Dari kesimpulan dan keterbatasan dalam penelitian ini, maka saran yang diberikan penelitian selanjutnya adalah:
1. Bagi perusahaan khususnya property and real estate mampu mengembangkan Intellectual Capital dengan baik.
2. Untuk penelitian selanjutnya, diharapkan dapat menambahkan indicator perusahaan serta memperluas sampel penelitian yang tidak hanya di bidang Property namun di bidang lainnya seperti Manufaktur atau Jasa-jasa non keuangan lainya.
3. Untuk penelitian selanjutnya, diharapkan dapat menggunakan jenis pengukuran lainny selain ROA atau pengukuran kinerja lain seperti balance scorecard untuk bisa mengetahui pengaruh terhadap kinerja perusahaan secara keseluruhan, tidak hanya pada bidang financial.
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LAMPIRAN LAMPIRAN 1
TABEL DATA PENELITIAN MODEL 1
NO KODE TAHUN ROA VAHU STVA VACA DIVER
1 APLN 2014 0.04 8.60 0.88 3.98 1.00
APLN 2015 0.05 7.85 0.87 3.99 1.00
APLN 2016 0.04 8.04 0.88 4.87 0.73
2 ASRI 2014 0.07 30.06 0.97 2.84 1.00
ASRI 2015 0.04 14.60 0.93 3.70 1.00
ASRI 2016 0.03 15.72 0.94 4.91 1.00
3 BAPA 2014 0.04 13.73 0.93 5.43 1.00
BAPA 2015 0.01 6.12 0.84 15.04 1.00
BAPA 2016 0.01 7.75 0.87 15.97 1.00
4 BEST 2014 0.11 18.05 0.94 1.88 0.79
BEST 2015 0.05 11.86 0.92 2.61 0.73
BEST 2016 0.06 12.44 0.92 1.98 0.71
5 BIPP 2014 0.03 4.91 0.80 1.63 1.00
BIPP 2015 0.09 4.90 0.80 0.28 1.00
BIPP 2016 0.02 2.98 0.66 1.07 1.00
6 BKDP 2014 0.01 8.72 0.89 13.50 1.00
BKDP 2015 -0.04 4.77 0.79 -1.60 1.00
BKDP 2016 -0.04 3.18 0.69 -1.18 1.00
7 BSDE 2014 0.14 6.94 0.86 1.09 1.00
BSDE 2015 0.07 6.43 0.84 1.96 1.00
BSDE 2016 0.05 6.43 0.84 2.36 0.99
8 COWL 2014 0.04 5.49 0.82 2.50 1.00
COWL 2015 -0.05 3.48 0.71 -1.94 1.00
COWL 2016 -0.01 3.00 0.67 -13.55 1.15
9 CTRA 2014 0.08 12.19 0.92 3.17 1.00
CTRA 2015 0.07 12.02 0.92 3.85 1.00
CTRA 2016 0.04 9.16 0.89 5.04 1.00
10 DART 2014 0.08 21.53 0.95 2.83 1.00
DART 2015 0.03 11.34 0.91 3.97 1.00
DART 2016 0.03 9.98 0.90 3.16 0.54
11 DILD 2014 0.05 9.86 0.90 3.42 0.94
DILD 2015 0.04 10.08 0.90 4.34 0.82
DILD 2016 0.03 8.63 0.88 6.00 1.00
12 DMAS 2014 0.13 71.92 0.986 1.54 1.00
DMAS 2015 0.17 76.86 0.987 1.58 1.00
DMAS 2016 0.10 49.78 0.98 2.00 1.00
13 DUTI 2014 0.09 6.10 0.84 1.63 1.00
DUTI 2015 0.07 5.91 0.83 1.85 1.00
DUTI 2016 0.09 8.19 0.88 1.86 1.00
14 EMDE 2014 0.04 8.64 0.88 5.74 1.00
EMDE 2015 0.05 7.17 0.86 4.51 1.00
EMDE 2016 0.05 7.30 0.86 4.41 1.00
15 GAMA 2014 0.03 14.05 0.93 2.97 0.92
GAMA 2015 0.00 9.90 0.90 19.42 0.62
GAMA 2016 0.00 4.03 0.75 30.63 0.57
16 GMTD 2014 0.08 14.00 0.93 2.32 1.00
GMTD 2015 0.09 13.72 0.93 2.43 1.00
