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(4)

Lampiran 1

Daftar Perusahaan Subsektor Pariwisata, Hotel, dan Restoran 2011 - 2015

No.

Kode

Nama Perusahaan

1 ANTA

Anta Express Tour and Travel Service Tbk.

2 BAYU

Bayu Buana Tbk

3 BUVA

Bukit Uluwatu Villa Tbk

4 FAST

PT Fast Food Indonesia Tbk.

5 GMCW

Grahamas Citrawisata Tbk.

6 HOME

Hotel Mandarine Regency Tbk.

7 HOTL

Saraswati Griya Lestari Tbk.

8 ICON

PT Island Concept Indonesia Tbk.

9 INPP

PT Indonesian Paradise Property Tbk.

10 JGLE

Graha Andrasenta Propertindo

11 JIHD

Jakarta International Hotel & Development Tbk.

12 JSPT

Jakarta Setiabudi International Tbk.

13 KPIG

MNC Land Tbk.

14 MAMI

Mas Murni Indonesia Tbk.

15 PANR

Panorama Sentrawisata Tbk.

16 PDES

Destinasi Tirta Nusantara Tbk.

17 PGLI

PT Pembangunan Graha Lestari Indah Tbk

18 PJAA

PT Pembangunan Jaya Ancol Tbk.

19 PNSE

PT Pudjiadi & Sons Tbk.

20 PSAB

J Resources Asia Pacifik Tbk.

21 PSKT

Red Planet Indonesia Tbk

22 PTSP

Pioneerindo Gourment International Tbk

23 SHID

PT Hotel Sahid Jaya International Tbk.

24 SMMT

Entertainment International Tbk

(5)

LAMPIRAN 2

Current Ratio

No.

Kode

Perusahaan

Tahun

2011

2012

2013

2014

2015

1 BAYU

147.60

147.51

144.40

152.88

160.13

2 BUVA

142.31

153.11

143.92

125.54

64.78

3 FAST

179.66

176.79

170.42

188.26

126.19

4 HOME

122.04

122.12

83.33

76.95

73.36

5 ICON

107.10

102.31

114.23

198.95

151.09

6 INPP

156.92

200.75

231.13

186.85

141.41

7 JSPT

154.78

166.61

148.82

238.05

281.54

8 MAMI

103.73

101.19

99.14

93.74

96.48

9 PANR

97.19

126.95

120.80

103.07

96.89

10 PDES

129.42

129.00

151.73

82.49

100.10

11 PGLI

200.20

233.01

647.78

238.46

374.26

12 PJAA

135.75

156.52

150.38

89.55

117.97

13 PNSE

190.12

198.08

258.70

285.15

167.73

14 PSKT

156.28

191.85

245.28

33.98

20.80

15 PTSP

141.99

147.36

186.13

148.90

100.05

16 SHID

109.02

162.88

125.72

122.44

115.74

Return On Equity

No.

Kode

Perusahaan

Tahun

2011

2012

2013

2014

2015

1 BAYU

10.42

10.04

9.52

13.09

6.96

2 BUVA

10.55

7.43

7.66

3.15 -2.91

3 FAST

27.59

20.80

14.20

12.74

9.42

4 HOME

0.72 -4.47

0.76

0.37

0.12

5 ICON

3.74

5.95

16.41

3.51

2.47

6 INPP

0.33

1.18

2.54

6.23

2.84

7 JSPT

12.38

13.00

10.22

13.73

8.54

8 MAMI

0.27

0.40

0.44

0.58

0.36

9 PANR

0.01

11.34

12.96

13.28

12.26 10 PDES

6.19

6.66

11.21

7.43

3.82 11 PGLI

0.92

0.68 -0.37

2.13

0.82 12 PJAA

13.73

13.58

12.93

14.40

16.18 13 PNSE

21.53

18.13

17.46

10.29

5.56 14 PSKT

-5.75

2.27

3.59 -15.85

-52.62

15 PTSP

38.62

30.11

16.22

13.32 -1.15

16 SHID

1.10

1.38

1.57

1.30

0.04

(6)

Debt to Equity Ratio

No.

Kode

Perusahaan

Tahun

2011

2012

2013

2014

2015

1 BAYU

1.19

1.10

1.05

0.87

0.72

2 BUVA

0.68

0.60

0.77

0.89

0.83

3 FAST

0.86

0.80

0.84

0.81

1.07

4 HOME

0.56

0.32

0.26

0.24

5 ICON

4.50

3.15

2.30

0.81

1.61

6 INPP

0.78

0.86

0.89

0.84

0.24

7 JSPT

0.78

0.83

0.68

0.55

0.49

8 MAMI

0.14

0.20

0.25

0.28

0.33

9 PANR

1.92

2.52

2.49

2.73

3.23 10 PDES

0.92

0.67

0.85

0.95

1.21 11 PGLI

0.18

0.22

0.14

0.21

0.14 12 PJAA

0.47

0.82

0.79

0.80

0.75 13 PNSE

0.69

0.55

0.65

0.50

0.53 14 PSKT

1.37

0.33

0.29

1.36

2.36 15 PTSP

0.90

0.72

0.60

0.82

1.15 16 SHID

0.36

0.41

0.55

0.52

0.55

Price to Book Value

No.

