Analisis Faktor-Faktor yang Mempengaruhi Income Smoothing Dengan Ukuran Perusahaan sebagai Variabel Moderating (Studi Empiris pada Perusahaan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI) dan Bursa Malaysia)
Lampiran 1
Daftar Perhitungan Indeks Eckel
No Kode Perusahaan Tahun 2010, 2011, 2012, dan 2013
CV ∆I
CV ∆S
Indeks Eckel Kategori
1 AALI -7.65577 0.45298 -16.9009007 Income Smoothing
2 BWPT -4.12972 0.535872 -7.70654186 Income Smoothing
3 LSIP -7.53294 4.52256 -1.66563628 Income Smoothing
4 SGRO -1.57703 7.969333 -0.19788733 Income Smoothing
5 SMART -8.06063 7.216012 -1.11704775 Income Smoothing
6 TBLA -3.65225 1.856068 -1.96773502 Income Smoothing 7 1929 -13.0445 -10.2185 1.276557225 No Income Smoothing 8 8982 -216.244 -127.707 1.693282279 No Income Smoothing 9 5029 -2.23205 -11.1707 0.199812903 Income Smoothing
10 2291 1.563704 1.583886 0.987257921 Income Smoothing 11 2135 -1.63862 -7.74534 0.211562049 Income Smoothing 12 7382 -4.59539 -3.22383 1.42544427 No Income Smoothing 13 5138 -4.53627 -6.3924 0.709634879 Income Smoothing 14 1996 -17.7568 -107.989 0.164431562 Income Smoothing 15 2003 2.008776 24.72134 0.08125676 Income Smoothing 16 2445 0.624071 0.221794 2.81374158 No Income Smoothing 17 2453 3 244.8133 0.012254236 Income Smoothing 18 5026 -20.5411 -2.18759 9.389830818 No Income Smoothing 19 2038 -2.3176 -2.12389 1.091205288 No Income Smoothing 21 2542 -5.19065 -3.1844 1.630024494 No Income Smoothing 22 5126 4.102018 2.64265 1.552236581 No Income Smoothing 23 5135 -103.976 115.3247 -0.9015935 Income Smoothing 24 9059 1.03634 -1.55991 -0.66435884 Income Smoothing 25 5112 79.65464 5.69928 13.97626367 No Income Smoothing 26 2054 1.255267 3.348294 0.374897485 Income Smoothing 27 2089 -82.0784 -48.6454 1.687279784 No Income Smoothing
Lampiran 2
Daftar Populasi dan Sampel Perusahaan Perkebunan di BEI
Kriteria No Kode Nama Perusahaan Sampel
1
2 3 4 5 1 AALI PT. Astra Agro Lestari Tbk.
1 √ √ √ √ √
2 ANJT PT. Austindo Nusantara Jaya - - - - - - Tbk.
3 BWPT PT. BW Plantation Tbk.
2 √ √ √ √ √
4 DSNG PT. Dharma Satya Nusantara - - - - - - Tbk.
5 GZCO PT. Gozco Plantation Tbk.
- 6 JAWA PT. Jaya Agra Wattie Tbk.
√ √ - √ -
7 LSIP PT. PP London Sumatera
3 √ √ √ √ √
Indonesia
8
- MAGP PT. Multi Agro Gemilang Plantation Tbk.
9 PALM PT. Provident Agro Tbk. - - - - - - 10 SGRO PT. Sampoerna Agro Tbk.
4 √ √ √ √ √
11 SIMP PT. Salim Ivornas Pratama - - - - - - Tbk.
12 SMAR PT. Sinar Mas Agro Resources
5 √ √ √ √ √ and Technology Tbk.
13 SSMS PT. Sawit Sumbermas Sarana - - - - - - Tbk.
14 TBLA PT. Tunas Baru Lampung Tbk.
6 √ √ √ √ √
15 UNSP PT. Bakrie Sumatera Plantation √ √ - √ -
- Tbk.
