Lampiran 1. Data Fenomena Dividend Payout Ratio (DPR) pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.25683 0.26882 0.22644 0.33050 2 Semen Indonesia (Persero) Tbk 0.50357 0.37551 0.40109 0.41301 3 Asahimas Flat Glass Tbk 0.05245 0.10303 0.10017 0.10261 4 Arwana Citramulia Tbk 0.16254 0.29012 0.23378 0.14269 5 Surya Toto Indonesia Tbk 0.48565 0.40878 0.41989 0.29768 6 Citra Tubindo Tbk 0.69685 0.33510 1.04910 0.78404 7 Ekadharma International Tbk 0.06849 0.17103 0.13513 0.14170 8 Unggul Indah Cahaya Tbk 0.53280 0.25088 2.23195 0.14555
9 Berlina Tbk 0.34539 0.38633 0.24442 1.44606
10 Champion Pacific Indonesia Tbk 0.09071 1.04805 2.09099 1.46491 11 Trias Sentosa Tbk 0.30806 0.38671 0.91387 0.85180 12 Malindo Feedmill Tbk 0.23734 0.19020 0.14012 0.25253 13 Astra International Tbk 0.36635 0.38877 0.42978 0.44966 14 Astra Otoparts Tbk 0.42978 0.40687 0.27663 0.51510 15 Indo Kordsa Tbk 0.41927 2.64543 0.40416 1.57326 16 Goodyear Indonesia Tbk 0.13310 0.55867 0.16771 0.24572 17 Selamat Sempurna Tbk 0.86139 0.54692 0.90084 0.36237 18 Sepatu Bata Tbk 0.50529 0.59426 0.52399 0.78896 19 Supreme Cable Manufacturing Corporation Tbk 0.10150 0.16847 0.20590 0.48966 20 Delta Djakarta Tbk 1.08998 1.13462 0.88157 0.71036 21 Indofood Sukses Makmur Tbk 0.27654 0.23873 0.32150 0.44973 22 Multi Bintang Indonesia Tbk 0.17364 0.88391 1.44202 0.43294 23 Mayora Indah Tbk 0.15836 0.20612 0.13387 0.17263 24 Gudang Garam Tbk 0.30163 0.34841 0.48704 0.35858 25 Darya-Varia Laboratoria Tbk 0.22727 0.27788 0.23692 0.41845 26 Kimia Farma (Persero) Tbk 0.13518 0.16152 0.16695 0.14269 27 Kalbe Farma Tbk 0.19738 0.47247 0.55785 0.49475
28 Merck Tbk 0.92565 0.43258 1.71831 0.45580
29 Taisho Pharmaceutical Indonesia Tbk 0.93952 0.72497 0.83284 0.85607 30 Tempo Scan Pacific Tbk 0.59830 0.30698 0.53135 0.52855 31 Martina Berto Tbk 0.83236 0.25082 0.23505 0.00002 32 Mustika Ratu Tbk 0.17212 0.17524 0.22656 1.05557 33 Unilever Indonesia Tbk 0.89885 1.08835 0.93973 0.94651 34 Lion Metal Works Tbk 0.16831 0.19802 0.18278 0.32128 35 Lionmesh Prima Tbk 0.03918 0.04405 0.02325 0.10012 36 Charoen Pokphand Indonesia Tbk 0.29127 0.27728 0.25883 0.29830 37 JAPFA Comfeed Indonesia Tbk 0.01080 1.12615 0.14853 0.33218 38 Pabrik Kertas Tjiwi Kimia Tbk 0.03126 0.03332 0.10027 0.12610 39 Gajah Tunggal Tbk 0.06293 0.06109 0.03078 0.78193 40 Indofood CBP Sukses Makmur Tbk 0.08471 0.32733 0.43176 0.49953 41 HM Sampoerna Tbk 1.04141 1.00004 0.68310 0.91926 Sumber Diolah dari : www.idx.co.id
Lampiran 2. Data Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.25683 0.26882 0.22644 0.33050 2 Asahimas Flat Glass Tbk 0.05245 0.10303 0.10017 0.10261 3 Arwana Citramulia Tbk 0.16254 0.29012 0.23378 0.14269 4 Surya Toto Indonesia Tbk 0.48565 0.40878 0.41989 0.29768 5 Citra Tubindo Tbk 0.69685 0.33510 1.04910 0.78404 6 Ekadharma International Tbk 0.06849 0.17103 0.13513 0.14170 7 Unggul Indah Cahaya Tbk 0.53280 0.25088 2.23195 0.14555
8 Berlina Tbk 0.34539 0.38633 0.24442 1.44606
