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ANALYSIS OF THE INFLUENCE OF CORPORATE GOVERNANCE,
RETURN ON ASSET AND DEBT TO EQUITY RATIO
TOWARD COMPANY VALUE
(Empirical Study On The Company Jakarta Islamic Index The Period Of 2010 to 2013)
Thesis
Presented To The Faculty Of Economics and Bussiness To Meet
The Terms To Holds A Bachelor Of Economics
Prepared by:
Abdinasir Abdulle Hassan
NIM. 1110082100016
THE FACULTY OF ECONOMICS
MAJORING IN ACCOUNTING AND BUSINESS
UNIVERSITY OF ISLAMIC STATE
JAKARTA
1435 H / 2014 M
i
ANALYSIS OF THE INFLUENCE OF CORPORATE GOVERNANCE,
RETURN ON ASSET AND DEBT TO EQUITY RATIO
TOWARD COMPANY VALUE
(Empirical Study On The Company Jakarta Islamic Index The Period Of 2010 to 2013)
Thesis
Presented To The Faculty Of Economics and Bussiness To Meet
The Terms To Holds A Bachelor Of Economics
By:
Abdinasir Abdulle Hassan
NIM. 1110082100016
Under The Guidance Of
Supervisor I Supervisor II
Prof. Dr. Azzam Jasin Drs. Abdul Hamid Cebba,MBA.,Ak.,CPA
NIP. 19620502 199303 1 003
THE FACULTY OF ECONOMICS
MAJORING IN ACCOUNTING AND BUSINESS
UNIVERSITY OF ISLAMIC STATE
JAKARTA
1435 H / 2014 M
ii
LEMBAR PENGESAHAN UJIAN KOMPREHENSIF
Today is Wednesday, January 13 2016 date has been carried out comprehensive
examination on Students:
1. Nama : Abdinasir Abdulle Hassan
2. NIM : 1110082100016
3. Jurusan : Audit Accounting
4. Judul Skripsi : Analysis Of The Influence Of Corporate Governance,
Return On Asset And Debt To Equity Ratio Toward
Company Value (Empirical Study On The Company
Jakarta Islamic Index The Period Of 2010 to 2013)
After looking at and pay attention to the appearance and capabilities relevant for a
comprehensive examination, it was decided that the aforementioned student
passed and given the opportunity to proceed to the stage of thesis examination as a
condition for obtaining a degree in Economics at the Faculty of Economics and
Business, State Islamic University Syarif Hidayatullah Jakarta.
Jakarta, 13 January 2016
1. Dr. Amilin, SE., M.Si, Ak, CA, QIA, BKP ( )
NIP. 19730615 200501 1 009 Head of Examiner
2. Hepi Prayudiawan, SE., Ak., MM ( )
NIP. 19720516 200901 1 006 Secretary
3. Fitri Damayanti, SE., M.Si ( )
NIP. 1981073 2000604 2 003 Expert Examiner
iii
EXAM SHEETS OF THE RATIFICATION OF A THESIS
Today Monday, on 21 June 2016 has done thesis test top students:
1. Nama : Abdinasir Abdulle Hassan
2. NIM : 1110082100016
3. Jurusan : Audit Accounting
4. Judul Skripsi : Analysis Of The Influence Of Corporate Governance,
Return On Asset And Debt To Equity Ratio Toward
Company Value (Empirical Study On The Company
Jakarta Islamic Index The Period Of 2010 to 2013)
After closely monitor and watching appearance students were for the ongoing,
then thesis is been acceptable as one of the conditions for acquiring a university
degree economy on major accounting economics faculty and business islamic
state university syarif hidayatullah jakarta.
Jakarta, 21 June 2016
1. Hepi Prayudiawan, SE, Ak., MM ( ) NIP. 19720516 20090 1 1006 Head of Examiner
2. Prof. Dr. Azzam Jasin ( ) Secretary
3. Yessi Fitri, SE, M.Si, Ak ( ) NIP. 19760924 200604 2 002 Expert Examiner
4. Prof. Dr. Azzam Jasin ( ) Supervisor I
5. Drs. Abdul Hamid Cebba,MBA.,Ak.,CPA ( ) NIP. 19620502 199303 1 003 Supervisor II
iv
SHEET STATEMENT
AUTHENTICITY SCIENTIFIC WORKS
Signatures below :
Name : Abdinasir Abdulle Hassan
ID : 1110082100016
Faculty : Economic and Busniess
Major : Audit Accounting
Hereby declare that in the writting of this thesis,
1. Not use other people’s ideas with out being able to develop and
Accountable and able to develop the concept.
2. Do not do plagiarism of other people’s work manuscript
3. Do not use other people’s work with out mentioning the original source or
with out the owner’s permission
4. Do not manipulate and falsify the data
5. Own work and able to work responsible for this work
If in the future there is a demand from the other side of my work, and have been
accountably proved, was indeed found evidence that i have violated the above
statement, then i am ready to be sanctioned according to rules applicable in the
faculty of economic and business state islamic university, Syarif Hidayatullah
jakarta.
Thus, this statement truly made with sincerely.
Jakarta, March 17, 2016
(Abdinasir Abdulle Hassan)
v
C U R R I C U L U M V I T A E
Name : Abdinasir Abdulle Hassan
Nick name : Nasri
Date of Birth : 08 08 1992
Place of Birth : mogdisho
Gender : male
Marital Status : Single
Email: : [email protected]
Educational Background
2010 - 2016 : International Accounting Economic and Business,
State islamic university Syarif Hidayatullah jakarta
2006 - 2009 : Ahmed Gurey Senior High School, moqdisho
Somalia
2002 - 2005 : Ablal junior High School, moqdisho Somalia
1996 - 2001 : Ablal Elementary school, moqdisho Somali
Attributes
have a good personality and friendly and honestly
Hard worker
vi
ABSTRACT
This research has objective to the know the influence of managerial
ownership, institutional ownership, return on asset and debt to equity ratio
toward The company value which is listed on Jakarta Islamic Index the period is
2010 until 2013.
The data used secondary data obtained from financial report companies.
Using multiple linear regression analysis taken purposively sampling in company
listed on the Jakarta Islamic Index, through secondary data from each company’s
financial statements are to be sampled. Study period from 2010 until 2013.
Results of the study also shows the variable managerial ownership and
debt to equity ratio effect significant intermediates to the company of value.
Whereas the variable institutional ownership, audit committee, return on asset
have no effect on company of value. In determination test, there is the influence
20.4% that influence company of value are explained by the variable managerial
ownership, institutional ownership, audit committee, return on asset and debt to
equity ratio while remaining 79.6% is affected by other variables and do not
belong into this regression.
Keywords: managerial ownership, institutional ownership, audit committee,
return on asset and debt to equity ratio, company of value
vii
PREFACE
Assalamualaikum Wr. Wb
All praise to Allah SWT, The Most Merciful, The Most Beneficial and
above all an abundance of His Gracious, Taufiq and His Guidance, because of
Allah SWT i can finish this research.
Shalawat always gives to our prophet Muhammad SAW, all of his family
and friends who always helped him in establishing this religion on the earth untill
the end of the day.
In this opportunity i would like to thank for those who has been helping
me in order to finished this thesis.
1. My special thank for my lovely mother Sucaado Muqtar Shiiq who has been
helping and support me , who shed the lights whenever my spirit down. Your
pray and your tears give to my successful life. You are the best mother in this
world. Thank you Mom.
2. My gratitude appreciation to my beloved father Abdulle Hassan who always
encouraging and support me. Thank you so much Dad.
3. All my brothers and sisters. Thanks for waiting me , your cheerful always
create new spirit.
4. Prof. Dr Azzam Jasin, MBA my First supervisor, for his encouraging moment
and guidance.
5. Drs.Abdul Hamid Cebba, MBA., AK., CPA, as my second supervisor, for he
genuine cooperation and continous guidance during my research. his support
will be remembered.
6. Dr. M. Arief Mufraini, Lc., MA, as Dekan of Faculty of Business and
Economics state islamic university syarif Hidayatullah jakarta.
7. All my lecturers who have taught patiently Mr. Dr. M. Arief Mufraini, Lc.,
MA, Mrs. Cut Erika, Mrs. Leiz Suzanawaty, M.Si, Mr Zainudin Bey, and all
lecturers which i can’t say one by one. Thank you so much for your guidance.
viii
8. Special thanks for Academic Staff. Mr Bonic and others which help
administration of my form student.
9. International office UIN Jakarta all Directres and staff, thank you so much for
your warm welcoming and unforgettable support.
10. All my friends in 2010 international management class. Abdil Fadli Rikha
muhamed Rezza, nunu, putri, Sadam, Detri and the others. And my friends in
Accounting 2010 Batch.
11. All my somalians friends in UIN, Mohamed osman mohamed, hamza amin
ali, Adnan, Abdullahi Daud Olow, mohamed mo’alim, muhudin abukar ,
ahmed abdullahi, and others.
12. My somalian friends in pasundan university bandung, abdihakim mohamed
ali, daalac, ibrahim nur ibrahim, abdirashid omar amin, mohamed ali hilowle,
and others.
13. My somalian friends in mohamaddiyah university jakarta, ibrahim ali,
abdulqadir, and others.
Last but not least i realize this Thesis is still far from perfection, thus
Suggestions and recommedantions from all parties are welcome. In order to
improve my thesis.
Finally i hope this thesis will be usefull to all parties, especially for writers
and readers in general, my allah bless us.
Wassalamu’alaikum Wr. Wb.