GMTD 2016 0.07 14.22 0.93 3.04 0.91
17 GPRA 2014 0.06 12.08 0.92 4.62 1.00
GPRA 2015 0.05 7.94 0.87 4.27 1.00
GPRA 2016 0.03 7.07 0.86 6.80 1.00
18 GWSA 2014 0.11 3.02 0.67 0.23 1.00
GWSA 2015 0.186 0.26 -2.79 0.01 1.00
GWSA 2016 0.03 2.05 0.51 0.35 1.00
19 JRPT 2014 0.11 13.62 0.93 2.49 0.68
JRPT 2015 0.11 11.79 0.92 2.28 0.75
JRPT 2016 0.12 11.90 0.92 2.17 1.01
20 KIJA 2014 0.05 17.01 0.94 5.42 0.52
KIJA 2015 0.03 11.42 0.91 6.44 0.53
KIJA 2016 0.04 13.24 0.92 5.32 0.97
21 LPCK 2014 0.193 48.14 0.98 2.01 0.67
LPCK 2015 0.17 41.13 0.98 2.15 0.80
LPCK 2016 0.10 21.74 0.95 2.63 0.71
22 LPKR 2014 0.08 12.73 0.92 3.30 0.53
LPKR 2015 0.02 7.41 0.86 7.36 0.52
LPKR 2016 0.03 7.63 0.87 7.28 0.50
23 MDLN 2014 0.07 13.56 0.93 2.76 1.00
MDLN 2015 0.07 8.73 0.89 1.71 1.00
MDLN 2016 0.03 10.24 0.90 2.68 0.50
24 MKPI 2014 0.10 14.72 0.93 2.50 0.53
MKPI 2015 0.16 23.62 0.96 2.26 0.54
MKPI 2016 0.18 26.88 0.96 2.04 0.51
25 MTLA 2014 0.10 8.44 0.88 3.06 0.98
MTLA 2015 0.07 7.36 0.86 3.70 1.02
MTLA 2016 0.08 7.37 0.86 2.94 1.00
26 MTSM 2014 -0.01 7.55 0.87 -14.87 1.00
MTSM 2015 -0.05 6.65 0.85 -3.99 1.00
MTSM 2016 -0.03 8.46 0.88 -9.07 0.99
27 NIRO 2014 -0.04 2.97 0.66 -0.82 0.62
NIRO 2015 -0.01 8.37 0.88 -14.68 0.06
NIRO 2016 -0.01 2.63 0.62 -5.45 1.03
28 PLIN 2014 0.01 9.58 0.90 31.65 1.00
PLIN 2015 0.06 9.96 0.90 4.33 1.00
PLIN 2016 0.16 9.66 0.90 1.75 0.86
29 PUDP 2014 0.04 4.19 0.76 3.78 1.00
PUDP 2015 0.06 7.71 0.87 3.91 1.00
PUDP 2016 0.04 8.11 0.88 5.12 1.00
30 PWON 2014 0.15 41.12 0.98 1.31 1.00
PWON 2015 0.07 33.11 0.97 2.92 1.00
PWON 2016 0.09 24.07 0.96 2.35 0.93
31 RBMS 2014 0.02 14.60 0.93 13.53 1.00
RBMS 2015 -0.02 5.18 0.81 -4.44 1.00
RBMS 2016 -0.04 4.68 0.79 -1.88 1.00
32 RDTX 2014 0.14 44.25 0.98 1.81 0.86
RDTX 2015 0.14 54.38 0.98 1.58 1.00
RDTX 2016 0.12 45.00 0.98 1.48 1.00
33 RODA 2014 0.17 15.32 0.93 1.19 1.00
RODA 2015 0.15 17.87 0.94 1.94 1.00
RODA 2016 0.02 8.90 0.89 7.04 1.00
34 SCBD 2014 0.02 4.33 0.77 4.41 0.60
SCBD 2015 0.03 3.84 0.74 3.66 0.68
SCBD 2016 0.06 3.27 0.69 1.59 0.71
35 SMDM 2014 0.01 6.49 0.85 8.10 1.00
SMDM 2015 0.02 6.53 0.85 6.47 1.00
SMDM 2016 0.01 4.50 0.78 19.67 0.99
36 TARA 2014 0.00 3.72 0.73 17.05 1.00
TARA 2015 0.00 8.56 0.88 38.27 0.81
TARA 2016 0.00 2.97 0.66 7.25 0.91
LAMPIRAN 2
TABEL PENELITIAN DATA MODEL 2
NO KODE TAHUN ROA VAIC DIVER
1 APLN 2014 0.04 13.46 1.00
APLN 2015 0.05 12.71 1.00
APLN 2016 0.04 13.79 0.73
2 ASRI 2014 0.07 33.86 1.00
ASRI 2015 0.04 19.22 1.00
ASRI 2016 0.03 21.57 1.00
3 BAPA 2014 0.04 20.09 1.00
BAPA 2015 0.01 21.99 1.00
BAPA 2016 0.01 24.59 1.00
4 BEST 2014 0.11 20.88 0.79
