Pengaruh Intellectual Capital Terhadap Financial Performance (Studi Pada Perusahaan Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2013-2015)

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Jurnal Administrasi Bisnis (JAB)|Vol. 47 No.1 Juni 2017| administrasibisnis.studentjournal.ub.ac.id

79

PENGARUH

INTELLECTUAL CAPITAL

TERHADAP

FINANCIAL PERFORMANCE

(Studi pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia

Periode tahun 2013-2015)

Rendra Mayang Kholid Moch. Dzulkirom AR Maria Goretti Wi Endang NP

Fakultas Ilmu Administrasi Universitas Brawijaya

Malang

Email : magnusreyy@gmail.com

ABSTR:_CT

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Keywords : Intellectual Capital, HCE, SCE, CEE, Financial Performance, RO:

ABSTR:_K

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80

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Jurnal Administrasi Bisnis (JAB)|Vol. 47 No.1 Juni 2017| administrasibisnis.studentjournal.ub.ac.id 81 Sumber: Ulum (2008:89) KeterZ_ngZ_n: V:_{= v}Z_lueZ_dded HC = biZ_yZ_gZ_{ji d}Z_{n up}Z_{h + bi}Z_yZ_tunjZ_ngZ_{n d}Z_n

bonus + biZ_yZ_pelZ_tihZ_{n d}Z_{n semin}Z_{r + bi}Z_yZ

perjZ_lZ_nZ_{n din}Z_s

StructurZ_{l C}Z_pitZ_{l Efficiency (SCE)}

VZ_lue Z_dded _dipengZ_{ruhi oleh efisiensi}

structurZ_{l c}Z_pitZ_{l hingg}Z_{terbentuk d}Z_lZ_{m SCE}Z_tZ_u

structurZ_{l c}Z_pitZ_{l efficiency.} _{SCE ini mengukur}

jumlZ_h_structurZ_{l c}Z_pitZ_l_yZ_{ng dibutuhk}Z_{n untuk}

menghZ_silkZ_{n s}Z_{tu rupi}Z_{h d}Z_ri_vZ_lueZ_dded._Pulic

menyZ_tZ_kZ_{n b}Z_hwZ _structurZ_{l c}Z_pitZ_lZ_dZ_lZ_{h h}Z_sil

pengurZ_ngZ_{n d}Z_ri_vZ_lueZ_ddedZ_tZ_{s hum}Z_{n c}Z_pitZ_l,

yZ_{ng h}Z_{l ini tel}Z_{h diverifik}Z_{si mel}Z_{lui peneliti}Z_n

empiris pZ_dZ_{sektor industri tr}Z_disionZ_{l (Pulic,}

2000). Berikut Z_dZ_lZ_{h contoh d}Z_ri_SCZ_ntZ_rZ_lZ_in

sistem perusZ_hZZ_{n, prosedur perus}Z_hZZ_{n, d}Z_n

dZ_tZ_bZ_se _dll. _TingkZ_t _kelengkZ_pZ_n _dZ_n

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prosedur perusZ_hZZ_{n s}Z_ngZ_{t mendukung pener}Z_pZ_n

ModZ_{l Intelektu}Z_{l p}Z_dZ_suZ_{tu perus}Z_hZZ_{n. Rumus}

menghitung SCE :

Sumber: Ulum (2008:90) KeterZ_ngZ_n:

SC = V:_{± HC}

V:_{= v}Z_lueZ_dded

CZ_pitZ_{l Employe Efficiency (CEE)}

CZ_pitZ_{l Employe sec}Z_rZ_sederhZ_nZ_iZ_lZ_{h mod}Z_l

yZ_{ng digun}Z_kZ_{n oleh su}Z_{tu perus}Z_hZZ_{n d}Z_lZ_m

kegiZ_tZ_{n bisnisny}Z_{. Indik}Z_{tor d}Z_ri _{CEE ini y}Z_itu

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lebih tinggi mZ_{mpu mencipt}Z_kZ_{n nil}Z_{i y}Z_{ng lebih}

tinggi jugZ_{. Tinggi rend}Z_hnyZ _cZ_pitZ_{l employed}

berbZ_{nding lurus deng}Z_{n efisiensi pengelol}ZZ_n

modZ_l _intelektuZ_l _berupZ _bZ_ngunZ_n, _tZ_nZ_h,

perZ_lZ_tZ_n,Z_tZ_{upun teknologi y}Z_{ng deng}Z_{n mud}Z_h

dibeli dZ_{n diju}Z_{l di p}Z_sZ_{r p}Z_dZ_perusZ_hZZ_{n y}Z_ng

bersZ_ngkutZ_{n. Rumus menghitung CEE :}

Sumber: Ulum (2008:89) KeterZ_ngZ_n:

