LAMPIRAN Lampiran 1. Daftar Data Sampel Real Estate dan Property No. Perusahaan Kode 2008 2009 1. Bekasi Pemula Tbk Asri BAPA EPPS EPPS 2. Bukit Darmo Property Tbk BKDP Jimmy Budhi & Rekan HLB (Hadori Sugiarto Adi & rekan) 3. Cowell COWL Morison International (Tjahjadi, Pradhono & Teramihardja) Morison International (Tjahjadi, Pradhono & Teramihardja) 4. Ciputra CTRA RSM AJJ Associates (Aryanto, Amir Jusuf & Mawar) Ernst & young (Purwantono, Sarwoko & Sandjaja) 5. Bakrieland ELTY Dbs & d (Doli, Bambang, Sudarmadji & Dadang) Morison International (Tjahjadi, Pradhono & Teramihardja) Goa Makassar 6. Tourism GMTD Daniel Hassa & Rekan Daniel Hassa & Rekan 7. Perdana Prima Tbk Gapura GPRA Dbs & d (Doli, Bambang, Dbs & d (Doli, Bambang, 66
Sudarmadji & Dadang) Sudarmadji & Dadang) 8. Global Land and KPIG 9. Laguna Griya Tbk Cipta LCGP Ngurah arya & rekan ARH & J (Ahmad Rasyid Hisbullah & Jerry) 10. Modernland Realty Tbk MDLN Ernst & young (Purwantono, Sarwoko & Sandjaja) Ernst & young (Purwantono, Sarwoko & Sandjaja) 11. Metro Realty Tbk MTSM ISS (Ishak, Saleh, Soewondo & rekan) ARH & J (Ahmad Rasyid Hisbullah & Jerry) 12. Pikko Land RODA Parker Randall (Rama Wendra) Parker Randall (Rama Wendra) 13. Suryamas Makmur Tbk Duta SMDM Deloitte (Osman Bing Satrio & rekan) Deloitte (Osman Bing Satrio & rekan) 67
Daftar Data Sampel Real Estate dan Property No. Perusahaan Kode 2010 2011 1. Bekasi Asri Pemula Tbk BAPA KRESTON INTERNATIONAL KRESTON INTERNATIONAL 2. Bukit Darmo Property Tbk BKDP HLB (Hadori Sugiarto Adi & rekan) HLB (Hadori Sugiarto Adi & rekan) 3. Cowell COWL Morison International (Tjahjadi, Pradhono & Teramihardja) 4. Ciputra CTRA Ernst & young (Purwantono, Sarwoko & Sandjaja) Ernst & young (Purwantono, Sarwoko & Sandjaja) 5. Bakrieland ELTY Morison International (Tjahjadi, Pradhono & Teramihardja) 6. Goa Makassar Tourism GMTD Hasnil, M. Yasin & rekan Hasnil, M. Yasin & rekan 7. Perdana Gapura Prima Tbk GPRA Dbs & d (Doli, Bambang, Sudarmadji & Dadang) Dbs & d (Doli, Bambang, Sudarmadji & Dadang) 68
8. Global Land and KPIG 9. Laguna Cipta Griya Tbk LCGP ARH & J (Ahmad Rasyid Hisbullah & Jerry) BWP (Budiman, Wawan, Pamudji & rekan) 10. Modernland Realty Tbk MDLN BDO (Tanubrata Sutanto Fahmi & rekan) BDO (Tanubrata Sutanto Fahmi & rekan) 11. Metro Realty Tbk MTSM HMS (Maksum, Suyanto, Hirdjan & rekan) HMS (Maksum, Suyanto, Hirdjan & rekan) 12. Pikko Land RODA Parker Randall (Rama Wendra) MOORE STEPHENS (Mulyamin Sensi Suryanto & Lianny) 13. Suryamas Duta Makmur Tbk SMDM Deloitte (Osman Bing Satrio & rekan) HLB (Hadori Sugiarto Adi & rekan) 69
