390282 -0.0392 2009 1853847683 207505008227 0.0089 2010 2777913362 266939286532 0.0104 2011 68317142476 385681565146 0.1771

  CTRA 2008 -139279668016 8108443360876 -0.0172 2009 65828229396 8553946343429 0.0077 2010 38181626134 9378342136927 0.0041 2011 600042109139 11524866822316 0.0521

  CTRP 2008 -202461599652 3625080672129 -0.0559 2009 115719833722 3651888611993 0.0317 2010 62257750301 3823458770185 0.0163 2011 -31879381428 4314646971261 -0.0074

  DART 2008 -205206686982 2774514489772 -0.0740 2009 13541925689 3213315053678 0.0042 2010 -148691971766 2561931438242 -0.0580

  2011 158561222314 4103893859060 0.0386 DILD 2008 -90233139841 2111152441704 -0.0427 2009 -210927982 2140126674921 -0.0001

  2010 992087621166 4599239260454 0.2157 2011 3739901403 5691909741708 0.0007 DUTI 2008 -64461875753 4513527428217 -0.0143 2009 210519553436 4429503290693 0.0475

  2010 -282277175296 4723365274851 -0.0598 2011 819487474261 5188186444790 0.1580 ELTY 2008 -2166460953663 8334991485092 -0.2599 2009 -2713974369985 11592631487233 -0.2341

  2010 -5032716953577 17064195774257 -0.2949 2011 -1387836969996 17707949598417 -0.0784 JRPT 2008 -75746346000 2211213226000 -0.0343 2009 296432197000 2585475177000 0.1147

  2010 438960047000 3295717307000 0.1332 2011 112721998000 4084414957000 0.0276 LPKR 2008 -532310302430 11787777210609 -0.0452 2009 -22029684499 12127644010796 -0.0018

  2010 -3567279609397 16155384919926 -0.2208 2011 -513593552238 18259171414884 -0.0281 OMRE 2008 -4318988752 3146933067000 -0.0014 2009 -260761270889 4337271552000 -0.0601

  2010 -340608069705 4928510460000 -0.0691 2011 -208986553584 5744711035000 -0.0364 PWON 2008 -197443702000 719288341556 -0.2745 2009 -273052485000 744866369493 -0.3666

  2010 -231521438000 767521532169 -0.3016 2011 -107469972000 738221345249 -0.1456 RDTX 2008 69119289920 580931077028 0.1190 2009 93936781095 651180109447 0.1443

  2010 95902078803 852447473948 0.1125 2011 -169908655360 1082292152075 -0.1570 SMRA 2008 -403792431000 3629969131000 -0.1112 2009 347041160000 4460277206000 0.0778

  2010 376007311000 6139640438000 0.0612 2011 525661394000 8099174681000 0.0649

  Lampiran iii

Tabulasi Hasil Perhitungan Leverage Keuangan

2008 – 2011

  

Perusahaan Tahun Total Utang Total Aset Leverage

  APLN 2008 2032513571000 2734460554000 0.7433 2009 3007339986000 4400898528000 0.6833 2010 3540179515000 7753456799000 0.4566 2011 5758534675000 10787265542000 0.5338

  ASRI 2008 1294145712916 3056536740640 0.4234 2009 1624836939293 3559964928251 0.4564 2010 2371565533395 4587986472840 0.5169 2011 3220676176805 6007548091185 0.5361

  BAPA 2008 69226571342 127212980516 0.5442 2009 67912410789 134883970713 0.5035 2010 61454215438 136358827789 0.4507 2011 67278760287 148084624723 0.4543

  BSDE 2008 2305955731000 4381085317000 0.5263 2009 3867379713070 9334997312907 0.4143 2010 4279479007171 11694747901551 0.3659 2011 4530152109517 12787376914156 0.3543

  COWL 2008 88551709969 207447390282 0.4269 2009 76268736991 207505008227 0.3676 2010 136439106769 266939286532 0.5111 2011 221859863217 385681565146 0.5752

  CTRA 2008 1507524536330 8108443360876 0.1859 2009 1592920577772 8553946343429 0.1862 2010 2126198451219 9378342136927 0.2267 2011 3877432633502 11524866822316 0.3364

  CTRP 2008 262414953732 3625080672129 0.0724 2009 217001853625 3651888611993 0.0594 2010 260103444698 3823458770185 0.0680 2011 707681803226 4314646971261 0.1640

  DART 2008 2135992724347 2774514489772 0.7699 2009 2547691892986 3213315053678 0.7929 2010 1822921411078 2561931438242 0.7115 2011 1860457475509 4103893859060 0.4533

  DILD 2008 967384459303 2111152441704 0.4582 2009 953053841761 2140126674921 0.4453 2010 975083341729 4599239260454 0.2120 2011 1892907650386 5691909741708 0.3326