V:_{= v}Z_lueZ_dded

CE = totZ_{l ekuit}Z_s

3. METODE PENELITI:_N

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berikut:

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terdZ_ftZ_{r di Burs}Z_{Efek Indonesi}Z_{(BEI) sec}Z_rZ

berturut-turut dZ_lZ_{m kurun w}Z_{ktu t}Z_hun

2013-2015;

b. TersediZ_lZ_porZ_{n keu}Z_ngZ_{n d}Z_{n l}Z_porZ_n

tZ_hunZ_{n sec}Z_rZ_{berturut-turut d}Z_lZ_{m kurun}

wZ_{ktu t}Z_{hun 2013-2015;}

c. PerusZ_hZZ_{n memiliki l}Z_bZ_{positif d}Z_lZ_{m kurun}

wZ_{ktu t}Z_{hun 2013-2015;}

d. PerusZ_hZZ_{n memiliki peningk}Z_tZ_{n juml}Z_h

ekuitZ_{s d}Z_lZ_{m kurun w}Z_{ktu 2013-2015.}

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tersebut jumlZ_{h popul}Z_{si y}Z_{ng d}Z_pZ_{t digun}Z_kZ_n

P__QMZ_{di s}Z_PS__{O S}Z_dZ _S__Q__OLWLZ_{Q LQL E}__UMXPOZ_{h 27}

bZ_{QN -}__{QLV G}Z_tZ_yZ_{ng digun}Z_kZ_{n d}Z_lZ_{P S}__Q__OLWLZ_n

ini Z_dZ_lZ_{h d}Z_tZ _V__NXQG__{U \}Z_{itu l}Z_porZ_{Q N}__XZ_ngZ_n

tZ_hunZ_{n d}Z_{Q W}__{NQLN S}__QJXPSXOZ_{n d}Z_tZ_dilZ_kukZ_n

G__QJZ_{Q P}__WRG__GRNXP__QWZ_si.

7__NQLN Z_nZ_{lisis d}Z_tZ_dZ_lZ_P _S__Q__OLWLZ_{n ini}

P__QJJXQZ_kZ_Q _W__NQLN _VWZ_{tistik y}Z_QJ _P__QFZ_kup

HCE = 9:_+&

SCE = 6& 9:

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PXOWLNROLQ_Z_ritZ_V _{XML K}__W__URN__GZ_stisitZ_{s d}Z_{n uji} Z_XWRNRU__OZ_{VL V}__GZ_ngkZ_{n untuk}Z_nZ_{OLVLV U}__JU__{VL OLQL}__U

E__UJZ_ndZ _P__QJJXQZ_kZ_{n uji F d}Z_n_{XML W V}__OZ_njutnyZ

XQWXN P__QJ__WZ_{KXL V}__MZ_{uh m}Z_nZ_vZ_riZ_E__{O E}__EZ_{s d}Z_pZ_t

P__QM__OZ_skZ_{n v}Z_riZ_E__{O W}__ULNZ_{t dil}Z_kukZ_n Z_nZ_lisis

NR__ILVL__{Q G}__W__UPLQZ_si.

