International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR Analysis of Effect of Profitabilityand Managerial Ownershipon The Term of Delivery of Financial Reporton Soe Registered In Indonesia 2012 Stock Exchange 2012-2016 Indra Lila K. Avesti Nila Nawangsari. i_lilakusuma@yahoo. STIE-AAS Surakarta. Central Java. Indonesia Abstract: This study aims to examine the analysis of the effect of profitability and managerial ownership over the period of submission of financial statements in the stock exchanges of Indonesia. This research uses secondary data with population and sample of financial data of State Owned Enterprise (BUMN) listed in Indonesia Stock Exchange in 2012 until 2016. The analysis technique used is classical assumption test which includes normality test, multicollinearity, heterokedastisitas and test Autocorrelation. Other tests use multiple linear regression test. T test. F test and Coefficient of determination The results showed that Profitability and Managerial Owners Influence all on the Period of Submission of Financial Statements. Keywords: Profitability. Managerial Ownership and Time of Submission of Financial Statement. Introduction The financial statements are the end result of the accounting process which the company does to serve as a media information that will be useful for users of the report. As time goes by, benefits of the information contained in the financial statements will be reduced if not delivered to users of financial statements on time. The sooner delivered, the information contained in it more useful, and users of financial statements can make better decisions, both in terms of quality and time. If there is an undue delayin financial reporting ,then the information provided will lose its relevance. The information is said to be relevant if it has a predictive value, value feedback, and timeliness (Hendriksen and Van Breda, 2000, in Adhi. Finance report is a vehicle for the information and measurement economically about resources owned as well as its performance to various parties having an interest in the information. The information conveyed should be useful information. be useful information submitted must meet the characteristics of information for the International Journal of Economics. Business and Accounting Research (IJEBAR) Page 1 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR wearer that is understandable, relevant, reliability and appeal. In Financial Accounting Standards (IAI, 2. mentioned that financial statements is part of financial reporting. Complete financial statements usually includes a balance sheet, income statement, report on changes in financial position . hich can be presented in various ways, for example as a cash flow statement or fund flows repor. , notes and other reportsas well as explanatory material that are integral parts of the financial statements. Besides that, it also including schedules and additional information related to the report, segmentand geographical, and disclosurethe effect of price changes. The demand for compliance against timeliness in the deliverypublic financial statements in Indonesia has been regulated under the Decree of the Chairman of the Capital Market Supervisory Agency and Financial Institution Number 346 / BL / 2011 on the submission of periodic financial statements of issuers or public companies. In the appendixwith the provisions of rule number X. 2 explained that annual financial statements must be submitted to Bapepam and Financial Institutionsand announced to the publicno later than the end of the third month . after the date of the annual financial statements. This rule has been implemented,but there are still many companies listed on the Indonesia Stock Exchange that are not timely in delivering its The reason why the company did not deliver timely financial report There companies do not want to reveal the reason. The financial statements are records of a company's financial information during an accounting periodwhich can be used to These financial statements are part of the financial reporting process. Complete financial statements usually include: Balance Comprehensive income statement Statements of changes in equity Statements of changes in financial position that can be presented in the form of cash flow or cash flow Other records and reports and explanatory materials that are an integral part of the financial statements. The financial statements also show what stewardship has done, or management accountability of the resources entrusted to Users who want to see what has been done or management accountability does so in order for them to make economic This decision includes, for example, the decision to withhold or sell their investment within the company or a decision to raise or replace management. The Difference between Reporting and Financial Statements is financial reporting and financial reporting. Financial Reporting covers all aspects related to the provision and delivery of financial information. These aspects include the institutions involved . uch as the preparation of standards, regulatory bodies of government or capital markets, professional organizations, and reporting entitie. , regulations that apply include GAAP (Generally Accepted Accounting Principles / GAAP). The financial statements are just one medium in the delivery of information. It should even be differentiated between statements and User Financial