9 Champion Pacific Indonesia Tbk 0.09071 1.04805 2.09099 1.46491 10 Trias Sentosa Tbk 0.30806 0.38671 0.91387 0.85180 11 Malindo Feedmill Tbk 0.23734 0.19020 0.14012 0.25253 12 Astra International Tbk 0.36635 0.38877 0.42978 0.44966 13 Astra Otoparts Tbk 0.42978 0.40687 0.27663 0.51510 14 Indo Kordsa Tbk 0.41927 2.64543 0.40416 1.57326 15 Goodyear Indonesia Tbk 0.13310 0.55867 0.16771 0.24572 16 Selamat Sempurna Tbk 0.86139 0.54692 0.90084 0.36237 17 Sepatu Bata Tbk 0.50529 0.59426 0.52399 0.78896 18 Supreme Cable Manufacturing Corporation Tbk 0.10150 0.16847 0.20590 0.48966 19 Delta Djakarta Tbk 1.08998 1.13462 0.88157 0.71036 20 Indofood Sukses Makmur Tbk 0.27654 0.23873 0.32150 0.44973 21 Multi Bintang Indonesia Tbk 0.17364 0.88391 1.44202 0.43294 22 Mayora Indah Tbk 0.15836 0.20612 0.13387 0.17263 23 Gudang Garam Tbk 0.30163 0.34841 0.48704 0.35858 24 Darya-Varia Laboratoria Tbk 0.22727 0.27788 0.23692 0.41845 25 Kalbe Farma Tbk 0.19738 0.47247 0.55785 0.49475
26 Merck Tbk 0.92565 0.43258 1.71831 0.45580
27 Tempo Scan Pacific Tbk 0.59830 0.30698 0.53135 0.52855 28 Martina Berto Tbk 0.83236 0.25082 0.23505 0.00002 29 Mustika Ratu Tbk 0.17212 0.17524 0.22656 1.05557 30 Lion Metal Works Tbk 0.16831 0.19802 0.18278 0.32128 31 Lionmesh Prima Tbk 0.03918 0.04405 0.02325 0.10012 32 Charoen Pokphand Indonesia Tbk 0.29127 0.27728 0.25883 0.29830 33 Pabrik Kertas Tjiwi Kimia Tbk 0.03126 0.03332 0.10027 0.12610 34 Gajah Tunggal Tbk 0.06293 0.06109 0.03078 0.78193 35 HM Sampoerna Tbk 1.04141 1.00004 0.68310 0.91926 Sumber Diolah dari : www.idx.co.id
Lampiran 3. Data Leverage pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.14633 0.133179 0.14662 0.13641 2 Asahimas Flat Glass Tbk 0.22327 0.202704 0.21131 0.22000 3 Arwana Citramulia Tbk 0.52464 0.418919 0.35477 0.32306 4 Surya Toto Indonesia Tbk 0.42196 0.43225 0.41014 0.40690 5 Citra Tubindo Tbk 0.58657 0.411975 0.46875 0.44956 6 Ekadharma International Tbk 0.38769 0.378576 0.29908 0.30819 7 Unggul Indah Cahaya Tbk 0.45484 0.496483 0.43717 0.45991
8 Berlina Tbk 0.59346 0.604781 0.60821 0.72814
9 Champion Pacific Indonesia Tbk 0.15607 0.182782 0.22512 0.28278 10 Trias Sentosa Tbk 0.39002 0.376059 0.38167 0.47571 11 Malindo Feedmill Tbk 0.73524 0.682313 0.62116 0.61051 12 Astra International Tbk 0.47997 0.189944 0.21002 0.50378 13 Astra Otoparts Tbk 0.26544 0.321835 0.38242 0.24243 14 Indo Kordsa Tbk 0.19016 0.239148 0.26229 0.31865 15 Goodyear Indonesia Tbk 0.63799 0.639337 0.57447 0.49368 16 Selamat Sempurna Tbk 0.46727 0.410384 0.43080 0.40815 17 Sepatu Bata Tbk 0.31542 0.313886 0.32506 0.41698 18 Supreme Cable Manufacturing Corporation Tbk 0.63416 0.643278 0.56014 0.59841 19 Delta Djakarta Tbk 0.16261 0.177014 0.19736 0.21969 20 Indofood Sukses Makmur Tbk 0.47430 0.417901 0.42447 0.50862 21 Multi Bintang Indonesia Tbk 0.58546 0.565644 0.71368 0.44587 22 Mayora Indah Tbk 0.53616 0.632617 0.63049 0.59435 23 Gudang Garam Tbk 0.30647 0.371918 0.35904 0.42060 24 Darya-Varia Laboratoria Tbk 0.24998 0.21131 0.21694 0.23138 25 Kalbe Farma Tbk 0.17922 0.212533 0.21728 0.24879
26 Merck Tbk 0.16503 0.154361 0.26814 0.26505
27 Tempo Scan Pacific Tbk 0.26322 0.283372 0.27624 0.28569 28 Martina Berto Tbk 0.64903 0.260547 0.28701 0.26227 29 Mustika Ratu Tbk 0.12638 0.151633 0.15278 0.14057 30 Lion Metal Works Tbk 0.14469 0.174283 0.14226 0.16604 31 Lionmesh Prima Tbk 0.40172 0.416413 0.24133 0.22040 32 Charoen Pokphand Indonesia Tbk 0.33065 0.300483 0.33786 0.36708 33 Pabrik Kertas Tjiwi Kimia Tbk 0.71011 0.711111 0.71131 0.69356 34 Gajah Tunggal Tbk 0.65997 0.61357 0.57432 0.62710 35 HM Sampoerna Tbk 0.50230 0.47349 0.49296 0.48348 Sumber Diolah dari : www.idx.co.id
