DAFTAR LAMPIRAN
Lampiran 1
Daftar Perusahaan Yang Memenuhi Kriteria
No Kode Nama Perusahaan Kriteria Sampel
1 2 3 4
1. ADES Akasha Wira International Tbk √ √ √ √ 1 2. ADMG Polychem Indonesia Tbk √ √ - -
3. AISA Tiga Pilar Sejahtera Food Tbk √ √ √ √ 2 4. AKKU Alam Karya Unggul Tbk √ - - -
5. AKPI Argha Karya Prima Industry Tbk √ √ √ √ 3 6. ALDO Alkindo Naratama Tbk √ - - -
7. ALKA Alaska Industrindo Tbk √ √ √ - 8. ALMI Alumindo Light Metal Industry Tbk √ √ √ - 9. ALTO Tri Banyan Tirta Tbk √ √ √ -
10. AMFG Asahimas Flat Glass Tbk √ √ √ √ 4 11. AMIN Ateliers Mecaniques D’Indonesia - - - -
12. APLI Asiaplast Industries Tbk √ - - -
13. ARGO Argo Pantes Tbk √ - - -
14. ARNA Arwana Citra Mulia Tbk √ - - -
15. ASII Astra International Tbk √ √ √ √ 5 16. AUTO Astra Auto Part Tbk √ √ √ √ 6 17. BAJA Saranacentral Bajatama Tbk √ √ √ -
18. BATA Sepatu Bata Tbk √ √ √ √ 7
19. BIMA Primarindo Asia Infrastruture Tbk √ √ √ - 20. BOLT Garuda Metalindo Tbk - - - -
21. BRAM Indo Kordsa Tbk √ √ - -
22. BRNA Berlina Tbk √ √ √ -
23. BRPT Barito Pasific Tbk √ √ - -
24. BTON Beton Jaya Manunggal Tbk √ √ √ √ 8 25. BUDI Budi Starch and Sweetener Tbk √ √ √ √ 9
26. CEKA Cahaya Kalbar Tbk √ √ √ √ 10
27. CINT Chitose International Tbk √ - - -
28. CNTX Centex Tbk √ - - -
29. CPIN Charoen Pokphand Indonesia Tbk √ √ √ √ 11 30. CTBN Citra Turbindo Tbk √ √ - - 31. DAJK Dwi Aneka Jaya Kemasindo Tbk √ √ √ - 32. DAVO Davomas Abadi Tbk - - - - 33. DLTA Delta Djakarta Tbk √ √ √ √ 12 34. DPNS Duta Pertiwi Nusantara √ √ √ √ 13 35. DVLA Darya Varia Laboratoria Tbk √ √ √ √ 14
36. EKAD Ekadharma International Tbk √ √ √ √ 15
37. ERTX Eratex Djaya Tbk √ √ - -
38. ESTI Ever Shine Textile Industry Tbk √ √ - - 39. ETWA Eterindo Wahanatama Tbk √ - - - 40. FASW Fajar Surya Wisesa Tbk √ √ √ - 41. FPNI Lotte Chemical Titan Tbk √ √ - - 42. GDST Gunawan Dianjaya Steel Tbk √ √ √ - 43. GDYR Goodyear Indonesia Tbk √ √ - -
44. GGRM Gudang Garam Tbk √ √ √ √ 16
45. GJTL Gajah Tunggal Tbk √ √ √ - 46. HDTX Panasia Indo Resources Tbk √ √ √ -
47. HMSP Hanjaya Mandala Sampoerna Tbk √ √ √ √ 17 48. ICBP Indofood CBP Sukses Makmur Tbk √ √ √ √ 18 49. IGAR Champion Pasific Indonesia Tbk √ √ √ √ 19 50. IKAI Inti Keramik Alam Asri Industri Tbk √ - - -
51. IKBI Sumi Indo Kabel Tbk √ √ - -
52. IMAS Indomobil Sukses International Tbk √ √ √ √ 20 53. IMPC Impack Pratama Industry Tbk √ - - -
54. INAF Indofarma Tbk √ √ √ -