Sumber data : www.idx.co.id
- 2 1899 Batu Kawan Berhad - - - - - - 3 5069 BLD Plantation Phd √ √ - √ -
- 4 5254 Boustead Plantation Berhad - - - - - - 5 1929 Chin Teck Plantations Berhad √ √ √ √ -
- 6 4936 Cepatwawasan Holdings Berhad √ √ √ √ -
- 7 3948 Dutaland Berhad √ - - -
- 8 5029 Far East Holdings Berhad √ √ √ √ √
- 10 2291 Genting Plantations Berhad √ √ √ √ √
- 13 5138 Hap Seng Plantations Holdings Berhad √ √ √ √ √
- 15 2216
- 16 2607 Inch Kenneth Kajang Rubber Public Ltd Co.
- 17 1961
- 18 6262 Innoprise Plantations Berhad √ √ - -
- 19 1996 Kretam Holdings Berhad √ √ √ √ √
- 22 6572 Kwantas Corporation Berhad √ √ - -
- 23 5027 Kim Loong Resources Berhad √ - - -
- 24 2543 Kluang Rubber Company (Malaysia) Berhad √ - - -
- 25 5026 MHC Plantations BHD
- 26 4936 Malpac Holdings Berhad √ √ - -
- 27 2038 Negri Sembilan Oil Palms Berhad √ √ √ √ - >28 1902 Pinehill Pacific Berhad √ √ √ -
4 14 7501 Harlen Corporation BHD √ √ - -
√ √ √ √ -
6 21 2445 Kuala Lumpur Kepong Berhad
5 20 2003 Kulim (Malaysia) Berhad √ √ √ √ √
IOI Corporation Berhad √ - - -
√ √ - -
IJM Plantations Berhad √ - - -
3 12 7382 Golden Land Berhad √ √ √ √ -
Lampiran 3
Daftar Populasi dan Sampel Perusahaan Perkebunan di Bursa Malaysia
2 11 2135 Gopeng Berhad √ √ √ √ √
1 9 5222 Felda Global Ventures Holdings Berhad
2 3 4 5 1 7054 Astral Asia Berhad √ √ - - -
1
Sampel
No Kode Nama Perusahaan Kriteria
√ √ √ √ -
1
2 3 4 5 29 5113 Rimbunan Sawit Berhad √ √ √ √ -
- 30 2542 Riverview Rubber Estates √ √ √ √ -
- Berhad 31 5126 Sarawak Oil Palms Berhad √ √ √ √ -
- 32 5135 Sarawak Plantations Berhad
7 √ √ √ √ √ 33 2569 Sungei Bagan Rubber
- √ √ - -
Company (Malaya) Berhad 34 6327 - - - - Tradewinds Plantations
- Berhad 35 9059 TSH Resources Berhad
8 √ √ √ √ √ 36 5112 TH Plantations Berhad √ √ √ √ -
- 37 2054 TDM Berhad
9 √ √ √ √ √ 38 2089 United Plantations Berhad √ √ √ √ -
- 39 5119 Unico Desa Plantation √ - - -
Berhad 40 2593 United Malacca Berhad
- √ - - -
Sumber data :www.bursamalaysia.com/market/
- 1.1656
5 SMAR 0.2162 0.5209 0.0622
27.6879 14 9059 0.3895 0.4936 0.7492 0.6644 28.7195 15 2054 0.1266 0.1537 0.3672
27.4681 12 2003 0.0879 0.2131 1.1314 0.0813 29.8182 13 5135 0.0675 0.0048 0.9036
11 1996 0.0601 0.2403 0.2598 0.1644
0.2116 27.7552 10 5138 0.0786 0.0182 0.9492 0.7096 29.1684
28.0208 8 2291 0.0674 0.0378 0.7286 0.9873 29.8743 9 2135 0.2475 0.1226 7.1879
6 TBLA 0.2000 0.6599 0.0841 -1.9677 28.9261 7 5029 0.1616 0.0859 0.8492 0.1998
30.1548
4 SGRO 0.2118 0.2672 0.1749 -0.1979 28.6874
35.5151
3 LSIP 0.2269 0.1811 0.2876
2 BWPT 0.2158 0.5748 0.3420 -7.7066 28.6073
