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Faktor-Faktor yang Mempengaruhi Penggunaan Instrumen Derivatif Sebagai Pengambilan Keputusan Hedging (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2013)

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(1)

LAMPIRAN 1

DATA VARIABEL PENELITIAN

(dalam jutaan Rupiah, kecuali dinyatakan lain)

KODE

FASW 2011 132338 53.41 4375 10840268.68 4936093 3134396 1801697 6.016699

2012 5292 2.14 2550 6305887.85 5578334 3771344 1806990 3.489719

(2)

GJTL 2011 683629 196 3000 10463709.18 11554143 7123318 4430825 2.361571

IMAS 2011 970891 347.27 12800 35786001.67 12905429 7830586 5074843 7.051647 2012 899090 289.93 5300 16435612.04 17577664 11869218 5708446 2.879174 2013 621139 192.55 4900 15806705.27 22315022 15655152 6659870 2.373425 INTP 2011 3601516 977.1 17050 62844998.26 18151331 2417380 15733951 3.994229 2012 4763388 1293.15 22450 82695789.82 22755160 3336422 19418738 4.258556

KLBF 2011 1522956 158 3400 32772470.89 8274554 1758619 6515935 5.029588

(3)

MERK 2011 231158 10320 132500 2967871.609 584388 90206 494182 6.005625

2012 107808 4813 152000 3404698.94 569430 152688 416742 8.1698

2013 175444 7832 189000 4233773.749 696946 184727 512219 8.265554

MLBI 2011 507382 24074 359000 7566259.782 1220813 690545 530268 14.26875 2012 453405 21516 740000 15593962.63 1152048 822195 329853 47.27549

MYOR 2011 483486 614 14250 11220969.87 6599845 4175176 2424669 4.627836

2012 744428 816 20000 18245784.31 8302506 5234655 3067851 5.947415

SMCB 2011 1063560 139 2175 16642035.97 10950501 3423241 7527260 2.210902

2012 1350791 176 2900 22257351.7 12168517 3750461 8418056 2.644001

(4)

SPMA 2011 33075 22 240 360818.1818 1551777 800315 751462 0.480155

UNVR 2011 4164304 546 18800 143386291.6 10482312 6801375 3680937 38.95375 2012 4839145 634 20850 159142229.1 11984979 8016614 3968365 40.10272

2013 5352625 701 26000 198528174 13348188 9093518 4254670 46.66124

SMSM 2011 219260 140 1360 2129954.286 1136857 466245 670612 3.176135

2012 254635 152 2525 4229956.414 1556214 646095 910119 4.647696

2013 338222 214 3450 5452644.393 1701103 694304 1006799 5.415822

ASII 2011 21077000 439 7400 355284282.5 154319000 78481000 75838000 4.684779 2012 22742000 480 7600 360081666.7 182274000 92460000 89814000 4.009193 2013 22297000 480 6800 315874166.7 213994000 107806000 106188000 2.974669 AUTO 2011 1101583 261 3260 13759235.94 6964227 2241333 4722894 2.913306

2012 1135914 264 3548 15265995.73 8881642 3396543 5485099 2.783176

2013 1058015 222 3650 17395291.67 12617678 3058924 9558754 1.819828

(dalam jutaan Rupiah, kecuali dinyatakan lain)

KODE AISA 2011 1726581 911836 189.3521423

2012 1544940 1216997 126.9469029

2013 2445504 1397224 175.0259085

AKPI 2011 674856 483167 139.6734462

2012 792097 563998 140.4432285

2013 943606 694269 135.9136012

AMFG 2011 1473425 333132 442.294646

2012 1658468 426669 388.7013118

2013 1980116 473960 417.7812474

APLI 2011 145914 100335 145.4268202

2012 140079 97499 143.6722428

2013 126905 68941 184.0776896

ARNA 2011 261065 257010 101.5777596

2012 323837 277678 116.6232111

(5)