Jakarta, March 17 2016
(Abdinasir Abdulle Hassan)
ix
THE LIST OF CONTENTS
Sheets Of The Ratification Of A Thesis ....................................................... i
Sheets The Ratification Of The Comprehensive Test ................................. ii
Exam Sheets Of The Ratification Of A Thesis ............................................ iii
Sheet Statementauthenticity Scientific Works ........................................... iv
Curriculum Vitae ......................................................................................... v
Abstract ........................................................................................................... vi
Preface ............................................................................................................ vii
The List of Contents ...................................................................................... ix
The List of Table ............................................................................................ xii
The List of Figure ........................................................................................... xiii
The List of Appendix .................................................................................... xiv
CHAPTER I INTRODUCTION ............................................................ 1
A. Background Problem ...................................................... 1
B. Formulation Of The Problem ......................................... 5
C. Research Purposes And Benefit Research ..................... 5
1. Pusposes Research ..................................................... 5
2. Benefit Research ....................................................... 6
CHAPTER II LITERATURE REVIEW ................................................ 7
A. Theoretical ..................................................................... 7
1. Agency Theory .......................................................... 7
2. Signalling Theory ...................................................... 8
3. Financial Performance and Financial Report ............. 9
4. Financial Statement Analysis .................................... 11
5. Company of Value .................................................... 14
6. Good Corporate Governance ..................................... 18
7. Return on Asset ......................................................... 19
8. Debt to Equity Ratio .................................................. 20
B. Previous Research .......................................................... 22
C. The Framework Of Thought ........................................... 24
D. Hypothesis ....................................................................... 26
x
CHAPTER III RESEARCH METHODOLOGY .................................... 28
A. The Scope Of Research .................................................. 28
B. A Method Of Determining The Sample ......................... 28
C. Data Collection Method ................................................. 29
D. Methods Of Data Analysis .............................................. 29
E. Operational Variable ...................................................... 38
CHAPTER IV RESULTS AND DISCUSSION ....................................... 41
A. The General Description Object Research ..................... 41
1. The Description of The Object Of Research ............. 41
2. The Description of a Sample Of Research ................ 41
B. The Research Result Analysis ........................................ 42
1. Descriptive Test Results ............................................ 42
2. The Results Of The Test The Assumption Of The
Classics ...................................................................... 43
a. The Results Test Normality .................................. 43
b. Multicollinearity Test Results .............................. 46
c. Autocorrelation Test Results ................................. 47
d. Heteroscedasticity Test Result .............................. 48
3. The Result of Hypotesis ............................................ 49
a. Significant Simultaneous Test Results (Test F) .... 49
b. Significant Partial Test Results (Test t) ................ 49
4. Analysis The Result Multiple Linear Regression ..... 53
a. The Results Of The Coefficients Determination
(Adjusted R2) ........................................................ 53
b. The Results Of The Test Multiple Linear
Regression ............................................................ 54
CHAPTER V CONCLUSION AND RECOMMENDATION .............. 56
A. Conclusion ..................................................................... 56
B. Recommendation ........................................................... 56
BIBLIOGRAPHY .......................................................................................... 58
ATTACHMENT ........................................................................................... 61
xi
THE LIST OF TABLE
Number Information Page
2.1 Previous Research .................................................................. 23
3.1 Decision Making Is The Sturdiness Of The Autocorrelation ... 32
4.1 Selection Process Population LQ-45 Company ....................... 41
4.2 Descriptive Test Results .......................................................... 42
4.3 Results Test Normality Data In The Statistic .......................... 46
4.4 Results Test Multicollinearity ................................................. 46
4.5 Results Test Autocorrelation .................................................... 47
4.6 Results Test Significant Simultaneous (Test F) ....................... 49
4.7 Results Test Significant Partial (Test t) ................................... 50
4.8 Results Test Of The Coefficients Determination
(Adjusted R2) ........................................................................... 53
4.9 The Results Of A Coefficient Multiple Linear Regression
Equation .................................................................................... 54
xii
THE LIST OF FIGURE
Number Information Page
2.1 The Framework Of Thought ..................................................... 25
4.1 Results Test Normality Data In The Graph ............................. 45
4.2 Heteroscedasticity Test Result ................................................. 48
xiii
THE LIST OF ATTACHMENT
Number Information Page
1 The Company Name Objects Research Data .......................... 61
2 Raw Data Variable Research .................................................... 62
3 With Processing Results SPSS ................................................ 65
1
CHAPTER I
INTRODUCTION
A. Background Problem
The establishment of a company must have a clear purpose. There are
some things said about the purpose of the establishment of a company. The
purpose of the company first is to achieve optimal maximal profit. The purpose
of the second is companies want to prosper company owner or the owners of
shares. While the purpose of the third company is maximizing the value of the
company shares reflected in the price of. Third the purpose of the company
actually substantially not differ much. Just emphasis to be achieved by each
company differed between the one with the other (Martono and Harjito,
2005:2).
The importance of the company to investors, hence the need of an
analysis about what factors affecting the company. One factor that affects the
value of the company is good corporate governance, the theory was based on
corporate governance by agency and be used as a solution in addressing the
possibility of conflict in the relationship between principal and agent usually
called also with the agency problem. Conflict arises as a result the gap between
the interests of shareholders and management as the manager as the owner.
The owner has an interest to funds that invested get maximum return
while manager interests to its incentives for managing funds proprietor.
Manager who act as company manager, of course are more know very much
2
internal information and the prospect of companies in the future than the owner
and manager later on will give the report regarding the companies condition to
the owner of the company as a form of responsibility to shareholders
(Rahmayanti, 2009:2).
Research on good corporate governance of the company's value has
been done by other research, such as research conducted by Anggraini (2013)
in research found that partially Board of Commissioners and the Board of
Commissioners of the independent has significant effects on the value of the
company while the Audit Committee and the company Size does not have
significant influence on the value of the company. But simultaneously, the
Board of Commissioners, the Board of Commissioners are independent, the
Audit Committee, the company's Size have a significant influence on the
company's corporate value of the terhdap textile, garment, which is listed on
the Indonesia stock exchange (IDX) period 2009-2012.
Other factors that affect the value of the company is return on equity,
return on equity is the ratio of showing the ability of companies to produce
profit after tax by using their own capital owned company. The ratio of this is
important for shareholders to know the effectiveness and efficiency of their
own capital management conducted by the management company (Sudana,
2011:23).
Return on assets (ROA) demonstrating ability (company owned by
using all assets to generate profit after tax.This ratio important for management
to evaluate the effectiveness and efficiency of the management in managing all
3
assets company.The bigger roa means more efficient use of company assets
and similarly contrarily (Sudana, 2011:22).
Return on assets is the ratio which the shows how many large net profit
company obtained when measured of the value of assets (Harahap, 2008: 305).
Return on assets (ROA) is the ratio of profitability that is indicative of the
comparison between profit (after taxes) with a total asset of a bank the ratio of
this really shows you the level of asset management efficiency conducted by
bank concerned (Riyadi 2006:137). According to Keown (2004:77) return on
assets is the repayment of assets over determining the amount of net income
resulting from the company assets by linking net income to a total national
assets.
Research on the influence of return on assets on the company has been
done by biodiversity (2010). The results of research said that the regression
coefficient partial entirely there are five variables free and have four variables
positive the regression coefficient, means there is the relation between
variables in free earning per share, return on assets, return on equity, and price
to book value with variables is not free (price ratio) earning. While the variable
equity debt ratio have the regression coefficient negative, Means there are
opposite relations between variables debt to equity ratio with earning price
ratio. The results of research in partial show from the five independent varibel
earning ratio indicated impact on price, there are only one variable that do not
affect namely price to book value, while the variable earning per share, return
4
on assets, return on equity, debt to equity ratio influential real estate company
earning price ratio and property registered in indonesia stock exchange.
Variable debt equity ratio is the dominant variable affects price earning ratio.
Other variables that may affect the value of the company's debt to
equity ratio, Debt to equity ratio showing the provision of funds by
shareholders to lenders. Higher debt ratio to corporate equity and low financing
provided by the shareholders. From the perspective of long-term ability to pay
an obligation low-growing ratio would be better company ability to pay (long-
term obligations) (Darsono, 2005: 54). Higher debt to equity ratio (DER), the
greater the risks facing that shows lower proportion of their own capital to fund
assets, investors will seek profitability and higher profits for a change, which
means that each of the amendments is to reduce the profit gained (Sartono,
2001:34).
The total debt to equity ratio is a ratio describing the composition of the
company assets funded by debt and profit (Sugiono, 2008:130). According to
Harahap (2007:306) “total debt to equity ratio is a ratio describing the
relationship between the company debt to capital and asset“. The total debt to
equity ratio is the ratio of showing a comparison of the use of debt on their own
capital owned by company large. The more ratio of this indicates that the
company financial risk of getting high, and vice versa, the lower the ratio of
this indicates the level of risk that the lower for the company. To measure the
extent to which a company funded with debt one of them can be seen through
the total debt to equity ratio and profit (Sugiono, 2008:130).
5
Based on explanation has been described above, hence writers
interested to have research on the influence of corporate governance return on
assets and debt to equity ratio on the perceived value of the company.This
research was undertaken with the aim to find out if there are variable influence
corporate governance return on assets and debt to equity ratio on the perceived
value of the company.Hence the survey to be translated into in research titled
“Analysis Of The Influence Of Corporate Governance, Return On Asset
And Debt To Equity Ratio Toward Company Value (Empirical Study On
The Company Jakarta Islamic Index The Period Of 2010 to 2013)”.
B. Formulation Of The Problem
Based on the background then who become formularization the troubles
in this research:
1. How influence in partial between variables good corporate governance,
return on asset and debt to equity ratio simultaneously toward company
value?
2. How influence in simultaneous between variables good corporate
governance, return on asset and debt to equity ratio partially toward
company value?
C. Research Purposes And Benefit Research
The purpose and benefits of doing research can be expressed as follows:
1. Pusposes Research
Objectives to be achieved in this research is to find out the influence
of good corporate governance, return on asset and debt to equity ratio
6
towards company value the company Jakarta Islamic index the period of
2010 - 2013
a. To analyze influence in partially between variables debt good corporate
governance, return on asset and debt to equity ratio simultaneously
toward company value.
b. To analyze the influence of simultaneously between variables good
corporate governance, return on asset and debt to equity ratio
simultaneously toward company value.
2. Benefit Research
Benefit research consisting of two, namely: the benefits of academic
and practical, to the world can be described as follows:
a. Benefits Of The World Academic
This research is expected can provide reference and an additional insight
management investment, knowledge about especially with regard to the
influence of good corporate governance, return on asset and debt to
equity ratio toward company value to company Jakarta Islamic Index the
period of 2010 to 2013.
b. Benefits Against The Practical World
This research is expected to provide input for the company Jakarta
Islamic Index to find out the benefit gained from the influence of a
variable good corporate governance, return on asset and debt to equity
ratio toward company value to company Jakarta Islamic Index the period
of 2010 to 2013.
7
BAB II
LITERATURE REVIEW
A. Theoretical
1. Agency Theory
The theory is the idea of control agency a group organization based
on the belief that ownership separation with management poses potential
that desire owner ignored when the (manager) delegate authority (decision-
making, someone else guiler agency relations between the two parties
(Robinson, 2008: 47).
Agency theory assumes that all individuals acting on behalf of their
own sake and agent (manager of a company) are assumed receive
satisfaction not only of financial compensation but also from conditions
which involved in relations keagenan, as the number of leisure; working
conditions it is interesting that membership club and working hours flexible.