Lampiran 4. Data Collateralizable Assets pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.51227 0.43201 0.35929 0.34972 2 Asahimas Flat Glass Tbk 0.43719 0.42845 0.44456 0.41763 3 Arwana Citramulia Tbk 0.65109 0.67936 0.63852 0.62168 4 Surya Toto Indonesia Tbk 0.33169 0.35558 0.30288 0.32000 5 Citra Tubindo Tbk 0.24193 0.20379 0.18594 0.20141 6 Ekadharma International Tbk 0.33033 0.31328 0.31166 0.30412 7 Unggul Indah Cahaya Tbk 0.28545 0.22739 0.20935 0.17432
8 Berlina Tbk 0.44807 0.52153 0.55457 0.56820
9 Champion Pacific Indonesia Tbk 0.09709 0.07875 0.13785 0.15535 10 Trias Sentosa Tbk 0.62286 0.56459 0.57898 0.61085 11 Malindo Feedmill Tbk 0.43494 0.42275 0.47485 0.50961 12 Astra International Tbk 0.21587 0.18781 0.18832 0.17693 13 Astra Otoparts Tbk 0.17634 0.22225 0.23466 0.25226 14 Indo Kordsa Tbk 0.48546 0.45645 0.56780 0.53166 15 Goodyear Indonesia Tbk 0.51075 0.47186 0.46361 0.51181 16 Selamat Sempurna Tbk 0.35310 0.36960 0.33920 0.28932 17 Sepatu Bata Tbk 0.34660 0.32818 0.32728 0.30870 18 Supreme Cable Manufacturing Corporation Tbk 0.16274 0.13953 0.15119 0.14438 19 Delta Djakarta Tbk 0.16080 0.14100 0.12763 0.10735 20 Indofood Sukses Makmur Tbk 0.24827 0.24571 0.26592 0.29488 21 Multi Bintang Indonesia Tbk 0.46512 0.44823 0.56667 0.56664 22 Mayora Indah Tbk 0.33860 0.30886 0.34423 0.32074 23 Gudang Garam Tbk 0.24093 0.20952 0.25029 0.29129 24 Darya-Varia Laboratoria Tbk 0.20782 0.21077 0.20312 0.20424 25 Kalbe Farma Tbk 0.22826 0.22482 0.23941 0.25855
26 Merck Tbk 0.15423 0.10530 0.11119 0.08842
27 Tempo Scan Pacific Tbk 0.21194 0.20848 0.21602 0.22261 28 Martina Berto Tbk 0.15930 0.12443 0.13300 0.22013 29 Mustika Ratu Tbk 0.17689 0.17663 0.17502 0.18675 30 Lion Metal Works Tbk 0.05992 0.05071 0.07018 0.12123 31 Lionmesh Prima Tbk 0.29798 0.20627 0.18466 0.16448 32 Charoen Pokphand Indonesia Tbk 0.31357 0.36150 0.37194 0.40640 33 Pabrik Kertas Tjiwi Kimia Tbk 0.50399 0.45748 0.43979 0.44235 34 Gajah Tunggal Tbk 0.39297 0.39522 0.47567 0.41795 35 HM Sampoerna Tbk 0.19914 0.19873 0.15678 0.17182 Sumber Diolah dari : www.idx.co.id
Lampiran 5. Data Institusional Ownership pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.64033 0.64033 0.64033 0.64033 2 Asahimas Flat Glass Tbk 3.15079 0.84674 0.84704 0.84704 3 Arwana Citramulia Tbk 0.74268 0.69278 0.64102 0.50465 4 Surya Toto Indonesia Tbk 0.94818 0.94973 0.96210 0.56728 5 Citra Tubindo Tbk 0.80927 0.80927 0.80927 0.82443 6 Ekadharma International Tbk 0.75446 0.75446 0.75446 0.75446 7 Unggul Indah Cahaya Tbk 0.75828 0.75848 0.76224 0.79012
8 Berlina Tbk 0.51424 0.60737 0.51424 0.51424