Daftar Data Sampel Real Estate dan Property No. Perusahaan Kode 2012 2013 1. Bekasi Asri Pemula Tbk BAPA KRESTON INTERNATIONAL Tjahjadi & Tamara 2. Bukit Darmo Property Tbk BKDP HLB (Hadori Sugiarto Adi & rekan) HLB (Hadori Sugiarto Adi & rekan) 3. Cowell COWL HLB (Hadori Sugiarto Adi & rekan) 4. Ciputra CTRA Ernst & young (Purwantono, Sarwoko & Sandjaja) Ernst & young (Purwantono, Sarwoko & Sandjaja) 5. Bakrieland ELTY 6. Goa Makassar Tourism GMTD BTFD (Benny, Tony, Frans & Daniel) BTFD (Benny, Tony, Frans & Daniel) 7. Perdana Gapura Prima Tbk GPRA Dbs & d (Doli, Bambang, Sudarmadji & Dadang) 70
8. Global Land and KPIG Deloitte (Osman Bing Satrio & rekan) 9. Laguna Cipta Griya Tbk LCGP BWP (Budiman, Wawan, Pamudji & rekan) HDT (Herman Dody Tanumihardja & rekan) 10. Modernland Realty Tbk MDLN BDO (Tanubrata Sutanto Fahmi & rekan) BDO (Tanubrata Sutanto Fahmi & rekan) 11. Metro Realty Tbk MTSM HMS (Maksum, Suyanto, Hirdjan & rekan) JCS (Junaedi Chairul Subyakto) 12. Pikko Land RODA MOORE STEPHENS (Mulyamin Sensi Suryanto & Lianny) MOORE STEPHENS (Mulyamin Sensi Suryanto & Lianny) 13. Suryamas Duta Makmur Tbk SMDM HLB (Hadori Sugiarto Adi & rekan) HLB (Hadori Sugiarto Adi & rekan) 71
Lampiran 2. Data Sampel Real Estate dan Property (Pergantian Kantor Akuntan Publik) No. Kode 2008 2009 2010 2011 2012 2013 1. BAPA 2. BKDP 3. COWL 4. CTRA 5. ELTY 6. GMTD 7. GPRA 8. KPIG 9. LCGP 10. MDLN 11. MTSM 12. RODA 13. SMDM 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 1 0 1 0 0 1 0 0 0 0 1 1 0 0 1 0 0 0 1 0 0 0 0 0 1 0 0 72
Lampiran 3 Data Sampel Real Estate dan Property (Reputasi KAP) No. Kode 2008 2009 2010 2011 2012 2013 1. BAPA 2. BKDP 3. COWL 4. CTRA 5. ELTY 6. GMTD 7. GPRA 8. KPIG 9. LCGP 10. MDLN 11. MTSM 12. RODA 13. SMDM 0 1 1 1 1 1 0 0 0 0 0 1 1 1 0 0 0 0 1 1 1 0 0 0 73
Data Sampel Real Estate dan Property ( Ukuran Perusahaan Klien) No. Kode 2008 2009 2010 1. BAPA 127.212.980.516 134.883.970.713 2. BKDP 925.683.059.578 861.240.867.371 3. COWL 207.447.390.282 207.505.008.227 4. CTRA 8.108.443.360.876 8.553.946.343.429 5. ELTY 8.334.991.485.092 11.592.631.487.233 136.358.827.789 1.017.544.318.408 266.939.286.532 9.378.342.136.927 17.064.195.774.257 6. GMTD 287.040.432.423 287.040.432.423 358.990.245.785 7. GPRA 1.184.685.940.567 1.409.097.674.907 1.409.097.674.907 8. KPIG 2.019.232.332.119 2.031.549.057.065 9. LCGP 184.596.262.049 2.091.913.170.503 181.903.260.317 170.698.531.956 10. MDLN 1.846.259.737.784 1.770.704.521.774 2.032.644.356.215 11. MTSM 95.558.557.641 97.913.906.622 110.799.166.772 12. 1.317.110.188.203 RODA 1.594.813.607.122 1.494.416.508.472 13. SMDM 2.031.549.057.065 2.048.242.028.932 2.063.046.866 74
