LAMPIRAN KONSTRUKSI PENGAMBILAN SAMPEL. Tabel 1. Konstruksi Sampel Berdasarkan Kriteria

12 

Teks penuh

(1)

LAMPIRAN

Lampiran 1

KONSTRUKSI PENGAMBILAN SAMPEL

Tabel 1

Konstruksi Sampel Berdasarkan Kriteria

Konstruksi Sampel*

Jumlah perusahaan terdaftar di BEI

492

(-) Industri keuangan

76

(-) data tidak memadai (ketiadaan beta)

124

(-) tidak memiliki goodwill positif dalam neraca

54

(-) menggunakan mata uang selain rupiah dalam laporan

keuangan

22

Total perusahaan

48

Sampel final untuk mengamatan 2 tahun (2 x perusahaan)

96

*Tabel ini memperlihatkan proses pengambilan sampel final yang digunakan

dalam penelitian ini berdasarkan kriteria yang telah ditetapkan sebelumnya.

Lampiran 2

REKAPITULASI COST OF EQUITY

Tabel 2

Perhitungan Cost of Equity

No. Kode Nama Tanggal

Pendaftaran

Risk Free Rate (Rf) Market Risk Premium (MRP) Beta Cost of Equity 2011 2012 2011 2012 2011 2012 2011 2012 1 ABBA Mahaka Media Tbk 3-Apr-02 6.58% 5.77% 3.91% 3.91% 1.92 1.92 14.09% 13.28% 2 AKRA AKR Corporindo Tbk 03-Okt-1994 6.58% 5.77% 3.91% 3.91% 1.74 1.74 13.38% 12.57% 3 ANTM Aneka Tambang (Persero) Tbk 27-Nop-1997 6.58% 5.77% 3.91% 3.91% 1.31 1.31 11.70% 10.89% 4 ASGR Astra Graphia Tbk 15-Nop-1989 6.58% 5.77% 3.91% 3.91% 1.87 1.87 13.89% 13.08% 5 BIPI Benakat Integra Tbk 11-Feb-10 6.58% 5.77% 3.91% 3.91% 0.34 0.34 7.91% 7.10% 6 BMSR Bintang Mitra Semestaraya

Tbk

(2)

7 BMTR Global Mediacom Tbk 17-Jul-95 6.58% 5.77% 3.91% 3.91% 1.12 1.12 10.96% 10.15% 8 BSDE Bumi Serpong Damai Tbk 6-Jun-08 6.58% 5.77% 3.91% 3.91% 1.69 1.69 13.19% 12.38% 9 BWPT BW Plantation Tbk 27-Okt-2009 6.58% 5.77% 3.91% 3.91% 0.63 0.63 9.04% 8.23% 10 DILD Intiland Development Tbk 4-Sep-91 6.58% 5.77% 3.91% 3.91% 1.72 1.72 13.31% 12.50% 11 ELTY Bakrieland Development Tbk 30-Okt-1995 6.58% 5.77% 3.91% 3.91% 1.58 1.58 12.76% 11.95% 12 EMDE Megapolitan Developments

Tbk

12-Jan-11 6.58% 5.77% 3.91% 3.91% 0.98 0.98 10.41% 9.60% 13 FREN Smartfren Telecom Tbk 29-Nop-2006 6.58% 5.77% 3.91% 3.91% 0.72 0.72 9.40% 8.59% 14 GREN Evergreen Invesco Tbk 9-Jul-10 6.58% 5.77% 3.91% 3.91% 0.15 0.15 7.17% 6.36% 15 HMSP HM Sampoerna Tbk

15-Agust-1990

6.58% 5.77% 3.91% 3.91% 0.67 0.67 9.20% 8.39% 16 ICBP Indofood CBP Sukses Makmur

Tbk

07-Okt-2010 6.58% 5.77% 3.91% 3.91% 0.98 0.98 10.41% 9.60% 17 INDF Indofood Sukses Makmur Tbk 14-Jul-94 6.58% 5.77% 3.91% 3.91% 1.03 1.03 10.61% 9.80% 18 JIHD Jakarta International Hotels &

Development Tbk

29-Feb-84 6.58% 5.77% 3.91% 3.91% 1.51 1.51 12.48% 11.67% 19 JKON Jaya Konstruksi Manggala

Pratama Tbk

04-Des-2007 6.58% 5.77% 3.91% 3.91% 0.39 0.39 8.10% 7.29% 20 JPFA JAPFA Comfeed Indonesia

Tbk

23-Okt-1989 6.58% 5.77% 3.91% 3.91% 1.87 1.87 13.89% 13.08% 21 JSMR Jasa Marga Tbk 12-Nop-2007 6.58% 5.77% 3.91% 3.91% 0.79 0.79 9.67% 8.86% 22 JSPT Jakarta Setiabudi Internasional

