Pengaruh Faktor Makro Ekonomi dan Faktor Fundamental Terhadap Harga Saham Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia
Lampiran 1 Daftar Populasi – Sampel Perusahaan Asuransi di Bursa Efek Indonesia Tahun 2008-2009 Kode Kriteria Kriteria Kriteria kriteria No Saham Nama Emiten
1
2
3 4 sampel Asuransi Bina Dana
1 ABDA Arta Tbk sampel 1 √ √ √ √
Asuransi Harta Aman
2 AHAP Pratama Tbk √ √ √ √ sampel 2
Asuransi Multi Arta
3 AMAG Guna Tbk √ √ √ √ sampel 3
Asuransi Bintang4 ASBI Tbk sampel 4 √ √ √ √
Asuransi Dayin Mitra
5 ASDM Tbk sampel 5 √ √ √ √
Asuransi Jaya Tania
6 ASJT Tbk √ √ √ √ sampel 6
Asuransi Ramayana
7 ASRM Tbk √ √ √ √ sampel 7
Lippo General8 LPGI Insurance Tbk √ √ X √ - Maskapai Reasuransi
9 MREI Indonesia Tbk sampel 8 √ √ √ √
10 PNIN Panin Insurance Tbk √ √ √ √ sampel 9
11 PNLF Panin Financial Tbk sampel 10
√ √ √ √ Lampiran 2 Data Penelitian (Sebelum ditransformasi)Suku Harga
Bunga Inflasi Kurs PER ROI DER Saham
9.25 11.06 9679.55 3.72 0.033 2.55 180
9.25 11.06 9679.55 16.77 0.038
0.73
86
9.25 11.06 9679.55 2.04 0.069
0.97
50
9.25 11.06 9679.55
10.51
0.03 1.5 360
9.25 11.06 9679.55 4.82 0.019 1.5 126
9.25 11.06 9679.55 32.83 0.025 0.77 420
9.25 11.06 9679.55 2.77 0.057 1.79 610
9.25 11.06 9679.55 2.6 0.081 1.25 174
9.25 11.06 9679.55 5.43 0.046 0.66 149
9.25 11.06 9679.55 1.93 0.062
0.37
83
7.15 2.78 10394.38
3.18
0.05 3.18 300
7.15 2.78 10394.38 7.83 0.069 0.91 114 Suku Bunga Inflasi Kurs PER ROI DER
Harga Saham
6.58 3.79 8779.49 3.47 0.088 0.46 115
6.58 3.79 8779.49 6.97 0.097 1.06 200
6.58 3.79 8779.49 4.79 0.084 0.65 147
6.58 3.79 8779.49 4.86 0.041 1.4 275
6.58 3.79 8779.49 4.05 0.073 1.26 500
6.58 3.79 8779.49
9.95
0.08 1.03 420
6.58 3.79 8779.49 3.66 0.061 2.61 820
6.58 3.79 8779.49 4.86 0.111 1.4 760
6.58 3.79 8779.49 1.58 0.092 0.44 415
5.77 4.3 9380.39 4.82 0.131 1.89 1830
6.5 6.96 9083.93 7.51 0.083 0.45 210
5.77 4.3 9380.39
6.15
0.06 2.05 190
5.77 4.3 9380.39 4.25 0.115 0.76 230
5.77 4.3 9380.39 3.04 0.076 2.11 490
5.77 4.3 9380.39 4.94 0.029 4.68 740
5.77 4.3 9380.39 11.72 0.063 1.18 460
5.77 4.3 9380.39 6.36 0.031 5.67 980
5.77 4.3 9380.39 6.78 0.126 1.42 1710
5.77 4.3 9380.39 1.63 0.099 0.4 520
6.58 3.79 8779.49 4.09 0.106 1.73 770
6.5 6.96 9083.93 4.03 0.062 0.71 570
7.15 2.78 10394.38 2.35 0.097
7.15 2.78 10394.38 3.49 0.095 1.37 285
0.86
95
7.15 2.78 10394.38 13.89 0.021 1.14 290
7.15 2.78 10394.38
5.99
0.03 1.33 240
7.15 2.78 10394.38 13.69 0.051 0.78 420
7.15 2.78 10394.38
3.58
0.06 1.87 990
7.15 2.78 10394.38 2.59 0.057 0.8 225
6.5 6.96 9083.93 4.64 0.103 1.44 550
7.15 2.78 10394.38 7.23 0.058 0.48 140
6.5 6.96 9083.93 3.03 0.056 3.28 520
6.5 6.96 9083.93 6.64 0.071 1.16 125
6.5 6.96 9083.93
3.48
0.09 0.86 144
6.5 6.96 9083.93 16.6 0.012 1.66 225
