Saran - KESIMPULAN DAN SARAN - Hubungan Antara Leverage Keuangan Dengan Tingkat Aktivitas Inves

BAB V KESIMPULAN DAN SARAN

C. Saran

Beberapa saran dan rekomendasi dari penulis antara lain:

1. Bagi penelitian selanjutnya, disarankan untuk memperluas set variabel yang digunakan. Misalnya antara leverage keuangan dengan aktivitas operasi, serta disarankan untuk memperbanyak sampel yang digunakan agar hasilnya lebih representatif terhadap populasi yang dipilih.

2. Bagi manajemen perusahaan manufaktur, agar lebih mempertimbangkan manfaat penggunaan utang dalam menentukan kebijakan pendanaan.

3. Bagi investor dan kreditur, agar lebih berhati-hati dalam menentukan kebijakan pemberian utang bagi perusahaan, dengan melihat tingkat efisiensi penggunaan aktiva perusahaan.

DAFTAR PUSTAKA

Aditya, Januarino, 2006. “Studi Empiris Faktor-Faktor yang mempengaruhi Struktur Modal pada Perusahaan Manufaktur di Bursa Efek Jakarta periode tahun 2000-2003”, Skripsi, Jurusan Akuntansi Fakulas Ekonomi, Universitas Islam Indonesia, Yogyakarta.

Alwi, Syafaruddin, 1994. Alat-Alat Analisis dalam Pembelanjaan, Andi Offset, Yogyakarta.

Arifin, Sjamsul, 2008, Bangkitnya Perekonomian Asia Timur Satu Dekade setelah Krisis, PT Elex Media Komputindo Kompas Gramedia, Jakarta. Brigham dan Houston, 2006. Dasar – Dasar Manajemen Keuangan, Buku 2,

Edisi 10, Salemba Empat, Jakarta.

Darsono dan Ashari, 2005. Pedoman Praktis Memahami Laporan Keuangan, Penerbit Andi, Yogyakarta.

Erlina dan Sri Mulyani, 2007. Metodologi Penelitian Bisnis, USU Press, Medan. Fillbeck dan R.F Gorman, 2001. “The Relationship Between Productivity and

Leverage”, internet publication, Miami University, Ohio.

Ghozali, Imam, 2005. Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Ketiga, Badan Penerbit Universitas Diponegoro, Semarang.

Keown, Arthur. J. et.al, 2000. Basic Financial Management, Alih Bahasa Chaerul D dan Dwi Sulistyorini, Dasar-Dasar Manajemen Keuangan, Buku 2, Salemba Empat, Jakarta.

Manurung, Novalina, 2001. “Pengaruh Tingkat Kebijakan Utang terhadap Aktivitas Investasi Perusahaan Manufaktur di BEJ”, Skripsi, Jurusan Akuntansi Fakultas Ekonomi, Universitas Sumatera Utara, Medan.

Meythi, 2005. ”Konflik Keagenan : Tinjauan Teoritis dan Cara Menguranginya”, Jurnal Ilmiah Akuntansi, Vol.4, No.2, hal 1-17.

Sawir, Agnes. 2004. Kebijakan Pendanaan dan Restruktrisasi Perusaaan, PT Gramedia Pustaka Utama, Jakarta.

Situmorang, Syafrizal Helmi, dkk, 2008. Analisis Data Penelitian (Menggunakan Program SPSS), USU Press, Medan.

Sugiyono, 2005. Metode Penelitian Bisnis, CV Alfabeta, Bandung.

Sugihen, Syafruddin Ginting, 2003. ”Pengauh Struktur Modal terhadap Produktvitas Aktiva, Kinerja Keuangan dan Nilai Perusahaan Industri Manufaktur Terbuka di Indonesia”, Disertasi, Jurusan Manajemen Fakultas Ekonomi, Universitas Airlangga, Surabaya.

Supramono dan Intiyas Utami, 2004. Desain Proposal Penelitian Akuntansi dan Keuangan, Penerbit Andi, Yogyakarta.

Ulupui, IG. K.A, 2000. “Analisis Pengaruh Rasio Likuiditas, Leverage, Aktivitas dan Profitabilitas Terhadap Return Saham”, internet publication Universitas Udayana.