55. INAI Indal Aluminium Industry Tbk √ √ √ √ 21 56. INCI Intan Wijaya International Tbk √ √ √ √ 22 57. INDF Indofood Sukses Makmur Tbk √ √ √ √ 23 58. INDR Indo Rama Synthetic Tbk √ √ - -
59. INDS Indospring Tbk √ √ √ √ 24
60. INKP Indah Kiat Pulp & Paper Tbk √ √ - - 61. INRU Toba Pulp Lestari Tbk √ √ - -
62. INTP Indocement Tunggal Prakasa Tbk √ √ √ √ 25 63. IPOL Indopoly Swakarsa Industry Tbk √ √ - -
64. ISSP Steel Pipe Industry of Indonesia Tbk √ - - - 65. ITMA Sumber Energi Andalan Tbk - √ - -
66. JECC Jembo Cable Company Tbk √ √ √ √ 26 67. JKSW Jakarta Kyoei Steel Work LTD Tbk √ √ √ -
68. JPFA Japfa Comfeed Indonesia Tbk √ √ √ √ 27 69. JPRS Jaya Pari Steel Tbk √ √ √ -
70. KAEF Kimia Farma Tbk √ √ √ √ 28
79. KRAH Grand Kartech Tbk √ √ √ - 80. KRAS Krakatau Steel Tbk √ √ - -
81. LION Lion Metal Works Tbk √ √ √ √ 34 82. LMPI Langgeng Makmur Industry Tbk √ √ √ -
83. LMSH Lion Mesh Prima Tbk √ √ √ √ 35 84. LPIN Multi Prima Sejahtera Tbk √ √ √ -
85. MAIN Malindo Feedmill Tbk √ √ √ - 86. MASA Multistrada Arah Sarana Tbk √ √ - - 87. MBTO Martina Berto Tbk √ √ √ -
88. MERK Merck Tbk √ √ √ √ 36
89. MLBI Multi Bintang Indonesia Tbk √ √ √ √ 37 90. MLIA Mulia Industrindo Tbk √ √ √ -
91. MRAT Mustika Ratu Tbk √ √ √ -
92. MYOR Mayora Indah Tbk √ √ √ √ 38
93. MYRX Hanson International Tbk - √ √ - 94. MYTX Apac Citra Centertex Tbk √ √ √ - 95. NIKL Pelat Timah Nusantara Tbk √ √ - -
96. NIPS Nippres Tbk √ √ √ √ 39
97. PAFI Pan Asia Filament Inti Tbk - - - -
98. PBRX Pan Brothers Tbk √ √ - -
99. PICO Pelangi Indah Canindo Tbk √ √ √ √ 40 100. POLY Asia Pasific Fibers Tbk √ √ - -
101. PRAS Prima Alloy Steel Universal Tbk √ - - - 102. PSDN Prashida Aneka Niaga Tbk √ √ √ - 103. PTSN Sat Nusa Persada Tbk √ √ - -
104. PYFA Pyridam Farma Tbk √ √ √ √ 41 105. RICY Ricky Putra Globalindo Tbk √ √ √ √ 42 106. RMBA Bentoel International Investama Tbk √ √ √ -
107. ROTI Nippon Indosari Corporindo Tbk √ √ √ √ 43 108. SAIP Surabaya Agung Industry Pulp Tbk - - - -
109. SCCO Supreme Cable Manufacturing Tbk √ √ √ √ 44 110. SCPI Schering Plough Indonesia Tbk √ √ √ -
111. SIAP Sekawan Intipratama Tbk √ √ √ -
112. SIDO Industri Jamu Sido Muncul Tbk √ √ √ √ 45 113. SIMA Siwani Makmur Tbk √ - - -
114. SIPD Siearad Produce Tbk √ √ √ -
115. SKBM Sekar Bumi Tbk √ √ √ √ 46
116. SKLT Sekar Laut Tbk √ √ √ √ 47
117. SMBR Semen Baturaja Persero Tbk √ √ √ √ 48 118. SMCB Holcim Indonesia Tbk √ √ - √
