JAAl v0LuVE 8 N0.

1, JuNl 2001 99
IAK7DR-IAK7DR AN0 MMPN0AR0NI
PRAK7IK PRA7AAN LABA PAA PR0$ANAAN A$IN0
AN NDN A$IN0 I INDN$IA
Huhammad Yusuf
1
& 8oraya
2
Abstract
Tn|s researcn |s oes|gneo ro exam|ne lacrors rnar can oe |oenr|l|eo u|rn rne |nc|oence ol
|ncome smoorn|ng pracr|ce among ||sreo compan|es ar Jakarra $rock Excnange. Tnose lacrors
uere s|ze, prol|rao|||r,, operar|ng |everage ano srarus ol rne compan|es. un|var|are resrs {Vann-
wn|rne,, 0n|-$quare ano T-Tesrj ano mu|r|var|are resrs {|og|sr|c regress|onj uere useo ro |oenr|l,
rne lacrors allecr|ng rne |ncome smoorn|ng pracr|ce.
Tne resu|r ol |noeks ecke| ca|cu|ar|on snoueo rnar |ncome smoorn|ng |s pracr|ceo o,
||sreo compan|es on rne J$X. Tne resr resu|r ol un|var|are resrs a|so snoueo rnar operar|ng
|everage ol rne compan|es |s rne var|ao|e nav|ng a s|gn|l|canr corre|ar|on u|rn rne |ncome
smoorn|ng pracr|ce. ln aoo|r|on, rne operar|ng |everage ol rne compan|es nas a s|gn|l|canr |nl|u-
ence on rne |ncome smoorn|ng pracr|ce |l |r |s nor como|neo u|rn anorner var|ao|e, sucn as. s|ze,
prol|rao|||r, ano srarus ol rne compan|es.
PEN0AhULUAN
lsu |rcore sroolr|rg (peralaar |aoa) le|ar oarya| d|d|s|us|-
|ar da|ar ||leralur a|urlars| urlu| oeoerapa de|ade. 8erdasar|ar
pere||l|ar yarg d||a|u|ar seoe|urrya re|apor|ar oarWa lerdapal |rd|-
|as| l|rda|ar peralaar |aoa dar |aoa operas| rerupa|ar sasarar
urur yarg d|gura|ar urlu| re|a|u|ar peralaar |aoa, serla l|rda|ar
perlaar |aoa cerderurg d||a|u|ar o|er perusaraar yarg prol|lao|||las-
rya rerdar dar perusaraar da|ar |rduslr| yarg |eo|r oeres||o dar
reryed|a|ar ou|l| oarWa pra|l||perlaar |aoa le|ar lerdapal pada pe-
rusaraar yarg lerdallar d| 8ursa Ele| Ja|arla, dar rerg|rd||as||ar
la|lor-la|lor yarg dapal rerdororg pra|l|| peralaar |aoa d| arlararya
ada|ar u|urar perusaraar, prol|lao|||las, jer|s |rduslr| dar ras|ora-
||sre |eper||||ar.
Ve|a|u| persoa|ar d|alas, ra|a peru||s lerlar|| urlu| re|a|u-
|ar pere||l|ar gura rergelaru| lerlarg:
1. Apa|ar perusaraar as|rg dar ror-as|rg yarg ada d| lrdores|a
re|a|u|ar pra|l|| peralaar |aoa?
2. Apa|ar peralaar |aoa d|pergarur| o|er u|urar perusaraar?
3. Apa|ar peralaar |aoa d|pergarur| o|er prol|lao|||las perusaraar?
1
Fa|u|las E|oror| ur|vers|las Tr|sa|l|
2
A|urrus Fa|u|las E|oror| ur|vers|las Tr|sa|l|
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
100 JAAl v0LuVE 8 N0. 1, JuNl 2001
1. Apa|ar peralaar |aoa d|pergarur| o|er |everage operas| perusaraar?
5. Apa|ar peralaar |aoa d|pergarur| o|er slalus perusaraar?
Keterbatasan Pene||t|an
Pere||l|ar |r| d||a|u|ar rarya leroalas pada perusaraar PVA
dar PV0N d| se|lor rarula|lur yarg le|ar go puo||| dar lerdallar d|
8ursa Ele| Ja|arla. Rerlarg Wa|lu yarg d|gura|ar da|ar pere||l|ar
|r|, ya|lu se|ara erpal larur juga ler|a|u s|rg|al d|oard|rg|ar dergar
pere||l|ar yarg d||a|u|ar o|er L|aW 3re J|r dar Vas'ud Vacrroedz
(2000). Keleroalasar |a|rrya ada|ar d|gura|arrya |rde|s ec|e|
d|rara |rde| lerseoul rarya rerg|derl|l||as||ar perusaraar-
perusaraar yarg re|a|u|ar peralaar |aoa secara oualar dar l|da|
rerg|derl|l||as||ar serua perusaraar yarg rercooa urlu|
re|a|u|arrya. Pere||l|ar |r| juga |urarg rer||||| va||d|las e|slerra|
|arera rarya d|dasar|ar pada perusaraar yarg lerdallar d| 8ursa
Ele| Ja|arla.
KERANCKA TE0R|T|8
Pada ru|arya |aporar |euargar oag| sualu perusaraar ra-
rya|ar seoaga| 'a|al perguj| dar| pe|erjaar oag|ar perou|uar, lelap|
urlu| se|arjulrya |aporar |euargar l|da| rarya seoaga| a|al perguj|
saja lelap| juga seoaga| dasar urlu| dapal dapal rererlu|ar alau
rer||a| pos|s| |euargar perusaraar lerseoul, d|rara dergar ras||
ara||sa lerseoul p|ra|-p|ra| yarg oer|eperl|rgar rergaro|| sualu
|epulusar. Jad| urlu| rergelaru| pos|s| |euargar sualu perusaraar
serla ras||-ras|| yarg le|ar d|capa| o|er perusaraar lerseoul per|u
adarya |aporar |euargar dar| perusaraar yarg oersarg|ular.
Pengert|an Laporan Keuangan
Laporar |euargar rerupa|ar produ| dar| a|urlars| yarg
reryaj||ar dala-dala |uarl|lal|l |euargar alas serua lrarsa|s|-
lrarsa|s| yarg le|ar d||a|sara|ar o|er sualu perusaraar urlu| sualu
per|ode lerlerlu. Laporar |euargar d|oual urlu| rerperlarggurg
jaWao|ar alas a|l|v|las perusaraar lerradap per|||| dar juga reroe-
oar|ar |rlorras| rergera| pos|s| perusaraar dar ras||-ras|| yarg
le|ar d|capa| parusaraar lerradap p|ra|-p|ra| |a|r yarg oer|eperl|rgar.
Verurul 3lardar A|urlars| Keuargar No.1 (199Z:0Z):
"laporan keuangan merupakan oag|an oar| proses pe|aporan keua-
ngan. laporan keuangan ,ang |engkap o|asan,a me||pur| neraca, |apo-
ran |aoa-rug|, |aporan peruoanan pos|s| keuangan {,ang oapar o|sa|kan
oa|am oeroaga| cara seperr| m|sa|n,a seoaga| arus kas, arau |aporan
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 101
arus oanaj, cararan, oan |aporan |a|n serra marer| pene|asan ,ang me-
rupakan oag|an |nregra| oar| |aporan keuangan.
Verurul Leopo|d A. 8errsle|r (1998:3):
"F|nanc|a| sraremenr reporrs a compan,s pasr l|nanc|a| perlormance
ano currenr l|nanc|a| pos|r|on. Tne, are oes|gneo ro prov|oe |nlormar|on
on lour pr|mar, ous|ness acr|v|r|es. p|ann|ng, l|nanc|ng, |nvesr|ng, ano
operal|rg acl|v|l|es.
Arl|rya |aporar |euargar rerupa|ar ||rerja |euargar yarg
|arpau dar pos|s| |euargar saal |r|. Laporar |euargar d|rarcarg
urlu| reryed|a|ar |rlorras| pada erpal a|l|v|las usara ulara ya|lu
|eg|alar perercaraar, |euargar, |rveslas|, dar operas|.
0aroar 1. Tujuar Laporar Keuargar rerurul AP8 3lalererl No.1
$umoer: 3olyar 3yalr| lararap: Teor| /kunrans|, Ja|arla, 2001
Tujuar Krusus
Veryaj||ar |aporar
a. Pos|s| |euargar
o. las|| usara
c. Peruoarar pos|s|s|
|euargar secara
Wajar sesua| 0AAP
Tujuar urur
Veroer||ar |rlorras|:
a. 3uroer e|oror|
o. KeWaj|oar
c. Ke|ayaar oers|r
d. Proye|s| |aoa
e. Peruoarar rarla dar
|eWaj|oar
l. lrlorras| re|avar
Tujuar Kua||lal|l
a. Re|evarce
o. urderslardao|||ly
c. ver|l|ao|||ly
d. Neulra||ly
e. T|re||ress
l. Corparao|||ly
g. Corp|eleress
Tujuar Laporar Keuargar
AP8N No. 1
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
102 JAAl v0LuVE 8 N0. 1, JuNl 2001
|nformas| Hengena| Laba
Kualitas lnformasi Laba
lrlorras| |aoa rarus d|||ral da|ar |a|larrya dergar perseps|
pergaro||ar |epulusar. Karera |ua||las |rlorras| |aoa d|lerlu|ar o|er
|erarpuarrya rerol|vas| l|rda|ar |rd|v|du dar reroarlu pergar-
o||ar |epulusar yarg ele|l|l. la| |r| d|du|urg o|er F3A8 yarg rerer-
o|l|ar 3FAC No.1 yarg rergarggap oarWa |aoa a|urlars| rerupa|ar
pergu|urar yarg oa|| alas preslas| perusaraar dar o|er |arera |lu
|aoa a|urlars| rerda|rya dapal d|gura|ar da|ar pred||s| arus |as
dar |aoa d|rasa yarg a|ar dalarg.