  DUTI 2008 1837737121055 4513527428217 0.4072 2009 1526827732872 4429503290693 0.3447 2010 1516691341922 4723365274851 0.3211 2011 1624203044707 5188186444790 0.3131

  ELTY 2008 3133653335382 8334991485092 0.3760 2009 5794138576947 11592631487233 0.4998 2010 6582727429196 17064195774257 0.3858 2011 6805878160103 17707949598417 0.3843

  JRPT 2008 922774488000 2211213226000 0.4173 2009 1171406154000 2585475177000 0.4531 2010 1670597684000 3295717307000 0.5069 2011 2184096658000 4084414957000 0.5347

  LPKR 2008 6927810882453 11787777210609 0.5877 2009 6838712415878 12127644010796 0.5639 2010 7975967598988 16155384919926 0.4937 2011 8850153220430 18259171414884 0.4847

  OMRE 2008 2241593780000 3146933067000 0.7123 2009 2632171838000 4337271552000 0.6069 2010 2901933959000 4928510460000 0.5888 2011 3371575568000 5744711035000 0.5869

  PWON 2008 451728963707 719288341556 0.6280 2009 443586723750 744866369493 0.5955 2010 360168924536 767521532169 0.4693 2011 235932319585 738221345249 0.3196

  RDTX 2008 149646237242 580931077028 0.2576 2009 117422959889 651180109447 0.1803 2010 137995129867 852447473948 0.1619 2011 253916159080 1082292152075 0.2346

  SMRA 2008 2054374823000 3629969131000 0.5659 2009 2735479178000 4460277206000 0.6133 2010 3982107010000 6139640438000 0.6486 2011 5622074731000 8099174681000 0.6942

  Lampiran iv

Tabulasi Perhitungan Discretionary Accruals (DA)

Tahun 2008 - 2011

  Perusahaan Tahun TAC/Ta i-t 1/Ta i-t ∆ REV/Ta i-t PPE/Ta i-t ( ∆REV-∆REC)/ Ta i-t

  APLN 2008 -0.3036 0.00003870058 0.0218 0.4757 0.01931 2009 0.2143 0.00003657028 0.0168 0.6407 0.01553 2010 -0.1254 0.00002272263 0.2460 0.1549 0.18726 2011 0.0667 0.00001289747 0.2432 0.2798 0.15334

  ASRI 2008 -0.0005 0.00003371517 0.0430 0.0117 0.04022 2009 -0.0367 0.00003271677 -0.0052 0.0167 -0.00846 2010 -0.1535 0.00002809016 0.1043 0.0416 0.10731 2011 -0.1581 0.00002179605 0.1286 0.0744 0.12935

  BAPA 2008 0.0061 0.00072727837 0.0067 0.0082 0.00295 2009 -0.0676 0.00078608330 0.0891 0.0057 0.06964 2010 0.0003 0.00074137794 -0.0674 0.0026 -0.07292 2011 0.0281 0.00073335919 -0.1749 0.0049 -0.18018

  BSDE 2008 -0.0473 0.00002771648 -0.0151 0.0278 -0.00392 2009 0.0725 0.00002282539 0.2338 0.0722 0.22751 2010 0.0119 0.00001071238 0.0072 0.0336 0.00291 2011 -0.0021 0.00000855085 0.0281 0.0375 0.02861

  COWL 2008 -0.0075 0.00044189059 0.0015 0.0086 -0.01305 2009 0.0632 0.00048204993 0.0729 0.0064 0.07751 2010 -0.0707 0.00048191608 0.0075 0.0260 -0.00650 2011 -0.2843 0.00037461702 0.3025 0.0183 0.44943

  CTRA 2008 -0.0105 0.00001336164 -0.0056 0.1683 -0.01258 2009 -0.0060 0.00001233282 0.0036 0.1880 0.00586 2010 -0.0313 0.00001169051 0.0421 0.2353 0.03438 2011 -0.0370 0.00001066287 0.0518 0.2542 0.04134

  CTRP 2008 -0.0213 0.00002829634 0.0086 0.2392 0.00943 2009 -0.0075 0.00002758559 0.0035 0.2668 0.00311 2010 -0.0133 0.00002738309 0.0050 0.3507 0.00399 2011 0.0336 0.00002615433 0.0220 0.4730 0.02027

  DART 2008 -0.0438 0.00003979353 -0.0438 0.0055 -0.03701 2009 0.0235 0.00003604234 -0.0207 0.0030 -0.02243 2010 -0.0209 0.00003112051 0.0108 0.0019 0.01149 2011 0.0473 0.00003903305 0.0272 0.0050 0.02608