4. H:_{SIL D}:_{N PEMB}:_H:_S:_N :_nZ_{lisis St}Z_{tistik Deskriptif}

TZ_{bel 1 : H}Z_{sil Uji St}Z_{tistik Deskriptif}

Sumber : DZ_tZ_diolZ_{h, 2016}

1. PZ_dZ_vZ_riZ_bel_{Return On}:_{sset (RO}:_{) nil}Z_i

terendZ_hnyZ_sebesZ_{r 0.20%, nil}Z_{i tertinggi}

5.42% dengZ_{n nil}Z_{i r}Z_tZ_-rZ_tZ_{2.0384% d}Z_n

nilZ_{i st}Z_ndZ_{rt devi}Z_{si sebes}Z_{r 1.16601%}

2. PZ_dZ_vZ_riZ_bel _HumZ_{n C}Z_pitZ_{l Efficiency}

(HCE) nilZ_{i terend}Z_hnyZ_sebesZ_{r 1.13%, nil}Z_i

tertinggi 7.97% dengZ_{n nil}Z_{i r}Z_tZ_-rZ_tZ

2.2884% dZ_{n nil}Z_{i st}Z_ndZ_{rt devi}Z_{si sebes}Z_r

0.92724%

3. PZ_dZ_vZ_riZ_bel _StructurZ_{l C}Z_pttZ_{l Efficiency}

(SCE) nilZ_{i terend}Z_hnyZ_sebesZ_{r 0.12%, nil}Z_i

0.15128%

4. PZ_dZ_vZ_riZ_bel _CZ_pitZ_{l Employed Efficiency}

(CEE) nilZ_{i terend}Z_hnyZ_sebesZ_{r 0.06%, nil}Z_i

0.09822%

:_nZ_{lisis St}Z_{tistik Inferensi}Z_l Uji :_{sumsi Kl}Z_sik

1. Uji NormZ_litZ_s

TZ_{bel 2 : H}Z_{sil Uji Norm}Z_litZ_s

UnstZ_ndZ_rdized ResiduZ_l N 81 NormZ_l PZ_rZ_meter sZ_,b MeZ_n _.0000000 Std. DeviZ_tion _.73882488 Most Extreme Difference s :_bsolute _.137 Positive .137 NegZ_tive _-.099 Kolmogorov-Smirnov Z 1.231 :_{symp. Sig. (2-t}Z_iled) _.096 Sumber : DZ_tZ_diolZ_{h, 2016}

BerdZ_sZ_rkZ_{n h}Z_{sil uji norm}Z_litZ_s

menggunZ_kZ_{n One-S}Z_mple

Kolmogorov-Smirnov Test diketZ_{hui nil}Z_i:_symp.Sig.

(2-tZ_iled)Z_dZ_lZ_{h sebes}Z_{r 0.096. H}Z_{l ini}

menunjukZ_{n b}Z_hwZ :_{symp. Sig.}

(2-tZ_LO__G _! _V__KLQJJZ _dZ_pZ_t

disimpulkZ_{n b}Z_hwZ _N__V__OXUXKZ_{n d}Z_tZ

sudZ_{K E}__{UGLVWULEXVL QRUP}Z_l.

2. Uji MultikolineZ_ritZ_s

TZ_{bel 3 : H}Z_{sil Uji Multikoline}Z_ritZ_s Model

CollineZ_{rity St}Z_tistics

TolerZ_nce _VIF

1 (ConstZ_nt) X1 .236 4.242 X2 .187 5.361 X3 .612 1.633 Sumber : DZ_tZ_diolZ_{h, 2016} %__UGZ_sZ_rkZ_n _hZ_sil _uji PXOWLNROLQ_Z_ritZ_{V P}__QXQMXNNZ_{n b}Z_hwZ N__V__OXUXKZ_{n v}Z_riZ_E__{O LQG}__S__QG__{Q \}Z_itu

RO:_{, HCE, SCE, CEE}_P__{PLOLNL QLO}Z_i

WRO__UZ_QF_ _O__{ELK E}__VZ_{r d}Z_{ri 0.10 d}Z_{n nil}Z_i

9,) O__ELK _N__FLO _GZ_UL _'__QJZ_n

G__PLNLZ_{n d}Z_pZ_{t disimpulk}Z_{n b}Z_hwZ

N__V__OXUXKZ_{n v}Z_riZ_E__{O LQG}__S__QG__{Q E}__EZ_s

dZ_{UL J}__MZ_lZ_PXOWLNROLQ_Z_ritZ_V

N Minimum MZ_ximum _MeZ_n _{Std. Devi}Z_tion Y 81 .20 5.42 2.0384 1.16601 X1 81 1.13 7.97 2.2884 .92724 X2 81 .12 .87 .5127 .15128 X3 81 .06 .52 .2686 .09822 VZ_{lid N} (listwise) 81

(5)

83

3. Uji HeteroskedZ_stisitZ_s

TZ_{bel 4 : H}Z_{sil Uji Heterosked}Z_stisitZ_s Model UnstZ_ndZ_rdized

Coefficients StZ_ndZ_rdized Coefficients t Sig. B Std. Error BetZ 1 (ConstZ_nt) _-.263 _.207 -1.270 .208 X1 .005 .123 .009 .041 .967 X2 1.077 .847 .307 1.271 .208 X3 .781 .720 .144 1.085 .281 Sumber : DZ_tZ_diolZ_{h, 2016}

