lampiran 1. data perusahaan sampel no kode nama ...repository.unika.ac.id/15308/8/13.60.0232 arni...

103

Lampiran 1. Data Perusahaan Sampel

Daftar Perusahaan Sampel 2013

NO KODE NAMA PERUSAHAAN

1 INTP Indocement Tunggak Prakasa Tbk

2 SMBR Semen Baturaja Persero Tbk

3 SMGR Semen Indonesia Tbk

4 ARNA Arwana Citra Mulia Tbk

5 AMFG Asahimas Flat Glass Tbk

6 KIAS Keramika Indonesia Assosiasi Tbk

7 MLIA Mulia Industrindo Tbk

8 TOTO Surya Toto Indonesia Tbk

9 BTON Beton Jaya Manunggal Tbk

10 INAI Indal Aluminium Industry Tbk

11 JPRS Jaya Pari Steel Tbk

12 LION Lion Metal Works Tbk

13 LMSH Lionmesh Prima Tbk

14 ISSP Steel Pipe Industry of Indonesia Tbk

15 SRSN Indo Acitama Tbk

16 AKKU Alam Karya Unggul Tbk

17 APLI Asiaplast Industries Tbk

18 BRNA Berlina Tbk

19 IGAR Champion Pasific Indonesia Tbk

20 TALF Tunas Alfin Tbk

21 ALDO Alkindo Naratama Tbk

22 FASW Fajar Surya Wisesa Tbk

23 SPMA Suparma Tbk

24 ASII Astra International Tbk

25 GJTL Gajah Tunggal Tbk

26 INDS Indospring Tbk

27 PRAS Prima alloy steel Universal Tbk

28 SMSM Selamat Sempurna Tbk

29 STAR Star Petrochem Tbk

30 SSTM Sunson Textile Manufacturer Tbk

104

31 BATA Sepatu Bata Tbk

32 DAVO Davomas Abadi Tbk

33 DLTA Delta Djakarta Tbk

34 ICBP Indofood CBP Sukses Makmur Tbk

35 INDF Indofood Sukses Makmur Tbk

36 MYOR Mayora Indah Tbk

37 MLBI Multi Bintang Indonesia Tbk

38 PSDN Prashida Aneka Niaga Tbk

39 ULTJ Ultrajaya Milk Industry and Trading Company Tbk

40 HMSP Hanjaya Mandala Sampoerna Tbk

41 DVLA Darya Varia Laboratoria Tbk

42 KAEF Kimia Farma Tbk

43 MERK Merck Tbk

44 SQBB Taisho Pharmaceutical Indonesia Tbk

45 TSPC Tempo Scan Pasific Tbk

46 UNVR Unilever Indonesia Tbk

47 KICI Kedaung Indag Can Tbk

105







5 AMFG Asahimas Flat Glass Tbk


7 BTON Beton Jaya Manunggal Tbk

8 GDST Gunawan Dianjaya Steel Tbk




12 PICO Pelangi Indah Canindo Tbk

13 DPNS Duta Pertiwi Nusantara

14 ETWA Eterindo Wahanatama Tbk

15 AKPI Argha Karya Prima Industry Tbk

16 APLI Asiaplast Industries Tbk

17 BRNA Berlina Tbk


19 SIAP Sekawan Intipratama Tbk

20 SIMA Siwani Makmur Tbk

21 TRST Trias Sentosa Tbk

22 TALF Tunas Alfin Tbk

23 YPAS Yana Prima Hasta Persada Tbk

24 SULI SLJ Global Tbk d.h Sumalindo Lestari Jaya Tbk

25 TIRT Tirta Mahakam Resources Tbk

26 FASW Fajar Surya Wisesa Tbk




30 UNIT Nusantara Inti Corpora Tbk

106


32 BIMA Primarindo Asia Infrastructure Tbk

33 BATA Sepatu Bata Tbk

34 JECC Jembo Cable Company Tbk

35 KBLI KMI Wire and Cable Tbk

36 SCCO Supreme Cable Manufacturing and Commerce Tbk

37 DLTA Delta Djakarta Tbk




41 SKLT Sekar Laut Tbk


43 HMSP Hanjaya Mandala Sampoerna Tbk


45 INAF Indofarma Tbk

46 KLBF Kalbe Farma Tbk


48 MERK Merck Tbk

49 SIDO Industri Jamu dan Farmasi Sido Muncul Tbk



52 ADES Akasha Wira International Tbk


54 KICI Kedaung Indag Can Tbk

55 LMPI (Langgeng Makmur Industry Tbk

107






4 WTON Wijaya Karya Beton Tbk



7 TOTO Surya Toto Indonesia Tbk

8 PICO Pelangi Indah Canindo Tbk

9 ALMI Alumindo Light Metal Industry Tbk

10 BAJA Saranacentral Bajatama Tbk




14 DPNS Duta Pertiwi Nusantara Tbk

15 EKAD Ekadharma International Tbk

16 INCI Intan Wijaya International Tbk

17 TRST Trias Sentosa Tbk

18 BRNA Berlina Tbk


20 YPAS Yana Prima Hasta Persada Tbk

21 JPFA Japfa Comfeed Indonesia Tbk

22 SIPD Siearad Produce Tbk

23 TIRT Tirta Mahakam Resources Tbk

24 SPMA Suparma Tbk


26 AUTO Astra Auto Part Tbk

27 INDS Indospring Tbk



30 RICY Ricky Putra Globalindo Tbk

108


32 TRIS Trisula International Tbk

33 JECC Jembo Cable Company Tbk

34 KBLM Kabelindo Murni Tbk

35 SCCO Supreme Cable Manufacturing and Commerce Tbk

36 CEKA Cahaya Kalbar Tbk




40 MYOR Mayora Indah Tbk

41 ROTI Nippon Indosari Corporindo Tbk

42 STTP Siantar Top Tbk


44 GGRM Gudang Garam Tbk


46 INAF Indofarma Tbk


48 KLBF Kalbe Farma Tbk

49 MERK Merck Tbk

50 PYFA Pyridam Farma Tbk

51 SIDO Industri Jamu dan Farmasi Sido Muncul Tbk




55 SKLT Sekar Laut Tbk

56 LMPI Langgeng Makmur Industry Tbk

109

Lampiran 2. Input Data Sampel

Input Data Awal Manajemen Laba

Tahun No Kode NI it CFO it TAC it TA it-1 REV it-1 REV it Δ REV it PPE it REC it-1 REC it Δ REC it

2015 1 INTP 4356661 5049117 -692456 28884973 19996264 17798055 -2198209 13817592 2670993 2544260 -126733

2015 2 SMBR 354180062 522628119 -168448057 2926360857 1214914932 1461248284 246333352 787023588 80553246 39417460 -41135786

2015 3 SMGR 4525441038 7288586537 -2763145499 34314666027 26987035135 26948004471 -39030664 25167682710 3432556555 3628640501 196083946

2015 4 WTON 171784021770 458415942291 -286631920521 3802658881174 3277195052159 2652622140207 -624572911952 1997514941320 482687786516 582412003860 99724217344

2015 5 ARNA 71209943348 111918147182 -40708203834 1259175442875 1609758677687 1291926384471 -317832293216 884792151368 392856746890 413926177287 21069430397

2015 6 MLIA -155911654 367602920 -523514574 7215152320 5629696723 5713989433 84292710 5520673718 563658451 438466836 -125191615

2015 7 TOTO 285236780659 240629138479 44607642180 2027288693678 2053630374083 2278673871193 225043497110 875127024145 546510986499 545590081452 -920905047

2015 8 PICO 14975406018 59320891249 -44345485231 626626507164 694332286638 699310599565 4978312927 132333370834 168398316329 158534987306 -9863329023

2015 9 BAJA -9349900882 27344372141 -36694273023 974632970453 1229844640405 1251193634272 21348993867 249498445491 211977317848 284098300607 72120982759

2015 10 INAI 28615673167 47011856454 -18396183287 897281657710 933462438255 1384675922166 451213483911 231997724037 162208830774 448914306574 286705475800

2015 11 LION 46018637487 59304153529 -13285516042 600102716315 377622622150 389251192409 11628570259 112954807003 81803308390 96861786712 15058478322

2015 12 LMSH 1944443395 10910801951 -8966358556 139915598255 249072012369 174598965938 -74473046431 27799616826 24106193844 20876982285 -3229211559

2015 13 DPNS 9859176172 5105993427 4753182745 268877322944 132775925237 118475319120 -14300606117 14593914982 18334276135 2592885644 -15741390491

2015 14 EKAD 47040256456 100935448358 -53895191902 411348790570 526573620057 531537606573 4963986516 96595733391 74245630803 71465892400 -2779738403

2015 15 INCI 16960660023 25782575358 -8821915335 147992617351 110023088698 136668408270 26645319572 48483386129 17246171884 26479845035 9233673151

2015 16 TRST 25314103403 135020261491 -109706158088 3261285495052 2507884797367 2457349444991 -50535352376 2101159762436 485064194004 429237700778 -55826493226

2015 17 IGAR 51416184307 80061208533 -28645024226 349894783575 737863227409 677331846043 -60531381366 66489781540 147758394227 125800093277 -21958300950

2015 18 YPAS -9880781293 33677132098 -43557913391 320494592961 421516175465 277402566627 -144113608838 166690538767 60635032777 45564377126 -15070655651

2015 19 JPFA 524484 1452924 -928440 15730435 24458880 25022913 564033 6828784 1312779 1253885 -58894

2015 20 TIRT -865431603 16167875835 -17033307438 713714873924 814572005112 852780085776 38208080664 198328135715 46681612020 41020117863 -5661494157

2015 21 SPMA -42597342144 85999470922 -128596813066 2091957078669 1550810295608 1621516334166 70706038558 1439722058953 181435555062 154527265068 -26908289994

2015 22 ASII 15613 26290 -10677 236029 201701 184196 -17505 224 54759 53005 -1754

2015 23 AUTO 322701 866768 -544067 14380926 12255427 11723787 -531640 3507217 1784352 1686745 -97607

2015 24 INDS 1933819152 110641662962 -108707843810 2282666078493 1866977260105 1659505639261 -207471620844 1509423216058 339313341166 311412184688 -27901156478

2015 25 PRAS 6437333237 5512017512 925315725 1286827899805 445664542004 469645085526 23980543522 859544268456 119653754357 88078023429 -31575730928

2015 26 SMSM 461307000000 536111000000 -74804000000 1749395000000 2632860000000 2802924000000 170064000000 714935000000 574663000000 614004000000 39341000000

2015 27 RICY 13465713464 134156890685 -120691177221 1170752424106 1185443580242 1111051293008 -74392287234 339246789752 286674551228 280480520315 -6194030913

2015 28 SSTM -10462177146 29295185872 -39757363018 773663346934 519854661831 506180498366 -13674163465 343663190339 47899817337 50717553591 2817736254

2015 29 TRIS 37448445764 61186196427 -23737750663 523900642605 746828922732 859743472895 112914550163 126698247072 141945316154 136103536749 -5841779405

2015 30 JECC 2464669 21550154 -19085485 1062476023 1493012114 1663335876 170323762 396189098 473898955 469089278 -4809677

110

Tahun No Kode TAC it/

TAit-1

ΔREVit/

TAit-1

PPE it/

TAit-1ΔREVit - ΔRECit

(ΔREVit - ΔRECit)

/ TAit-1PPE it/TA it-1 β0 β1

β1 ((ΔREVit-

ΔRECit)/TAit-1)β2

β2

(PPEit/TAit-1)NDAit Dait

2015 1 INTP -0.023973 -0.0761022 0.4783661 -2071476 -0.071714659 0.478366104 -0.006 0.062 -0.004446309 -0.094 -0.0449664 -0.055413 0.031440

2015 2 SMBR -0.057562 0.0841774 0.2689428 287469138 0.098234344 0.268942768 -0.006 0.062 0.006090529 -0.094 -0.0252806 -0.025190 -0.032372

2015 3 SMGR -0.080524 -0.0011374 0.7334381 -235114610 -0.006851724 0.733438078 -0.006 0.062 -0.000424807 -0.094 -0.0689432 -0.075368 -0.005156

2015 4 WTON -0.075377 -0.1642464 0.5252943 -724297129296 -0.190471234 0.525294275 -0.006 0.062 -0.011809217 -0.094 -0.0493777 -0.067187 -0.008190

2015 5 ARNA -0.032329 -0.2524130 0.7026758 -338901723613 -0.269145754 0.702675832 -0.006 0.062 -0.016687037 -0.094 -0.0660515 -0.088739 0.056409

2015 6 MLIA -0.072558 0.0116827 0.7651500 209484325 0.029033944 0.765149989 -0.006 0.062 0.001800104 -0.094 -0.0719241 -0.076124 0.003566

2015 7 TOTO 0.022004 0.1110071 0.4316736 225964402157 0.111461383 0.431673608 -0.006 0.062 0.006910606 -0.094 -0.0405773 -0.039667 0.061670