BEST 2015 0.05 15.39 0.73
BEST 2016 0.06 15.34 0.71
5 BIPP 2014 0.03 7.33 1.00
BIPP 2015 0.09 5.98 1.00
BIPP 2016 0.02 4.71 1.00
6 BKDP 2014 0.01 23.10 1.00
BKDP 2015 -0.04 3.96 1.00
BKDP 2016 -0.04 2.68 1.00
7 BSDE 2014 0.14 8.89 1.00
BSDE 2015 0.07 9.24 1.00
BSDE 2016 0.05 9.63 0.99
8 COWL 2014 0.04 8.81 1.00
COWL 2015 -0.05 2.26 1.00
COWL 2016 -0.01 -9.89 1.15
9 CTRA 2014 0.08 16.28 1.00
CTRA 2015 0.07 16.79 1.00
CTRA 2016 0.04 15.09 1.00
10 DART 2014 0.08 25.31 1.00
DART 2015 0.03 16.22 1.00
DART 2016 0.03 14.04 0.54
11 DILD 2014 0.05 14.18 0.94
DILD 2015 0.04 15.32 0.82
DILD 2016 0.03 15.52 1.00
12 DMAS 2014 0.13 74.44 1.00
DMAS 2015 0.17 79.42 1.00
DMAS 2016 0.10 52.77 1.00
13 DUTI 2014 0.09 8.57 1.00
DUTI 2015 0.07 8.59 1.00
DUTI 2016 0.09 10.93 1.00
14 EMDE 2014 0.04 15.26 1.00
EMDE 2015 0.05 12.53 1.00
EMDE 2016 0.05 12.57 1.00
15 GAMA 2014 0.03 17.95 0.92
GAMA 2015 0.00 30.22 0.62
GAMA 2016 0.00 35.42 0.57
16 GMTD 2014 0.08 17.25 1.00
GMTD 2015 0.09 17.08 1.00
GMTD 2016 0.07 18.19 0.91
17 GPRA 2014 0.06 17.62 1.00
GPRA 2015 0.05 13.08 1.00
GPRA 2016 0.03 14.73 1.00
18 GWSA 2014 0.11 3.93 1.00
GWSA 2015 0.19 -2.51 1.00
GWSA 2016 0.03 2.91 1.00
19 JRPT 2014 0.11 17.04 0.68
JRPT 2015 0.11 14.99 0.75
JRPT 2016 0.12 14.99 1.01
20 KIJA 2014 0.05 23.37 0.52
KIJA 2015 0.03 18.77 0.53
KIJA 2016 0.04 19.48 0.97
21 LPCK 2014 0.19 51.12 0.67
LPCK 2015 0.17 44.25 0.80
LPCK 2016 0.10 25.33 0.71
22 LPKR 2014 0.08 16.95 0.53
LPKR 2015 0.02 15.63 0.52
LPKR 2016 0.03 15.78 0.50
23 MDLN 2014 0.07 17.25 1.00
MDLN 2015 0.07 11.33 1.00
MDLN 2016 0.03 13.82 0.50
24 MKPI 2014 0.10 18.15 0.53
MKPI 2015 0.16 26.83 0.54
MKPI 2016 0.18 29.88 0.51
25 MTLA 2014 0.10 12.39 0.98
MTLA 2015 0.07 11.92 1.02
MTLA 2016 0.08 11.17 1.00
26 MTSM 2014 -0.01 -6.45 1.00
MTSM 2015 -0.05 3.50 1.00
MTSM 2016 -0.03 0.28 0.99
27 NIRO 2014 -0.04 2.81 0.62
NIRO 2015 -0.01 -5.43 0.06
NIRO 2016 -0.01 -2.20 1.03
28 PLIN 2014 0.01 42.12 1.00
PLIN 2015 0.06 15.18 1.00
PLIN 2016 0.16 12.31 0.86
29 PUDP 2014 0.04 8.73 1.00
PUDP 2015 0.06 12.50 1.00
PUDP 2016 0.04 14.11 1.00
30 PWON 2014 0.15 43.40 1.00
PWON 2015 0.07 37.00 1.00
PWON 2016 0.09 27.38 0.93
31 RBMS 2014 0.02 29.06 1.00
RBMS 2015 -0.02 1.55 1.00
RBMS 2016 -0.04 3.59 1.00
32 RDTX 2014 0.14 47.03 0.86
RDTX 2015 0.14 56.95 1.00
RDTX 2016 0.12 47.46 1.00
33 RODA 2014 0.17 17.44 1.00
RODA 2015 0.15 20.76 1.00
RODA 2016 0.02 16.82 1.00
34 SCBD 2014 0.02 9.50 0.60
SCBD 2015 0.03 8.24 0.68
SCBD 2016 0.06 5.56 0.71
35 SMDM 2014 0.01 15.44 1.00
SMDM 2015 0.02 13.85 1.00
SMDM 2016 0.01 24.94 0.99
36 TARA 2014 0.00 21.51 1.00