Tbk

12-Jan-98 6.58% 5.77% 3.91% 3.91% 0.1 0.1 6.97% 6.16% 23 MAPI Mitra Adiperkasa Tbk 10-Nop-2004 6.58% 5.77% 3.91% 3.91% 2 2 14.40% 13.59% 24 MDRN Modern Internasional Tbk 16-Jul-91 6.58% 5.77% 3.91% 3.91% 1.98 1.98 14.32% 13.51% 25 MNCN Media Nusantara Citra Tbk 22-Jun-07 6.58% 5.77% 3.91% 3.91% 1.71 1.71 13.27% 12.46% 26 PANR Panorama Sentrawisata Tbk 1-Jan-50 6.58% 5.77% 3.91% 3.91% 0.61 0.61 8.97% 8.16% 27 PLIN Plaza Indonesia Realty Tbk 15-Jun-92 6.58% 5.77% 3.91% 3.91% 2.06 2.06 14.63% 13.82% 28 SMAR SMART Tbk 20-Nop-1992 6.58% 5.77% 3.91% 3.91% 0.75 0.75 9.51% 8.70% 29 SMCB Holcim Indonesia Tbk

10-Agust-1997

6.58% 5.77% 3.91% 3.91% 1.23 1.23 11.39% 10.58% 30 TBIG PT Tower Bersama

Infrastructure Tbk

26-Okt-2010 6.58% 5.77% 3.91% 3.91% 0.33 0.33 7.87% 7.06% 31 TRIO Trikomsel Oke Tbk 14-Apr-09 6.58% 5.77% 3.91% 3.91% 1.01 1.01 10.53% 9.72% 32 UNSP Bakrie Sumatera Plantations

Tbk

6-Mar-90 6.58% 5.77% 3.91% 3.91% 1.38 1.38 11.98% 11.17% 33 WIKA Wijaya Karya Tbk 29-Okt-2007 6.58% 5.77% 3.91% 3.91% 1.68 1.68 13.15% 12.34% 34 EMTK Elang Mahkota Teknologi Tbk 12-Jan-10 6.58% 5.77% 3.91% 3.91% 1.29 1.29 11.62% 10.81% 35 PBRX Pan Brothers Tbk

16-Agust-1990

6.58% 5.77% 3.91% 3.91% 0.45 0.45 8.34% 7.53% 36 AUTO Astra Otoparts Tbk 15-Jun-98 6.58% 5.77% 3.91% 3.91% 1.47 1.47 12.33% 11.52% 37 HERO Hero Supermarket Tbk 02-Des-1989 6.58% 5.77% 3.91% 3.91% 0.74 0.74 9.47% 8.66% 38 ASII Astra International Tbk 4-Apr-90 6.58% 5.77% 3.91% 3.91% 1.21 1.21 11.31% 10.50% 39 COWL COWELL DEVELOPMENT

Tbk

19-Des-2007 6.58% 5.77% 3.91% 3.91% 0.86 0.86 9.94% 9.13% 40 BNBR Bakrie & Brothers Tbk

28-Agust-1989

6.58% 5.77% 3.91% 3.91% 0.27 0.27 7.64% 6.83% 41 WEHA Panorama Transportasi Tbk 31-Mei-2007 6.58% 5.77% 3.91% 3.91% 0.86 0.86 9.94% 9.13% 42 CENT Centrin Online Tbk 01-Nop-2001 6.58% 5.77% 3.91% 3.91% -0.19 -0.19 5.84% 5.03% 43 CPIN Charoen Pokphand Indonesia

Tbk

18-Mar-91 6.58% 5.77% 3.91% 3.91% 1.85 1.85 13.81% 13.00% 44 AALI Astra Agro Lestari Tbk 09-Des-1997 6.58% 5.77% 3.91% 3.91% 0.27 0.27 7.64% 6.83%

45 BHIT PT MNC Investama Tbk. 24-Nop-1997 6.58% 5.77% 3.91% 3.91% 1.03 1.03 10.61% 9.80% 46 SULI PT SLJ Global Tbk 21-Mar-94 6.58% 5.77% 3.91% 3.91% 1.54 1.54 12.60% 11.79% 47 GZCO Gozco Plantations Tbk 15-Mei-2008 6.58% 5.77% 3.91% 3.91% 1.14 1.14 11.04% 10.23% 48 ETWA Eterindo Wahanatama Tbk 16-Mei-1997 6.58% 5.77% 3.91% 3.91% 0.62 0.62 9.00% 8.19%

Tabel di atas memperlihatkan perhitungan cost of equity masing-masing

perusahaan yang menjadi sampel penelitian. Cost of Equity dicari dengan

(3)

menggunakan rumus CAPM (capital asset pricing model), dengan rumus sebagai

berikut.

E (Ri) = Rf + β (MRP)

Keterangan:

E (Ri) : Tingkat pengembalian yang diinginkan

Rf

: Tingkat suku bunga investasi yang dapat diperoleh tanpa resiko

(tingkat suku bunga SBI). Diambil dari website www.bi.go.id,

berdasarkan tingkat suku bunga rata-rata tahun penelitian.