2015 8 PICO -0.070769 0.0079446 0.2111838 14841641950 0.023684989 0.211183806 -0.006 0.062 0.001468469 -0.094 -0.0198513 -0.024383 -0.046386

2015 9 BAJA -0.037649 0.0219046 0.2559922 -50771988892 -0.052093445 0.255992207 -0.006 0.062 -0.003229794 -0.094 -0.0240633 -0.033293 -0.004356

2015 10 INAI -0.020502 0.5028672 0.2585562 164508008111 0.183340434 0.258556187 -0.006 0.062 0.011367107 -0.094 -0.0243043 -0.018937 -0.001565

2015 11 LION -0.022139 0.0193776 0.1882258 -3429908063 -0.005715535 0.188225789 -0.006 0.062 -0.000354363 -0.094 -0.0176932 -0.024048 0.001909

2015 12 LMSH -0.064084 -0.5322712 0.1986885 -71243834872 -0.509191511 0.198688475 -0.006 0.062 -0.031569874 -0.094 -0.0186767 -0.056247 -0.007837

2015 13 DPNS 0.017678 -0.0531864 0.0542772 1440784374 0.005358519 0.054277225 -0.006 0.062 0.000332228 -0.094 -0.0051021 -0.010770 0.028448

2015 14 EKAD -0.131021 0.0120676 0.2348268 7743724919 0.018825204 0.234826832 -0.006 0.062 0.001167163 -0.094 -0.0220737 -0.026907 -0.104114

2015 15 INCI -0.059611 0.1800449 0.3276068 17411646421 0.117652128 0.327606789 -0.006 0.062 0.007294432 -0.094 -0.0307950 -0.029501 -0.030110

2015 16 TRST -0.033639 -0.0154955 0.6442735 5291140850 0.001622410 0.644273482 -0.006 0.062 0.000100589 -0.094 -0.0605617 -0.066461 0.032822

2015 17 IGAR -0.081868 -0.1729988 0.1900279 -38573080416 -0.110241942 0.190027930 -0.006 0.062 -0.006835000 -0.094 -0.0178626 -0.030698 -0.051170

2015 18 YPAS -0.135908 -0.4496600 0.5201041 -129042953187 -0.402636912 0.520104059 -0.006 0.062 -0.024963489 -0.094 -0.0488898 -0.079853 -0.056055

2015 19 JPFA -0.059022 0.0358562 0.4341129 622927 0.039600113 0.434112852 -0.006 0.062 0.002455207 -0.094 -0.0408066 -0.044351 -0.014670

2015 20 TIRT -0.023866 0.0535341 0.2778815 43869574821 0.061466527 0.277881466 -0.006 0.062 0.003810925 -0.094 -0.0261209 -0.028310 0.004444

2015 21 SPMA -0.061472 0.0337990 0.6882178 97614328552 0.046661726 0.688217781 -0.006 0.062 0.002893027 -0.094 -0.0646925 -0.067799 0.006327

2015 22 ASII -0.045236 -0.0741646 0.0009490 -15751 -0.066733325 0.000949036 -0.006 0.062 -0.004137466 -0.094 -0.0000892 -0.010227 -0.035009

2015 23 AUTO -0.037833 -0.0369684 0.2438798 -434033 -0.030181158 0.243879775 -0.006 0.062 -0.001871232 -0.094 -0.0229247 -0.030796 -0.007037

2015 24 INDS -0.047623 -0.0908900 0.6612545 -179570464366 -0.078666988 0.661254500 -0.006 0.062 -0.004877353 -0.094 -0.0621579 -0.073035 0.025412

2015 25 PRAS 0.000719 0.0186354 0.6679559 55556274450 0.043173042 0.667955885 -0.006 0.062 0.002676729 -0.094 -0.0627879 -0.066111 0.066830

2015 26 SMSM -0.042760 0.0972130 0.4086756 130723000000 0.074724691 0.408675571 -0.006 0.062 0.004632931 -0.094 -0.0384155 -0.039783 -0.002977

2015 27 RICY -0.103089 -0.0635423 0.2897682 -68198256321 -0.058251646 0.289768172 -0.006 0.062 -0.003611602 -0.094 -0.0272382 -0.036850 -0.066239

2015 28 SSTM -0.051388 -0.0176746 0.4442025 -16491899719 -0.021316636 0.444202497 -0.006 0.062 -0.001321631 -0.094 -0.0417550 -0.049077 -0.002312

2015 29 TRIS -0.045310 0.2155266 0.2418364 118756329568 0.226677198 0.241836403 -0.006 0.062 0.014053986 -0.094 -0.0227326 -0.014679 -0.030631

2015 30 JECC -0.017963 0.1603083 0.3728923 175133439 0.164835192 0.372892272 -0.006 0.062 0.010219782 -0.094 -0.0350519 -0.030832 0.012869

111

Tahun No Kode ASET LANCARLIABILITAS

LANCARCR TOT.ASET TATO TOT.EKUITAS ROE TOT.LIABILITAS DER Kas untuk PPE FCF

FCF/TOT.

ASETKA

2015 1 INTP 13133854 2687743 4.89 27638360 0.644 23865950 0.183 3772410 0.158 2670307 2378810 0.086 3

2015 2 SMBR 1938566969 255994894 7.57 3268667933 0.447 2949352584 0.120 319315349 0.108 31024594 491603525 0.150 3

2015 3 SMGR 10538703910 6599189622 1.60 38153118932 0.706 27440798401 0.165 10712320531 0.390 5168034789 2120551748 0.056 4

2015 4 WTON 2454908917918 1793464704364 1.37 4456097502805 0.595 2263425161325 0.076 2192672341480 0.969 442994450797 15421491494 0.003 3

2015 5 ARNA 509178006986 498857920866 1.02 1430779475454 0.903 894728477056 0.080 536050998398 0.599 83393114623 28525032559 0.020 4

2015 6 MLIA 1530197787 1757515738 0.87 7125800277 0.802 1115119044 -0.140 6010681233 5.390 222649573 144953347 0.020 3

2015 7 TOTO 1348062605364 560119357447 2.41 2439540859205 0.934 1491542919106 0.191 947997940099 0.636 160020207353 80608931126 0.033 3

2015 8 PICO 449061302609 282806672040 1.59 605788310444 1.154 247090984313 0.061 358697326131 1.452 965958000 58354933249 0.096 3

2015 9 BAJA 667260528237 777986766746 0.86 948682681142 1.319 161627612352 -0.058 787055068790 4.870 6627868308 20716503833 0.022 3

2015 10 INAI 955465955552 952130242797 1.00 1330259296537 1.041 239820902657 0.119 1090438393880 4.547 43419529382 3592327072 0.003 3

2015 11 LION 508345199844 133693524978 3.80 639330150373 0.609 454599496171 0.101 184730654202 0.406 23917496421 35386657108 0.055 3

2015 12 LMSH 89126109044 11018274023 8.09 133782751041 1.305 112441377144 0.017 21341373897 0.190 618352196 10292449755 0.077 3

2015 13 DPNS 185099466179 13865122841 13.35 274483110371 0.432 241296079044 0.041 33187031327 0.138 1723365836 3382627591 0.012 3

2015 14 EKAD 284055202739 79594446891 3.57 389691595500 1.364 291961416611 0.161 97730178889 0.335 6125145575 94810302783 0.243 3

2015 15 INCI 107268622816 11084537386 9.68 169546066314 0.806 154051308997 0.110 15494757317 0.101 3703620113 22078955245 0.130 3

2015 16 TRST 1137766718031 869536723928 1.31 3357359499954 0.732 1956920690054 0.013 1400438809900 0.716 47217915315 87802346176 0.026 3

2015 17 IGAR 309534956646 62393966974 4.96 383936040590 1.764 310464258463 0.166 73471782127 0.237 30684601639 49376606894 0.129 3

2015 18 YPAS 104222023392 85097667841 1.22 279189768587 0.994 150399520729 -0.066 128790247858 0.856 419263196 33257868902 0.119 3

2015 19 JPFA 9604154 5352670 1.79 17159466 1.458 6109692 0.086 11049774 1.809 708488 744436 0.043 3

2015 20 TIRT 520354933692 479533182534 1.09 763168027178 1.117 91161062357 -0.009 672006964821 7.372 740825818 15427050017 0.020 3

2015 21 SPMA 712695266090 765797690730 0.93 2185464365772 0.742 752677119911 -0.057 1390005205106 1.847 59008405821 26991065101 0.012 3

2015 22 ASII 105161 76242 1.38 245435 0.750 126533 0.123 118902 0.940 6439 19851 0.081 4

2015 23 AUTO 4796770 3625907 1.32 14339110 0.818 10143426 0.032 4195684 0.414 737843 128925 0.009 3

2015 24 INDS 992929224058 445006853182 2.23 2553928346219 0.650 1919038917988 0.001 634889428231 0.331 46798556885 63843106077 0.025 3

2015 25 PRAS 658889212539 655589698468 1.01 1531742052164 0.307 720564133797 0.009 811177918367 1.126 33116981 5478900531 0.004 3

2015 26 SMSM 1368558000000 105847000000 12.93 2220108000000 1.263 1440248000000 0.320 779860000000 0.541 100498000000 435613000000 0.196 3

2015 27 RICY 851477572604 718198051081 1.19 1198193867892 0.927 400079043512 0.034 798114824380 1.995 57428372977 76728517708 0.064 3

2015 28 SSTM 377319537345 331660630809 1.14 721884167684 0.701 244091472861 -0.043 477792694823 1.957 4107450000 25187735872 0.035 3

2015 29 TRIS 428277334914 226897001062 1.89 574346433075 1.497 329208076905 0.114 245138356170 0.745 25800376607 35385819820 0.062 3

2015 30 JECC 927492569 883284008 1.05 1358464081 1.224 367756259 0.007 990707822 2.694 16994866 4555288 0.003 3

112


2015 31 KBLM 12760365612 24641687071 -11881321459 647249655440 919537870594 967710339797 48172469203 291209032493 220031115877 189980395473 -30050720404

2015 32 SCCO 159543050307 197980124011 -38437073704 1656007190010 3703267949291 3533081041052 -170186908239 327657621402 840603662188 713941018489 -126662643699

2015 33 CEKA 106549446980 168614370234 -62064923254 1284150037341 3701868790192 3485733830354 -216134959838 221003080305 315238141384 261169962552 -54068178832

2015 34 INDF 3231713 4213613 -981900 85938885 63594452 64061947 467495 25096342 4339670 5116610 776940

2015 35 ICBP 2923148 3485533 -562385 24910211 30022463 31741094 1718631 6555660 2902202 3363697 461495

2015 36 MYOR 1250233128560 2336785497955 -1086552369395 10291108029334 14169088278238 14818730635847 649642357609 3770695841693 3080840526614 3379244630889 298404104275

2015 37 ROTI 270538700440 555511840614 -284973140174 2142894276216 1880262901697 2174501712899 294238811202 1821378205498 213406935097 250544417433 37137482336

2015 38 STTP 185705201171 194843122728 -9137921557 1700204093895 2170464194350 2544277844656 373813650306 1042537874859 281859370792 315428170065 33568799273

2015 39 ULTJ 523100215029 669463282892 -146363067863 2917083567355 3916789366423 4393932684171 477143317748 1160712905883 407449449974 477628933703 70179483729

2015 40 GGRM 6452834 3200820 3252014 58220600 65185850 70365573 5179723 20106488 1532275 1568098 35823

2015 41 DVLA 107894430 214166823 -106272393 1236247525 1103821775 1306098136 202276361 258265183 351272822 398510527 47237705

2015 42 INAF 6565707419 134284985659 -127719278240 1248343275406 1381436578115 1621898667657 240462089542 398427199954 208245803553 209889781499 1643977946

2015 43 KAEF 252972506074 175966862348 77005643726 2968184626297 4521024379759 4860371483524 339347103765 681742779981 525094482086 576206358857 51111876771

2015 44 KLBF 2057694281873 2456995428106 -399301146233 12425032367729 17368532547558 17887464223321 518931675763 3938494051483 2464901529716 2434081759027 -30819770689

2015 45 MERK 142545462 160700345 -18154883 716599526 863207535 983446471 120238936 110784138 144633951 171588194 26954243

2015 46 PYFA 3087104465 15699910434 -12612805969 172736624689 192555731180 217843921422 25288190242 84152132186 39596938982 30245569598 -9351369384

2015 47 SIDO 437475 432896 4579 2821399 2197907 2218536 20629 961873 334258 347730 13472

2015 48 SQBB 150207262 139913445 10293817 459352720 497501571 514708068 17206497 90312268 123424938 135781322 12356384

2015 49 TSPC 529218651807 778361981647 -249143329840 5592730492960 7512115037587 8181481867179 669366829592 1616562460878 839642753550 923247607102 83604853552

2015 50 UNVR 5851805 6299051 -447246 14280670 34511534 36484030 1972496 8320917 3052260 3602272 550012

2015 51 SKLT 20066791849 29666923359 -9600131510 331574891637 681419524161 745107731208 63688207047 148556690479 82116256304 91574884157 9458627853

