Analisis Perbandingan Tingkat Nilai Sales Growth, Earning Per Share, Price Earning Ratio Perusahaan Yang Mengadakan Employee Stock Ownership Program (Esop) Dan Tidak Mengadakan Esop: Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI

  LAMPIRAN 1

Proses Seleksi Sampel Berdasarkan Kriteria

  33 GDST PT. Gunawan Dianjaya Steel Tbk. √ √ x

  25 DVLA PT. Darya-Varia Laboratoria Tbk. √ √ x

  26 DPNS PT. Duta Pertiwi Nusantara Tbk. √ √ x

  27 DAVO PT. Davomas Abadi Tbk. √ x x

  28 DLTA PT. Delta Djakarta Tbk. x x x 29 EKAD PT. Ekadharma International Tbk.

  √ √ x 30 ESTI PT. Ever Shine Textille Industry Tbk. √ √ x

  31 ETWA PT. Eterindo Wahanatama Tbk. √ x x

  32 ERTX PT. Eratex Djaja Tbk. √ x x

  34 ICBP PT. Indofood CBP Sukses Makmur Tbk.

  √ √ x 22 CPIN PT. Charoen Pokphand IndonesiaTbk. √ x x 23 CEKA PT. Cahaya Kalbar Tbk. √ √ x

  √ √ x 35 FASW PT. Fajar Surya Wisesa Tbk. √ √ √

  S2 36 GGRM PT. Gudang Garam Tbk. √ √ √

  S3

  37 GDYR PT. Goodyear Indonesia Tbk. √ √ x

  38 GJTL PT. Gajah Tunggal Tbk. √ √ √ S4

  39 SMCB PT. Holcim Indonesia Tbk. √ √ x

  40 IPOL PT. Indopoly Swakarsa Industri Tbk. √ x x 41 MYRX PT. Hanson International Tbk.

  24 CTBN PT. Citra Tubindo Tbk. √ √ x

  20 IGAR PT. Champion Pasific IndonesiaTbk. √ x x 21 CNTX PT. Century Textille Industry (CENTEX) Tbk.

  No Kode Populasi Penelitian Kriteria

  √ x x

  Sampel 1 2 3

  1 ADES PT. Akasha Wira International Tbk.

  √ √ x 2 AKRA PT. AKR Corporindo Tbk. √ √ √ S1

  3 ALKA PT. Alaska Industrindo Tbk. √ x x

  4 ALDO PT. Alkindo Naratama Tbk. √ √ x

  5 AKKU PT. Alam Karya Unggul Tbk. √ √ x

  6 ASII PT. Astra International Tbk. √ √ x 7 MYTX PT. Apac Citra Centertex Tbk.

  8 AUTO PT. Astra Otoparts Tbk. x x X 9 AKPI PT. Argha Karya Prima Industry Tbk.

  19 BRNA PT. Berlina Tbk. √ √ x

  √ x √

  10 AMFG PT. Asahimas Flat Glass Tbk. √ √ x

  11 APLI PT. Asiaplast Industries Tbk. √ x √

  12 ARNA PT. Arwana Citramulia Tbk. √ √ x

  13 ARGO PT. Argo Pantes Tbk. √ √ x 14 BRPT PT. Barito Pasific Tbk.

  √ √ x 15 RMBA PT. Bentoel International Investama Tbk. √ √ x 16 BUDI PT. Budi Acid Jaya Tbk. √ √ x

  17 BTON PT. Betonjaya Manunggal Tbk. √ √ x

  18 SQBI PT.Taisho Pharmautical Indonesia Tbk. √ √ x

  √ √ x 42 HMSP PT. Hanjaya Mandala Sampoerna Tbk. √ √ x

  43 INDF PT. Indofood Sukses Makmur Tbk.

  72 LTLS PT. Lautan Luas Tbk. √ √ x

  63 KAEF PT. Kimia Farma (Persero) Tbk. x x x 64 KLBF PT. Kalbe Farma Tbk.

  √ √ x

  65 KARW PT. Karwell Indonesia Tbk. √ √ x

  66 KBLI PT. KMI Wire and Cable Tbk. √ x x

  67 KBLM PT. Kabelindo Murni Tbk. √ √ x 68 KRAS PT. Krakatau Steel Tbk.

  √ √ x 69 KIAS PT. Keramika Indonesia Assosiasi Tbk. √ √ x

  70 IGAR PT. Kageo Igar Jaya Tbk.

  √ √ x 71 LMPI PT. Langgeng Makmur Industry Tbk. √ √ x

  73 LION PT. Lion Metal Works Tbk. √ √ x

  61 KDSI PT. Kedaung Setia Industrial Tbk. √ √ x 62 KBRI PT. Kertas Basuki Rachmat Indonesia Tbk.

  74 LMSH PT. Lionmesh Prima Tbk. √ √ x 75 MBTO PT. Martina Berto Tbk.

  √ x x 76 MRAT PT. Mustika Ratu Tbk. √ √ x 77 LPIN PT. Multi Prima Sejahtera Tbk. √ √ x 78 MASA PT. Multistrada Arah Sarana Tbk. √ √ x