According to Brigham and Houston (2009:54), agency relations may
arise among:
a. Shareholder With Manager
Agency problems can arise if the manager put a purpose and the
welfare of their own in a position higher than the interests of
shareholders. According to Jensen dan Meckling (1976), The problem of
potential agency happen if the proportion of possession of less than one
hundred percent of the company that managers tend to act to pursue its
own benefit and not maximize value of enterprise in taking the decision
8
of funding. The act of manager who will be opportunistic heightens the
prosperity and reduce the cost of the company shareholders.
b. Shareholder (through manager) with creditors.
A creditor have any claim on a part of the current company cash
for the payment of interest and principal on debt. They have a claim over
assets the company by company went bankrupt. At the time of the
company went bankrupt, the decision must be taken to overcome this
condition, Namely Whether to liquidate company with sell all assets or
perform a reorganization. Management need to quickly intervened and
especially manager choose reorganize for the purpose keep his job. The
decision of the manager of this of course an effect on shareholders or
creditors or both of the sides.
2. Signalling Theory
Posited a theory signals about how should a company giving signals
to users of financial reports. This signal in the form of information on what
has been done by management to realize the owners desire. The signal can
include promotion or other information said that the company better than
other companies. The theory of a signal (signaling theory) used to explain
that basically financial reports used the company to give a signal of positive
or negative to the wearer. Likewise with the theory of the agency used to
explain that the financial report is due to the separation of ownership and the
management of company (Sulistyanto, 2008:65).
9
The theory of a signal is often followed by increase the dividend
increase the share price, and vice versa. This phenomenon at least shows that
investors more fond of dividends than capital gains. Modigliani and miller
argued that increases the dividend this is a signal to investors that the
company forecast an earnings good will come in the future. On the contrary,
dividend increase dividends or a downturn in the bottom of the normal
(usually) believed to investors as a signal that the company will face tough
times in the future (Sawir, 2004:147).
3. Financial Performance and Financial Report
In a company performance is the appropriate excruciatingly very
important and should be paid more attention. The company performance is
an indicator important not only for the company but also to all stakeholders,
e.g. investors. The company performance shows in company management
capability to manage all available resources in the company to achieve the
purpose of the company.
Corporate financial performance was the result of the decision taken
by management sustainably. Corporate financial performance can be seen
from the financial report of the company.
Financial report is a report describing financial position of the
company in a certain period, and the fruit of their business at a particular
period used by parties who need the report either party or parties internal
external the company. The financial statements are a source of information
that is essential to know and analyzes a state treasury of a corporation and
10
from the results of the analysis can be used as reference to a decision-
making exactly. A financial statement that analyzed in the analysis of the
financial report there are two, namely the balance sheet and profit loss
(income statement). Financial report is the end result of a process of
accounting. As the end result of a process of accounting, financial report
provides information useful for decision-making various parties such as
company owner or creditors (Suwiknyo, 2010:42).
Two financial report generally wear basic accrual is the financial
report of profit loss - loss and the balance sheet. Meanwhile, the report cash
flow is financial report also based on the basis of accrual, but had been
appropriated in such a way that reflects cash flow actually (Mardiyanto,
2008:27).
Brigham and Houston (2010:87) explained that the balance sheet
(balance sheet) is a report on financial position of a firm at a given point).
Meanwhile, according to Revee, et. al (2009:22) the balance is a list of
asset, obligation, and equity owners at a particular time, usually on the last
date of the moon or given year. The balance consisting of two side where
the right-hand side presenting data any assets that are possessed by the
company, while the side of the left presenting its liabilities and equity
claims against companies that reflects assets. The balance is a financial
statement that described the conditions financial companies at any given
time. The balance called also as an illustration the condition of a finance
company that is spatially snapshot or description a moment, such as befits a
11
photograph because the balance just give information financial position of
company during a particular (Tandelilin, 2010:365-366).
The balance is the report (wealth) expressing financial position of a
firm on a particular date includes assets, debt (liability) and equity. The
relation of the three called as an equation accounting, namely assets same
with debt plus equity (Mardiyanto, 2008:27).
About profit loss (income), the statement Brigham and Houston
(2010:93) explained that profit loss (income is the report statement) that
sums up revenues and the burden of company accounting, during a period of
usually one quarter or one year. Further Revee, et, al (2009:22) explained
that profit loss is a summary of revenues and the burden for a certain period
of time, as of a month or one year. In a report out loss, profit net sales
report, presented at the upper part of while operational costs interest and
taxes be used as a deduction for determining the amount of its net income
available to shareholders. Components in the report earnings/loss consisting
of, clean, net profit or loss income, a burden, the cost of production and sale
the cost (Fuad, et, al, 2006:167).
4. Financial Statement Analysis
Measurement of the company performance can be conducted by
using analysis against the financial report, namely the balance sheet, profit
and loss statement otherwise known with the term analysis ratio finance.
The ratio of financial analysis in many respects able to give indicators and
Symptoms appear around condition. Company advisable to present has
12
financial that describes major characteristics that influences the performance
finance, company financial position and conditions uncertainty. Company
can also presenting report additional as report on the environment and report
added value (value added statement) especially for industry where factors
environment had a critical role and for industry that regards employees as
the user groups report with a crucial role (Gade 2005:75).
The ratio financial s the obtained from the comparison of one post
reports with post another having relevant relation and significant. Analysis
ratio have good superiority than other engineering analysis, namely the ratio
is figures or a conspectus statistics easier read and interpreted, is in lieu a
simpler of the information is financial report very detailed and intricate;
knowing position company in central other industries, very helpful to
material in filling models decision-making and models prediction (z-score),
menstandarisir size company, More readily compare company with other
companies or seen good company periodically or time series, easier trend
see the company and do prediction in the future (Harahap 2007:297-298).
According to Nafarin (2007:772) declaring that the ratio of finance
(financial ratio) is the ratio which the comparing vertically as well as
horizontally of a post that was found in a financial statement that can be
expressed in a percentage, times and absolute. The ratio of financial analysis
is equipment (tools) to understand the financial report (especially balance
sheet and profit-loss). Important realize that an analysis of the ratio is not a
mechanical process divide an post with other post. Analysis that requires
13
understanding deep about sharing the aspect of financial following
relatedness to each other. The reader is expected not just memorization the
ratio for the sake of the ratio, but really understand the interpretation of it so
that it can use them to judge the financial performance of an enterprise
(Mardiyanto, 2008:51).
Financial ratios are is comparison between data of elements that is in
the balance profit and loss statement. This ratio not only among elements
that is in the balance itself or existing in in the report profit compensation,
but can also of elements one of the balance and the other from the report
profit loss. So, in other words, called the ratio of financial analysis are
nothing else way analysis using calculations comparison over quantitative
data in show in the balance profit and loss statement. Use analysis ratio was
just means if a particular standard as a handle to assessment (Kuswandi,
2005:71).
Sudana (2011:20) declaring that financial the ratio is designed to
show you the relationship between account on financial statements (balance
sheet and profit loss). Through analysis against the financial report, will be
known financial position and the results of operations company related
where the analysis such financial statement can be used by parties
concerned to take a decision. Sudana (2011:20) declaring that analysis
financial report important to know strength and weakness of an
enterprise.Information is needed to evaluate reached company management
in the ago, and also to material consideration in drawing up plans company
fore.
14
5. Company of Value
Value of enterprise may be regarded as “cake the ball” The purpose
of managers are to enlarge “cake the ball” decision the capital structure
(capital structure decision) can be seen as how good news cut “cake the
ball”. If how you cut affecting size “cake the ball” hence the decision the
capital structure really make a difference. Value of enterprise is a market
value of debt plus with a market value of equity (Rodoni dan Ali, 2010:3 -
4). Stock prices and the company collective assessment mengikhtisarkan
investors about how well the state of a company, both the performance of
current and future prospects. Because of that, the increase in stock prices
sends a positive signal from investors to manager. And this is the excellence
of important companies go public. A closed company could not use the
share price performance as a measure (Brealy, Myers & Marcus, 2007:56).
Some the concept of value that explains the value of a company is
the nominal value, the market value, intrinsic value, the book value and the
value of liquidation. The nominal value is the value listed formally in the
company articles of association, called explicitly in the balance of
companies, and also written a letter clearly in the collective shares. The
market value , often called the exchange rate is also occurring price of stock
dipasar process of haggling. The intrinsic value, is the most abstract
concept, because referring to an estimate of the real value of a company.
The company in the concept of the intrinsic value this is not just the price of
a collection of assets, but the company business entities as having the ability
15
to produce profit dikemudian day. While the book value is the value
calculated by the base of the concept of the company accounting. Simply
calculated by means of split the difference between total assets and total
debt with the number of shares outstanding. Liquidation value is the value
of all company assets after deducting all obligations which must be fulfilled.
The value of the rest of it is part of the shareholders. The value of
liquidation can count with the same way by counting the book value, which
is based on the balance proforma prepared when a company will be
liquidated (Keown, 2008:849).
Value of enterprise high be the hope of company owner for with the
high value showed prosperity shareholders also will increase.Wealth
shareholders and the company is represented by the market price of the
stocks that are a reflection of an investment decision, dividend, policy and
the decision of funding (Brigham dan Houston, 2009:19). The ratio used to
measure the value of the company is as follows (Mardiyanto, 2008:64):
a. Price Book Value (PBV)
Describe how big a market valued the company stock. The
higher the ratio of the market believe the company prospects will. Is
counting PBV formula:
b. Price Earning Ratio (PER)
Price earning ratio (PER) is the ratio of market value to share
share profit (Hanafi, 2008:85). This ratio shows how dollars / rupiah to
16
be paid for every 1$ investors period runs profit (Brigham dan Houston,
2009:110). More PER, hence also the possibility of getting big
companies to grow, so can increase value of enterprise while in terms of
investors (Hanafi, 2008:85).
Earning price ratio describing market appreciation in the ability of
companies in the generate profit. The higher value per the more one is
the prospect of higher the companies in the future because PER can
represent the flow of corporate profits in the future. The formula that can
be used to calculate PER is:
c. Tobin’s Q
The value of the company is calculated by using Tobin Q, by the
following formula:
Description: Q = Company Value
EMV = market value of equity
EVD = Share price x number of shares outstanding
D = Book value of total debt
EBV = Book value of total asset
The price of shares in question here is the price of the stock at the
time of closure or the last price and a price that is unlikely to change until
the stock price and reactivated last this represents value for investors.
17
Companies that demonstrate Tobin’Q greater means the company makes use
of its own resources very well.
Based on the way the measurement of the company over, and the
measurement will be used is earning price ratio, is the ratio of per share
price of a company with earnings per share of the company. PER describe
appreciation against the ability of companies in the market generate profit.