2015 52 LMPI 3968046308 16467774299 -12499727991 808892238344 513547309970 452693585202 -60853724768 261750620000 250433391505 242107769071 -8325622434

2014 53 INTP 5274009 5344607 -70598 26607241 18691286 19996264 1304978 12143632 2518588 2670993 152405

2014 54 SMBR 328336316 283527338 44808978 2711416335 1168607832 1214914932 46307100 557907013 35736258 80553246 44816988

2014 55 SMGR 5573577279 6721170878 -1147593599 30792884092 24501240780 26987035135 2485794355 20221066650 2916061904 3432556555 516494651

2014 56 ARNA 261651053219 238937995916 22713057303 1135244802060 1417640229330 1609758677687 192118448357 736206333096 306380879154 392856746890 86475867736

2014 57 AMFG 458635 564250 -105615 3539393 3216480 3672186 455706 1530836 400446 383817 -16629

2014 58 MLIA 125013335 460633645 -335620310 7189899445 5197009630 5629696723 432687093 5497490587 517172468 563658451 46485983

2014 59 BTON 7630330090 7643755010 -13424920 176136296407 113547870414 96008496750 -17539373664 14238319647 10853173217 9317662847 -1535510370

2014 60 INAI 22058700759 81915088114 -59856387355 765881409376 640702671875 933462438255 292759766380 103335945534 162208830774 225252514571 63043683797

113


TAit-1

ΔREVit/

TAit-1

PPE it/


(ΔREVit - ΔRECit)


β1 ((ΔREVit-

ΔRECit)/TAit-1)β2

β2


2015 31 KBLM -0.018357 0.0744264 0.4499176 78223189607 0.120854741 0.449917632 -0.006 0.062 0.007492994 -0.094 -0.0422923 -0.040799 0.022443

2015 32 SCCO -0.023211 -0.1027694 0.1978600 -43524264540 -0.026282654 0.197860023 -0.006 0.062 -0.001629525 -0.094 -0.0185988 -0.026228 0.003018

2015 33 CEKA -0.048332 -0.1683097 0.1721007 -162066781006 -0.126205487 0.172100669 -0.006 0.062 -0.007824740 -0.094 -0.0161775 -0.030002 -0.018329

2015 34 INDF -0.011426 0.0054399 0.2920255 -309445 -0.003600757 0.292025455 -0.006 0.062 -0.000223247 -0.094 -0.0274504 -0.033674 0.022248

2015 35 ICBP -0.022576 0.0689930 0.2631716 1257136 0.050466694 0.263171597 -0.006 0.062 0.003128935 -0.094 -0.0247381 -0.027609 0.005033

2015 36 MYOR -0.105582 0.0631266 0.3664033 351238253334 0.034130266 0.366403290 -0.006 0.062 0.002116076 -0.094 -0.0344419 -0.038326 -0.067256

2015 37 ROTI -0.132985 0.1373091 0.8499618 257101328866 0.119978541 0.849961767 -0.006 0.062 0.007438670 -0.094 -0.0798964 -0.078458 -0.054527

2015 38 STTP -0.005375 0.2198640 0.6131840 340244851033 0.200120005 0.613183958 -0.006 0.062 0.012407440 -0.094 -0.0576393 -0.051232 0.045857

2015 39 ULTJ -0.050174 0.1635686 0.3979018 406963834019 0.139510516 0.397901836 -0.006 0.062 0.008649652 -0.094 -0.0374028 -0.034753 -0.015421

2015 40 GGRM 0.055857 0.0889672 0.3453501 5143900 0.088351889 0.345350065 -0.006 0.062 0.005477817 -0.094 -0.0324629 -0.032985 0.088842

2015 41 DVLA -0.085964 0.1636212 0.2089106 155038656 0.125410691 0.208910576 -0.006 0.062 0.007775463 -0.094 -0.0196376 -0.017862 -0.068102

2015 42 INAF -0.102311 0.1926250 0.3191648 238818111596 0.191308045 0.319164774 -0.006 0.062 0.011861099 -0.094 -0.0300015 -0.024140 -0.078171

2015 43 KAEF 0.025944 0.1143282 0.2296834 288235226994 0.097108254 0.229683415 -0.006 0.062 0.006020712 -0.094 -0.0215902 -0.021570 0.047513

2015 44 KLBF -0.032137 0.0417650 0.3169806 549751446452 0.044245474 0.316980587 -0.006 0.062 0.002743219 -0.094 -0.0297962 -0.033053 0.000916

2015 45 MERK -0.025335 0.1677910 0.1545970 93284693 0.130176883 0.154597002 -0.006 0.062 0.008070967 -0.094 -0.0145321 -0.012461 -0.012874

2015 46 PYFA -0.073018 0.1463974 0.4871702 34639559626 0.200533961 0.487170178 -0.006 0.062 0.012433106 -0.094 -0.0457940 -0.039361 -0.033657

2015 47 SIDO 0.001623 0.0073116 0.3409206 7157 0.002536685 0.340920586 -0.006 0.062 0.000157274 -0.094 -0.0320465 -0.037889 0.039512

2015 48 SQBB 0.022409 0.0374581 0.1966077 4850113 0.010558581 0.196607670 -0.006 0.062 0.000654632 -0.094 -0.0184811 -0.023826 0.046236

2015 49 TSPC -0.044548 0.1196852 0.2890471 585761976040 0.104736314 0.289047088 -0.006 0.062 0.006493651 -0.094 -0.0271704 -0.026677 -0.017871

2015 50 UNVR -0.031318 0.1381235 0.5826699 1422484 0.099609052 0.582669931 -0.006 0.062 0.006175761 -0.094 -0.0547710 -0.054595 0.023277

2015 51 SKLT -0.028953 0.1920779 0.4480336 54229579194 0.163551525 0.448033594 -0.006 0.062 0.010140195 -0.094 -0.0421152 -0.037975 0.009022

2015 52 LMPI -0.015453 -0.0752309 0.3235915 -52528102334 -0.064938319 0.323591460 -0.006 0.062 -0.004026176 -0.094 -0.0304176 -0.040444 0.024991

2014 53 INTP -0.002653 0.0490460 0.4564033 1152573 0.043318020 0.456403278 -0.006 0.062 0.002685717 -0.094 -0.0429019 -0.046216 0.043563

2014 54 SMBR 0.016526 0.0170786 0.2057622 1490112 0.000549570 0.205762208 -0.006 0.062 0.000034073 -0.094 -0.0193416 -0.025308 0.041834

2014 55 SMGR -0.037268 0.0807263 0.6566799 1969299704 0.063953078 0.656679855 -0.006 0.062 0.003965091 -0.094 -0.0617279 -0.063763 0.026495

2014 56 ARNA 0.020007 0.1692309 0.6485001 105642580621 0.093057093 0.648500070 -0.006 0.062 0.005769540 -0.094 -0.0609590 -0.061189 0.081197

2014 57 AMFG -0.029840 0.1287526 0.4325137 472335 0.133450849 0.432513711 -0.006 0.062 0.008273953 -0.094 -0.0406563 -0.038382 0.008542

2014 58 MLIA -0.046679 0.0601799 0.7646130 386201110 0.053714397 0.764613000 -0.006 0.062 0.003330293 -0.094 -0.0718736 -0.074543 0.027864

2014 59 BTON -0.000076 -0.0995784 0.0808369 -16003863294 -0.090860678 0.080836942 -0.006 0.062 -0.005633362 -0.094 -0.0075987 -0.019232 0.019156

2014 60 INAI -0.078154 0.3822521 0.1349242 229716082583 0.299936883 0.134924212 -0.006 0.062 0.018596087 -0.094 -0.0126829 -0.000087 -0.078067

114



FCF/TOT.

ASETKA

2015 31 KBLM 362277745626 342643691341 1.06 654385717061 1.479 296475380006 0.043 357910337055 1.207 20419520556 4222166515 0.006 3

2015 32 SCCO 1380917436620 826026927582 1.67 1773144328632 1.993 922352503822 0.173 850791824810 0.922 34228651561 163751472450 0.092 3

2015 33 CEKA 1253019074345 816471301252 1.53 1485826210015 2.346 639893514352 0.167 845932695663 1.322 15360238774 153254131460 0.103 3

2015 34 INDF 42816745 25107538 1.71 91831526 0.698 43121593 0.075 48709933 1.130 3540744 672869 0.007 3

2015 35 ICBP 13961500 6002344 2.33 26560624 1.195 16386911 0.178 10173713 0.621 1399617 2085916 0.079 3

2015 36 MYOR 7454347029087 3151495162694 2.37 11342715686221 1.306 5077450725071 0.246 6148255759034 1.211 463593808964 1873191688991 0.165 3

2015 37 ROTI 812990646097 395920006814 2.05 2706323637034 0.803 1188534951872 0.228 1517788685162 1.277 195298394940 360213445674 0.133 3

2015 38 STTP 875469433776 554491047968 1.58 1919568037170 1.325 1008809438257 0.184 910758598913 0.903 185584489794 9258632934 0.005 3

2015 39 ULTJ 2103565054627 561628179393 3.75 3539995910248 1.241 2797505693922 0.187 742490216326 0.265 244036641351 425426641541 0.120 3

2015 40 GGRM 42568431 24045086 1.77 63505413 1.108 38007909 0.170 25497504 0.671 2923422 277398 0.004 3

2015 41 DVLA 1043830034 296298118 3.52 1376278237 0.949 973517334 0.111 402760903 0.414 32201430 181965393 0.132 3

2015 42 INAF 1068157388878 846731120973 1.26 1533708564241 1.058 592708896744 0.011 940999667498 1.588 16330817594 117954168065 0.077 3

2015 43 KAEF 2100921793619 1088431346892 1.93 3236224076311 1.502 1862096822470 0.136 1374127253841 0.738 146204582173 29762280175 0.009 3

2015 44 KLBF 8748491608702 2365880490863 3.70 13696417381439 1.306 10938285985269 0.188 2758131396170 0.252 903742633914 1553252794192 0.113 3

2015 45 MERK 483679971 132435895 3.65 641646818 1.533 473543282 0.301 168103536 0.355 42463177 118237168 0.184 3

2015 46 PYFA 72745997374 36534059349 1.99 159951537229 1.362 101222059197 0.030 58729478032 0.580 1995602888 13704307546 0.086 2

2015 47 SIDO 1707439 184060 9.28 2796111 0.793 2598314 0.168 197797 0.076 196701 236195 0.084 3

2015 48 SQBB 365466619 102270152 3.57 464027522 1.109 354053487 0.424 109974035 0.311 16392461 123520984 0.266 3

2015 49 TSPC 4304922144352 1696486657073 2.54 6284729099203 1.302 4337140975120 0.122 1947588124083 0.449 262332668105 516029313542 0.082 3

2015 50 UNVR 6623114 10127542 0.65 15729945 2.319 4827360 1.212 10902585 2.258 1472444 4826607 0.307 3

2015 51 SKLT 189758915421 159132842277 1.19 377110748359 1.976 152044668111 0.132 225066080248 1.480 19759710325 9907213034 0.026 3

2015 52 LMPI 442484119278 351301587089 1.26 793093512600 0.571 401211837509 0.010 391881675091 0.977 13438738862 3029035437 0.004 3

2014 53 INTP 16086773 3260559 4.93 28884973 0.692 24784801 0.213 4100172 0.165 3459061 1885546 0.065 3

2014 54 SMBR 2335768747 179749240 12.99 2926360857 0.415 2717247111 0.121 209113746 0.077 31837071 251690267 0.086 3

2014 55 SMGR 11648544675 5273269122 2.21 34314666027 0.786 25002451936 0.223 9312214091 0.372 2581061518 4140109360 0.121 5

2014 56 ARNA 507458459958 315672702842 1.61 1259175442875 1.278 912230541132 0.287 346944901743 0.380 86889013567 152048982349 0.121 4

2014 57 AMFG 2263728 398238 5.68 3918391 0.937 3184642 0.144 733749 0.230 312259 251991 0.064 4

2014 58 MLIA 1628326016 1462013369 1.11 7215152320 0.780 1321572099 0.095 5893580221 4.460 226937767 233695878 0.032 3

2014 59 BTON 125563722796 24837582186 5.06 174157547015 0.551 146640218904 0.052 27517328111 0.188 -543032721 8186787731 0.047 3

2014 60 INAI 644378101805 595335758497 1.08 897281657710 1.040 145842103885 0.151 751439553825 5.152 35733668074 46181420040 0.051 3

115


2014 61 LION 49001630102 61833303338 -12831673236 498567897161 333674349966 377622622150 43948272184 101606366543 63350679547 81803308390 18452628843

2014 62 LMSH 7403115436 9999770412 -2596654976 141697598705 256210760822 249072012369 -7138748453 29522279223 24299962987 24106193844 -193769143

2014 63 PICO 16153616369 24408903218 -8255286849 621400236614 684448835916 694332286638 9883450722 139160457062 153848244468 168398316329 14550071861

2014 64 DPNS 14519866284 5877779661 8642086623 256372669050 131333196189 132775925237 1442729048 14918235303 16245495525 18334276135 2088780610