6.5 6.96 9083.93 8.14 0.045 1.38 600
6.5 6.96 9083.93 10.49 0.066 0.73 420
6.5 6.96 9083.93 4.54 0.053 2.23 1040
5.77 4.3 9380.39 3.36 0.096 0.42 135
Lampiran 3 Statistik Deskriptif Descriptive Statistics N Minimum Maximum Mean Std. Deviation Suku_Bunga
50
5.77 9.25 7.0500 1.19624 Inflasi
50
2.78 11.06 5.7780 3.01091 Kurs 50 8779.49 10394.38 9.4635E3 559.16583 PER
50
1.58 32.83 6.3534 5.30418 ROI 50 .012 .131 .06696 .029052 DER 50 .37 5.67 1.4266 1.03968 Valid N (listwise)
50 Lampiran 4
Uji Normalitas
One-Sample Kolmogorov-Smirnov Test Unstandardized Residual
N
50 Normal Parameters a Mean .0000000 Std. Deviation 2.48492615E2 Most Extreme Differences Absolute .087 Positive .087
Negative -.056 Kolmogorov-Smirnov Z .616 Asymp. Sig. (2-tailed) .842 a. Test distribution is Normal.
Lampiran 5 Uji Heteroskedastisitas
Coefficients
aModel Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta
1 (Constant) -960.851 410.209 -2.342 .024
Suku_Bunga -76.428 35.040 -.582 -2.181 .035 Inflasi 28.905 12.498 .554 2.313 .026 Kurs .135 .047 .481 2.894 .006 PER -1.296 4.232 -.044 -.306 .761 ROI 2794.022 942.857 .517 2.963 .005 DER 45.427 22.388 .301 2.029 .049
a. Dependent Variable: absut
Lampiran 6 Data Penelitian (Setelah ditransformasi)
0.32
1.94
9.11 2.81 -4.42
0.51
5.42
1.87
1.94
9.11 2.10 -3.10
6.40
4.97
1.87
1.94
9.11 2.35 -2.72 -0.31
6.04
1.87
1.94
9.11 1.51 -2.94
0.80
1.87
9.11 1.25 -2.41 -0.15
1.87
1.94
9.25 0.95 -2.86 -0.22
5.42
1.97
1.02
9.25 1.98 -2.85 -0.73
4.94
1.87
9.11 1.11 -2.88
1.94
1.19
6.25
1.87
1.94
9.11 1.89 -2.65
0.15
4.83
1.87
6.95
1.94
1.97
5.62
1.33
9.08 1.57 -2.48 -0.43
4.99
1.88
1.33
9.08 1.58 -3.19
0.34
1.88
5.30
1.33
9.08 1.40 -2.62
0.23
6.21
1.88
1.33
9.08 2.30 -2.53
0.03
1.88
0.06
9.11 1.53 -2.27
1.94
0.36
6.31
1.87
1.94
9.11 1.39 -2.78 -0.34
6.35
1.87
9.11 2.02 -2.49 -0.80
9.08 1.94 -2.33
5.35
1.88
1.33
9.08 1.41 -2.24
0.55
6.65
1.88
1.33
1.02
5.65
Suku Bunga Inflasi Kurs PER ROI DER
2.22
9.18 1.57 -3.96
0.41
4.84
2.22
2.40
9.18 3.49 -3.69 -0.26
6.04
2.40
2.22
9.18 1.02 -2.86
0.58
6.41
2.22
2.40
9.18 0.96 -2.51
0.22
5.16
2.40
5.89
2.40
2.40
Harga Saham
2.22
2.40
9.18 1.31 -3.41
0.94
5.19
2.22
9.18 2.82 -3.27 -0.31
0.41
4.45
2.22
2.40
9.18 0.71 -2.67 -0.03
3.91
2.22
2.40
9.18 2.35 -3.51
2.22
9.18 1.69 -3.08 -0.42
0.31
9.25 2.62 -2.98 -0.25
1.97
1.02
9.25 1.79 -3.51
0.29
5.48
1.97
1.02
6.04
0.13
1.97
1.02
9.25 1.28 -2.81
0.63
6.90
1.97
1.02
9.25 1.25 -2.35
5.67
9.25 2.63 -3.86
5.00
5.70
2.22
2.40
9.18 0.66 -2.78 -0.99
4.42
1.97
1.02
9.25 1.16 -3.00
1.16
1.97
1.02
1.02
9.25 2.06 -2.67 -0.09
4.74
1.97
1.02
9.25 0.85 -2.33 -0.15
4.55
1.97
6.04 Suku Bunga Inflasi Kurs PER ROI DER
Harga Saham
1.74
1.46
9.15 1.60 -3.54
1.54
6.61
1.75
1.46
9.15 2.46 -2.76