BRNA 2011 297951 221002 134.8182369

BUDI 2011 907001 725374 125.0390833

2012 1010594 907065 111.4136253

2013 1094079 1019562 107.3087267

DPNS 2011 114671 22170 517.2350023

2012 107455 12506 859.2275708

2013 167103 16424 1017.431807

DVLA 2011 696925 144279 483.0398048

2012 826342 191717 431.0217665

2013 913983 215473 424.1751867

EKAD 2011 155734 81808 190.3652455

2012 180370 74814 241.0912396

2013 229041 98355 232.8717401

ETWA 2011 234484 232929 100.6675854

2012 295904 383478 77.1632271

2013 552148 525233 105.1243924

FASW 2011 1137863 861199 132.1254437

2012 1680952 2879319 58.38019337

2013 1859839 1310179 141.9530461

GJTL 2011 5073477 2900317 174.9283613

2012 5194057 3020030 171.9869339

2013 6843853 2964235 230.8809187

GDST 2011 666846 220681 302.1764447

2012 825948 356946 231.3929838

2013 865831 289689 298.88294

IGAR 2011 322889 55928 577.3297811

2012 265069 60746 436.3563033

2013 262716 77516 338.9184168

IKAI 2011 138818 245736 56.49070547

2012 140146 243975 57.44277078

2013 134782 129243 104.2857253

INAI 2011 383676 322571 118.9431164

2012 428198 214820 199.3287403

2013 543234 439441 123.6193255

IMAS 2011 7386526 5415177 136.4041471

2012 9850095 7963486 123.690743

2013 11634955 10717554 108.5597983 INTP 2011 10314573 1476597 698.5367707

2012 14579400 2418762 602.762901

2013 16846248 2740089 614.8065993

JKSW 2011 110983 8983 1235.478125

2012 102583 16992 603.7135122

(6)

JPRS 2011 305037 90141 338.3998403

2012 264396 39436 670.4432498

2013 235900 953 24753.41028

KBLM 2011 359534 385749 93.20413015

2012 430524 441527 97.50796667

2013 352670 368703 95.65151355

KAEF 2011 1263029 459694 274.7542931

2012 1505798 537184 280.3132632

2013 1810614 746123 242.6696403

KIAS 2011 570329 882988 64.59079852

2012 636294 108570 586.0679746

2013 740875 140478 527.3957488

KLBF 2011 5956123 1630588 365.2745513

2012 6441710 1891617 340.5398662

2013 7497319 2640590 283.9259029

KBLI 2011 673269 307776 218.7529242

2012 751099 244597 307.0761293

2013 917080 359617 255.0157529

LMPI 2011 323063 218702 147.7183565

2012 432213 348710 123.9462591

MLBI 2011 656039 659873 99.41897911

2012 462471 796679 58.04985446

2013 706252 722542 97.74545978

MLIA 2011 1342733 869330 154.4560754

2012 1408262 967054 145.6239259

2013 1504650 1332135 112.950264

MRAT 2011 326473 52063 627.0729693

2012 352880 58646 601.7119667

2013 313664 51810 605.4120826

MASA 2011 1261845 2619116 48.17827847

2012 170928 122678 139.3306053

2013 163564 104398 156.6734995

LPIN 2011 100021 34628 288.8442879

2012 95726 32995 290.1227459

2013 117583 47334 248.41129

MYOR 2011 4095298 1845791 221.8722488

2012 5313599 1924434 276.1123011

2013 6430065 2631646 244.3362443

NIPS 2011 266367 245828 108.3550287

2012 308486 278822 110.6390457

(7)

PICO 2011 371050 319184 116.2495614

2012 420816 338979 124.1422035

2013 458864 349346 131.3494358

PRAS 2011 246602 216727 113.7846231

2012 197198 177151 111.3163347

2013 331855 321945 103.0781655

BIMA 2011 72542 138191 52.49401191

2012 84504 154172 54.81150922

2013 97686 182739 53.45656921

PTSN 2011 345883 276719 124.9943083

2012 49453 36081 137.0610571

2013 41175 24310 169.3747429

RICY 2011 467024 262265 178.0733228

2012 601056 266783 225.2977139

2013 627793 298985 209.9747479

SCCO 2011 1192307 923584 129.0956751

2012 1197203 818847 146.2059457

2013 1454622 1043362 139.4168084

SIAP 2011 90916 43715 207.9743795

2012 86625 65708 131.8332623

2013 149886 150401 99.65758206

SMCB 2011 2468172 1683799 146.5835293

2012 2186797 1556875 140.4606664

2013 2085055 3262054 63.91846977

SPMA 2011 371564 304846 121.8858046

2012 482596 182354 264.6478827

VOKS 2011 1357376 1054553 128.7157687

2012 1430617 1072477 133.3937231

2013 1507266 1328173 113.4841621

ULTJ 2011 924080 607594 152.0884011

2012 1196426 592822 201.8187584

2013 1565510 633794 247.006125

UNVR 2011 4446219 6474594 68.67178081

2012 5035962 7535896 66.82632032

2013 5862939 8419442 69.63571933

SMSM 2011 718940 264727 271.5778897

2012 986324 480851 205.1205051

2013 1097152 523047 209.7616467

(8)

