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