BerdZ_sZ_rkZ_n _hZ_sil _uji

heteroskedZ_stisitZ_{s deng}Z_{n uji glejser}

dilihZ_{t d}Z_{ri nil}Z_{i signifik}Z_{nsi ti}Z_p

vZ_riZ_{bel y}Z_{ng lebih bes}Z_{r d}Z_{ri p}Z_dZ_0.05

mZ_kZ_dZ_{ri itu tid}Z_{k terj}Z_{di m}Z_sZ_lZ_h

heteroskedZ_stisitZ_{s. Kesimpul}Z_{n y}Z_ng

dZ_pZ_{t di}Z_{mbil i}Z_lZ_{h d}Z_tZ_yZ_{ng digun}Z_kZ_n

dZ_lZ_m _penelitiZ_n _ini _bersifZ_t

homoskedZ_stisitZ_s _yZ_ng _merupZ_kZ_n

sZ_lZ_{h s}Z_tuZ_{sumsi d}Z_sZ_{r regresi.}

4. Uji :_utokorelZ_si

TZ_{bel 5 : H}Z_{sil Uji}:_utokorelZ_si

UnstZ_ndZ_{rdized Residu}Z_l

Test VZ_lueZ

-.06132 CZ_{ses < Test V}Z_lue ₄₀ CZ_{ses >= Test V}Z_lue ₄₁ TotZ_{l C}Z_ses ₈₁

Number of Runs 49

Z 1.679

:_{symp. Sig. (2-t}Z_iled) _.093 Sumber : DZ_tZ_diolZ_{h, 2016}

TZ_{bel di}Z_tZ_{s menunjuk}Z_{n nil}Z_i :_{symp. Sig. (2-t}Z_{iled) uji run test}

sebesZ_{r 0.093. kesimpul}Z_{n y}Z_{ng d}Z_pZ_t

diZ_{mbil d}Z_{ri h}Z_{sil t}Z_{bel di}Z_tZ_{s b}Z_hwZ

hZ_{sil run test 0.093>0.05, m}Z_kZ_dZ_{ri itu}

tidZ_k Z_dZ_{unsur korel}Z_{si. Kesimpul}Z_n

tersebut menunjukZ_{n b}Z_hwZ_dZ_tZ_yZ_ng

dipergunZ_kZ_{n d}Z_lZ_{m peneliti}Z_{n ini cukup}

rZ_{ndom sehingg}Z_tidZ_{k terd}Z_pZ_{t m}Z_sZ_lZ_h Z_utokorelZ_si.

Koefisien DeterminZ_si

TZ_{bel 6 : H}Z_sil:_nZ_{lisis Koefisien Determin}Z_si Model

R R SquZ_re :_{djusted Squ}Z_re

Std. Error of the EstimZ_te 1 .774Z .559 .583 .75308 Sumber : DZ_tZ_diolZ_{h, 2016} PZ_dZ_tZ_E__O _GZ_pZ_{t dilih}Z_{t nil}Z_i:_GMXVW__{G 5} SquZ_U_ Z_dZ_lZ_{K V}__E__VZ_{r 0.583}Z_tZ_{u 58.3%. H}Z_{l ini} dZ_pZ_{W GLM}__OZ_skZ_{n b}Z_hwZ_{58.3% v}Z_riZ_{VL 5}__{WXUQ 2Q} :_VV__W ₅₂: _GLS__QJZ_{UXKL RO}__{K N}__WLJZ_vZ_riZ_E__O

LQG__S__QG__{Q \}Z_{kni Hum}Z_{n C}Z_pitZ_{l efficiency (HCE),}

StructurZ_{l C}Z_pitZ_{l Efficiency (SCE), C}Z_pitZ_l

Employed Efficiency (CEE) 6__GZ_ngkZ_{n sis}Z_nyZ

V__E__VZ_U _GLS__QJZ_ruhi_RO__{K I}Z_{ktor l}Z_{in dilu}Z_r

vZ_riZ_E__{O S}__Q__OLWLZ_n.