9 Champion Pacific Indonesia Tbk 0.84819 0.84819 0.84819 0.84819 10 Trias Sentosa Tbk 0.94954 0.59454 0.60346 0.59717 11 Malindo Feedmill Tbk 0.59096 0.59096 0.59096 0.59096 12 Astra International Tbk 0.50115 0.50115 0.50115 0.50115 13 Astra Otoparts Tbk 0.95654 0.95654 0.95654 0.80000 14 Indo Kordsa Tbk 0.65812 0.65812 0.65812 0.65812 15 Goodyear Indonesia Tbk 0.08924 0.09343 0.09071 0.09020 16 Selamat Sempurna Tbk 0.94301 0.54813 0.54813 0.53650 17 Sepatu Bata Tbk 0.84031 0.87785 0.87789 0.87054 18 Supreme Cable Manufacturing Corporation Tbk 0.67260 0.67260 0.67260 0.67260 19 Delta Djakarta Tbk 0.58335 0.58335 0.58335 0.58335 20 Indofood Sukses Makmur Tbk 0.50050 0.50067 0.50067 0.50067 21 Multi Bintang Indonesia Tbk 0.82530 0.82530 0.82530 0.76243 22 Mayora Indah Tbk 0.32958 0.32958 0.32958 0.32958 23 Gudang Garam Tbk 0.75547 0.75547 0.75547 0.75547 24 Darya-Varia Laboratoria Tbk 0.92661 0.92661 0.92661 0.92661 25 Kalbe Farma Tbk 0.56647 0.56638 0.56638 0.56707
26 Merck Tbk 0.73992 0.86651 0.86651 0.12659
27 Tempo Scan Pacific Tbk 0.95030 0.94979 0.77260 0.77210 28 Martina Berto Tbk 1.00000 0.66822 0.67750 0.67750 29 Mustika Ratu Tbk 0.80247 0.08984 0.08960 0.08960 30 Lion Metal Works Tbk 0.57698 0.57698 0.57698 0.57698 31 Lionmesh Prima Tbk 0.32216 0.32216 0.32216 0.322156 32 Charoen Pokphand Indonesia Tbk 0.55534 0.55534 0.55534 0.55534 33 Pabrik Kertas Tjiwi Kimia Tbk 0.59607 0.59607 0.59607 0.59607 34 Gajah Tunggal Tbk 0.58888 0.59698 0.59698 0.59702 35 HM Sampoerna Tbk 0.98179 0.98179 0.98179 0.98179 Sumber Diolah dari : www.idx.co.id
Lampiran 6. Data Free Cash Flow pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 0.20680 0.19440 0.20499 0.18322 2 Asahimas Flat Glass Tbk 0.06300 0.06757 0.05898 0.04463 3 Arwana Citramulia Tbk -0.00258 0.03049 0.09991 0.13243 4 Surya Toto Indonesia Tbk 0.11996 0.14832 0.10774 0.14761 5 Citra Tubindo Tbk 0.05514 0.17896 0.10631 0.11881 6 Ekadharma International Tbk 0.06908 0.06320 0.08955 0.07807 7 Unggul Indah Cahaya Tbk -0.03642 -0.02458 -0.04270 0.00074 8 Berlina Tbk -0.03408 -0.02607 -0.02167 -0.06340 9 Champion Pacific Indonesia Tbk 0.05492 0.12708 0.10711 0.07968 10 Trias Sentosa Tbk 0.01054 0.01467 -0.03389 -0.03556 11 Malindo Feedmill Tbk 0.10879 0.08267 0.09898 0.03917 12 Astra International Tbk 0.08637 0.10107 0.08662 0.06865 13 Astra Otoparts Tbk 0.17672 0.12774 0.09256 0.05334 14 Indo Kordsa Tbk 0.04691 -0.04892 0.04276 -0.04173 15 Goodyear Indonesia Tbk -0.04300 -0.08178 -0.05107 -0.06773 16 Selamat Sempurna Tbk -0.03172 0.08600 0.09036 0.11640 17 Sepatu Bata Tbk 0.07927 0.06536 0.08212 0.02885 18 Supreme Cable Manufacturing Corporation Tbk 0.01814 0.04936 0.08875 0.03792 19 Delta Djakarta Tbk 0.16499 0.18442 0.26169 0.29225 20 Indofood Sukses Makmur Tbk 0.01844 0.05761 0.04581 0.00968 21 Multi Bintang Indonesia Tbk 0.30775 0.32044 0.31182 0.56780 22 Mayora Indah Tbk 0.05110 0.02450 0.03006 0.04502 23 Gudang Garam Tbk 0.09787 0.09792 0.06523 0.04964 24 Darya-Varia Laboratoria Tbk 0.10387 0.10330 0.11111 0.07847 25 Kalbe Farma Tbk 0.15307 0.15990 0.16471 0.10888
26 Merck Tbk 0.24639 0.37598 0.16963 0.23584
27 Tempo Scan Pacific Tbk 0.11544 0.11485 0.11451 0.10043 28 Martina Berto Tbk 0.06496 0.05331 0.04574 -0.00902 29 Mustika Ratu Tbk 0.04184 0.04627 0.04283 -0.01565 30 Lion Metal Works Tbk 0.11615 0.13406 0.18667 0.12904 31 Lionmesh Prima Tbk 0.05333 0.07860 0.30184 0.08409 32 Charoen Pokphand Indonesia Tbk 0.32671 0.24368 0.19242 0.13290 33 Pabrik Kertas Tjiwi Kimia Tbk -0.03022 -0.01807 -0.04082 -0.04342 34 Gajah Tunggal Tbk 0.00875 -0.00405 0.02492 -0.06149 35 HM Sampoerna Tbk 0.286531 0.38767 0.36050 0.37582 Sumber Diolah dari : www.idx.co.id