(Tjiptono dan Darmadji, 2001:139). According Tandelilin (2010:375) Said
that price is earning ratio the ratio of which indicate the magnitude of rupiah
investors must be paid to obtain one of the rupiah earning the company, in
other words price earning ratio shows the magnitude of the price of every
one of the rupiah earning the company and earning price ratio is also a
measure of relative price of a company shares.
Price earning ratio reflects the relationship between stock market
prices and public common stock and earnings per share. Price earning ratio
was viewed by the country as a power company to earn profit dimasa
forthcoming (future earning power). Companies that had growing chance
that usually have a large price ratio earning a high earning instead price ratio
will be low for a company that risky (Munawir, 2002:34)
Earning price ratio shows the magnitude of rupiah the price of each
company earning, besides that, earning price ratio is also a measure of
relative price of a company shares (Hayati, 2010:2). PER is the ratio of
stock (prices on earning a share) report also showed, in other words to
demonstrate how financier assess large stock prices on a multiple of
earnings (Jogiyanto, 2003:105).
18
Price earning ratio is the ratio of that show the contrast between the
price of shares in the market or the price of prime offered compared with
income received. Price Earning ratio shows that high expectations of
investors about the company achievements in the future would come quite
high. The formula in counting price earning ratio is as follows (Harahap,
2007:311):
6. Good Corporate Governance
In the theory with the agency, agents tending to find himself will
allocate investment from enhancing the value of companies that there is no
alternative to a more favorable investment Susanti (2010). The agency
would suggest that the company will rise if the companies can control the
behavior of throwing resources management of the assets of a company; or
either in terms of investment or not worthy of shirking. Corporate
governance and the program as the board of commissioners, independent
board of commissioners, audit committee, and the size of the company is a
system that regulates and controls and control the company is expected to
give companies and increase value to shareholders (Anggraini, 2013:3).
The application of corporate governance based on the theory of the
agency. The theory of the agency can be explained by the relationship
between management with the owner. Management as his agent, morally
responsible to optimize the owners (principal) and in return will receive
19
compensation in accordance with the contract. Thus there are two different
purposes in a company where each party strive to achieve or maintain their
prosperity desired Irfan (2002:11) dalam Sefiana (2009:4) So that
information emergence of asymmetry between management (agent) with the
owner of (principal) that can provide opportunities for manager to perform
management profit (earnings management) in order to mislead the owner of
(a shareholder) economic regarding the performance of the company.
Because of that, effective surveillance required by parties in relation to the
management of the company.One of the most important part of this is a
success of the board of commissioners which consists of independent
commissioner. The board of commissioners is the center of endurance and
the successful companies (Sefiana, 2009:4).
7. Return on Asset
The concept of the theory basically want to uncover rentabilitas
profit or profitability of capital in comparison with a certain period (Riyadi,
2006:155). Profitability is the ratio the ratio of the to assess the ability of the
company in seeking advantage or profit in a period of particular (Kasmir
and Jakfar, 2008:114).
According Harahap (2007:304) Said that profitability is capability
company profit through all the ability and an existing source as, the sales
activity, cash, capital the number of employees how many branches of and
other things there are several the ratio of profitability, namely profit margin,
return on asset, return on equity, return on total asset, basic earning power
dan earning per share. But in research only explain who return on assets.
20
One of the ratio of profitability that is return on assets, return on
assets is the ratio of the finance which is much used for measuring the
company performance, especially regarding the company profitability
(Tjiptono dan Fakhruddin, 2006:200). Return on asset (ROA) According
Hanafi dan Halim (2004:83) Is the ratio which measures the company
generate profit by using the total asset (wealth) that is adapted to the
company after assets to fund the costs.
According Riyadi (2006:137) “Return on Assets (ROA) Is the ratio
of profitability that shows the comparison between profit (before tax) with
the total bank assets, the ratio of this show the level of asset management
efficiency done by the bank concerned”. According Keown (2004:77)
“return on assets Is determining the number of return on assets resulting
from net income by connecting net income of the company assets to total
assets”, The formula of return on asset is as follows:
8. Debt to Equity Ratio
Debt to equity ratio is the ratio showing the relation between loan
amount long standing relationship with their own capital the amount given
company owner. Based on opinion above, understanding debt to equity ratio
in this research is who compares the ratio between the totals total debt for
equity owner. Debt to equity ratio acknowledges extent to which company
21
can bear loss without having imperil interests its creditors. In case there is
liquidity, creditors have priority claim compared shareholders. From the
perspective of creditor, the number of equity in structure capital company
can regarded as catalyst, help ensure that there are adequate asset to close
claims from another. A high ratio can indicate that claims from other
relatively are bigger than asset available to cover it so as to increase the risk
that claims creditors would unlikely closed in full when occurring
liquidation.In measuring risk, attention creditors long-term especially
focused on prospect profit and cash flow approximate. Nevertheless they
still consider the balance between proportion assets funded by creditor and
company owner.Balance such proportion measured with ratio debt-to-
equity.This ratio can also give an idea of capital structure possessed by a
company so can be seen level risk absence of bills a debt (Syamsuddin,
2001:54).
For the company should debt may not exceed their own capital to the
burden of debt still not too high. Where debt to equity ratio high shows
structure of the business capital more take advantage of debt to equity.
Company with the profit grew by have the opportunity which profitable in
finance investment internally as the company avoid to with draw funds from
the outside and trying to find appropriate solutions over issues relating to its
debts, in addition to high profitability will increase profit detained so that it
will reduce the interest of the company to perform loans and the ratio of
debt to equity ratio to decline.
22
Because debt has a bad impact on the company's performance, due
to the increasingly high level of debt means interest charges will be getting
bigger which means reduced profits. The higher the debt to equity ratio
indicates the greater burden of the company against outside parties, it is very
possible degrade performance of the company. Given the profit to
shareholders is called financial leverage. As a language leverage means
levers (though the tool). So, if applied in financial terms, it can be said that
with a little effort will be obtained great results. Financial Leverage is
created at the time the company profit is greater than the loan interest should
give (Kuswadi, 2005:90).
Debt to equity ratio is the ratio denoting comparison use debt to
capital own possessed by company. The more large this ratio show that
financial risk company be high and and instead, low growing this ratio
indicating the level of risk low growing for companies. To measure the
degree to which companies financed with debt one of them can be seen
through total debt to equity ratio. The ratio debt to equity ratio can be
formulated as following (Sugiono and Untung, 2008:130):
B. Previous Research
Previous research is a source of reference used in conducting research.
Previous research used originates from the journal and a thesis with research
see the result and will be compared with the next research by analyzing based
on the circumstances and different times, the previous research summary will
be elaborated on the table below:
23
Tabel 2.1 Previous Research
No Title Research Researchers
And Year Research Methods
Research Result
1 Influence Profitability, Leverage, Economic Value Added, and Sistematic Risk toward Company Value (Empirical studies by the company LQ45 listed on Indonesian Stock Exchange)
Sari (2012) Path Analysis
The results said that profitability significant positive on the value of companies with the value of, leverage have no influence on the value of companies with the value of, economic value added significant positive on the value of the systematic risk companies have no influence
2 The influence of factors debt to equity ratio , return on equity and total price ratio on earning assets (PER) On automotive companies
Riadi (2011) Multiple Linier Regression
This research result indicates that debt to equity ratio of positive and significant influence on price earning ratio (sig. 0,040), return on equity Having negative influence and significantly to price earning ratio (sig. 0,000), total assets Having negative influence and significantly to price earning ratio (sig. 0,002).
3 Factors affecting price earning ratio (PER) the decision as one of its investment in real estate and property of the company in the indonesia stock exchange
Hayati (2010) Multiple Linier Regression
The results of research in partial show from the five independent varibel earning ratio indicated impact on price, there are only one variable that do not affect namely price to book value, while the variable earning per share, return on assets, return on equity, debt to equity ratio per influential.
Continue to the next page
24
Tabel 2.1 (Lanjutan)
No Title Research Researchers And Year
Research Methods
Research Result
4 The influence of
ROA and ROE
against value of
enterprise by the
disclosure of
corporate social
responsibility and
ownership as
variable
pemoderasi
managerial
Su’aidah
(2010)
Multiple
Linier
Regression
First obtained the
results of testing the
hypothesis of the
conclusion that all the
independent variable,
namely ROA and
ROE significant
influence on the value
companies.
5 The influence of
managerial and
financial
performance and
value of enterprise
to dividend policy
Wati dan
Darmayanti
(2012)
Multiple
Linier
Regression
The results of the
analysis found that the
managerial, liquidity,
leverage, and
profitability is no
significant impact on
the dividend policy.
There is significant
influence negatively
and managerial of
ownership of the
company liquidity to
the company has a
positive influence
insignificant,
Leverage on the
company profitability
and positive and
significant influence
on the company
dividend policy is not
significant positive
influence
Sumber: Previous Research Journal
C. The Framework Of Thought
The framework of conceptual thinking is basically a review or a
literature review stated in the form of the scheme as well as linkages between
25
variables that reflect researched .Based on a literature review that has been
described previously, it can be made the framework of a conceptual as follows:
Picture 2.1
The Framework Of Thought
Company Value (Y)
Classical Assumption Test 1. Normality Test 2. Multicollinearity Test 3. Autocorrelation Test 4. Heteroscedasticity Test
conclusions and recommendations
Company Jakarta Islamic Index Periode 2010 - 2013
Hypothesis Test 1. F Test 2. t Test
Multiple Linier Regression Analysis
Determination Coeficient (Adjusted R2)
Independent Variable
1. Managerial Ownership (X1) 2. Institutional Ownership (X2) 3. Audit Committee (X3) 4. Return On Asset (X4) 5. Debt To Equity Ratio (X5)
26
D. Hypothesis
A hypothesis that tested in this research relating to whether or not there
is a significant influence of a set of independent variable toward dependent
variable. As for tested the hypothesis that is as follows:
1. Ho : βi = 0; There is no simultaneous influence between variables good
corporate governance (managerial ownership, ownership
institusional and audit committee) return on assets and debt to
equity ratio on company value.
Ha : βi ≠ 0; There is the influence of simultaneously between variables
good corporate governance (managerial ownership, ownership
institusional and audit committee) return on assets and debt to
equity ratio on company value.
2. Ho : βi = 0; There is no influence in partial between variables managerial
ownership toward company value.
Ha : βi ≠ 0; There is a partial variable influence of managerial ownership
toward company value.
3. Ho : βi = 0; There is no partial evaluation influence institutional ownership
variables toward company value.
Ha : βi ≠ 0; There are between variables in the influence of partial
institutional ownership toward company value.
4. Ho : βi = 0; There is no influence in partial between variables audit
committee toward company value.
Ha : βi ≠ 0; There are partial between audit committee variables influence
company value.