0.17
6.13
1.75
1.46
9.15 1.85 -3.47
6.89
6.19
1.75
1.46
9.15 1.91 -2.07
0.35
7.44
1.75
1.46
9.15 0.49 -2.31 -0.92
6.25
1.75
1.46
9.15 1.21 -2.34 -0.87
4.91 Lampiran 7
1.75
0.75
1.88
1.46
1.33
9.08 1.58 -2.20
0.34
6.63
1.88
1.33
9.08 0.46 -2.39 -0.82
6.03
1.88
1.33
9.08 1.24 -2.43 -0.78
4.74
1.75
9.15 1.57 -2.03
9.15 1.11 -2.58
0.64
7.51
1.75
1.46
9.15 1.82 -2.81
0.72
5.25
1.75
1.46
9.15 1.45 -2.16 -0.27
5.44
1.75
1.46
Uji Normalitas
One-Sample Kolmogorov-Smirnov Test Unstandardized Residual
N
50 Normal Parameters a Mean .0000000 Std. Deviation .59572613 Most Extreme Differences Absolute .098 Positive .098
Negative -.065 Kolmogorov-Smirnov Z .693 Asymp. Sig. (2-tailed) .723 a. Test distribution is Normal.
Lampiran 8 Uji Heteroskedastisitas
Coefficients
aModel Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta
1 (Constant) -8.872 10.094 -.879 .384
LN_Suku_Bunga -.216 .528 -.103 -.409 .684 LN_Inflasi .134 .158 .197 .851 .399 LN_Kurs 1.101 1.156 .192 .952 .346 LN_PER .029 .091 .056 .323 .748 LN_ROI .201 .133 .314 1.513 .138 LN_DER -.013 .087 -.025 -.152 .880
a. Dependent Variable: absut
Lampiran 9 Uji Autokolerasi
Runs Test
Unstandardized Residual Test Value a -.08238 Cases < Test Value
25 Cases >= Test Value
25 Total Cases
50 Number of Runs
21 Z -1.429
Asymp. Sig. (2-tailed) .153
a. Median
Lampiran 10 Uji Multikolinieritas Coefficients a Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.Collinearity Statistics B Std. Error Beta Tolerance
VIF (Constant) 18.166 19.093 .951 .347
LN_Suku_Bunga -1.456 .998 -.283 -1.459 .152 .338 2.962
LN_Inflasi .027 .298 .016 .089 .929 .399 2.506
LN_Kurs -.989 2.187 -.070 -.452 .653 .526 1.903
LN_PER .238 .173 .184 1.377 .176 .712 1.404
LN_ROI .385 .251 .245 1.533 .133 .495 2.018
LN_DER .698 .165 .535 4.219 .000 .787 1.270
a. Dependent Variable: LN_Harga_Saham
Lampiran 11 Uji Koefisien Determinasi b Model Summary
Adjusted R Std. Error of the Model R R Square Square Estimate a
1 .674 .455 .379 .64763
a. Predictors: (Constant), LN_DER, LN_Kurs, LN_PER, LN_Inflasi, LN_ROI, LN_Suku_Bungab. Dependent Variable: LN_Harga_Saham
Lampiran 12 Uji F b ANOVA
Model Sum of Squares df Mean Square F Sig.
a1 Regression 15.038 6 2.506 5.976 .000 Residual 18.035 43 .419 Total 33.073
49
a. Predictors: (Constant), LN_DER, LN_Kurs, LN_PER, LN_Inflasi, LN_ROI, LN_Suku_Bunga
b. Dependent Variable: LN_Harga_Saham
Lampiran 13 Uji t
Coefficients
aModel Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta
1 (Constant) 18.166 19.093 .951 .347
LN_Suku_Bunga -1.456 .998 -.283 -1.459 .152 LN_Inflasi .027 .298 .016 .089 .929 LN_Kurs -.989 2.187 -.070 -.452 .653 LN_PER .238 .173 .184 1.377 .176 LN_ROI .385 .251 .245 1.533 .133 LN_DER .698 .165 .535 4.219 .000