Page 197 - SUSTAINABILITY ISSUES & COVID-19

Table 6
Mann Whitney U Test Results
OWNER N Mean Std. Deviation Std. Error Mean
EAR SOEs 0,0865 0,2292 0,0622 0,0619
Non-SOEs 0,0508 0,1412 0,0595 0,0974

DAR SOEs 0,0544 0,2061 0,0392 0,0638
Non-SOEs 0,0442 0,1088 0,0706 0,1044
ROA SOEs 0,0641 0,1250 0,0382 0,3367
Non-SOEs 0,0499 0,1235 0,0570 0,0885
ROE SOEs 0,0371 0,0905 0,0051 0,0756

Non-SOEs 0,0553 0,1463 0,0474 0,1183

At the 5% significance level, ROA and ROE are not significant, but with a 10% significance level, ROA and ROE are
significantly higher for SOEs than non-SOEs. Based on agency theory, high debt will further increase the monitoring of
creditors to supervise SOEs. Higher ROA and ROE for SOEs, with lower EAR percentage, indicates that the return is more
enjoyed, namely 76.78% (100% -23.22%) by private non-government parties than by the Government of Indonesia.

Levene’s Test for Equality of Variances t-test for Equality of Means
95% Confidence Interval of
the Difference
Sig. Mean Std. Error
F Sig. T Df Lower Upper
(2-tailed) Difference Difference
EAR A*) 18,069 ,000 -3,692 292 ,000 -,101 ,027 -,155 -,047
B*) -3,733 286 ,000 -,101 ,027 -,154 -,047
DAR A*) 18,773 ,000 3,207 292 ,001 ,088 ,027 ,034 ,142
B*) 3,243 286 ,001 ,088 ,027 ,034 ,141
ROA A*) 3,128 ,078 ,574 292 ,567 ,007 ,012 -,017 ,031
B*) ,588 248 ,557 ,007 ,012 -,016 ,030
ROE A*) 3,369 ,067 ,241 292 ,809 ,012 ,053 -,092 ,117
B*) ,252 172 ,801 ,013 ,051 -,088 ,113
A*) : Equal variances assumed, B*): Equal variances not assumed

4.7. Mann Whitney U Test Results
Apart from using the t-test, the non-parametric Man Whitney U test was also used. The results showed that the mean
EAR rank of SOEs was significantly lower than the mean rank of non-SOEs. DAR of SOEs are significantly larger than
DAR 0f non-SOEs. ROA and ROE of SOEs are significantly higher than non-SOEs. The results of the Mann Whitney U test
strengthen the results of the T-test difference. The conclusion of the Man Whitney U test results is the same as the t-test
results so that the discussion is also the same as the t-test results.

196 International Conference on Sustainability
(5 Sustainability Practitioner Conference)
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