  DILD 2008 0.0160 0.00004961062 0.0170 0.0558 0.03519 2009 0.0190 0.00004736749 0.0418 0.0675 0.02656 2010 -0.0086 0.00004672621 0.2130 0.0675 0.05865 2011 -0.0085 0.00002174273 0.0210 0.0373 0.04012

  DUTI 2008 -0.0422 0.00002215598 -0.0470 0.0445 -0.04634 2009 -0.0014 0.00002215562 -0.0133 0.0442 -0.01291 2010 0.0139 0.00002257589 0.0011 0.0414 0.00090 2011 0.0083 0.00002117135 0.0234 0.0336 0.02451

  ELTY 2008 -0.1456 0.00001751922 0.0476 0.1669 0.00114 2009 -0.0239 0.00001199761 0.0006 0.5538 -0.02052 2010 -0.1697 0.00000862617 0.0266 0.4865 0.00214 2011 -0.0681 0.00000586022 0.0381 0.3282 0.03820

  JRPT 2008 0.0947 0.00005588578 0.0677 0.0382 0.06655 2009 -0.0661 0.00004522404 0.0061 0.0107 0.00382 2010 -0.1456 0.00003867761 0.0431 0.0123 0.04486 2011 0.0055 0.00003034241 0.0363 0.0169 0.03667

  LPKR 2008 0.0215 0.00000949364 0.0439 0.1205 0.00382 2009 0.0310 0.00000848336 0.0010 0.1057 0.00237 2010 0.0026 0.00000824562 0.0462 0.0995 0.03601 2011 0.0343 0.00000618989 0.0659 0.0963 0.07188

  OMRE 2008 0.0419 0.00015199356 -0.0327 2.9164 -0.04618 2009 0.0148 0.00013902630 0.0160 3.0761 0.02995 2010 0.0962 0.00013425227 0.2388 1.9484 0.21950 2011 0.0924 0.00013028950 -0.0311 2.1619 -0.01167

  PWON 2008 0.0506 0.00003871201 0.0039 0.0499 0.00078 2009 0.0388 0.00003177697 0.0772 0.0455 0.07545 2010 -0.0100 0.00002305597 0.1223 0.0303 0.10509 2011 0.0564 0.00002029011 0.0507 0.0267 0.05242

  RDTX 2008 -0.0832 0.00017139303 0.1089 0.8468 0.10132 2009 -0.0393 0.00017213746 0.0525 0.8542 0.04445 2010 -0.0358 0.00015356734 0.0380 0.7682 0.03109 2011 -0.0231 0.00011730928 0.0412 0.9665 0.03848

  SMRA 2008 -0.0520 0.00004188395 0.1005 0.1306 0.09754 2009 -0.0701 0.00002754844 -0.0191 0.0850 -0.00698 2010 -0.0573 0.00002242013 0.1128 0.0850 0.10257 2011 -0.0301 0.00001628760 0.1073 0.0496 0.11620

  Lampiran v

Tabulasi Hasil Perhitungan Discretionary Accruals (DA)

2008 – 2011

  

Perusahaan Kode Tahun DA

  PT. Agung Podomoro Land Tbk APLN 2008 -0.3104 0.2027

  2009 2010 -0.0914 0.0907

  2011 PT. Alam Sutera Realty Tbk ASRI 2008 0.0079

• 0.0382 2009 2010 -0.1326
• 0.1337 2011

  PT. Bekasi Asri Pemula Tbk BAPA 2008 0.0207

• 0.0384 2009 2010 0.0002

  0.0065 2011

  PT. Bumi Serpong Damai Tbk BSDE 2008 -0.0483 0.1164

  2009 2010 0.0119 0.0029

  2011 PT. Cowell Development Tbk COWL 2008 -0.0017

  0.0880 2009 2010 -0.0632

• 0.1880 2011

  PT. Ciputra Development Tbk CTRA 2008 -0.0168

• 0.0091 2009 2010 -0.0298
• 0.0347 2011

  PT. Ciputra Property Tbk CTRP 2008 -0.0246

• 0.0128 2009 2010 -0.0204

  0.0268 2011

  PT. Duta Anggada Realty Tbk DART 2008 -0.0505 0.0197

  2009 2010 -0.0180 0.0531

  2011 PT. Intiland Development Tbk DILD 2008 0.0226

  2009 0.0236 0.0023

  2010 2011 -0.0009

• 0.0521 PT. Duta Pertiwi Tbk DUTI 2008 2009 -0.0046

  0.0135 2010 2011 0.0128

• 0.1491 PT. Bakrieland Development Tbk ELTY 2008 2009 -0.0410
• 0.1807 2010 2011 -0.0682