1 AALI 0.2821 0.1518 0.2393 -16.6691 29.8048
Eckel Ukuran Perusahaan
No Kode ROE DAR NPM Indeks
Lampiran 4
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada
Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2010
- 1.1170
- 0.9016
0.3749 27.6264
- 1.1656
5 SMAR 0.2434 0.5017 0.0564
27.7509 14 9059 0.1083 0.5346 0.4852 0.6644 28.8378 15 2054 0.1979 0.1955 0.4800
28.5217 12 2003 0.0534 0.1892 0.4913 0.0813 29.7723 13 5135 0.1507 0.0051 0.9555
11 1996 0.1019 0.1174 0.6689 0.1644
0.2116 27.4556 10 5138 0.0919 0.0178 0.9440 0.7096 29.1518
28.1291 8 2291 0.0890 0.0317 0.7623 0.9873 29.9158 9 2135 0.0357 0.0579 0.6274
6 TBLA 0.2620 0.6213 0.1128 -1.9677 29.0767 7 5029 0.1658 0.1159 0.7114 0.1998
30.3204
4 SGRO 0.2199 0.2492 0.1978 -0.1979 28.8580
29.5467
3 LSIP 0.2914 0.1402 0.3631
2 BWPT 0.2247 0.6027 0.3607 -7.7066 28.9089
1 AALI 0.2965 0.1743 0.2319 -16.6691 29.9538
Eckel Ukuran Perusahaan
No Kode ROE DAR NPM Indeks
Lampiran 5
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada
Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2011
- 1.1170
- 0.9016
0.3749 27.8501
- 16.6691
- 1.1656
5 SMAR 0.2408 0.4498 0.0782
27.8303 14 9059 0.0440 0.5971 0.2232 0.6644 29.1442 15 2054 0.1966 0.2579 0.6687
28.6572 12 2003 0.1146 0.5004 0.5312 0.0813 29.8881 13 5135 0.0843 0.0071 0.8402
11 1996 0.0762 0.0760 0.5183 0.1644
0.2116 27.6292 10 5138 0.0969 0.0019 0.7886 0.7096 29.2550
28.2522 8 2291 0.0855 0.0229 0.8091 0.9873 30.0698 9 2135 0.0124 0.0572 0.2529
6 TBLA 0.1385 0.6615 0.0640 -1.9677 29.2792 7 5029 0.1052 0.0943 0.6352 0.1998
30.4190
4 SGRO 0.1261 0.1769 0.1126 -0.1979 29.0512
29.6528
3 LSIP 0.1776 0.1684 0.2649
2 BWPT 0.1574 0.6609 0.2777 -7.7066 29.2229
30.1503
1 AALI 0.2691 0.2459 0.2179
Eckel Ukuran Perusahaan
No Kode ROE DAR NPM Indeks
Lampiran 6
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada
Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2012
- 1.1170
- 0.9016
0.3749 28.1938
- 16.6691
- 1.1656
5 SMAR 0.1377 0.6472 0.0373
27.9914 14 9059 0.0093 0.6001 0.0590 0.6644 29.5099 15 2054 0.1824 0.3808 0.6880
28.8094 12 2003 0.2958 0.1050 3.1868 0.0813 29.8321 13 5135 0.0615 0.0126 0.8446
11 1996 0.0034 0.0657 0.0565 0.1644
0.2116 27.7522 10 5138 0.0571 0.0012 0.8673 0.7096 29.4322
28.4329 8 2291 0.0806 0.0247 0.7580 0.9873 30.2900 9 2135 0.0231 0.0445 0.6595
6 TBLA 0.0481 0.7106 0.0234 -1.9677 29.4576 7 5029 0.0961 0.0900 0.6143 0.1998
30.5423
4 SGRO 0.0446 0.4020 0.0047 -0.1979 29.1379
29.7073
3 LSIP 0.1162 0.1706 0.1859
2 BWPT 0.0832 0.6476 0.1589 -7.7066 29.4556
30.3366
1 AALI 0.1853 0.3138 0.1501
Eckel Ukuran Perusahaan