2014 65 AKPI 34690704 374349492 -339658788 2084567189 1663385190 1945383031 281997841 1060731359 416207759 400045577 -16162182

2014 66 APLI 9626571647 22314328339 -12687756692 303594490546 281551386863 294081114204 12529727341 165967227248 44108251883 49153447552 5045195669

2014 67 BRNA 56998824 198105603 -141106779 1125132715 960999965 1258841240 297841275 719368856 159995583 232366583 72371000

2014 68 IGAR 54898874758 25762820842 29136053916 314746644499 643403327263 737863227409 94459900146 46081516352 128470063461 147758394227 19288330766

2014 69 SIMA 1378596138 3624161343 -2245565205 65314178204 2281916205 15760701901 13478785696 8055614938 126469290 1755797783 1629328493

2014 70 TRST 30084477143 236909957713 -206825480570 3260919505192 2033149367039 2507884797367 474735430328 1980022881193 475835141313 485064194004 9229052691

2014 71 TALF 57653818954 57518834251 134984703 341414650168 423277747305 558080193376 134802446071 118272956724 74401020834 77153187729 2752166895

2014 72 YPAS -8931976717 52054364496 -60986341213 613878797683 439680589423 421516175465 -18164413958 180149137587 57019735596 60635032777 3615297181

2014 73 SULI 5519 34541 -29022 941141 177698 531317 353619 406365 54084 50989 -3095

2014 74 TIRT 23140521040 73334021254 -50193500214 723177125785 740839654535 814572005112 73732350577 183149192387 24917449146 46681612020 21764162874

2014 75 ASII 22125 14963 7162 213994 193880 201701 7821 8984 51645 54759 3114

2014 76 PRAS 11340527608 11556006425 -215478817 795630254209 316174631298 445664542004 129489910706 705792134066 88886702784 119653754357 30767051573

2014 77 SMSM 421467000000 449864000000 -28397000000 1701103245176 2372982726295 2632860000000 259877273705 492897000000 561027272788 574663000000 13635727212

2014 78 UNIT 396296296 23058031778 -22661735482 459118935528 101886214646 102448044300 561829654 347163555335 23722446653 21824128777 -1898317876

2014 79 SSTM -12840297828 39556169947 -52396467775 801866397035 573748747725 519854661831 -53894085894 373976560649 67217400707 47899817337 -19317583370

2014 80 BIMA 10048996788 11928906958 -1879910170 118007059098 279150207182 286688094220 7537887038 14028659400 17770602672 14178332149 -3592270523

2014 81 BATA 70781440 62179864 8601576 680685060 902459209 1008727515 106268306 245225987 43299158 40711116 -2588042

2014 82 JECC 23844710 42230169 -18385459 1239821716 1490073098 1493012114 2939016 121782583 513749516 473898955 -39850561

2014 83 KBLI 70080135740 170079674604 -99999538864 1337022291951 2572350076614 2384078038239 -188272038375 411558691981 486996835413 476764021710 -10232813703

2014 84 SCCO 137618900727 62171128817 75447771910 1762032300123 3751042310613 3703267949291 -47774361322 308148648014 799525898469 840603662188 41077763719

2014 85 ICBP 2531681 3860843 -1329162 21267470 25094681 30022463 4927782 5838843 2549415 2902202 352787

2014 86 INDF 4401080 9269318 -4868238 78092789 57731998 63594452 5862454 22011488 4959416 4339670 -619746

2014 87 MLBI 794883 913005 -118122 1782148 3561989 2988501 -573488 1315305 325807 382051 56244

2014 88 SKLT 16480714984 23398218902 -6917503918 301989488699 567048547543 681419524161 114370976618 135210633301 73947590412 82116256304 8168665892

2014 89 ULTJ 283360914211 128022639236 155338274975 2811620982142 3460231249075 3916789366423 456558117348 1003229206363 381952810801 407449449974 25496639173

2014 90 HMSP 10181083 11103195 -922112 27404594 75025207 80690139 5664932 6355591 1449427 1097937 -351490

116


TAit-1

ΔREVit/

TAit-1

PPE it/


(ΔREVit - ΔRECit)


β1 ((ΔREVit-

ΔRECit)/TAit-1)β2

β2


2014 61 LION -0.025737 0.0881490 0.2037964 25495643341 0.051137756 0.203796448 -0.006 0.062 0.003170541 -0.094 -0.0191569 -0.021986 -0.003751

2014 62 LMSH -0.018325 -0.0503802 0.2083471 -6944979310 -0.049012682 0.208347068 -0.006 0.062 -0.003038786 -0.094 -0.0195846 -0.028623 0.010298

2014 63 PICO -0.013285 0.0159051 0.2239466 -4666621139 -0.007509848 0.223946579 -0.006 0.062 -0.000465611 -0.094 -0.0210510 -0.027517 0.014232

2014 64 DPNS 0.033709 0.0056275 0.0581896 -646051562 -0.002519970 0.058189648 -0.006 0.062 -0.000156238 -0.094 -0.0054698 -0.011626 0.045335

2014 65 AKPI -0.162940 0.1352788 0.5088497 298160023 0.143032100 0.508849686 -0.006 0.062 0.008867990 -0.094 -0.0478319 -0.044964 -0.117976

2014 66 APLI -0.041792 0.0412713 0.5466740 7484531672 0.024653055 0.546674042 -0.006 0.062 0.001528489 -0.094 -0.0513874 -0.055859 0.014067

2014 67 BRNA -0.125413 0.2647166 0.6393636 225470275 0.200394382 0.639363558 -0.006 0.062 0.012424452 -0.094 -0.0601002 -0.053676 -0.071738

2014 68 IGAR 0.092570 0.3001141 0.1464083 75171569380 0.238831996 0.146408285 -0.006 0.062 0.014807584 -0.094 -0.0137624 -0.004955 0.097525

2014 69 SIMA -0.034381 0.2063684 0.1233364 11849457203 0.181422434 0.123336390 -0.006 0.062 0.011248191 -0.094 -0.0115936 -0.006345 -0.028036

2014 70 TRST -0.063426 0.1455833 0.6071977 465506377637 0.142753103 0.607197718 -0.006 0.062 0.008850692 -0.094 -0.0570766 -0.054226 -0.009200

2014 71 TALF 0.000395 0.3948350 0.3464203 132050279176 0.386773910 0.346420274 -0.006 0.062 0.023979982 -0.094 -0.0325635 -0.014584 0.014979

2014 72 YPAS -0.099346 -0.0295896 0.2934604 -21779711139 -0.035478846 0.293460433 -0.006 0.062 -0.002199688 -0.094 -0.0275853 -0.035785 -0.063561

2014 73 SULI -0.030837 0.3757343 0.4317791 356714 0.379022909 0.431779085 -0.006 0.062 0.023499420 -0.094 -0.0405872 -0.023088 -0.007749

2014 74 TIRT -0.069407 0.1019561 0.2532563 51968187703 0.071860940 0.253256340 -0.006 0.062 0.004455378 -0.094 -0.0238061 -0.025351 -0.044056

2014 75 ASII 0.033468 0.0365478 0.0419825 4707 0.021995944 0.041982485 -0.006 0.062 0.001363749 -0.094 -0.0039464 -0.008583 0.042051

2014 76 PRAS -0.000271 0.1627514 0.8870856 98722859133 0.124081329 0.887085591 -0.006 0.062 0.007693042 -0.094 -0.0833860 -0.081693 0.081422

2014 77 SMSM -0.016693 0.1527698 0.2897514 246241546493 0.144754028 0.289751372 -0.006 0.062 0.008974750 -0.094 -0.0272366 -0.024262 0.007569

2014 78 UNIT -0.049359 0.0012237 0.7561517 2460147530 0.005358410 0.756151682 -0.006 0.062 0.000332221 -0.094 -0.0710783 -0.076746 0.027387

2014 79 SSTM -0.065343 -0.0672108 0.4663826 -34576502524 -0.043120029 0.466382632 -0.006 0.062 -0.002673442 -0.094 -0.0438400 -0.052513 -0.012830

2014 80 BIMA -0.015930 0.0638766 0.1188798 11130157561 0.094317727 0.118879832 -0.006 0.062 0.005847699 -0.094 -0.0111747 -0.011327 -0.004603

2014 81 BATA 0.012637 0.1561196 0.3602635 108856348 0.159921753 0.360263507 -0.006 0.062 0.009915149 -0.094 -0.0338648 -0.029950 0.042586

2014 82 JECC -0.014829 0.0023705 0.0982259 42789577 0.034512686 0.098225883 -0.006 0.062 0.002139787 -0.094 -0.0092332 -0.013093 -0.001736

2014 83 KBLI -0.074793 -0.1408144 0.3078174 -178039224672 -0.133160999 0.307817375 -0.006 0.062 -0.008255982 -0.094 -0.0289348 -0.043191 -0.031602

2014 84 SCCO 0.042819 -0.0271132 0.1748825 -88852125041 -0.050425934 0.174882519 -0.006 0.062 -0.003126408 -0.094 -0.0164390 -0.025565 0.068384

2014 85 ICBP -0.062497 0.2317051 0.2745434 4574995 0.215117031 0.274543375 -0.006 0.062 0.013337256 -0.094 -0.0258071 -0.018470 -0.044028

2014 86 INDF -0.062339 0.0750704 0.2818633 6482200 0.083006384 0.281863259 -0.006 0.062 0.005146396 -0.094 -0.0264951 -0.027349 -0.034990

2014 87 MLBI -0.066281 -0.3217959 0.7380448 -629732 -0.353355614 0.738044764 -0.006 0.062 -0.021908048 -0.094 -0.0693762 -0.097284 0.031004

2014 88 SKLT -0.022906 0.3787250 0.4477329 106202310726 0.351675521 0.447732912 -0.006 0.062 0.021803882 -0.094 -0.0420869 -0.026283 0.003377

2014 89 ULTJ 0.055249 0.1623825 0.3568152 431061478175 0.153314220 0.356815237 -0.006 0.062 0.009505482 -0.094 -0.0335406 -0.030035 0.085284

2014 90 HMSP -0.033648 0.2067147 0.2319170 6016422 0.219540636 0.231916992 -0.006 0.062 0.013611519 -0.094 -0.0218002 -0.014189 -0.019459

117



FCF/TOT.

ASETKA

2014 61 LION 488268612706 132155047433 3.69 600102716315 0.629 443978957043 0.110 156123759272 0.352 51455137070 10378166268 0.017 3

2014 62 LMSH 107779916138 19357303490 5.57 139915598255 1.780 115951209812 0.064 23964388443 0.207 8514515494 1485254918 0.011 3

2014 63 PICO 457862103838 276068533694 1.66 626626507164 1.108 231101202611 0.070 395525304553 1.711 2370784239 22038118979 0.035 3

2014 64 DPNS 175900992382 16424251535 10.71 268877322944 0.494 236082522272 0.062 32794800672 0.139 3264586166 2613193495 0.010 3

2014 65 AKPI 920128174 812876509 1.13 2227042590 0.874 1035845653 0.033 1191196937 1.150 118590305 255759187 0.115 3

2014 66 APLI 89509388915 31090308805 2.88 273126657794 1.077 225257926102 0.043 47868731692 0.213 20908530016 1405798323 0.005 3

2014 67 BRNA 581019904 555109444 1.05 1334085916 0.944 366374815 0.156 967711101 2.641 44537930 153567673 0.115 2

2014 68 IGAR 302146092589 73319694812 4.12 349894783575 2.109 263451227145 0.208 86443556430 0.328 5723395526 20039425316 0.057 3

2014 69 SIMA 22595278165 28025746707 0.81 62607762222 0.252 31397753515 0.044 31210008707 0.994 1896627156 1727534187 0.028 1

2014 70 TRST 1182292914595 955175792503 1.24 3261285495052 0.769 1761493183162 0.017 1499792311890 0.851 121297718183 115612239530 0.035 3

2014 71 TALF 302876053830 82021759414 3.69 431533296503 1.293 326581298760 0.177 104951997743 0.321 16508919223 41009915028 0.095 3

2014 72 YPAS 130490593485 94377062611 1.38 320494592961 1.315 161879412678 -0.055 158615180283 0.980 13942975335 38111389161 0.119 3

2014 73 SULI 297211 386373 0.77 900611 0.590 -366477 -0.015 1267088 -3.457 1013 33528 0.037 3

2014 74 TIRT 491854559646 445342122045 1.10 713714873924 1.141 82154363037 0.282 631560510887 7.687 9184165504 64149855750 0.090 3

2014 75 ASII 97241 73523 1.32 236029 0.855 120324 0.184 115705 0.962 8487 6476 0.027 4

2014 76 PRAS 566779211419 564899086298 1.00 1286827899805 0.346 685821589456 0.017 601006310349 0.876 345769000 11210237425 0.009 3

2014 77 SMSM 1133730000000 536800000000 2.11 1749395000000 1.505 1146837000000 0.368 602558000000 0.525 113324000000 336540000000 0.192 3