Statement: Investors Employees Lender Supplier and Creditor of other business Customers Government Society Purpose of Financial Statements According to the Financial Accounting International Journal of Economics. Business and Accounting Research (IJEBAR) Page 2 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR Standards issued by the Indonesian Institute of Accountants the purpose of financial statements is to provide information performance, and changes in the financial position of a company that is beneficial to a large number of users in decision Financial statements prepared for this purpose meet the common needs of However, statements do not provide all the information that the user may require in making economic decisions because they generally reflect the effects of financial and past events, and are not required to provide nonfinancial information. The financial statements also show what management has done or management accountabilityof the resources entrusted to Users who want to see what has been done or accountability of management do so in order for them to make economic This decision includes, for example, the decision to withhold or sell their investment in the company or the decision to re-establish or change Based on the background of the problem described above,then taken the title: "Analysis of Profitability Influence And Managerial Ownership on the Period of Submission of Financial Statements To The SOEs Listed In Indonesia Stock Exchange Year 2014-2016". Underlying Theory 1 Profitability Profitability is a factor that gives freedom and flexibility to management to conduct and disclose to stakeholders a broader program of social responsibility (Heinze, 1976 in Florence, et al. , 2. The relationship between corporate profitability disclosure has become a postulate . asic assumptio. to reflect the view that social reactions require a managerial style. So the higher the level of corporate profitability the greater the disclosure of social information (Bowman & Haire, 1976 and Preston, 1978. Hackston & Milne, 1996 in Anggraini, 2 Managerial Ownership Managerial ownership is a situation where the manager owns the company's shares or in other words the manager as well as the shareholder of the company. In the financial statements, this is indicated by the large percentage of company's share ownership by managers. As this is important information to users of financial statements, this information will be disclosed in the notes to the financial statements. The existence of managerial ownership becomes an interesting thing when associated with agency theory. In terms of agency theory, the relationship between managers and shareholders is described as the relationship between agents and principals (Schroeder et , 2. Agent is mandated by the principal to run the business in the interest of the principal. Manager as agent and shareholder as principal. Business decisions managers take are decisions to maximize the company's resources . A threat to shareholders if the manager acts for his own benefit, not for the benefit of In this context each party has its own interests. This is the basic problem in agency theory that is the conflict of Shareholders and their respective managers are concerned to maximize their Each party has a risk associated with its function, the manager has the risk of not being appointed as manager if it fails to function, while shareholders risk losing their capital if they choose the manager. This condition is a consequence of the separation of management functions with the ownership function. The situation mentioned above will of course be different, if the condition is also manager as well as shareholder or shareholder also manager or International Journal of Economics. Business and Accounting Research (IJEBAR) Page 3 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR also called condition of company with managerial ownership. Decisions and activities in companies with managerial ownership will certainly be different from those without managerial ownership. In a company with managerial ownership, the manager who is also the shareholder will surely align his interests with his interests as a shareholder. While in a company without managerial ownership, managers who are not shareholders are likely to be concerned only with their own interests. 3 Financial Statement Period One way to measure transparency and quality of financial reporting is timeliness. The time span between the date of the company's financial statements and the date when financial information is publicly disclosed relates to the quality of the financial information reported (McGee. Based on the Basic Framework of Preparation and Presentation of Financial Statements of Financial Accounting Standards, the financial statements must meet four qualitative characteristics which are the characteristics that make the financial statement information useful to the These understandable, relevant, reliable, and information, there are some obstacles, one of which is the constraint of timeliness. Hendriksen and Van Breda . 