GCG SIMULTANEITY EFFECTS, PROFIT MANAGEMENT AND VALUE OF INDONESIAN RETAIL COMPANIES

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1 International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 7, July 2018, pp , Article ID: IJCIET_09_07_160 Available online at ISSN Print: and ISSN Online: IAEME Publication Scopus Indexed GCG SIMULTANEITY EFFECTS, PROFIT MANAGEMENT AND VALUE OF INDONESIAN RETAIL COMPANIES Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan, Diwayana Putri Nasution Faculty of Social Science, Universitas Pembangunan Panca Budi, Medan, Indonesia ABSTRACT This study examines the simultaneous effects of GCG, profit management and value of retail companies in Indonesia. Data analysis using 2TLS Model (Two Stage Least Square). The result of the research stated that there is a more significant simultaneous effect of GCG on company value to earnings management. Profitability, GCG has a significant positive impact, firm size has no significant positive effects, dividend payout ratio and earnings control have the adverse effects not substantially simultaneously to firm value. Key word: GCG, Earnings Management, Corporate Value, DPR, Profitability. Cite this Article: Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan And Diwayana Putri Nasution, GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies, International Journal of Civil Engineering and Technology, 9(7), 2018, pp INTRODUCTION Information is the main thing to balance stability [1] [7] The purpose of a company is to increase the value of the company so as to provide prosperity for the owners or shareholders [8] [15] Corporate value is a description of the company's performance itself. The higher the value of the company means the company's performance is getting better too. Indeed, good corporate performance will be a significant consideration for investors who will invest in a company [16] [18]. There are many factors affecting earnings management and corporate value. Based on uneven discretionary accruals change in the company contained in Retail Trade Indonesia. Empirically, discretionary accrual values can be zero, positive and negative. The amount of zero shows earnings management is done with the pattern of income smoothing while the positive value indicates the existence of earnings management with the design of increase in profit (income increase), and the negative value shows the earnings management with the pattern of income-decreasing [19] [21] editor@iaeme.com

2 Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan and Diwayana Putri Nasution At PT. Ace Hardware Indonesia Tbk, In 5 years on the discretionary accrual discretionary value shows zero value. PT. Tiphone Mobile Indonesia Tbk in 2012 and next year 2013 to 2016 shows a negative discretionary accrual value. Meanwhile, at PT. Centratama Telekomunikasi Indonesia Tbk shows a positive discretionary accrual of in 2015 and in Figure 1 Average earnings management for Figure 1 describes the average earnings management for , where the average earnings management decreased in 2014, the decline in earnings management is done if the manager wants the lower performance of the company is done to obtain facilities and facilities from the government. Large companies tend to lower profits to reduce their visibility, especially during periods of high prosperity. Managers will reduce profits for specific purposes, for example: for tax liability savings that companies must pay to the government. Because the lower the reported profits, the lower the company also taxes to be paid. Figure 2 Average value of corporate value for Figure 2 describes the average value of corporate value for , where the average value of corporate growth has decreased in The declining value of the company has an impact on the company's net profit. The company's low value will make the market unbelievable not only in the company's current performance but also on the prospects of the company in the future. The decline in corporate value can reflect the value of the assets owned by the company. The lower the value of the company then the company will not have a right image. Corporate value is often associated with stock prices; the lower the stock price, the lower the value of the company and vice versa. The average value of ROA has increased almost every year where the highest average is in 2016 with a number of 3.79%. the smallest increase occurred from 2013 to 2014 with a difference of 0.07% editor@iaeme.com