2014 78 UNIT 87603774426 194527779957 0.45 440727374151 0.232 241653558598 0.002 199073815553 0.824 0 23058031778 0.052 3

2014 79 SSTM 398785346285 332510082788 1.20 773663346934 0.672 773663346934 -0.017 514793507583 0.665 23611990000 15944179947 0.021 3

2014 80 BIMA 86879500495 94025048182 0.92 104058578348 2.755 -193918969257 -0.052 297977547605 -1.537 2014754406 9914152552 0.095 3

2014 81 BATA 490875888 316233635 1.55 774891087 1.302 429115605 0.165 345775482 0.806 41706885 20472979 0.026 3

2014 82 JECC 873185261 846116408 1.03 1062476023 1.405 171355054 0.139 891120969 5.200 4579148 37651021 0.035 3

2014 83 KBLI 851745555700 256060417655 3.33 1337351473763 1.783 940756718451 0.074 396594755312 0.422 42951338866 127128335738 0.095 3

2014 84 SCCO 1293776722303 826026927582 1.57 1656007190010 2.236 814392519881 0.169 841614670129 1.033 49070748873 13100379944 0.008 3

2014 85 ICBP 13603527 6230997 2.18 24910211 1.205 15039947 0.168 9870264 0.656 1057364 2803479 0.113 3

2014 86 INDF 40995736 22681686 1.81 85938885 0.740 41228376 0.107 44710509 1.084 5221818 4047500 0.047 3

2014 87 MLBI 816494 1588801 0.51 2231051 1.340 553797 1.435 1677254 3.029 444357 468648 0.210 3

2014 88 SKLT 167419411740 141425302223 1.18 331574891637 2.055 153368106620 0.107 178206785017 1.162 22353638719 1044580183 0.003 3

2014 89 ULTJ 1642101746819 490967089226 3.34 2917083567355 1.343 2265097759730 0.125 651985807625 0.288 110005997024 18016642212 0.006 3

2014 90 HMSP 20777514 13600230 1.53 28380630 2.843 13498114 0.754 14882516 1.103 1493001 9610194 0.339 3

118


2014 91 DVLA 80929476 104436317 -23506841 1190054288 1101684170 1103821775 2137605 267039943 377104867 351272822 -25832045

2014 92 INAF 1164824606 148726901608 -147562077002 1294510669195 1337498191710 1381436578115 43938386405 394584546295 285853171964 208245803553 -77607368411

2014 93 KLBF 2121090581630 2316125821045 -195035239415 11315061275026 16002131057048 17368532547558 1366401490510 3404457131056 2273378788416 2464901529716 191522741300

2014 94 KAEF 236531070864 286309255381 -49778184517 2471939548890 4348073988385 4521024379759 172950391374 557939412570 554220980343 525094482086 -29126498257

2014 95 MERK 150375493 232826497 -82451004 696946318 1193952302 863207535 -330744767 81384920 137783742 144633951 6850209

2014 96 SIDO 415193 369322 45871 2951507 2372364 2197907 -174457 791081 461975 334258 -127717

2014 97 SQBB 164808009 160898696 3909313 421187982 426436344 497501571 71065227 87174799 95182119 123424938 28242819

2014 98 TSPC 584293062124 512956089428 71336972696 5407957915805 6854889233121 7512115037587 657225804466 1554389853202 808788359595 839642753550 30854393955

2014 99 UNVR 5738523 6462722 -724199 13348188 30757435 34511534 3754099 7348025 3441068 3052260 -388808

2014 100 KICI 4703508241 1313583361 3389924880 98295722100 99029696717 102971318497 3941621780 8253323849 9693700254 9919207273 225507019

2014 101 LMPI 1710590575 7786642389 -6076051814 822189506877 676111070762 513547309970 -162563760792 264086403130 229486553340 250433391505 20946838165

2013 102 INTP 5012294 5419268 -406974 22755160 17290337 18691286 1400949 9308692 2454818 2518588 63770

2013 103 SMBR 312183836 298064307 14119529 1198586407 1097679986 1168607832 70927846 589671589 319067 35736258 35417191

2013 104 SMGR 5354298521 6047147495 -692848974 26579083786 19598247884 24501240780 4902992896 18862518157 2522528928 2916061904 393532976

2013 105 ARNA 237697913883 278878036499 -41180122616 937359770277 1113663603211 1417640229330 303976626119 705760636024 219607208300 306380879154 86773670854

2013 106 AMFG 338358 551871 -213513 3115421 2857310 3216480 359170 1478147 310118 400446 90328

2013 107 KIAS 75360306268 202177490839 -126817184571 2143814884435 780233550859 910845835792 130612284933 1458987957660 268135988219 230819919141 -37316069078

2013 108 MLIA -474045653 638446530 -1112492183 6558955234 4580710119 5197009630 616299511 5556239354 439732448 517172468 77440020

2013 109 TOTO 236557513162 320627072830 -84069559668 1522663914388 1576763006758 1711306783682 134543776924 461181775000 418581106774 462105579635 43524472861

2013 110 INAI 5019540731 77754740234 -72735199503 612224219835 598243426900 640702671875 42459244975 84097628783 114237070323 162208830774 47971760451

2013 111 LION 64761350816 52556704619 12204646197 433497042140 333921950207 333674349966 -247600241 60440970754 63770337446 63350679547 -419657899

2013 112 LMSH 14382899194 13814790256 568108938 128547715366 223079062667 256210760822 33131698155 23305792882 28241866692 24299962987 -3941903705

2013 113 ISSP 203561 304874 -101313 3282806 3092658 3534018 441360 1157563 590954 888049 297095

2013 114 SRSN 15994295 37888934 -21894639 402108960 384145388 392315526 8170138 118272543 67312492 81705524 14393032

2013 115 APLI 1881586263 62415415884 -60533829621 333867300446 343677756488 281551386863 -62126369625 171880874270 68305424564 44108251883 -24197172681

2013 116 BRNA -12219421 103086504 -115305925 770383930 836986463 960999965 124013502 639297618 146025664 159995583 13969919

2013 117 IGAR 35030416158 31571765591 3458650567 312342760278 556445856927 643403327263 86957470336 48894720354 115112251868 128470063461 13357811593

2013 118 TALF 38389053253 42622507336 -4233454083 326320811667 362728439447 423277747305 60549307858 73764892525 65487035834 72257220834 6770185000

2013 119 ALDO 22589101552 39652190973 -17063089421 216293168908 318332488772 399345658763 81013169991 105216294418 75193860495 108891776937 33697916442

2013 120 FASW -249057875558 209910765040 -458968640598 5578334207456 3987782936544 4960825518081 973042581537 3795093179369 880766152723 1053613166479 172847013756

119


TAit-1

ΔREVit/

TAit-1

PPE it/


(ΔREVit - ΔRECit)


β1 ((ΔREVit-

ΔRECit)/TAit-1)β2

β2


2014 91 DVLA -0.019753 0.0017962 0.2243931 27969650 0.023502835 0.224393077 -0.006 0.062 0.001457176 -0.094 -0.0210929 -0.025636 0.005883

2014 92 INAF -0.113991 0.0339421 0.3048137 121545754816 0.093893204 0.304813669 -0.006 0.062 0.005821379 -0.094 -0.0286525 -0.028831 -0.085160

2014 93 KLBF -0.017237 0.1207595 0.3008784 1174878749210 0.103833176 0.300878365 -0.006 0.062 0.006437657 -0.094 -0.0282826 -0.027845 0.010608

2014 94 KAEF -0.020137 0.0699655 0.2257092 202076889631 0.081748314 0.225709165 -0.006 0.062 0.005068395 -0.094 -0.0212167 -0.022148 0.002011

2014 95 MERK -0.118303 -0.4745628 0.1167736 -337594976 -0.484391649 0.116773585 -0.006 0.062 -0.030032282 -0.094 -0.0109767 -0.047009 -0.071294

2014 96 SIDO 0.015542 -0.0591078 0.2680261 -46740 -0.015835978 0.268026130 -0.006 0.062 -0.000981831 -0.094 -0.0251945 -0.032176 0.047718

2014 97 SQBB 0.009282 0.1687257 0.2069736 42822408 0.101670536 0.206973614 -0.006 0.062 0.006303573 -0.094 -0.0194555 -0.019152 0.028434

2014 98 TSPC 0.013191 0.1215294 0.2874264 626371410511 0.115824017 0.287426396 -0.006 0.062 0.007181089 -0.094 -0.0270181 -0.025837 0.039028

2014 99 UNVR -0.054254 0.2812441 0.5504886 4142907 0.310372239 0.550488576 -0.006 0.062 0.019243079 -0.094 -0.0517459 -0.038503 -0.015752

2014 100 KICI 0.034487 0.0400996 0.0839642 3716114761 0.037805458 0.083964222 -0.006 0.062 0.002343938 -0.094 -0.0078926 -0.011549 0.046036

2014 101 LMPI -0.007390 -0.1977205 0.3211989 -183510598957 -0.223197447 0.321198946 -0.006 0.062 -0.013838242 -0.094 -0.0301927 -0.050031 0.042641

2013 102 INTP -0.017885 0.0615662 0.4090805 1337179 0.058763771 0.409080490 -0.006 0.062 0.003643354 -0.094 -0.0384536 -0.040810 0.022925

2013 103 SMBR 0.011780 0.0591762 0.4919725 35510655 0.029627113 0.491972532 -0.006 0.062 0.001836881 -0.094 -0.0462454 -0.050409 0.062189

2013 104 SMGR -0.026067 0.1844681 0.7096753 4509459920 0.169661978 0.709675259 -0.006 0.062 0.010519043 -0.094 -0.0667095 -0.062190 0.036123

2013 105 ARNA -0.043932 0.3242902 0.7529240 217202955265 0.231717812 0.752923966 -0.006 0.062 0.014366504 -0.094 -0.0707749 -0.062408 0.018476

2013 106 AMFG -0.068534 0.1152878 0.4744614 268842 0.086293955 0.474461397 -0.006 0.062 0.005350225 -0.094 -0.0445994 -0.045249 -0.023285

2013 107 KIAS -0.059155 0.0609252 0.6805569 167928354011 0.078331555 0.680556875 -0.006 0.062 0.004856556 -0.094 -0.0639723 -0.065116 0.005961

2013 108 MLIA -0.169614 0.0939631 0.8471226 538859491 0.082156300 0.847122622 -0.006 0.062 0.005093691 -0.094 -0.0796295 -0.080536 -0.089078

2013 109 TOTO -0.055212 0.0883608 0.3028782 91019304063 0.059776359 0.302878246 -0.006 0.062 0.003706134 -0.094 -0.0284706 -0.030764 -0.024448

2013 110 INAI -0.118805 0.0693524 0.1373641 -5512515476 -0.009004079 0.137364100 -0.006 0.062 -0.000558253 -0.094 -0.0129122 -0.019470 -0.099334

2013 111 LION 0.028154 -0.0005712 0.1394265 172057658 0.000396906 0.139426489 -0.006 0.062 0.000024608 -0.094 -0.0131061 -0.019081 0.047235

2013 112 LMSH 0.004419 0.2577385 0.1813007 37073601860 0.288403429 0.181300716 -0.006 0.062 0.017881013 -0.094 -0.0170423 -0.005161 0.009581

2013 113 ISSP -0.030862 0.1344460 0.3526139 144265 0.043945637 0.352613892 -0.006 0.062 0.002724629 -0.094 -0.0331457 -0.036421 0.005559

2013 114 SRSN -0.054450 0.0203182 0.2941306 -6222894 -0.015475641 0.294130583 -0.006 0.062 -0.000959490 -0.094 -0.0276483 -0.034608 -0.019842

2013 115 APLI -0.181311 -0.1860810 0.5148179 -37929196944 -0.113605606 0.514817935 -0.006 0.062 -0.007043548 -0.094 -0.0483929 -0.061436 -0.119875

2013 116 BRNA -0.149673 0.1609762 0.8298429 110043583 0.142842521 0.829842878 -0.006 0.062 0.008856236 -0.094 -0.0780052 -0.075149 -0.074524

2013 117 IGAR 0.011073 0.2784040 0.1565419 73599658743 0.235637473 0.156541872 -0.006 0.062 0.014609523 -0.094 -0.0147149 -0.006105 0.017179

2013 118 TALF -0.012973 0.1855515 0.2260502 53779122858 0.164804453 0.226050224 -0.006 0.062 0.010217876 -0.094 -0.0212487 -0.017031 0.004058

2013 119 ALDO -0.078889 0.3745526 0.4864522 47315253549 0.218755191 0.486452230 -0.006 0.062 0.013562822 -0.094 -0.0457265 -0.038164 -0.040725

2013 120 FASW -0.082277 0.1744325 0.6803273 800195567781 0.143447047 0.680327323 -0.006 0.062 0.008893717 -0.094 -0.0639508 -0.061057 -0.021220

120



FCF/TOT.

