LAMPIRAN
Lampiran 1
Daftar Penentuan Sampel
No Kode Perusahaan Kriteria Sampel
Lampiran 2
Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015 No. Kode Nama Perusahaan IPO 2011 2012 2013 2014 2015
1 SMCB Holcim Indonesia Tbk 10-08-1997 O O O O O 2 INTP Indocement Tunggal
Prakasa Tbk 05-12-1989 O O O O O 3 SMBR Semen Baturaja Tbk 28-06-2013 × × O O O 4 SMGR Semen Indonesia Tbk 08-07-1991 O O O O O 5 WTON Wijaya Karya Beton
Tbk 08-04-2014 × × × O O
6 ARNA Arwana Citramulia
Tbk 17-07-2001 O O O O O
7 AMFG Asahimas Flat Glass
Tbk 08-11-1995 O O O O O
8 IKAI Inti Keramik Alam
Asri Industri Tbk 04-06-1997 O O O O O 9 KIAS Keramika Indonesia
Assosiasi Tbk 08-12-1994 O O O O O 10 MLIA Mulia Industrindo Tbk 17-01-1994 O O O O O 11 TOTO Surya Toto Indonesia
Tbk 30-10-1990 O O O O O
12 ALKA Alaska Industrindo
Tbk 12-07-1990 O O O O O
13 ALMI Alumindo Light Metal
Industry Tbk 02-01-1997 O O O O O 14 BTON Betonjaya Manunggal
Tbk 18-07-2001 O O O O O
15 CTBN Citra Turbindo Tbk 28-11-1989 O O O O O 16 GDST Gunawan Dianjaya
29 BUDI Budi Starch & 33 ETWA Eterindo Wahanatama
Tbk 16-05-1997 O O O O O 40 APLI Asiaplast Industries
Tbk 01-05-2000 O O O O O
41 BRNA Berlina Tbk 06-11-1989 O O O O O 42 IGAR Champion Pasific
Indonesia Tbk 05-11-1990 O O O O O 43 IMPC Impack Pratama
Industri Tbk 17-12-2014 × × × O O 44 IPOL Indopoly Swakarsa
Industry Tbk 09-07-2010 O O O O O 45 FPNI Lotte Chemical Titan
Tbk 21-03-2002 O O O O O
46 SIAP Sekawan Intipratama
Tbk 17-10-2008 O O O O O 51 CPIN Charoen Pokphand
Indonesia Tbk 18-03-1991 O O O O O 57 ALDO Alkindo Naratama
Tbk 12-07-2011 O O O O O
58 DAJK Dwi Aneka Jaya
59 FASW Fajar Surya Wisesa 67 ASII Astra International
Tbk 04-04-1990 O O O O O
68 AUTO Astra Otoparts Tbk 15-07-1998 O O O O O 69 GJTL Gajah Tunggal Tbk 8-05-1990 O O O O O 70 GDYR Goodyear Indonesia
Tbk 01-12-1980 O O O O O
71 BRAM Indo Kordsa Tbk 05-09-1990 O O O O O 72 IMAS Indomobil Sukses
International Tbk 15-09-1993 O O O O O 73 INDS Indospring Tbk 10-08-1990 O O O O O 74 LPIN Multi Prima Sejahtera
Tbk 05-02-1990 O O O O O
75 MASA Multistrada Arah
Sarana Tbk 09-06-2005 O O O O O
76 NIPS Nippres Tbk 24-07-1991 O O O O O 77 PRAS Prima alloy steel
Universal Tbk 12-07-1990 O O O O O 78 SMSM Selamat Sempurna
Tbk 09-09-1996 O O O O O
79 MYTX Apac Citra Centertex
Tbk 10-10-1989 O O O O O 89 ADMG Polychem Indonesia
90 RICY Ricky Putra 94 TFCO Tifico Fiber Indonesia
Tbk 26-02-1980 O O O O O
95 TRIS Trisula International
Tbk 28-06-2012 × O O O O 107 ICBP Indofood CBP Sukses
Makmur Tbk 07-10-2010 O O O O O
108 INDF Indofood Sukses
Makmur Tbk 14-07-1994 O O O O O
109 MYOR Mayora Indah Tbk 04-07-1990 O O O O O 110 MLBI Multi Bintang
Indonesia Tbk 17-01-1994 O O O O O 111 ROTI Nippon Indosari
Corporindo Tbk 28-06-2010 O O O O O 112 PSDN Prashida Aneka Niaga
Tbk 18-10-1994 O O O O O
113 SKBM Sekar Bumi Tbk 05-01-1993 × O O O O 114 SKLT Sekar Laut Tbk 08-09-1993 O O O O O 115 STTP Siantar Top Tbk 16-12-1996 O O O O O 116 AISA Tiga Pilar Sejahtera
Food Tbk 11-07-1997 O O O O O 120 RMBA Bentoel International
122 HMSP Hanjaya Mandala
Sampoerna Tbk 15-08-1990 O O O O O 123 WIIM Wismilak Inti
Makmur Tbk 18-11-2012 × O O O O
124 DVLA Darya Varia
Laboratoria Tbk 11-11-1994 O O O O O 125 INAF Indofarma Tbk 17-04-2001 O O O O O 126 SIDO
Industri Jamu dan Farmasi Sido Muncul Tbk
13-12-2013 × × O O O 127 KLBF Kalbe Farma Tbk 30-07-1991 O O O O O 128 KAEF Kimia Farma Tbk 04-07-2001 O O O O O 129 SCPI Merck Sharp Dohme
Pharma Tbk 08-06-1990 O O O O O
130 MERK Merck Indonesia Tbk 23-07-1981 O O O O O 131 PYFA Pyridam Farma Tbk 16-10-2001 O O O O O 132 SQBB Taisho Pharmaceutical
Indonesia Tbk 28-03-1983 O O O O O 133 TSPC Tempo Scan Pasific
Tbk 17-06-1994 O O O O O
134 ADES Akasha Wira