8erdasar|ar |alar oe|a|arg lerseoul, lerdr||ser da|ar ou-
|urya /ccounr|ng Tneor, ed|s| |e||ra (1993) rerelap|ar l|ga |orsep
da|ar usara rerdel|r|s||ar dar rergu|ur |aoa rerurul l|rg|alar
oarasa. Adapur |orsep-|orsep lerseoul re||pul|:
a. Korsep Laoa pada T|rg|al 3|rla|s|s (3lru|lura|)
Pada l|rg|al s|rla|s|s |orsep |ncome d|ruourg|ar dergar |or-
vers| (|eo|asaar) dar alurarrya |og|s serla |ors|sler dergar
rerdasar|ar pada prer|s dar |orsep yarg le|ar oer|eroarg
dar| pra|le| a|urlars| yarg ada. Terdapal dua perde|alar pergu-
|urar |aoa (|rcore reasurererl) pada l|rg|al s|rla|s|s, ya|lu:
Perde|alar Trarsa|s| dar Perde|alar A|l|v|las.
o. Korsep Laoa pada T|rg|al 3eral|| (lrlerprelal|l)
Pada |orsep |r| |ncome d|le|aar re|a|u| ruourgarrya dergar re-
a||la e|oror|. 0a|ar usararya reroer||ar ra|ra |rlerprelal|l
dar| |orsep |aoa a|urlars| (accounr|ng |ncome), para a|urlar
ser|rg|a|| reruju| pada dua |orsep e|oror|. Kedua |orsep e|o-
ror| lerseoul ada|ar Korsep Pere||raraar Voda| dar Laoa seoa-
ga| A|al u|ur El|s|ers|.
c. Korsep Laoa pada T|rg|al Pragral|s (Per||a|u)
Pada l|rg|al pragral|s (per||a|u) |orsep |ncome d||a|l|ar dergar
perggura |aporar |euargar lerradap |rlorras| yarg lers|ral dar|
|aoa perusaraar. 8eoerapa rea|s| users dapal d|lurju||ar dergar
proses pergaro||ar |epulusar dar| |rveslor dar |red|lor, rea|s|
rarga sural lerradap pe|aporar |rcore alau rea|s| urpar oa|||
(leeooack) dar| rarajerer dar a|urlar lerradap |rcore yarg
d||apor|ar.
Korsep |rcore |r| pa||rg l|da| rarus dapal reroer||ar |rp|||as|
|ncome seoaga| a|al perara|ar dar |ncome seoaga| oarar pe-
rgaro||ar |epulusar rarajerer.
3ecara r|rg|as, |aoa oers|r (ner |ncome) d|saj||ar urlu|
ras|rg-ras|rg |e|orpo| perer|ra dergar rerggura|ar |orsep-
|orsep seoaga| oer||ul:
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 103
Tabe| 1
Korsep Laoa, Perr|lurgar dar Perer|ra Laoa
Konsep Laba Perh|tungan Laba P|hak Pener|ma Laba
N||a| Taroar
(va|ue Added)
larga jua| produ|s| dar jasa
d||urarg| rarga po|o| oararg
dar jasa yarg d|jua|
PegaWa|, per||||, |red|lor dar
perer|rlar
Laoa oers|r perusaraar
(Erlerpr|se rel |rcore)
Ke|eo|rar ras|| (reverue) dar|
o|aya, se|urur perdapalar (ga|r)
dar rug|. 8|aya l|da| lerrasu|
ourga, paja| dar oag| ras||.
Peregarg sarar, peregarg
oo||gas| dar perer|rlar
Laoa oers|r oag| |rveslor
(rel |rcore lo |rveslor)
3ara seperl| erlerpr|se rel |r-
core lelap| sele|ar d||urarg|
paja| pergras||ar.
Peregarg sarar, peregarg
oo||gas| dar |red|lur jarg|a
parjarg
Laoa oers|r oag| pere-
garg sarar res|dua|
(Res|dua| equ|ly ro|ders)
Laoa oers|r |epada peregarg
sarar d||urarg| d|v|der sarar
prelerer.
Peregarg sarar o|asa
(se|ararg dar yarg polers|a|)
ler|ecua|| pr|or|las peroa-
yarar l|da| lerperur|
$umoer: lerdr||ser, E|sor (1992)
Faktor-Faktor yang Mempengaruhi Perataan Laba
8eoerapa pere||l| reryala|ar oarWa rarajer perusaraar
sargal cerderurg re|a|u|ar peralaar pergras||ar. 3ecara ras|ora|
rarajer |rg|r rerala|ar pergras||ar yarg d||apor|arrya dergar a|a-
sar rerper|ec|| lurlular per|||| perusaraar.
Tabe| 2
Fa|lor-Fa|lor yarg Verpergarur| dar l|da| Verpergarur| Peralaar Laoa
No Faktor yang berpengaruh Faktor yang t|dak berpengaruh
1.
2.
3.
1.
5.
.
Z.
8.
8esarar perusaraar:
Tola| a|l|va
Prol|lao|||las
Ke|orpo| usara
Keoargsaar
larga sarar
Peroedaar |aoa a|lua| dar |aoa rorra|
Keo|ja|ar a|urlars| rergera| |aoa
Leverage operas|
8esarar perusaraar
-Tola| a|l|va
-Perjua|ar
N||a| pasar sarar
Prol|lao|||las
Ke|orpo| usara
Rercara oorus
Propors| |eper||||ar
3lalus oadar usara
$umoer: Jurra| R|sel A|urlars| lrdores|a (Ara||s|s Peralaar Pergras||ar/lrcore 3roolr|rg)
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
101 JAAl v0LuVE 8 N0. 1, JuNl 2001
Peralaar |aoa dapal d|pergarur| o|er oeoerapa la|lor yarg
rerdororg rarajer re|a|u|ar paralaar |aoa. 8er||ul |r| ada|ar la|lor-
la|lor yarg rerpergarur| dar l|da| rerpergarur| peralaar |aoa.
agan Kerangka Pem|k|ran
h|potes|s
Vergacu pada |erarg|a per|||rar d| alas, ra|a r|poles|s
a|lerral|l dar| pere||l|ar |r| ada|ar:
lo1 = T|da| lerdapal peralaar |aoa yarg d||a|u|ar o|er perusaraar
as|rg dar ror-as|rg yarg rerjua| sararrya d| lrdores|a.
lo2 = Peralaar |aoa l|da| d|pergarur| o|er u|urar perusaraar.
lo3 = Peralaar |aoa l|da| d|pergarur| o|er prol|lao|||las perusaraar.
lo1 = Peralaar |aoa l|da| d|pergarur| o|er |everage operas| perusa-
raar.
lo5 = Peralaar |aoa l|da| d|pergarur| o|er slalus perusaraar.
la1 = Terdapal peralaar |aoa yarg d||a|u|ar o|er perusaraar as|rg
dar ror-as|rg yarg rerjua| sararrya d| lrdores|a.
la2 = Peralaar |aoa d|pergarur| o|er u|urar perusaraar.
la3 = Peralaar |aoa d|pergarur| o|er prol|lao|||las perusaraar.
la1 = Peralaar |aoa d|pergarur| o|er |everage operas| perusaraar.
la5 = Peralaar |aoa d|pergarur| o|er slalus perusaraar.
u|urar
Perusaraar
Prol|lao|||las
perusaraar
3lalus
Perusaraar
Ada alau l|da|
ada pra|l||
peralaar |aoa
Fa|lor-la|lor yarg
rerpergarur|
pra|l|| peralaar
|aoa
Perusr.
as|rg dar
ror as|rg
Leverage
0peras|
Perusaraar
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 105
HET00E PENEL|T|AN
Rancangan Pene||t|an
Peru||s a|ar re|a|u|ar perguj|ar r|poles|s urlu| rerou|l|-
|ar apa|ar rerarg oerar pra|l|| peralaar |aoa d||a|u|ar o|er peru-
saraar-perusaraar as|rg dar ror as|rg d| lrdores|a dar apa|ar
la|lor-la|lor seperl|: u|urar perusaraar, prol|lao|||las perusaraar, |e-
verage operas| perusaraar dar slalus perusaraar rerpergarur| ler-
jad|rya pra|l|| peralaar |aoa lerseoul. 0ar peru||s re|a|u|ar pere||-
l|ar dergar rerggura|ar perr|lurgar 3P33.
Var|abe| dan Pengukurannya
Pere||l|ar |r| a|ar rerguj| erpal r|polesa. 0ar| r|poles|s-
r|poles|s |r| dapal d||elaru| var|aoe| |rdeperder yarg d|gura|ar da|ar
pere||l|ar |r| ada|ar u|urar perusaraar, prol|lao|||las perusaraar, |e-
verage operas| perusaraar dar slalus perusaraar. 3edarg|ar var|a-
oe| deperderrya ada|ar ada l|da|rya pra|l|| peralaar |aoa.
