15. Appendix

APPENDIX

APPENDIX A

OPERATIONAL DEFINITION AND MEASUREMENT OF VARIABLES

Variable Definition Operationalization Scale

Stock Price ( Y )

The stock price is the value of the

ownership or possession of a person

in a company.

Stock price used is the closing price of each company three months after book

closing during the period observation with the unit of measure of rupiah. Ratio

Firm Size ( X1 )

Firm size is variable to measure how

large or small companies as sample.

Measurement of firm size research

is calculated using the total assets of

the company.

Total Asset (Billion Rupiah) Ratio

Capital Adequacy Ratio

( X2 )

Capital Adequacy Ratio is the ratio

of capital adequacy are classified on

the number of outstanding loans,

which shows the ability of capital

and reserves are used to support the

company's operations

CAR = Paid in capital + profit/loss

Total assets X 100%

Where:

CAR: Capital Adequacy Ratio

Paid in capital: Equity

Profit/loss: Profit/loss of the company

Total assets: Total assets

Ratio

International Financial

Reporting Standard (X3)

IFRS are international accounting

standards issued by the

International Accounting Standards

Board

SFAS 50 and SFAS 55 (revised 2006)

Ratio

Good Corporate

Governence (X4)

Corporate governance as a set of

mechanisms both institutional and

market based that drives the

company's interests to make

decisions that maximize value to the

owners (suppliers of capital)

The average:

The proportion of independent board is measured using indicators

percentage commissioners who come from outside the company of all sizes

commissioners company

The percentage of independent audit committee members from all members

of the audit committee

The percentage of shares owned by the management of the entire

outstanding share capital of the company

Ratio

Income Smoothing

(Intervening)

Income smoothing is earnings

management technique in terms

smoothing of fluctuations in

reported earnings that are

considered normal for the company

Income Smoothing = CV∆I

CV∆S

Where:

∆I = Profit changes between the year n to n-1

∆S = Sales changes between the year n to n-1

CV = Coefficient of variation (standard deviation/expected value) is the

result of comparison between the standard deviation with the expected value

Ratio

APPENDIX B

DATA CALCULATION ESTIMATION FOR 2008

No. Company Stock Price

(IDR)

Income

Smoothing

Total Asset

(IDR)

Trillion)

CAR Independen

Board (%)

Audit

Comittee

(%)

Managerial

Ownership

(%)

1 Bank Negara Indonesia 1,250 2,04855323 201.741 13,50 57 75 0,070

2 Bank Rakyat Indonesia 2,900 4,49649192 246.077 13,18 57 33 60,000

3 Bank Mandiri 2,775 4,08401105 358.439 15,70 67 40 0,910

4 Bank Bumi Artha 71 1,54341972 2.044 31,15 67 67 0,000

5 Bank Central Asia 3,350 0,94327531 245.570 15,80 60 75 0,300

6 Bank Bukopin 310 0,12733128 32.633 11,20 50 67 0,445

7 Bank CIMB Niaga 700 1,19136805 103.198 15,60 50 40 1,180

8 Bank Danamon 3,125 1,60989467 17.109 15,40 25 33 8,600

9 Bank Ekonomi Raharja 2,325 1,23814058 18.211 14,03 67 50 12,540

10 Bank ICB Bumi Putera 56 1,18634214 6.288 11,78 60 50 0,000

11 Bank International Indonesia 465 3,15941319 56.868 19,01 50 67 0,000

12 Bank Mega 829.29 0,28095712 34.861 16,15 67 33 0,000

13 Bank OCB NISP 750 1,83873621 39.284 18,95 50 50 0,020

14 Bank of India Indonesia 750 1,65632123 1.359 33,27 50 75 76,000

15 Bank Rakyat Indonesia Argoniaga 235 0,38384606 2.578 12,58 67 67 0,000

16 Bank Windu Kentjana International 105 1,09697382 2.095 18,02 33 0 0,210

17 Bank Himpunan Saudara 90 0,68819889 1.977 17,26 25 33 0,000

18 Bank Pan Indonesia 610 2,01193229 64.474 20,31 33 67 0,000

19 Bank Tabungan Pensiunan Nasional 340 0,90938809 13.697 23,67 33 33 0,340

20 Bank Victoria International 95 0,90104301 5.625 18,70 67 67 0,000



(IDR)