ASETKA

2014 91 DVLA 925293721 178583390 5.18 1236247525 0.893 962431483 0.084 273816042 0.285 60592775 43843542 0.035 4

2014 92 INAF 782887635406 600565585352 1.30 1248343275406 1.107 591963192495 0.002 656380082912 1.109 47736789366 100990112242 0.081 3

2014 93 KLBF 8120805370192 2385920172589 3.40 12425032367729 1.398 9817475678446 0.216 2607556689283 0.266 750705865640 1565419955405 0.126 3

2014 94 KAEF 2040430857906 854811681427 2.39 2968184626297 1.523 1811143949913 0.131 1157040676384 0.639 188302246814 98007008567 0.033 3

2014 95 MERK 595338719 129820145 4.59 716599526 1.205 553690856 0.272 162908670 0.294 23351913 209474584 0.292 3

2014 96 SIDO 1860438 181431 10.25 2821399 0.779 2634659 0.158 18674 0.007 248201 121121 0.043 3

2014 97 SQBB 366091435 83717824 4.37 459352720 1.083 368878943 0.447 90473777 0.245 13912511 146986185 0.320 3

2014 98 TSPC 3714700991066 1237332206210 3.00 5592730492960 1.343 4132338998550 0.141 1460391494410 0.353 403561634775 109394454653 0.020 3

2014 99 UNVR 6337170 8864832 0.71 14280670 2.417 4598782 1.248 9681888 2.105 1125906 5336816 0.374 3

2014 100 KICI 65027601187 8227166909 7.90 96745744221 1.064 78680086844 0.060 18065657377 0.230 525242770 788340591 0.008 3

2014 101 LMPI 455111382760 366938314354 1.24 808892238344 0.635 399130784193 0.004 409761454151 1.027 1793747412 5992894977 0.007 3

2013 102 INTP 16846248 2740089 6.15 26607241 0.702 22977687 0.218 3629554 0.158 2018998 3400270 0.128 3

2013 103 SMBR 2106641387 193631286 10.88 2711416335 0.431 2466956754 0.127 244459581 0.099 138585110 159479197 0.059 3

2013 104 SMGR 9972110370 5297630537 1.88 30792884092 0.796 21803975875 0.246 8988908217 0.412 2548758346 3498389149 0.114 4

2013 105 ARNA 405105632599 311780561616 1.30 1135244802060 1.249 768489883529 0.309 366754918531 0.477 143578816339 135299220160 0.119 3

2013 106 AMFG 1980116 473960 4.18 3539393 0.909 2760727 0.123 778666 0.282 337027 214844 0.061 4

2013 107 KIAS 740675947313 140475900300 5.27 2270904910518 0.401 2047100560910 0.037 223804349608 0.109 67278830384 134898660455 0.059 4

2013 108 MLIA 1504650594 1332135012 1.13 7189899445 0.723 1190112351 -0.398 5999787094 5.041 390828833 247617697 0.034 3

2013 109 TOTO 1089798514557 496494829421 2.19 1746177682568 0.980 1035650413675 0.228 710527268893 0.686 163422838014 157204234816 0.090 3

2013 110 INAI 543234334813 439441122554 1.24 765881409376 0.837 126317803126 0.040 639563606250 5.063 11607840800 66146899434 0.086 3

2013 111 LION 428821050227 63728680126 6.73 498567897161 0.669 415784337843 0.156 82783559318 0.199 34518903341 18037801278 0.036 3

2013 112 LMSH 115485009525 27518969110 4.20 141697598705 1.808 110468094376 0.130 31229504329 0.283 8867105017 4947685239 0.035 3

2013 113 ISSP 3003350 2096531 1.43 4393577 0.804 1934459 0.105 2459118 1.271 235427 69447 0.016 3

2013 114 SRSN 294789185 89839668 3.28 420782548 0.932 314375634 0.051 106406914 0.338 16784636 21104298 0.050 3

2013 115 APLI 126905701667 68941583137 1.84 303594490546 0.927 217723188925 0.009 85871301621 0.394 8898440447 53516975437 0.176 3

2013 116 BRNA 456451073 562368619 0.81 1125132715 0.854 305881179 -0.040 819251536 2.678 71166169 31920335 0.028 2

2013 117 IGAR 262716285534 77516948155 3.39 314746644499 2.044 225742774790 0.155 89003869709 0.394 12280964441 19290801150 0.061 3

2013 118 TALF 252155514280 50599322129 4.98 341414650168 1.240 272311067306 0.141 69103582862 0.254 5463226772 37159280564 0.109 3

2013 119 ALDO 195585658856 150482940928 1.30 301479232221 1.325 139883299162 0.161 161595933059 1.155 37457327007 2194863966 0.007 3

2013 120 FASW 1859839888550 1310179939827 1.42 5692060407681 0.872 1557932041189 -0.160 4134128366492 2.654 161346220385 48564544655 0.009 3

121


2013 121 SPMA -23856512660 73269743170 -97126255830 1664353264549 1274793105314 1395838227179 121045121865 1201431102939 184117266525 195976401834 11859135309

2013 122 ASII 22297 21250 1047 182274 188053 193880 5827 5574 46291 51645 5354

2013 123 GJTL 120330 1299132 -1178802 12510854 12578596 12352917 -225679 6415815 2226538 2282868 56330

2013 124 INDS 147608449013 255755973870 -108147524857 1664779358215 1476987701603 1702447098851 225459397248 1090004493757 239653643789 309703107747 70049463958

2013 125 PRAS 13196638424 10729054393 2467584031 577349886068 310224018731 316174631298 5950612567 446146197508 54040856306 88886702784 34845846478

2013 126 SMSM 350777803941 449576533100 -98798729159 1441204473590 2163842229019 2372982726295 209140497276 492164737137 430808303120 561027272788 130218969668

2013 127 STAR 569455861 5562378087 -4992922226 751720620157 204735375950 274141734113 69406358163 329692789876 49353670275 66499283201 17145612926

2013 128 SSTM -13228135718 83498266987 -96726402705 810275583968 554471435919 573748747725 19277311806 385911640643 37269957428 67217400707 29947443279

2013 129 BATA 44373679 44680921 -307242 574107994 751449338 902459209 151009871 210124423 33773117 43299158 9526041

2013 130 ICBP 2235040 1993496 241544 17753480 21574792 25094681 3519889 4844407 2359334 2549415 190081

2013 131 INDF 3414886 6928790 -3513904 59324207 50059427 57731998 7672571 23027913 3617741 4959416 1341675

2013 132 MYOR 1058418939252 987023231523 71395707729 8302506241903 10510625669832 12017837133337 1507211463505 3114328724682 2051346588063 2813146233513 761799645450

2013 133 MLBI 1171229 1181049 -9820 1152048 1566984 3561989 1995005 1009836 166805 325807 159002

2013 134 PSDN 21322248834 81549809650 -60227560816 682611125989 1305116747447 1279553071584 -25563675863 275646225705 65406971713 71291451908 5884480195

2013 135 ULTJ 325127420664 195989263645 129138157019 2420793382029 2809851307439 3460231249075 650379941636 965974994305 308798933273 381952810801 73153877528

2013 136 HMSP 10818486 10802179 16307 26247527 66626123 75025207 8399084 5072283 1372754 1449427 76673

2013 137 DVLA 125796473 106931180 18865293 1074691476 1087379869 1101684170 14304301 243055168 390002690 377104867 -12897823

2013 138 KAEF 215642329977 253783664733 -38141334756 2076347580785 3734241101309 4348073988385 613832887076 498644378133 464466907480 554220980343 89754072863

2013 139 MERK 175444757 133099062 42345695 569430951 929876824 1193952302 264075478 61626794 68545535 137783742 69238207

2013 140 SQBB 149521096 153706638 -4185542 421187982 387535486 426436344 38900858 87590027 97933494 95182119 -2751375

2013 141 TSPC 638535108795 448669480614 189865628181 4632984970719 6630809553343 6854889233121 224079679778 1203851892215 745771375982 808788359595 63016983613

2013 142 UNVR 5352625 6241679 -889054 11984979 27303248 30757435 3454187 6874177 2666875 3441068 774193

2013 143 KICI 7419500718 2412411340 5007089378 94955970131 94787254405 99029696717 4242442312 8717131863 13302623566 9693700254 -3608923312

122


TAit-1

ΔREVit/

TAit-1

PPE it/


(ΔREVit - ΔRECit)


β1 ((ΔREVit-

ΔRECit)/TAit-1)β2

β2


2013 121 SPMA -0.058357 0.0727280 0.7218606 109185986556 0.065602651 0.721860634 -0.006 0.062 0.004067364 -0.094 -0.0678549 -0.069788 0.011431

2013 122 ASII 0.005744 0.0319684 0.0305803 473 0.002594994 0.030580335 -0.006 0.062 0.000160890 -0.094 -0.0028746 -0.008714 0.014458

2013 123 GJTL -0.094222 -0.0180387 0.5128199 -282009 -0.022541147 0.512819908 -0.006 0.062 -0.001397551 -0.094 -0.0482051 -0.055603 -0.038620

2013 124 INDS -0.064962 0.1354290 0.6547441 155409933290 0.093351670 0.654744119 -0.006 0.062 0.005787804 -0.094 -0.0615459 -0.061758 -0.003204

2013 125 PRAS 0.004274 0.0103068 0.7727484 -28895233911 -0.050048046 0.772748394 -0.006 0.062 -0.003102979 -0.094 -0.0726383 -0.081741 0.086015

2013 126 SMSM -0.068553 0.1451151 0.3414954 78921527608 0.054760812 0.341495427 -0.006 0.062 0.003395170 -0.094 -0.0321006 -0.034705 -0.033847

2013 127 STAR -0.006642 0.0923300 0.4385842 52260745237 0.069521500 0.438584204 -0.006 0.062 0.004310333 -0.094 -0.0412269 -0.042917 0.036275

2013 128 SSTM -0.119375 0.0237911 0.4762721 -10670131473 -0.013168522 0.476272084 -0.006 0.062 -0.000816448 -0.094 -0.0447696 -0.051586 -0.067789

2013 129 BATA -0.000535 0.2630339 0.3660016 141483830 0.246441143 0.366001563 -0.006 0.062 0.015279351 -0.094 -0.0344041 -0.025125 0.024590

2013 130 ICBP 0.013605 0.1982647 0.2728708 3329808 0.187558045 0.272870840 -0.006 0.062 0.011628599 -0.094 -0.0256499 -0.020021 0.033627

2013 131 INDF -0.059232 0.1293329 0.3881706 6330896 0.106716909 0.388170600 -0.006 0.062 0.006616448 -0.094 -0.0364880 -0.035872 -0.023361

2013 132 MYOR 0.008599 0.1815369 0.3751071 745411818055 0.089781543 0.375107062 -0.006 0.062 0.005566456 -0.094 -0.0352601 -0.035694 0.044293

2013 133 MLBI -0.008524 1.7317030 0.8765572 1836003 1.593686201 0.876557227 -0.006 0.062 0.098808544 -0.094 -0.0823964 0.010412 -0.018936

2013 134 PSDN -0.088231 -0.0374498 0.4038115 -31448156058 -0.046070383 0.403811504 -0.006 0.062 -0.002856364 -0.094 -0.0379583 -0.046815 -0.041416

2013 135 ULTJ 0.053345 0.2686640 0.3990324 577226064108 0.238444994 0.399032400 -0.006 0.062 0.014783590 -0.094 -0.0375090 -0.028725 0.082071

2013 136 HMSP 0.000621 0.3199953 0.1932480 8322411 0.317074100 0.193248034 -0.006 0.062 0.019658594 -0.094 -0.0181653 -0.004507 0.005128

2013 137 DVLA 0.017554 0.0133101 0.2261627 27202124 0.025311566 0.226162739 -0.006 0.062 0.001569317 -0.094 -0.0212593 -0.025690 0.043244

2013 138 KAEF -0.018369 0.2956311 0.2401546 524078814213 0.252404183 0.240154579 -0.006 0.062 0.015649059 -0.094 -0.0225745 -0.012925 -0.005444

2013 139 MERK 0.074365 0.4637533 0.1082252 194837271 0.342161364 0.108225227 -0.006 0.062 0.021214005 -0.094 -0.0101732 0.005041 0.069324

2013 140 SQBB -0.009937 0.0923598 0.2079595 41652233 0.098892264 0.207959464 -0.006 0.062 0.006131320 -0.094 -0.0195482 -0.019417 0.009479

2013 141 TSPC 0.040981 0.0483662 0.2598437 161062696165 0.034764347 0.259843686 -0.006 0.062 0.002155390 -0.094 -0.0244253 -0.028270 0.069251

2013 142 UNVR -0.074181 0.2882097 0.5735660 2679994 0.223612741 0.573566045 -0.006 0.062 0.013863990 -0.094 -0.0539152 -0.046051 -0.028129

2013 143 KICI 0.052731 0.0446780 0.0918018 7851365624 0.082684276 0.091801830 -0.006 0.062 0.005126425 -0.094 -0.0086294 -0.009503 0.062234

123



FCF/TOT.