HZ_{sil Uji Hipotesis}

1. Uji SecZ_rZ_SimultZ_{n (Uji F)}

TZ_{bel 7 : H}Z_{sil Uji F}

Model Sum of SquZ_{res df Me}Z_{n Squ}Z_re _F _Sig. 1 Regression 65.097 3 21.699 38.261 .000Z ResiduZ_l _{43.669 77} _.567 TotZ_l _{108.766 80} Sumber : DZ_tZ_diolZ_{h, 2016} %__UGZ_sZ_rkZ_{n t}Z_E__O _P__QXQMXNNZ_n bZ_hwZ_nilZ_{i df1 = 3 d}Z_{Q GI} _GLS__URO__K

nilZ_{i F-t}Z_E__{O V}__E__VZ_U _V__UWZ_nilZ_{i F-hitung}

V__E__VZ_U _G__QJZ_{n tingk}Z_{t signifik}Z_nsi

6LJ V__E__VZ_{r 0.000. H}Z_{O LQL P}__QXQMXNNZ_n

bZ_hwZ_nilZ_{i F-hitung}_O__{ELK E}__VZ_{r d}Z_{ri nil}Z_i

F-tZ_E__O _! _GZ_{n nil}Z_{i signifik}Z_nsinyZ

O__{ELK N}__{FLO G}Z_{ri 0.05 (0.000 < 0.05), m}Z_kZ

dZ_pZ_{t disimpulk}Z_{n b}Z_hwZ _W__UGZ_pZ_{W S}__QJZ_ruh

yZ_{ng signifik}Z_n Z_ntZ_rZ_vZ_riZ_E__O _HumZ_n

CZ_pitZ_{l Efficiency (HCE), Structur}Z_{l C}Z_pitZ_l

Efficiency (SCE), CZ_pitZ_{l Employed Efficiency}

(CEE) W__UKZ_dZ_p₅__{WXUQ 2Q} :_VV__{W 52}:₎Z_tZ_u

dZ_pZ_{t di}Z_rtikZ_{n b}Z_hwZ_PRG__{O G}Z_lZ_{P S}__Q__OLWLZ_n

(6)

84

2. Uji SecZ_rZ_PZ_rsiZ_{l (Uji t)}

TZ_{bel 8 : H}Z_{sil Uji t} Model UnstZ_ndZ_rdized

Coefficients StZ_ndZ_rdized Coefficients t Sig. B Std. Error BetZ 1 (ConstZ_nt) _-1.196 _.315 _-3.795 _.000 X1 .100 .187 .080 .535 .594 X2 4.036 1.289 .524 3.132 .002 X3 3.482 1.096 .293 3.178 .002 Sumber : DZ_tZ_diolZ_{h, 2016}

BerdZ_sZ_rkZ_{n t}Z_{bel 8 di peroleh pers}Z_mZZ_n

regresi linier bergZ_ndZ_sebZ_gZ_{i berikut :}

RO:_{= -1.196 + 0.1HCE + 4.036SCE +} 3.482CEE

1. %__UGZ_sZ_rkZ_{n h}Z_{VLO XML V}__FZ_rZ_pZ_rsiZ_lZ_ntZ_rZ

vZ_riZ_E__O _HCE _W__UKZ_dZ_p _RO: _GLS__URO__K

nilZ_{i thitung}_V__E__VZ_U _O__{ELK N}__{FLO G}Z_ri

nilZ_{i tt}Z_E_O V_E_VZr 1.991 (0.535 < 1.988) G__QJZ_{n nil}Z_{L NR}__ILVL__{Q U}__JU__{VL V}__E__VZ_r

6__GZ_ngkZ_{n nil}Z_{i signifik}Z_nsinyZ

V__E__VZ_U _O__{ELK E}__VZ_{r d}Z_UL . yZ_QJ _W__OZ_K _GLW__QWXNZ_Q ₃__QJXMLZ_{n ini} P__QXQMXNNZ_n _bZ_hwZ _HCE _tidZ_k E__US__QJZ_{ruh signifik}Z_{Q W}__UKZ_dZ_p _RO:_, V__KLQJJZ _KLSRW__{VLV S}__UWZ_mZ_{(H1) tid}Z_k GLW__ULPZ_. 2. %__UGZ_sZ_rkZ_{n h}Z_{VLO XML V}__FZ_rZ_pZ_rsiZ_lZ_ntZ_rZ