3 GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies Figure 3 Average ROA growth for Average ROA growth for , where the average ROA has increased almost every year. The significant increase occurred from 2012 to However, in 2013 in 2014 has increased quite low. The low growth of ROA in 2013 in 2014 is due to lower sales growth. ROA shows the level of the company's ability to generate profits for the company's asset managers. The lower or smaller the value of ROA shows the performance of the company that is getting better as well. Because the return on investment is getting smaller, the lower the ROA, the lower the company value. 2. THEORIES 2.1. Value of the company The financial goal is to maximize the value of the company. The higher the value the company describes, the more prosperous the owners of the company. The value of the firm reflects the assets owned by the company. Company value is the price that potential buyers are willing to pay when the company is sold, and for companies that issue shares in the capital market, the stock price traded on the stock is an indicator of company value [22] [24] High stock prices reflect the company's value is also high. A stock price is a price that occurs when the stock is traded in the market. The share price and firm value summarize the corporate valuation of investors about how well a company is, whether its current performance or its prospects. Company value is the company's value of sale or value added for shareholders, the size of the objective value by the public and the orientation of the company's survival. In the opinion of experts, the value of a company is measured by using Price To Book Value (PBV) which is a ratio that compares the price per share with the book value per share. PBV is the market ratio used to measure the performance of stock market prices against the value of the book. Price to book value describes how much the market appreciates the value of a company's stock book. Companies that run well, generally have a ratio of price to book value above one, which reflects that the stock market value is higher than the value of his book. High price to book value reflects the level of prosperity of shareholders, where prosperity for shareholders is the primary objective of the company. The Price To Book Value (PBV) ratio gives you an idea of how many times we pay a share with the book value of the company [25] [27] 2.2. Good Corporate Governance According to the OECD Principles of Assessment of OECD Principles (Organization for Economic Cooperation and Development, 2004) established by the Capital Market and Financial Institution Supervisory Agency, two theories can be used to explain the concept of corporate governance. The first theory is stewardship theory; the theory is built on philosophical assumptions about the nature of human beings who are mostly reliable, capable of acting with full responsibility and have integrity and honesty to others. If the stewardship theory assumption editor@iaeme.com

4 Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan and Diwayana Putri Nasution is applied in the management of the company, stewardship theory sees management as a credible party to act as well as possible for the public interest in general as well as shareholders in particular [28] [31]. Some concepts of corporate governance are proposed by Sheifer and Vishny (1996) in Darmawati (2006) which states that corporate governance, which is a concept based on agency theory, is expected to serve as a tool to give investors confidence that they will receive a return on the funds they have invested. Corporate governance deals with how investors are confident that managers will benefit them believe that managers will not embezzle or invest in unprofitable projects relating to funds invested by investors, and relate to how investors control manager. In other words, corporate governance is expected to work to reduce or decrease agency costs. Meanwhile, according to Monks and Minov (2001) in Wardani (2006), it states that corporate governance is corporate governance that explains the relationship between the various participants in the company that determines the direction and performance of the company. Keasey (1993) in Sunarto (2003) states that corporate governance is a structure, process, culture, and system to create strong operational conditions for an organization. The Forum for Corporate Governance in Indonesia (FCGI) defines corporate governance "a set of rules that establish relationships between shareholders, managers, creditor, government, employees and other internal and external stakeholders in respect of their rights and obligations." The purpose of corporate governance is to create added value for stakeholders. Sunarto (2003) in Wardhani (2006) states that if good governance is achieved then the company's stock performance will increase. GCG implementation brings significant benefits to the company. According to Harmanto in Akilia (2006), some of the benefits of implementing good corporate governance, for example trusted investors, business partners or creditors, become more linear because the division of tasks and authority are clear balance of power among the internal structure of the company, namely directors, commissioners, audit committee and so on. Decisions become more accountable and more cautious for the sustainability of the company. A well-managed company (Good Corporate Governance) has characteristics such as delivering information more quickly, accurately and completely Arifin (2003) in Amilia (2007). A wealth of information is considered informative if the information can change the believes of decision makers. The existence of new information will change the price through changes in demand and supply of securities Basic Principles of Good Corporate Governance Implementation of GCG will be implemented successfully if it has a number of principles. According to the general guidelines of Good Corporate Governance Indonesia, GCG has the following principles: transparency, accountability, responsibilty, independency, fairness, and fairness [32] [37]. a) Transparency To maintain objectivity in running a business, the company must provide relevant information and in a manner that is easily accessible and understood by stakeholders. Companies should take the initiative to disclose not only the problems required by legislation, but also crucial for decision-making by shareholders, creditors, and other stakeholders. Trapranties include (1) providing sufficient, accurate, and timely information to interested parties to the company; (2) publishing financial information and other material information and having a significant impact on company performance; (3) investors should be able to access critical corporate information easily when needed editor@iaeme.com

