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LAMPIRAN
Lampiran 1
2 Ishak, et al (2012) “Value Dependent : Dependent : Main Board - The NAV is strongly and positively
relevance of fair value model on - Share Prices (SP) - SP : SP1 Date of fiscal year end and Bursa correlated to SP (P < 0,01)
accounting for investment SP2 Date of 3 months after fiscal Malaysia as - The FVC is having insignificant
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property FRS 140 year end date per year 2005- relationship with SP (P < 0,01)
2009 listing,
Independent : Independent : 61 Company
- Net Asset Value (NAV) - NAV : Net assets = (Total Assets –
Total liabilities) / no. of weighted
shares
- Fair Value Accounting - FVC : Fair value choice is a dummy
Choice (FVC) variable which take the value of 1 for
fair value model, 0 for cost model
3 Stella So and Malcolm Smith Dependent : Dependent : The Morgan - The coeficient of the interaction variable in
(2009) “Value-relevance of - Abnormal Return (AR) - AR : (is the three day buy and hold Stanley equation is positive and significant
presenting changes in fair value of abnormal return (adjusted for Capital - IPVC*AFTER is positive and significanty
investment properties in the dividends and share splits), for 3 International correlated to AR (P < 0,05) for short windows
income statement” month and 12 month (hereafter abnormal return
MSCI) Equity - IPVC*AFTER is positive and significanty
Independent : Independent : Hong Kong correlated to AR (P < 0,1) for long windows
Index Period abnormal return
Magister Akuntansi - Institut Bisnis dan Informatika Kwik Kian Gie
- Gains or Losses in Fair - AFTER : dummy variable to 2003-2006, 92 - EARNB*AFTER is positive and
Value of Investment indicate whether HKAS 40 (2004) or Company significanty correlated to AR (P < 0,1) for
Properties (AFTER) SSAP13 (2000) long windows abnormal return
- Earnings Before Gains - EARNB : earnings before gains and - ΔEARNB *AFTER is (but not statistically
and Losses (EARNB) losses. In the case of HKAS 40 significant) correlated to AR for long
(2004) this is measured as earnings windows abnormal return
before gains and losses in fair value - All the coeficient are positive except that of
of investment properties IPVC which is negative but not statistically
- ΔEARNB is the difference between significant
- Difference Between EARNB in the current year and
Earnings Before Gains EARNB in the prior year, scaled by
and Losses Current Year the total market value at the first day
and Prior Year of the fifth month after the beginning
(ΔEARNB) of the accounting year.
- IPVC : gains and losses in fair value
of investment propertiesat the
-Investment Properties beginning of the accounting year.
Value Chain (IPVC) - FIRM SIZE : book value of the total
assets at the beginning of the
accounting year.
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4 Selas (2009) “The Value Dependent : Dependent : Index PSI - IP * Cost is positive and significanty (P <
Relevance Of - Share Price (P) - P : Share Price as of three months Geral 0,05)
Investment Property Fair Value” after the fiscal year-end Portuguese - IP * FV is positive and significanty (P <
Independent : Independent : listed 0,01)
- Assets - Assets : total assets minus the total companies - IP_DFV_COST, is not statistically relevant
investment property period 2005 to at a significance level of 10%
- Investment Property - IP : the recognised amount of 2008, 60
(IP) investment property Company
- Liabilities : total liabilities of the
- Liabilities company
- NI : Net Income
- Net Income (NI) - DFV : Disclosed fair value of
- Disclosed Fair Value investment property under cost model
(DFV)
Model 2 : FAKTOR-FAKTOR YANG MEMPENGARUHI PEMILIHAN NILAI WAJAR UNTUK PROPERTI INVESTASI
1 Chen, et al (2013) “Earnings Dependent : Dependent : China Center - EM is significantly positive (P < 0,05)
management, firm location, and - Fair Value (FV) - FV : Indicator variable, equal to 1 if for Economic - SIZE is significantly positive (P < 0,10)
financial reporting choice An firms choose fair value model; 0 Research - LEV is significantly positive (P < 0,01)
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Properties in China” (historical cost) for each of these Shanghai internal executive directors and CEOs more
companies Stock likely to be listed internationally and be larger
Independent : Independent : Exchange and - Leverage: is no influence between
- Leverage - Leverage : book value of total Shenzhen leverage and the choice of fair value method