AUTO 2011 2564455 1892818 135.4834432

2012 3205631 2751766 116.4935899

2013 5029517 2661312 188.9863721

(dalam jutaan Rupiah, kecuali dinyatakan lain)

KODE AISA 2011 3590309 15.09374883

2012 3867576 15.16813851

2013 5020824 15.42910462

AKPI 2011 1523749 14.2366843

2012 1714834 14.35482684

2013 2084567 14.55007172

AMFG 2011 2690595 14.80527292

2012 3115421 14.95187485

2013 3539393 15.0794658

APLI 2011 334702 12.72099586

2012 333867 12.71849799

2013 303594 12.62344656

ARNA 2011 831507 13.630995

2012 937359 13.75082163

2013 1135244 13.94235816

BRNA 2011 643963 13.37539655

2012 770383 13.55464307

2013 1125132 13.93341092

BTON 2011 118715 11.68448094

2012 145100 11.88517844

2013 176136 12.0790117

BUDI 2011 2123285 14.56847498

2012 2299572 14.64823358

2013 2382875 14.6838183

DPNS 2011 172297 12.05697501

2012 184533 12.12558359

2013 256372 12.45438479

DVLA 2011 928290 13.74109946

2012 1074691 13.88754374

2013 1190054 13.98950924

EKAD 2011 237592 12.3783102

2012 273893 12.5204928

2013 343601 12.74723638

ETWA 2011 620709 13.33861765

2012 960956 13.7756839

2013 1291711 14.07147825

FASW 2011 4936093 15.41208469

2012 5578334 15.53440072

2013 5692060 15.55458278

(9)

2012 12869793 16.3703935

2013 15350754 16.54667515

GDST 2011 977457 13.79270958

2012 1163971 13.96734799

2013 1191496 13.99072022

IGAR 2011 355579 12.78150273

2012 312342 12.65185402

2013 314746 12.65952124

IKAI 2011 548789 13.21546931

2012 507425 13.1371042

2013 482057 13.08581764

INAI 2011 544282 13.20722277

2012 612224 13.32485351

2013 765881 13.54878208

IMAS 2011 12905429 16.37315863

2012 17577664 16.68213956

2013 22315022 16.92077064

INTP 2011 18151331 16.71425445

2012 22755160 16.94030249

2013 26607241 17.09669395

JKSW 2011 287131 12.56769384

2012 278718 12.5379558

2013 262386 12.47757198

JPRS 2011 437848 12.9896271

2012 398606 12.89572874

2013 376540 12.83877956

KBLM 2011 642954 13.37382846

2012 722941 13.49108289

2013 654296 13.39131513

KAEF 2011 1794242 14.40009321

2012 2076347 14.54612066

2013 2471939 14.72051342

KIAS 2011 2049632 14.53317082

2012 2143814 14.57809704

2013 2270904 14.63568855

KLBF 2011 8274554 15.92869558

2012 9417957 16.05812874

2013 11315061 16.24164523

KBLI 2011 1083523 13.89572833

2012 1161698 13.96539329

2013 1337022 14.10595531

LMPI 2011 685895 13.43847983

2012 815153 13.6111311

2013 822189 13.61972557

LMSH 2011 98019 11.49291662

2012 128547 11.76404988

2013 141697 11.86144625

(10)

2012 569430 13.25239114

2013 696946 13.45446321

MLBI 2011 1220813 14.01502759

2012 1152048 13.95705179

2013 1782148 14.39332994

MLIA 2011 6119185 15.62693948

2012 6558955 15.69634185

2013 7189899 15.78818768

MRAT 2011 422493 12.95392816

2012 455472 13.02908952

2013 439583 12.99358183

MASA 2011 4736349 15.37077714

2012 624485 13.34468259

2013 629065 13.35198987

LPIN 2011 157371 11.96636135

2012 172268 12.05680668

2013 196390 12.18785776

MYOR 2011 6599845 15.70255672

2012 8302506 15.93206795

2013 9709838 16.08865016

NIPS 2011 446688 13.00961564

2012 524693 13.17056861

2013 798407 13.59037377

PICO 2011 561840 13.23897239

2012 594616 13.2956711

2013 621400 13.33973028

PRAS 2011 481911 13.08551473

2012 577349 13.26620222

2013 795630 13.58688953

BIMA 2011 91525 11.42436744

2012 100100 11.51392497

2013 118007 11.67849922

PTSN 2011 756919 13.53701153

2012 92235 11.43209495

2013 78631 11.2725213

RICY 2011 642094 13.37248999

2012 842498 13.64412657

2013 869226 13.67535844

SCCO 2011 1455620 14.19094248

2012 1486921 14.2122181

2013 1762032 14.38197825

SIAP 2011 163233 12.00293391

2012 184367 12.12468362

2013 272597 12.51574979

SMCB 2011 10950501 16.20889577

2012 12168517 16.3143626

2013 14894990 16.51653547

(11)