27
5. Ho : βi = 0; There is no partial evaluation influence return on asset
variables toward company value.
Ha : βi ≠ 0; There are between variables in the influence of partial return
on asset toward company value.
6. Ho : βi = 0; There is no partial evaluation influence debt to equity ratio
variables toward company value.
Ha : βi ≠ 0; There are between variables in the influence of partial debt to
equity ratio toward company value.
28
CHAPTER III
RESEARCH METHODOLOGY
A. The Scope Of Research
In this research, which provided the object of research is the company
which the company entered in Jakarta Islamic Index (JII). As for that will be
discussed is limited only to the extent of the influence of the good corporate
governance of the dependent variable, which was company value.
As independent variable in this study is that given the managerial
ownership (X1), institutional ownership (X2), audit commite (X3), return on
asset (X4) and debt to equity ratio (X5). While the dependent variable in this
study is that company value (Y).
B. A Method Of Determining The Sample
The population according to the Indriantoro and Bambang (2004:115)
is a group of people, events or anything that has certain characteristics. While
researchers can examine samples of some of the elements of the population. In
this research the research population were Jakarta Islamic Index Company are
listed on the Indonesia Stock Exchange (IDX).
Samples is a part number of and characteristic possessed by the
population (Sugiyono 2009:73). Sampling techniques used in this research is
purposive sampling, it means samples chosen on certain criteria first. Company
that will be researched is a company that have entered the company Jakarta
Islamic Index in the period 2010 - 2013.
29
C. Data Collection Method
Following is some methods used in gathering data, the explanation of
data is as follows:
1. Secondary Data
Secondary Data is data that is based on data already available in an
arrangement that has shaped data numbers. Secondary Data have figures
based on analysis of data without any analysis of the psychology of the
person. The Data used are based on the data derived from the website of
IDX and based on company financial reports will be examined. This
research will examine the companies listed at the IDX that enter category
Jakarta Islamic Index, because the company that entered the Jakarta Islamic
Index is a company that has a better financial reports from companies that
are not listed.
2. Literature
Data collection is also equipped with reading and studying and
analyzing the literature of his sources from books, journals related to this
research.
D. Methods Of Data Analysis
Based on the purpose of the research, the methods of data analysis used
in this study are:
1. Statistical Testing Descriptive Analysis
Descriptive statistics give an overview or description of a data seen
from an average value (a mean), standard deviation, minimum, maximum,
30
variance, sum, range, skewness and kurtosis (Ghozali, 2009:19). Using
statistical testing software-assisted Statistical Product and Service Solution
(SPSS) version of 20 will be known to the average, minimum and maximum
values and standard deviation of each of the variables used.
2. The Classical Assumption
a. Test Normality Data
The purpose of this normality test is to test whether the regression
model has a normal distribution or not. Good regression Model is when it
is less normal distribution or close to normal. There are two ways to
detect whether or not the residual normal Gaussian with graphs and
analysis of statistical test (Ghozali, 2009:27-32).
1) Graph Analysis
Methods used in the analysis of the chart is to look at a normal
probability plot that compares the cumulative distribution of a normal
distribution. Detection of normality can be done by:
a) if the data is spread around the diagonal line and follow the
direction of the diagonal line, then the regression model to meet the
assumptions of normality.
b) if data are spread far from the line and diagonal or do not follow
the direction of the diagonal line, then the regression model does
not satisfy the assumption of normality.
31
2) Statistical Analysis
In addition the research test the normality can also use
Kolmogrov Smirnov test with the help of the program SPSS. In this
study, a test conducted to determine normality of statistics using the
Kolmogorov - Smirnov (Ghozali, 2009:30). This can be seen as
follows:
a) By comparing the K-Shitung and K-Stabel:
(1) if K-S < K-Stabel, Ho rejected
(2) if K-S > K-Stabel, Ho accepted
b) By looking-digit probability, with provisions
(1) Probability > 0,05, maka Ho rejected.
(2) Probability < 0,05, maka Ho accepted
b. Multicollinearity Test
Ghozali (2009: 95) stated that the test for multicollinearity aims
to test whether the model regression correlation between variables
discovered free (independent). A regression Model which should not
happen good correlation between independent variables (Ghozali,
2009:95). Multicollinearity test done by looking at the values of tolerance
and variance Inflatiion Factor (VIF) from the results of the analysis using
SPSS. If the value of the tolerance value is higher than the 0.10 or VIF is
smaller than 10 then it can be inferred multicollinearity does not occur.
32
c. Autocorrelation Test
Autocorrelation test aimed at testing whether a linear regression
model in there is a correlation between the error of a bully in the period t
with errors on the previous period t-1. Autocorrelation arises due to
successive observation all the time with each other. This issue occurs
because the residual (mistake bullies) is not free from one observation to
another observation.
Durbin Watson test is used only for single-level autocorrelation
(first order autocorrelation) and requires the presence of intercept
(constant) in a regression model and no more variable among the
independent variables hypothesized to be tested was:
Ho : There is no autocorrelation (r = 0)
Ha : There is autocorrelation (r ≠ 0)
Tabel 3.1
Decision Making Is The Sturdiness Of The Autocorrelation
Hipotesis nol Keputusan Jika
There is no positive autocorrelation
There is no positive autocorrelation
There is no negative correlation
There is no negative correlation
There is no positive or negative
autocorrelation
decline
No desicien
decline
No deeisen
No decline
(accepted)
0 < d < dl
dl ≤ d ≤ du
4 dl d 4
4 – da ≤ d ≤ 4 -
dl
Du < d < 4 - du
Source: Ghozali, 2009:99
d. Heteroscedasticity Test
Heteroscedasticity test aimed at testing whether the regression
model in case the residual variance of the inequality one observation to a
scrutiny of the others. If the residual variance from one observation to
33
another fixed observation, it is called homoscedasticity and if different
called heteroskedastisitas. Good Data is homoskedastisitas which was the
residual variances and similarities. How to detect or no
heteroskedastisitas which was SPSS output view results via graphs
scatterplot between value prediction variable (the dependent) which was
ZPRED with residualnya SRESID.
There are heteroskedastisitas whether detection can be done by
looking at whether or not there is a particular pattern on the graph
scatterplot between SRESID and ZPRED, where Y is the Y axis that has
been predicted, and the X axis is the residual (Y prediction – Y Real)
who has in standardized (Ghozali, 2009:125-126), Basic analysis of the
test heteroskedastisitas is as follows:
1) If there is a particular pattern, such as the points that there are certain
patterns that form an irregular (wavy, widens and then narrows),
indicating there has been heteroskedastisitas.
2) If there is no clear pattern, as well as the points spread above and
below the number 0 on the Y axis, then its not happening
heteroskedastisitas.
Heteroskedastisitas-test can also be performed using spearman
rank test is to correlate to the respective free variables to the absolute
value of the residual. When the correlation coefficient of each free
variable is significant at the level of confusion below 5%, indicating the
presence of symptoms of heteroskedastisitas and if the value is
significant at the level of confusion above 5%, indicating the absence of
symptoms of heteroskedastisitas.
34
3. Hypothesis Test
a. Simultaneous Significance Tests (F Test)
This test aims to prove whether the independent variables (X)
simultaneously (together) had an effect on the dependent variable (Y).
(Ghozali, 2009: 88).
When Fhitung < Ftabel, Ho denied and Ha is received, which means
the independent variables have significant effects on the dependent
variable using a significant level of 5%, if the value of Fhitung > Ftabel then
simultaneously all over the dependent variable independent variable
affect.
In addition, it can also see the value of probability. If the value of
the probability is smaller than 0.05 significance level (for a = 5%), then
the independent variable is the dependent variable influence on together.
Whereas if the probability value greater than 0.05 the independent
variables simultaneously have no effect against the dependent variable.
The hypotheses used are as follows:
1) Ho : β = 0, There was no significant effect simultaneously between
the dependent variable to the independent variable.
2) Ha : β ≠ 0, There was significant effect simultaneously between the
dependent variable to the independent variable.
35
b. Partially Significance Tests (t Test)
Statistical testing t basically shows how far the influence of one
individual variables independent individually in explained the dependent
variable (Ghozali, 2009:98).
In this study using two directions or two test tailed significant
test, which is a test that has two local rejection ho is located in the end of
the right and left. Two Tailed test the hypothesis of zero if the test is the
statistical sample significantly higher or lower than the value of the
parameters of the population that is assumed. In this hypothesis zero and
each is the alternative hypothesis (Harinaldi, 2005:156):
1) Ho : µ = Who assumed value
2) Ha : µ ≠ Who assumed value
According to Riduwan (2010:48) To define criteria for trial
(testing) partial t two tailed test can be seen as follows:
1) Test the hypothesis by comparing thitung with ttabel
If -ttabel ≤ tvalue ≤ +ttable, then Ho accepted dan Ha rejected, that is
partially independent variables had no significant effects on the
dependent variable.
2) Uji Hipotesis berdasarkan Signifikansi
a) Jika angka sig. > 0,05, maka Ho accepted.
b) Jika angka sig. < 0,05, maka Ho rejected.
36
4. Multiple Linear Regression Analysis
a. Coefficient Of Determination (Adjusted R2)
According to Ghozali (2009:87) States the determination
coefficient Test aims to see how big the ability of free variables bound
variables that describe the views through the adjusted R2. Adjusted R
2 is
used as a variable in this study more than two. The value is between 0
and 1. If the results obtained > 0.5, then the model used is considered
quite reliable in making estimates. In the second hypothesis test
coefficient determination value of Adjusted R-Square. The fundamental
weaknesses of R2 is biased against the number of free variables are
entered into the model. Each additional single free variable then R2 is
definitely increased no matter whether these variables significantly to
influential variables are bound. Unlike R2, Adjusted R square value can
go up or down when one of the independent variable was added to the
model (Ghozali, 2009:87). Therefore, the unambiguous Adjusted R
Square regression model when evaluating multiple linear.
b. Multiple Linear Regression Equations Test
The regression equations to predict the magnitude of this
attachment with free variables that use the data already known size
(Santoso, 2002:163). The methods used to analyze this thesis is using
multiple regression analysis model, with some test data that come from
Indonesian Stock Exchange (IDX).
37
Variables composed of bound variables (Y) and the free variable
(X). Variable consists of one variable, which company value and the free
Variables of managerial ownership, institutional ownership, audit
commite, return on asset and debt to equity ratio of the variables
examined an analysis of whether the influence of the variable X to
Variable Y in the regression analysis. In the analysis will use the analysis
of a software SPSS.20.