5 GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies b) Accountability The company must be able to account for its performance in a transparent and reasonable manner. Therefore, the company must be appropriately managed, measurable, and by the interests of the company by taking into account the interests of shareholders and other stakeholders. Accountability is a necessary prerequisite for achieving sustainable performance. Accountability is a function, structure, system and accountability of the organization of the company so that the management of the company is implemented effectively. Accountability includes the notion that (1) The members of the board of commissioners shall act to represent the interests of the company and its shareholders, (2) have independent commissioners regardless of management, (3) effective internal audit practices. c) Responsibility Corporate responsibility is compliance in the management of the company against sound corporate principles as well as prevailing laws and regulations and carrying out responsibility for society and the environment to maintain business continuity in the long term and gain recognition as an excellent corporate citizen. Accountability includes (1) Ensuring respect for all rights of the parties concerned (2) through the principle of responsibility is expected to assist the government's role in reducing the income and employment gap in the segment of society that has not benefited from market mechanisms. d) Independence Independency is a condition in which a company is professionally managed without conflict of interest and influence or pressure from any party that is inconsistent with the prevailing laws and regulations and sound corporate principles. Independence includes the decision-making process should be in favor of the company's interests. e) Fairness Fairness is defined as fair and equitable treatment in fulfilling stockholder rights arising under applicable agreements and laws and regulations. Fairness includes (1) clarity for all shareholder rights, (2) equal treatment for shareholders, (3) company assets adequately managed and prudent (carefully). 3. METHODOLOGY The approach of this research is quantitative research. Associative/quantitative research is a research that aims to determine the degree of relationship and pattern/shape influence between two or more variables, which with this research will be built a theory that serves to explain, predict and control a symptom. Secondary data derived from the primary data that has been processed and presented as further information, either in the form of tables or not SLS (Two Stage Least Square) With Simultaneous Analysis Model. The analysis model used is the system of simultaneous equations as follows: LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP)+C(13)* LOG(LIK) + C(14)*LOG(PP) +C(15)*LOG(NP) + ε editor@iaeme.com

6 Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan and Diwayana Putri Nasution Where: MNJ = Profit Management (Rupiah) PROF = Profitability (percent) UP = Company Size (million rupiah) LIK = Liquidity (Percent) PP = Sales Growth (million Rupiah) NP = Corporate Value (Kali) C (11), C (12), (13) = constants α0-α3 = regression coefficient ε = 1 term error LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG)+C(23)*LOG(UP)+C(24)*LO G(DPR)+C(25)*LOG(MJL)+ ε 2 Where: NP = Corporate Value (times) PROF = Profitability (percent) GCG = Good Corporate Governance (Kali) UP = Company size (Million Rupiah) DPR = Dividend Payout Ratio (Percent) MNJ = Profit Management (Rupiah) C(21), C(22), (23) = constants α0,α1,-α3, = regression coefficients = term error ε 2 Before entering the 2SLS analysis stage, each equation must meet the identification requirements. An equation is said to be identified only if the equation is expressed in a unique statistical form, and produces a different parameter estimate. That to qualify, a variable in equation one must be inconsistent with other equations. In this case, the identification equation can be done by inserting or adding, or issuing some exogenous (or endogenous) variable into the equation. The identified conditions are divided into two, such as exactly identified and over identified. The following formula does the determination of exactly identified and over identified conditions: K-k < m-1 : called under identification K-k = m-1 : called exact identification K-k > m-1 : called over identification Where: K = number of predetermined exogenous variables in the model m = the number of predetermined exogenous variables in the equation k = number of endogenous variables in the equation Based on the above criteria, the identification of equations in this study are as follows: LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP)+C(13)*LOG(LIK)+ C(14)*LOG(PP) + C(15)*LOG(NP)+ ε 1 K= 6, k = 2,dan m = editor@iaeme.com