Variabel lndependen
Pergu|urar var|aoe| yarg d|gura|ar ada|ar seoaga| oer||ul:
1 ukuran perusanaan. Pergu|urar |r| a|ar rerggura|ar lola| a|-
l|va.
2 Prol|rao|||ras perusanaan. Pergu|urar var|aoe|rya ada|ar ras|o
arlara |aoa sele|ar paja| dergar lola| a|l|va.
3 leverage operas| perusanaan. Pergu|urar var|aoe|rya ada|ar
ras|o arlara lola| o|aya depres|as| dar arorl|sas| dergar lola|
o|aya. 0a|ar pere||l|ar |r|, lola| o|aya rerupa|ar perjur|arar
rarga po|o| perjua|ar, o|aya perjua|ar serla o|aya adr|r|slras|
dar urur.
1 $rarus perusanaan. 3erua perusaraar yarg lerdallar d| 8ursa
Ele| Ja|arla rer||||| |ecerderurgar urlu| re|a|u|ar pra|l||
peralaar |aoa, oa|| |lu perusaraar as|rg raupur ror-as|rg. 3e-
r|rgga urlu| var|aoe| slalus perusaraar |r| d|gura|ar var|aoe|
oumm, urlu| rererlu|ar slalus perusaraar as|rg dar ror-as|rg.
Variabel 0ependen
var|aoe| deperder dar| pere||l|ar |r| ada|ar peralaar |aoa
yarg a|ar d|u|ur da|ar oeoerapa |rde|s yarg a|ar reroeda|ar pe-
rusaraar yarg re|a|u|ar pra|l|| peralaar |aoa dergar l|da|. urlu|
lujuar pere||l|ar |r|, lrde|s Ec|e| (1981) yarg a|ar d|gura|ar. 0a|ar
pere||l|ar |r|, peru||s rarya rerguj| |aoa sele|ar paja| seoaga| lujuar
peralaar |aoa. urlu| perr|lurgar lrde|s Ec|e|, ra|a d|gura|ar rurus
seoaga| oer||ul:
|ndeks Perataan Laba = (6V EAT | 6V 8}
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
10 JAAl v0LuVE 8 N0. 1, JuNl 2001
0|rara:
EAT = Peruoarar |aoa da|ar salu per|ode.
3 = Peruoarar perjua|ar da|ar salu per|ode.
Cv = Koel|s|er var|as| dar| var|aoe|, ya|lu slardar dev|as| d|oag| r||a|
yarg d|rarap|ar.
0|rara CvEAT dar Cv3 dapal d|r|lurg seoaga| oer||ul:
1 - r
Lx) Z(Lx
CvLv dar CvELvE
2

x = Peruoarar |aoa (l) alau perjua|ar (3) arlara larur r dergar r-1.
r = oarya|rya larur yarg d|aral|.
Pem|||han 8ampe|
Popu|as| yarg rerjad| ooye| dar| pere||l|ar |r| ada|ar peru-
saraar-perusaraar as|rg dar ror as|rg yarg le|ar re|a|u|ar
peraWarar urur perdara seoe|ur larur 1998 d| 8ursa Ele| Ja|arla
serla rer||||| larur l|s|a| dar| 1 Jaruar| sarpa| 31 0eseroer. Perusa-
raar-perusaraar yarg d|jad||ar sarpe| da|ar peru||sar |r| ada|ar
perusaraar-perusaraar d|se|lor rarula|lur yarg le|ar reryerar|ar
|aporar |euargar secara |erg|ap sarpa| dergar 3epleroer 2001.
8erdasar|ar |r|ler|a d|alas, ra|a jur|ar perusaraar yarg
a|ar d|jad||ar sarpe| seoarya| 30 perusaraar d|se|lor rarula|lur
yarg lerd|r| dar| 11 perusaraar Perararar Voda| As|rg (PVA) dar 1
perusaraar Perararar Voda| 0a|ar Neger| (PV0N).
Per|ode pergaralar yarg a|ar d||a|u|ar peru||s ada|ar ur-
lu| jarg|a Wa|lu 1 larur, ya|lu dar| Jaruar| 1998 sarpa| dergar 3ep-
leroer 2001.
Hetode Ana||s|s 0ata
0a|ar rergara||sa dala yarg d|pero|er seruourgar dergar
rasa|ar peralaar |aoa, relode yarg a|ar d|gura|ar ada|ar ara||s|s
|uarl|lal|l. 0ar relode slal|sl|| yarg d|gura|ar ada|ar slal|sl|| |rle-
rers|a|, yarg lerd|r| alas perguj|ar ur|var|ale dar perguj|ar ru|l|var|ale.
lndeks Eckel
0| s|r| peru||s a|ar re|a|u|ar perr|lurgar lrde|s Ec|e| agar
d|pero|er oeoerapa jur|ar perusaraar yarg re|a|u|ar pra|l|| pera-
laar |aoa dar l|da| re|a|u|ar pra|l|| peralaar |aoa dar| lola| sarpe|
yarg d|uj|. Perusaraar yarg d||e|orpo||ar seoaga| perusaraar pe-
rala |aoa d|lurju||ar dergar |rde|s yarg |urarg dar| salu, dar peru-
saraar ou|ar perala |aoa d|lurju||ar dergar |rde|s |eo|r dar| salu.
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 10Z
Pengujian hipotesa
uj| r|polesa da|ar pere||l|ar |r| rerggura|ar relode slal|sl||
|rlerers|a| yarg lerd|r| dar| perguj|ar un|var|are dar perguj|ar mu|r|-
var|are, dergar |r|ler|a seoaga| oer||ul:
1. Penguj|an un|var|ate
Perguj|ar ur|var|ale d||a|u|ar urlu| rerguj| |eo|r |arjul
secara slal|sl|| apa|ar var|aoe|-var|aoe| |rdeperder oeroeda se-
cara s|gr|l||ar d|arlara perusaraar yarg re|a|u|ar pra|l|| pera-
laar |aoa dar l|da|. Perguj|ar ur|var|ale |r| arlara |a|r:
a. Dne-$amp|e ro|mogorov $m|rnov Tesr
uj| Ko|rogorov 3r|rrov |r| oer|ererda| urlu| rerguj| r|-
polesa oarWa l|da| ada oeda arlara dua ouar d|slr|ous|, alau
urlu| rererlu|ar apa|ar dala dar| ras|rg-ras|rg var|aoe|
le|ar lerd|slr|ous| dergar rorra|.
o. Vann-wn|rne, Tesr
Perguj|ar |r| d|gura|ar j||a |rg|r rergelaru| apa|ar ada per-
oedaar yarg ryala alau l|da| d|arlara var|aoe| yarg d|le||l|,
lelap| sarpe| lerseoul l|da| sa||rg ler|a|l salu sara |a|r. Pe-
rguj|ar |r| juga rerupa|ar perguj|ar a|lerral|l dar| r-resr.
c. Tuo lnoepenoenr $amp|e r-Tesr
uj| r d|gura|ar pada ara||sa dala yarg d|u|ur dergar s|a|a |r-
lerva| dar s|a|a ras|o yarg oerlujuar urlu| rerguj| peroedaar
arlara sarp|e dergar popu|as|. r-resr d||a|u|ar urlu| lujuar
yarg sara dergar Varr-wr|lrey Tesl, rarya saja perguj|ar
|r| d|gura|ar urlu| rerguj| dala yarg lerd|slr|ous| secara
rorra|.
d. 0n|-$quare Tesr
Perguj|ar Cr|-square d|gura|ar urlu| reroeda|ar dua pro-
pors| |alegor| sualu var|aoe| pere||l|ar. Perguj|ar |r| juga
d|gura|ar urlu| re||ral peroedaar yarg ryala arlara var|a-
oe|-var|aoe| yarg d|uj|. Perguj|ar |r| juga d|gura|ar urlu|
rerguj| dala yarg l|da| lerd|slr|ous| secara rorra|.
2. Penguj|an mu|t|var|ate
Perguj|ar ru|l|var|ale d||a|u|ar dergar rerggura|ar
regres| |og|sl|| urlu| rergelaru| apa|ar u|urar perusaraar,
prol|lao|||las perusaraar dar |everage operas| perusaraar oer-
pergarur lerradap pra|l|| peralaar |aoa. Perguj|ar |r| d||a|u|ar
dergar dua larap, ya|lu perguj|ar secara sererla| dar perguj|ar
secara lerp|sar. Vode| |og|l yarg a|ar d|gura|ar da|ar pere||l|ar
|r| ada|ar seoaga| oer||ul:
8tatus = a + b(TA} + c(PR0F} + d(0L} + e(8T}
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
108 JAAl v0LuVE 8 N0. 1, JuNl 2001
0|rara :
3lalus= 3lalus peruoarar |aoa perusaraar, 0 urlu| perusa-
raar yarg re|a|u|ar peralaar |aoa dar 1 urlu| peru-
saraar yarg l|da| re|a|u|ar peralaar |aoa.
TA = Tola| A|l|va.
PR0F = Prol|lao|||las perusaraar.
0L = Leverage operas|.