Kode

Perusahaan

Tahun

2011

2012

2013

2014

2015

1 BAYU

0.77

0.75

0.64

1.21

1.18

2 BUVA

2.43

2.03

2.26

1.93

1.31

3 FAST

5.51

5.58

3.44

3.61

2.06

4 HOME

1.25

0.55

4.05

2.62

2.72

5 ICON

19.64

14.67

11.67

3.07

4.16

6 INPP

1.04

0.85

0.51

0.50

1.01

7 JSPT

1.00

0.96

0.85

0.78

0.88

8 MAMI

0.20

0.19

0.44

9 PANR

0.72

0.81

1.27

1.45

1.31 10 PDES

0.53

0.83

0.61

0.77

0.54 11 PGLI

0.66

1.45

1.23

0.89

0.59 12 PJAA

1.36

0.90

1.19

1.92

1.81 13 PNSE

1.50

1.74

1.71

1.49

1.16 14 PSKT

2.59

2.53

2.41

4.44

7.92 15 PTSP

2.17

4.55

5.65

7.19

13.97 16 SHID

0.50

0.44

0.40

0.36

0.55

(7)

Lampiran 3

Uji Statistik Deskriptif

Date: 08/06/17 Time: 10:53 Sample: 2011 2015 ROE PBV DER CR Mean 6.623000 2.410375 0.905625 154.5780 Median 6.210000 1.240000 0.775000 145.8800 Maximum 38.62000 19.64000 4.500000 647.7800 Minimum -52.62000 0.190000 0.140000 20.80000 Std. Dev. 10.71607 3.372114 0.783347 79.99617 Skewness -1.633700 3.147160 2.274084 3.235193 Kurtosis 13.97649 13.69377 8.826741 19.81476 Jarque-Bera 437.1976 513.2503 182.1225 1082.007 Probability 0.000000 0.000000 0.000000 0.000000 Sum 529.8400 192.8300 72.45000 12366.24 Sum Sq. Dev. 9071.901 898.3211 48.47697 505551.6 Observations 80 80 80 80

(8)

Lampiran 4

Uji Stationeritas

Current Ratio 1

st

_Difference

Null Hypothesis: Unit root (individual unit root process) Series: D(CR)

Sample: 2011 2015

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0 Total (balanced) observations: 48

Cross-sections included: 16

Method Statistic Prob.**

ADF - Fisher Chi-square 51.1653 0.0172

ADF - Choi Z-stat -1.88492 0.0297

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results D(CR)

Cross

section Prob. Lag Max Lag Obs

1 0.6625 0 0 3 2 0.9374 0 0 3 3 0.0106 0 0 3 4 0.2742 0 0 3 5 0.2491 0 0 3 6 0.7193 0 0 3 7 0.5031 0 0 3 8 0.0400 0 0 3 9 0.0874 0 0 3 10 0.2490 0 0 3 11 0.2647 0 0 3 12 0.3290 0 0 3 13 0.7866 0 0 3 14 0.4152 0 0 3 15 0.7123 0 0 3 16 0.0027 0 0 3

(9)

Lampiran 4

Uji Stationeritas

Return On Equity

Null Hypothesis: Unit root (individual unit root process) Series: ROE

Sample: 2011 2015

ADF - Choi Z-stat -0.36156 0.3588

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results ROE

Cross

1 0.0338 0 0 4 2 0.9688 0 0 4 3 0.1982 0 0 4 4 0.2850 0 0 4 5 0.3749 0 0 4 6 0.4684 0 0 4 7 0.0363 0 0 4 8 0.2615 0 0 4 9 0.0002 0 0 4 10 0.5644 0 0 4 11 0.2084 0 0 4 12 0.9192 0 0 4 13 0.9391 0 0 4 14 0.9718 0 0 4 15 0.8792 0 0 4 16 0.8390 0 0 4

(10)