International Tbk 13-06-1994 O O O O O 135 TCID Mandom Indonesia
Tbk 23-09-1993 O O O O O
136 MBTO Martina Berto Tbk 13-01-2011 O O O O O 137 MRAT Mustika Ratu Tbk 27-07-1995 O O O O O 138 UNVR Unilever Indonesia
Tbk 11-01-1982 O O O O O
139 CINT Chitose Internasional
Tbk 27-06-2014 × × × O O
140 KICI Kedaung Indag Can
Tbk 28-10-1993 O O O O O
141 LMPI Langgeng Makmur
Industry Tbk 17-10-1994 O O O O O
Lampiran 3
Perusahaan Manufaktur yang Tidak Terdaftar Secara Konsisten di Bursa Efek Indonesia Tahun 2011-2015
No. Kode Nama Perusahaan IPO 2011 2012 2013 2014 2015
1 SMBR Semen Baturaja Tbk 28-06-2013 × × O O O 2 WTON Wijaya Karya Beton
Tbk 08-04-2014 × × × O O
3 ISSP Steel Pipe Industry of
Indonesia Tbk 22-02-2013 × × O O O 4 IMPC Impack Pratama
Industri Tbk 17-12-2014 × × × O O 5 TALF Tunas Alfin Tbk 12-02-2001 × × × O O 6 DAJK Dwi Aneka Jaya
Kemasindo Tbk 14-05-2014 × × × O O 7 KRAH Grand Kartech Tbk 28-11-2013 × × O O O 8 SRIL Sri Rejeki Isman Tbk 17-06-2013 × × O O O 9 TRIS Trisula International
Tbk 28-06-2012 × O O O O
10 SKBM Sekar Bumi Tbk 05-01-1993 × O O O O 11 ALTO Tri Banyan Tirta Tbk 10-07-2012 × O O O O 12 WIIM Wismilak Inti
Makmur Tbk 18-11-2012 × O O O O
13 SIDO
Industri Jamu dan Farmasi Sido Muncul Tbk
13-12-2013 × × O O O
14 CINT Chitose Internasional
Tbk 27-06-2014 × × × O O
15 BAJA Saranacentral
Lampiran 4
Perusahaan Manufaktur yang Tidak Mempublikasikan Laporan Keuangan Secara Lengkap di Bursa Efek Indonesia Tahun 2011-2015
No Kode 2011 2012 2013 2014 2015
1 AISA O O O × O
2 ETWA O O O O ×
3 SIAP O O O O ×
4 SOBI O O O O ×
5 SQBB × O O O O
6 UNTX × × × × ×
Lampiran 5
Perusahaan Manufaktur yang Memublikasikan Laporan Keuangan menggunakan Mata Amerika Serikat (US$) di Bursa Efek Indonesia Tahun 2011-2015
No Kode 2011 2012 2013 2014 2015
1 BRAM × O O O O
2 CTBN O O O O O
3 ESTI × O O O O
4 GDYR O O O O O
5 INDR O O O O O
6 INKP O O O O O
7 IPOL × O O O O
8 KRAS × O O O O
9 MASA × O O O O
10 NIKL × O O O O
11 PTSN × O O O O
12 TBMS × O O O O
13 TKIM O O O O O
14 TPIA O O O O O
15 UNIC O O O O O
16 IKBI × O O O O
Lampiran 6
Perusahaan Manufaktur yang Konsisten Tidak Membayar Dividen di Bursa Efek Indonesia Tahun 2011-2015
38 SULI × × × × ×
39 TFCO × × × × ×
40 TIRT × × × × ×
41 UNIT × × × × ×
Lampiran 7
Perusahaan Manufaktur yang Membayar Dividen dengan Mata Uang Indonesia (Rupiah) di Bursa Efek Indonesia Tahun 2011-2015
NO KODE 2011 2012 2013 2014 2015
1 INTP 967.786.000.000 1.078.354.000.000 1.658.442.000.000 3.312.009.000.000 4.968.028.000.000 2 SMCB 353.730.000.000 490.608.000.000 651.229.000.000 666.672.000.000 236.903.000.000 3 SMGR 1.472.581.786.000 1.962.720.885.00 2.181.263.329.000 2.416.611.132.000 2.226.339.939.000 4 AMFG 34.720.000.000 34.720.000.000 34.720.000.000 34.720.000.000 34.720.000.000 5 ARNA 27.530.366.166 36.707.154.880 73.414.309.760 117.462.895.616 88.097.171.712
6 KIAS - - 3.522.369.110 22.163.027.930 22.681.147.363
7 TOTO 73.774.070.144 99.076.072.973 97.615.308.360 148.219.335.698 115.228.630.388 8 ALMI 21.437.607.508 15.330.006.788 6.134.875.321 12.266.479.613 -
9 BTON - 3.600.000.000 - - 3.600.000.000
10 INAI - - 7.920.000.000 2.534.400.000 11.088.000.000
11 LION 10.204.577.000 15.332.542.500 20.557.419.062 20.525.197.750 20.486.754.000 12 LMSH 467.731.875 700.925.450 1.123.104.535 2.158.305.750 801.875.450
13 BUDI 438.858.000 - - - -
14 DPNS 3.033.411.045 - 4.550.539.979 6.054.353.979 4.540.310.892 15 EKAD 4.472.160.000 4.743.812.859 5.386.394.863 6.650.898.969 6.050.347.212
16 AKPI - - - 10.408.218.000 4.897.986.000
17 APLI 30.000.000.000 - - - -
18 BRNA 12.330.633.000 12.252.877.000 15.733.992.000 - -