No Kode ROE DAR NPM Indeks
Lampiran 7
Hasil Perhitungan Variabel Independen, Dependen, dan Moderating Pada
Perusahaan Perkebunan di BEI dan Bursa Malaysia pada tahun 2013
- 1.1170
- 0.9016
0.3749 28.5824
Lampiran 8 Hasil Perhitungan Total Aset Pada Perusahaan Perkebunan di BEI dan Bursa Malaysia selama tahun 2010-2013
No Kode 2010 2011 2012 2013
1 AALI 8,791,799,000,000 10,204,495,000,000 12,419,820,000,000 14,963,190,000,000
2 BWPT 2,654,678,284,000 3,589,031,806,000 4,912,982,787,000 6,200,427,308,000
3 LSIP 5.443.000,000,000 6,791,859,000,000 7,551,796,000,000 7,974,876,000,000
4 SGRO 2,875,847,106,000 3,411,026,249,000 4,137,700,386,000 4,512,655,525,000
5 SMAR 12,475,642,000,000 14,721,899,000,000 16,247,395,000,000 18,381,114,000,000
6 TBLA 3,651,105,169,000 4,244,618,000,000 5,197,552,000,000 6,212,359,000,000 7 5029 1,476,721,423,444 1,645,629,287,915 1,861,102,119,226 2,229,643,585,300
8 2291 9,424,420,839,750 9,823,120,135,170 11,459,349,243,630 14,281,365,618,870 9 2135 1,132,221,989,052 839,076,443,384 998,160,581,322 1,128,798,085,828 10 5138 4,652,369,888,250 4,575,708,868,590 5,073,231,472,830
6,056,808,230,200 11 1996 849,640,783,950 2,436,764,542,110 2,790,319,807,080 3,249,130,316,180 12 2003 8,910,094,058,250 8,510,264,513,630 9,554,913,857,430
9,034,654,284,460 13 5135 1,058,512,374,358 1,127,346,324,633 1,220,580,418,483 1,433,898,669,085 14 9059 2,969,717,412,900 3,342,760,963,420 4,540,960,203,030
6,546,419,817,770 15 2054 995,348,724,300 1,244,973,005,120 1,755,566,259,120 2,589,235,649,980
Lampiran 9
Nilai Kurs Tengah Bank Indonesia (BI) setiap akhir tahun selama tahun
2010-2013
Keterangan 2010 2011 2012 2013 Kurs Jual BI 2,931.86 2,868.43 3,176.86 3,727.94 Kurs Beli BI 2,899.84 2,837.42 3,142.39 3,687.44
Kurs Tengah BI 2,915.85 2,852.93 3,159.63 3,707.69
Lampiran 10 Hasil Ouput SPSS Sebelum Moderating Descriptive Statistics
Mean Std. Deviation N
Income Smoothing -.1505 .8501152
VIF 1 (Constant) .393 .211 1.858 .069 Return on equity -2.610 1.351 -.260 -1.931 .059 .825 1.212 Debt to total assets -1.292 .524 -.339 -2.465 .017 .793 1.261 Net profit margin .149 .110 .184 1.355 .182 .814 1.229
Collinearity Statistics B Std. Error Beta Tolerance
Model Unstandardized Coefficients Standardized Coefficients t Sig.
b. Dependent Variable: Income Smoothing
Coefficients
aa. Predictors: (Constant), Net profit margin, Return on equity, Debt to total assets
51
1 Regression 10.317 3 3.439 6.219 .001 a Residual 26.541 48 .553 Total 36.857
b. Dependent Variable: Income Smoothing ANOVA b Model Sum of Squares df Mean Square F Sig.