Data Sampel Real Estate dan Property ( Ukuran Perusahaan Klien) No. Kode 2011 2012 2013 1. BAPA 148.084.624.723 159.093.151.873 175.635.233.972 2. BKDP 976.488.666.616 899.948.360.908 845.487.178.846 3. COWL 385.681.565.146 1.778.428.912.031 1.944.913.754.306 4. CTRA 11.524.866.822.316 15.023.391.727.244 20.114.871.381.857 5. ELTY 17.707.949.598.417 15.235.632.983.194 12.301.124.419.066 6. GMTD 487.193.845.496 900.597.066.316 1.307.846.871.186 7. GPRA 1.236.255.766.968 1.310.251.294.004 1.332.646.538.409 8. KPIG 1.948.666.123.846 2.728.806.704.532 7.361.429.209.148 9. LCGP 169.796.417.571 173.798.341.733 1.652.514.522.490 10. MDLN 2.410.399.588.075 4.591.920.046.013 9.641.813.079.565 11. MTSM 101.168.393.496 106.107.435.423 98.129.812.821 12. RODA 2.231.729.483.607 2.442.055.005.634 13. SMDM 2.750.850.730.771 2.454.961.990 2.637.664.776 2.950.314.446 75
Data Sampel Real Estate dan Property ( Pertumbuhan Perusahaan) No. Kode 2008 2009 2010 2011 2012 2013 1. BAPA 2. BKDP 3. COWL 4. CTRA 5. ELTY 6. GMTD 7. GPRA 8. KPIG 9. LCGP 10. MDLN 11. MTSM 12. RODA 13. SMDM 0.18 0.21-0.14-0.43-0.17 0.59 9.46-0.84 0.43-0.29-0.24-0.15 4.18 0.18 0.02 0.8 0.72 0.06-0.03 0.02 0.2 0.28 0.52 0.53 0.34 4.93 0.29 0.47 0.45 0.13 5.54 0.05 0.88 0.59 0.26 0.25-0.24-9.08 0.01 0.25-0.08 0.45 2.1 0.19 0.27 0.13 4.05 0.43-0.14 0.52-0.09-0.54 1.41-0.08-0.2 0.26-0.12 1.02 1.16 0.71-0.3-8.68 0.03 0.04-0.07 0.69 5.37-0.47 1.43 1.53 0.23 2.04-0.24-0.01 0.34 0.68-7.31 0.22 76
Data Sampel Real Estate dan Property ( Return on Equity) No. Kode 2008 2009 2010 2011 2012 2013 1. BAPA 2. BKDP 3. COWL 4. CTRA 5. ELTY 6. GMTD 7. GPRA 8. KPIG 9. LCGP 10. MDLN 11. MTSM 12. RODA 13. SMDM 0.77 13.41 16.93 7.3 5.13 5.43 0.13-1.13-2.02-2.9-9 -10 5.56 10.43 6.43 20.33 6.14 4.1 5.1 2.9 5.3 6.4 10.5 15.3 6.04 2.85 2.23-0.23-16.45-3.26 9 12 22 28 27 23 2.15 5.58 5.93 6.88 8.01 13.3-6.44 7 8.35 2.52 4.96 4.56 0.51-0.67-0.34-0.99-0.43-0.39 0.23 0.23 3.47 7.76 11.7 52.43 5.25 6.53 6.75 6.12 9.1-2.52-0.81 0.03-5.9 0.88 5.17 21.89-1.1 0.2-0.1 1.4 0.6 1.6 77