19 IGAR 48.435.607.389 91.546.184.457 38.757.163.920 9.688.367.980 - 20 TRST 61.846.747.657 55.902.643.125 29.569.530.957 14.022.810.698 13.967.383.751 21 CPIN 652.640.000.000 688.716.000.000 754.308.000.000 754.308.000.000 294.164.000.000 22 JPFA 756.182.000.000 159.604.000.000 212.804.000.000 106.402.000.000 - 23 MAIN 38.985.000.000 42.375.000.000 61.020.000.000 35.820.000.000 -
24 SIPD 9.212.449.313 9.212.411.791 - - -
25 ALDO - - - 825.000.000 -
26 FASW 141.239.660.859 - - - 37.168.331.805
27 SPMA - 11.901.765.186 - -
28 ASII 6.999.000.000.000 8.253.000.000.000 8.659.000.000.000 8.739.000.000.000 8.739.000.000.000 29 AUTO 448.202.000.000 314.226.000.000 544.987.000.000 439.535.000.000 238.899.000.000 30 GJTL 44.622.000.000 34.770.000.000 93.873.000.000 34.799.000.000 34.721.000.000
31 IMAS - - 84.311.716.713 61.775.370.617 43.393.125.099
32 INDS 32.899.219 35.389.916.000 147.120.640.588 51.661.199.915 35.538.750.580 33 SMSM 115.173.509.385 187.156.951.800 122.371.853.100 223.149.000.000 179.959.000.000
34 RICY - 2.566.870.040 - 2.566.870.040 2.566.870.040
35 BATA 30.705.408.000 32.612.074.000 30.894.025.000 38.862.117.000 6.646.555.000
36 JECC - 16.632.000.000 17.121.832.000 - 9.072.000.000
38 KBLM 1.503.837.156 - - - - 39 SCCO 17.846.243.926 36.754.981.001 51.280.429.930 30.630.281.214 41.065.704.282
40 VOKS - 39.626.427.449 41.725.807.952 - -
41 CEKA - - - 29.650.570.000 -
42 DLTA 171.895.005.000 187.830.906.000 191.869.037.000 144.831.127.000 156.878.293.000 43 ICBP 716.457.000.000 1.017.567.000.000 1.124.557.000.000 1.128.410.000.000 1.320.458.000.000 44 INDF 1.167.798.000.000 1.536.575.000.000 1.624.380.000.000 1.246.821.000.000 1.931.694.000.000 45 MLBI 446.940.000.000 651.311.000.000 505.528.000.000 1.219.895.000.000 289.971.000.000 46 MYOR 99.655.920.000 99.655.920.000 182.714.320.000 205.700.037.470 149.095.678.240 47 ROTI 24.943.781.094 28.983.133.261 37.285.218.800 15.792.816.001 27.991.754.000 48 SKLT 1.381.481.000 1.381.481.000 2.072.221.500 2.762.962.000 3.453.702.500 49 GGRM 1.727.450.000.000 1.924.088.000.000 1.539.270.000.000 1.539.270.000.000 1.539.270.000.000 50 HMSP 12.053.250.000.000 6.793.650.000.000 9.945.027.000.000 10.650.690.000.000 12.250.485.000.000 51 DVLA 33.600.000.000 35.280.000.000 52.640.000.000 24.640.000.000 78.114.771.000
52 INAF - - 4.238.511.498 - -
53 KAEF 46.276.979.624 34.352.788.065 30.769.803.148 53.855.793.068 46.925.135.841 54 KLBF 549.527.564.394 890.627.320.090 890.627.320.090 796.877.075.870 890.627.320.090 55 MERK 99.810.638.000 185.699.699.000 79.356.638.000 139.752.919.000 219.760.581.000 56 TSPC 215.251.540.000 260.838.811.350 260.777.123.850 223.762.109.952 261.013.141.350
57 MBTO 10.700.000.000 10.700.000.000 - - -
58 MRAT 4.883.480.000 6.966.958.633 7.072.700.000 - -
Lampiran 8
Laba Bersih Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
Kode Laba Bersih
Perusahaan 2011 2012 2013 2014 2015
Lampiran 9
Total Aset Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
Kode Total Aset
Perusahaan 2011 2012 2013 2014 2015
DVLA 928,290,993,000 1,074,691,476,000 1,190,054,228,000 1,241,239,780,000 1,376,278,237,000 INAF 1,114,901,669,774 1,188,618,790,410 1,294,510,669,195 1,248,343,275,406 1,533,708,564,241 KAEF 1,794,242,423,105 2,076,347,580,785 2,471,939,548,890 2,968,184,626,297 3,236,224,076,311 KLBF 8,274,554,112,840 9,417,957,180,958 11,315,061,275,026 12,425,032,367,729 13,696,417,381,439 MERK 584,388,578,000 569,430,951,000 696,946,318,000 716,599,526,000 641,646,818,000
Lampiran 10
Saldo Kas Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
Kode Saldo Kas
Perusahaan 2011 2012 2013 2014 2015
Lampiran 11
Total Liabillitas Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
KODE HUTANG
PERUSAHAAN 2011 2012 2013 2014 2015
Lampiran 12
Total Ekuitas Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