Income

Smoothing

Total Asset

(IDR)

Trillion)

CAR Independen

Board (%)

Audit

Comittee

(%)

Managerial

Ownership

(%)

1 Bank Negara Indonesia 2.600,00 4,986697 227.497 13,80 57 33 0,000

2 Bank Rakyat Indonesia 2.900,00 4,496492 316.947 13,20 67 60 0,000

3 Bank Mandiri 5.800,00 2,679478 394.617 15,70 67 50 0,600

4 Bank Bumi Artha 135,00 0,303129 2.403 28,42 33 67 0,000

5 Bank Central Asia 5.450,00 0,926701 282.392 15,30 60 75 0,000

6 Bank Bukopin 610,00 0,750209 37.173 14,36 50 67 0,000

7 Bank CIMB Niaga 1.060,00 1,151581 107.104 13,88 50 57 0,000

8 Bank Danamon 5.800,00 0,00821 98.598 20,70 50 33 0,250

9 Bank Ekonomi Raharja 3.000,00 1,416493 21.592 21,75 50 40 0,000

10 Bank ICB Bumi Putera 124,00 1,835165 7.008 11,19 33 67 0,000

11 Bank International Indonesia 315,00 0,552135 60.966 14,90 50 50 0,000

12 Bank Mega 1.204,19 0,382181 39.685 18,84 67 33 0,000

13 Bank OCB NISP 870,00 1,838736 41.423 20,45 50 50 0,002

14 Bank of India Indonesia 600,00 2,412499 1.537 32,90 60 50 1,610

15 Bank Rakyat Indonesia Argoniaga 157,00 1,478431 2.961 19,63 67 67 0,000

16 Bank Windu Kentjana International 150,00 1,02448 2.799 16,88 33 67 0,460

17 Bank Himpunan Saudara 295,00 0,085443 2.404 13,76 50 67 0,000

18 Bank Pan Indonesia 1.270,00 0,94127 77.883 21,53 50 67 0,000

19 Bank Tabungan Pensiunan Nasional 1.620,00 0,25847 22.272 18,50 50 40 0,820

20 Bank Victoria International 158,00 0,38148 7.359 14,78 67 67 17,140



(IDR)

Income

Smoothing

Total Asset

(IDR)

Trillion)

CAR Independen

Board (%)

Audit

Comittee

(%)

Managerial

Ownership (%)



3 Bank Mandiri 7.150,00 15,67391 449.775 13,40 57 40 0,590

4 Bank Bumi Artha 147,00 0,963187 2.661 25,01 50 67 0,000


6 Bank Bukopin 720,00 1,274397 47.489 11,82 50 67 0,290

7 Bank CIMB Niaga 1.770,00 3,097722 143.653 13,47 50 57 0,000

8 Bank Danamon 6.200,00 6,622816 118.392 16,00 57 33 0,320




12 Bank Mega 1.989,53 2,296112 51.597 14,78 50 67 0,000

13 Bank OCB NISP 1.400,00 1,941241 50.142 17,63 50 50 0,017

14 Bank of India Indonesia 600,00 0,399225 1.570 26,90 60 67 1,610




18 Bank Pan Indonesia 1.140,00 1,10533 108.995 16,65 50 75 0,750





(IDR)

Income

Smoothing

Total Asset

(IDR)

Trillion)

CAR Independen

Board (%)

Audit

Comittee

(%)

Managerial

Ownership (%)