β

: Faktor resiko yang berlaku spesifik untuk masing–masing bank.

Data beta masing-masing perusahaan diambil dari

www.reuters.com

MRP : (Market Resk Premium). Sumber data diambil dari survey

Damodaran tentang MRP negara-negara di dunia pada tahun 2012

dari

http://people.stern.nyu.edu/adamodar/pdfiles/papers/ERP2012.pdf

Tabel 3

Tingkat Suku Bunga Berdasarkan BI

Bulan

Suku Bunga

2011

2012

Januari

6.50%

6.00%

Februari

6.75%

5.75%

Maret

6.75%

5.75%

April

6.75%

5.75%

Mei

6.75%

5.75%

Juni

6.75%

5.75%

Juli

6.75%

5.75%

Agustus

6.75%

5.75%

September

6.75%

5.75%

Oktober

6.50%

5.75%

November

6.00%

5.75%

(4)

Desember

6.00%

5.75%

Total

79.00%

69.25%

Rata2

6.58%

5.77%

Sumber: www.bi.go.id

Lampiran 3

PERHITUNGAN COST OF DEBT

Tabel 4

Rekapitulasi Perhitungan Cost of Debt

No. Nama Jumlah Utang (D) Beban Bunga (i) Tingkat Bunga

(D/i)

Tax Rate 1-Tax Rate Cost of Debt 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 1 Mahaka Media Tbk 294,206,068,052 305,768,880,547 13,373,306,280 13,490,984,819 4.55% 4.41% 25.00% 25.00% 75.00% 75.00% 3.41% 3.31% 2 AKR Corporindo Tbk 4,746,103,316,000 7,577,784,981,000 4,166,026,000 10,811,641,000 0.09% 0.14% 20.00% 20.00% 80.00% 80.00% 0.07% 0.11% 3 Aneka Tambang (Persero) Tbk 4,429,191,527,000 6,876,224,890,000 22,723,138,000 234,500,820,000 0.51% 3.41% 25.00% 25.00% 75.00% 75.00% 0.38% 2.56% 4 Astra Graphia Tbk 569,502,000,000 606,917,000,000 542,000,000 3,323,000,000 0.10% 0.55% 25.00% 25.00% 75.00% 75.00% 0.07% 0.41% 5 Benakat Integra Tbk 641,695,000,000 755,441,000,000 88,195,000,000 55,709,000,000 13.74 % 7.37% 25.00% 25.00% 75.00% 75.00% 10.31% 5.53% 6 Bintang Mitra Semestaraya Tbk 294,712,783,200 308,191,103,983 8,527,877,196 11,277,602,757 2.89% 3.66% 25.00% 25.00% 75.00% 75.00% 2.17% 2.74% 7 Global Mediacom Tbk 4,295,815,000,000 5,699,770,000,000 372,916,000,00 0 326,137,000,000 8.68% 5.72% 25.00% 25.00% 75.00% 75.00% 6.51% 4.29% 8 Bumi Serpong Damai

Tbk 4,530,152,109,517 6,225,013,628,292 152,713,472,88 8 89,473,238,552 3.37% 1.44% 25.00% 25.00% 75.00% 75.00% 2.53% 1.08% 9 BW Plantation Tbk 2,163,128,698,000 3,246,802,118,000 68,498,485,000 70,355,188,000 3.17% 2.17% 25.00% 25.00% 75.00% 75.00% 2.37% 1.63% 10 Intiland Development Tbk 1,892,907,650,386 2,140,815,833,510 48,300,574,331 81,792,350,715 2.55% 3.82% 25.00% 25.00% 75.00% 75.00% 1.91% 2.87% 11 Bakrieland Development Tbk 6,805,878,160,103 6,071,418,710,164 47,394,828,534 473,801,491,002 0.70% 7.80% 25.00% 25.00% 75.00% 75.00% 0.52% 5.85% 12 Megapolitan Developments Tbk 374,772,103,253 362,440,053,575 14,534,389,741 11,166,374,075 3.88% 3.08% 25.00% 25.00% 75.00% 75.00% 2.91% 2.31% 13 Smartfren Telecom Tbk 9,027,606,756,073 9,355,398,812,684 347,425,729,71 6 367,979,998,582 3.85% 3.93% 25.00% 25.00% 75.00% 75.00% 2.89% 2.95% 14 Evergreen Invesco Tbk 566,946,300,470 581,076,926,718 8,341,189,595 10,648,589,185 1.47% 1.83% 25.00% 25.00% 75.00% 75.00% 1.10% 1.37% 15 HM Sampoerna Tbk 9,027,088,000,000 12,939,107,000,00 0 9,545,000,000 20,471,000,000 0.11% 0.16% 25.00% 25.00% 75.00% 75.00% 0.08% 0.12% 16 Indofood CBP Sukses Makmur Tbk 4,513,084,000,000 5,766,682,000,000 46,544,000,000 53,675,000,000 1.03% 0.93% 25.00% 25.00% 75.00% 75.00% 0.77% 0.70% 17 Indofood Sukses Makmur Tbk 21,975,708,000,000 25,181,533,000,00 0 882,016,000,00 0 933,888,000,000 4.01% 3.71% 20.00% 20.00% 80.00% 80.00% 3.21% 2.97% 18 Jakarta International