7 GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG)+C(23)*LOG(UP)+C(24)*LO G(DPR) + C(25)*LOG(MJL) ε 2 K= 6, k = 2,dan m = 5 Based on the above formula, the four equations can be tested as follows: Table 1 Equation identification test Equation K-k m-1 Result Identification Profit management =4 Exact identification Value of the company =4 Exact identification 3.2. Two-Stage Least Squares The analysis method using Two-Stage Least Squares or two-stage regression model are: Stage 1: Reduce Form equation LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP)+C(13)*LOG(LIK)+ C(14)*LOG (PP) +C(15)*LOG(NP) ε 1 Stage 2: Enter the Inflation estimation value from the lower form equation to the initial equation, i.e.: LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG)+C(23)*LOG(UP)+ C(24)*LOG(DPR)+ C(25)*LOG(MJL) + ε 2 4. RESULT AND DISCUSSION The estimation to influence the effect of variables in 2 simultaneous equations is done using Two-Stage Least Square model estimation system equation with Two-Stage Least Square is shown in the following table. There are two simultaneous model equations, such as: LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP)+C(13)* LOG(LIK) + C(14)*LOG(PP) +C(15)*LOG(NP) + ε 1 LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG)+C(23)*LOG(UP)+C(24)*LO G(DPR)+C(25)*LOG(MJL)+ ε editor@iaeme.com

8 Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan and Diwayana Putri Nasution Table 2 Output eviews 2SLS (Two-Stage Least Square) Estimation Method: Two-Stage Least Squares Date: 03/06/18 Time: 13:11 Sample: 1 45 Included observations: 45 Total system (balanced) observations 90 Coefficient Std. Error t-statistic Prob. C(10) C(11) C(12) C(13) C(14) C(15) C(20) C(21) C(22) C(23) C(24) C(25) Determinant residual covariance Equation: LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP) +C(13)* LOG(LIK)+C(14)*LOG(PP)+C(15)*LOG(NP) Instruments: C PROF GCG UP LIK DPR PP Observations: 45 R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Sum squared resid Durbin-Watson stat Equation: LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG) +C(23)*LOG(UP)+C(24)*LOG(DPR)+C(25)*LOG(MJL) Instruments: C PROF GCG UP LIK DPR PP Observations: 45 R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Sum squared resid Durbin-Watson stat Based on the result of output of structural equation can be seen there are 2 equation. Here's what each explains in 2 equations editor@iaeme.com

9 GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies 4.1. Equation 1 test result The first equation is the equation used to know simultaneously to earnings management with the following equation: LOG(MJL)=C(10)+C(11)*LOG(PROF)+C(12)*LOG(UP)+C(13)* LOG(LIK) + C(14)*LOG(PP) +C(15)*LOG(NP) + ε 1 Based on the equation, the result of output eviews with Two-Stage Least Square model, as follows: LOG (MJL) = *LOG(PROF) *LOG(UP) *LOG(LIK) *LOG(PP) *LOG(NP) Profit Manajement = (PROF) (UP) (LIK) (PP) (NP) Based on the results of the above estimation can show that R ² = which means that the variable profitability, firm size, liquidity, sales growth and corporate value can explain the profit management of 15.3% and the rest of 84.7% earnings management is influenced by other variables beyond estimation in the model. Based on the estimation obtained t-count, there is 1 (one) variable significantly affecting earnings management sales growth (PP) at alpha = 10 percent, probability value <0.10 so sales growth (PP). Therefore, four variables are not significantly influenced earnings management, namely profitability (PROF), firm size (UP), liquidity (LIK), and firm value (NP) with prob > value of 10% alpha value. Where the probability probability (PROF) value is 0.56> 0.10 of the alpha value, the prob size of the firm (UP) 0.60> 0.10 of the alpha value, the liquidity probit value (LIK) 0.44> 0.10 from alpha value, and probability value of firm (NP) 0.27> 0.10 of alpha value Equation 2 test result The second equation is the equation which is used to know simultaneously to firm value with equation as follows: LOG(NP)=C(20)+C(21)*LOG(PROF)+C(22)*LOG(GCG)+C(23)*LOG(UP)+C(24)*LO G(DPR)+C(25)*LOG(MJL)+ ε 2 Based on the equation, the result of output eviews with Two-Stage Least Square model, as follows: LOG(NP) = *LOG(PROF) *LOG(GCG) *LOG(UP) *LOG(DPR) *LOG(MJL) Profit Manajement = (PROF) (GCG) (UP) (DPR) (MJL) Based on the results of the above estimation can show that R² = which means that other variables beyond estimation in model influence profitability variables, GCG, firm size, dividend payout ratio and earnings management able to explain the company value of 22.2% and the rest of 77.8% company value. Based on the estimation obtained t-count, there are two variables that affect the company value of profitability (PROF) and GCG with probability profit editor@iaeme.com