3T = 3lalus perusaraar.
a. Perguj|ar secara sererla|
Perguj|ar secara sererla| ya|lu perguj|ar ru|l|var|ale yarg
d||a|u|ar dergar rerggura|ar regres| |og|sl|| oergarda
yarg d||a|u|ar secara oersara-sara (sererla|) urlu|
|el|ga var|aoe|. urlu| perguj|ar |r|, dergar l|rg|al s|gr|l||as|
seoesar 0,05 alau 5 dapal d|aro|| |es|rpu|ar seoaga|
oer||ul :
J||a p-va|ue < 0,05 lo d|lo|a| dar la d|ler|ra.
o. Perguj|ar secara lerp|sar
urlu| |eo|r reya||r|ar ras|| yarg d|pero|er dar| perguj|ar
ru|l|var|ale secara sererla|, ra|a d||a|u|ar perguj|ar ru|-
l|var|ale secara lerp|sar dergar rerge|uar|ar salu alau |e-
o|r var|aoe| |rdeperder dar| perguj|ar seoe|urrya.
urlu| perguj|ar ru|l|var|ale secara lerp|sar yarg perlara,
var|aoe| |rdperder yarg perlara |a|| d||e|uar|ar ada|ar
var|aoe| yarg rer||||| r||a| p pa||rg oesar. Perguj|ar secara
lerp|sar se|arjulrya a|ar rerge|uar|ar var|aoe| |rdeperder
yarg rer||||| r||a| p d| oaWar r||a| p yarg le|ar d||e|uar|ar
seoe|urrya r|rgga pada a|r|rrya perguj|ar rarya d||a|u|ar
lerradap var|aoe| |rdeperder yarg rer||||| r||a| p ler|ec||.
ANAL|8|8 0AN PEHAhA8AN
8erdasar|ar pere||l|ar-pere||l|ar seoe|urrya yarg reryala-
|ar oarWa pra|l|| peralaar |aoa le|ar oarya| d||a|u|ar o|er perusa-
raar-perusaraar d| lrdores|a, peru||s juga rereru|ar ra| yarg
sara da|ar per|ode Wa|lu yarg oeroeda. Per|ode pergaralar yarg
d||a|u|ar peru||s ada|ar urlu| jarg|a Wa|lu 1 larur, ya|r| dar| Jaruar|
1998 sarpa| dergar 3epleroer 2001. Peru||s re|a|u|ar pergaralar
pada perusaraar-perusaraar d|se|lor rarula|lur yarg d|oag| rerurul
slalus perusaraar ya|lu perusaraar yarg lerdallar seoaga| Perara-
rar Voda| As|rg dar perusaraar yarg lerdallar seoaga| Perararar
Voda| 0a|ar Neger|.
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 109
has|| Perh|tungan |ndeks Ecke|
Perr|lurgar |rde|s ec|e| |r| d||a|u|ar urlu| rergelaru| jur-
|ar perusaraar yarg re|a|u|ar peralaar |aoa dar perusaraar yarg
l|da| re|a|u|ar peralaar |aoa dar| lola| sarpe| perusaraar yarg d|uj|.
Perusaraar yarg d|||as|l||as||ar re|a|u|ar pra|l|| peralaar |aoa
a|ar d|lurju||ar dergar |rde|s yarg |urarg dar| salu. 3edarg|ar
perusaraar yarg l|da| re|a|u|ar pra|l|| peralaar |aoa d|lurju||ar
dergar |rde|s yarg |eo|r dar| salu.
8erdasar|ar perr|lurgar yarg d||a|u|ar peru||s dergar
sarpe| seoarya| 30 perusaraar as|rg dar ror as|rg, peru||s rere-
ru|ar adarya pra|l|| peralaar |aoa (||ral laoe| 3.)
0ar| laoe| lerseoul dapal d||elaru| oarWa dar| 30 perusaraar
as|rg dar ror as|rg yarg d|jad||ar sarpe|, lerdapal 11 perusaraar
as|rg dar ror as|rg yarg re|a|u|ar peralaar |aoa dar 1 perusaraar
as|rg dar ror as|rg l|da| re|a|u|ar pra|l|| peralaar |aoa. Arlara pe-
rusaraar as|rg dar ror as|rg lerseoul dapal d|||ral oarWa perusaraar
ror as|rg |eo|r oarya| re|a|u|ar pra|l|| peralaar |aoa d|oard|rg|ar
perusaraar as|rg. la| |r| rarpa| oarWa 8 dar| 1 perusaraar ror
as|rg yarg d|jad||ar sarpe| d||rd||as||ar re|a|u|ar pra|l|| peralaar
|aoa alau se||lar 50 dar| lola| sarpe| yarg d|uj| urlu| perusaraar
ror as|rg lerseoul. 3edarg|ar urlu| perusaraar as|rg rarpa| oarWa
dar| 11 perusaraar as|rg yarg re|a|u|ar pra|l|| peralaar |aoa alau
12,85 dar| lola| sarpe| yarg d|uj| urlu| perusaraar as|rg.
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
110 JAAl v0LuVE 8 N0. 1, JuNl 2001
Tabe| 3
las|| Perr|lurgar lrde|s Ec|e|
N0
K00E
PERU8AhAAN
8TATU8
PERU8AhAAN
|N0EK8
E6KEL
KETERANCAN
1 ARC0 PV0N -2,82 Perala |aoa
2 A8|| PV0N 2,81 8u|ar perala |aoa
3 AT| PVA -0,13 Perala |aoa
1 RPT PV0N -1,19 Perala |aoa
5 U0| PV0N -59.19 Perala |aoa
Y8 PVA -0,10 Perala |aoa
Z 6NTX PVA -1Z9,0 Perala |aoa
8 0NK8 PV0N 2,Z3 8u|ar perala |aoa
9 FA8w PV0N 1,05 8u|ar perala |aoa
10 FH|| PVA 1,00 8u|ar perala |aoa
11 C0YR PVA -1,53 Perala |aoa
12 CCRH PV0N -21,31 Perala |aoa
13 CJTL PV0N -1,89 Perala |aoa
11 hH8P PV0N ,31 8u|ar perala |aoa
15 |N0F PV0N 5,5 8u|ar perala |aoa
1 |N0R PVA 1,3 8u|ar perala |aoa
1Z KLF PV0N 2,5Z 8u|ar perala |aoa
18 K0H| PVA 2,50 8u|ar perala |aoa
19 L|0N PVA 0,55 Perala |aoa
20 HERK PVA 1,31 8u|ar perala |aoa
21 Hw0N PVA 2,91 8u|ar perala |aoa
22 86P| PVA -1,11 Perala |aoa
23 8H6 PV0N -51Z,91 Perala |aoa
21 8HCR PV0N -2,85 Perala |aoa
25 80 PVA 1,1Z 8u|ar perala |aoa
2 T6|0 PVA 2,51 8u|ar perala |aoa
2Z TK|H PV0N -,95 Perala |aoa
28 T8P6 PV0N 2,92 8u|ar perala |aoa
29 UNVR PVA 2,2 8u|ar perala |aoa
30 V0K8 PV0N 1,81 8u|ar perala |aoa
$umoer: Perr|lurgar |rde|s ec|e|
Perband|ngan Tota| Akt|va, Prof|tab|||tas, dan Leverage 0peras| Peru-
sahaan As|ng dan Non As|ng Perata Laba dengan ukan Perata Laba
Perbandingan 7otal Aktiva
u|urar perusaraar yarg da|ar ra| |r| rergacu pada oesarar
perusaraar d|duga rerupa|ar sa|ar salu la|lor yarg rerpergarur|
pra|l|| peralaar |aoa yarg d||a|u|ar o|er perusaraar-perusaraar
as|rg dar ror-as|rg d| lrdores|a. urlu| |lu peru||s rercooa urlu|
rerou|l||ar pergu|urar var|aoe| u|urar perusaraar |r| yarg d|lur-
ju||ar dergar oesarrya lola| a|l|va ras|rg-ras|rg perusaraar se-
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 111
|ara oeoerapa per|ode ya|lu dar| Jaruar| 1998 sarpa| dergar 3ep-
leroer 2001. urlu| rergelaru| secara je|as rergera| per|eroargar
lola| a|l|va arlara perusaraar as|rg dar ror-as|rg yarg re|a|u|ar
pra|l|| peralaar |aoa dergar yarg l|da| re|a|u|ar pra|l|| peralaar
|aoa dapal d|||ral dar| gral|k .' d|oaWar |r| (da|ar julaar Rp):
Craf|k 1
PERAN0|NCAN T0TAL AKT|VA
-
1.000.000,00
2.000.000,00
3.000.000,00
1.000.000,00
5.000.000,00
.000.000,00
1998 1999 2000 2001
TAluN
T
0
T
A
L

A
K
T
l
v
A
Perala |aoa
8u|ar perala
|aoa
$umoer: 0ala d|o|ar
0ar| gral|| d|alas dapal d|||ral oarWa lola| a|l|va perusaraar
as|rg dar ror as|rg yarg re|a|u|ar pra|l|| peralaar |aoa cerderurg
|eo|r oesar dar|pada perusaraar as|rg dar ror as|rg yarg l|da| re|a-
|u|ar pra|l|| peralaar |aoa. Pada perusaraar yarg re|a|u|ar pra|l||
peralaar |aoa, lola| a|l|va ler||ral rer|rg|al secara lajar dar| larur
1998 sarpa| dergar 2001. 3edarg|ar perusaraar yarg l|da| re|a|u-
|ar pra|l|| peralaar |aoa, lola| a|l|va juga rer|rg|al lelap| l|da| se-
cara lajar seperl| perusaraar perala |aoa. 8esarrya lola| a|l|va peru-
saraar perala |aoa d|oard|rg|ar perusaraar ou|ar perala |aoa
rerurju||ar oarWa pra|l|| peralaar |aoa d||a|u|ar o|er perusaraar-
perusaraar oesar.