Hotels & Development Tbk 1,050,554,569,000 1,076,060,487,000 47,189,716,000 38,887,636 4.49% 0.00% 20.00% 20.00% 80.00% 80.00% 3.59% 0.00% 19 Jaya Konstruksi Manggala Pratama Tbk 1,347,596,317,577 1,542,127,841,271 26,376,879,386 35,250,718,206 1.96% 2.29% 25.00% 25.00% 75.00% 75.00% 1.47% 1.71% 20 JAPFA Comfeed 4,481,070,000,000 6,198,137,000,000 331,404,000,00 437,531,000,000 7.40% 7.06% 20.00% 20.00% 80.00% 80.00% 5.92% 5.65%

(5)

Indonesia Tbk 0 21 Jasa Marga Tbk 12,555,380,912,000 14,965,765,873,00 0 32,556,507,000 90,906,859,000 0.26% 0.61% 25.00% 25.00% 75.00% 75.00% 0.19% 0.46% 22 Jakarta Setiabudi Internasional Tbk 1,255,753,036,014 1,500,018,745,925 33,370,909,000 30,127,931,000 2.66% 2.01% 25.00% 25.00% 75.00% 75.00% 1.99% 1.51% 23 Mitra Adiperkasa Tbk 2,621,209,018,000 3,817,911,733,000 123,418,316,00 0 165,069,599,000 4.71% 4.32% 20.00% 20.00% 80.00% 80.00% 3.77% 3.46% 24 Modern Internasional Tbk 633,475,393,678 747,255,823,658 33,033,393,510 57,383,961,631 5.21% 7.68% 20.00% 20.00% 80.00% 80.00% 4.17% 6.14% 25 Media Nusantara Citra

Tbk 1,963,727,000,000 1,663,780,000,000 134,904,000,00 0 38,294,000,000 6.87% 2.30% 25.00% 25.00% 75.00% 75.00% 5.15% 1.73% 26 Panorama Sentrawisata Tbk 503,585,205,000 731,463,523,000 26,180,639,000 38,698,224,000 5.20% 5.29% 25.00% 25.00% 75.00% 75.00% 3.90% 3.97% 27 Plaza Indonesia Realty

Tbk 1,935,307,318,000 1,717,982,629,000 57,830,490,000 47,306,247,000 2.99% 2.75% 25.00% 25.00% 75.00% 75.00% 2.24% 2.07% 28 SMART Tbk 7,386,347,000,000 7,308,000,000,000 276,506,000,00 0 250,070,000,000 3.74% 3.42% 25.00% 25.00% 75.00% 75.00% 2.81% 2.57% 29 Holcim Indonesia Tbk 3,423,241,000,000 3,750,461,000,000 121,241,000,00 0 119,586,000,000 3.54% 3.19% 30.63% 27.87% 69.37% 72.13% 2.46% 2.30% 30 PT Tower Bersama Infrastructure Tbk 4,174,997,000,000 10,072,090,000,00 0 246,597,000,00 0 467,482,000,000 5.91% 4.64% 25.00% 25.00% 75.00% 75.00% 4.43% 3.48% 31 Trikomsel Oke Tbk 3,410,301,506,712 3,506,469,551,540 173,853,493,58 1 225,087,039,559 5.10% 6.42% 25.00% 25.00% 75.00% 75.00% 3.82% 4.81% 32 Bakrie Sumatera Plantations Tbk 9,644,732,756,000 11,068,929,244,00 0 464,017,632,00 0 553,701,443,000 4.81% 5.00% 20.00% 20.00% 80.00% 80.00% 3.85% 4.00% 33 Wijaya Karya Tbk 6,103,603,696,000 8,131,203,824,000 15,696,279,000 36,228,187,000 0.26% 0.45% 25.00% 25.00% 75.00% 75.00% 0.19% 0.33% 34 Elang Mahkota Teknologi Tbk 2,361,844,476,000 2,311,678,445,000 139,048,746,00 0 78,434,894,000 5.89% 3.39% 25.00% 25.00% 75.00% 75.00% 4.42% 2.54% 35 Pan Brothers Tbk 830,702,000,088 1,178,597,390,919 29,212,953,895 34,894,964,875 3.52% 2.96% 25.00% 25.00% 75.00% 75.00% 2.64% 2.22% 36 Astra Otoparts Tbk 2,241,333,000,000 3,396,543,000,000 55,549,000,000 99,586,000,000 2.48% 2.93% 25.00% 25.00% 75.00% 75.00% 1.86% 2.20% 37 Hero Supermarket Tbk 2,297,397,000,000 3,619,007,000,000 26,197,000,000 42,054,000,000 1.14% 1.16% 25.00% 25.00% 75.00% 75.00% 0.86% 0.87% 38 Astra International Tbk 78,481,000,000,000 92,460,000,000,00 0 710,000,000,00 0 1,021,000,000,0 00 0.90% 1.10% 20.00% 20.00% 80.00% 80.00% 0.72% 0.88% 39 COWELL DEVELOPMENT Tbk 221,859,863,217 644,554,039,238 2,475,684,262 7,562,146,144 1.12% 1.17% 25.00% 25.00% 75.00% 75.00% 0.84% 0.88% 40 Bakrie & Brothers Tbk 19,613,262,083,000 13,046,034,152,00