ASETKA

2013 121 SPMA 548082351987 456536667620 1.20 1767105818949 0.790 755534570205 -0.032 1011571248744 1.339 48648011114 24621732056 0.014 3

2013 122 ASII 88352 71139 1.24 213994 0.906 106188 0.210 107806 1.015 8292 12958 0.061 4

2013 123 GJTL 6779903 2964235 2.29 14780623 0.836 5724343 0.021 9626411 1.682 867800 431332 0.029 3

2013 124 INDS 1086590779051 281799219289 3.86 2196518364473 0.775 1752865614508 0.084 443652749965 0.253 84534718533 171221255337 0.078 3

2013 125 PRAS 331855600868 321945837163 1.03 795630254209 0.397 406448113304 0.032 389182140905 0.958 21465050 10707589343 0.013 3

2013 126 SMSM 1097152037422 523047319216 2.10 1701103245176 1.395 1006799010307 0.348 694304234869 0.690 152062642023 297513891077 0.175 3

2013 127 STAR 419709950355 224298901387 1.87 749402740231 0.366 489824348836 0.001 259578391395 0.530 43728400 5518649687 0.007 3

2013 128 SSTM 415053316392 315809046109 1.31 801866397035 0.716 271710137179 -0.049 530156259856 1.951 41683260000 41815006987 0.052 3

2013 129 BATA 435578754 257337714 1.69 680685060 1.326 396853165 0.112 283831895 0.715 34419621 10261300 0.015 3

2013 130 ICBP 11321715 4696583 2.41 21267470 1.180 13265731 0.168 8001739 0.603 1089384 904112 0.043 3

2013 131 INDF 32464497 19471309 1.67 78092789 0.739 38373129 0.089 39719660 1.035 5359482 1569308 0.020 3

2013 132 MYOR 6430065428871 2631646469682 2.44 9709838250473 1.238 3938760819650 0.269 5771077430823 1.465 477094673565 509928557958 0.053 3

2013 133 MLBI 706252 722542 0.98 1782148 1.999 987533 1.186 722542 0.732 487419 693630 0.389 3

2013 134 PSDN 381085626721 227421742800 1.68 681832333141 1.877 417599733163 0.051 264232599978 0.633 9567766795 71982042855 0.106 3

2013 135 ULTJ 1565510655138 633794053008 2.47 2811620982142 1.231 2015146534086 0.161 796474448056 0.395 88857102494 107132161151 0.038 3

2013 136 HMSP 21247830 12123790 1.75 27404594 2.738 14155035 0.764 13249559 0.936 1268930 9533249 0.348 3

2013 137 DVLA 913983962 215473310 4.24 1190054288 0.926 914702952 0.138 275351336 0.301 54936209 51994971 0.044 4

2013 138 KAEF 1810614614537 746123148554 2.43 2471939548890 1.759 1624354688981 0.133 847584859909 0.522 195382932164 58400732569 0.024 3

2013 139 MERK 588237590 147818253 3.98 696946318 1.713 512218622 0.343 184727696 0.361 9539766 123559296 0.177 3

2013 140 SQBB 329044588 66233801 4.97 421187982 1.012 347052274 0.431 74135708 0.214 15120844 138585794 0.329 3

2013 141 TSPC 3991115858814 1347465965403 2.96 5407957915805 1.268 3862951854240 0.165 1545006061565 0.400 421973528288 26695952326 0.005 3

2013 142 UNVR 5862939 8419442 0.70 13348188 2.304 4254670 1.258 9093518 2.137 1149550 5092129 0.381 3

2013 143 KICI 66863972844 11580043353 5.77 98295722100 1.007 73976578603 0.100 24319143497 0.329 343035295 2069376045 0.021 3

124

Lampiran 3. Sampel Penurunan Laba dan Peningkatan Laba

Daftar Perusahaan Sampel Penurunan Laba

Tahun No Kode Dadec CR TATO ROE DER

FCF/

TOT.

ASET

KA

2015 1 SMBR 0,0323722 7,57 0,447 0,120 0,108 0,150 3

2015 2 SMGR 0,0051558 1,60 0,706 0,165 0,390 0,056 4

2015 3 WTON 0,0081898 1,37 0,595 0,076 0,969 0,003 3

2015 4 PICO 0,0463858 1,59 1,154 0,061 1,452 0,096 3

2015 5 BAJA 0,0043563 0,86 1,319 -0,058 4,870 0,022 3

2015 6 INAI 0,0015650 1,00 1,041 0,119 4,547 0,003 3

2015 7 LMSH 0,0078375 8,09 1,305 0,017 0,190 0,077 3

2015 8 EKAD 0,1041141 3,57 1,364 0,161 0,335 0,243 3

2015 9 INCI 0,0301099 9,68 0,806 0,110 0,101 0,130 3

2015 10 IGAR 0,0511699 4,96 1,764 0,166 0,237 0,129 3

2015 11 YPAS 0,0560551 1,22 0,994 -0,066 0,856 0,119 3

2015 12 JPFA 0,0146705 1,79 1,458 0,086 1,809 0,043 3

2015 13 ASII 0,0350093 1,38 0,750 0,123 0,940 0,081 4

2015 14 AUTO 0,0070366 1,32 0,818 0,032 0,414 0,009 3

2015 15 SMSM 0,0029774 12,93 1,263 0,320 0,541 0,196 3

2015 16 RICY 0,0662387 1,19 0,927 0,034 1,995 0,064 3

2015 17 SSTM 0,0023118 1,14 0,701 -0,043 1,957 0,035 3

2015 18 TRIS 0,0306310 1,89 1,497 0,114 0,745 0,062 3

2015 19 CEKA 0,0183293 1,53 2,346 0,167 1,322 0,103 3

2015 20 MYOR 0,0672558 2,37 1,306 0,246 1,211 0,165 3

2015 21 ROTI 0,0545274 2,05 0,803 0,228 1,277 0,133 3

2015 22 ULTJ 0,0154213 3,75 1,241 0,187 0,265 0,120 3

2015 23 DVLA 0,0681016 3,52 0,949 0,111 0,414 0,132 3

2015 24 INAF 0,0781706 1,26 1,058 0,011 1,588 0,077 3

2015 25 MERK 0,0128736 3,65 1,533 0,301 0,355 0,184 3

2015 26 PYFA 0,0336567 1,99 1,362 0,030 0,580 0,086 2

2015 27 TSPC 0,0178709 2,54 1,302 0,122 0,449 0,082 3

2014 28 INAI 0,0780668 1,08 1,040 0,151 5,152 0,051 3

2014 29 LION 0,0037507 3,69 0,629 0,110 0,352 0,017 3

2014 30 AKPI 0,1179758 1,13 0,874 0,033 1,150 0,115 3

2014 31 BRNA 0,0717377 1,05 0,944 0,156 2,641 0,115 2

2014 32 SIMA 0,0280355 0,81 0,252 0,044 0,994 0,028 1

2014 33 TRST 0,0091996 1,24 0,769 0,017 0,851 0,035 3

2014 34 YPAS 0,0635609 1,38 1,315 -0,055 0,980 0,119 3

2014 35 SULI 0,0077492 0,77 0,590 -0,015 -3,457 0,037 3

125

2014 36 TIRT 0,0440562 1,10 1,141 0,282 7,687 0,090 3

2014 37 SSTM 0,0128297 1,20 0,672 -0,017 0,665 0,021 3

2014 38 BIMA 0,0046035 0,92 2,755 -0,052 -1,537 0,095 3

2014 39 JECC 0,0017357 1,03 1,405 0,139 5,200 0,035 3

2014 40 KBLI 0,0316019 3,33 1,783 0,074 0,422 0,095 3

2014 41 ICBP 0,0440276 2,18 1,205 0,168 0,656 0,113 3

2014 42 INDF 0,0349904 1,81 0,740 0,107 1,084 0,047 3

2014 43 HMSP 0,0194594 1,53 2,843 0,754 1,103 0,339 3

2014 44 INAF 0,0851595 1,30 1,107 0,002 1,109 0,081 3

2014 45 MERK 0,0712942 4,59 1,205 0,272 0,294 0,292 3

2014 46 UNVR 0,0157516 0,71 2,417 1,248 2,105 0,374 3

2013 47 AMFG 0,0232851 4,18 0,909 0,123 0,282 0,061 4

2013 48 MLIA 0,0890784 1,13 0,723 -0,398 5,041 0,034 3

2013 49 TOTO 0,0244477 2,19 0,980 0,228 0,686 0,090 3

2013 50 INAI 0,0993344 1,24 0,837 0,040 5,063 0,086 3

2013 51 SRSN 0,0198418 3,28 0,932 0,051 0,338 0,050 3

2013 52 APLI 0,1198746 1,84 0,927 0,009 0,394 0,176 3

2013 53 BRNA 0,0745243 0,81 0,854 -0,040 2,678 0,028 2

2013 54 ALDO 0,0407250 1,30 1,325 0,161 1,155 0,007 3

2013 55 FASW 0,0212200 1,42 0,872 -0,160 2,654 0,009 3

2013 56 GJTL 0,0386197 2,29 0,836 0,021 1,682 0,029 3

2013 57 INDS 0,0032039 3,86 0,775 0,084 0,253 0,078 3

2013 58 SMSM 0,0338475 2,10 1,395 0,348 0,690 0,175 3

2013 59 SSTM 0,0677887 1,31 0,716 -0,049 1,951 0,052 3

2013 60 INDF 0,0233606 1,67 0,739 0,089 1,035 0,020 3

2013 61 MLBI 0,0189361 0,98 1,999 1,186 0,732 0,389 3

2013 62 PSDN 0,0414165 1,68 1,877 0,051 0,633 0,106 3

2013 63 KAEF 0,0054440 2,43 1,759 0,133 0,522 0,024 3

2013 64 UNVR 0,0281295 0,70 2,304 1,258 2,137 0,381 3

126

Daftar Perusahaan Sampel Peningkatan Laba

Tahun No Kode Dait CR TATO ROE DER

FCF/

TOT.

