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Lampiran 1. Daftar Perusahaan Penerbit Sukuk Tahun 2014 – 2018
No. Kode Nama Perusahaan
1. AGII Aneka Gas Industri 2. AISA TPS Food
3. APAI Angkasa Pura 4. ISAT Indosat 5. PPLN PLN
6. SSMM Sumberdaya Sewatama 7. TINS Timah
8. ADMF Adira Finance 9. ASDF Astra Sedaya Finance 10. BEXI Indonesia Eximbank 11. BNGA Bank CIMB Niaga 12. BNII Bank Maybank 13. BSBR Bank Nagari 14. BSSB Bank Sulselbar
15. LPPI Lontar Papyrus Pulp & Paper Industry 16. SMII Sarana Multi Infrastruktur
Lampiran 2. Hasil Deskripstive Statistik Statistik Peringkat
Sukuk
Status
Jaminan Profitabilitas Struktur
Sukuk GCG
Mean 2,94 0,29 0,31 0 5,52
Maximum 10 1 7,756 1 12
Minimum 6 0 -0,443 0 2
Std. Dev 1,218 0,458 1,202 0,459 2,500
Lampiran 3. Data Peringkat Sukuk
Kode Tahun
2014 Skala 2015 Skala 2016 Skala 2017 Skala 2018 Skala AGII idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 AISA idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 idA-(sy) 6 APAI idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 ISAT idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 PPLN idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 TINS idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 ADMF idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 ASDF idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 BEXI idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 BNGA idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 BNII idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 BSBR idA(sy) 7 idA(sy) 7 idA(sy) 7 idA(sy) 7 idA(sy) 7 BSSB idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 LPPI idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 idA+(sy) 8 SMII idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10 idAAA(sy) 10
Lampiran 4. Data Status Jaminan
Kode Nama
Perusahaan Jenis Jaminan Tahun
2014 2015 2016 2017 2018 AGII Aneka Gas
Industri
Dijamin dengan kesanggupan penuh
1 1 1 1 1
AISA TPS Food Dijamin dengan kesanggupan penuh
1 1 1 1 1
APAI Angkasa Pura 0 0 0 0 0
ISAT Indosat Dijamin dengan kesanggupan penuh
1 1 1 1 1
PPLN PLN 0 0 0 0 0
SSMM Sumberdaya Sewatama
0 0 0 0 0
TINS Timah 0 0 0 0 0
ADMF Adira Finance 0 0 0 0 0
ASDF Astra Sedaya Finance
0 0 0 0 0
BEXI Indonesia Eximbank
0 0 0 0 0
BNGA Bank CIMB Niaga
0 0 0 0 0
BNII Bank Maybank 0 0 0 0 0
BSBR Bank Nagari Sukuk dijamin dengan
seluruh
kekayaan bank
1 1 1 1 1
BSSB Bank Sulselbar Sukuk dijamin dengan
seluruh
kekayaan bank
1 1 1 1 1
LPPI Lontar Papyrus Pulp&Paper Industry
0 0 0 0 0
SMII Sarana Multi Infrastruktur
0 0 0 0 0
Lampiran 5. Data Profitabilitas
Kode Nama Perusahaan Tahun
2014 2015 2016 2017 2018 AGII Aneka Gas Industri 0,016 0,121 0,011 0,015 0,017
AISA TPS Food 0,051 0,041 0,078 0,097 0,041
APAI Angkasa Pura 0,063 0,05 0,049 0,057 0,063