0 978,489,079,00 0 1,029,361,680,0 00 4.99% 7.89% 20.00% 20.00% 80.00% 80.00% 3.99% 6.31% 41 Panorama Transportasi Tbk 183,819,033,243 301,192,327,415 15,705,913,369 24,902,705,614 8.54% 8.27% 25.00% 25.00% 75.00% 75.00% 6.41% 6.20% 42 Centrin Online Tbk 15,100,322,284 24,654,856,055 893,644,840 236,963,329 5.92% 0.96% 25.00% 25.00% 75.00% 75.00% 4.44% 0.72% 43 Charoen Pokphand Indonesia Tbk 2,658,734,000,000 4,172,163,000,000 34,510,000,000 51,559,000,000 1.30% 1.24% 20.00% 20.00% 80.00% 80.00% 1.04% 0.99% 44 Astra Agro Lestari Tbk 1,778,337,000,000 3,054,409,000,000 25,778,000,000 31,750,000,000 1.45% 1.04% 25.00% 25.00% 75.00% 75.00% 1.09% 0.78%

45 PT Bhakti Investama Tbk. 6,665,467,000,000 8,827,432,000,000 488,077,000,00 0 400,105,000,000 7.32% 4.53% 25.00% 25.00% 75.00% 75.00% 5.49% 3.40% 46 PT SLJ Global Tbk 1,654,048,778,442 1,475,195,895,066 74,366,736,121 48,156,958,167 4.50% 3.26% 25.00% 25.00% 75.00% 75.00% 3.37% 2.45% 47 Gozco Plantations Tbk 1,327,475,994,963 1,587,372,557,439 67,032,815,309 79,442,606,567 5.05% 5.00% 25.00% 25.00% 75.00% 75.00% 3.79% 3.75% 48 Eterindo Wahanatama Tbk 398,012,966,050 523,207,574,539 6,158,721,572 9,708,630,934 1.55% 1.86% 20.00% 20.00% 80.00% 80.00% 1.24% 1.48%

Perhitungan cost of debt didasarkan Cost of Debt setelah pajak dihitung

dengan cara mengalikan tingkat bunga tahunan yang harus dibayar perusahaan

(6)

atas pinjaman baru (1- Tingkat pajak). Adapun hasil perhitungannya dapat dilihat

pada tabel di atas.

Lampiran 4

PERHITUNGAN ROIC

Tabel 5

No.

Kode

Nama

NOPAT tanpa pengaruh Goodwill

Impairment Loss (NOPAT + Goodwill

Impairment Loss)