Lampiran 7. Data Investment Oppurtunity Set pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Nama Perusahaan Tahun
2010 2011 2012 2013 1 Indocement Tunggal Prakarsa Tbk 4.48986 3989144.2694 8 4255871.398 16 3204179.5146 7 2
Asahimas Flat Glass Tbk
1365872.186 88 1325144.5086 7 1466043.761 54 1100434.7767 8 3 Arwana Citramulia Tbk 1.30227 1.38647 4.97676 7.83351 4 Surya Toto Indonesia Tbk 3.06174 3.25663 0.36676 0.36830 5 Citra Tubindo Tbk 17847.18763 23597.97359 24682.97679 23867.45338 6 Ekadharma International
Tbk 1.33822 1.32518 1.27396 1.14646
7 Unggul Indah Cahaya Tbk 5198.06142 5425.24075 5486.54189 5034.44073 8 Berlina Tbk 1.09658 959.73907 1600.23891 1736.94897 9 Champion Pacific Indonesia
Tbk 0.91826 1.71636 1.62687 1.27047 10 Trias Sentosa Tbk 0.98223 0.84438 0.71601 0.58306 11 Malindo Feedmill Tbk 4203.89598 3937.89347 5903.79660 6239.68684 12 Astra International Tbk 4478559772. 43358 39502398960. 41560 3425690915. 26933 2592460177.7 2253 13 Astra Otoparts Tbk 2786357.445 18 2775771.3300 4 2600939.323 06 1840409.8954 7 14 Indo Kordsa Tbk 1006.94014 5703.81925 8754.38789 7045.87498 15 Goodyear Indonesia Tbk 11087.34273 8299.84232 9563.76270 13854.82343 16 Selamat Sempurna Tbk 3.14521 2.65206 4.69915 3.91180 17 Sepatu Bata Tbk 2650.90870 2017.03854 2012.96304 3472.31702 18 Supreme Cable Manufacturing Corporation Tbk 0.94660 1.23726 1.27302 1.27834 19 Delta Djakarta Tbk 3326.44704 3116.35413 6825.94879 8994.06827 20 Indofood Sukses Makmur
Tbk 2550218.540 92 1277749.9021 3 1504436.794 41 1510192.5855 5
21 Multi Bintang Indonesia Tbk 12294011.72 698 14264730.287 33 47268934.94 981 0.566664 22 Mayora Indah Tbk 4.13840 4.50528 4.99753 5.90365 23 Gudang Garam Tbk 3630840.770 10 4862938.8021 5 4071537.357 41 2747176.7580 6 24 Darya-Varia Laboratoria Tbk 0.20782 0.21077 0.20312 0.20424 25 Kalbe Farma Tbk 0.22826 0.22482 0.23941 0.25855 26 Merck Tbk 5954.54760 6005.88800 8170.04550 8265.22078 27 Tempo Scan Pacific Tbk 2.95735 3.32702 5.00071 3.76050 28 Martina Berto Tbk 0.00000 1.09527 0.93565 0.72310 29 Mustika Ratu Tbk 0.82427 0.59705 0.54348 0.60044 30 Lion Metal Works Tbk 0.76044 0.90407 1.45488 1.75145
31 Lionmesh Prima Tbk 0.98492 0.83912 1.03358 1.18188 32 Charoen Pokphand Indonesia Tbk 6767473.407 69 5696077.3701 1 7320120.286 72 5561632.6161 5
33 Pabrik Kertas Tjiwi Kimia
Tbk 0.50399 0.45748 0.43979 0.44235 34 Gajah Tunggal Tbk 2272740.548 47 2330326.6567 7 1415322.474 66 1339193.1964 9 35 HM Sampoerna Tbk 0.19914 0.19873 0.15678 0.17182 Sumber Diolah dari : www.idx.co.id
Lampiran 8. Daftar Populasi dan Sampel pada Perusahaan Manufaktur di Bursa Efek Indonesia Periode 2010-2013
No Kode Nama Perusahaan Kriteria
Sampel
Sampel Terpilih 1 2 3
1 INTP Indocement Tunggal Prakarsa Tbk √ √ √ 1
2 SMCB Holcim Indonesia Tbk - - - -
3 SMGR Semen Indonesia (Persero) Tbk √ - - -
4 AMFG Asahimas Flat Glass Tbk √ √ √ 2
5 ARNA Arwana Citramulia Tbk √ √ √ 3
6 IKAI Intikeramik Alamasri Industri Tbk - - - - 7 KIAS Keramika Indonesia Assosiasi Tbk - - - -
8 MLIA Mulia Industrindo Tbk - - - -
9 TOTO Surya Toto Indonesia Tbk √ √ √ 4
10 ALKA Alakasa Industrindo Tbk - - - -
11 ALMI Alumindo Light Metal Industry Tbk - - - -