vZ_riZ_E__O_{SCE W}__UKZ_dZ_{p RO}:_GLS__URO__{K QLO}Z_i

thitung V__E__VZ_U _O__{ELK EHV}Z_{r d}Z_{ri nil}Z_i

ttZ_E_O V_E_VZU ! G_QJZn nilZ_{L NR}__ILVL__{Q U}__JU__{VL V}__E__VZ_{r 4.036 ,}

6__GZ_ngkZ_{n nil}Z_{i signifik}Z_nsinyZ _V__E__VZ_r

O__{ELK NHFLO G}Z_UL . _\Z_{QJ W}__OZ_h

GLW__QWXNZ_Q ₃__QJXMLZ_{Q LQL P}__QXQMXNNZ_n

bZ_hwZ _SCE _E__US__QJZ_ruh _signifikZ_n

W__UKZ_dZ_{p RO}: _V__KLQJJZ_KLSRW__{VLV S}__UWZ_mZ

(H2 GLW__ULPZ_.

3. %__UGZ_sZ_rkZ_{n h}Z_{VLO XML V}__FZ_rZ_pZ_rsiZ_lZ_ntZ_rZ

vZ_riZ_E__O _CEE _W__UKZ_dZ_p _RO: _GLS__URO__K

nilZ_{i thitung}_V__E__VZ_U _O__{ELK EHV}Z_{r d}Z_ri

nilZ_{i tt}Z_E_O V_E_VZr 1.991 (3.178 > 1.988) G__QJZ_{n nil}Z_{L NR}__ILVL__{Q U}__JU__{VL V}__E__VZ_r

6__GZ_ngkZ_{n nil}Z_{i signifik}Z_nsinyZ

V__E__VZ_U _O__{ELK NHFLO G}Z_UL . yZ_QJ _W__OZ_K _GLW__QWXNZ_Q ₃__QJXMLZ_{n ini} P__QXQMXNNZ_{n b}Z_hwZ _CEE _E__US__QJZ_ruh signifikZ_Q _W__UKZ_dZ_p _RO: _V__KLQJJZ KLSRW__{VLV S}__UWZ_mZ_(H3 _GLW__ULPZ_. PembZ_hZ_sZ_n

1. PengZ_{ruh sec}Z_rZ_simultZ_n

%__UGZ_sZ_rkZ_{n h}Z_{sil uji st}Z_{WLVWLN LQI}__U__QVLZ_l

G__QJZ_Q _P__QJJXQZ_kZ_n Z_nZ_OLVLV _U__JU__VL _OLQL__U

E__UJZ_ndZ_pZ_dZ _{XML ) GLM}__OZ_skZ_{n b}Z_hwZ_pZ_dZ

S__Q__OLWLZ_{Q LQL W}__UGZ_pZ_{W S}__QJZ_{ruh y}Z_{ng signifik}Z_n

V__FZ_rZ_simultZ_nZ_ntZ_rZ_vZ_riZ_E__{O LQG}__S__QG__{Q \}Z_kni

HumZ_{n C}Z_pitZ_{l Efficiency (HCE), Structur}Z_l

CZ_pitZ_{l Efficiency (SCE),} _dZ_n _CZ_pitZ_{l Employed}

Efficiency (CEE) W__UKZ_dZ_{p v}Z_riZ_E__{O G}__S__QG__{Q \}Z_itu

5__{WXUQ 2Q}:_VV__W_(RO:_).

%__UGZ_sZ_rkZ_{n h}Z_{VLO S}__Q__OLWLZ_{n ini pul}Z_GLSURO__K

nilZ_{i R}2 Z_tZ_{X NR}__ILVL__{Q G}__W__UPLQZ_{VL V}__E__VZ_{r 0.583} Z_tZ_{u 58.3% y}Z_ngZ_rtinyZ _HumZ_{n C}Z_pitZ_{l Efficiency}