Average Invested Capital

ROIC

2011

2012

2011

2012

2011

2012

1

ABBA

Mahaka Media Tbk

2,409,122,541

10,438,184,574

52,013,864,661

42,691,656,081

4.63%

24.45%

2

AKRA

AKR Corporindo Tbk

580,398,681,600

664,284,616,800

2,648,065,372,000

3,091,731,314,500

21.92%

21.49%

3

ANTM Aneka Tambang

(Persero) Tbk

1,509,658,818,750

671,898,042,000

4,887,813,233,000

5,501,478,476,000

30.89%

12.21%

4

ASGR

Astra Graphia Tbk

126,678,750,000

170,293,500,000

256,281,500,000

357,829,500,000

49.43%

47.59%

5

BIPI

Benakat Integra Tbk

5,550,000,000

8,988,750,000

263,084,000,000

247,205,500,000

2.11%

3.64%

6

BMSR Bintang Mitra

Semestaraya Tbk

39,855,666,526

4,956,633,825

-21,519,367,465

54,518,631,165 -185.21%

9.09%

7

BMTR Global Mediacom Tbk

1,417,979,250,000

1,841,535,750,000

5,557,430,000,000

8,902,673,000,000

25.52%

20.69%

8

BSDE

Bumi Serpong Damai

Tbk

720,416,534,774

1,073,666,191,907

169,648,621,105

-649,055,267,882 424.65% -165.42%

9

BWPT BW Plantation Tbk

362,220,059,250

312,968,502,000

177,460,368,000

397,511,629,500 204.11%

78.73%

10

DILD

Intiland Development

Tbk

140,725,908,878

227,747,878,675

1,195,194,416,027

820,577,490,532

11.77%

27.75%

11

ELTY

Bakrieland

Development Tbk

214,822,611,436

588,813,557,581

4,150,276,789,742

2,996,454,989,677

5.18%

19.65%

12

EMDE Megapolitan

Developments Tbk

7,885,654,168

4,869,762,764

-134,608,951

61,717,821,400

5858.19%

-

7.89%

13

FREN

Smartfren Telecom

Tbk

-1,666,221,029,387

-1,201,948,052,673

4,014,209,887,094

6,931,041,128,331

-41.51%

-17.34%

14

GREN Evergreen Invesco Tbk

10,215,825,695

12,762,951,704

430,926,355,272

463,509,234,681

2.37%

2.75%

15

HMSP HM Sampoerna Tbk

8,103,962,250,000

10,012,837,500,000

7,565,494,500,000 10,412,751,500,000 107.12%

96.16%

16

ICBP

Indofood CBP Sukses

Makmur Tbk

1,956,561,000,000

2,131,545,000,000

3,487,349,500,000

4,212,777,000,000

56.10%

50.60%

17

INDF

Indofood Sukses

Makmur Tbk

5,481,984,800,000

5,496,475,200,000 11,529,530,000,000 13,548,768,000,000

47.55%

40.57%

18

JIHD

Jakarta International

Hotels & Development

Tbk

(7)