ISAT Indosat 0,035 0,021 0,025 0,026 0,039
PPLN PLN 0,018 4,585 6,046 3,317 7,756
SSMM Sumberdaya Sewatama 0,002 -0,253 -0,443 -0,241 -0,234
TINS Timah 0,068 0,011 0,03 0,043 0,038
ADMF Adira Finance 0,026 0,024 0,037 0,048 0,058 ASDF Astra Sedaya Finance 0,032 0,041 0,023 0,031 0,039 BEXI Indonesia Eximbank 0,574 0,52 0,565 0,009 0,016 BNGA Bank CIMB Niaga 0,105 0,003 0,22 0,112 0,12 BNII Bank Maybank 0,005 0,008 0,102 0,109 0,013 BSBR Bank Nagari 0,106 0,163 0,165 0,141 0,148 BSSB Bank Sulselbar 0,04 0,435 0,037 0,307 0,287
LPPI Lontar Papyrus
Pulp&Paper Industry
0,026 0,551 0,064 0,528 0,253 SMII Sarana Multi Infrastruktur 0,026 0,089 0,028 0,312 0,244
Lampiran 6. Data Struktur Sukuk
Kode Nama Perusahaan Tahun
2014 2015 2016 2017 2018
AGII Aneka Gas Industri 1 1 1 1 1
AISA TPS Food 1 1 1 1 1
APAI Angkasa Pura 1 1 1 1 1
ISAT Indosat 1 1 1 1 1
PPLN PLN 1 1 1 1 1
SSMM Sumberdaya Sewatama 1 1 1 1 1
TINS Timah 1 1 1 1 1
ADMF Adira Finance 0 0 0 0 0
ASDF Astra Sedaya Finance 0 0 0 0 0
BEXI Indonesia Eximbank 0 0 0 0 0
BNGA Bank CIMB Niaga 0 0 0 0 0
BNII Bank Maybank 0 0 0 0 0
BSBR Bank Nagari 0 0 0 0 0
BSSB Bank Sulselbar 0 0 0 0 0
LPPI Lontar Papyrus Pulp&Paper Industry
0 0 0 0 0
SMII Sarana Multi
Infrastruktur
0 0 0 0 0
Lampiran 7. Data Tata Kelola Perusahaan (GCG)
Kode Nama Perusahaan Tahun
2014 2015 2016 2017 2018
AGII Aneka Gas Industri 7 7 7 7 7
AISA TPS Food 3 3 3 3 3
APAI Angkasa Pura 7 7 7 7 7
ISAT Indosat 5 5 5 5 5
PPLN PLN 12 12 12 12 12
SSMM Sumberdaya Sewatama 2 2 2 2 2
TINS Timah 4 4 4 4 4
ADMF Adira Finance 5 5 5 5 5
ASDF Astra Sedaya Finance 4 4 4 4 4
BEXI Indonesia Eximbank 5 5 5 5 5
BNGA Bank CIMB Niaga 11 11 11 11 11
BNII Bank Maybank 4 4 4 4 4
BSBR Bank Nagari 5 5 5 5 5
BSSB Bank Sulselbar 4 4 4 4 4
LPPI Lontar Papyrus Pulp &
Paper Industry
5 5 5 5 5
SMII Sarana Multi Infrastruktur 5 5 5 5 5
Lampiran 8. Data Penelitian Semua Variabel
NAMA PERUSAHAAN Tahun Y X1 X2 X3 X4 & M
Aneka Gas Industri 2014 6 0,016 1 1 7
Aneka Gas Industri 2015 6 0,121 1 1 7
Aneka Gas Industri 2016 6 0,011 1 1 7
Aneka Gas Industri 2017 6 0,015 1 1 7
Aneka Gas Industri 2018 6 0,017 1 1 7
TPS Food 2014 6 0,051 1 1 3
TPS Food 2015 6 0,041 1 1 3
TPS Food 2016 6 0,078 1 1 3
TPS Food 2017 6 0,097 1 1 3
TPS Food 2018 6 0,041 1 1 3
Angkasa Pura 2014 10 0,063 1 0 7
Angkasa Pura 2015 10 0,050 1 0 7
Angkasa Pura 2016 10 0,049 1 0 7
Angkasa Pura 2017 10 0,057 1 0 7
Angkasa Pura 2018 10 0,063 1 0 7
Indosat 2014 10 0,035 1 1 5
Indosat 2015 10 0,021 1 1 5
Indosat 2016 10 0,025 1 1 5
Indosat 2017 10 0,026 1 1 5
Indosat 2018 10 0,039 1 1 5
PLN 2014 10 0,018 1 0 12
PLN 2015 10 4,585 1 0 12
PLN 2016 10 6,046 1 0 12
PLN 2017 10 3,317 1 0 12
PLN 2018 10 7,756 1 0 12
Sumberdaya Sewatama 2014 8 0,002 1 0 2
Sumberdaya Sewatama 2015 8 -0,253 1 0 2