(HCE), StructurZ_{l C}Z_pitZ_{l Efficiency (SCE),} _dZ_n

CZ_pitZ_{l Employed Efficiency (CEE)} _P__PSXQ\Z_i

S__QJZ_ruh_V__E__VZ_U _W__UKZ_dZ_p₅__{WXUQ 2Q} :_VV__W

(RO:₎ ₆__GZ_ngkZ_n _sisZ_nyZ _V__E__VZ_r _41.7%

GLS__QJZ_{UXKL RO}__{K I}Z_{ktor l}Z_{in dilu}Z_{r v}Z_riZ_E__{O \}Z_ng

GLW__OLWL

2. PengZ_{ruh sec}Z_rZ_pZ_rsiZ_l

a. VZ_riZ_bel _HumZ_{n C}Z_pitZ_{l Efficiency}

(HCE) pZ_dZ_penelitiZ_{n ini tid}Z_k

berpengZ_{ruh signifik}Z_{n terh}Z_dZ_p_Return

On :_{sset (RO}:_{). H}Z_{l ini menunjuk}Z_n

bZ_hwZ _{HCE deng}Z_{n indik}Z_tornyZ_yZ_ng

berbentuk biZ_yZ_gZ_{ji, bi}Z_yZ_pelZ_tihZ_n,

dZ_{n bi}Z_yZ_lZ_in-lZ_{in tid}Z_{k s}Z_mZ_dengZ_n

konstruk pengukurZ_n _RO: _yZ_ng

melibZ_tkZ_{n l}Z_bZ_{sebelum p}Z_jZ_{k d}Z_{n jug}Z

totZ_l Z_set. _{HCE tid}Z_{k berpeng}Z_ruh

signifikZ_{n terh}Z_dZ_{p RO}:_kZ_renZ_vZ_riZ_bel

ini bertujuZ_{n lebih condong kep}Z_dZ

peningkZ_tZ_{n ku}Z_litZ_s Z_tZ_{upun nil}Z_i

perusZ_hZZ_n _dibZ_nding _dengZ_n

peningkZ_tZ_{n sec}Z_rZ_kuZ_ntitZ_{s d}Z_lZ_m

lZ_porZ_{n keu}Z_ngZ_{n berup}Z_lZ_bZ_yZ_ng

menjZ_{di tuju}Z_{n ut}Z_mZ _RO:_{. H}Z_sil

penelitiZ_{n ini jug}Z_menyimpulkZ_{n b}Z_hwZ

perusZ_hZZ_{n sektor perb}Z_nkZ_{n y}Z_ng

dijZ_dikZ_n _sZ_mpel _tidZ_k _mengelolZ

sumber dZ_yZ_mZ_nusiZ_secZ_rZ_mZ_ksimZ_l,

kZ_renZ _kemZ_mpuZ_n _sumber _dZ_yZ

mZ_nusiZ _sZZ_t _ini _belum _bisZ

(7)

85 b. VZ_riZ_bel _StructurZ_{l C}Z_pitZ_{l Efficiency}

(SCE) pZ_dZ_penelitiZ_{n ini berpeng}Z_ruh

signifikZ_{n terh}Z_dZ_p _{Return On} :_sset

(RO:_{). H}Z_{l ini sesu}Z_{i teori, dim}Z_nZ

kemZ_mpuZ_{n perus}Z_hZZ_{n membentuk}

struktur orgZ_nisZ_si _secZ_rZ _generZ_l

mZ_{upun sec}Z_rZ_{teknis y}Z_{ng d}Z_pZ_t

mendukung usZ_hZ_tenZ_gZ_kerjZ_hinggZ

titik optimZ_l _sZ_ngZ_t _diperlukZ_n.

PengelolZZ_{n structur}Z_{l c}Z_pitZ_{l y}Z_{ng b}Z_ik

dZ_{n ben}Z_rZ_kZ_{n berd}Z_mpZ_{k p}Z_dZ_proses

produksi yZ_{ng efisien sert}Z_mengurZ_ngi

biZ_yZ_{produksi y}Z_{ng tid}Z_{k digun}Z_kZ_n

sehinggZ_meningkZ_tkZ_{n l}Z_bZ_perusZ_hZZ_n

dZ_riZ_set.

c. VZ_riZ_bel _CZ_pitZ_{l Employed Efficiency}

(CEE) pZ_dZ_penelitiZ_{n berpeng}Z_ruh

signifikZ_{n terh}Z_dZ_p _{Return On} :_sset

(RO:_{). H}Z_{l ini menjel}Z_skZ_{n b}Z_hwZ

pemZ_nfZZ_tZ_{n efisiensi mod}Z_{l y}Z_ng

digunZ_kZ_{n d}Z_pZ_{t meningk}Z_tkZ_n _RO:_. :_ngkZ_dZ_{ri h}Z_{sil signifik}Z_{nsi di}Z_tZ_s

dZ_pZ_{t dijel}Z_skZ_{n seb}Z_gZ_{i berikut,}Z_pZ_bilZ

modZ_{l y}Z_{ng digun}Z_kZ_{n perus}Z_hZZ_{n rel}Z_tif

besZ_{r m}Z_kZ Z_kZ_{n meng}Z_kibZ_tkZ_n _totZ_l Z_{set perus}Z_hZZ_{n tersebut sem}Z_{kin bes}Z_r.