liabilities divided by book value of Stock -Earnings Management is significantly
total assets Exchange positive
- Earnings Management - Earnings Management : was Period 2008, (P < 0,05)
measured as one if this ratio was 96 Company - Listing Status are significant ( P< 0, 001)
above the mean and zero if below the -Internal executive directors and CEOs are
mean significant (P < 0,05)
- Listing Status - Listing Status : was defined as 1 if
the company was listed on an
international stock exchange in
addition to a domestic Chinese stock
exchange
- Internal executive - Internal executive directors and
directors and CEOs CEOs : the percentage of shares
outstanding that are held by executive
directors and CEOs at the end of the
Magister Akuntansi - Institut Bisnis dan Informatika Kwik Kian Gie
3 Aria Farahmita, Sylvia Veronica Dependent : Dependent : Terdaftar di -LEV berpengaruh negatif signifikan
Siregar (2014) “Faktor-Faktor - Fair Value (FV) - FV : probabilitas perusahaan BEI dan terhadap kemungkinan pilihan metode nilai
Yang Mempengaruhi memilih metode nilai wajar, bernilai memiliki, wajar (P < 0,05)
Kemungkinan Perusahaan = 1 jika perusahaan memilih metode melaporkan -LNTA tidak berpengaruh terhadap
Memilih Metode Nilai Wajar nilai wajar, dan bernilai 0 jika aset properti kemungkinan pilihan metode nilai wajar
Untuk Properti Investasi ” memilih menggunakan metode biaya investasi -MTB berpengaruh signifikan positif
Independent : Periode 2008- terhadap pilihan metode nilai wajar untuk
Independent : - LEV : tingkat utang perusahaan 2011, 108 mengukur properti investasi (P < 0,05)
- Leverage (LEV) yang diukur menggunakan rasio total Perusahaan -FV_GAIN tidak berpengaruh terhadap
debt dibagi dengan total aset di akhir kemungkinan pilihan metode nilai wajar
tahun untuk mengukur properti investasi
- LNT A : ukuran perusahaan yang -D_PROP berpengaruh negatif signifikan
- Ukuran Perusahaan diproksi dengan logaritma natural terhadap kemungkinan pilihan metode nilai
(LNT A) dari saldo akhir total aset perusahaan wajar (P < 0,05)
- MTB : informasi asimetri, yang
diproksi dengan market to book ratio
- Market To Book (MT (MTB) awal tahun
B) - FV_GAIN : keuntungan selisih
revaluasi nilai wajar periode berjalan
- Selisih Revaluasi Nilai kemudian dideflasi dengan saldo
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4 A. Quagli and F. Avallone (2010) Dependent : Dependent : European real - The next factor is a positive influence
“Fair Value or Cost Model? - Historical cost and uses - Choice : dependent variable equal estate between the ratio of Market to Book Value
Drivers of Choice for IAS 40 in IFRS = 1 to revalue to 2 if the firm i adopts fair value companies with the choice of fair value method, meaning
the Real Estate Industry ” investment properties model under IAS 40 in first-time Finland, that the company choosing the fair value
and 0 without revaluating adoption (FTA), 1 if firm i adopts the France, method is a company with high information
(Choice) historical cost and uses IFRS1 to Germany, asymmetry level.
revalue investment properties and 0 if Greece, Italy, - Firm size negatively affects the choice of
the firm i adopts the historical cost Spain and fair value method which means in accordance
without revaluating Sweden period with the political cost hypothesis, ie the
Independent : 2005-2007, 76 company does not choose the fair value
Independent : - LEV : the average debt to asset ratio Companies method and apply the cost model to avoid the
- Leverage (LEV) for firm i, measured over two years regulator.
before FTA - Earnings Smoothing is a positive significant
- Size : log of the average total asset -Leverage is no significant
- Log For Total Asset over the two years before FTA
(Size) - MTBV : market-to-book value of
firm i calculated over the last month
- Market-to-Bookvalue of the FTA year since the market is
(MTBV) influenced by the IFRS immediately
after the FTA year
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Lampiran 2
Keterangan Jumlah
Perusahaan – Perusahaan yang terdaftar di BEI pada 147
tahun 2012-2017 yang melaporkan properti investasi
Dikurangi:
1. Perusahaan yang listing setelah tahun (32)
2011 (8)
2. Laporan keuangan perusahaan
menggunakan mata uang selain Rupiah
Jumlah Sampel Perusahaan 107
Daftar Perusahaan Sample
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Magister Akuntansi - Institut Bisnis dan Informatika Kwik Kian Gie
Lampiran 3
Coefficientsa
Model Unstandardized Coefficients Standardized t Sig.