10 Anwar Sanusi, Rusiadi, Ade Novalina, Dewi Maharani Rangkuti, Lia Nazliana Nasution, Fauzul Hakim Hasibuan and Diwayana Putri Nasution value (PROF) 0,003 <0,10 alpha value and prob value GCG 0,04 <10 alpha value so that profitability and GCG have an effect on significant to the variable of company value. Therefore, 3 (three) variables are not significantly influenced firm value, i.e., firm size (UP), dividend payout ratio (DPR) and earnings management (MJL) with prob> value of 10% alpha value. Where the prob size of company (UP) 0.13> 0.10 of alpha value, the probability of dividend payout ratio (DPR) 0,50> 0,10 from alpha value, probability management value (MJL) 0.15> 0, 10 of the alpha value. The results of this study consistent with Widya et al. (2016) states that profitability does not affect earnings management. High companies will not make earnings management. The results of this study support the results of research conducted by Muhammad Ary Irsyad (2008) which states profitability does not affect earnings management. However, the results of this study are not consistent with the research of Muhammad Ardiyansyah (2014) which states that Return on Assets (ROA) have a significant effect on earnings management. Wibisana and Ratnaningsih (2014) prove that profitability affects profit management. Based on the results of data analysis is known that the size of the company has a positive but not significant impact on earnings management. This result is inconsistent with research conducted by Otty Marlisa, and Siti Rokhmi Fuadati (2016) found that firm size has a significant effect on earnings management. The result of this research is in line with research conducted by Siregar and Utama (2005) in Nastiti and Gumanti (2011) found that firm size measured by using natural logarithm of total company asset had the adverse effect to earnings management. Based on the results of data analysis is known that Likuditas have the positive but not significant impact on earnings management. The results of this study are consistent with the results of research conducted by Sadinah and Priyadi (2015) states that liquidity does not affect discretionary accruals. This result is inconsistent with research conducted by Sukmawati et al. (2014) which proves that liquidity has a significant effect on profitability. Based on the results of data analysis is known that the sales growth has a significant positive effect on earnings management. This result is consistent with research conducted by Gu et al. (2005) which shows the result that sales growth has a positive effect on earnings management. Sesti Yurfitra Sari (2015) who analyzed factors affecting earnings management at manufacturing companies listed on the Indonesia Stock Exchange stated that sales growth affects earnings management. Based on the results of data analysis is known that the value of the company has a negative but not significant impact on earnings management. The results of research conducted by Aji and Mita (2010) corporate risk and corporate value proved to have a positive effect on earnings management practices. Based on the results of data analysis, it is found that Profitability has a significant positive effect on firm value. This result is consistent with research conducted by Hermuningsih (2013) which also states that profitability has a significant positive effect on firm value. The financial crisis needs to be detected early in anticipation and policy making [38]. The crisis in a country can affect other countries that are integrated with the economically integrated countries in crisis [39]. The economy is shaken and even declined sharply with the crisis that occurred [40]. Based on the results of data analysis, it is known that GCG has a significant positive effect on firm value. These results are consistent with research conducted by research conducted by Hermuningsih (2013) which states that GCG has a positive and significant impact on firm value. Based on the results of data analysis is known that the size of the company has a positive but not significant effect on the value of the company. The results of this study are not consistent with the Research of Gill and Obradovich (2012) states that firm size has a significant positive effect on the value of a company. The statement was also supported by several researchers such as Maryam (2014), and Prasetyorini (2013) who stated that firm size had a significant positive effect on firm value. Based on the results of data analysis is known that the Dividend Payout editor@iaeme.com