KODE EKUITAS
PERUSAHAAN 2011 2012 2013 2014 2015
Lampiran 13
Total Lembar Saham Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
KODE Jumlah Lembar Saham
PERUSAHAAN 2011 2012 2013 2014 2015
Lampiran 14
Hasil Regresi Risiko Pasar dengan Harga Saham Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
Lampiran 15
Data Variabel Dependen dan Independen Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2011-2015
Kode Tahun DPR ROA CP DER SIZE BETA
INTP 2011 0.2687 0.1984 1.9060 0.1536 30.5298 0.3902
INTP 2012 0.2263 0.2093 2.1989 0.1718 30.7558 0.1707
INTP 2013 0.3308 0.1883 2.5129 0.1580 30.9122 -0.1022
INTP 2014 0.6279 0.1825 2.1343 0.1654 30.9943 0.3966
INTP 2015 1.1403 0.1576 1.9867 0.1581 30.9502 1.9036
SMCB 2011 0.3325 0.0971 1.0601 0.4548 30.0244 -0.0566
SMCB 2012 0.3632 0.1110 0.4115 0.4455 30.1299 0.2893
SMCB 2013 0.6838 0.0639 0.3944 0.6978 30.3320 -0.2849
SMCB 2014 0.9967 0.0388 0.3208 0.9633 30.4757 0.5452
SMCB 2015 1.1875 0.0115 3.1999 1.0499 30.4830 0.9642
SMGR 2011 0.3723 0.2011 0.8535 0.3453 30.6097 0.1255
SMGR 2012 0.3983 0.1853 0.6134 0.4632 30.9111 -0.1641
SMGR 2013 0.4073 0.1738 0.7602 0.4123 31.0583 0.0186
SMGR 2014 0.4335 0.1624 0.8838 0.3725 31.1666 0.1607
SMGR 2015 0.4919 0.1186 0.8759 0.3904 31.2726 1.5863
AMFG 2011 0.1030 0.1252 1.7414 0.2542 28.6208 0.2269
AMFG 2012 0.1001 0.1112 1.8696 0.2679 28.7674 0.1035
AMFG 2013 0.1026 0.0955 2.5465 0.2821 28.8950 0.1442
AMFG 2014 0.0757 0.1170 2.4146 0.2304 28.9967 0.5515
AMFG 2015 0.1017 0.0799 2.7297 0.2596 29.0827 0.7145
ARNA 2011 0.2869 0.1153 0.1046 0.7209 27.4465 0.2491
ARNA 2012 0.2313 0.1692 0.2839 0.5498 27.5663 1.1850
ARNA 2013 0.3088 0.2093 0.1352 0.4772 27.7579 0.3399
ARNA 2014 0.4485 0.2079 0.1804 0.3803 27.8615 -0.1411
ARNA 2015 1.2371 0.0497 0.0717 0.5991 27.9892 1.0974
KIAS 2011 0.0000 -0.0098 -3.4863 0.9118 28.3487 -0.6353
KIAS 2012 0.0000 0.0331 2.1765 0.0853 28.3936 0.8638
KIAS 2013 0.0467 0.0331 3.8441 0.1093 28.4512 0.6013
KIAS 2014 0.2402 0.0392 2.3908 0.1114 28.4865 -0.0596
KIAS 2015 0.1385 0.0770 0.3346 0.1714 28.3845 0.5461
TOTO 2011 0.3382 0.1628 0.9810 0.7613 27.9234 -0.2305
TOTO 2012 0.4199 0.1549 0.8483 0.6953 28.0515 -1.1705
TOTO 2013 0.4126 0.1354 1.0674 0.6861 28.1885 -0.0037
TOTO 2014 0.5044 0.1449 0.2861 0.6466 28.3377 0.4959
ALMI 2011 0.6621 0.0180 3.0621 2.4678 28.2141 0.5915
ALMI 2012 1.0989 0.0074 3.4187 2.2006 28.2631 0.3460
ALMI 2013 0.2348 0.0094 1.0663 3.1867 28.6434 0.0523
ALMI 2014 3.3474 0.0011 14.0545 4.0113 28.7981 0.5368
ALMI 2015 0.0000 -0.0244 -0.5926 2.8736 28.4145 0.3262
BTON 2011 0.0000 0.1612 0.0069 0.2886 25.5000 0.1903
BTON 2012 0.1453 0.1706 2.0440 0.2820 25.7007 0.3124
BTON 2013 0.0000 0.1469 2.5493 0.2688 25.8945 0.4518
BTON 2014 0.0000 0.0438 9.3016 0.1877 25.8832 0.5015
BTON 2015 0.5692 0.0345 17.8107 0.2281 25.9334 0.1400
INAI 2011 0.0000 0.0480 0.1326 4.1317 27.0227 -0.2244
INAI 2012 0.0000 0.0671 0.1809 3.7379 27.1404 -0.5783
INAI 2013 1.5778 0.0749 3.4023 5.0631 27.3643 0.3616
INAI 2014 0.1148 0.0590 0.7466 5.1524 27.5226 -0.2741
INAI 2015 0.3874 0.0657 3.5594 4.5469 27.9164 -0.0276
LION 2011 0.1942 0.1436 6.9633 0.2111 26.6254 0.0698
LION 2012 0.1795 0.1969 2.3703 0.1658 26.7952 -1.2007
LION 2013 0.3174 0.1298 3.1474 0.1991 26.9350 0.2298
LION 2014 0.4188 0.0816 3.5405 0.3516 27.1204 -0.3150
LION 2015 0.4451 0.0719 4.3981 0.4064 27.1837 0.8794
LMSH 2011 0.0429 0.1111 0.5705 0.7135 25.3084 -0.3434
LMSH 2012 0.0169 0.3211 0.8343 0.3181 25.5796 -1.4627
LMSH 2013 0.0780 0.1015 2.8537 0.2827 25.6770 -0.0126
LMSH 2014 0.2915 0.0529 5.8054 0.2067 25.6643 0.1168
LMSH 2015 0.4123 0.0145 20.7422 0.1898 25.6195 1.7317
BUDI 2011 0.0069 0.0296 2.0135 1.6180 28.3840 0.3920