  79 TCID PT. Mandom Indonesia Tbk. √ √ x

  80 MAIN PT. Malindo Feedmill Tbk. √ √ x

  81 MTDL PT. Metrodata Electronic Tbk. √ √ √ S7 82 ROTI PT. Nippon Indosari Corpindo Tbk.

  √ √ x 83 MLBI PT. Multi Bintang Indonesia Tbk. √ x x 84 MYOR PT. Mayora Indah Tbk. √ √ x 85 MERK PT. Merck Tbk. √ √ x

  86 UNIT PT. Nusantara Inti Corpora Tbk. √ √ x

  87 MLIA PT. Mulia Industrindo Tbk. √ √ x

  88 NIPS PT. Nipress Tbk. √ √ x 89 BIMA PT. Pimarindo Asia Infrastructure Tbk.

  √ √ x

  60 JECC PT. Jembo Cable Company Tbk. √ x x

  √ √ √ S5

  √ √ x

  44 IMAS PT. Indomobil Sukses International Tbk.

  √ x x

  45 INCI PT. Intanjaya International Tbk. √ √ x

  46 INDR PT. Indorama Syntetics Tbk. √ √ x

  47 SRSN PT. Indo Acidatama Tbk. √ √ x

  48 BRAM PT. Indo Kordsa Tbk. √ √ x

  49 INDS PT. Indospring Tbk.

  √ √ x

  50 INTA PT. Intraco Penta Tbk.

  51 INTP PT. Indocement Tunggal Perkasa Tbk.

  59 JPRS PT. Jaya Pari Steel Tbk. √ √ x

  √ √ x S6

  52 INAI PT. Indal Aluminium Industry Tbk. √ √ x

  53 ITMA PT. Itamarya Gold Industry Tbk. √ x x

  54 INKP PT. Indah Kiat Pulp Tbk. √ x x

  55 INAF PT. Indofarma (Persero) Tbk.

  √ √ x 56 JPFA PT. Japfa Comfeed Indonesia Tbk. √ √ x

  57 IKAI PT. Inti keramik Alamasri Industry Tbk.

  √ √ x

  58 JKSW PT. Jakarta Kyoei Steel Works Tbk. √ √ x

  √ √ x 90 PBRX PT. Pan Brothers Tex Tbk. √ √ x

  91 ADMG PT. Polychem Indonesia Tbk.

  √ x x 113 SUIK PT. Sumi Indo Kabel Tbk. √ √ x 114 SAIP PT. Surabaya Agung Industry Pulp & Kertas

  135 YPAS PT. Yanaprima Hastapersada Tbk.

  √ x x

  S10 131 UNTR PT. United Tractor Tbk. √ √ √ S11 132 UNVR PT. Unilever Indonesia Tbk. √ x √ 133 ULTJ PT. Ultra Jaya Milk Tbk. √ √ √ S12 134 VOKS PT. Voksel Electric Tbk.

  √ √ x 129 UNTX PT. Unitex Tbk. √ √ x 130 UNIC PT. Unggul Indah Cahaya Tbk. √ √ √

  126 TOBA PT. Toba Pulp Lestari Tbk. √ √ x 127 TIKN PT. Titan Kimia Nusantara Tbk. √ √ x 128 TRST PT. Trias Sentosa Tbk.

  √ √ x 123 TIRT PT. Tirta Mahakam Resources Tbk. √ x x 124 TBMS PT. Tembaga Mulia Semanan Tbk. √ x x 125 TIRA PT. Tira Austenite Tbk. √ √ √ S9

  119 SOBI PT. Sorini Agro Asia Corporindo Tbk. √ √ √ S8 120 TSPC PT. Tempo Scan Pacific Tbk. √ √ x 121 TPIA PT. Tri Polyta Indonesia Tbk. √ √ x 122 AISA PT. Tiga Pilar Sejahtera Tbk.