Perbandingan Profitabilitas
Prol|lao|||las da|ar ra| |r| rergacu pada oesarrya |aoa yarg
d|pero|er perusaraar se|ara salu larur. urlu| pergu|urar prol|la-
o|||las |r| peru||s a|ar rerggura|ar ras|o arlara |aoa sele|ar paja|
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
112 JAAl v0LuVE 8 N0. 1, JuNl 2001
dergar lola| a|l|va. urlu| re||ral secara je|as peroard|rgar prol|la-
o|||las arlara perusaraar as|rg dar ror as|rg yarg re|a|u|ar pra|l||
peralaao |aoa dergar yarg l|da| a|ar d|lurju||ar dergar gral|k.2 d|-
oaWar |r|:
Craf|k 2
PERAN0|NCAN PR0F|TA|L|TA8
(0,05)
0,00
0,05
0,10
0,15
1998 1999 2000 2001
TAluN
P
R
0
F
l
T
A
8
l
L
l
T
A
3
Perala |aoa
8u|ar perala |aoa
$umoer : 0ala d|o|ar
0ar| gral|| d|alas dapal d|||ral prol|lao|||las perusaraar as|rg
dar ror as|rg yarg re|a|u|ar pra|l|| peralaar |aoa cerderurg slao||
dar|pada perusaraar yarg l|da| re|a|u|ar pra|l|| peralaar |aoa yarg
cerderurg oerl|u|luas|. Prol|lao|||las pada perusaraar perala |aoa
rer|rg|al dar| larur 1998 sarpa| dergar 1999. Pada larur 1998
prol|lao|||las rerurur |arera |eadaar pere|oror|ar d| lrdores|a yarg
l|da| oa|| a||oal adarya |r|s|s roreler. 0ar rer|rg|al pada larur
1999 |arera |eadaar pere|oror|ar sudar ru|a| reroa|| dar reru-
rur |eroa|| pada larur 2000 |arera |eadaar pere|oror|ar |eroa||
rerouru| yarg d|pergarur| o|er |e|acauar d|o|darg po||l||. 3lao||rya
prol|lao|||las pada perusaraar perala |aoa d|duga |arera adarya l|rda-
|ar rar|pu|as| |aoa yarg d||a|u|ar rarajerer urlu| rergurarg|
l|u|luas| dar| |aoa yarg d||apor|ar dar rer|rg|al|ar |erarpuar |r-
veslor urlu| rerara||ar |as d|rasa yarg a|ar dalarg.
Perbandingan Leverage 0perasi
Leverage 0peras| perusaraar juga d|duga rerupa|ar sa|ar
salu la|lor yarg rerpergarur| pra|l|| peralaar |aoa yarg d||a|u|ar
o|er sulau perusaraar. urlu| u|urar |everage operas| perusaraar |r|
d|gura|ar ras|o arlara lola| o|aya depres|as| dar arorl|sas| dergar
lola| o|aya. urlu| rergelaru| peroard|rgar |everage operas| arlara
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 113
perusaraar as|rg dar ror as|rg yarg re|a|u|ar peralaar |aoa de-
rgar perusaraar as|rg dar ror as|rg yarg l|da| re|a|u|ar peralaar
|aoa |r| a|ar d|lurju||ar dergar gral|k.J oer||ul |r|:
Craf|k 3
PERAN0|NCAN LEVERACE 0PERA8|
0,00
0,05
0,10
0,15

TAluN
L
E
v
E
R
A
0
E

0
P
E
R
A
3
l
Perala |aoa
8u|ar perala |aoa
$umoer: 0ala d|o|ar
0ar| gral|| d|alas dapal d|||ral oarWa |everage operas| peru-
saraar as|rg dar ror-as|rg perala |aoa |eo|r |ec|| d|oard|rg|ar |eve-
rage operas| ou|ar perala |aoa. Leverage operas| perusaraar perala
|aoa dar ou|ar perala |aoa cerderurg slao|| Wa|aupur lerjad| peru-
rurar pada perusaraar perala |aoa. N||a| ra|s|rur ras|o |everage
perusaraar perala |aoa lerjad| pada larur 2000 ya|lu seoesar 10,11
dar r||a| r|r|rur lerjad| pada larur 1998 ya|r| seoesar 8, . 3e-
darg|ar r||a| ra|s|rur perusaraar ou|ar perala |aoa lerjad| pada
larur 2001 dergar ras|o seoesar 11,85 dar ras|o r|r|rurrya lerjad|
pada larur 1998 ya|lu seoesar 11,2.
Perband|ngan Tota| Akt|va, Prof|tab|||tas dan Leverage 0peras|
Perusahaan As|ng Perata Laba dengan ukan Perata Laba
Perbandingan 7otal Aktiva
Peroard|rgar arlara perusaraar as|rg perala |aoa dergar
ou|ar perala |aoa dapal d|||ral dar| gral|k.4 d|oaWar |r| (da|ar julaar Rp):
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
111 JAAl v0LuVE 8 N0. 1, JuNl 2001
Craf|k 4
PERAN0|NCAN T0TAL AKT|VA PERU8AhAAN A8|NC
-
500.000,00
1.000.000,00
1.500.000,00
1998 1999 2000 2001
TAluN
T
0
T
A
L

A
K
T
l
v
A
Perala |aoa
8u|ar perala |aoa
$umoer: 0ala d|o|ar
0ar| gral|| d|alas rarpa| oarWa perusaraar as|rg yarg re-
|a|u|ar pra|l|| peralaar |aoa dar yarg l|da| rer||||| lola| a|l|va yarg
lerus rer|rg|al dar| larur 1998 sarpa| dergar 2001. Tola| a|l|va pe-
rusaraar as|rg perala |aoa cerderurg slao||. Tola| a|l|va ra|s|rur
perusaraar perala |aoa pada larur 2001 ya|lu seoesar Rp.325.80,33
dar r||a| r|r|rurrya pada larur 1998 dergar lola| a|l|va seoesar
Rp.281.Z30,33. 3edarg|ar lola| a|l|va ra|s|rur ou|ar perala |aoa
pada larur 2001 seoesar Rp.1.310.581,88 dar lola| a|l|va r|r|rur
pada larur 1998 seoesar Rp. Z82.012,Z5.
Perbandingan Profitabilitas
Peroard|rgar prol|lao|||las arlara perusaraar as|rg yarg
re|a|u|ar pra|l|| peralaar |aoa dergar yarg l|da| re|a|u|ar pra|l||
peralaar |aoa a|ar d|lurju||ar dergar gral||. 5.
0ar| gral|| 5 rarpa| oarWa dar| larur 1998 sarpa| dergar
2001perusaraar as|rg perala |aoa dar perusaraar as|rg ou|ar perala
|aoa rer||||| prol|lao|||las yarg oerl|u|luas|. Narur prol|lao|||las pada
perusaraar perala |aoa cerderurg slao|| pada larur 1999 sarpa|
dergar larur 2000. Pada perusaraar perala |aoa, prol|lao|||las ra|-
s|rur lerjad| pada larur 1999 ya|lu seoesar 11,10 sedarg|ar prol|-
lao|||las r|r|rurrya lerjad| pada larur 2001 ya|lu seoesar 3,12.
Prol|lao|||las perusaraar as|rg perala |aoa yarg cerderurg slao|| |r|
d|duga |arera adarya rar|pu|as| |aoa yarg d||a|u|ar o|er rarejerer
perusaraar urlu| rergurarg| l|u|luas| yarg s|gr|l||ar.
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 115
Craf|k 5
PERAN0|NCAN PR0F|TA|L|TA8 PERU8AhAAN A8|NC
-
0,05
0,10
0,15
0,20
1998 1999 2000 2001
TAluN
P
R
0
F
l
T
A
8
l
L
l
T
A
3
Perala |aoa
8u|ar perala |aoa
$umoer : 0ala d|o|ar
3edarg|ar perusaraar as|rg ou|ar perala |aoa rer|||||
prol|lao|||las yarg cerderurg oerl|u|luas|. Perusaraar |r| rer||||| prol|-
lao|||las ra|s|rur pada larur 2000 ya|lu seoesar 1Z,28, sedarg|ar
prol|lao|||las r|r|rurrya lerjad| pada larur 1998 ya|r| seoesar 5,23.
Prol|lao|||las r|r|rur |r| d|duga lerjad| |arera d|pergarur| o|er |ord|s|
pere|oror|ar yarg l|da| oa||.
Perbandingan Leverage 0perasi
Peroard|rgar |everage operas| perusaraar as|rg yarg re|a-
|u|ar pra|l|| peralaar |aoa dar yarg l|da| re|a|u|ar pra|l|| peralaar
|aoa d|lurju||ar dergar gral|k 6. 0ar| gral|| lerseoul ler||ral je|as
oarWa perusaraar as|rg yarg re|a|u|ar pra|l|| peralaar |aoa
rer||||| |everage operas| yarg |eo|r |ec|| dar| pada perusaraar as|rg
yarg l|da| re|a|u|ar pra|l|| peralaar |aoa. Pada perusaraar perala
lerjad| perururar ras|o |everage operas| pada larur 1999 ya|lu seoesar
,81 dar lerjad| per|rg|alar |aga pada larur 2000 ya|lu seoesar
Z,38 r|rgga rercapa| r||a| ra|s|rur pada larur 2001 ya|lu seoesar
8,01.