BUDI 2012 0.0000 0.0022 19.4190 1.6924 28.4638 0.6154
BUDI 2013 0.0000 0.0179 1.2461 1.6921 28.4993 -0.0264
BUDI 2014 0.0000 0.0115 1.2241 1.7120 28.5381 0.0837
BUDI 2015 0.0000 0.0064 1.4608 1.9549 28.8146 0.5406
DPNS 2011 -0.4567 -0.0385 -6.6982 0.3137 25.8726 1.7082
DPNS 2012 0.0000 0.1116 2.1803 0.1859 25.9417 -0.6807
DPNS 2013 0.0681 0.2606 1.0034 0.1475 26.2699 0.0064
DPNS 2014 0.4169 0.0540 4.7986 0.1389 26.3175 -0.9680
DPNS 2015 0.4605 0.0359 10.3269 0.1375 26.3382 -0.2074
EKAD 2011 0.1710 0.1100 0.2699 0.6092 26.1938 0.2299
EKAD 2012 0.1310 0.1321 0.1776 0.4267 26.3360 1.6107
EKAD 2013 0.1365 0.1148 0.2494 0.4455 26.5627 -0.0081
EKAD 2015 0.1286 0.1207 1.0527 0.3347 26.6886 0.5361
AKPI 2011 0.0000 0.0346 1.8282 1.0587 28.0522 6.0924
AKPI 2012 0.0000 0.0181 1.7223 1.0336 28.1703 -0.2030
AKPI 2013 0.0000 0.0166 2.4425 1.0252 28.3656 0.0363
AKPI 2014 0.3000 0.0155 1.8215 1.1500 28.4317 1.1550
AKPI 2015 0.1771 9.5883 1.5943 0.0016 28.6899 0.5784
APLI 2011 1.3684 0.0657 1.5766 0.5058 26.5325 1.3313
APLI 2012 0.0000 0.0126 1.8998 0.5270 26.5340 -1.4478
APLI 2013 0.0000 0.0061 20.6591 0.3944 26.4390 0.0474
APLI 2014 0.0000 0.0352 0.0699 0.2125 26.3332 -0.8197
APLI 2015 0.0000 0.0060 2.5927 0.2821 26.4554 -0.0119
BRNA 2011 0.2815 0.0680 0.9023 1.5302 27.1909 0.1451
BRNA 2012 0.2248 0.0707 0.8025 1.5524 27.3702 0.1802
BRNA 2013 -1.2876 -0.0108 -5.9744 2.6783 27.7489 0.2961
BRNA 2014 0.0000 0.0427 1.8939 2.6413 27.9193 -0.2006
BRNA 2015 0.0000 -0.0039 -12.7968 1.1992 28.2303 -0.2533
IGAR 2011 0.8755 0.1555 2.4918 0.2237 26.5970 0.1145
IGAR 2012 2.0568 0.1424 1.1275 0.2905 26.4674 0.7187
IGAR 2013 1.1063 0.1112 0.4728 0.3943 26.4750 -0.2900
IGAR 2014 0.1765 0.1569 0.3217 0.3281 26.5809 0.1385
IGAR 2015 0.0000 0.1339 1.2501 0.2367 26.6737 0.3215
TRST 2011 0.4294 0.0675 0.3899 0.6077 28.3883 1.2037
TRST 2012 0.9955 0.0256 0.7887 0.6173 28.4141 1.1384
TRST 2013 0.5265 0.0172 0.8340 0.0328 28.8130 0.9473
TRST 2014 0.1320 0.0325 0.9657 0.8568 28.8131 0.5690
TRST 2015 0.1573 0.0264 0.8315 0.7156 28.8422 1.1158
CPIN 2011 0.2762 0.2670 0.3709 0.3005 29.8112 1.6844
CPIN 2012 0.2568 0.2170 0.3561 0.3379 30.1446 0.6723
CPIN 2013 0.2982 0.1608 0.4535 0.5800 30.3861 2.1658
CPIN 2014 0.4318 0.0837 0.4400 0.9064 30.6690 1.0585
CPIN 2015 0.1605 0.0742 0.9163 0.9651 30.8372 1.7572
JPFA 2011 1.1261 0.0812 1.2323 1.1838 29.7432 1.3957
JPFA 2012 0.1485 0.0980 0.8119 1.3012 30.0254 -0.3372
JPFA 2013 0.3321 0.0429 2.7254 1.8440 30.3336 2.0569
JPFA 2014 0.2764 0.0244 1.9968 1.9736 30.3866 1.6595
JPFA 2015 0.0000 0.0305 1.7183 1.8086 30.4736 2.1113
MAIN 2011 0.1902 0.1543 0.4253 2.1478 27.9145 0.5322
MAIN 2012 0.1401 0.1680 0.2995 1.6396 28.2187 0.5980
MAIN 2014 -0.4225 -0.0240 -3.6579 2.2761 28.8927 1.1451
MAIN 2015 0.0000 -0.0156 -8.4468 1.5585 29.0078 0.8661
SIPD 2011 0.3928 0.0088 2.1631 1.0782 28.6024 -0.1128
SIPD 2012 0.6116 0.0045 5.7012 1.5832 28.8244 -0.3091
SIPD 2013 0.0000 0.0026 3.7282 1.4556 28.7802 0.1518
SIPD 2014 0.0000 0.0007 73.0675 1.1763 28.6610 -0.0645
SIPD 2015 0.0000 -0.1611 -0.1502 2.0600 28.4405 558.4987
ALDO 2011 0.0000 0.0484 0.5986 1.0105 25.8269 0.2506
ALDO 2012 0.0000 0.0378 0.4121 0.9606 25.9431 0.0189
ALDO 2013 0.0000 0.0065 0.3305 1.0136 26.4320 -0.2864
ALDO 2014 0.0391 0.0245 0.4468 1.4111 26.6005 -0.0992
ALDO 2015 0.0000 0.0215 0.3596 1.1413 26.6259 0.4289
FASW 2011 1.0672 0.0268 0.3190 1.7397 29.2276 0.9813
FASW 2012 0.0000 0.0009 13.7688 2.0871 29.3499 1.4898
FASW 2013 0.0000 -0.0437 -0.2449 2.6536 29.3701 0.1475
FASW 2014 0.0000 0.0155 0.9258 2.3934 29.3504 0.0435
FASW 2015 -0.1203 -0.0441 -0.2065 1.8600 29.5760 -0.1090
SPMA 2011 0.0000 0.4842 0.0395 24.1963 28.0704 1.0410
SPMA 2012 0.0152 0.4683 0.0521 22.1808 28.1405 -0.0220