TARA 2015 0.00 47.72 0.81
TARA 2016 0.00 10.88 0.91
LAMPIRAN 3
HASIL UJI PENELITIAN MODEL 1
1. Hasil Uji Deskriptif Statistik
2. Hasil Uji Normalitas
3. Hasil Uji Multikolineritas
4. Hasil Uji Heteroskedastisitas
Dependent Variable: LNRESID
Method: Panel EGLS (Cross-section random effects) Date: 07/25/17 Time: 16:56
Sample: 2014 2016 Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
VAHU 0.029789 0.020807 1.431647 0.1553
STVA -0.461197 0.616938 -0.747557 0.4564
VACA -0.115664 0.032262 -3.585157 0.0005
DIVER 0.315215 1.313078 0.240058 0.8108
C -7.745083 1.360211 -5.694030 0.0000
Effects Specification
S.D. Rho
Cross-section random 1.351724 0.3264
Idiosyncratic random 1.941994 0.6736
Weighted Statistics
R-squared 0.141682 Mean dependent var -5.044260
Adjusted R-squared 0.108349 S.D. dependent var 2.019287 S.E. of regression 1.906757 Sum squared resid 374.4794
F-statistic 4.250541 Durbin-Watson stat 2.163590
Prob(F-statistic) 0.003175
Unweighted Statistics
R-squared 0.145813 Mean dependent var -7.901080
Sum squared resid 545.2684 Durbin-Watson stat 1.485910
5. Hasil Uji Autokolerasi
Weighted Statistics
R-squared 0.408727 Mean dependent var 0.021500
Adjusted R-squared 0.385765 S.D. dependent var 0.033085 S.E. of regression 0.025930 Sum squared resid 0.069252
F-statistic 17.80011 Durbin-Watson stat 1.566003
Prob(F-statistic) 0.000000
6. Hasil Uji Hipotesis
Dependent Variable: ROA
Method: Panel EGLS (Cross-section random effects) Date: 07/25/17 Time: 16:18
Sample: 2014 2016 Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
VAHU 0.003035 0.000400 7.596727 0.0000
STVA -0.034962 0.008872 -3.940505 0.0001
VACA -0.000956 0.000492 -1.945177 0.0545
DIVER 0.001494 0.020778 0.071918 0.9428
C 0.047839 0.021888 2.185633 0.0311
Effects Specification
S.D. Rho
Cross-section random 0.036425 0.6655
Idiosyncratic random 0.025822 0.3345
7. Hasil Uji Chow
Redundant Fixed Effects Tests Equation: Untitled
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 6.450031 (35,68) 0.0000
Cross-section Chi-square 158.028307 35 0.0000
8. Hasil Uji Hausman
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 5.785304 4 0.2158
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
VAHU 0.004023 0.003055 0.000000 0.0487
STVA -0.034030 -0.034222 0.000008 0.9456
VACA -0.001260 -0.001031 0.000000 0.3017
DIVER 0.005912 -0.000677 0.000126 0.5572
Cross-section random effects test equation:
Dependent Variable: ROA Method: Panel Least Squares Date: 07/26/17 Time: 15:14 Sample: 2014 2016
Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Variable Coefficient Std. Error t-Statistic Prob.