Y = a + β1X1 + β2X2 + β3X3 + β4X4 + β5X5 + εi
Description:
a : Constanta
Y : Company Value
b1 - b2 : Regression Coeficient
X1 : Managerial Ownership
X2 : Institutional Ownership
X3 : Audit Commite
X4 : Return On Asset
X5 : Debt to Equity Ratio
εi : Standard Error
38
E. Operational Variable
1. Dependent Variable
Earning price ratio describing market appreciation in the ability of
companies in the generate profit. The higher value per the more one is the
prospect of higher the companies in the future because PER can represent
the flow of corporate profits in the future. The formula that can be used to
calculate PER is:
2. Independent Variable
a. Good Corporate Governance
1) Institutional Ownership (X1)
Institutional ownership (INST) It ' s shares ownership in the
company.Of higher institutional would pose a greater monitoring by
the institutional opportunistic behavior that might preclude managers
from the company.The institutional measured with the proportion of
shares owned institutional at the end of the year compared with the
number of shares outstanding at the company (Moh’d et al. 1998).
INST = Increase the ownership of shares by institutional
The entire investment stock of a corporation
39
2) Managerial Ownership (X2)
Managerial ownership is the ownership of corporate stock by
manajeme parties (Budiono, 2005). Managerial ownership measured
from the number of the percentage of shares owned by managers and
board of commissioners company (Erni, 2005).
3) Audit Committee (X3)
Audit committee are the agency formed by the board of
commissioners to audit the operation and scrutinise the management
company .Its tasks are choose and evaluate performance of the
company public accountant office. (Siegel in Susiana and Herawaty,
2007).
b. Return On Asset
According Riyadi (2006:137) “Return on Assets (ROA) Is the
ratio of profitability that shows the comparison between profit (before
tax) with the total bank assets, the ratio of this show the level of asset
management efficiency done by the bank concerned”. According Keown
(2004:77) “return on assets Is determining the number of return on assets
KPMJ = Total Share ownership by management
Capital Stock Company
KMA = Total Member Audit Commite On External
Total All Member Audit Commite
40
resulting from net income by connecting net income of the company
assets to total assets”, The formula of return on asset is as follows:
c. Debt to Equity Ratio
Debt to equity ratio is the ratio denoting comparison use debt to
capital own possessed by company. The more large this ratio show that
financial risk company be high and and instead, low growing this ratio
indicating the level of risk low growing for companies. To measure the
degree to which companies financed with debt one of them can be seen
through total debt to equity ratio. The ratio debt to equity ratio can be
formulated as following (Sugiono and Untung, 2008:130):
41
CHAPTER IV
RESULTS AND DISCUSSION
A. The General Description Object Research
1. The Description of The Object Of Research
An overview of object selection procedure presents research sample
and the population group of companies from this research. The object of this
research is the Jakarta Islamic Index Companies are listed on the Indonesia
stock exchange from 2010 to 2013. The Jakarta Islamic Index Companies
companies have been listed on the Indonesia stock exchange publishes its
audited financial statements, December 31, from 2010 to 2013. The focus of
this research is to look at the influence of good corporate governance
(managerial ownership, institutional ownership, audit committee), return on
asset and debt to equity ratio toward company of value.
2. The Description of a Sample Of Research
In this study, samples were purposive sampling method chosen by
using the criteria specified. As for the sample selection process based on the
criteria that have been set for the Jakarta Islamic Index Companies look in
table 4.1 as follows:
Table 4.1 Selection Process Population LQ-45 Company
No Criteria Jumlah
1 Companies listed on the Jakarta Islamic Index Companies 30
2 Jakarta Islamic Index Companies not entrances of
successive period from 2010 to 2013
(9)
3 Company financial report not furnished with independent
auditor report
(0)
Continue to the next page
42
Table 4.1 (Advanced)
No Kriteria Jumlah 4 Companies using rupiah in its financial report. (0)
5 Companies listed on the Indonesian Stock Exchange (BEI).
(0)
Company Total Samples 21 Research Period 4
Total samples 84
Sources: Processed data
Based on the above data to see that the number of companies that
became the object of research of 21 companies, the number of results
obtained from the company's corporate selection Jakarta Islamic Index
Companies successive entry into the Jakarta Islamic Index Companies
during the research period from 2010 to 2013.
B. The Research Result Analysis
1. Descriptive Test Results
Data processing on this research using electronic facilities by using
Microsoft Excel and SPSS version 20.0 to facilitate the acquisition of the
data so that it can explain the variables examined. Based on the test results
of descriptive statistics retrieved as many as 84 observation data for Jakarta
Islamic Index Companies that comes from the multiplication between a 4
year research period from 2010 to 2013 with a total sample of 21 companies
of the company. The following tables are processed data concerning the
descriptive statistics are as follows:
Table 4.2 Descriptive Test Results
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
MO 84 .10 .95 .4319 .19934 IO 84 .05 .90 .5681 .19934 AC 84 .50 .83 .6719 .06417 ROA 84 -.15 9.76 .6443 1.64677 DER 84 .02 24.12 1.3161 3.21905 PER 84 -80.75 324.59 20.1435 36.49953 Valid N (listwise) 84
Sources: Processed data
43
Table 4.2 shows the descriptive statistics variable research
respectively. Based on the above table. the results of the analysis by using
the descriptive statistics of the managerial ownership indicates the minimum
value of 0.10. the maximum value of 0.95 with an average of 0.4319 and
standard deviation 0.19934. Analysis results by using the descriptive
statistics of the institutional ownership indicates the minimum value of 0.05
for the maximum value of 0.90. with an average of 0.5681 and standard
deviation 0.19934. Analysis results by using the descriptive statistics of the
audite committee indicates the minimum value of 0.50 for the maximum
value of 0.83. with an average of 0.6719 and standard deviation 0.06417.
Analysis results by using the descriptive statistics of the return on asset
indicates the minimum value of -0.15 for the maximum value of 9.76. with
an average of 0.6443 and standard deviation 1.64677. Analysis results by
using the descriptive statistics of the debt to equity ratio indicates the
minimum value of 0.02 for the maximum value of 24.12. with an average of
1.3161 and standard deviation 3.21905. Results of the analysis using
descriptive statistics price earning ratio shows the minimum of -80.75 value
maximum value of 324.59 with average of 20.1435 and standard deviation
36.49953.
2. The Results Of The Test The Assumption Of The Classics
a. The Results Test Normality
Data of type scale as generally follows the assumption of a
normal distribution. However, it is not impossible that a data do not
44
follow assumption of normality. To know the certainty of the spread of
data obtained should be done towards normality test data in question.
Thus, statistical analysis is the first to be used in the framework of the
data analysis is a statistical analysis of test of normality. According to
Ghozali (2009:147) test of normality in regression models are aimed at
the variables the dependent (tied) and independent variables (free) has a
contribution or not.
There are two ways to detect whether or not the residual normal
Gaussian with graphs and analysis of statistical tests (kolmogorov -
smirnov test), as for the description of the test the normality of data is as
follows (Ghozali, 2009:147):
1) Results Test Normality In The Graph
One of the easiest ways to see residual normality is by looking
at the histogram graph that compares the observation to the
distribution between the data that detect a normal distribution.
However, just by looking at the histogram it can be misleading,
especially for a small number of samples. A more reliable method is
to look at a normal probability plot that compares the cumulative
distribution of a normal distribution. Normal distribution will form a
straight line diagonally and ploting residual data will be compared
with the diagonal lines (Ghozali, 2009:147). As for the results of the
calculation of the test of normality by looking at in terms of the graph
shown in picture p-p plot a graph here:
45
Picture 4.1
Results Test Normality Data In The Graph
Sources: Processed data
On the graph of a normal plot visible dots spread around the
diagonal lines, as well as the deployment follows the direction of the
diagonal lines. The second chart shows that the regression model is
worthy to wear due to the assumption of normality (Ghozali
2009:112).
2) Results Test Normality In The Statistic
Test of normality were graph can be misleading if not carefully
visually appear to be normal, even though statistically it could
otherwise. Therefore, it is recommended in addition to the test chart is
equipped with statistical tests (Ghozali, 2009:149). As for the results
of the calculation of the test statistic for normality is seen upon
kolmogorof-smirnov test is as follows:
46
Table 4.3
Results Test Normality Data In The Statistic
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 84
Normal Parametersa,b
Mean 0E-7 Std. Deviation .77583217
Most Extreme Differences Absolute .119 Positive .118 Negative -.119
Kolmogorov-Smirnov Z 1.094 Asymp. Sig. (2-tailed) .183
a. Test distribution is Normal. b. Calculated from data.
Sources: Processed data
Based on kolmogorov-smirnov tests can noted that all
variables have the value of sig. > 0.05, recalls that all data is
distributed normally.
b. Multicollinearity Test Results
Multicollinearity test done to test whether the regression models
found on the existence of a correlation between independent variables.
To detect any problem multikol, it can be done by looking at the values
of Tolerance and Variance Inflation Factor (VIF) as well as the
magnitude of the correlation between independent variables.
Table 4.4
Results Test Multicollinearity Coefficients
a
Model Collinearity Statistics
Tolerance VIF
1
(Constant) MO .299 3.349
IO .305 3.279
AC .964 1.038
ROA .938 1.067
DER .929 1.077
a. Dependent Variable: PER
Sources: Processed data
47
Table 4.3 explains that the existing data do not occur any
multicollinearity between each independent variable that is by looking at
the value of VIF. VIF values is allowed only 10 then the data above is
certain not to occur any multicollinearity. Because the data above
indicates that the value of the VIF is smaller than 10 and the value of
tolerance is greater than 0.10 such circumstances prove no occurrence of
multicollinearity.
c. Autocorrelation Test Results
Autocorrelation is used to test whether a linear regression model
in there is a correlation between the error of a bully in the period t with
error at period t-1 (earlier). If there is a correlation, then called the
autocorrelation problem exists. To detect autocorrelation in the research
was then used to test the Durbin Watson (DW).
Table 4.5
Results Test Autocorrelation Model Summary
b
Model R R Square Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
1 .502a .252 .204 .80031 1.787
a. Predictors: (Constant), DER, AC, ROA, IO, MO b. Dependent Variable: PER
Sources: Processed data
On a table over known value durbin watson (d) of 1,787 this
value will compared with value table by using value significance 5 %, the
number of samples (n) 84 and independent variable quantities (k) are 5.
So from table obtained value du = 1,77 and 4 - du = 4 - 1,77 = 2,23.
Because value du < d < 4 - du or 1,77 < 1,787 < 2,23 hence inconclusive
no autocorrelation either positive and negative.
48
d. Heteroscedasticity Test Result
Heteroscedasticity test aimed at testing whether the regression
model of the residual variance inequality occurred one other observation.