  √ √ x 115 SCPI PT. Schering-Plough Indonesia Tbk. √ √ x 116 SIMA PT. Siwani Makmur Tbk. √ x x 117 TOTO PT. Surya Toto Indonesia Tbk. √ √ x 118 SSTM PT. Sunson Textile Manufacture Tbk. √ x x

  Tbk.

  110 SKLT PT. Sekar Laut Tbk. √ √ x 111 STTP PT. Siantar Top Tbk. √ x x 112 SULI PT. Sumalindo Lestari Jaya. Tbk.

  √ √ x 92 PRAS PT. Prima Alloy Steel Tbk. √ √ x

  √ x x 107 PTSN PT. Sat Nusapersada Tbk. √ √ x 108 SIAP PT. Sekawan Inti Pratama Tbk. √ √ x 109 SIPD PT. Sierad Produce Tbk. √ √ x

  Tbk.

  √ √ x 104 SIMM PT. Surya Intrindo Makmur Tbk. √ √ x 105 SMSM PT. Selamat Sempurna Tbk. √ √ x 106 SCCO PT. Supreme Cable Manufacturing & Commerce

  101 RICY PT. Ricky Putra Globalindo Tbk. √ √ x 102 SMGR PT. Semen Gresik (Persero) Tbk. x x x 103 SPMA PT. Suparma Tbk.

  √ √ x 98 PYFA PT. Pyridam Firma Tbk. √ √ x 99 HDTX PT. Panasia Indosyntec Tbk. √ √ x 100 PAFI PT. Panasia Filament Inti Tbk √ √ x

  96 PICO PT. Pelangi Indah Canindo Tbk. √ x x 97 TKIM PT. Pabrik Kertas Tjiwi Kimia Tbk.

  95 NIKL PT. Pelat Timah Nusantara Tbk. √ √ x

  94 PSDN PT. Prasidha Aneka Niaga Tbk. √ √ x

  93 POLY PT. Polysindo Eka Perkasa Tbk. √ √ x

  √ √ x

  LAMPIRAN 2

Perusahaan yang Menjadi Sampel Penelitian

  No Kode Sampel penelitian Keterangan

  1 AKRA PT. AKR Corporindo Tbk. ESOP

  2 INDF PT. Indofood Sukses Makmur Tbk. ESOP

  3 MTDL PT. Metrodata Electronic Tbk. ESOP

  4 SOBI PT. Sorini Agro Asia Corporindo tbk. ESOP

  5 TIRA PT. Tira Austenite Tbk. ESOP

  6 UNTR PT. United Tractor Tbk. ESOP

  7 ULTJ PT. Ultra Jaya Milk Tbk. NON ESOP

  8 INTP PT. Indocement Tunggal Perkasa Tbk. NON ESOP

  9 UNIC PT. Unggul Indah Cahaya Tbk. NON ESOP

  10 GJTL PT. Gajah Tunggal Tbk. NON ESOP

  11 GGRM PT. Gudang Garam Tbk. NON ESOP

  12 FASW PT. Fajar Surya Wisesa Tbk. NON ESOP

  LAMPIRAN 3

Jumlah Karyawan Perusahaan yang Menjadi Sampel Penelitian

  Tahun 2009 Tahun 2010 Tahun 2011 ESOP

  AKRA 2132 2229 1710

  INDF 66267 66736 67581 MTDL 1427 1653 1807 SOBI 448 482 782 TIRA 948 720 745 UNTR 15656 18786 23219 NON-ESOP

  ULTJ 1300 1500 1400

  INTP 5858 5982 6316 UNIC 759 702 695 GJTL 10988 11724 12423

  GGRM 43799 46189 44669 FASW 1940 2204 2314

  LAMPIRAN 4

Sales Growth, Earning Per Share, dan Price Earning Ratio

  