Coefficients
B Std. Error Beta
(Constant) 1693,315 426,105 3,974 ,000
PMNW 1529,018 1138,053 ,150 1,344 ,180
D1 62,674 605,941 ,006 ,103 ,918
D2 363,030 611,200 ,033 ,594 ,553
D3 84,058 618,723 ,008 ,136 ,892
D4 430,860 624,792 ,039 ,690 ,491
1
D5 708,080 622,726 ,065 1,137 ,256
PMNW_D1 -245,125 1569,507 -,010 -,156 ,876
PMNW_D2 -320,763 1523,930 -,014 -,210 ,833
PMNW_D3 -371,850 1480,681 -,017 -,251 ,802
PMNW_D4 -955,786 1456,925 -,047 -,656 ,512
PMNW_D5 -746,298 1464,188 -,036 -,510 ,610
a. Dependent Variable: SP
Lampiran 4
Coefficientsa
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Lampiran 5
Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 ,012a ,000 -,001 4084,721044315
a. Predictors: (Constant), PMNW
ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression 1603595,734 1 1603595,734 ,096 ,757b
1 Residual 10678365446,315 640 16684946,010
Total 10679969042,050 641
a. Dependent Variable: SP
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Magister Akuntansi - Institut Bisnis dan Informatika Kwik Kian Gie
Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
(Constant) 2197,128 176,929 12,418 ,000
1
PMNW -133,118 429,391 -,012 -,310 ,757
a. Dependent Variable: SP
Lampiran 6
ANOVA Table
Between
Groups Linearity ,250 1 ,250 1,755 ,186
PMNW *
Deviation from
EM 3,561 32 ,111 ,781 ,803
Linearity
ANOVA Table
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ANOVA Table
Lampiran 7
Lampiran 8
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Lampiran 9
Coefficientsa
Model Unstandardized Standardized t Sig. Collinearity Statistics
Coefficients Coefficients
B Std. Beta Tolerance VIF
Error
(Constant) 1948,593 179,770 10,839 ,000
1
PMNW 1107,884 401,665 ,109 2,758 ,006 1,000 1,000
a. Dependent Variable: SP
Lampiran 10
Coefficientsa
Model Unstandardized Standardized t Sig. Collinearity Statistics
Coefficients Coefficients
B Std. Beta Tolerance VIF
Error
(Constant) ,092 ,137 ,672 ,502
EM -,015 ,012 -,049 -1,234 ,217 ,982 1,018
1
LEV -,002 ,021 -,004 -,097 ,923 ,999 1,001
SIZE ,006 ,009 ,057 ,618 ,537 ,982 1,018
a. Dependent Variable: PMNW
Lampiran 11
Coefficientsa
Model Unstandardized Coefficients Standardized t Sig.
Coefficients
B Std. Error Beta
(Constant) 2490,058 142,934 17,421 ,000
1
PMNW -563,734 346,888 -,064 -1,625 ,105
a. Dependent Variable: RES_2
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Lampiran 12
Coefficientsa
Model Unstandardized Coefficients Standardized t Sig.
Coefficients
B Std. Error Beta
(Constant) ,178 ,090 1,976 ,049
EM -,016 ,008 -,081 -2,045 ,041
1
LEV -,004 ,013 -,011 -,284 ,777
SIZE ,007 ,006 ,050 1,2514 ,211
a. Dependent Variable: RES_2
Lampiran 13
Runs Test
Unstandardized Residual
Test Valuea -1502,12758
Cases < Test Value 321
Cases >= Test Value 321
Total Cases 642
Number of Runs 292
Z -2,370
Asymp. Sig. (2-tailed) ,018
a. Median
Lampiran 14
Runs Test
Unstandardized Residual
Test Valuea -,16919
Cases < Test Value 319
Cases >= Test Value 323
Total Cases 642
Number of Runs 279
Z -3,396
Asymp. Sig. (2-tailed) ,001
a. Median
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Lampiran 15
Model Summary
Step -2 Log likelihood Cox & Snell R Square Nagelkerke R Square
1 581,160a ,006 ,010
a. Estimation terminated at iteration number 6 because parameter estimates changed by less than
,001.
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