19

JKON

Jaya Konstruksi

Manggala Pratama

Tbk

164,808,873,589

208,289,447,446

53,439,832,464

246,233,975,538 308.40%

84.59%

20

JPFA

JAPFA Comfeed

Indonesia Tbk

877,768,000,000

1,334,603,200,000

4,074,675,500,000

5,018,192,000,000

21.54%

26.60%

21

JSMR

Jasa Marga Tbk

1,747,848,651,000

2,231,426,937,750 -2,893,931,386,500 -4,718,296,663,000

-60.40%

-47.29%

22

JSPT

Jakarta Setiabudi

Internasional Tbk

200,420,070,597

223,581,470,001

644,065,075,203

488,184,552,115

31.12%

45.80%

23

MAPI

Mitra Adiperkasa Tbk

497,812,020,000

609,032,342,400

1,387,305,441,500

1,676,843,286,500

35.88%

36.32%

24

MDRN Modern Internasional

Tbk

83,214,328,438

97,279,308,230

414,392,007,971

535,399,466,745

20.08%

18.17%

25

MNCN Media Nusantara Citra

Tbk

1,186,177,500,000

1,661,110,500,000

3,739,559,000,000

5,449,972,500,000

31.72%

30.48%

26

PANR Panorama

Sentrawisata Tbk

37,655,639,250

55,288,777,500

229,534,324,000

311,002,036,000

16.41%

17.78%

27

PLIN

Plaza Indonesia Realty

Tbk

141,621,645,000

335,490,560,250

1,391,015,625,000

1,083,769,912,500

10.18%

30.96%

28

SMAR SMART Tbk

1,697,565,750,000

2,446,241,250,000

6,756,054,500,000

8,096,446,500,000

25.13%

30.21%

29

SMCB Holcim Indonesia Tbk

1,171,691,210,200

1,470,339,034,100

7,360,109,440,585

8,774,031,500,000

15.92%

16.76%

30

TBIG

PT Tower Bersama

Infrastructure Tbk

530,614,500,000

960,291,750,000

222,333,500,000

-50,127,500,000 238.66%

1915.70%

-31

TRIO

Trikomsel Oke Tbk

524,783,401,859

620,315,086,508

883,104,338,202

1,288,442,430,862

59.42%

48.14%

32

UNSP

Bakrie Sumatera

Plantations Tbk

718,329,171,200

288,631,551,200

4,974,094,476,000

7,550,176,452,048

14.44%

3.82%

33

WIKA

Wijaya Karya Tbk

490,305,875,250

634,062,465,750

3,571,991,572,000

3,491,210,832,000

13.73%

18.16%

34

EMTK Elang Mahkota

Teknologi Tbk

897,794,430,750

1,022,353,839,000

943,365,767,000

1,410,915,995,500

95.17%

72.46%

35

PBRX

Pan Brothers Tbk

73,779,685,450

105,839,910,206

407,066,055,978

587,087,482,122

18.12%

18.03%

36

AUTO Astra Otoparts Tbk

389,661,000,000

356,650,500,000

1,604,046,500,000

1,842,678,000,000

24.29%

19.36%

37

HERO Hero Supermarket Tbk

287,861,250,000

330,924,000,000

973,093,000,000

1,160,327,500,000

29.58%

28.52%

38

ASII

Astra International

Tbk

14,265,600,000,000

15,896,000,000,000

7,390,500,000,000 15,350,000,000,000 193.03% 103.56%

39

COWL COWELL

DEVELOPMENT Tbk

23,358,703,292

60,719,768,211

-56,419,873,314

41,054,510,528

-41.40% 147.90%

40

BNBR Bakrie & Brothers Tbk

5,525,145,843

4,688,152,852

9,968,497,143,000

3,552,425,800,000

0.06%

0.13%

41

WEHA Panorama

Transportasi Tbk

17,934,559,586

25,352,517,200

112,731,333,924

170,084,805,216

15.91%

14.91%

42

CENT

Centrin Online Tbk

1,464,211,513

-4,638,145,265

29,869,986,131

40,387,944,869

4.90%

-11.48%

43

CPIN

Charoen Pokphand

Indonesia Tbk

2,407,370,400,000

2,772,894,400,000

4,841,261,000,000

7,420,935,500,000

49.73%

37.37%

44

AALI

Astra Agro Lestari Tbk

2,396,745,750,000

2,590,296,750,000

2,693,158,500,000

3,423,109,500,000

88.99%

75.67%

45

BHIT

PT Bhakti Investama

Tbk.

1,455,258,750,000

2,054,073,750,000

6,089,946,500,000 10,362,928,500,000

23.90%

19.82%

46

SULI

PT SLJ Global Tbk

-126,395,899,282

-155,704,231,904

41,702,818,071

-213,000,454,335 -303.09%

73.10%

47

GZCO Gozco Plantations Tbk

78,233,666,702

64,495,395,666

237,443,552,561

305,092,191,422

32.95%

21.14%

48

ETWA Eterindo Wahanatama

(8)

Untuk mendapatkan nilai ROIC, dampak penurunan nilai goodwill harus

dihilangkan dari NOPAT perusahaan, hal ini sesuai dengan perhitungan ROIC

menurut Chan (2001).

Lampiran 5

TRANSFORMASI VARIABEL

Tabel 6

Variabel Baru Hasil Transformasi

N

o.

Kod

e

Nama

EVAbaru

Goodwill Impairment

Loss Baru

NOPAT

baru

Biaya Modal

Baru

201

1

201

2

2011

2012

201

1

201

2

2011

2012

1 ABB

A

Mahaka

Media Tbk

9.9

8.45

8.56

9.3

3

10

56427

.31

49767

.43

2 AK

RA

AKR

Corporindo

Tbk

11.

63

11.

72

11.

76

11.

82

39423

8.3

37502

8.1

3 ANT

M

Aneka

Tambang

(Persero)

Tbk

12.

04

11.

39

12.

18

11.

83

63986

6.8

65343

6.8

4 ASG

R

Astra

Graphia Tbk

11.

04

11.

16

11.

1

11.

23

13291

2.1

15632

3.6

5 BIPI

Benakat

Integra Tbk

9.91

9.9

5

14397

3.5

12774

8.3

6 BM

SR

Bintang

Mitra

Semestaraya

Tbk

10.

61

9.5

5

10.43

10.43

10.

1

37539

.18

7 BM

TR

Global

Mediacom

Tbk

11.

96

12.

05

11.11

12.

15

12.

23

71627

9.8

85303

5.8

8 BSD

E

Bumi

Serpong

Damai Tbk

11.

85

12.

05

11.

86

12.

03

12484

6.6

9 BW

PT

BW

Plantation

Tbk

11.

55

11.

48

11.

56

11.

5

91000

.2

11958

8.6

10 DIL

Intiland

10.

11.

11.

11.

33442

26962

(9)

D

Developmen

t Tbk

46

19

15

36

9.6

4.3

11 ELT

Y

Bakrieland

Developmen

t Tbk

11.

51

11.

33

11.

77

57639

4.2

51745

4.5

12 EM

DE

Megapolitan

Developmen

ts Tbk

9.9

8.9

7

9.9

9.6

9

62771

.17

13 FRE

N

Smartfren

Telecom

Tbk

40504

1

55396

6.8

14 GRE

N

Evergreen

Invesco Tbk

10.

01

10.

11

12611

8.7

12612

6.6

15 HM

SP

HM

Sampoerna

Tbk

12.

89

12.

98

11.27

12.

9

13

61079

2.6

66896

4.4

16 ICB

P

Indofood

CBP Sukses

Makmur

Tbk

12.

23

12.

27

12.

29

12.

33

51131

9.3

52941

1.4

17 IND

F

Indofood

Sukses

Makmur

Tbk

12.

67

12.

66

12.

74

12.

74

91808

7.1

94994

7.1

18 JIH

D

Jakarta

International

Hotels &

Developmen

t Tbk

10.

85

11.

01

41500

4.8

42679

3.6

19 JKO

N

Jaya

Konstruksi

Manggala

Pratama Tbk

11.

21

11.

3

11.

22

11.

32

45232

.8

95085

.83

20 JPF

A

JAPFA

Comfeed

Indonesia

Tbk

11.

71

11.

96

9.13

11.

94

12.