SPMA 2013 0.0000 0.4275 0.0269 -42.4023 28.2004 0.2883
SPMA 2014 0.0000 0.3841 0.0596 26.4873 28.3691 0.6137
SPMA 2015 0.0000 0.3444 0.0615 -32.6313 28.4128 0.3213
ASII 2011 0.3320 0.1372 0.6202 1.0243 32.6649 1.1328
ASII 2012 0.3628 0.1247 0.4797 1.0295 32.8365 2.1406
ASII 2013 0.3883 0.1041 0.8322 1.0152 32.9970 1.3142
ASII 2014 0.3949 0.0937 0.9369 0.9616 33.0950 0.2320
ASII 2015 0.5597 0.0636 1.7339 0.9397 33.1341 1.8745
AUTO 2011 0.4068 0.1581 0.3317 0.4746 29.5718 0.9623
AUTO 2012 0.2766 0.1278 0.5738 0.6192 29.8150 0.6077
AUTO 2013 0.5151 0.0838 1.3916 0.3200 30.1661 0.8566
AUTO 2014 0.4595 0.0665 1.3226 0.4187 30.2969 -0.0458
AUTO 2015 0.7403 0.0225 2.9386 0.4136 30.2940 1.0857
GJTL 2011 0.0652 59.1674 0.0009 1.6077 23.1703 1.4483
GJTL 2012 0.0307 87.9770 0.0008 1.3492 23.2781 0.8919
GJTL 2013 0.7801 7.8387 0.0166 1.6817 23.4544 1.1710
GJTL 2014 0.1289 16.8216 0.0035 1.6813 23.4985 1.8201
GJTL 2015 -0.1108 -17.8946 -0.0020 2.2460 23.5860 1.6790
IMAS 2011 0.0000 0.0751 1.6575 1.5400 30.1893 1.3679
IMAS 2013 0.1357 0.0278 1.8056 2.3507 30.7363 0.4200
IMAS 2014 -0.9207 -0.0028 -16.9053 2.4891 30.7868 0.0442
IMAS 2015 -1.9294 -0.0009 -58.8219 2.7122 30.8443 -0.1726
INDS 2011 0.0002 0.1056 0.9176 0.8026 27.7618 2.0564
INDS 2012 0.2639 0.0805 0.4933 0.4647 28.1407 0.1636
INDS 2013 0.9966 0.0672 2.1795 0.2531 28.4179 0.7019
INDS 2014 0.4046 0.0559 0.6637 0.2485 28.4564 0.6494
INDS 2015 18.3774 0.0007 43.4335 0.3308 28.5687 0.2888
SMSM 2011 0.5252 0.1928 0.0758 0.6953 27.7593 0.8123
SMSM 2012 0.6969 0.1863 0.2211 0.7569 27.9965 0.4775
SMSM 2013 0.3488 0.2062 0.2663 0.6896 28.1623 0.4654
SMSM 2014 0.5294 0.2409 0.1800 0.5254 28.1903 1.1289
SMSM 2015 0.3901 0.2077 0.2666 0.5415 28.4286 0.0065
RICY 2011 0.0000 0.0190 1.8630 0.8332 27.1880 0.1165
RICY 2012 0.1511 0.0201 3.3939 1.2959 27.4596 0.0598
RICY 2013 0.0000 0.0055 7.4793 1.3366 27.4909 -0.2058
RICY 2014 0.1698 0.0129 2.4318 1.9541 27.7887 -0.2772
RICY 2015 0.1906 0.0112 3.8252 1.9949 27.8118 0.0065
BATA 2011 0.5423 0.1095 0.2054 0.4575 26.9706 0.1929
BATA 2012 0.4702 0.1207 0.1362 0.4816 27.0761 0.0212
BATA 2013 0.6962 0.0651 0.0741 0.7152 27.2464 -2.4307
BATA 2014 0.5490 0.0913 0.0570 0.8058 27.3760 -0.2491
BATA 2015 0.0513 0.1628 0.2499 0.4534 27.4019 0.1722
JECC 2011 0.0000 0.0459 1.4434 3.9181 27.1643 0.3861
JECC 2012 0.5195 0.0451 0.8776 3.9620 27.2871 0.9103
JECC 2013 0.7467 0.0184 0.2398 6.1284 27.8460 0.0994
JECC 2014 0.0000 0.0223 0.1440 5.2004 27.6916 -0.1935
JECC 2015 0.0431 0.1549 0.3371 2.6939 27.9374 -0.1405
KBLM 2011 0.0000 0.0295 0.6785 1.6311 27.1893 0.1780
KBLM 2012 0.0000 0.0329 0.3071 0.9753 27.3066 -0.2947
KBLM 2013 4.1752 0.0117 2.4227 1.4263 27.2068 0.4535
KBLM 2014 0.7758 0.0318 1.6592 1.2312 27.1967 0.2215
KBLM 2015 1.2532 0.0194 0.5288 1.2072 27.2070 -0.7591
SCCO 2011 0.0136 0.0754 2.6332 1.8033 28.0065 -0.3859
SCCO 2012 0.0000 0.1141 1.5346 1.2734 28.0277 -2.2008
SCCO 2013 0.0000 0.0595 2.8038 1.4901 28.1975 0.4369
SCCO 2014 0.0000 0.0831 0.8436 1.0446 28.1354 0.4421
SCCO 2015 0.0000 0.0897 2.1371 0.9224 28.2038 0.2612
VOKS 2012 0.2499 0.0865 1.0669 1.8157 28.1605 1.7160
VOKS 2013 1.3117 0.0200 2.5117 2.2529 28.3018 0.3259
VOKS 2014 -0.3586 -0.0549 -0.3903 2.0123 28.0718 4.2869
VOKS 2015 148.1938 0.0001 284.5734 2.0143 28.0604 -0.0919
KBLI 2011 0.0000 0.0588 1.6801 0.5050 27.7112 0.3776
KBLI 2012 0.0000 0.1077 0.5466 0.3746 27.7809 0.5501
KBLI 2013 0.4359 0.0549 0.8220 0.5079 27.9215 0.8927
KBLI 2014 0.2283 0.0524 0.3733 0.4216 27.9217 -0.0329
KBLI 2015 0.1386 0.0743 0.1810 0.5105 28.0704 1.2197
CEKA 2011 0.0000 0.1169 0.1238 1.0327 27.4367 -0.0751
CEKA 2012 0.0000 0.0567 0.2665 1.2177 27.6583 -2.9987
CEKA 2013 0.0000 0.0606 0.4565 1.0248 27.6983 0.1668
CEKA 2014 0.7597 0.0303 0.7101 1.3889 27.8811 -0.1818