12 BTON Betonjaya Manunggal Tbk - - - -
13 CTBN Citra Tubindo Tbk √ √ √ 5
14 GDST Gunawan Dianjaya Steel Tbk - - - -
15 INAI Indal Aluminium Industry Tbk - - - -
16 BAJA Sarana Central Bajatama - - - -
17 JKSW Jakarta Kyoei Steel Works Tbk - - - -
18 JPRS Jaya Pari Steel Tbk - - - -
19 KRAS Krakatau Steel (Persero) Tbk - - - -
20 LION Lion Metal Works Tbk √ √ √ 6
21 LMSH Lionmesh Prima Tbk √ √ √ 7
22 NIKL Pelat Timah Nusantara Tbk - - - -
23 PICO Pelangi Indah Canindo Tbk - - - -
24 TBMS Tembaga Mulia Semanan Tbk - - - -
25 BRPT Barito Pacific Tbk - - - -
26 BUDI Budi Acid Jaya Tbk - - - -
27 DPNS Duta Pertiwi Nusantara Tbk - - - -
28 EKAD Ekadharma International Tbk √ √ √ 8
29 ETWA Eterindo Wahanatama Tbk - - - -
30 INCI Intanwijaya Internasional Tbk - - - - 31 SOBI Sorini Agro Asia Corporindo Tbk - - - -
32 SRSN Indo Acidatama Tbk - - - -
33 TPIA Chandra Asri Petrochemical Tbk - - - -
34 UNIC Unggul Indah Cahaya Tbk √ √ √ 9
35 AKKU Alam Karya Unggul Tbk - - - -
36 AKPI Argha Karya Prima Ind. Tbk - - - -
37 APLI Asiaplast Industries Tbk - - - -
38 BRNA Berlina Tbk √ √ √ 10
39 FPNI Titan Kimia Nusantara Tbk - - - -
40 IGAR Champion Pacific Indonesia Tbk √ √ √ 11 41 IPOL Indopoly Swakarsa Industry Tbk - - - -
42 SIAP Sekawan Intipratama Tbk - - - -
43 SIMA Siwani Makmur Tbk - - - -
44 TRST Trias Sentosa Tbk √ √ √ 12
45 YPAS Yanaprima Hastapersada Tbk - - - -
46 CPIN Charoen Pokphand Indonesia Tbk √ √ √ 13
47 JPFA JAPFA Comfeed Indonesia Tbk √ - - -
48 MAIN Malindo Feedmill Tbk √ √ √ 14
49 SIPD Sierad Produce Tbk - - - -
50 SULI Sumalindo Lestari Jaya Tbk - - - -
51 TIRT Tirta Mahakam Resources Tbk - - - -
52 ALDO Alkindo Naratama Tbk - - - -
53 FASW Fajar Surya Wisesa Tbk - - - -
54 INKP Indah Kiat Pulp & Paper Tbk - - - -
55 INRU Toba Pulp Lestari Tbk - - - -
56 KBRI Kertas Basuki Rachmat Indonesia Tbk - - - - 57 SAIP Surabaya Agung Industry Pulp Tbk - - - -
58 SPMA Suparma Tbk - - - -
59 TKIM Pabrik Kertas Tjiwi Kimia Tbk √ √ √ 15
60 ASII Astra International Tbk √ √ √ 16
61 AUTO Astra Otoparts Tbk √ √ √ 17
62 BRAM Indo Kordsa Tbk √ √ √ 18
63 GDYR Goodyear Indonesia Tbk √ √ √ 19
64 GJTL Gajah Tunggal Tbk √ √ √ 20
65 IMAS Indomobil Sukses Internasional Tbk - - - -
66 INDS Indospring Tbk - - - -
67 LPIN Multi Prima Sejahtera Tbk - - - -
68 MASA Multistrada Arah Sarana Tbk - - - -
69 NIPS Nipress Tbk - - - -
70 PRAS Prima Alloy Steel Universal Tbk - - - -
71 SMSM Selamat Sempurna Tbk √ √ √ 21
72 ADMG Polychem Indonesia Tbk - - - -
73 ARGO Argo Pantes Tbk - - - -
74 CNTX Centex Tbk - - - -
75 ERTX Eratex Djaja Tbk - - - -
76 HDTX Panasia Indo Resources Tbk - - - -
77 INDR Indorama Synthetics Tbk - - - -
78 KARW Ictsi Jasa Prima Tbk - - - -
79 MYTX APAC Citra Centertex Tbk - - - -
80 PAFI Panasia Filament Inti Tbk - - - -
81 PBRX Pan Brothers Tbk - - - -
82 POLY Asia Pacific Fibers Tbk. Tbk - - - -
83 RICY Ricky Putra Globalindo Tbk - - - -
84 SSTM Sunson Textile Manufacturer Tbk - - - -
85 TRIS Trisula International Tbk - - - -
86 UNIT Nusantara Inti Corpora Tbk - - - -
88 ESTI Ever shine Textile Industry - - - -
89 STAR Star Petrochem - - - -
90 TFCO Tifico Fiber indonesia - - - -
91 BATA Sepatu Bata Tbk √ √ √ 22
92 BIMA Primarindo Asia Infrastructure Tbk - - - -