13

60311

5.7

64301

0.2

21 JSM

R

Jasa Marga

Tbk

12.

24

12.

35

12.

24

12.

35

22 JSP

T

Jakarta

Setiabudi

Internasiona

l Tbk

11.

23

11.

31

8.79

11.

3

11.

35

17170

9.7

13763

2.6

23 MA

PI

Mitra

Adiperkasa

Tbk

11.

59

11.

7

10.05

11.

69

11.

78

32556

6.5

33499

2.9

24 MD

RN

Modern

Internasiona

l Tbk

10.

71

10.

65

9.24

10.

91

10.

99

17900

4.2

22914

6.4

25 MN

CN

Media

Nusantara

Citra Tbk

11.

89

12.

04

11.03

12.

07

12.

19

64623

5.9

75227

1.1

26 PAN

R

Panorama

Sentrawisata

Tbk

10.

42

10.

62

10.

58

10.

74

10691

4.9

11760

5.3

(10)

27 PLI

N

Plaza

Indonesia

Realty Tbk

10.

31

11.

39

11.

15

11.

53

34811

6.5

30326

0.9

28 SM

AR

SMART

Tbk

12.

12

12.

3

12.

23

12.

39

62578

1.8

67658

4.7

29 SM

CB

Holcim

Indonesia

Tbk

11.

75

11.

89

12.

07

12.

17

78449

6.6

82885

6

30 TBI

G

PT Tower

Bersama

Infrastructur

e Tbk

11.

72

11.

98

9.94

11.

72

11.

98

10659

5.2

31 TRI

O

Trikomsel

Oke Tbk

11.

68

11.

74

11.

72

11.

79

20905

8.5

27133

8.7

32 UNS

P

Bakrie

Sumatera

Plantations

Tbk

11.

55

10.77

11.

82

11.

46

60619

7.8

70172

3.2

33 WIK

A

Wijaya

Karya Tbk

11.

56

11.

71

9.43

11.

69

11.

8

35920

8.6

34242

0.3

34 EM

TK

Elang

Mahkota

Teknologi

Tbk

11.

91

11.

95

9.29

11.

95

12.

01

28930

7.5

35218

9.1

35 PBR

X

Pan

Brothers

Tbk

10.

73

10.

91

10.

87

11.

02

14053

0.9

15475

1.8

36 AUT

O

Astra

Otoparts

Tbk

11.

4

11.

33

11.

59

11.

55

37589

7

37774

7.1

37 HER

O

Hero

Supermarket

Tbk

11.

4

11.

47

11.

46

11.

52

19774

2.5

19178

6.5

38 ASII

Astra

International

Tbk

13.

14

13.

18

13.

15

13.

2

65770

5.5

92156

8.4

39 CO

WL

COWELL

DEVELOP

MENT Tbk

10.

41

10.

77

10.

37

10.

78

49886

.56

40 BNB

R

Bakrie &

Brothers

Tbk

9.67

9.58

8.9

2

8.9

7

71772

3.5

45807

5.2

41 WE

HA

Panorama

Transportasi

Tbk

10.

03

10.

2

10.

25

10.

4

84602

.23

97908

.19

42 CEN

T

Centrin

Online Tbk

9.08

9.46

8.4

40450

.24

40177

.03

43 CPI

N

Charoen

Pokphand

Indonesia

Tbk

12.

28

12.

33

9.87

12.

38

12.

44

69273

7.2

81165

1.7

44 AAL

I

Astra Agro

Lestari Tbk

12.

35

12.

38

12.

38

12.

41

41669

0.8

42557

2.1

45 BHI

T

PT Bhakti

Investama

11.

98

12.

11

11.11

12.

16

12.

28

71164

4

87864

4.1

(11)

Tbk.

46 SUL

I

PT SLJ

Global Tbk

10.47

10.17

42406

.5

47 GZC

O

Gozco

Plantations

Tbk

10.

79

10.

65

10.

89

10.

81

13073

9.3

14121

3.2

48 ET

WA

Eterindo

Wahanatam

a Tbk

10.

72

10.

5

10.

74

10.

56

57152

.03

66989

.16

Dari hasil pengujian Kolmogorov-Smirnov pada bab sebelumnya,

diketahui bahwa data penelitian terdistribusi secara tidak normal karena memiliki

nilai signifikansi yang lebih kecil dari 0,5. Untuk itu, diperlukan transformasi data

agar menjadi normal. Pentransformasian dilakukan dengan akar kuadrat dan log10

untuk variabel penelitian yang tidak berdistribusi normal. Log10 digunakan untuk

mentransformasi EVA, NOPAT, dan goodwill impairment loss, sementara kuadrat

terkecil digunakan untuk mentransformasi biaya modal. Tabel 5 memberikan hasil

transformasi yang dilakukan pada setiap variabel.

(12)

Lampiran 6

DURBIN-WATSON

Tabel 7

Figur

Memperbarui...

Referensi

Memperbarui...

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