CEKA 2015 0.0000 0.0688 0.1057 1.3220 28.0270 1.1672
DLTA 2011 1.1330 0.2179 1.6259 0.2151 27.2689 0.0479
DLTA 2012 0.8800 0.2863 1.3624 0.2459 27.3371 -0.2143
DLTA 2013 0.7093 0.3119 1.6036 0.2815 27.4884 0.1744
DLTA 2014 0.5038 0.2881 1.4443 0.3117 27.6285 0.3193
DLTA 2015 0.8200 0.1842 2.5869 0.2221 27.6686 -0.7721
ICBP 2011 0.3467 0.1357 2.1186 0.4214 30.3538 0.1418
ICBP 2012 0.4458 0.1285 2.3480 0.4811 30.5076 0.5525
ICBP 2013 0.5035 0.1050 2.4084 0.6032 30.6882 -0.0475
ICBP 2014 0.4457 0.1016 2.8542 0.6563 30.8463 0.5169
ICBP 2015 0.4517 0.1100 2.5806 0.6208 30.9105 1.1047
INDF 2011 0.2387 0.0912 2.6588 0.6952 31.6123 0.0361
INDF 2012 0.3214 0.0805 2.7655 0.7375 31.7140 0.1720
INDF 2013 0.4756 0.0437 3.9588 1.0351 31.9889 -0.1161
INDF 2014 0.2832 0.0512 3.2169 1.0845 32.0847 0.4589
INDF 2015 0.5977 0.0351 4.0109 1.1296 32.1510 1.1574
MLBI 2011 0.8808 0.4156 0.4896 1.3007 27.8305 -0.0471
MLBI 2012 4.2332 0.1335 0.6443 2.4926 27.7726 125.7753
MLBI 2013 0.4316 0.6572 0.1242 0.8046 28.2088 0.4585
MLBI 2014 1.5346 0.3562 0.1836 3.0286 28.4335 -0.4776
MLBI 2015 0.5835 0.2365 0.6935 1.7409 28.3734 0.6140
MYOR 2011 0.2061 0.0732 0.6729 1.7220 29.5181 0.2276
MYOR 2012 0.1338 0.0896 1.7995 1.7063 29.7476 -0.0470
MYOR 2013 0.1726 0.1090 1.7578 1.4652 29.9042 0.5411
MYOR 2014 0.5021 0.0397 1.7405 1.5259 29.9630 0.2088
ROTI 2011 0.2151 0.1527 0.4175 0.3892 27.3554 0.8065
ROTI 2012 0.1943 0.1237 0.2539 0.8076 27.8175 0.2907
ROTI 2013 0.2359 0.0866 0.6401 1.3150 28.2313 0.7103
ROTI 2014 0.0837 0.0880 0.8622 1.2319 28.3932 -0.3199
ROTI 2015 0.1034 0.0999 1.9045 1.2770 28.6266 0.7928
SKLT 2011 0.2311 0.0278 1.5683 0.7432 26.0904 0.0000
SKLT 2012 0.1734 0.0318 -2.8270 0.9288 26.2437 0.6963
SKLT 2013 0.1811 0.0378 -2.6718 1.1625 26.4337 0.0000
SKLT 2014 0.1676 0.0497 -2.7184 1.1620 26.5271 -6.0817
SKLT 2015 0.1721 0.0532 -2.4725 1.4803 26.6558 -0.0785
GGRM 2011 0.3484 0.1268 0.2208 0.5921 31.2969 -0.0176
GGRM 2012 0.4728 0.0980 0.1404 0.5602 31.3569 -0.5298
GGRM 2013 0.3511 0.0863 0.2681 0.7259 31.5583 -0.1819
GGRM 2014 0.2890 0.0914 0.2329 0.4310 31.6955 -0.5699
GGRM 2015 0.2383 0.1017 0.1958 0.4015 31.7821 0.7175
HMSP 2011 1.4971 0.4155 0.2571 0.8993 30.5951 0.0940
HMSP 2012 0.6928 0.3735 0.0413 0.9722 30.8986 0.4612
HMSP 2013 0.9201 0.3943 0.0608 0.9360 30.9417 0.0815
HMSP 2014 1.0634 0.3528 -0.0026 1.1026 30.9767 0.0688
HMSP 2015 1.1830 0.2724 0.1660 0.1872 31.2689 0.3306
DVLA 2011 0.2778 0.1302 2.1212 0.2753 27.5566 -0.0260
DVLA 2012 0.2369 0.1385 1.9671 0.2770 27.7031 -0.0771
DVLA 2013 0.4184 0.1057 2.5176 0.3010 27.8050 0.3301
DVLA 2014 0.3037 0.0653 3.9682 0.3101 27.8471 0.3396
DVLA 2015 0.7498 0.0756 4.0533 0.4137 27.9504 -0.2119
INAF 2011 0.0000 0.0331 3.6088 0.8301 27.7398 0.5819
INAF 2012 0.0000 0.0356 4.5984 0.8284 27.8038 0.3251
INAF 2013 -0.0781 -0.0418 -2.2395 1.1911 27.8892 0.1848
INAF 2014 0.0000 0.0009 116.5451 1.1088 27.8528 -0.6828
INAF 2015 0.0000 0.0032 62.6086 1.5876 28.0587 1.4775
KAEF 2011 0.2694 0.0957 1.1608 0.4325 28.2156 0.5111
KAEF 2012 0.1669 0.0990 1.5382 0.4404 28.3616 0.4900
KAEF 2013 0.1426 0.0872 1.8278 0.5218 28.5360 0.2216
KAEF 2014 0.2276 0.0796 2.4240 0.6388 28.7190 0.2014
KAEF 2015 0.2496 0.0580 2.4528 0.7379 28.8054 1.7750
KLBF 2011 0.3608 0.1840 1.5035 0.2699 29.7442 0.2924
KLBF 2012 0.5017 0.1884 1.0304 0.2776 29.8736 -0.0274
KLBF 2013 0.4519 0.1741 0.6883 0.3312 30.0572 -0.2585
KLBF 2015 0.4328 0.1502 1.0000 0.2522 30.2482 1.2695
MERK 2011 0.4317 0.3955 1.0977 0.1825 27.0938 -0.0535
MERK 2012 1.7225 0.1893 1.3315 0.3664 27.0679 -0.0729
MERK 2013 0.4523 0.2517 1.0501 0.3606 27.2700 -0.6804
MERK 2014 0.7701 0.2532 1.4185 0.2942 27.2978 0.4536
MERK 2015 1.5416 0.2221 0.9880 0.3550 27.1873 -0.8034