a. Predictors: (Constant), Net profit margin, Return on equity, Debt to total assets
52 Model Summary b Model R R Square Adjusted R Square Std. Error of the Estimate 1 .529 a .280 .235 .74360
52
52
52
52 Net profit margin
52
52 Return on equity .1309 .08481
52
52 Debt to total assets
52
52
52
52 Return on equity
52
52
52
Return on equity .012 . .026 .056 Debt to total assets .000 .026 . .017 Net profit margin .054 .056 .017 . N Income Smoothing
Correlation Income Smoothing 1.000 -.312 -.464 .226 Return on equity -.312 1.000 .272 .223 Debt to total assets -.464 .272 1.000 -.295 Net profit margin .226 .223 -.295 1.000 Sig. (1- tailed) Income Smoothing . .012 .000 .054
52 Correlations Income Smoothing Return on equity Debt to total assets Net profit margin Pearson
52 Net profit margin .6616 1.04584
52 Debt to total assets .2327 .22305
a. Dependent Variable: Income Smoothing
a Coefficient Correlations
Model Net profit margin Return on equity Debt to total assets
1 Correlations Net profit margin 1.000 -.330 .379
Return on equity -.330 1.000 -.363 Debt to total assets .379 -.363 1.000 Covariances Net profit margin .012 -.049 .022 Return on equity -.049 1.826 -.257 Debt to total assets .022 -.257 .275 a. Dependent Variable: Income Smoothing a
Collinearity Diagnostics
Model Dimension Variance Proportions EigenvalueCondition Return on Debt to total Net profit (Constant) Index equity assets margin
1 1 2.842 1.000 .03 .03 .03 .03 dimension1 2 .792 1.895 .00 .00 .15 .50 3 .208 3.695 .19 .24 .82 .47 4 .158 4.242 .78 .73 .00 .00
a. Dependent Variable: Income Smoothing a Residuals Statistics
Minimum Maximum Mean Std. Deviation N Predicted Value -1.1492 .6631 -.1505 .44976
52 Std. Predicted Value -2.221 1.809 .000 1.000
52 Standard Error of Predicted .119 .677 .187 .088
52 Value Adjusted Predicted Value -1.6290 2.8344 -.1117 .61440
52 Residual -1.32052 1.81365 .00000 .72139
52 Std. Residual -1.776 2.439 .000 .970
52 Stud. Residual -1.946 2.743 -.015 1.036
52 Deleted Residual -2.62282 2.29337 -.03882 .87503
52 Stud. Deleted Residual -2.007 2.955 -.015 1.058
52 Mahal. Distance .319 41.240 2.942 5.821
52 Cook's Distance .000 2.575 .077 .361
52 Centered Leverage Value .006 .809 .058 .114
52
a. Dependent Variable: Income Smoothing
One-Sample Kolmogorov-Smirnov Test
res1 N a,b52 Normal Parameters Mean .0000000 Std. Deviation .72139334 Most Extreme Absolute .084 Differences Positive .084
Negative -.084
Kolmogorov-Smirnov Z .607
Asymp. Sig. (2-tailed) .855
a. Test distribution is Normal.b. Calculated from data.
Runs Test a Unstandardized Residual Test Value ,06000 Cases < Test Value
26 Cases >= Test Value
26 Total Cases
52 Number of Runs
32 Z 1,401 Asymp. Sig. (2-tailed) ,161
a. Median
Lampiran 11
Hasil Ouput SPSS Setelah Moderating
Descriptive Statistics N Minimum Maximum Mean Std. Deviation Return on equity 52 .00 .39 .1309 .08481 Debt to total assets
52 .00 .71 .2327 .22305 Net profit margin 52 .02 7.19 .6616 1.04584 Income smoothing 52 -1.97 .99 -.1505 .85011 Ukuran
52
19.46 35.52 23.4886 4.45846 Perusahaan Valid N (listwise)
52 Correlations Income Return on Debt to total Net profit Ukuran smoothing equity assets margin Perusahaan
Pearson Income smoothing 1,000 -,312 -,464 ,226 -,121
Correlation Return on equity -,312 1,000 ,272 ,223 ,151 Debt to total assets -,464 ,272 1,000 -,295 ,353 Net profit margin ,226 ,223 -,295 1,000 -,201 Ukuran Perusahaan -,121 ,151 ,353 -,201 1,000
Sig. (1-tailed) Income smoothing . ,012 ,000 ,054 ,196
Return on equity ,012 . ,026 ,056 ,142 Debt to total assets ,000 ,026 . ,017 ,005 Net profit margin ,054 ,056 ,017 . ,077 Ukuran Perusahaan ,196 ,142 ,005 ,077 .N Income smoothing
52
52
52
52
52 Return on equity
52
52
52
52
52 Debt to total assets
52
52
52
52
52 Net profit margin
52
52
52
52
52 Ukuran Perusahaan
52
52
52
52
52 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate a 1 ,535 ,286 ,226 ,74805 a. Predictors: (Constant), Ukuran Perusahaan, Return on equity, Net profit margin, Debt to total assets b
ANOVA
Model Sum of Squares df Mean Square F Sig.