93 SIMM Surya Intrindo Makmur Tbk - - - -
94 IKBI Sumi Indo Kabel Tbk - - - -
95 JECC Jembo Cable Company Tbk - - - -
96 KBLI KMI Wire and Cable Tbk Tbk - - - -
97 KBLM Kabelindo Murni Tbk - - - -
98 SCCO Supreme Cable Manufacturing Corporation Tbk √ √ √ 23
99 VOKS Voksel Electric Tbk - - - -
100 PTSN Sat Nusapersada Tbk - - - -
101 ADES Akasha Wira International Tbk Tbk - - - - 102 AISA Tiga Pilar Sejahtera Food Tbk - - - -
103 ALTO Tri Banyan Tirta Tbk - - - -
104 CEKA Cahaya Kalbar Tbk - - - -
105 DAVO Davomas Abadi Tbk - - - -
106 DLTA Delta Djakarta Tbk √ √ √ 24
107 ICBP Indofood CBP Sukses Makmur Tbk - √ - -
108 INDF Indofood Sukses Makmur Tbk √ √ √ 25
109 MLBI Multi Bintang Indonesia Tbk √ √ √ 26
110 MYOR Mayora Indah Tbk √ √ √ 27
111 PSDN Prasidha Aneka Niaga Tbk - - - -
112 ROTI Nippon Indosari Corpindo Tbk - - - -
113 SKBM Sekar Bumi - - - -
114 SKLT Sekar Laut Tbk - - - -
115 STTP Siantar Top Tbk - - - -
116 ULTJ Ultra Jaya Milk Industry Tbk - - - -
117 GGRM Gudang Garam Tbk √ √ √ 28
118 HMSP HM Sampoerna Tbk √ √ √ 29
119 RMBA Bentoel International Investama Tbk - - - -
120 WIIM WiamilK Inti Makmur - - - -
121 DVLA Darya-Varia Laboratoria Tbk √ √ √ 30
122 INAF Indofarma Tbk - - - -
123 KAEF Kimia Farma (Persero) Tbk √ √ - -
124 KLBF Kalbe Farma Tbk √ √ √ 31
125 MERK Merck Tbk √ √ √ 32
126 PYFA Pyridam Farma Tbk - - - -
127 SCPI Schering Plough Indonesia Tbk - - - - 128 SQBB Taisho Pharmaceutical Indonesia Tbk √ √ - -
129 TSPC Tempo Scan Pacific Tbk √ √ √ 33
130 MBTO Martina Berto Tbk √ √ √ 34
131 MRAT Mustika Ratu Tbk √ √ √ 35
132 TCID Mandom Indonesia Tbk - - - -
134 KDSI Kedawung Setia Industrial Tbk - - - -
135 KICI Kedaung Indah Can Tbk - - - -
136 LMPI Langgeng Makmur Industri Tbk - - - - 137 SMBR Semen Baturaja (Persero) Tbk - - - - 138 ISSP PT. Steel Industry of Indonesia - - - -
139 SRIL PT. Sri Rejeki Isman - - - -
Lampiran 9. Jadwal Penelitian
No Uraian Kegiatan April 2014 Mei 2014 Juni 2014 Juli 2014 Agust 2014 Sept 2014 Okt 2014 Nov 2014 1. Penyusunan Proposal 2. Kolokium 3. Pengumpulan Data 4. Pengolahan Data 5. Penyusunan Laporan Penelitian 6. Seminar Hasil 7. Perbaikan Seminar Hasil 8. Ujian Tesis
Lampiran 10. Hasil Statistik Deskriptif Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
KD 140 .00002 2.64543 .4634748 .44285282 Leverage 140 .12638 .73524 .3855735 .17089165 COA 140 .05071 .67936 .3086866 .15119608 IOW 140 .08924 3.15079 .6727888 .30257589 FCF 140 -.08178 .56780 .0942014 .10847198 Valid N (listwise) 140
Lampiran 11. Hasil Uji Asumsi Klasik Sebelum Transformasi Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .148a .022 -.007 .44439884 1.895 Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) .447 .151 2.954 .004 Leverage -.053 .249 -.020 -.212 .833 .785 1.274 COA -.227 .279 -.078 -.814 .417 .799 1.252 IOW .143 .127 .097 1.120 .265 .957 1.045 FCF .120 .374 .029 .321 .748 .862 1.161 a. Dependent Variable: KD
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 140
Normal Parametersa,b Mean .0000000
Std. Deviation .43795793 Most Extreme Differences Absolute .212
Positive .212
Negative -.154
Kolmogorov-Smirnov Z 2.510
Asymp. Sig. (2-tailed) .000
a. Test distribution is Normal. b. Calculated from data.