Data Sampel Real Estate dan Property ( Financial Distress) No. Kode 2008 2009 2010 2011 2012 2013 1. BAPA 2. BKDP 3. COWL 4. CTRA 5. ELTY 6. GMTD 7. GPRA 8. KPIG 9. LCGP 10. MDLN 11. MTSM 12. RODA 13. SMDM 119.39 101.41 82.5 83.26 81.87 89.88 0.31 0.36 0.4 37.9 38.5 43.2 0.43 0.58 1.05 1.35 0.56 0.64 4.4 2.7 5.8 15.7 26.3 42.8 69.52 124.81 82.06 81.54 83.1 72.38 0.4 0.2 0.1 0 0 0 1.64 1.33 0.94 0.9 0.86 0.66 20.83 14.29 7.1 0.08 0.23 0.21 0.87 14.92 8.21 8.63 11.05 1.65 77.29 63.66 82.63 103.15 106.28 106.34 26.4 27.87 41.04 30.4 24.32 18.84 14.12 7.8 7.79 36.45 43.89 37.43 33.9 35 17.1 16.2 19.8 37.6 78
Lampiran 4. Uji Descriptive Statistics GROWTH DER KAP_SIZE ROE SIZE SWITCH Mean 0.361282 30.83462 0.141026 5.463077 27.38722 0.294872 Median 0.225000 15.95000 0.000000 5.030000 27.87126 0.000000 Maximum 9.460000 124.8100 1.000000 52.43000 30.63248 1.000000 Minimum -9.080000 0.000000 0.000000-16.45000 21.44745 0.000000 Std. Dev. 2.375313 35.76233 0.350301 9.496234 2.036583 0.458936 Skewness -0.784383 1.053053 2.062787 1.843210-0.861609 0.899714 Kurtosis 11.22183 2.852346 5.255088 9.830427 4.126832 1.809486 Jarque-Bera 227.6932 14.48681 71.84377 195.7944 13.77749 15.12962 Probability 0.000000 0.000715 0.000000 0.000000 0.001019 0.000518 Sum 28.18000 2405.100 11.00000 426.1200 2136.203 23.00000 Sum Sq. Dev. 434.4425 98478.71 9.448718 6943.741 319.3708 16.21795 Observations 78 78 78 78 78 78 Lampiran 5. Uji Multikolinearitas DER GROWTH KAP_SIZE ROE SIZE DER 1.000000 0.022743-0.019407 0.032171 0.164125 GROWTH 0.022743 1.000000-0.028783 0.011331 0.186748 KAP_SIZE -0.019407-0.028783 1.000000-0.061192 0.248397 ROE 0.032171 0.011331-0.061192 1.000000 0.064424 SIZE 0.164125 0.186748 0.248397 0.064424 1.000000 79
Lampiran 6 Binary Logit (Regresi Logistic) Dependent Variable: SWITCH Method: ML - Binary Logit (Quadratic hill climbing) Date: 09/15/14 Time: 11:52 Sample: 1 78 Included observations: 78 Convergence achieved after 5 iterations QML (Huber/White) standard errors & covariance Variable Coefficient Std. Error z-statistic Prob. KAP_SIZE -0.523922 0.838299-0.624982 0.5320 SIZE -0.092474 0.128095-0.721917 0.4703 GROWTH -0.049952 0.094771-0.527083 0.5981 ROE 0.032401 0.028652 1.130867 0.2581 DER 0.001606 0.007677 0.209174 0.8343 C 1.488240 3.443047 0.432245 0.6656 McFadden R- squared 0.033145 Mean dependent var 0.294872 S.D. dependent var 0.458936 S.E. of regression 0.464409 Akaike info criterion 1.326557 Sum squared resid 15.52865 Schwarz criterion 1.507843 Log likelihood -45.73574 Hannan-Quinn criter. 1.399129 Deviance 91.47148 Restr. Deviance 94.60719 Restr. log likelihood -47.30360 LR statistic 3.135716 Avg. log likelihood -0.586356 Prob(LR statistic) 0.679072 Obs with Dep=0 55 Total obs 78 Obs with Dep=1 23 80