Heteroscedasticity indicates that the variation of the variables are not the
same for all observations. On heteroscedasticity error happens randomly
but not indicate systematic relationships in accordance with the size of
one or more variables. Based on the results of processing the data, the
results of the Scatterplot can be seen in the following image:
Picture 4.2
Heteroscedasticity Test Result
Sources: Processed data
Scatterplot of the graph in Figure 4.2 can be seen that the dots
randomly spread, and spread both above and below the zero on the Y
axis. it can be inferred that heteroscedasticity does not occur in the
regression model. (Ghozali 2009: 107).
49
3. The Result of Hypotesis
a. Significant Simultaneous Test Results (Test F)
This test aims to prove whether the independent variables
simultaneously (together) had an effect on the dependent variable
(Ghozali, 2009:88). Results of statistical tests of F can be seen in the
table below, if a value smaller than 0.05 probability then the influential
research test results simultaneously or together.
Table 4.6
Results Test Significant Simultaneous (Test F) ANOVA
a
Model Sum of Squares df Mean Square F Sig.
1
Regression 16.867 5 3.373 5.267 .000b
Residual 49.959 78 .640
Total 66.826 83 a. Dependent Variable: PER b. Predictors: (Constant), DER, AC, ROA, IO, MO
Sources: Processed data
F test results can be seen in the table above Fvalue acquired for
5.267 > Ftable of 2.33 with a level of significance of 0.000 < 0.05 level of
significance because of less than 0.05, so it can be said that the
managerial ownership, institutional ownership, audit committee, return
on asset and debt to equity ratio toward company of value of influential
simultaneously (together).
b. Significant Partial Test Results (Test t)
T test shows how much influence one of the explanatory variables
are independent or individually in the dependent variable and variation
explained is used to know or no influence of each independent variable
the dependent variable to be individually tested at a level of significance
of 0.05 (Ghozali, 2009:88).
50
Table 4.7 Results Test Significant Partial (Test t)
Coefficientsa
Model Unstandardized Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.488 1.100 1.352 .180
MO -.793 .329 -.431 -2.406 .018
IO -.437 .300 -.258 -1.454 .150
AC .381 1.394 .027 .273 .785
ROA .051 .055 .094 .929 .356
DER -.109 .028 -.390 -3.844 .000
a. Dependent Variable: PER
Sources: Processed data
Based on the above table it can be seen that the effect of the
variable managerial ownership and debt to equity ratio effect
significantly toward company of value, while variables institutional
ownership, audit committee and return on assets has no effect toward
value of company. Following are the results of the description of the
effect of an independent variable to the company of value:
1) Influence Managerial Ownership toward Company of Value
Managerial ownership variable with -2.406 tvalue < -1.99 or sig
value. smaller than 0.05 (0.018 < 0.05), then it can be inferred that the
managerial ownership significantly influential partially toward
company of value, this proves that the increasing managerial
ownership shall be the higher managerial ownership. Results in line
by Wati dan Darmayanti (2012) The results of the analysis found that
the managerial, liquidity, leverage, and profitability is no significant
impact on the dividend policy. There is significant influence
negatively and managerial of ownership of the company liquidity to
51
the company has a positive influence insignificant, Leverage on the
company profitability and positive and significant influence on the
company dividend policy is not significant positive influence.
2) Influence Institutional Ownership toward Company of Value
Institutional ownership variable with -1.454 tvalue > -1.99 or sig
value. greater than 0.05 (0.150 > 0.05), then it can be inferred that the
institutional ownership not significantly influential partially toward
company of value. Results in line by Wati dan Darmayanti (2012) The
results of the analysis found that the managerial, liquidity, leverage,
and profitability is no significant impact on the dividend policy. There
is significant influence negatively and managerial of ownership of the
company liquidity to the company has a positive influence
insignificant, Leverage on the company profitability and positive and
significant influence on the company dividend policy is not significant
positive influence.
3) Influence Audit Committee toward Company of Value
Audite committee variable with 0.273 tvalue < 1.99 or sig value.
greater than 0.05 (0.785 > 0.05), then it can be inferred that the
managerial audite committee not significantly influential partially
toward company of value. Results in line by Sari (2012) The results
said that profitability significant positive on the value of companies
with the value of, leverage have no influence on the value of
52
companies with the value of, economic value added significant
positive on the value of the systematic risk companies have no
influence.
4) Influence Return on Asset toward Company of Value
Return on asset variable with 0.929 tvalue < 1.99 or sig value.
greater than 0.05 (0.356 > 0.05), then it can be inferred that the return
on asset not significantly influential partially toward company of
value. Results in line by Su’aidah (2010) The results First obtained the
results of testing the hypothesis of the conclusion that all the
independent variable, namely ROA and ROE significant influence on
the value companies.
5) Influence Debt to Equity Ratio toward Company of Value
Debt to equity ratio variable with -3.844 tvalue < -1.99 or sig
value. smaller than 0.05 (0.000 < 0.05), then it can be inferred that the
debt to equity ratio significantly influential partially toward company
of value. Results in line by Riadi (2011) The results of research in
partial show from the five independent varibel earning ratio indicated
impact on price, there are only one variable that do not affect namely
price to book value, while the variable earning per share, return on
assets, return on equity, debt to equity ratio per influential.
53
4. Analysis The Result Multiple Linear Regression
a. The Results Of The Coefficients Determination (Adjusted R2)
According to Ghazali (2009:87) to determine how large the
independent variables the dependent variable can explain, then I need to
know the value of the coefficient of determination (Adjusted R-Square).
As for the determination of the Adjusted R2 test results.
Table 4.8
Results Test Of The Coefficients Determination (Adjusted R2)
Model Summaryb
Model R R Square Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
1 .502a .252 .204 .80031 1.787
a. Predictors: (Constant), DER, AC, ROA, IO, MO b. Dependent Variable: PER
Sources: Processed data
The test results indicate the magnitude of the multiple correlation
coefficient (R), the coefficient of determination (R Square) and the
coefficient of determination is adjusted. Based on the above model
summaryb table is obtained that the multiple correlation coefficient (R) of
0.502. This indicates that the variable managerial ownership, institutional
ownership, audit committee, return on asset and debt to equity ratio
toward company of value had a relationship that was. Results in the
above table also shows that the value of the coefficient of determination
(R Square) of 0.252 and the value of the coefficient of determination is
adjusted (Adjusted R Square) is 0.204. This means 38.6% variation of the
return on equity can be explained by variation in the independent
variables (managerial ownership, institutional ownership, audit
committee, return on asset and debt to equity ratio). While the remainder
(100% - 20.4% = 79,6%) was explained by other variable that does not
exist in this research.
54
b. The Results Of The Test Multiple Linear Regression
Multiple linear regression analysis was used to determine the
influence of the dependent variable to the independent variable, the result
of multiple linear regression test is as follows:
Table 4.9 The Results Of A Coefficient Multiple Linear Regression Equation
Coefficientsa
Model Unstandardized Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 1.488 1.100 1.352 .180
MO -.793 .329 -.431 -2.406 .018
IO -.437 .300 -.258 -1.454 .150
AC .381 1.394 .027 .273 .785
ROA .051 .055 .094 .929 .356
DER -.109 .028 -.390 -3.844 .000
a. Dependent Variable: PER
Sources: Processed data
Based on the results that have been obtained from regression
coefficients above, can be made of a regression equation as follows:
Y= 1.488 – 0.793 X1 – 0.437 X2 + 0.381 X3 + 0.051 X4 – 0.109 X5
On the equation above shows the regression constants of 1.488. It
states that if the variable managerial ownership, institutional ownership,
audit committee, return on asset and debt to equity ratio is considered
constant or the value 0 (zero), then the company of value would have
increased by 1.488 units.
The regression coefficient on the variable managerial ownership
of -0.793, this means that if the variable managerial ownership increased
by one unit of the variable company of value will be declined by 0.793
units, with notes on other variables considered to be constant.
55
The regression coefficient on the variable Institutional ownership
of -0.437, this means that if the variable Institutional ownership increased
by one unit of the variable company of value will be declined by 0.437
units, with notes on other variables considered to be constant.
The regression coefficient on the variable audit committee of
0.381, it means that if the variable audit committee increased by one unit
of the variable company of value will be increased by 0.381 units, with
notes on other variables considered to be constant.
The regression coefficient on the variable return on asset of
0,051, it means that if the variable return on asset increased by one unit
of the variable company of value will be increased by 0,051 units, with
notes on other variables considered to be constant.
The regression coefficient on the variable debt to equity ratio of -
0,109, this means that if the variable debt to equity ratio increased by one
unit of the variable company of value will be declined by 0,109 units,
with notes on other variables considered to be constant.
56
CHAPTER V
CONCLUSION AND RECOMMENDATION
A. Conclusion
This research aims to know the influence of the managerial ownership,
institutional ownership, audit committee, return on asset and debt to equity
ratio toward company of value. The object in this research is company Jakarta
Islamic Index listed on the Indonesia stock exchange. Based on the data that
has been collected and the testing that has been done to the problem with using
multiple regression models, the conclusion to be drawn as follows:
1. Based on multiple linear regression test results found that the managerial
ownership and debt to equity ratio partially and significant effect toward
company of value. Whereas the variables institutional ownership, audit
committee, return on asset have no effect on company of value.
2. Based on multiple linear regression test results found that the managerial
ownership, institutional ownership, audit committee, return on asset and
debt to equity ratio simultaneous and significant effect toward company of
value.
B. Recommendation
The results stated that the toward company of value effect significantly
to return on equity then the need for analysis of financial reports to know the
increase or decrease in company of value, thus researchers will give you some
suggestions for further research:
57
1. Analyze the growth of the managerial ownership, institutional ownership,
audit committee, return on asset and debt to equity ratio toward company
of value.
2. Do research with better time again by adding a long period in order to
produce better data again.
3. Add a number of variables that can affect the company of value, so that it
will produce better data again.