2012 1664353 14.32494702

2013 1767105 14.38485317

SRSN 2011 361182 12.79713727

2012 402108 12.90447599

2013 420782 12.94987016

TCID 2011 1130865 13.93849338

2012 1261572 14.04786912

2013 1465952 14.19801542

VOKS 2011 1573039 14.26851998

2012 1698078 14.34500758

2013 1955830 14.48632521

ULTJ 2011 2179181 14.59445968

2012 2420793 14.69960573

2013 2811620 14.84927139

UNVR 2011 10482312 16.16519982

2012 11984979 16.29916467

2013 13348188 16.4068912

SMSM 2011 1136857 13.943778

2012 1556214 14.25776651

2013 1701103 14.34678742

ASII 2011 154319000 18.85453245

2012 182274000 19.02102161

2013 213994000 19.18145854

AUTO 2011 6964227 15.75629718

2012 8881642 15.99949701

2013 12617678 16.3506094

(dalam jutaan Rupiah, kecuali dinyatakan lain)

KODE AISA 2011 1757492 1832817 95.89020617

2012 1834123 2033453 90.19746215

2013 2664051 2356773 113.0380822

AKPI 2011 783584 740164 105.8662675

2012 871567 843266 103.3561178

2013 1055230 1029336 102.5156023

AMFG 2011 545395 2145200 25.42396979

2012 658332 2457089 26.79316866

2013 778666 2760727 28.20510684

APLI 2011 118856 215846 55.06518536

2012 115231 218635 52.7047362

2013 85871 217723 39.44048171

ARNA 2011 348334 483173 72.09301844

2012 332551 604808 54.98455708

2013 336754 768489 43.82027589

(12)

2012 468553 301829 155.2378996

2013 819251 305881 267.8332423

BTON 2011 26590 92124 28.86327124

2012 31921 113178 28.20424464

2013 37318 138817 26.88287458

BUDI 2011 1312254 811031 161.8007203

2012 1445537 854135 169.2398743

2013 1497754 885121 169.2146046

DPNS 2011 41153 131144 31.38000976

2012 28939 155593 18.59916577

2013 32944 223427 14.74486074

DVLA 2011 200373 727917 27.52690211

2012 233144 841546 27.70424908

FASW 2011 3134396 1801697 173.9690969

2012 3771344 1806989 208.7087414

2013 4134128 1557932 265.3599772

GJTL 2011 7123318 4430825 160.7673063

2012 7391409 5478384 134.9195128

2013 9626411 5724782 168.1533201

GDST 2011 232090 745367 31.13768117

2012 371046 792924 46.79464867

IKAI 2011 259914 288875 89.97455647

2012 258539 248885 103.8788999

2013 276648 205408 134.6821935

INAI 2011 438219 106062 413.172484

2012 483005 129218 373.7908031

2013 639563 126317 506.3158561

IMAS 2011 7830586 5074843 154.3020346

2012 11869218 5708445 207.9238392

2013 15655152 6659870 235.0669307

INTP 2011 2417380 15733951 15.36410022

2012 3336422 19418738 17.18145639

2013 3629554 22977687 15.79599374

(13)