  0.1082 PT. Jaya Real Property Tbk JRPT 2008 2009 -0.0647

• 0.1362 2010 2011 0.0130

  0.0195 PT. Lippo Karawaci Tbk LPKR 2008 2009 0.0291

  0.0075 2010 2011 0.0464

• 0.0343 PT. Indonesia Prima Property Tbk OMRE 2008 2009 -0.0503

  0.0957 2010 2011 0.0407

  0.0503 PWON 2008

  PT. Pakuwon Jati Tbk 0.0533

  2009 0.0106

  2010 0.0666

  2011

• 0.0800 RDTX 2008

  PT. Roda Vivatex Tbk

• 0.0476 2009 2010 -0.0450
• 0.0364 2011
• 0.0349 SMRA 2008

  PT. Suryamas Dutamakmur Tbk

• 0.0730 2009
• 0.0385 2010
• 0.0078 2011

  Lampiran vi Hasil Regresi Descriptives Descriptive Statistics N Minimum Maximum Mean Std. Deviation Manajemen Laba

  68 -.3104 .2027 -.016834 .0768015 Arus Kas Bebas 68 -.3666 .2157 -.028865 .1293343 Leverage Keuangan 68 .0594 .7929 .444949 .1725678 Valid N (listwise)

68 Regression

  Variables Entered/Removed Model

  Variables Entered Variables Removed Method

1 Leverage

  Keuangan, Arus Kas Bebas ^a . Enter

a. All requested variables entered.

  Model Summary ^b Model R R Square Adjusted R

  Square Std. Error of the Estimate Durbin-

  Watson 1 .322 ^a .104 .076 .0738160 2.058

  a. Predictors: (Constant), Leverage Keuangan, Arus Kas Bebas

  b. Dependent Variable: Manajemen Laba

  b

ANOVA

Model Sum of Squares df Mean Square F Sig. _a

  1 Regression .041 2 .021 3.765 .028 Residual .354 65 .005 Total .395

  67

  a. Predictors: (Constant), Leverage Keuangan, Arus Kas Bebas

  b. Dependent Variable: Manajemen Laba a

  

Coefficients

Unstandardized Standardized Coefficients Coefficients Collinearity Statistics

  Model B Std. Error Beta t Sig. Tolerance

  VIF 1 (Constant) -.005 .025 -.214 .831 Arus Kas Bebas -.192 .070 -.323 -2.724 .008 .978 1.022 Leverage -.038 .053 -.086 -.725 .471 .978 1.022 Keuangan

a. Dependent Variable: Manajemen Laba

  a Coefficient Correlations Leverage Arus Kas Model Keuangan Bebas

  1 Correlations Leverage Keuangan 1.000 .147 Arus Kas Bebas .147 1.000 Covariances Leverage Keuangan .003 .001 Arus Kas Bebas .001 .005

a. Dependent Variable: Manajemen Laba

  

Collinearity Diagnostics

^a Model Dimensio n Eigenvalue Condition

a. Dependent Variable: Manajemen Laba

  68 Stud. Residual -3.473 2.714 -.005 1.017

  68

  68 Centered Leverage Value .000 .105 .029 .026

  68 Cook's Distance .000 .520 .023 .076

  68 Mahal. Distance .015 7.062 1.971 1.760

  68 Stud. Deleted Residual -3.818 2.860 -.013 1.059

  68 Deleted Residual -.2724181 .2072438 -.0008265 .0776064

  68 Std. Residual -3.268 2.624 .000 .985

  Index Variance Proportions (Constant) Arus Kas

  68 Residual -.2412187 .1937185 .0000000 .0727059

  68 Adjusted Predicted Value -.060237 .056505 -.016007 .0250023

  68 Standard Error of Predicted Value .009 .026 .015 .005

  68 Std. Predicted Value -2.115 2.388 .000 1.000

  

Residuals Statistics

^a Minimum Maximum Mean Std. Deviation N Predicted Value -.069181 .042267 -.016834 .0247451

  1 1 2.042 1.000 .03 .04 .03 2 .892 1.513 .01 .94 .01 3 .066 5.563 .96 .01 .97

  Bebas Leverage Keuangan

a. Dependent Variable: Manajemen Laba

  NPar Tests One-Sample Kolmogorov-Smirnov Test Unstandardized Residual

  N _a,,b

  68 Normal Parameters Mean .0000000 Std. Deviation .07270593 Most Extreme Absolute .132 Differences

  Positive .083 Negative -.132 Kolmogorov-Smirnov Z 1.092 Asymp. Sig. (2-tailed) .184 a. Test distribution is Normal.

  b. Calculated from data.

  Lampiran vii

Jadwal Penelitian

  No Kegiatan Februari 2012 Maret

  2012 April 2012 Mei

  2012 Juni 2012

  1 Pengajuan Judul

  2 Penyelesaian Proposal

  3 Bimbingan Proposal

  4 Pengumpulan Data

  5 Pengolahan Data

  6 Penyelesaian Skripsi