0, p. state that information can not be relevant if not timely, ie it should be available to decision makers before losing capacity to influence decisions. Timeliness does not guarantee its relevance, but relevance is not possible without timeliness. Therefore, timeliness is an important limitation on the publication of financial The accumulation, summary and subsequent presentation of accounting information shall be made as soon as possible to ensure the availability of information now in the hands of the user. Timeliness also shows that financial statements should be presented at regular intervals to show changes in the state of the company which in turn may affect user predictions and decisions. 4 Relationship Between Profitability And Managerial Ownership With The Time Of Submission of Financial Statements Profitability shows the company's success in generating profit, so it can be said that profit is good news company. The company will not delay the delivery of good news Thus companies that are able to generate profits will tend to be more timely in delivering its financial statements than companies that experience losses. According to Niehaus . in Saleh . stated that the owner of the outside party is considered different from the owner of the party in which the small possibility of outside owners to engage in business daily business company. In relation to agency theory, ownership structure variables are proxied with outsider ownership structures because the outside owners of the company as principals have great power in influencing the company through mass media in the form of criticism or comments which are all considered public opinion causing the change of the management of the company by the manager as the agent which originally run with as it wants to be a company that runs with monitoring. One of the monitoring is with a financial statement which showing the company's performance is audited by a third party, thus forcing managers as agents to present their finances accurately and on The agent may have no future if the performance is bad so that it is dismissed by the shareholders. The managerial managerial market will remove the opportunity of agents who are not performing well and behave in a way that distorts the wishes of the company's shareholders managed by the agent. International Journal of Economics. Business and Accounting Research (IJEBAR) Page 4 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR Efficient capital market employment can be a mirror of the manager's performance of the company's stock price. 3 Research Methods This study aims to test the effect of ownership against the period of submission of financial statements in Indonesia stock This study uses secondary datawith population and sample of financial report data of State Owned Enterprises (SOE. which is listed on the Indonesia Stock Exchange in 2012 until 2016. The analytical technique used is the classical assumption test that includes the test of heteroscedasticity and autocorrelation test. Other tests use multiple linear regression test. T test. F test and Coefficient of determination test. 1 Population and Sample of the Research The population in this study is the SOEs listed on the Indonesia Stock Exchange (IDX) from 2014 to 2016. For that sample taken from the population must be really The sampling method used in this research is porposive sampling. The sample selection criteria used in this study are as follows: State-Owned Enterprises (SOE. listed on the Indonesia Stock Exchange listed in 2014 to 2016. Issue financial statement data every year. 2 Research Data This study uses secondary data types,ie data that have been collected by researchers, data published in statistical and other journals,as well as information available from sources of publication or nonpublication originating from within or outside the organization (Sekaran, 2006: . The secondary data used in this study is empiricalon StateOwned Enterprises (SOE. listed on the Indonesia Stock Exchange from 2014 to Financial report data in the form of balance sheet and income statement of State Owned Enterprises (SOE. listed on the Indonesia Stock Exchange in Data of State Owned Enterprises (SOE. used in this study is the current data on the financial statements in SOEs at the time of closing as of December 31. 3 Research variable Dependent Variable: Term of Submission of Financial Statement (Y) Independent Variables Profitability (X. Profitability in this research is measured by using Return On Assets (ROA). Return On Assets (ROA), is a ratio that measures how much net profit can be obtained from the entire wealth of the company. The ratio increases. ROA Formula = Profit After Tax Total Asset Managerial Ownership (X. 4 Data Analysis Method 1 Normality test Normality test in this study aims to test whether in the regression model formed from the dependent variable . eriod of submission of financial statement. and the independent variables . rofitability and managerial ownershi. have a normal distribution, (Gujarati, 2. 2 Heteroscedasticity Test The heteroscedasticity test in this study aims to test whether in the regression model there is a variance inequality of the residual one observation to another observation. the variance of the residual one observation to another observes remains, then it is called International Journal of Economics. Business and Accounting Research (IJEBAR) Page 5 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR homoscedasticity, and if different is called 3 Autocorrelation Test The autocorrelation test in this study aims to test whether in a linear regression model there is a correlation between the confounding error in period t and error in period . Autocorrelation arises because consecutive observations over time are related to each other. 