Subsektor Pulp dan Kertas

  

LAMPIRAN

Lampiran 1. Daftar Populasi, Kriteria Perusahaan, dan Sampel

  25. TBMS Tembaga Mulia Semanan, Tbk.  − − −

  ITMA Sumber Energi Andalan, Tbk.  − − −

  17. JKSW Jakarta Kyoei Steel, Tbk.  − − − 18. JPRS Jaya Pari Steel, Tbk.

    − −

  19. KRAS Krakatau Steel, Tbk.  − − − 20. LION Lion Metal Works, Tbk.

    − − 21. LMSH Lionmesh Prima, Tbk.   − −

  22. MYRX Hanson International, Tbk.   − −

  23. NIKL Pelat Timah Nusantara, Tbk.  − − − 24. PICO Pelangi Indah Canindo, Tbk.

    − −

  

Subsektor Kimia

  INAI Indal Aluminium Industry, Tbk.

  26. BRPT Barito Pasific, Tbk.  − − − 27. BUDI Budi Starch & Sweetener, Tbk.

    − −

  28. DPNS Duta Pertiwi Nusantara, Tbk.  − − − 29. EKAD Ekadharma International, Tbk.

    − −

  30. ETWA Eterindo Wahanatama, Tbk.  − − − 31.

  INCI Intanwijaya Internasional, Tbk.  − − −

  32. SOBI Sorini Agro Asia Corporindo, Tbk.  − − − 33. SRSN Indo Acidatama, Tbk.

    − − 34. TPIA Chandra Asri Petrochemical, Tbk. 

    − − 16.

    − − 15.

  1

      Sampel 4

  2

  3

  4 Subsektor Semen 1.

  INTP Indocement Tunggal Prakarsa, Tbk.

      Sampel 1

  2. SMCB Holcim Indonesia, Tbk.     Sampel 2

  3. SMGR Semen Indonesia, Tbk.     Sampel 3

  

Subsektor Keramik, Porselin, dan Kaca

4. AMFG Asahimas Flat Glass, Tbk.

  5. ARNA Arwana Citramulia, Tbk.   − − 6.

  13. CTBN Citra Tubindo, Tbk.  − − − 14. GDST Gunawan Dianjaya Steel, Tbk.

  IKAI Intikeramik Alamsari Industri, Tbk.

   − − −

  7. KIAS Keramika Indonesia Assosiasi, Tbk.   − −

  8. MLIA Mulia Industrindo, Tbk.  − − − 9. TOTO Surya Toto Indonesia, Tbk.

      Sampel 5

  

Subsektor Logam dan Sejenisnya

10. ALKA Alakasa Industrindo, Tbk.

    − −

  11. ALMI Alumindo Light Metal Industry, Tbk.  −  

  12. BTON Betonjaya Manunggal, Tbk.   − −

  − − −

  35. UNIC Unggul Indah Cahaya, Tbk.

  63. GDYR Goodyear Indonesia, Tbk.  − − − 64. GJTL Gajah Tunggal, Tbk.

  INRU Toba Pulp Lestari, Tbk.  − − − 57. KBRI Kertas Basuki Rachmat Indonesia, Tbk.

   − − −

  58. SPMA Suparma, Tbk.  − − − 59. TKIM Pabrik Kertas Tjiwi Kimia, Tbk.

    − −

  

Subsektor Otomotif dan Komponen

60. ASII Astra International, Tbk.

      Sampel 8

  61. AUTO Astra Otoparts, Tbk.  − − − 62. BRAM Indo Kordsa, Tbk.

    − −

    − − 65.

  54. FASW Fajar Surya Wisesa, Tbk.  − − − 55.

  IMAS Indomobil Sukses Internasional, Tbk.

    − − 66.

  INDS Indospring, Tbk.

    − − 67. LPIN Multi Prima Sejahtera, Tbk.   − −

  68. MASA Multistrada Arah Sarana, Tbk.  − − −

  69. NIPS Nipress, Tbk.  − − − 70. PRAS Prima Alloy Steel Universal, Tbk.

    − − 71. SMSM Selamat Sempurna, Tbk.   − −

  

Subsektor Tekstil dan Garment

  INKP Indah Kiat Pulp & Paper, Tbk.  − − − 56.

  53. ALDO Alkindo Naratama, Tbk.  − − −

    − −

  IPOL Indopoly Swakarsa Industry, Tbk.