Sumberdaya Sewatama 2016 8 -0,443 1 0 2
Sumberdaya Sewatama 2017 8 -0,241 1 0 2
Timah 2014 8 0,068 1 0 4
Timah 2015 8 0,011 1 0 4
Timah 2016 8 0,030 1 0 4
Timah 2017 8 0,043 1 0 4
Timah 2018 8 0,038 1 0 4
Adira Finance 2014 10 0,026 0 0 5
Adira Finance 2015 10 0,024 0 0 5
Adira Finance 2016 10 0,037 0 0 5
Adira Finance 2017 10 0,048 0 0 5
Adira Finance 2018 10 0,058 0 0 5
Astra Sedaya Finance 2014 10 0,032 0 0 4
Astra Sedaya Finance 2015 10 0,041 0 0 4
Astra Sedaya Finance 2016 10 0,023 0 0 4
Astra Sedaya Finance 2017 10 0,031 0 0 4
Astra Sedaya Finance 2018 10 0,039 0 0 4
Indonesia Eximbank 2014 10 0,574 0 0 5
Indonesia Eximbank 2015 10 0,520 0 0 5
Indonesia Eximbank 2016 10 0,565 0 0 5
Indonesia Eximbank 2017 10 0,009 0 0 5
Indonesia Eximbank 2018 10 0,016 0 0 5
Bank CIMB Niaga 2014 10 0,105 0 0 11
Bank CIMB Niaga 2015 10 0,003 0 0 11
Bank CIMB Niaga 2016 10 0,220 0 0 11
Bank CIMB Niaga 2017 10 0,112 0 0 11
Bank CIMB Niaga 2018 10 0,120 0 0 11
Bank Maybank 2014 10 0,005 0 0 4
Bank Maybank 2015 10 0,008 0 0 4
Bank Maybank 2016 10 0,102 0 0 4
Bank Maybank 2017 10 0,109 0 0 4
Bank Maybank 2018 10 0,013 0 0 4
Bank Nagari 2014 7 0,106 0 1 5
Bank Nagari 2015 7 0,163 0 1 5
Bank Nagari 2016 7 0,165 0 1 5
Bank Nagari 2017 7 0,141 0 1 5
Bank Nagari 2018 7 0,148 0 1 5
Bank Sulselbar 2014 8 0,040 0 1 4
Bank Sulselbar 2015 8 0,435 0 1 4
Bank Sulselbar 2016 8 0,037 0 1 4
Bank Sulselbar 2017 8 0,307 0 1 4
Bank Sulselbar 2018 8 0,287 0 1 4
Lontar Papyrus Pulp &
Paper Industry
2014 8 0,026 0 0 5
Lontar Papyrus Pulp &
Paper Industry
2015 8 0,551 0 0 5
Lontar Papyrus Pulp &
Paper Industry
2016 8 0,064 0 0 5
Lontar Papyrus Pulp &
Paper Industry
2017 8 0,528 0 0 5
Lontar Papyrus Pulp &
Paper Industry
2018 8 0,253 0 0 5
Sarana Multi Infrastruktur 2014 10 0,026 0 0 5 Sarana Multi Infrastruktur 2015 10 0,089 0 0 5 Sarana Multi Infrastruktur 2016 10 0,028 0 0 5 Sarana Multi Infrastruktur 2017 10 0,312 0 0 5 Sarana Multi Infrastruktur 2018 10 0,244 0 0 5
Lampiran 9. Uji Normalitas
0 4 8 12 16 20 24 28
-2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0
Series: Standardized Residuals Sample 2014 2018
Observations 78
Mean 3.87e-16 Median 0.151276 Maximum 1.875021 Minimum -1.888613 Std. Dev. 0.880146 Skewness -0.030124 Kurtosis 2.690278
Jarque-Bera 0.323562 Probability 0.850628
Lampiran 10. Uji Chow Fixed Effect Model
Redundant Fixed Effects Tests Equation: Untitled
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 9.904790 (15,55) 0.0000
Cross-section Chi-square 102.077495 15 0.0000
Cross-section fixed effects test equation:
Dependent Variable: Y Method: Panel Least Squares Date: 02/07/20 Time: 19:41 Sample: 2014 2018
Periods included: 5
Cross-sections included: 16
Total panel (unbalanced) observations: 78
Variable Coefficient Std. Error t-Statistic Prob.