Lanjutan Lampiran 11. Hasil Uji Asumsi Klasik Sebelum Transformasi
Lampiran 12. Hasil Uji Asumsi Klasik Setelah Transformasi Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .448a .201 .172 .76708 1.918
a. Predictors: (Constant), LnFCF, LnIOW, LnCOA, LnLeverage b. Dependent Variable: LnKD Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -.517 .345 -1.499 .137 LnLeverage .240 .170 .133 1.412 .161 .821 1.218 LnCOA -.352 .147 -.222 -2.403 .018 .853 1.172 LnIOW .425 .165 .223 2.580 .011 .970 1.031 LnFCF .282 .081 .310 3.471 .001 .908 1.101 a. Dependent Variable: LnKD
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 115
Normal Parametersa,b Mean .0000000
Std. Deviation .75350516 Most Extreme Differences Absolute .070
Positive .042
Negative -.070
Kolmogorov-Smirnov Z .749
Asymp. Sig. (2-tailed) .628
a. Test distribution is Normal. b. Calculated from data.
Lanjutan Lampiran 12. Hasil Uji Asumsi Klasik Setelah Transformasi
Lampiran 13. Hasil Regresi Linier Berganda Variables Entered/Removedb Model Variables Entered Variables Removed Method 1 LnFCF, LnIOW, LnCOA, LnLeverage . Enter
a. All requested variables entered. b. Dependent Variable: LnKD Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .448a .201 .172 .76708 1.918
a. Predictors: (Constant), LnFCF, LnIOW, LnCOA, LnLeverage b. Dependent Variable: LnKD
ANOVAb
Model Sum of Squares df Mean Square F Sig.
1 Regression 16.240 4 4.060 6.900 .000a
Residual 64.726 110 .588
Total 80.965 114
a. Predictors: (Constant), LnFCF, LnIOW, LnCOA, LnLeverage b. Dependent Variable: LnKD
Lanjutan Lampiran 13. Regresi Linier Berganda Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) -.517 .345 -1.499 .137 LnLeverage .240 .170 .133 1.412 .161 .821 1.218 LnCOA -.352 .147 -.222 -2.403 .018 .853 1.172 LnIOW .425 .165 .223 2.580 .011 .970 1.031 LnFCF .282 .081 .310 3.471 .001 .908 1.101 a. Dependent Variable: LnKD
Lampiran 14. Hasil Regresi Leverage, Collateralizable assets, Institutional ownership, dan Free cash flow Terhadap IOS
Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 15.967 3.020 5.287 .000 LnLeverage 1.256 1.492 .084 .842 .402 LnCOA 1.991 1.285 .152 1.550 .124 LnIOW 2.282 1.443 .146 1.581 .117 LnFCF 1.435 .713 .192 2.014 .046
a. Dependent Variable: LnIOS
Lampiran 15. Hasil Regresi Variabel AbsRes_1 Terhadap Kebijakan Dividen Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 5.383 .549 9.812 .000 LnKD -.202 .382 -.050 -.530 .597
a. Dependent Variable: AbsRes_1
Lampiran 16. Tabel F dan t DF F (0.05;5) t (0.025) 1 224.58326 12.70620 2 19.24679 4.30265 3 9.11718 3.18245 4 6.38823 2.77645 5 5.19217 2.57058 6 4.53368 2.44691 7 4.12031 2.36462 8 3.83785 2.30600 9 3.63309 2.26216 10 3.47805 2.22814 11 3.35669 2.20099 12 3.25917 2.17881 13 3.17912 2.16037 14 3.11225 2.14479 15 3.05557 2.13145 16 3.00692 2.11991 17 2.96471 2.10982 18 2.92774 2.10092 19 2.89511 2.09302 20 2.86608 2.08596 30 2.68963 2.04227 40 2.60597 2.02108 50 2.55718 2.00856 60 2.52522 2.00030 70 2.50266 1.99444 80 2.48588 1.99006 90 2.47293 1.98667 100 2.46261 1.98397 110 2.45421 1.98177 115 2.45057 1.98081 120 2.44724 1.97993 130 2.44135 1.97838 135 2.43874 1.97769 140 2.43632 1.97705 145 2.43407 1.97646 150 2.43197 1.97591 170 2.42482 1.97402 200 2.41680 1.97190