11 GCG Simultaneity Effects, Profit Management and Value of Indonesian Retail Companies Ratio has a negative but not significant to the value of the Company. This result is consistent with the research conducted by Dwi Ayuningtias (2013) shows that the DPR variable has no significant positive effect on firm value. However, inconsistent in Eva Eko Hidayati's research (2010) shows that the DPR variable has a significant adverse effect on firm value. Based on the results of data analysis is known that the earnings management has an adverse but not significant effect on the value of the company. The results of research conducted by Darwis (2012) earnings management negatively affect the value of the company. 5. CONCLUSION Profitability variable, firm size, liquidity have the positive effect not significant; substantial value has the adverse effect is not significant. Sales growth have significant positive effect simultaneously to earnings management.b. Profitability variable, GCG has the significant positive effect, firm size has a significant positive effect is not significant, the dividend payout ratio and earnings management have an adverse effect not significant simultaneously to company value. REFERENCES [1] S. Aryza, M. Irwanto, Z. Lubis, A. P. U. Siahaan, R. Rahim, and M. Furqan, A Novelty Design of Minimization of Electrical Losses in A Vector Controlled Induction Machine Drive, in IOP Conference Series: Materials Science and Engineering, 2018, vol. 300, no. 1. [2] A. P. U. Siahaan, Rusiadi, P. L. E. Kan, K. N. F. K. Azir, and A. Amir, Prim and Genetic Algorithms Performance in Determining Optimum Route on Graph, Int. J. Control Autom., vol. 11, no. 6, pp , [3] J. Simarmata et al., Prototype application multimedia learning for teaching basic English, Int. J. Eng. Technol., vol. 7, no Special Issue 14, [4] V. N. S. Lestari, H. Djanggih, A. Aswari, N. Hipan, and A. P. U. Siahaan, Technique for order preference by similarity to ideal solution as decision support method for determining employee performance of sales section, Int. J. Eng. Technol., vol. 7, no Special Issue 14, [5] M. D. T. P. Nasution, Y. Rossanty, A. P. U. Siahaan, and S. Aryza, The Phenomenon of Cyber-Crime and Fraud Victimization in Online Shop, Int. J. Civ. Eng. Technol., vol. 9, no. 6, pp , [6] M. D. T. P. Nasution, Y. Rossanty, P. B. Sari, and A. P. U. Siahaan, Online Shoppers Acceptance: an Exploratory Study, Int. J. Civ. Eng. Technol., vol. 9, no. 6, pp , [7] R. Rahim et al., Insecure Whatsapp Chat History, Data Storage and Proposed Security, Int. J. Pure Appl. Math., vol. 119, no. 16, pp , [8] Y. Rossanty, S. Aryza, M. D. T. P. Nasution, and A. P. U. Siahaan, Design Service of QFC And SPC Methods in the Process Performance Potential Gain and Customers Value in a Company, Int. J. Civ. Eng. Technol., vol. 9, no. 6, pp , [9] Rusiadi et al., Simultaneous Response of Dividend Policy and Value of Indonesia Manufacturing Companies An Approach of Vector Autoregression, Int. J. Civ. Eng. Technol., vol. 9, no. 6, pp , [10] Khairul et al., Effect of Matrix Size in Affecting Noise Reduction Level of Filtering, Int. J. Eng. Technol., vol. 7, no. 3, pp , [11] A. K. Sari, H. Saputra, and A. P. U. Siahaan, Effect of Fiscal Independence and Local Revenue against Human Development Index, Int. J. Bus. Manag. Invent, vol. 6, no. 7, pp , editor@iaeme.com

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