Warsono, 2003. Manajemen Keuangan Perusahaan, Jilid 1, Bayumedia, Malang. Wild, John J, et al, 2005. Analisis Laporan Keuangan, Salemba Empat, Jakarta. Yusgiantoro, Purnomo, 2004. Manajemen Keuangan Internasional Teori dan

Praktik, Penerbit Fakultas Ekonomi Universitas Indonesia, Jakarta.

Jurusan Akuntansi Fakultas Ekonomi Universitas Sumatera Utara, 2004. Buku Petunjuk Teknis Penulisan Proposal Penelitian dan Penulisan Skripsi Jurusan Akuntansi, Fakultas Ekonomi USU, Medan.

Bursa Efek Indonesia, 2008. Indonesian Capital Market Directory, INDEF, Jakarta

Jakarta Stock Exchange.2005.laporan keuangan tahunan/detail/softcopy laporan keuangan.www.jsx.co.id.22 Desember 2008

Jakarta Stock Exchange.2007.laporan keuangan tahunan/detail/softcopy laporan keuangan.www.jsx.co.id.22 Desember 2008

Lampiran 1

Data Laporan Keuangan Sebelum Diolah a. Data Laporan Keuangan Tahun 2005 (dalam jutaan rupiah)

NO KODE ^TOTAL AKTIVA PIUTANG USAHA PERSE-DIAAN AKTIVA TETAP TOTAL KEWAJI-BAN KEWAJI BAN JK. PANJANG TOTAL EKUITAS PENJUA-LAN BERSIH HPP 1 AISA 357,786 56,874 51,093 207,028 262,621 88,827 95,055 229,973 190,297 2 AKKU 41,378 5,422 5,387 24,440 6,451 6,451 34,926 25,514 22,949 3 AKRA 1,979,763 425,698 363,721 803,553 838,128 55,540 974,375 2,827,823 2,419,111 4 ASGR 518,804 81,778 81,615 140,887 233,928 140,894 284,876 545,462 337,047 5 CNTX 336,618 44,847 62,038 179,061 185,535 14,684 151,083 307,486 241,831 6 DPNS 143,512 45,393 24,473 16,911 22,706 58,105 111,379 79,130 63,788 7 FASW 2,881,808 210,203 251,012 2,345,404 1,809,422 164,069 1,072,386 1,506,491 1,252,337 8 HEXA 1,069,514 173,676 585,530 200,104 724,753 79,867 344,761 1,423,317 1,122,205 9 IGAR 274,804 75,779 57,086 85,997 71,690 16,310 170,567 439,234 387,716 10 INCI 179,211 80,110 14,210 42,585 18,729 1,144 160,482 157,178 125,858 11 INDR 5,503,482 349,310 582,459 2,797,394 3,186,997 1,736,358 2,316,481 4,621,110 4,186,989 12 INDS 459,703 62,469 175,088 149,028 392,920 33,220 66,663 432,282 382,138 13 JECC 322,662 95,055 107,752 95,055 259,572 13,861 63,090 428,123 370,354 14 KAEF 1,177,603 220,655 242,344 411,316 333,382 32,597 844,220 1,816,433 1,239,311 15 LION 165,030 23,670 58,715 17,433 30,698 9,338 134,332 128,842 74,722 16 LMPI 505,172 76,970 111,774 171,454 130,548 33,944 374,624 262,412 222,517 17 LTLS 1,608,866 404,279 363,316 475,495 1,042,374 244,900 496,240 2,166,528 1,750,828 18 MERK 218,034 62,258 63,218 47,022 37,657 5,357 180,361 386,346 171,652 19 MLBI 575,385 113,431 71,057 340,460 347,434 33,025 227,912 852,613 477,940 20 NIPS 190,225 42,751 24,552 110,692 106,858 32,783 83,367 218,828 186,389 21 PICO 251,143 37,227 82,032 106,047 195,363 33,492 55,780 233,117 195,045 22 PYFA 76,551 8,400 7,812 58,544 13,080 467 63,471 39,640 16,235 23 RICY 417,333 78,385 148,502 134,819 160,709 65,288 253,838 313,398 212,881 24 SIMA 65,112 16,298 11,058 19,531 22,560 1,113 42,552 89,371 77,122 25 SMSM 663,138 167,279 165,310 246,071 227,268 29,203 410,835 861,531 663,598 26 SOBI 596,642 88,376 175,497 223,519 227,015 14,595 340,598 711,114 543,976 27 SUGI 49,729 19,564 7,832 12,929 11,725 1,557 37,954 42,773 42,610 28 TBLA 1,451,439 103,952 146,246 570,501 938,257 444,430 511,960 1,220,636 989,612 29 UNTR 10,633,839 2,364,332 2,148,103 4,307,775 6,485,918 1,933,697 4,105,713 13,281,246 10,680,570 30 VOKS 414,293 119,486 94,392 112,253 181,848 12,139 232,439 803,283 709,356