HZ_{sil ini sesu}Z_{i teori} _Resource-BZ_sed

Theory yZ_ng _menyZ_tZ_kZ_n _bZ_hwZ

perusZ_hZZ_nZ_kZ_{n sem}Z_{kin unggul d}Z_lZ_m

persZ_ingZ_{n us}Z_hZ_dZ_{n mend}Z_pZ_tkZ_n

kinerjZ_keuZ_ngZ_{n y}Z_{ng b}Z_{ik deng}Z_{n c}Z_rZ

memiliki, menguZ_sZ_{i, d}Z_{n mem}Z_nfZZ_tkZ_n Z_set-Z_{set str}Z_{tegis y}Z_{ng penting s}Z_lZ_h

sZ_tunyZ_iZ_lZ_{h mod}Z_{l menurut Wid}Z_rto

(2011) dZ_lZ_{m Jeneo (2013).}

5. KESIMPUL:_{N D}:_{N S}:_R:_N KesimpulZ_n

1. VZ_riZ_bel _HumZ_{n C}Z_pitZ_{l Efficiency (HCE)}

berpengZ_{ruh tid}Z_{k signifik}Z_{n terh}Z_dZ_p_Return

On :_{sset (RO}:_{) p}Z_dZ_perusZ_hZZ_{n sektor}

perbZ_nkZ_{n y}Z_{ng terd}Z_ftZ_{r di Burs}Z_Efek

IndonesiZ_{(BEI) periode t}Z_{hun 2013-2015.}

2. VZ_riZ_bel_StructurZ_{l C}Z_pitZ_{l Efficiency (SCE)}

berpengZ_{ruh signifik}Z_{n terh}Z_dZ_p_{Return On} :_sset _(RO:₎ _pZ_dZ _perusZ_hZZ_n _sektor

3. VZ_riZ_bel_CZ_pitZ_{l Employed Efficiency (CEE)}

berpengZ_{ruh signifik}Z_{n terh}Z_dZ_p_{Return On}

:_sset _(RO:₎ _pZ_dZ _perusZ_hZZ_n _sektor

4. KesimpulZ_{n d}Z_{ri ti}Z_p-tiZ_{p v}Z_riZ_{bel sud}Z_h

dijelZ_skZ_{n di}Z_tZ_{s. Ketik}Z _HumZ_{n C}Z_pitZ_l

Efficiency, StructurZ_{l C}Z_pitZ_{l Efficiency,}

CZ_pitZ_{l Employed Efficiency sec}Z_rZ_bersZ_mZ

-sZ_mZ_berpengZ_{ruh signifik}Z_{n terh}Z_dZ_p_Return

On :_{sset p}Z_dZ_perusZ_hZZ_{n sektor perb}Z_nkZ_n

yZ_{ng terd}Z_ftZ_{r di Burs}Z_{Efek Indonesi}Z_(BEI)

periode tZ_{hun 2013-2015.}

SZ_rZ_n

1. BZ_{gi pih}Z_{k perus}Z_hZZ_{n sektor perb}Z_nkZ_n

dihZ_rZ_pkZ_n _lebih _meperhZ_tikZ_n _HumZ_n

CZ_pitZ_l _Efficiency _(HCE) _dZ_n

mengoptimZ_lkZ_{n sumber d}Z_yZ_mZ_nusiZ_secZ_rZ

efisien untuk hZ_l-hZ_{l y}Z_{ng d}Z_pZ_{t meningk}Z_tkZ_n

lZ_bZ_{. C}Z_rZ_meningkZ_tkZ_{n nil}Z_{i Hum}Z_{n C}Z_pitZ_l

Efficiency (HCE) dengZ_{n men}Z_mbZ_{h progr}Z_m

pelZ_tihZ_n, _memperketZ_t _rekruitmen,

meningkZ_tkZ_n _kuZ_litZ_s _mentoring,

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