4. Using a test tool better yet to generate accurate data.
58
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61
Attachment 1: The Company Name Objects Research Data
No Company Name Stock Code
1 PT Astra Agro Lestari Tbk AALI
2 PT Adaro Energy Tbk ADRO
3 PT Aneka Tambang Tbk ANTM
4 PT Astra International Tbk ASII
5 PT. Sentul Cyty Tbk BKSL
6 PT Borneo Lumbung Energi dan Metal Tbk BORN
7 PT Energi Mega Persada Tbk ENRG
8 PT International Nickel Indonesia Tbk INCO
9 PT Indofood Sukses Makmur Tbk INDF
10 PT Indocement Tunggal Prakarsa Tbk INTP
11 PT Indo Tambangraya Megah Tbk ITMG
12 PT Jasa Marga Tbk JSMR
13 PT Kalbe Farma Tbk KLBF
14 PT Lippo Karawaci Tbk LPKR
15 PT PP London Sumatra Indonesia Tbk LSIP
16 PT Perusahaan Gas Negara Tbk PGAS
17 PT Tambang Batubara Bukit Asam Tbk PTBA
18 PT Semen Gresik Tbk SMGR
19 PT Telekomunikasi Indonesia Tbk TLKM
20 PT United Tractors Tbk UNTR
21 PT Unilever Indonesia Tbk UNVR
62
Attachment 2: Raw Data Variable Research
Managerial Ownership
Stock Code 2010 2011 2012 2013
AALI 20.32% 20.32% 20.32% 20.32%
ADRO 43.95% 47.76% 47.75% 40.12%
ANTM 34.89% 34.89% 34.97% 34.95%
ASII 49.87% 49.87% 49.87% 49.85%
BKSL 94.84% 70.14% 70.14% 68.54%
BORN 86.33% 86.11% 88.86% 84.58%
ENRG 63.46% 66.89% 66.47% 63.00%
INCO 20.14% 20.49% 20.49% 20.49%
INDF 49.90% 49.88% 49.92% 49.92%
INTP 35.97% 35.97% 35.97% 35.97%
ITMG 35.00% 34.98% 34.99% 34.99%
JSMR 26.55% 26.82% 27.54% 27.54%
KLBF 40.02% 40.03% 40.03% 43.29%
LPKR 81.29% 81.70% 80.79% 81.88%
LSIP 40.52% 40.52% 40.52% 40.47%
PGAS 43.00% 43.02% 43.03% 43.03%
PTBA 9.83% 16.24% 15.66% 29.34%
SMGR 48.99% 48.99% 48.99% 48.99%
TLKM 34.49% 30.32% 32.89% 35.19%
UNTR 40.50% 40.50% 40.50% 40.45%
UNVR 15.01% 15.01% 15.01% 15.01%
Institutional Ownership
Stock Code 2010 2011 2012 2013
AALI 79.68% 79.68% 79.68% 79.68%
ADRO 56.05% 52.24% 52.25% 59.88%
ANTM 65.11% 65.11% 65.03% 65.05%
ASII 50.13% 50.13% 50.13% 50.15%
BKSL 5.16% 29.86% 29.86% 31.46%
BORN 13.67% 13.89% 11.14% 15.42%
ENRG 36.54% 33.11% 33.53% 37.00%
INCO 79.86% 79.51% 79.51% 79.51%
INDF 50.10% 50.12% 50.08% 50.08%
INTP 64.03% 64.03% 64.03% 64.03%
ITMG 65.00% 65.02% 65.01% 65.01%
JSMR 73.45% 73.18% 72.46% 72.46%
KLBF 59.98% 59.97% 59.97% 56.71%
LPKR 18.71% 18.30% 19.21% 18.12%
LSIP 59.48% 59.48% 59.48% 59.53%
PGAS 57.00% 56.98% 56.97% 56.97%
PTBA 90.17% 83.76% 84.34% 70.66%
SMGR 51.01% 51.01% 51.01% 51.01%
TLKM 65.51% 69.68% 67.11% 64.81%
UNTR 59.50% 59.50% 59.50% 59.55%
UNVR 84.99% 84.99% 84.99% 84.99%
63
Audit Committee
Stock Code 2010 2011 2012 2013
AALI 0.67 0.67 0.67 0.67
ADRO 0.67 0.67 0.67 0.67
ANTM 0.83 0.57 0.67 0.67
ASII 0.75 0.75 0.75 0.75
BKSL 0.75 0.67 0.67 0.67
BORN 0.67 0.67 0.67 0.67
ENRG 0.67 0.67 0.67 0.67
INCO 0.67 0.67 0.67 0.67
INDF 0.75 0.75 0.75 0.75
INTP 0.67 0.67 0.67 0.67
ITMG 0.50 0.50 0.50 0.50
JSMR 0.75 0.50 0.50 0.67
KLBF 0.67 0.67 0.67 0.67
LPKR 0.67 0.67 0.67 0.67
LSIP 0.67 0.67 0.67 0.67
PGAS 0.80 0.80 0.80 0.80
PTBA 0.67 0.67 0.67 0.67
SMGR 0.67 0.67 0.67 0.67
TLKM 0.67 0.67 0.67 0.67
UNTR 0.67 0.67 0.67 0.67
UNVR 0.67 0.67 0.67 0.67
Return on Asset
Stock Code 2010 2011 2012 2013
AALI 0.24 0.24 0.20 0.13
ADRO 5.46 9.76 5.73 3.40
ANTM 0.14 0.13 0.15 0.02
ASII 0.15 0.14 0.12 0.10
BKSL 0.06 0.03 -0.10 -0.09
BORN 0.01 0.00 -0.06 -0.15
ENRG -0.01 0.01 0.01 0.07
INCO 0.20 0.14 0.03 0.02
INDF 0.08 0.09 0.08 0.04
INTP 0.21 0.20 0.21 0.19
ITMG 0.19 0.35 0.29 0.17
JSMR 0.06 0.06 0.06 0.04
KLBF 0.19 0.18 0.19 0.17
LPKR 3.68 4.46 5.32 5.09
LSIP 0.19 0.25 0.15 0.10
PGAS 0.20 0.20 0.23 0.20
PTBA 0.23 0.27 0.23 0.16
SMGR 0.24 0.25 0.19 0.17
TLKM 0.16 0.15 0.16 0.16
UNTR 0.13 0.13 0.11 0.08
UNVR 0.39 0.40 0.39 0.72
64
Debt to Equity Ratio
Stock Code 2010 2011 2012 2013
AALI 0.19 0.21 0.33 0.46
ADRO 1.18 1.32 1.23 1.11
ANTM 0.28 0.41 0.54 0.71
ASII 1.10 1.02 1.03 0.02
BKSL 4.06 5.26 17.75 24.12
BORN 0.82 0.62 0.66 0.70
ENRG 1.00 1.83 2.00 1.61
INCO 0.30 0.37 0.36 0.33
INDF 1.34 0.70 0.74 1.04
INTP 0.17 0.15 0.17 0.16
ITMG 0.51 0.46 0.49 0.44
JSMR 1.37 1.32 1.53 1.61
KLBF 0.23 0.27 0.28 0.05
LPKR 1.03 0.94 1.17 1.21
LSIP 0.22 0.16 0.20 0.21
PGAS 1.22 0.80 0.66 0.60
PTBA 0.36 0.41 0.50 0.55
SMGR 0.29 0.35 0.46 0.41
TLKM 0.98 0.69 0.66 0.65
UNTR 0.84 0.69 0.56 0.61
UNVR 1.15 1.85 2.02 2.14
Price Earning Ratio
Stock Code 2010 2011 2012 2013
AALI 20.46 13.68 12.64 32.54
ADRO 36.95 11.16 13.78 12.26
ANTM 13.88 8.03 4.08 22.41
ASII 15.37 14.03 13.7 15.33
BKSL 22.49 23.16 -1.81 -1.07
BORN 35.07 324.59 -1.85 2.15
ENRG -80.75 28.59 12.48 0.99
INCO 12.34 10.51 38.48 35.97
INDF 14.5 8.05 10.54 22.61
INTP 18.21 17.43 17.35 15.3
ITMG 31.29 8.74 11.38 10.61
JSMR 19.51 21.61 24.12 23.55
KLBF 25.66 22.43 30.38 32.17
LPKR 27.99 26.26 9.3 17.25
LSIP 16.97 7.34 13.98 22.3
PGAS 17.19 12.49 12.61 10.92
PTBA 26.32 12.95 15.33 14.17
SMGR 15.43 17.15 19.09 16.11
TLKM 13.89 9.18 9.92 14.7
UNTR 20.44 16.76 12.54 15.73
UNVR 37.17 34.45 32.67 36.37
65
Attachment 3: With Processing Results SPSS
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
MO 84 .10 .95 .4319 .19934 IO 84 .05 .90 .5681 .19934 AC 84 .50 .83 .6719 .06417 ROA 84 -.15 9.76 .6443 1.64677 DER 84 .02 24.12 1.3161 3.21905 PER 84 -80.75 324.59 20.1435 36.49953
Valid N (listwise) 84
Correlations
PER MO IO AC ROA DER
Pearson Correlation
PER 1.000 -.283 .172 -.018 .065 -.433
MO -.283 1.000 -.832 .172 .218 .234
IO .172 -.832 1.000 -.134 -.199 -.239
AC -.018 .172 -.134 1.000 -.031 .007
ROA .065 .218 -.199 -.031 1.000 -.037
DER -.433 .234 -.239 .007 -.037 1.000
Sig. (1-tailed)
PER . .005 .059 .437 .280 .000 MO .005 . .000 .059 .023 .016 IO .059 .000 . .112 .035 .014 AC .437 .059 .112 . .390 .477 ROA .280 .023 .035 .390 . .370 DER .000 .016 .014 .477 .370 .
N
PER 84 84 84 84 84 84
MO 84 84 84 84 84 84
IO 84 84 84 84 84 84
AC 84 84 84 84 84 84
ROA 84 84 84 84 84 84
DER 84 84 84 84 84 84
Model Summary
b
Model R R Square Adjusted R Square
Std. Error of the Estimate
Durbin-Watson
1 .502a .252 .204 .80031 1.787
a. Predictors: (Constant), DER, AC, ROA, IO, MO b. Dependent Variable: PER
ANOVA
a
Model Sum of Squares df Mean Square F Sig.
1
Regression 16.867 5 3.373 5.267 .000b
Residual 49.959 78 .640
Total 66.826 83 a. Dependent Variable: PER b. Predictors: (Constant), DER, AC, ROA, IO, MO
66
Coefficients
a
Model Unstandardized Coefficients
Standardized Coefficients
t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1
(Constant) 1.488 1.100 1.352 .180 MO -.793 .329 -.431 -2.406 .018 .299 3.349
IO -.437 .300 -.258 -1.454 .150 .305 3.279
AC .381 1.394 .027 .273 .785 .964 1.038
ROA .051 .055 .094 .929 .356 .938 1.067
DER -.109 .028 -.390 -3.844 .000 .929 1.077
a. Dependent Variable: PER
67
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 84
Normal Parametersa,b
Mean 0E-7 Std. Deviation .77583217
Most Extreme Differences Absolute .119 Positive .118 Negative -.119
Kolmogorov-Smirnov Z 1.094 Asymp. Sig. (2-tailed) .183
a. Test distribution is Normal. b. Calculated from data.