C 2.946349 0.420547 7.005991 0.0000
X1 0.792027 0.842732 0.939833 0.3505
X2 0.414526 1.160130 2.357310 0.0211
X3 0.668161 0.631850 2.736004 0.0042
X4 0.137809 0.068492 1.350721 0.0529
X1M1 -0.296078 0.168634 -1.755740 0.2225
X2M2 0.061443 0.096151 2.639025 0.0203
X3M3 0.347989 0.107539 3.235943 0.0019
R-squared 0.456727 Mean dependent var 3.051282 Adjusted R-squared 0.402400 S.D. dependent var 1.194114 S.E. of regression 0.923105 Akaike info criterion 2.774767 Sum squared resid 59.64857 Schwarz criterion 3.016480 Log likelihood -100.2159 Hannan-Quinn criter. 2.871529 F-statistic 8.406959 Durbin-Watson stat 0.694257 Prob(F-statistic) 0.000000
Lampiran 11. Uji Hausman Regresi
Correlated Random Effects - Hausman Test Equation: Untitled
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section random 23.269217 7 0.0015
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
X1 -0.029937 0.271060 0.095779 0.3308
X2 0.203738 0.136521 0.040045 0.7370
X3 -2.859017 -2.340463 0.145544 0.1741
X4 -0.022545 0.004072 0.000265 0.1019
X1M1 -0.090250 -0.138724 0.002912 0.3691
X2M2 0.004796 -0.003972 0.000347 0.6380
X3M3 0.208481 0.252564 0.001134 0.1906
Cross-section random effects test equation:
Dependent Variable: Y Method: Panel Least Squares Date: 02/07/20 Time: 19:43 Sample: 2014 2018
Periods included: 5
Cross-sections included: 16
Total panel (unbalanced) observations: 78
Variable Coefficient Std. Error t-Statistic Prob.
C 3.921552 0.366277 10.70651 0.0000
X1 -0.029937 0.739204 -0.040499 0.9678
X2 0.203738 0.771139 0.264204 0.7926
X3 -2.859017 0.615346 -4.646194 0.0000
X4 -0.022545 0.052287 -0.431170 0.6680
X1M1 -0.090250 0.142643 -0.632699 0.5296
X2M2 0.004796 0.065285 0.073462 0.9417
X3M3 0.208481 0.083428 2.498923 0.0155
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.853221 Mean dependent var 3.051282 Adjusted R-squared 0.794510 S.D. dependent var 1.194114 S.E. of regression 0.541304 Akaike info criterion 1.850696 Sum squared resid 16.11554 Schwarz criterion 2.545623 Log likelihood -49.17715 Hannan-Quinn criter. 2.128888 F-statistic 14.53245 Durbin-Watson stat 1.238485 Prob(F-statistic) 0.000000
Lampiran 12. Hasil Uji Lagrange Mulltiplier
Lagrange Multiplier Tests for Random Effects Null hypotheses: No effects
Alternative hypotheses: Two-sided (Breusch-Pagan) and one-sided (all others) alternatives
Test Hypothesis
Cross-section Time Both
Breusch-Pagan 0.859645 1.904125 2.763770
(0.3538) (0.1676) (0.0964)
Honda 0.927170 -1.379900 -0.320128
(0.1769) -- --
King-Wu 0.927170 -1.379900 -0.798709
(0.1769) -- --
Standardized Honda 1.820066 -1.204880 -3.458359
(0.0344) -- --
Standardized King-Wu 1.820066 -1.204880 -3.518433
(0.0344) -- --
Gourierioux, et al.* -- -- 0.859645
(>= 0.10)
*Mixed chi-square asymptotic critical values:
1% 7.289
5% 4.321
10% 2.952