  

Subsektor Plastik dan Kemasan

  36. AKKU Alam Karya Unggul, Tbk.  − − −

  37. AKPI Argha Karya Prima Industry, Tbk.   − −

  38. APLI Asiaplast Industries, Tbk.  − − −

  39. BRNA Berlina, Tbk.  − − − 40. FPNI Lotte Chemical Titan, Tbk.

   − − − 41.

  IGAR Champion Pacific Indonesia, Tbk.

    − − 42.

    − −

  

Subsektor Pulp dan Kertas

  43. SIAP Sekawan Intipratama, Tbk.  − − −

  44. SIMA Siwani Makmur, Tbk.  − − − 45. TRST Trias Sentosa, Tbk.

    − −

  46. YPAS Yanaprima Hastapersada, Tbk.  − − −

  

Subsektor Pakan Ternak

47. CPIN Charoen Pokphand Indonesia, Tbk.

      Sampel 6 48. JPFA JAPFA Comfeed Indonesia, Tbk.   − − 49. MAIN Malindo Feedmill, Tbk.     Sampel 7 50. SIPD Sierad Produce, Tbk.   − −

  

Subsektor Kayu dan Pengolahannya

51. SULI Sumalindo Lestari Jaya, Tbk.

   − − −

  52. TIRT Tirta Mahakam Resources, Tbk.  − − −

  72. ADMG Polychem Indonesia, Tbk.  − − −

  73. ARGO Argo Pantes, Tbk.

  100. DLTA Delta Djakarta, Tbk.  − − − 101.

  VOKS Voksel Electric, Tbk.

    − −

  

Subsektor Elektronika

  95. PTSN Sat Nusapersada, Tbk.  − − −

  

Subsektor Makanan dan Minuman

96. ADES Akasha Wira International, Tbk.

    − − 97. AISA Tiga Pilar Sejahtera Food, Tbk.     Sampel 10

  98. CEKA Wilmar Cahaya Indonesia, Tbk.  − − − 99. DAVO Davomas Abadi, Tbk.

   − − −

  ICBP Indofood CBP Sukmes Makmur, Tbk.

  93. SCCO Supreme Cable Manufacturing & Commerce, Tbk.

    − − 102.

  INDF Indofood Sukmes Makmur, Tbk.

      Sampel 11 103. MLBI Multi Bintang Indonesia, Tbk.     Sampel 12 104. MYOR Mayora Indah, Tbk.   − − 105. PSDN Prasidha Aneka Niaga, Tbk. 

  − − − 106. ROTI Nippon Indosari Corpindo, Tbk.   − − 107. SKLT Sekar Laut, Tbk.   − − 108. STTP Siantar Top, Tbk.  

  − − 109. ULTJ

  Ultrajaya Milk Industry & Trading Company, Tbk.

    − −

  

Subsektor Rokok

110. GGRM Gudang Garam, Tbk.

    − − 94.

  92. KBLM Kabelindo Murni, Tbk.  − − −

   − − −

  82. RICY Ricky Putra Globalindo, Tbk.  − − −

  74. CNTX Century Textile Industry, Tbk.  − − − 75. ERTX Eratex Djaja, Tbk.

    − − 76. ESTI Ever Shine Textile Industry, Tbk. 

  − − −

  77. HDTX Panasia Indo Resources, Tbk.  − − − 78.

  INDR Indo-Rama Synthetics, Tbk.  − − − 79. MYTX Apac Citra Centertex, Tbk.

   − − −

  80. PBRX Pan Brothers, Tbk.   − −

  81. POLY Asia Pacific Fibers, Tbk.  − − −

  83. SSTM Sunson Textile Manufacturer, Tbk.  − − −

  91. KBLI KMI Wire and Cable, Tbk.  − − −

  84. TFCO Tifico Fiber Indonesia, Tbk.  − − − 85. UNIT Nusantara Inti Corpora, Tbk.

    − − 86. UNTX Unitex, Tbk. 

  − − −

  

Subsektor Alas Kaki

87. BATA Sepatu Bata, Tbk.

      Sampel 9

  88. BIMA Primarindo Asia Infrastructure, Tbk.  − − −

  

Subsektor Kabel

89.

  IKBI Sumi Indo Kabel, Tbk.

    − − 90. JECC Jembo Cable Company, Tbk.   − −

      Sampel 13

  111. HMSP Hanjaya Mandala Sampoerna, Tbk.

  7. MAIN Malindo Feedmill Tbk.

  INTP Indocement Tunggal Prakarsa Tbk.