Tahun 2009-2011

Sales Growth

  Tahun 2009 Tahun 2010 Tahun 2011 ESOP

  AKRA

• - 5.06 -4.07

  6.13 INDF -4.27 -23.78 -48.96

MTDL -0.73 -22.58

  10.04 SOBI -0.02 -8.97 -46.38

TIRA -6.67 -23.11

  7.10 UNTR

4.80 -4.88

  42.92 NON-ESOP ULTJ

18.42 -12.95

  7.76 INTP -62.24 119.55

  20.62 UNIC -29.35 -11.40

  26.88 GJTL

• -0.34 -10.51

  22.81 GGRM

8.99 -16.49

  11.02 FASW -9.71 -10.39

  24.21 Earning Per Share Tahun 2009 Tahun 2010 Tahun 2011

  ESOP AKRA

  88 79 961

  INDF 236 341 578 MTDL

  5

  16

  27 SOBI 174

  98

  93 TIRA

  37

  99

  62 UNTR 1,147 1,186 1,555 NON-ESOP ULTJ

  21

  44

  50 INTP 746 863 938 UNIC 103 143 160 GJTL 260 254 322 GGRM 1,796 2,085 2,659 FASW 112 138

  97

  Price Earning Ratio Tahun 2009 Tahun 2010 Tahun 2011

  ESOP AKRA

  13.37

  21.84

  3.59 INDF

  15.02

  14.28

  13.84 MTDL

  17.65

  7.86

  4.55 SOBI

  9.42

  34.21

  24.31 TIRA

  46.45

  17.54

  28.28 UNTR

  13.51

  20.06

  18.08 NON-ESOP ULTJ

  27.39

  27.26

  22.89 INTP

  13.46

  18.48

  19.02 UNIC

  23.41

  12.83

  12.49 GJTL

  1.64

  9.05

  9.17 GGRM

  12.00

  19.18

  21.63 FASW

  14.33

  20.83

  41.30 Sumber: www.idx.co.id

  LAMPIRAN 5 Hasil Perhitungan Statistik Deskriptif Group Statistik Std.

  Std. Prinsip N Minimum Maximum Mean Error Deviation

  Mean Sales

  ESOP 18 -48,96 42,92 -7,1383 21,00987 4,95207 Growth

  NON 18 -62,24 119,55 5,3822 36,17305 8,52607 ESOP EPS ESOP

  18 5,00 1555,00 437,89 642,427 151,421 NON 18 21,00 2659,00 599,50 793,109 186,938 ESOP

  PER ESOP 18 3,59 46,45 17,9922 10,52615 2,48104 NON 18 1,64 41,30 18,1311 8,89950 2,09763 ESOP

  LAMPIRAN 6 Output SPSS atas Uji Normalitas 1. Histogram Sales Growth, Earning Per Share, dan Price Earning Ratio Sales Growth ^{120,0 100,0 80,0}

^60,0

^{40,0 20,0 0,0 -20,0 -40,0 -60,0 16 14 12 10 8 6 4 2 Std. Dev = 29,84 Mean = -,9 N = 36,00}

  EPS ²⁶⁰⁰ ,0 ²⁴⁰⁰ ,0 ²²⁰⁰ ,0 ²⁰⁰⁰ ,0 ¹⁸⁰⁰ ,0

¹⁶⁰⁰

,0 ¹⁴⁰⁰

,0

¹²⁰⁰ ,0 ¹⁰⁰⁰ ,0 ^{800, 600, 400, 200, 0, 16 14 12 10 8 6 4 2 Std. Dev = 659,72 Mean = 488,1 N = 36,00}

  PER ^{45,0 40,0 35,0}

^30,0

^{25,0 20,0 15,0 10,0 5,0 0,0 12 10 8 6 4 2 Std. Dev = 9,61 Mean = 18,1 N = 36,00} 2.

   Hasil Uji Kolmogorov-Smirnov

One-Sample Kolmogorov-Smirnov Test

  Sales Growth EPS PER N

  36

  36

  36 Normal Parameters ^a,b Mean -,8592 488,1389 18,0617 Std. Deviation 29,83786 659,71570 9,60683

  Most Extreme Differences

  Absolute ,151 ,283 ,097

  Positive ,151 ,283 ,097 Negative -,120 -,232 -,070

  Kolmogorov-Smirnov Z ,905 1,696 ,582 Asymp. Sig. (2-tailed) ,386 ,006 ,887 a Test distribution is Normal. b Calculated from data.

3. Histogram EPS setelah Transformasi Data

  SQRTEPS ^{50,0 45,0 40,0}

^35,0

^{30,0 25,0 20,0 15,0 10,0 5,0 0,0 12 10 8 6 4 2 Std. Dev = 13,11 Mean = 17,9 N = 36,00} 4.

   Hasil Uji Kolmogorov-Smirnov EPS setelah Transformasi Data 5. One-Sample Kolmogorov-Smirnov Test

  EPS N

  36 Normal Parameters ^a,b Mean 17,9195 Std.

  Deviation 13,10731

  Most Extreme Differences Absolute ,196 Positive ,196 Negative -,116

  Kolmogorov-Smirnov Z 1,179 Asymp. Sig. (2-tailed) ,124 a Test distribution is Normal. b Calculated from data.