119. SMGR Semen Indonesia Tbk √ √ √ √ 49 120. SMSM Selamat Sempurna Tbk √ √ √ √ 50 121. SOBI Sorini Agro Asia Corporindo Tbk √ - - -
122. SPMA Suparma Tbk √ √ √ -
123. SQBB Taisho Pharmaceutical Indonesia tbk √ √ √ √ 51 124. SRIL Sri Rejeki Isman Tbk √ √ - -
125. SRSN Indo Acitama Tbk √ √ √ √ 52
126. SSTM Sunson Textile Manufacture Tbk √ - - -
127. STAR Star Petrochem Tbk √ √ √ √ 53
128. STTP Siantar Top TBk √ √ √ √ 54
129. SULI SLJ Global Tbk √ √ - -
130. TALF Tunas Alfin Tbk √ √ √ √ 55
131. TBMS Tembaga Mulia Semanan Tbk √ √ - -
132. TCID Mandom Indonesia Tbk √ √ √ √ 56 133. TFCO Tifico Fiber Indonesia Tbk √ √ - -
134. TIRT Tirta Mahakam Resources Tbk √ √ √ - 135. TKIM Pabrik Kertas Tjiwi Kimia Tbk √ √ - -
136. TOTO Surya Toto Indonesia Tbk √ √ √ √ 57 137. TPIA Chandra Asri Petrochemical √ √ - -
138. TRIS Trisula International Tbk √ √ √ √ 58 139. TRST Trias Sentosa Tbk √ √ √ √ 59 140. TSPC Tempo Scan Pasific Tbk √ √ √ √ 60 141. ULTJ Ultrajaya Milk Industry Tbk √ √ √ √ 61 142. UNIC Unggul Indah Cahaya Tbk √ √ - -
143. UNIT Nusantara Inti Corpora Tbk √ √ √ √ 62
144. UNTX Unitex Tbk - - - -
145. UNVR Unilever Indonesia √ √ √ √ 63 146. VOKS Voksel Electric Tbk √ √ √ -
147. WIIM Wismilak Inti Makmur Tbk √ √ √ √ 64 148. WTON Wijaya Karya Beton Tbk - √ -
LAMPIRAN 2
Cash ETR Perusahaan Manufaktur Tahun 2013-2015
Emiten 2013 2014 2015 ADES 0.083184106 0.240996362 0.287221279 AISA 0.057130338 0.07464011 0.133883521 AKPI 0.149132955 0.121029175 0.671070803 AMFG 0.228781617 0.270497 0.329485658 ASII 0.231878792 0.206519329 0.331023943 AUTO 0.197642448 0.263378978 0.47565937 BATA 2.698684073 0.349782574 0.257795936 BTON 0.200710628 0.539089303 0.184393474 BUDI 0.140081455 0.186879139 0.426532374 CEKA 0.271782669 0.343170561 0.196315259 CPIN 0.225460134 0.328377534 0.275341116 DLTA 0.279235026 0.266148894 0.27671715 DPNS 0.063200073 0.322157123 0.430310713 DVLA 0.332112957 0.463671959 0.244160583 EKAD 0.263435909 0.315350147 0.256302126 GGRM 0.256508705 0.229148004 0.211943221 HMSP 0.251758788 0.291787998 0.274483795 ICBP 0.30882342 0.297670068 0.296765989 IGAR 0.408273907 0.215572672 0.327808799 IMAS 1.028081382 37.05952667 3.274098885 INAI 0.598132967 0.325670792 0.30007021 INCI 0.007524433 0.034276794 0.10021579 INDF 0.422569477 0.385058539 0.470294538 INDS 0.270554716 0.368315775 9.892566435 INTP 0.25089452 0.219150293 0.216106114 JECC 0.628238835 0.306325322 0.249999971 JPFA 0.366223672 0.717297424 0.190409029 KAEF 0.348519066 0.158999194 0.201667034 KBLI 0.616633358 0.460602662 0.300481061 KBLM 2.127539473 0.371042081 0.658083617 KDSI 0.285194324 0.270393986 1.289343139 KICI 0.179040027 0.38085612 0.867672898