3edarg|ar perusaraar as|rg ou|ar perala |aoa rer||||| ras|o
|everage operas| yarg cerderurg slao|| dergar ras|o ra|s|rur lerjad|
pada larur 1998 ya|lu seoesar 13,38 dar ras|o |everage r|r|rur
lerjad| pada larur 2000 ya|lu seoesar 13,1.
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
11 JAAl v0LuVE 8 N0. 1, JuNl 2001
Craf|k .
PERAN0|NCAN LEVERACE 0PERA8| PERU8AhAAN A8|NC
0,00
0,02
0,01
0,0
0,08
0,10
0,12
0,11
0,1
1998 1999 2000 2001
TAluN
L
E
v
E
R
A
0
E

0
P
E
R
A
3
l
Perala |aoa
8u|ar perala |aoa
$umoer: 0ala d|o|ar
Perband|ngan Tota| Akt|va, Prof|tab|||tas dan Leverage 0peras|
Perusahaan Non as|ng Perata Laba dengan ukan Perata Laba
Perbandingan 7otal Aktiva
Peroard|rgar lola| a|l|va urlu| perusaraar ror as|rg perala
|aoa dergar ou|ar perala |aoa a|ar d|lurju||ar dergar gral|k .7 oer|-
|ul |r| (da|ar julaar Rp):
Craf|k 7
PERAN0|NCAN T0TAL AKT|VA PERU8AhAAN N0N A8|NC
0,00
1.000.000,00
8.000.000,00
12.000.000,00
1998 1999 2000 2001
TAluN
T
0
T
A
L

A
K
T
l
v
A
Perala |aoa
8u|ar perala |aoa
$umoer: 0ala d|o|ar
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 11Z
0ar| gral|| d|alas rarpa| oarWa perusaraar ror as|rg perala
|aoa rer||||| lola| a|l|va yarg |eo|r oesar dar| pada perusaraar ror
as|rg ou|ar perala |aoa. la| |r| rerurg||r|ar oarWa perusaraar ror
as|rg yarg re|a|u|ar pra|l|| peralaar |aoa rerupa|ar perusaraar-
perusaraar oesar. Perusaraar ror as|rg perala |aoa rer||||| lola|
a|l|va yarg cerderurg slao|| dar rer|rg|al dar| larur 1998 sarpa|
dergar 2001. Tola| a|l|va r|r|rur pada larur 1998 ya|lu seoesar
Rp..Z55.889,00 dar per|rg|alar lerjad| sarpa| larur 2001 dergar
lola| a|l|va seoesar Rp.9.210.585,Z5. Pada perusaraar ror as|rg |r|,
dapal d|||ral oarWa perusaraar yarg re|a|u|ar pra|l|| peralaar |aoa
|r| ada|ar perusaraar-perusaraar oesar.
3edarg|ar perusaraar ror as|rg ou|ar perala |aoa rerg-
a|ar| perururar pada larur 1999 dergar lola| a|l|va seoesar
Rp.5.815.108,13 dar rerga|ar| per|rg|alar lola| a|l|va |eroa|| pada
larur 2000 ya|lu seoesar Rp..9Z8.915,13 dar r||a| ra|s|rur pada
larur 2001 dergar lola| a|l|va seoesar Rp.Z.23.385,25.
Perbandingan Profitabilitas
Peroard|rgar prol|lao|||las perusaraar ror as|rg perala |aoa
dergar ou|ar perala |aoa a|ar d|lurju||ar dergar gral|k .8 oer||ul |r|:
Craf|k 8
PERAN0|NCAN PR0F|TA|L|TA8 PERU8AhAAN N0N A8|NC
(0,20)
(0,15)
(0,10)
(0,05)
0,00
0,05
0,10
0,15
1998 1999 2000 2001
TAluN
P
R
0
F
l
T
A
8
l
L
l
T
A
3
8u|ar perala |aoa
Perala |aoa
$umoer: 0ala d|o|ar
0ar| gral|| d|alas dapal d||ral oarWa perusaraar ror as|rg
perala |aoa cerderurg slao|| dar|pada perusaraar ror as|rg ou|ar
perala |aoa. Perusaraar ou|ar perala |aoa cerderurg oerl|u|luas|.
0a|ar perusaraar perala |aoa lerjad| per|rg|alar dar| larur 1998
dergar oesarrya prol|lao|||las ya|lu -11,53 rerjad| 10,0Z pada
larur 1999. Rerdarrya prol|lao|||las pada larur 1998 d|duga |arera
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
118 JAAl v0LuVE 8 N0. 1, JuNl 2001
d|pergarur| o|er |eadaar pere|oror|ar yarg l|da| oa|| a||oal |r|s|s
roreler.
Pada perusaraar ror as|rg ou|ar perala |aoa rer||||| prol|-
lao|||las ra|s|rur pada larur 1999 ya|lu seoesar 5,3 dar rerga-
|ar| perururar pada rerjad| -15,21 pada larur 1999 yarg reru-
pa|ar prol|lao|||las r|r|rur pada perusaraar |r|.
Perbandingan Leverage 0perasi
Peroard|rgar |everage operas| arlara perusaraar ror as|rg
perala |aoa dar ou|ar perala |aoa a|ar d|lurju||ar dergar gral|k .9
oer||ul |r|:
Craf|k 9
PERAN0|NCAN LEVERACE 0PERA8| PERU8AhAAN N0N A8|NC
0,0000
0,0500
0,1000
0,1500
1998 1999 2000 2001
TAluN
L
E
V
E
R
A
C
E

0
P
E
R
A
8
|
Perala |aoa
8u|ar perala
|aoa
$umoer : 0ala d|o|ar
0ar| gral|| d|alas rarpa| oarWa |everage operas| perusaraar
ror as|rg perala |aoa cerderurg oerl|u|luas| dar|pada perusaraar ror
as|rg ou|ar perala |aoa yarg cerderurg slao||. Pada perusaraar ror
as|rg perala |aoa, ras|o |everage operas| rerga|ar| |era||ar pada
larur 1998 ya|lu seoesar 9,3 sarpa| dergar larur 1999 ya|lu se-
oesar 10,Z3 dar larur 2000 dergar ras|o |everage operas| seoesar
12,Z, dar pada larur 2001 |everage operas| perusaraar ror as|rg
perala |aoa |r| rerga|ar| perururar ya|lu seoesar 9,3.
Pada perusaraar ror as|rg ou|ar perala |aoa, ras|o |everage
operas| slao|| dar rer|rg|al dar| larur 1998 sarpa| dergar larur
2001. Ras|o |everage operas| ra|s|rur lerjad| pada larur 2001 ya|lu
seoesar 10,3Z dar ras|o r|r|rur pada larur 1998 dergar |everage
operas| seoesar 9,13.
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 119
Ana||s|s has|| Penguj|an Un|var|ate Test
0ne-3ample Kolmogorov 3mirnov 7est
Perguj|ar |r| rerupa|ar |arg|ar aWa| da|ar perguj|ar ur|-
var|ale. uj| |o|rogorov |r| d|ra|sud|ar urlu| rerguj| r|polesa oarWa
ada alau l|da| ada oeda arlara dua ouar d|slr|ous|, alau urlu| rerer-
lu|ar apa|ar dala dar| ras|rg-ras|rg var|aoe| le|ar lerd|slr|ous| de-
rgar rorra|. 0ar| ras|| yarg d|dapal dergar rerggura|ar perguj|ar
one-samp|e ko|mogorov sm|rnov |r|, a|ar d||elaru| perguj|ar apa yarg
a|ar d|gura|ar se|arjulrya urlu| rerguj| r|poles|s yarg l|rou| da|ar
pere||l|ar |r| oerdasar|ar rorra||las dala dar| ras|rg-ras|rg var|aoe|.
T|rg|al s|gr|l||as| () yarg a|ar d|gura|ar da|ar perguj|ar |r| seoe-
sar 5 alau 0,05. Adapur ras|| yarg d|pero|er ada|ar seoaga| oer||ul:
Tabe| 4
las|| Perguj|ar 0re-3arp|e Ko|rogorov 3r|rrov
Asymp.8|g.
No. Var|abe| (2-ta||ed} Keterangan 0|str|bus|
1 Tola| A|l|va 0,058 p > 0,05 Norra|
2 Prol|lao|||las 0,91 p > 0,05 Norra|
3 Leverege 0peras| 0,22 p > 0,05 Norra|
1 3lalus Perusaraar 0,001 p < 0,05 T|da| Norra||
$umoer: Perr|lurgar 0re-3arp|e Ko|rogorov 3r|rrov
0ar| laoe| d|alas rarpa| oarWa urlu| lola| a|l|va, prol|lao|||-
las dar |everage operas| rer||||| r||a| prooao|||la alau p |eo|r dar| 0,05
yarg arl|rya lo d|ler|ra dar la d|lo|a|. 0|er |arera |lu lola| a|l|va,
prol|lao|||las dar |everage operas| lerd|slr|ous| secara rorra|. 0ergar
der|||ar a|lerra|l|l perguj|ar yarg a|ar d|gura|ar se|arjulrya ada|ar
dergar ana||s|s r-resr.
3edarg|ar slalus perusaraar rerpurya| r||a| prooao|||la
alau p |urarg dar| 0,05 yarg arl|rya lo d|lo|a| dar la d|ler|ra.