b. Data Laporan Keuangan Tahun 2006 (dalam jutaan rupiah) NO KODE ^TOTAL AKTIVA PIUTANG USAHA PERSE-DIAAN AKTIVA TETAP TOTAL KEWAJI-BAN KEWAJI BAN JK. PANJANG TOTAL EKUITAS PENJUA-LAN BERSIH HPP 1 AISA 363,933 60,813 74,615 186,448 268,636 93,030 95,185 333,455 285,113 2 AKKU 51,236 9,527 7,422 31,583 16,650 1,716 34,587 22,354 20,323 3 AKRA 2,377,340 467,213 411,311 1,002,838 1,129,611 118,721 1,039,093 3,970,323 3,515,308 4 ASGR 584,839 98,356 95,401 137,308 288,885 136,271 295,954 619,039 385,186 5 CNTX 390,777 54,019 73,321 210,715 259,993 14,017 130,784 323,625 299,560 6 DPNS 146,045 42,689 25,228 15,167 31,723 58,105 107,856 84,661 70,777 7 FASW 3,421,892 256,122 357,730 2,765,224 2,247,778 659,631 1,174,114 1,693,081 1,449,834 8 HEXA 1,204,104 235,583 458,128 352,771 858,555 101,620 345,549 1,395,736 1,146,410 9 IGAR 290,145 75,262 54,609 75,557 78,245 13,678 177,135 411,579 370,674 10 INCI 172,782 66,212 17,415 36,746 20,551 1,007 152,232 116,715 98,612 11 INDR 5,352,244 409,589 567,927 2,989,346 3,220,108 988,978 2,132,136 4,254,481 3,859,722 12 INDS 490,604 55,346 155,708 216,490 421,649 10,915 68,835 390,976 353,075 13 JECC 362,648 138,789 90,583 99,688 299,055 15,103 63,593 448,021 400,967 14 KAEF 1,261,584 207,342 220,258 403,826 390,930 37,899 870,654 2,189,715 1,595,252 15 LION 187,689 25,732 58,930 16,516 37,917 12,197 149,773 143,272 83,208 16 LMPI 508,865 93,049 117,232 158,086 130,927 23,382 377,938 270,682 222,782 17 LTLS 1,830,516 506,697 373,671 527,490 1,233,125 251,421 506,603 2,413,259 2,051,762 18 MERK 282,699 73,461 63,320 46,284 47,120 6,709 235,539 487,601 202,774 19 MLBI 610,437 99,757 76,459 363,681 411,907 35,974 198,461 891,001 466,684 20 NIPS 220,228 54,782 26,776 118,008 131,294 35,174 88,934 260,153 223,729 21 PICO 270,734 40,746 111,382 95,239 213,074 43,603 57,660 249,390 210,227 22 PYFA 83,127 13,017 9,135 59,526 17,927 1,584 65,201 61,337 21,096 23 RICY 516,488 86,929 195,419 190,185 221,495 64,812 292,064 417,810 307,194 24 SIMA 68,544 12,256 13,146 19,866 24,902 6,017 43,642 91,097 80,538 25 SMSM 716,686 201,508 186,127 259,035 239,648 31,035 451,062 881,116 683,232 26 SOBI 642,315 118,353 184,119 240,954 258,060 45,684 357,582 806,580 647,524 27 SUGI 50,328 12,422 7,252 13,454 11,980 1,558 38,298 37,110 30,448 28 TBLA 2,049,163 142,153 131,148 787,451 1,183,409 74,854 864,441 1,193,999 931,578 29 UNTR 11,247,846 2,046,808 1,603,720 5,191,454 6,606,651 2,434,948 4,594,437 13,719,567 11,338,614 30 VOKS 471,940 155,234 131,113 105,677 212,021 13,690 259,855 919,537 823,506