KLBF 0.253021933 0.2352241 0.257447024 LION 0.29412919 0.255918946 0.199535625 LMSH 0.198528362 0.433341496 0.389745359 MERK 0.243560354 0.349426009 0.289433348 MLBI 0.219133832 0.315184471 0.270746863 MYOR 0.254791868 1.215267932 0.126497134 NIPS 0.318703474 0.351339714 0.436209065 PICO 0.409992349 0.196425854 0.133850563 PYFA 0.206898892 0.440614349 0.3525695 RICY 0.657927735 0.554028767 0.436175966 ROTI 0.264576905 0.190315618 0.201697502 SCCO 0.358485734 0.24447927 0.209570724 SIDO 0.964466291 0.44096318 0.240309137 SKBM 0.103285302 0.308387717 0.455582293 SKLT 0.352905683 0.277840015 0.564417628 SMBR 0.254882839 0.17474761 0.141744776 SMGR 0.221719036 0.215290392 0.229639895 SMSM 0.201695343 0.251377622 0.257852692 SQBB 0.256157585 0.267083849 0.301501735 SRSN 0.315802477 0.273218224 0.466470007 STAR 1.046901441 1.026362985 2.498453498 STTP 0.218960855 0.31794961 0.22078056 TALF 0.230349396 0.248100267 0.290518109 TCID 0.28111143 0.279296806 0.090182331 TOTO 0.284265414 0.25983772 0.308080222 TRIS 0.273973025 0.445236694 0.322870167 TRST 0.395632162 0.616272062 0.655192279 TSPC 0.551457538 0.575897482 0.646978981 ULTJ 0.390265267 0.334868188 0.159446379 UNIT 0.257545516 0.763306387 2.448158014 UNVR 0.252291024 0.242172245 0.244027261 WIIM 0.194902703 0.415864782 0.232581225
Lampiran 3
Tobin’s Q Perusahaan Manufaktur Tahun 2013-2015
Emiten 2013 2014 2015 ADES 3.07 2.02 1.41 AISA 1.36 1.43 0.99 AKPI 0.77 0.79 0.82 AMFG 1.08 1.08 0.87 ASII 1.79 1.76 1.47 AUTO 1.64 1.70 0.83 BATA 2.44 2.30 1.78 BTON 0.77 0.72 0.61 BUDI 0.82 0.81 0.75 CEKA 0.83 0.93 0.84 CPIN 3.89 3.45 2.22 DLTA 7.24 6.53 4.19 DPNS 0.74 0.56 0.59 DVLA 2.30 1.75 1.35 EKAD 1.10 1.21 0.97 GGRM 2.01 4.66 2.07 HMSP 10.46 11.13 11.66 ICBP 3.17 3.46 3.34 IGAR 1.19 1.12 0.76 IMAS 1.31 1.18 0.99 INAI 0.96 0.96 0.92 INCI 0.39 0.36 0.42 INDF 1.25 1.21 1.03 INDS 0.84 0.66 0.34 INTP 2.90 3.34 3.11 JECC 1.23 1.17 0.88 JPFA 1.52 1.31 0.71 KAEF 1.67 3.13 1.92 KBLI 0.76 0.72 0.65 KBLM 0.86 0.82 0.77 KDSI 0.75 0.74 0.74 KICI 0.63 0.57 0.56 KLBF 5.43 7.11 4.72 LION 1.42 1.07 1.14