a1 Regression 10,557 4 2,639 4,716 ,003 Residual 26,301 47 ,560 Total 36,857
51
a. Predictors: (Constant), Ukuran Perusahaan, Return on equity, Net profit margin, Debt to total
assetsb. Dependent Variable: Income smoothing
Coefficients a Model Unstandardized Coefficients
Standardized Coefficients t Sig.
Collinearity Statistics B Std. Error Beta Tolerance
VIF 1 (Constant) -2,025 3,696 -,548 ,586 Return on equity -2,702 1,367 -,270 -1,977 ,054 ,817 1,225 Debt to total assets -1,386 ,547 -,364 -2,536 ,015 ,738 1,354 Net profit margin ,159 ,112 ,196 1,423 ,161 ,799 1,252 Ukuran Perusahaan ,084 ,129 ,087 ,655 ,515 ,856 1,169
a. Dependent Variable: Income smoothing
Collinearity Diagnostics
a Model Dimension EigenvalueCondition Index Variance Proportions (Constant)
Return on equity Debt to total assets
Net profit margin Ukuran Perusahaan
1 dimension1 1 3,755 1,000 ,00 ,01 ,02 ,02 ,00 2 ,795 2,173 ,00 ,00 ,13 ,51 ,00 3 ,264 3,773 ,00 ,03 ,55 ,26 ,00 4 ,186 4,495 ,00 ,95 ,25 ,19 ,00 5 ,000 98,088 1,00 ,01 ,06 ,02 1,00
a. Dependent Variable: Income smoothing
One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N a,b
52 Normal Parameters Mean ,0000000 Std. Deviation ,71812051 Most Extreme Differences Absolute ,105 Positive ,079
Negative -,105 Kolmogorov-Smirnov Z ,754 Asymp. Sig. (2-tailed) ,620 a. Test distribution is Normal.
b. Calculated from data.
Runs Test
a Unstandardized ResidualTest Value ,02934
Cases < Test Value26 Cases >= Test Value
26 Total Cases
52 Number of Runs
32 Z 1,401
Asymp. Sig. (2-tailed) ,161
a. Median a
Coefficients
Model Unstandardized Standardized Coefficients CoefficientsB Std. Error Beta T Sig. (Constant) -,655 ,197 -3,322 ,002
1 Zscore(ROE) Return on equity -,328 ,110 -,385 -2,968 ,005 Zscore(Ukuran) Ukuran -,089 ,108 -,105 -,827 ,412 Perusahaan ABS(ROE-Ukuran) ,467 ,154 ,391 3,028 ,004 a. Dependent Variable: Income smoothing 2 Adjusted R = 0.200 a
Coefficients
Model Unstandardized Standardized Coefficients CoefficientsB Std. Error Beta T Sig.
1 (Constant) -,482 ,192 -2,513 ,015
Zscore(DAR) Debt to total -,401 ,111 -,472 -3,601 ,001 assets Zscore(Ukuran) Ukuran -,025 ,116 -,030 -,219 ,828 Perusahaan ABS(DAR-Ukuran) ,354 ,173 ,262 2,050 ,046 a. Dependent Variable: Income smoothing 2 Adjusted R = 0.235Standardized Coefficients T Sig. B Std. Error Beta
1 (Constant) ,435 ,191 2,279 ,027
Coefficients
a Model UnstandardizedCoefficients
Zscore(NPM) Net profit margin ,608 ,159 ,715 3,821 ,000 Zscore(Ukuran) Ukuran Perusahaan
- ,028 ,108 -,033 -,257 ,798 ABS(NPM-Ukuran) -,531 ,145 -,674 -3,664 ,001
a. Dependent Variable: Income smoothing Adjusted R 2 = 0.217