TSPC 2011 0.3670 0.1379 2.7437 0.3954 29.0780 -0.0969
TSPC 2012 0.4106 0.1371 2.6000 0.3817 29.1642 -0.0737
TSPC 2013 0.4083 0.1181 2.8068 0.4000 29.3189 0.1392
TSPC 2014 0.3819 0.1044 2.4930 0.3742 29.3555 -0.0074
TSPC 2015 0.4932 0.0842 3.2804 0.4490 29.4691 0.6822
MBTO 2011 0.2508 0.0788 4.4403 0.3524 27.0179 -0.0284
MBTO 2012 0.2350 0.0747 2.6252 0.4025 27.1359 0.0205
MBTO 2013 0.0000 0.0264 2.9444 0.3555 27.1396 0.2360
MBTO 2014 0.0000 0.0047 14.1045 0.3650 27.1520 -0.0527
MBTO 2015 0.0000 -0.0217 -2.1999 0.4944 27.1985 0.4439
MRAT 2011 0.1752 0.0660 2.2862 0.1787 26.7694 0.1771
MRAT 2012 0.2265 0.0675 1.9369 0.1803 26.8446 -0.1855
MRAT 2013 -1.0555 -0.0152 -8.2579 0.1636 26.8091 0.0572
MRAT 2014 0.0000 0.0148 4.8886 0.2991 26.9354 0.3580
MRAT 2015 0.0000 0.0021 34.6783 0.3185 26.9320 0.0794
TCID 2011 0.4877 0.1238 0.6417 0.1082 27.7540 -0.1194
TCID 2012 0.4944 0.1192 0.8974 0.1502 27.8634 -0.6040
TCID 2013 0.4642 0.1092 0.4610 0.2620 28.0135 0.1035
TCID 2014 0.4264 0.0941 0.5455 0.4439 28.2480 -0.2431
TCID 2015 0.1437 0.2615 0.4035 0.2141 28.3644 0.0433
UNVR 2011 1.0853 0.3973 0.0807 1.8477 29.9807 -0.2531
UNVR 2012 0.9377 0.4038 0.0475 2.0201 30.1147 0.2361
UNVR 2013 0.9450 0.4010 0.0488 2.1373 30.2224 -0.1798
UNVR 2014 0.8650 0.4150 0.1450 2.0087 30.2899 -0.1748
Lampiran 16
Hasil Statistik Deskriptif DPR, ROA, CP, DER, Size, dan Beta Perusahaan Manufaktur di Bursa Efek Indonesia
DPR? ROA? CP? DER? SIZE? BETA?
Mean 0.593380 0.184525 1.651298 0.940973 28.77138 0.938475 Median 0.394900 0.110200 0.897366 0.541476 28.38829 0.192886 Maximum 18.37740 9.588300 43.43348 22.18082 33.13405 125.7753 Minimum 0.000200 0.000700 -2.827029 0.032844 25.30843 -6.081724 Std. Dev. 1.389275 0.688254 3.770905 1.768504 1.742451 9.069029 Skewness 11.14477 13.32015 8.176338 9.392736 0.361361 13.61611 Kurtosis 141.0771 182.4633 84.19530 109.8079 2.405107 187.9693 Jarque-Bera 157312.1 264705.8 55166.53 94576.52 7.046311 281098.5 Probability 0.000000 0.000000 0.000000 0.000000 0.029506 0.000000 Sum 114.5223 35.61331 318.7005 181.6079 5552.876 181.1257 Sum Sq.
Dev. 370.5762 90.94909 2730.187 600.5001 582.9381 15791.48
Observations 193 193 193 193 193 193
Cross
Lampiran 17
Hasil Uji Chow
Redundant Fixed Effects Tests Pool: Untitled
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 3.537881 (46,141) 0.0000 Cross-section Chi-square 148.112160 46 0.0000
Cross-section fixed effects test equation: Dependent Variable: DPR?
Method: Panel Least Squares Date: 09/20/16 Time: 10:44 Sample: 2011 2015
Included observations: 5 Cross-sections included: 47
Total pool (unbalanced) observations: 193
Lampiran 18
Hasil Uji Housman
Correlated Random Effects - Hausman Test Pool: Untitled
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob. Cross-section random 21.894315 5 0.0005
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob. ROA? 0.018058 -0.008831 0.003585 0.6534 CP? 0.330878 0.302699 0.000041 0.0000 DER? 0.324080 0.020629 0.036355 0.1115 SIZE? -0.251390 0.046383 0.061741 0.2308 BETA? 0.022077 0.026859 0.000005 0.0350
Cross-section random effects test equation:
Variable Coefficient Std. Error t-Statistic Prob. C 6.950842 7.262620 0.957071 0.3402 ROA? 0.018058 0.104347 0.173061 0.8629 CP? 0.330878 0.016469 20.09043 0.0000 DER? 0.324080 0.194235 1.668497 0.0974 SIZE? -0.251390 0.253794 -0.990530 0.3236 BETA? 0.022077 0.006480 3.406781 0.0009
Effects Specification Cross-section fixed (dummy variables)
Lampiran 19
_36--C -0.206993 _37--C -0.331472 _38--C 0.140480 _39--C 1.072436 _40--C 1.586224 _41--C -0.645418 _42--C -0.385650 _43--C 0.583191 _44--C 0.376273 _45--C -0.234664 _46--C 0.233119 _47--C 0.900260
Effects Specification Cross-section fixed (dummy variables)