ASET

KA

2015 1 INTP 0,031439842 4,89 0,644 0,183 0,158 0,086 3

2015 2 ARNA 0,056409310 1,02 0,903 0,080 0,599 0,020 4

2015 3 MLIA 0,003566334 0,87 0,802 -0,140 5,390 0,020 3

2015 4 TOTO 0,061670310 2,41 0,934 0,191 0,636 0,033 3

2015 5 LION 0,001908851 3,80 0,609 0,101 0,406 0,055 3

2015 6 DPNS 0,028447717 13,35 0,432 0,041 0,138 0,012 3

2015 7 TRST 0,032822187 1,31 0,732 0,013 0,716 0,026 3

2015 8 TIRT 0,004444230 1,09 1,117 -0,009 7,372 0,020 3

2015 9 SPMA 0,006327431 0,93 0,742 -0,057 1,847 0,012 3

2015 10 INDS 0,025412085 2,23 0,650 0,001 0,331 0,025 3

2015 11 PRAS 0,066830192 1,01 0,307 0,009 1,126 0,004 3

2015 12 JECC 0,012868877 1,05 1,224 0,007 2,694 0,003 3

2015 13 KBLM 0,022442635 1,06 1,479 0,043 1,207 0,006 3

2015 14 SCCO 0,003017674 1,67 1,993 0,173 0,922 0,092 3

2015 15 INDF 0,022248078 1,71 0,698 0,075 1,130 0,007 3

2015 16 ICBP 0,005032710 2,33 1,195 0,178 0,621 0,079 3

2015 17 STTP 0,045857249 1,58 1,325 0,184 0,903 0,005 3

2015 18 GGRM 0,088841848 1,77 1,108 0,170 0,671 0,004 3

2015 19 KAEF 0,047513213 1,93 1,502 0,136 0,738 0,009 3

2015 20 KLBF 0,000916126 3,70 1,306 0,188 0,252 0,113 3

2015 21 SIDO 0,039512214 9,28 0,793 0,168 0,076 0,084 3

2015 22 SQBB 0,046235885 3,57 1,109 0,424 0,311 0,266 3

2015 23 UNVR 0,023276934 0,65 2,319 1,212 2,258 0,307 3

2015 24 SKLT 0,009021832 1,19 1,976 0,132 1,480 0,026 3

2015 25 LMPI 0,024990877 1,26 0,571 0,010 0,977 0,004 3

2014 26 INTP 0,043562853 4,93 0,692 0,213 0,165 0,065 3

2014 27 SMBR 0,041833615 12,99 0,415 0,121 0,077 0,086 3

2014 28 SMGR 0,026494673 2,21 0,786 0,223 0,372 0,121 5

2014 29 ARNA 0,081196656 1,61 1,278 0,287 0,380 0,121 4

2014 30 AMFG 0,008542474 5,68 0,937 0,144 0,230 0,064 4

2014 31 MLIA 0,027863913 1,11 0,780 0,095 4,460 0,032 3

2014 32 BTON 0,019155816 5,06 0,551 0,052 0,188 0,047 3

2014 33 LMSH 0,010298083 5,57 1,780 0,064 0,207 0,011 3

2014 34 PICO 0,014231614 1,66 1,108 0,070 1,711 0,035 3

2014 35 DPNS 0,045335144 10,71 0,494 0,062 0,139 0,010 3

2014 36 APLI 0,014067082 2,88 1,077 0,043 0,213 0,005 3

2014 37 IGAR 0,097524658 4,12 2,109 0,208 0,328 0,057 3

2014 38 TALF 0,014978892 3,69 1,293 0,177 0,321 0,095 3

2014 39 ASII 0,042050833 1,32 0,855 0,184 0,962 0,027 4

2014 40 PRAS 0,081422175 1,00 0,346 0,017 0,876 0,009 3

127

2014 41 SMSM 0,007568595 2,11 1,505 0,368 0,525 0,192 3

2014 42 UNIT 0,027386854 0,45 0,232 0,002 0,824 0,052 3

2014 43 BATA 0,042586267 1,55 1,302 0,165 0,806 0,026 3

2014 44 SCCO 0,068383974 1,57 2,236 0,169 1,033 0,008 3

2014 45 MLBI 0,031003565 0,51 1,340 1,435 3,029 0,210 2

2014 46 SKLT 0,003376572 1,18 2,055 0,107 1,162 0,003 3

2014 47 ULTJ 0,085283805 3,34 1,343 0,125 0,288 0,006 3

2014 48 DVLA 0,005883027 5,18 0,893 0,084 0,285 0,035 4

2014 49 KLBF 0,010608128 3,40 1,398 0,216 0,266 0,126 3

2014 50 KAEF 0,002010968 2,39 1,523 0,131 0,639 0,033 3

2014 51 SIDO 0,047717839 10,25 0,779 0,158 0,007 0,043 3

2014 52 SQBB 0,028433581 4,37 1,083 0,447 0,245 0,320 3

2014 53 TSPC 0,039028103 3,00 1,343 0,141 0,353 0,020 3

2014 54 KICI 0,046035702 7,90 1,064 0,060 0,230 0,008 3

2014 55 LMPI 0,042640856 1,24 0,635 0,004 1,027 0,007 3

2013 56 INTP 0,022925302 6,15 0,702 0,218 0,158 0,128 3

2013 57 SMBR 0,062188688 10,88 0,431 0,127 0,099 0,059 3

2013 58 SMGR 0,036122980 1,88 0,796 0,246 0,412 0,114 4

2013 59 ARNA 0,018476313 1,30 1,249 0,309 0,477 0,119 3

2013 60 KIAS 0,005960876 5,27 0,401 0,037 0,109 0,059 4

2013 61 LION 0,047235414 6,73 0,669 0,156 0,199 0,036 3

2013 62 LMSH 0,009580695 4,20 1,808 0,130 0,283 0,035 3

2013 63 ISSP 0,005559368 1,43 0,804 0,105 1,271 0,016 3

2013 64 IGAR 0,017178666 3,39 2,044 0,155 0,394 0,061 3

2013 65 TALF 0,004057556 4,98 1,240 0,141 0,254 0,109 3

2013 66 SPMA 0,011430780 1,20 0,790 -0,032 1,339 0,014 3

2013 67 ASII 0,014457761 1,24 0,906 0,210 1,015 0,061 4

2013 68 PRAS 0,086015312 1,03 0,397 0,032 0,958 0,013 3

2013 69 STAR 0,036274590 1,87 0,366 0,001 0,530 0,007 3

2013 70 BATA 0,024589632 1,69 1,326 0,112 0,715 0,015 3

2013 71 ICBP 0,033626705 2,41 1,180 0,168 0,603 0,043 3

2013 72 MYOR 0,044292904 2,44 1,238 0,269 1,465 0,053 3

2013 73 ULTJ 0,082070842 2,47 1,231 0,161 0,395 0,038 3

2013 74 HMSP 0,005127999 1,75 2,738 0,764 0,936 0,348 3

2013 75 DVLA 0,043244128 4,24 0,926 0,138 0,301 0,044 4

2013 76 MERK 0,069324101 3,98 1,713 0,343 0,361 0,177 3

2013 77 SQBB 0,009479401 4,97 1,012 0,431 0,214 0,329 3

2013 78 TSPC 0,069251191 2,96 1,268 0,165 0,400 0,005 3

2013 79 KICI 0,062233590 5,77 1,007 0,100 0,329 0,021 3

128

Lampiran 4. Hasil Output SPSS Manajemen Laba

Output SPSS Manajemen Laba

1. Normalitas

Sebelum Data Normal

Tests of Normality

Kolmogorov-Smirnova Shapiro-Wilk

Statistic df Sig. Statistic df Sig.

Unstandardized Residual .134 158 .000 .797 158 .000

a. Lilliefors Significance Correction

Setelah Data Normal

Tests of Normality



Unstandardized Residual .058 143 .200* .985 143 .131

*. This is a lower bound of the true significance.


2. Multikolinieritas

Coefficientsa

Model Unstandardized

Coefficients

Standardized

Coefficients

T Sig. Collinearity

Statistics

B Std. Error Beta Toleran

ce

VIF

1

(Constant) -.006 .008 -.719 .474

REV_TA .062 .018 .263 3.421 .001 .976 1.025

PPE_TA -.094 .018 -.397 -5.167 .000 .976 1.025

a. Dependent Variable: TAC_TA

129

3. Autokorelasi

Model Summaryb

Mode

l

R R Square Adjusted R

Square

Std. Error of the

Estimate

Durbin-

Watson

1 .441a .194 .183 .04492296143 2.159

a. Predictors: (Constant), PPE_TA, REV_TA

b. Dependent Variable: TAC_TA

4. Heteroskedastisitas

Coefficientsa


Coefficients

Standardized

Coefficients

T Sig.

B Std. Error Beta

1

(Constant) .032 .005 6.634 .000

REV_TA -.007 .011 -.051 -.594 .553

PPE_TA .010 .011 .076 .893 .373

a. Dependent Variable: res_abs

130

Hasil Uji Regresi Berganda Manajemen Laba

Model Summaryb

Model R R Square Adjusted R

Square

Std. Error of

the Estimate

Durbin-

Watson

1 .441a .194 .183 .0449229614

3

2.159

a. Predictors: (Constant), PPE_TA, REV_TA

b. Dependent Variable: TAC_TA

ANOVAa

Model Sum of

Squares

Df Mean

Square

F Sig.

1

Regression .068 2 .034 16.857 .000b

Residual .283 140 .002

Total .351 142


b. Predictors: (Constant), PPE_TA, REV_TA

Coefficientsa


Coefficients

Standardized

Coefficients

T Sig.

B Std. Error Beta

1

(Constant) -.006 .008 -.719 .474

REV_TA .062 .018 .263 3.421 .001

PPE_TA -.094 .018 -.397 -5.167 .000


131

Lampiran 5. Hasil Output SPSS One Sample T Test

One Sample T Test Peningkatan Laba dan Penurunan Laba

Peningkatan Laba (Income Increasing)

One-Sample Statistics

N Mean Std. Deviation Std. Error Mean

DAinc 79 .0327628576 .02517417683 .00283231618

One-Sample Test

Test Value = 0

T df Sig.

(2-tailed)

Mean Difference 95% Confidence Interval of the

Difference

Lower Upper

DAinc 11.568 78 .000 .03276285762 .0271241493 .0384015660

Penurunan Laba (Income Decreasing)

One-Sample Statistics

N Mean Std. Deviation Std. Error Mean

DAdec 64 .03736027989 .030929514611 .003866189327

One-Sample Test

Test Value = 0

T df Sig. (2-tailed) Mean

Difference

95% Confidence Interval of the

Difference

Lower Upper

DAdec 9.663 63 .000 .037360279894 .02963431702 .04508624277

132

Lampiran 6. Hasil Output SPSS Pengujian Hipotesis

Asumsi Klasik Model Regresi 1

1. Normalitas

Tests of Normality






Tests of Normality


Statistic Df Sig. Statistic df Sig.





Coefficientsa


Coefficients

Standardized

Coefficients

t Sig. Collinearity

Statistics

B Std. Error Beta Tolerance VIF

1

(Constant) .036 .009 3.871 .000

FCF .458 .059 .983 7.821 .000 .515 1.942

CR -.004 .002 -.249 -2.446 .018 .785 1.274

TATO -.020 .007 -.308 -2.941 .005 .744 1.345

ROE -.118 .025 -.554 -4.724 .000 .592 1.689

DER .005 .002 .265 2.722 .009 .862 1.161

a. Dependent Variable: DAdec

133

3. Autokorelasi

Model Summaryb


Square

Std. Error of the

Estimate

Durbin-Watson

1 .749a .561 .520 .021735101572 2.047

a. Predictors: (Constant), DER, TATO, CR, ROE, FCF

b. Dependent Variable: DAdec


Coefficientsa


Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) .017 .005 3.220 .002

FCF .046 .033 .252 1.413 .163

CR -.002 .001 -.219 -1.521 .134

TATO -.001 .004 -.037 -.250 .803

ROE -.014 .014 -.169 -1.018 .313

DER .001 .001 .202 1.465 .149

a. Dependent Variable: RES_ABS1

Hasil Regresi Berganda Pengujian Model 2

Model Summary


Square

Std. Error of the

Estimate

1 .749a .561 .520 .021735101572

a. Predictors: (Constant), DER, TATO, CR, ROE, FCF

134

ANOVAa

Model Sum of Squares df Mean Square F Sig.

1

Regression .033 5 .007 13.788 .000b

Residual .026 54 .000

Total .058 59


b. Predictors: (Constant), DER, TATO, CR, ROE, FCF

Coefficientsa


Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) .036 .009 3.871 .000

FCF .458 .059 .983 7.821 .000

CR -.004 .002 -.249 -2.446 .018

TATO -.020 .007 -.308 -2.941 .005

ROE -.118 .025 -.554 -4.724 .000

DER .005 .002 .265 2.722 .009


Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

DAdec 60 .001564953 .119874613 .03875438902 .031374611260

FCF 60 .003 .339 .08590 .067380

CR 60 .770 9.680 2.26250 1.775236

TATO 60 .252 2.843 1.12118 .493800

ROE 60 -.398 .754 .09135 .146677

DER 60 -3.457 7.687 1.32965 1.759289

Valid N

(listwise)

60

135


1. Normalitas

Sebelum Data Normal

Tests of Normality



Unstandardized Residual .114 79 .012 .940 79 .001


Setelah Data Normal

Tests of Normality







Coefficientsa


Coefficients

Standardized

Coefficients

T Sig. Collinearity

Statistics

B Std. Error Beta Tolerance VIF

1

(Constant) .039 .006 6.435 .000

FCF -.126 .034 -.600 -3.720 .000 .407 2.460

CR .001 .001 .175 1.425 .160 .705 1.418

TATO -.012 .004 -.365 -2.978 .004 .704 1.420

ROE .045 .012 .651 3.905 .000 .381 2.627

DER -.003 .002 -.232 -1.999 .050 .786 1.272

a. Dependent Variable: DAinc

136

3. Autokorelasi

Model Summaryb

Mode

l


Square

Std. Error of

the Estimate

Durbin-

Watson

1 .621a .386 .333 .01396344348 1.906

a. Predictors: (Constant), DER, ROE, CR, TATO, FCF

b. Dependent Variable: DAinc


Coefficientsa


Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) .013 .003 3.959 .000

FCF -.036 .019 -.373 -1.893 .063

CR -8.535E-005 .000 -.034 -.225 .822

TATO -.001 .002 -.053 -.356 .723

ROE .012 .006 .371 1.825 .073

DER -.001 .001 -.202 -1.426 .159

a. Dependent Variable: RES_ABS

Hasil Regresi Berganda Pengujian Model 2

Model Summary

Mode

l


Square

Std. Error of the

Estimate

1 .621a .386 .333 .01396344348

a. Predictors: (Constant), DER, ROE, CR, TATO, FCF

ANOVAa

Model Sum of Squares Df Mean Square F Sig.

1

Regression .007 5 .001 7.294 .000b

Residual .011 58 .000

Total .018 63


b. Predictors: (Constant), DER, ROE, CR, TATO, FCF

137

Coefficientsa


Coefficients

Standardized

Coefficients

t Sig.

B Std. Error Beta

1

(Constant) .039 .006 6.435 .000

FCF -.126 .034 -.600 -3.720 .000

CR .001 .001 .175 1.425 .160

TATO -.012 .004 -.365 -2.978 .004

ROE .045 .012 .651 3.905 .000

DER -.003 .002 -.232 -1.999 .050


Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

DAinc 64 .00091613 .06223359 .0258762855 .01709875166

FCF 64 .003 .348 .06664 .081258

CR 64 .450 13.350 3.48547 3.088469

TATO 64 .232 2.738 1.06991 .505352

ROE 64 -.140 1.435 .17414 .247404

DER 64 .007 7.372 .92292 1.272275

Valid N

(listwise)

64

138


1. Normalitas

Tests of Normality




*. This is a lower

lampiran 1. data perusahaan sampel no kode nama ...repository.unika.ac.id/15308/8/13.60.0232 arni...

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