4 Multicollinearity Test Multicollinearity test in this study aims to test whether the regression model determined the existence of correlation . If independent variables are correlated then these variables are not 5 Hypothesis testing Hypothesis testing in this research consists Multiple Linear Regression Analysis Multiple linear regression analysis is a linear relationship between two or more independent variables (X1. X2, . with the dependent variable (Y). The formula used in the study are as Y = a b1X1 b2X2 e The t test criteria are as follows: The real level of 0. - If the significance value > 5% then Ho accepted and Ha rejected. - If the significance value is < 5% then Ho is rejected and Ha is accepted. The steps used are as follows: Determine Ho and Ha H 0: = 0. means there is no significant influence of independent variables partially to the dependent variable. H a: O 0. means there is a significant influence of independent variables partially to the dependent variable. Level of significance = 0,05 Degree of freedom . = . -l-. ttable= /2. -l-. Testing Criteria Information : Y = Financial Statement n is the number of sample companies, k is the number of independent Criteria: H 0 received when -ttabel O tcount ttable H 0 rejected if tcount> ttable or tcount <-ttable Value calculation Se . = Standar error Period a = Constants X1 = Profitability X2 = Managerial ownership e = Random error or nuisance variable The t test used in this research is used to prove the significance of partially influence the independent variable . rofitability and managerial ownershi. to the dependent variable . inancial statement perio. b1, b2 = Linear regression coefficient of each variable Test t (Partial Regression Coefficient Tes. The t test is a test used to see if the mean value of a . value distribution differs significantly . from the mean value of the other . value distribution. International Journal of Economics. Business and Accounting Research (IJEBAR) Page 6 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR 6 Simultaneous Significant Test (F Tes. R2 /. Oe . Whereas : can inform well whether or not the regression model is estimated, or in other n = Number of samples words, the number can measure how closely k = Number of independent variables F test is a test used to see how the influence of all independent variables together on the dependent variable. Testing criteria: The real level of 0. If the significance value is <5% then Ha is accepted and Ho is rejected. If the significance value> 5% then Ha rejected and Ho accepted. The test steps performed are as follows: Determine H 0 dan H a H 0: b1 = 0. meaning there is no significant the regression line is estimated with the actual data. In this study the coefficient of determination (R. is calculated by using the program SPSS for Windows. Researchers use adjusted R2 because if the number of independent variables is more than two variables, it is better to use adjusted R2. Adjusted R2 is obtained from the following Adjusted R 2 = 1- . - R . Where : independent variables to variables. H a: b1 O 0, means there is a significant independent variables to the dependent - Determine thte level of significance ( Se . = 0,. Degree of freedom . = . Information : -l-. = Nilai tcount Testing Criteria Dependent Regression H 0 is accepted when Fcount Ftable R2 is the coefficient of determination Value calculation Fcount = coefficient F test is used to determine the effect important measure in regression,because it R 2 = Coefficient of determination 7 Coefficient of Determination Test (Test R. R2 Test or test of determination is an . Oe R2 ) / n Oe k variable . inancial statement perio. rofitability International Journal of Economics. Business and Accounting Research (IJEBAR) Page 7 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR k is the number of independent passes the normality test. Y = a Bx The value of R2 is between 0 and 1 . < R2 Table 2. Multicollinearity test < . The higher the value of R2,shows the Variable Profitability Managerial variables on changes in the dependent If R-square equals 1, it means that the independent variable has a perfect effect on the dependent variable, but if R-square is equal to zero, means the independent variable has no effect on the dependent This analysis is used to find out how much contribution given free variable . rofitability and managerial ownershi. to Tolerance VIF Data processed, 2017 Based on multicollinearity test results on ownership has a tolerance value greater than 10and the VIF value is less than 10. regression or model used in this study is free multicollinearity. Table 3. Heteroscedasticity Test Results Variable p-value the dependent variable . inancial statement Profitability 0,222 perio. expressed in percentage. Managerial ownership 0,265 Data processed, 2017 From the result of heteroscedasticity 4 Finding And Discussion test with Glejser test it can be seen that each 1 Classical Assumption Testing Results The result of analysis to assumption of Kolmogorov-Smirnov against residual value of the regression equation is presented in the following table: independent variable has p value > 0,05 hence there is no heteroscedasticity. Table 4. Autocorrelation Test Results Variabble Table 1. Data Normality Test Unstandardized Residual Lower Profitability Managerial Kolmogorov-Smirnov Z 0,486 Asymp. Sig. -taile. 