c. Data Laporan Keuangan Tahun 2007 (dalam jutaan rupiah) NO KODE ^TOTAL AKTIVA PIUTANG USAHA PERSE-DIAAN AKTIVA TETAP TOTAL KEWAJI-BAN KEWAJI BAN JK. PANJANG TOTAL EKUITAS PENJUALAN BERSIH ^HPP 1 AISA 515,609 81,103 109,426 284,822 404,545 94,415 110,945 499,870 411,780 2 AKKU 53,885 9,890 11,390 30,248 19,337 1,674 34,548 23,062 19,706 3 AKRA 3,497,591 789,973 608,449 1,324,255 1,999,832 320,060 1,277,619 5,894,751 5,149,114 4 ASGR 624,557 105,724 123,453 141,513 310,481 11,485 314,076 725,581 440,265 5 CNTX 424,739 62,460 88,304 223,079 331,755 13,975 92,984 268,182 252,791 6 DPNS 156,052 40,798 29,131 156,325 41,029 58,105 109,255 100,743 81,835 7 FASW 3,769,588 462,969 394,066 2,722,123 2,473,504 628,639 1,296,084 2,655,795 2,121,716 8 HEXA 1,383,840 307,893 600,064 299,169 1,003,049 148,132 380,791 1,825,358 1,477,638 9 IGAR 329,797 85,596 71,646 69,922 100,120 16,787 189,797 469,192 414,500 10 INCI 179,761 71,489 20,050 30,057 23,661 1,071 156,100 121,733 108,727 11 INDR 5,874,702 561,677 790,890 3,221,587 3,636,004 1,200,733 2,238,698 4,762,933 4,330,101 12 INDS 599,273 91,735 231,532 216,078 520,430 19,732 78,723 564,441 454,717 13 JECC 470,475 212,871 117,366 93,907 383,210 6,623 87,265 735,589 634,496 14 KAEF 1,386,739 300,141 302,486 395,334 478,712 45,147 908,028 2,365,636 1,717,631 15 LION 216,130 39,243 69,095 17,166 46,260 12,281 169,870 179,568 109,281 16 LMPI 531,756 81,724 136,469 172,189 141,419 35,500 390,338 303,167 252,894 17 LTLS 2,135,084 520,377 398,607 671,047 1,444,343 81,027 596,140 2,712,536 2,195,855 18 MERK 331,062 84,721 76,527 46,860 50,830 8,144 280,224 547,238 228,994 19 MLBI 621,835 110,490 64,747 362,811 424,028 37,212 197,719 978,600 536,028 20 NIPS 288,147 101,127 40,923 112,051 192,819 32,350 95,328 405,749 357,898 21 PICO 452,880 79,513 139,455 204,566 314,971 8,244 137,910 336,161 284,081 22 PYFA 95,157 16,163 12,722 59,728 28,213 946 66,944 86,643 31,012 23 RICY 574,677 83,546 210,209 196,570 238,173 44,190 333,460 425,584 310,483 24 SIMA 75,453 10,601 13,146 46,525 36,247 3,937 39,206 80,823 77,766 25 SMSM 830,050 207,403 245,088 318,677 316,557 37,760 482,204 1,064,055 820,276 26 SOBI 842,505 147,230 299,380 255,131 364,690 58,855 441,320 1,041,452 740,539 27 SUGI 56,034 11,642 7,899 16,791 13,995 1,410 41,988 54,740 38,977 28 TBLA 2,457,120 172,597 436,850 834,620 1,518,219 702,760 934,960 1,844,207 1,401,540 29 UNTR 13,002,619 3,000,397 2,121,187 5,527,058 7,216,432 1,844,798 5,733,335 18,165,598 14,918,211 30 VOKS 805,074 276,228 273,767 127,243 496,171 16,861 308,822 1,358,648 1,181,302

Lampiran 2 BOXPLOT Sebelum dan Sesudah Penghapusan Data

Lampiran 3

Regression LnART = f (LnDAR,LnLDER)

Variables Entered/Removed^b Model Variables Entered Variables Removed Method 1 LnLDER, LnDAR^a ^{. Enter} a. All requested variables entered.