Karerarya slalus perusaraar l|da| lerd|slr|ous| secara rorra|. 0ergar
der|||ar a|lerral|l perguj|ar yarg a|ar d|gura|ar urlu| rerguj|
slalus perusaraar a|ar d|gura|ar perguj|ar 0n|-square.
7wo lndependent 3ample t-7est
Perguj|ar lWo-|rdeperderl sarp|e l-lesl d|gura|ar urlu|
rerguj| dala yarg lerd|slr|ous| secara rorra|. 0a|ar ra| |r| var|aoe|
yarg lerd|slr|ous| secara rorra| ada|ar lola| a|l|va, prol|lao|||las dar
|everage operas|. uj| r |r| d|gura|ar pada ara||s|s dala yarg d|u|ur
dergar s|a|a |rlerra| dar s|a|a ras|o yarg oerlujuar urlu| rerguj|
peroedaar arlara sarpe| dergar popu|as|. 0ergar l|rg|al s|gr|l||as|
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
120 JAAl v0LuVE 8 N0. 1, JuNl 2001
() seoesar 5 alau 0,05, ra|a ras|| perguj|ar r|poles|s yarg d||a|u-
|ar ada|ar seoaga| oer||ul:
Tabe| 5
las|| Perguj|ar TWo lrdeperderl 3arp|e l-Tesl
Asymp.8|g.
Var|abe| (2-ta||ed} Keterangan ho
Tola| a|l|va 0,88 p > 0,05 T|da| d|lo|a|
Prol|lao|||las 0,13 p > 0,05 T|da| d|lo|a|
Leverage operas| 0,01Z p < 0,05 0|lo|a|
$umoer: Perr|lurgar TWo lrdeperderl 3arp|e l-Tesl
0ar| laoe| d|alas dapal d|||ral oarWa lola| a|l|va dar prol|la-
o|||las secara slal|sl|| r||a| s|gr|l||as|rya () |eo|r oesar dar| 0,05 yarg
oerarl| lola| a|l|va dar prol|lao|||las l|da| s|gr|l||ar pada l|rg|al s|gr|l|-
|as| 0,05. las|| perguj|ar |r| rerga||oal|ar lo d|ler|ra dar la d|lo-
|a|. la| |r| oerarl| l|da| ada peroedaar rala-rala lola| a|l|va dar prol|la-
o|||las d|arlara perusaraar as|rg dar ror as|rg yarg re|a|u|ar pera-
laar |aoa dar l|da|.
3edarg|ar |everage operas| rer||||| r||a| s|gr|l||as| () |eo|r
|ec|| dar| 0,05 yarg oerarl| secara slal|sl|| |everage operas| s|gr|l||ar
pada l|rg|al s|gr|l||as| 0,05. las|| perguj|ar |r| rerga||oal|ar lo d|-
lo|a| dar la d|ler|ra. la| |r| oerarl| lerdapal peroedaar rala-rala |eve-
rage operas| d|arlara perusaraar as|rg dar ror as|rg yarg re|a|u|ar
pra|l|| peralaar |aoa dar l|da|.
Chi-3quare 7est
Perguj|ar |r| pada ururrya urlu| reroeda|ar dua propors|
|alegor| sualu var|aoe| pere||l|ar. Perguj|ar |r| sara seperl| Varr-
wr|lrey Tesl, yarg d|gura|ar urlu| re||ral peroedaar yarg ryala
arlara var|aoe|-var|aoe| yarg d|uj|. Perguj|ar |r| juga d|gura|ar urlu|
rerguj| dala yarg l|da| lerd|slr|ous| secara rorra|, da|ar ra| |r|
ada|ar slalus perusaraar.
0ergar l|rg|al s|gr|l||as| () seoesar 0,05, ra|a ras|| perg-
uj|ar r|poles|s yarg d||a|u|ar ada|ar seoaga| oer||ul:
Tabe|.
las|| Perguj|ar Cr|-3quare Tesl
Asymp.8|g.
Var|abe| (2-ta||ed} Keterangan ho
3lalus perusaraar 0,9 p > 0,05 T|da| d|lo|a|
$umoer: Perr|lurgar Cr|-3quare Tesl
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 121
0ar| laoe| d|alas, rarpa| oarWa slalus perusaraar secara
slal|sl|| rer||||| r||a| s|gr|l||as| |eo|r oesar dar|pada 0,05 yarg rerg-
a||oal|ar lo d|ler|ra dar la d|lo|a|. la| |r| oerarl| oarWa l|da| lerda-
pal peroedaar rala-rala slalus perusaraar d|arlara perusaraar as|rg
dar ror as|rg yarg re|a|u|ar peralaar |aoa dar l|da|.
Ana||s|s has|| Penguj|an dengan Hu|t|var|ate Test
Perguj|ar ru|l|var|ale |r| d||a|u|ar urlu| rergelaru| apa|ar
var|aoe|-var|aoe| |rdeperder seperl| u|urar perusaraar, prol|lao|||las
dar |everage operas| oerpergarur lerradap pra|l|| peralaar |aoa.
Perguj|ar |r| d||a|u|ar dergar dua larap, ya|lu perguj|ar secara se-
rerla| dar perguj|ar secara lerp|sar.
Pengujian 3ecara 3erentak
Perguj|ar secara sererla| |r| d||a|u|ar dergar rerggura|ar
regres| |og|sl|| oergarda yarg d||a|u|ar secara oersara-sara urlu|
|eerpal var|aoe|, ya|lu lola| a|l|va, prol|lao|||las, |everage operas| dar
slalus perusaraar. 0ergar l|rg|al s|gr|l||as| () seoesar 5 alau
0,05, ra|a ras|| perguj|ar r|poles|s yarg d|dapal seoaga| oer||ul:
Tabe| .7
has|| Penguj|an Hu|t|var|ate 8ecara 8erentak
Var|abe| p-va|ue Keterangan ho
Tola| a|l|va 0,593 p > 0,05 T|da| d|lo|a|
Prol|lao|||las 0,2ZZ p > 0,05 T|da| d|lo|a|
Leverage operas| 0,00 p > 0,05 T|da| d|lo|a|
3lalus perusaraar 0,32 p > 0,05 T|da| d|lo|a|
$umoer : Perr|lurgar ru|l|var|ale secara sererla|
0ar| laoe| Z d|alas, rarpa| oarWa dergar perguj|ar ru|l|-
var|ale secara sererla| |r| r||a| p urlu| |eerpal var|aoe| ya|lu lola|
a|l|va, prol|lao|||las, |everage operas| dar slalus perusaraar ada|ar
|eo|r oesar dar| 0,05, yarg oerarl| lo urlu| |eerpal var|aoe| d|ler|ra
dar la d|lo|a|. 0ergar d|ler|rarya lo, oerarl| |eerpal var|aoe| |r|
l|da| oerpergarur pada pra|l|| peralaar |aoa.
Pengujian 3ecara 7erpisah
urlu| |eo|r reya||r|ar ras|| yarg d|pero|er dar| ru|l|var|ale
secara sererla|, ra|a d||a|u|ar perguj|ar ru|l|var|ale secara lerp|sar
dergar rerge|uar|ar salu alau |eo|r var|aoe| |rdeperder dar| pergu-
j|ar yarg seoe|urrya. urlu| perguj|ar ru|l|var|ale secara lerp|sar
yarg perlara, var|aoe| |rdeperder yarg perlara |a|| d||e|uar|ar
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
122 JAAl v0LuVE 8 N0. 1, JuNl 2001
ada|ar var|aoe| yarg rer||||| r||a| p pa||rg oesar, da|ar ra| |r| ada|ar
lola| a|l|va dergar l|rg|al s|gr|l||as| seoesar 0,593. 0ergar l|rg|al
s|gr|l||as| () seoesar 0,05, ra|a ras|| yarg d|pero|er dar| perguj|ar
ru|l|var|ale secara lerp|sar larap perlara ada|ar seoaga| oer||ul:
Tabe|. 8
las|| Perguj|ar Vu|l|var|ale 3ecara Terp|sar Tarap l
Var|abe| p-va|ue Keterangan ho
Prol|lao|||las 0,2 p > 0,05 T|da| d|lo|a|
Leverage operas| 0,01 p > 0,05 T|da| d|lo|a|
3lalus perusaraar 0,150 p > 0,05 T|da| d|lo|a|
$umoer : Perr|lurgar ru|l|var|ale secara lerp|sar
0ar| laoe| d|alas, dapal d|||ral oarWa apao||a var|aoe| lola| a|-
l|va d||e|uar|ar dar| perguj|ar, r||a| p urlu| prol|lao|||las, |everage ope-
ras| dar slalus perusaraar ras|r |eo|r oesar dar|pada 0,05 yarg oer-
arl| lo dar| |el|ga var|aoe| d|ler|ra dar la d|lo|a|. la| |r| juga rer-
ou|l||ar oarWa |el|ga var|aoe| l|da| oerpergarur pada pra|l|| pera-
laar |aoa.