C 0.030982 0.023978 1.292103 0.2007
VAHU 0.004023 0.000629 6.390863 0.0000
STVA -0.034030 0.009221 -3.690521 0.0004
VACA -0.001260 0.000534 -2.358637 0.0212
DIVER 0.005912 0.023410 0.252531 0.8014
Effects Specification Cross-section fixed (dummy variables)
R-squared 0.863769 Mean dependent var 0.056650
Adjusted R-squared 0.785637 S.D. dependent var 0.055185 S.E. of regression 0.025551 Akaike info criterion -4.218201 Sum squared resid 0.044392 Schwarz criterion -3.224819 Log likelihood 267.7828 Hannan-Quinn criter. -3.815420
F-statistic 11.05519 Durbin-Watson stat 2.399377
Prob(F-statistic) 0.000000
LAMPIRAN 4
HASIL UJI PENELITIAN MODEL 2
1. Hasil Uji Deskriptif Statistik
2. Hasil Uji Normalitas
3. Hasil Uji Multikolineritas
4. Hasil Uji Heteroskedastisitas
Dependent Variable: LNRESID
Method: Panel EGLS (Cross-section random effects) Date: 07/25/17 Time: 16:42
Sample: 2014 2016 Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
VAIC 0.017092 0.021555 0.792964 0.4296
DIVER -1.260941 1.545957 -0.815638 0.4166
C -6.765751 1.496785 -4.520188 0.0000
Effects Specification
S.D. Rho
Cross-section random 1.896699 0.4376
Idiosyncratic random 2.150161 0.5624
Weighted Statistics
R-squared 0.012575 Mean dependent var -4.154411
Adjusted R-squared -0.006234 S.D. dependent var 2.136599 S.E. of regression 2.143248 Sum squared resid 482.3185
F-statistic 0.668572 Durbin-Watson stat 1.920658
Prob(F-statistic) 0.514607
Unweighted Statistics
R-squared 0.012398 Mean dependent var -7.586102
Sum squared resid 845.0241 Durbin-Watson stat 1.096263
5. Hasil Uji Autokolerasi
Weighted Statistics
R-squared 0.117050 Mean dependent var 0.026260
Adjusted R-squared 0.100232 S.D. dependent var 0.035493 S.E. of regression 0.033667 Sum squared resid 0.119014
F-statistic 6.959795 Durbin-Watson stat 1.715961
Prob(F-statistic) 0.001451
Unweighted Statistics
R-squared 0.211932 Mean dependent var 0.056759
Sum squared resid 0.261296 Durbin-Watson stat 0.781574
6. Hasil Uji Hipotesis
Dependent Variable: ROA
Method: Panel EGLS (Cross-section random effects) Date: 07/25/17 Time: 16:50
Sample: 2014 2016 Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
VAIC 0.001384 0.000370 3.741900 0.0003
DIVER 0.008211 0.025520 0.321726 0.7483
C 0.024372 0.024978 0.975743 0.3314
Effects Specification
S.D. Rho
Cross-section random 0.037070 0.5503
Idiosyncratic random 0.033508 0.4497
7. Hasil Uji Chow
Redundant Fixed Effects Tests Equation: Untitled
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 4.365051 (35,70) 0.0000
Cross-section Chi-square 125.028905 35 0.0000
Cross-section fixed effects test equation:
Dependent Variable: ROA Method: Panel Least Squares
Date: 07/26/17 Time: 15:18 Sample: 2014 2016
Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Variable Coefficient Std. Error t-Statistic Prob.
VAIC 0.001738 0.000315 5.512880 0.0000
DIVER -0.007079 0.025642 -0.276065 0.7830
C 0.031555 0.024273 1.299974 0.1965
R-squared 0.225479 Mean dependent var 0.056650
Adjusted R-squared 0.210727 S.D. dependent var 0.055185 S.E. of regression 0.049027 Akaike info criterion -3.165493 Sum squared resid 0.252386 Schwarz criterion -3.090990 Log likelihood 173.9366 Hannan-Quinn criter. -3.135285
F-statistic 15.28387 Durbin-Watson stat 0.851731
Prob(F-statistic) 0.000001
8. Hasil Uji Hausman
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 3.047710 2 0.2179
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
VAIC 0.000751 0.001387 0.000000 0.1109
DIVER 0.017515 0.006254 0.000298 0.5140
Cross-section random effects test equation:
Dependent Variable: ROA Method: Panel Least Squares Date: 07/26/17 Time: 15:19 Sample: 2014 2016
Periods included: 3 Cross-sections included: 36
Total panel (balanced) observations: 108
Variable Coefficient Std. Error t-Statistic Prob.
C 0.027375 0.029710 0.921406 0.3600
VAIC 0.000751 0.000542 1.385830 0.1702
DIVER 0.017515 0.030767 0.569274 0.5710
Effects Specification