0,972 Data processed, 2017 1,719 Upper Limit Conclusion Data processed, 2017 The results of the autocorrelation test From normality test results shows that p calculation obtained DW value of 1719 this 972 > 0. 05 means that the value will be compared with the lower distribution of data in the distribution is in boundary value -2 and the upper limit 2, if accordance with the normal curve so that it the DW value lies between -2 and 2 it can International Journal of Economics. Business and Accounting Research (IJEBAR) Page 8 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR be concluded that the regression model in The ownership variable . = 30. means that the effect of managerial ownership on the financial statement period is positive, means if managerial 5 Hypothesis Testing Results 1 The Results of Multiple Linear ownership is higherthen the period of Regression Analysis financial statements is also higher with From multiple linear regressions analysis the assumption that other variables are can be obtained the following results: considered fixed. Table 5. Multiple Linear Regression Results Variable Regression Sig 2 T Test Result The test steps are as follows: Coefficient Constant Profitability Managerial Ho: = 0 it means that there is no Data processed, 2017 following equation: can be interpreted as follows: 39,230, on the dependent variable. profitability vand managerial ownership is assumed to be fixedthen the financial statement period will increase 039,2302 influence between the independent variables The rresult obtained from linear regression . Ha: O 0 it means that there is a significant Y= a 0,893X1 30,222X2 e Constants independent variables on the dependent The results can be translated into the Determining Ho and Ha The variable coefficient of product profitablity . = 0. 895,meaning that the effect of profitability on the Level of significance () = 0. Determine the level of significance, ie Degree n-k-1 Degree of freedom = n-k-1 t table = t (/2 . n-k-. t table = t . ,05/2 . 65-k-. t table = 1,998 financial statement period is positive, meaning if the higher profitability then the period of financial statements has increased with the assumption that other variables are considered fixed. International Journal of Economics. Business and Accounting Research (IJEBAR) Page 9 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR Define test criteria 3 Test F Result Figure 1. Normal Curve t Test Test steps are as follows: Determining Ho: 1 = 2 = 3 = 0. There is no variables . rofitability and managerial Ho accepted if value -1,998 1. Ha: 1 O 2 O 3 O 0. There is a tcount <-1,998. T test result variables . rofitability and managerial Table 6. t Test Result dependent variable . inancial statement Variable Sig (Constan. Profitabilty Ftabel = F. Managerial Ftabel = 0,05 . : 65-. Ownership Level of significance (A) = 0. Ftabel = 3,142 Determining the test criteria are: Profitability Figure 2. Normal Test F Curve The calculation results obtained tcount value 715 > 1. 998 with p value 0. 009 < 0. means there is a significant influence profitability on <0. 05 means there is a significant influence F Test Result Variable Sum Mean of Sig Regression Residual Total between managerial ownership of the financial statement period. <3. Table 7. Managerial ownership 373> 1. 998 with p value 0. Fcount Ho is rejected if Fcount > 3. statement period. The calculation results obtained t count Data processed, 2017 From F test result obtained the value of F 5,105> Ftable 3,142 or with p value International Journal of Economics. Business and Accounting Research (IJEBAR) Page 10 International Journal of Economics. Business and Accounting Research (IJEBAR) Peer Reviewed Ae International Journal Vol-1. Issue-2, 2017 (IJEBAR) ISSN: 2614-1280, https://jurnal. stie-aas. id/index. php/IJEBAR 0,009 so that < 0,05 so there is significant influence of profitability and managerial ownership together to period of financial 4 Results of Coefficient Determination In this study the coefficient of determination (R. is calculated by using SPSS for Windows program. Table 8. Results of Coefficient of Determination Model R Square Adjusted R Std. Error of Square the Estimate Data processed, 2017 The results of coefficient determination (Adjusted R. 114 meaning that determination of profitability variable (X. , and managerial ownership (X. , in affecting the period of financial statements (Y) is This magnitude value indicates that the model is usedin explaining the variable of t count 2. 715 > 1. 998 with p value 009 < 0. 05, so the hypothesis proves the truth. Managerial ownership has a significant effect on the period of financial statements on SOEs listed on the BEI with the value of tcount 2. 373 > 1. 998 with p value 0. 021 < 0. 05, so the hypothesis proves the truth. Profitability and managerial ownership together have a significant effect on the period of financial statements on SOEs listed on the BEI, with F calculate 5,150 > F table 3,142 or with p value 0,009 so that < 0,05 so the hypothesis proves The results of coefficient determination (Adjusted R. 114 means that determination of profitability variable (X. , and managerial ownership (X. in affecting the period of financial statements (Y) is 11. This magnitude value indicates that the model is usedin explaining the variable Y is good enough, because the value reached 4%, the remaining 88. 6% influenced by other variables that are not examined. Bibliography