b. Dependent Variable: LnART

Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 _.503a .253 .234 .35922 a. Predictors: (Constant), LnLDER,

LnDAR

ANOVA^b

Model

Sum of

Squares df Mean Square F Sig. Regression _3.445 ₂ _1.722 _13.349 _.000a Residual _10.194 ₇₉ _.129

Total _13.639 ₈₁ a. Predictors: (Constant), LnLDER, LnDAR b. Dependent Variable: LnART

Coefficients^a Unstandardized Coefficients Standardized Coefficients Collinearity Statistics Model _B _{Std. Error} _Beta t Sig. _Tolerance _VIF

(Constant) _1.931 _.088 _21.894 _.000

LnDAR .424 .095 .564 4.442 .000 .588 1.701 1

LnLDER -.037 .045 -.105 -.828 .410 .588 1.701 a. Dependent Variable: LnART

Lampiran 4

Regression LnITO = f (LnDAR,LnLDER)

Variables Entered/Removed^b Model Variables Entered Variables Removed Method 1 LnLDER, LnDAR^a ^{. Enter}

a. All requested variables entered. b. Dependent Variable: LnITO

Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .169^a .029 .006 .52946

a. Predictors: (Constant), LnLDER, LnDAR

ANOVA^b

Model Sum of Squares df Mean Square F Sig. Regression .696 2 .348 1.242 .294^a

Residual _23.547 ₈₄ _.280

Total _24.243 ₈₆

a. Predictors: (Constant), LnLDER, LnDAR b. Dependent Variable: LnITO

Coefficients^a Unstandardized Coefficients Standardized Coefficients Collinearity Statistics Model _B _{Std. Error} _Beta t Sig. _Tolerance _VIF

(Constant) _1.450 _.122 _11.898 _.000

LnDAR .218 .140 .220 1.553 .124 .574 1.743 1

LnLDER -.051 .063 -.115 -.811 .420 .574 1.743 a. Dependent Variable: LnITO

Lampiran 5

Regression LnFAT = f (LnDAR,LnLDER)

Variables Entered/Removed^b Model Variables Entered Variables Removed Method 1 LnLDER, LnDAR^a ^{. Enter}

a. All requested variables entered. b. Dependent Variable: LnFAT

Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .073^a .005 -.020 .64978 a. Predictors: (Constant), LnLDER, LnDAR

ANOVA^b

Model Sum of Squares df Mean Square F Sig. Regression .175 2 .088 .208 .813^a

Residual _32.933 ₇₈ _.422

Total _33.108 ₈₀

a. Predictors: (Constant), LnLDER, LnDAR b. Dependent Variable: LnFAT

Coefficients^a

Unstandardized Coefficients

Standardized

Coefficients Collinearity Statistics Model _B _{Std. Error} _Beta t Sig. _Tolerance _VIF

(Constant) _.916 _.152 _6.046 _.000

LnDAR -.034 .183 -.028 -.186 .853 .574 1.741 1

LnLDER -.028 .080 -.052 -.346 .730 .574 1.741 a. Dependent Variable: LnFAT

Lampiran 6

Regression LnTATO = f (LnDAR,LnLDER)

Variables Entered/Removed^b Model Variables Entered Variables Removed Method 1 LnLDER, LnDAR^a ^{. Enter}

a. All requested variables entered. b. Dependent Variable: LnTATO

Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .301^a .090 .069 .37550

a. Predictors: (Constant), LnLDER, LnDAR

ANOVA^b

Model Sum of Squares df Mean Square F Sig. Regression 1.176 2 .588 4.171 .019^a

Residual _11.844 ₈₄ _.141

Total _13.020 ₈₆

a. Predictors: (Constant), LnLDER, LnDAR b. Dependent Variable: LnTATO

Coefficients^a

Unstandardized Coefficients

Standardized

Coefficients Collinearity Statistics Model _B _{Std. Error} _Beta t Sig. _Tolerance _VIF

(Constant) _.061 _.086 _.702 _.485

LnDAR .285 .099 .395 2.871 .005 .574 1.743 1

LnLDER -.095 .045 -.290 -2.109 .038 .574 1.743 a. Dependent Variable: LnTATO

Lampiran 7

Curve Fit

LnDAR - LnART