Lampiran 4

Uji Stationeritas

Debt to Equity Ratio

Null Hypothesis: Unit root (individual unit root process) Series: DER

Sample: 2011 2015

ADF - Choi Z-stat -0.46893 0.3196

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results DER

Cross

1 0.9747 0 0 4 2 0.6936 0 0 4 3 0.5286 0 0 4 4 0.0001 0 0 4 5 0.3634 0 0 4 6 0.8582 0 0 4 7 0.8835 0 0 4 8 0.5944 0 0 4 9 0.7406 0 0 4 10 0.8039 0 0 4 11 0.0398 0 0 4 12 0.0008 0 0 4 13 0.1721 0 0 4 14 0.7835 0 0 4 15 0.7659 0 0 4 16 0.5106 0 0 4

(11)

Lampiran 4

Uji Stationerits

Price to Book Value 1

st

_Difference

Null Hypothesis: Unit root (individual unit root process) Series: D(PBV)

Date: 08/06/17 Time: 11:03 Sample: 2011 2015

ADF - Choi Z-stat -3.03820 0.0012

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results D(PBV)

Cross

1 0.3357 0 0 3 2 0.5471 0 0 3 3 0.0138 0 0 3 4 0.2304 0 0 3 5 0.0234 0 0 3 6 0.9115 0 0 3 7 0.7590 0 0 3 8 0.0001 0 0 3 9 0.6387 0 0 3 10 0.0115 0 0 3 11 0.0003 0 0 3 12 0.2996 0 0 3 13 0.0052 0 0 3 14 0.8894 0 0 3 15 0.7484 0 0 3 16 0.9297 0 0 3

(12)

Lampiran 5

Model Regresi

Common Effect

Dependent Variable: PBV Method: Panel Least Squares Sample: 2011 2015

Periods included: 5

Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 0.004094 0.889622 0.004602 0.9963

CR 0.000910 0.004153 0.219156 0.8271

ROE -0.010816 0.029485 -0.366815 0.7148

DER 2.580777 0.417651 6.179271 0.0000

R-squared 0.354022 Mean dependent var 2.410375

Adjusted R-squared 0.328522 S.D. dependent var 3.372114

S.E. of regression 2.763236 Akaike info criterion 4.919389

Sum squared resid 580.2960 Schwarz criterion 5.038490

Log likelihood -192.7756 Hannan-Quinn criter. 4.967140

F-statistic 13.88366 Durbin-Watson stat 0.625726

(13)

Lampiran 5

Model Regresi

Fixed Effect

Dependent Variable: PBV

Method: Panel Least Squares Date: 07/09/17 Time: 11:27 Sample: 2011 2015

Periods included: 5

C -0.644998 0.789635 -0.816831 0.4172

CR 0.000820 0.003409 0.240680 0.8106

ROE -0.033469 0.026113 -1.281704 0.2048

DER 3.478499 0.459448 7.571041 0.0000

Effects Specification Cross-section fixed (dummy variables)

S.E. of regression 1.526896 Akaike info criterion 3.888198

Sum squared resid 142.2160 Schwarz criterion 4.453929

Log likelihood -136.5279 Hannan-Quinn criter. 4.115016

(14)

Lampiran 5

Model Regresi

Random Effect

Method: Panel EGLS (Cross-section random effects) Sample: 2011 2015

Periods included: 5

Swamy and Arora estimator of component variances

C -0.467122 0.973928 -0.479627 0.6329 CR 0.000771 0.003276 0.235259 0.8146 ROE -0.032869 0.024632 -1.334414 0.1861 DER 3.286176 0.416865 7.883074 0.0000 Effects Specification S.D. Rho Cross-section random 2.526731 0.7325 Idiosyncratic random 1.526896 0.2675 Weighted Statistics

S.E. of regression 1.515294 Sum squared resid 174.5048

Prob(F-statistic) 0.000000

Unweighted Statistics

(15)

Lampiran 6

Uji T Statistik

Current Ratio

Periods included: 5

C 3.729794 0.968682 3.850381 0.0002 CR -0.008536 0.004237 -2.014380 0.0474 Effects Specification S.D. Rho Cross-section random 2.682418 0.6014 Idiosyncratic random 2.183743 0.3986 Weighted Statistics

(16)

Lampiran 6

Uji T Statistik

Return On Equity

Periods included: 5

C 2.922066 0.742400 3.935974 0.0002 ROE -0.077260 0.031548 -2.448973 0.0166 Effects Specification S.D. Rho Cross-section random 2.687074 0.6161 Idiosyncratic random 2.120908 0.3839 Weighted Statistics

R-squared -0.036324 Mean dependent var 2.410375

(17)

Lampiran 6

Uji T Statistik

Debt to Equity Ratio

Periods included: 5

C -0.642450 0.699840 -0.917996 0.3615 DER 3.370960 0.381562 8.834624 0.0000 Effects Specification S.D. Rho Cross-section random 2.337152 0.7020 Idiosyncratic random 1.522563 0.2980 Weighted Statistics