2012 677941 -399222 -169.815541

2013 670190 -407804 -164.341203

JPRS 2011 100029 337819 29.61023507

2012 51097 347509 14.70379184

2013 14019 362521 3.867086321

KBLM 2011 398590 244364 163.1132245

2012 458195 264746 173.0696592

2013 384632 269664 142.6337961

KAEF 2011 541736 1252505 43.25220259

2012 634813 1441533 44.03735468

2013 847584 1624354 52.17975885

KIAS 2011 979648 1069983 91.5573425

2012 168491 1975323 8.529794874

2013 223804 2047100 10.93273411

KLBF 2011 1758619 6515935 26.9895111

2012 2046313 7371643 27.75925258

2013 2815103 8499957 33.11902637

KBLI 2011 363595 719926 50.5044963

2012 316557 845141 37.45611679

2013 450372 886649 50.79484666

LMPI 2011 278775 407119 68.47506503

2012 405692 409460 99.07976359

MLBI 2011 690545 530268 130.2256595

2012 822195 329853 249.2610345

2013 794615 987533 80.46465283

MLIA 2011 5246609 -872575 -601.278859

2012 5321387 1237568 429.9874431

2013 5999787 1190112 504.1363334

MRAT 2011 64063 358429 17.87327476

2012 69586 385886 18.03278689

2013 61792 377791 16.35613342

MASA 2011 2969322 1767027 168.0405563

2012 252502 371982 67.88016624

2013 253786 375279 67.62595296

LPIN 2011 39115 118255 33.0768255

2012 37413 134855 27.74313151

2013 52980 143410 36.94303047

MYOR 2011 4175176 2424669 172.19571

2012 5234655 3067850 170.629431

2013 5771077 3938760 146.5201485

(14)

2012 322620 202073 159.6551741

2013 562461 235945 238.3864884

PICO 2011 373925 187914 198.9873027

2012 395502 199113 198.6319326

2013 406364 215034 188.976627

PRAS 2011 342114 139797 244.7219897

2012 297056 280293 105.9805275

2013 389182 406448 95.75197811

BIMA 2011 281966 -190441 -148.059504

2012 287919 -187818 -153.296809

2013 321975 -203967 -157.856418

PTSN 2011 295973 460945 64.21004675

2012 38558 53676 71.83471198

2013 27142 51488 52.71519577

RICY 2011 291842 350251 83.32367359

2012 475541 366957 129.590388

2013 497223 372002 133.6613782

SCCO 2011 936368 519252 180.3301672

2012 832876 654044 127.342503

2013 1054421 707611 149.0113919

SIAP 2011 60829 102403 59.40158003

2012 78573 105793 74.27050939

2013 172583 100014 172.5588418

SMCB 2011 3423241 7527260 45.47791627

2012 3750461 8418056 44.55257841

2013 6122043 8772947 69.78319828

SPMA 2011 800315 751461 106.5012023

2012 884860 779492 113.5175217

2013 1011571 755534 133.8882168

SRSN 2011 108941 252240 43.18942277

2012 132904 269204 49.36925157

2013 106406 314375 33.84683897

TCID 2011 100451 1020412 9.844160986

2012 164751 1096821 15.02077367

2013 282961 1182990 23.9191371

VOKS 2011 1076393 496645 216.7328776

2012 1095012 603066 181.5741561

2013 1354581 601249 225.2945119

ULTJ 2011 776734 1402446 55.38423583

2012 744273 1676519 44.39394961

2013 796474 2015146 39.52438186

UNVR 2011 6801375 3680937 184.772926

2012 8016614 3968365 202.0130205

2013 9093518 4254670 213.7302776

SMSM 2011 466245 670612 69.52529928

2012 646095 910119 70.99016722

2013 694304 1006799 68.96153055

(15)

2012 92460000 89814000 102.9460886 2013 107806000 106188000 101.5237127 AUTO 2011 2241333 4722894 47.45677121

2012 3396543 5485099 61.92309382

2013 3058924 9558754 32.00128385

LAMPIRAN 2

HASIL SPSS

Iteration Historya,b,c

Iteration

Coefficients

-2 Log likelihood Constant

Step 0 1 156.515 -1.259

2 155.254 -1.468

3 155.250 -1.482

4 155.250 -1.482

a. Constant is included in the model.

b. Initial -2 Log Likelihood: 155.250

(16)

Classification Tablea,b

Overall Percentage 81.5

a. Constant is included in the model.

b. The cut value is .500

Model Summary

Step -2 Log likelihood

Cox & Snell R Square

Nagelkerke R Square

1 124.802a .171 .278

a. Estimation terminated at iteration number 7 because parameter estimates changed by less than .001.

Hosmer and Lemeshow Test

Step Chi-square df Sig.

(17)

Classification Tablea

Observed

Predicted

Hedging

.00 1.00

Percentage Correct

Step 1 Hedging .00 129 3 97.7

1.00 22 8 26.7

Overall Percentage 84.6

a. The cut value is .500

Variables in the Equation

B S.E. Wald df Sig. Exp(B)

Step 1a X1 -.043 .039 1.200 1 .273 .958

X2 -.001 .001 .761 1 .383 .999

X3 .756 .166 20.698 1 .000 2.130

X4 -.004 .003 2.332 1 .127 .996

Constant -11.623 2.421 23.047 1 .000 .000

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