LMSH 0.76 0.61 0.57 MERK 6.34 5.23 4.99 MLBI 14.63 12.04 8.86 MYOR 2.99 2.42 2.95 NIPS 1.00 1.12 1.01 PICO 0.80 0.78 0.71 PYFA 0.91 0.86 0.74 RICY 0.76 0.76 0.75 ROTI 3.40 3.82 2.93 SCCO 1.11 1.00 0.91 SIDO 3.67 3.31 3.02 SKBM 1.43 1.91 1.71 SKLT 0.95 1.16 1.27 SMBR 1.29 1.35 0.97 SMGR 3.02 3.07 2.05 SMSM 3.33 4.25 3.44 SQBB 0.41 0.41 0.45 SRSN 0.97 0.94 0.93 STAR 0.67 0.68 0.66 STTP 1.91 2.74 2.53 TALF 1.83 1.87 1.44 TCID 1.83 2.21 1.77 TOTO 2.59 2.34 3.33 TRIS 1.26 1.12 0.97 TRST 0.69 0.79 0.68 TSPC 2.99 2.57 1.56 ULTJ 4.91 3.91 3.43 UNIT 0.52 0.51 0.51 UNVR 15.54 17.94 18.64 WIIM 1.51 1.35 1.17
Lampiran 4
Voluntary Disclosure Perusahaan Manufaktur Tahun 2013-2015
Emiten 2013 2014 2015 ADES 0.72 0.74 0.8 AISA 0.86 0.92 0.92 AKPI 0.72 0.82 0.82 AMFG 0.94 0.92 0.94 ASII 0.82 0.82 0.84 AUTO 0.86 0.86 0.92 BATA 0.8 0.76 0.8 BTON 0.82 0.82 0.82 BUDI 0.82 0.84 0.86 CEKA 0.52 0.58 0.64 CPIN 0.82 0.82 0.84 DLTA 0.72 0.78 0.78 DPNS 0.8 0.82 0.86 DVLA 0.74 0.8 0.8 EKAD 0.78 0.82 0.8 GGRM 0.74 0.76 0.78 HMSP 0.7 0.74 0.84 ICBP 0.88 0.86 0.92 IGAR 0.84 0.84 0.84 IMAS 0.8 0.86 0.84 INAI 0.64 0.76 0.74 INCI 0.74 0.72 0.8 INDF 0.84 0.84 0.88 INDS 0.78 0.78 0.78 INTP 0.8 0.82 0.88 JECC 0.84 0.84 0.88 JPFA 0.88 0.9 0.92 KAEF 0.72 0.88 0.92 KBLI 0.8 0.78 0.76 KBLM 0.88 0.86 0.96 KDSI 0.82 0.78 0.82 KICI 0.78 0.76 0.76 KLBF 0.82 0.88 0.9 LION 0.78 0.78 0.82 LMSH 0.74 0.8 0.8 MERK 0.78 0.82 0.86
MLBI 0.76 0.78 0.8 MYOR 0.86 0.88 0.86 NIPS 0.76 0.76 0.76 PICO 0.66 0.66 0.66 PYFA 0.78 0.76 0.8 RICY 0.8 0.78 0.82 ROTI 0.82 0.82 0.84 SCCO 0.86 0.88 0.9 SIDO 0.8 0.86 0.9 SKBM 0.8 0.82 0.82 SKLT 0.72 0.8 0.76 SMBR 0.74 0.84 0.88 SMGR 0.7 0.92 0.94 SMSM 0.86 0.82 0.88 SQBB 0.62 0.66 0.66 SRSN 0.86 0.88 0.84 STAR 0.8 0.78 0.84 STTP 0.74 0.74 0.72 TALF 0.72 0.72 0.74 TCID 0.8 0.82 0.84 TOTO 0.72 0.88 0.92 TRIS 0.86 0.92 0.9 TRST 0.7 0.78 0.74 TSPC 0.68 0.68 0.68 ULTJ 0.72 0.78 0.8 UNIT 0.7 0.8 0.84 UNVR 0.9 0.92 0.92 WIIM 0.88 0.9 0.9
LAMPIRAN 5
Statistik Deskriptif
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Penghindaran Pajak 192 .01 37.06 .6322 2.76192
Nilai Perusahaan 192 .34 18.64 2.2855 2.89843
Transparansi 192 .52 .96 .8067 .07425
Valid N (listwise) 192
Pengujian Normalitas Tahap Pertama
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 192
Normal Parametersa,,b Mean .0000000
Std. Deviation .81149407
Most Extreme Differences Absolute .105
Positive .105
Negative -.075
Kolmogorov-Smirnov Z 1.453
Asymp. Sig. (2-tailed) .029
a. Test distribution is Normal. b. Calculated from data.