3 Bank Mandiri 7.400,00 13,58513 551.892 15,00 57 40 0,540

4 Bank Bumi Artha 186,00 3,093087 2.963 19,90 67 67 0,000


6 Bank Bukopin 730,00 2,414054 54.942 12,71 57 67 0,260

7 Bank CIMB Niaga 1.260,00 1,352799 166.801 13,16 50 50 0,001

8 Bank Danamon 5.600,00 1,522381 142.292 17,60 50 33 0,270




12 Bank Mega 1.832,46 0,481162 61.909 11,70 67 67 0,000

13 Bank OCB NISP 1.240,00 3,379468 59.834 13,75 57 50 0,014

14 Bank of India Indonesia 1.820,00 1,985868 2.080 23,19 50 67 1,610




18 Bank Pan Indonesia 860,00 1,979812 124.755 17,45 67 67 0,540





(IDR)

Income

Smoothing

Total Asset

(IDR)

Trillion)

CAR Independen

Board (%)

Audit

Comittee

(%)

Managerial

Ownership (%)



3 Bank Mandiri 10.500,00 16,13813 635.619 15,30 57 33 0,460

4 Bank Bumi Artha 179,00 1,126586 3.483 19,18 100 67 0,000


6 Bank Bukopin 920,00 0,894851 62.763 16,34 60 50 0,230

7 Bank CIMB Niaga 1.400,00 1,460967 197.413 15,16 50 67 0,001

8 Bank Danamon 6.450,00 1,233969 155.791 18,90 50 33 0,270




12 Bank Mega 2.198,95 1,547738 65.219 19,18 67 67 0,000

13 Bank OCB NISP 1.450,00 1,242316 79.142 16,49 44 50 0,014

14 Bank of India Indonesia 1.710,00 10,31405 2.540 21,10 60 33 1,610




18 Bank Pan Indonesia 800,00 3,708443 148.793 14,67 67 67 0,540



APPENDIX C

GOODNESS OF FIT

Result (Default model)

Minimum was achieved

Chi-square = ,186

Degrees of freedom = 1

Probability level = ,666

RMSEA

Model RMSEA LO 90 HI 90 PCLOSE

Default model ,000 ,000 ,202 ,703

Independence model ,368 ,325 ,412 ,000

RMR, GFI

Model RMR GFI AGFI PGFI

Default model 11,501 ,999 ,987 ,048

Saturated model ,000 1,000

Independence model 115,804 ,620 ,468 ,443

CMIN

Model NPAR CMIN DF P CMIN/DF

Default model 20 ,186 1 ,666 ,186

Saturated model 21 ,000 0

Independence model 6 215,950 15 ,000 14,397

Baseline Comparisons

Model NFI

Delta1

RFI

rho1

IFI

Delta2

TLI

rho2 CFI

Default model ,999 ,987 1,004 1,061 1,000

Saturated model 1,000 1,000 1,000

Independence model ,000 ,000 ,000 ,000 ,000

APPENDIX D

PATH ANALYSIS

Regression Weights: (Group number 1 - Default model)

Estimate S.E. C.R. P Label

IS <--- IFRS 1,677 ,676 2,482 ,013

IS <--- CAR ,048 ,074 ,653 ,514

IS <--- SIZE ,017 ,002 7,381 ***

IS <--- GCG -,033 ,042 -,802 ,422

SP <--- SIZE ,014 ,001 12,615 ***

SP <--- CAR ,074 ,028 2,614 ,009

SP <--- IS ,076 ,038 2,012 ,044

SP <--- IFRS ,527 ,263 2,002 ,045

SP <--- GCG -,038 ,016 -2,437 ,015

Total Effects (Group number 1 - Default model)

GCG SIZE CAR IFRS IS

IS -,033 ,017 ,048 1,677 ,000

SP -,041 ,015 ,077 ,655 ,076

PATH DIAGRAM

APPENDIX E

DESCRIPTIVE STATISTICS

Descriptive Statistics

N Minimum Maximum Mean Std. Deviation

SIZE 100 1,36 635,62 107,5771 147,50851

CAR 100 10,12 33,27 16,7682 4,52153

IFRS 100 ,00 1,00 ,6000 ,49237

GCG 100 11,18 67,00 37,7564 7,85366

IS 100 ,01 29,97 2,8555 4,18819

SP 100 ,06 10,75 2,0892 2,55931

Valid N (listwise) 100

Documents

15. Appendix