Perguj|ar ru|l|var|ale secara lerp|sar se|arjulrya a|ar
rerge|uar|ar var|aoe| |rdeperder yarg rer||||| r||a| p d|oaWar r||a| p
yarg le|ar d||e|uar|ar seoe|urrya, da|ar ra| |r| slalus perusaraar
yarg rer||||| r||a| p seoesar 0,32 yarg |eo|r |ec|| dar|pada lola| a|-
l|va. 0ergar l|rg|al s|gr|l||as| () seoesar 0,05, ra|a ras|| yarg
d|pero|er dar| perguj|ar ru|l|var|ale secara lerp|sar larap |edua se-
oaga| oer||ul:
Tabe| .9
las|| Perguj|ar Vu|l|var|ale 3ecara Terp|sar Tarap ll
Var|abe| p-va|ue Keterangan ho
Prol|lao|||las 0,31Z p > 0,05 T|da| d|lo|a|
Leverage operas| 0,0Z1 p > 0,05 T|da| d|lo|a|
$umoer : Perr|lurgar ru|l|var|ale secara lerp|sar
0ar| lao|e 9 rarpa| oarWa sele|ar var|aoe| |everage operas|
d||e|uar|ar dar| perguj|ar |r|, r||a| p urlu| prol|lao|||las dar |everage
operas| ras|r sara ya|lu |eo|r oesar dar|pada 0,05 yarg oerarl| lo
prol|lao|||las dar slalus perusaraar lelap d|ler|ra dar la d|lo|a|. la|
|r| rerurju||ar oarWa prol|lao|||las dar slalus perusaraar lelap l|da|
oerpergarur pada pra|l|| peralaar |aoa.
Tarap lera|r|r dar| perguj|ar ru|l|var|ale secara lerp|sar |r|
ada|ar dergar rerge|uar|ar var|aoe| |rdeperder yarg rer||||| r||a| p
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 123
|ec|| dar|pada r||a| p var|aoe| slalus perusaraar, da|ar ra| |r| prol|la-
o|||las yarg rer||||| r||a| p seoesar 0,2ZZ. 0ergar l|rg|al s|gr|l||as|
() seoesar 0,05, ra|a ras|| perguj|ar ru|l|var|ale secara lerp|sar
larap |el|ga ada|ar seoaga| oer||ul:
Tabe|. 10
las|| Perguj|ar Vu|l|var|ale 3ecara Terp|sar Tarap lll
Var|abe| p-value Keterangan ho
Leverage operas| 0,019 p < 0,05 0|lo|a|
$umoer: Perr|lurgar ru|l|var|ale secara lerp|sar
0ar| laoe| 10, rarpa| oarWa Wa|aupur var|aoe| prol|lao|||las
d||e|uar|ar, |everage operas| rer||||| r||a| p |eo|r |ec|| dar|pada 0,05
yarg oerarl| lo |everage operas| d|lo|a| dar la d|ler|ra. 0ergar
der|||ar, ra| |r| rerou|l||ar oarWa |everage operas| oerpergarur
lerradap pra|l|| peralaar |aoa.
0ar| perguj|ar ru|l|var|ale secara sererla| dar ru|l|var|ale
secara lerp|sar dapal d|||ral rerarg lerjad| |ors|slers| oarWa var|a-
oe|-var|aoe| |rdeperder seperl| lola| a|l|va, prol|lao|||las dar slalus
perusaraar l|da| oerpergarur lerradap pra|l|| peralaar |aoa 3edarg-
|ar urlu| |everage operas| perusaraar dapal d|||ral oarWa lerjad| pe-
ruoarar. Pada perguj|ar ru|l|var|ale secara sererla| |everage operas|
|r| rer||||| l|rg|al s|gr|l||as| () |eo|r oesar dar| 0,05 yarg oerarl| |eve-
rage operas| l|da| oerpergarur pada pra|l|| peralaar |aoa, lelap| pada
perguj|ar ru|l|var|ale secara lerp|sar l|rg|al s|gr|l||as| () |everage
operas| |eo|r |ec|| dar| 0,05 yarg rerurju||ar oarWa |everage operas|
|r| oerpergarur lerradap pra|l|| peralaar |aoa.
KE8|HPULAN 0AN 8ARAN
Kes|mpu|an
0|arlara perusaraar as|rg dar ror as|rg lerseoul dapal d|||-
ral oarWa perusaraar ror as|rg |eo|r oarya| re|a|u|ar pra|l|| pera-
laar |aoa d|oard|rg|ar perusaraar as|rg. la| |r| rarpa| oarWa 8 dar|
1 perusaraar ror as|rg yarg d|jad||ar sarpe| d||rd||as||ar re|a|u-
|ar pra|l|| peralaar |aoa alau se||lar 50 dar| lola| sarpe| yarg d|uj|
urlu| perusaraar ror as|rg lerseoul. 3edarg|ar urlu| perusaraar
as|rg rarpa| oarWa dar| 11 perusaraar as|rg yarg re|a|u|ar
pra|l|| peralaar |aoa alau 12,85 dar| lola| sarpe| yarg d|uj| urlu|
perusaraar as|rg. Tola| a|l|va perusaraar as|rg dar ror as|rg yarg
re|a|u|ar pra|l|| peralaar |aoa cerderurg |eo|r oesar dar|pada peru-
saraar as|rg dar ror as|rg yarg l|da| re|a|u|ar pra|l|| peralaar
l33N: 1110 - 2120 Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa .
121 JAAl v0LuVE 8 N0. 1, JuNl 2001
|aoa. Pada perusaraar yarg re|a|u|ar pra|l|| peralaar |aoa, lola|
a|l|va ler||ral rer|rg|al secara lajar dar| larur 1998 sarpa| dergar
2001. 3edarg|ar perusaraar yarg l|da| re|a|u|ar pra|l|| peralaar
|aoa, lola| a|l|va juga rer|rg|al lelap| l|da| secara lajar seperl| peru-
saraar perala |aoa. 0ar| larur 1998 sarpa| dergar 2001 perusaraar
as|rg ou|ar perala |aoa dar perusaraar ror as|rg ou|ar perala |aoa
rer||||| prol|lao|||las yarg oerl|u|luas|. la| |r| d|seoao|ar |arera pere-
|or|ar yarg sedarg l|da| oa|| pada rasa |lu. 3edarg|ar prol|lao|||las
pada perusaraar perala |aoa cerderurg slao|| pada larur 1999 sar-
pa| dergar larur 2000. Prol|lao|||las perusaraar as|rg dar ror as|rg
perala |aoa yarg cerderurg slao|| |r| d|duga |arera adarya rar|pu|as|
|aoa yarg d||a|u|ar o|er rarejerer perusaraar urlu| rergurarg|
l|u|luas| yarg s|gr|l||ar. Perusaraar as|rg yarg re|a|u|ar pra|l||
peralaar |aoa rer||||| |everage operas| yarg |eo|r |ec|| dar| pada pe-
rusaraar as|rg yarg l|da| re|a|u|ar pra|l|| peralaar |aoa.
8aran - saran
3arpa| saal |r| pra|l|| peralaar |aoa rerarg le|ar d||a|u|ar
o|er oarya| regara lerrasu| lrdores|a, rarur peru||s oerrarap agar
perusaraar yarg da|ar ra| |r| |rususrya p|ra| rarajerer l|da| re-
|a|u|ar pra|l|| peralaar |aoa |arera ra| |lu dapal reryeoao|ar perg-
urg|apar |aoa yarg l|da| rerada| dar reryesal|ar. 0ar ra| |lu lerlu
saja a|ar rerug||ar oarya| p|ra| lerulara |rveslor yarg a|ar rer||a|
perusaraar lerseoul rer||||| |erarpuar yarg oa|| padara| l|da| se-
sua| dergar |eryalaar. Karera pra|l|| peralaar |aoa |r| le|ar d||a|u-
|ar o|er oeoerapa perusaraar d| lrdores|a, peru||s reryarar|ar
|epada para |rveslor agar |eo|r le||l| da|ar rer||a| |aporar |euargar
perusaraar |rususrya yarg oer|a|lar dergar |rlorras| |aoa ser|rgga
|epulusar |rveslas| yarg aro|| l|da| a|ar rer|rou||ar peryesa|ar
d||erud|ar rar|. Peru||s reryarar|ar urlu| pere||l|ar-pere||l|ar se-
|arjulrya agar rer|rg|al|ar cara rergu|ur alau rerdele|s| adarya
pra|l|| peralaar |aoa serla rergaral|rya urlu| per|ode Wa|lu yarg
oeroeda dergar jarg|a Wa|lu pergaralar |eo|r |ara dar| pere||l|ar |r|
dar rerperoarya| jur|ar perusaraar yarg d|jad||ar sarpe| se-
r|rgga ras|| yarg d|pero|er dapal |eo|r a|ural dar va||d, ser|rgga o|sa
d|jad||ar sualu |rlorras| yarg sargal oergura oag| p|ra|-p|ra| yarg
oer|eperl|rgar, |rususrya rarajerer dar |rveslor. 0a|ar ra| |r|
pere||l| se|arjulrya juga dapal re|a|u|ar peroard|rgar per||a|u per-
alaar |aoa yarg d||a|u|ar perusaraar-perusaraar arlara oursa yarg
salu dergar oursa yarg |a|r dergar reraroar|ar var|aoe|-var|aoe|
|a|r yarg ler|a|l dergar pra|l|| peralaar |aoa seperl| rercara oorus,
o|aya pers|ur, rarga sarar, dar |a|r seoaga|rya.
Vurarrad Yusul & 3oraya, Fakror-lakror ,ang Vempengarun| Prakr|k Peraraan laoa paoa . l33N: 1110 - 2120
JAAl v0LuVE 8 N0. 1, JuNl 2001 125
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