Casewise Diagnosticsa
Case
Number Std. Residual Nilai Perusahaan Predicted Value Residual
191 3.043 2.93 .4492 2.47609
Pengujian Normalitas Tahap Kedua
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 191
Normal Parametersa,,b Mean .0000000
Std. Deviation .79343516
Most Extreme Differences Absolute .104
Positive .104
Negative -.073
Kolmogorov-Smirnov Z 1.433
Asymp. Sig. (2-tailed) .033
a. Test distribution is Normal. b. Calculated from data.
Casewise Diagnosticsa
Case
Number Std. Residual Nilai Perusahaan Predicted Value Residual
127 3.080 2.89 .4366 2.45044
a. Dependent Variable: Nilai Perusahaan
Pengujian Normalitas Tahap Ketiga (Jarak 2.9)
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 190
Normal Parametersa,,b Mean .0000000
Std. Deviation .77519029
Most Extreme Differences Absolute .102
Positive .102
Negative -.071
Kolmogorov-Smirnov Z 1.410
Casewise Diagnosticsa
Case
Number Std. Residual Nilai Perusahaan Predicted Value Residual
63 2.994 2.74 .4163 2.32713
a. Dependent Variable: Nilai Perusahaan
Pengujian Normalitas Tahap Keempat
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 189
Normal Parametersa,,b Mean .0000000
Std. Deviation .75838656
Most Extreme Differences Absolute .101
Positive .101
Negative -.069
Kolmogorov-Smirnov Z 1.385
Asymp. Sig. (2-tailed) .043
a. Test distribution is Normal. b. Calculated from data.
Casewise Diagnosticsa
Case
Number Std. Residual Nilai Perusahaan Predicted Value Residual
37 2.969 2.68 .4251 2.25796
Pengujian Normalitas Tahap Kelima
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 188
Normal Parametersa,,b Mean .0000000
Std. Deviation .74215558
Most Extreme Differences Absolute .098
Positive .098
Negative -.067
Kolmogorov-Smirnov Z 1.348
Asymp. Sig. (2-tailed) .053
a. Test distribution is Normal. b. Calculated from data.
Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .176a .031 .026 .74415 1.826
a. Predictors: (Constant), Penghindaran Pajak b. Dependent Variable: Nilai Perusahaan
ANOVAb
Model Sum of Squares df Mean Square F Sig.
1 Regression 3.281 1 3.281 5.925 .016a
Residual 102.999 186 .554
Total 106.280 187
a. Predictors: (Constant), Penghindaran Pajak b. Dependent Variable: Nilai Perusahaan
Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) .185 .090 2.049 .042 Penghindaran Pajak -.149 .061 -.176 -2.434 .016
Runs Test
Unstandardized Residual
Test Valuea -.15636
Cases < Test Value 94
Cases >= Test Value 94
Total Cases 188
Pengujian Moderasi dengan Pendekatan MRA Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) 2.551 1.779 1.433 .153 Penghindaran Pajak -2.414 2.192 -3.372 -1.101 .272 .001 1743.827 Transparansi -.604 2.177 -.022 -.277 .782 .833 1.200 XZ 2.771 2.565 3.311 1.080 .281 .001 1746.058
a. Dependent Variable: Nilai Perusahaan
Pengujian Moderasi dengan Pendekatan Residual
Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) .059 .004 15.636 .000 Nilai Perusahaan -.004 .004 -.071 -.972 .332
