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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


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


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


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


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


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


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.


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


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


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


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


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



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



Durbin-Watson

1 .502a .252 .204 .80031 1.787



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



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



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



Durbin-Watson

1 .502a .252 .204 .80031 1.787


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



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


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.

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