  2. SMCB Holcim Indonesia Tbk.

  3. SMGR Semen Indonesia Tbk.

  4. AMFG Asahimas Flat Glass Tbk.

  5. TOTO Surya Toto Indonesia Tbk.

  6. CPIN Charoen Pokphand Indonesia Tbk.

  8. ASII Astra International Tbk.

  128. LMPI Langgeng Makmur Industri, Tbk.  − − −

  9. BATA Sepatu Bata Tbk.

  10. AISA Tiga Pilar Sejahtera Food Tbk.

  11. INDF Indofood Sukses Makmur Tbk.

  12. MLBI Multi Bintang Indonesia Tbk.

  13. GGRM Gudang Garam Tbk.

  14. KLBF Kalbe Farma Tbk.

  Lampiran 2. Daftar Sampel Penelitian No. Kode Perusahaan Nama Perusahaan 1.

    − − 127. KICI Kedaung Indah Can, Tbk.   − −

    − − 112. RMBA Bentoel Internasional Investama, Tbk. 

  119. SCPI Merck Sharp Dohme Pharma, Tbk.  − − −

  − − −

  

Subsektor Farmasi

  113. DVLA Darya-Varia Laboratoria, Tbk.   − − 114.

  INAF Indofarma, Tbk.  − − − 115. KAEF Kimia Farma, Tbk.

    − − 116. KLBF Kalbe Farma, Tbk.     Sampel 14 117. MERK Merck, Tbk. 

  − − − 118. PYFA Pyridam Farma, Tbk.   − −

  120. SQBB Taisho Pharmaceutical Indonesia, Tbk.  − − −

  

Subsektor Peralatan Rumah Tangga

126. KDSI Kedawung Setia Industrial, Tbk.

  121. TSPC Tempo Scan Pasific, Tbk.  − − −

  

Subsektor Kosmetik dan Barang Keperluan Rumah Tangga

  122. MBTO Martina Berto, Tbk.   − −

  123. MRAT Mustika Ratu, Tbk.  − − − 124. TCID Mandom Indonesia, Tbk.

    − − 125. UNVR Unilever Indonesia, Tbk.   

  − Sampel 15

  15. UNVR Unilever Indonesia Tbk.

  Lampiran 3. Hasil Perhitungan Variabel Penelitian Tahun Kode Perusahaan TAG (X

  1

  3 INTP 16,93 15,79 21,10 66,13 3,20

  1

  2

  INDF 10,71 73,75 8,06 49,81 1,50 MLBI -5,63 249,26 39,36 32,36 47,27 GGRM 6,19 56,02 9,80 38,35 4,07 KLBF 13,82 27,76 18,41 66,77 7,30 UNVR 15,37 185,80 57,30 99,96 40,09

  SMCB 11,12 44,55 11,10 45,40 2,64 SMGR 35,18 46,32 18,54 45,00 5,18 AMFG 15,79 26,79 11,13 10,02 1,47 TOTO 13,67 69,53 15,50 41,99 3,67 CPIN 39,56 51,03 21,71 28,10 7,32 MAIN 35,55 163,96 16,80 20,15 5,90 ASII 18,73 102,95 12,48 45,03 3,43 BATA 11,12 48,16 12,08 51,56 2,01 AISA 7,72 90,20 6,56 22,17 1,55

  2 INTP 25,36 17,18 23,30 34,80 4,26

  2

  1 )

DER

(X

  INDF 13,35 69,52 9,13 49,93 1,28 MLBI 7,36 130,23 41,56 23,28 14,26 GGRM 27,15 59,21 12,68 39,31 4,86 KLBF 17,66 26,99 17,91 65,09 5,30 UNVR 17,70 167,00 56,70 100,06 38,97

  SMCB 4,92 45,48 9,71 21,70 2,21 SMGR 26,34 34,52 20,12 50,00 4,65 AMFG 13,40 25,42 12,52 10,30 1,33 TOTO 22,72 76,13 16,28 45,42 3,26 CPIN 35,74 42,96 26,70 29,24 5,70 MAIN 37,41 214,78 15,44 20,64 3,94 ASII 36,03 102,43 13,73 45,07 3,95 BATA 6,69 45,75 10,96 0,00 2,02 AISA 85,36 95,89 4,18 8,56 0,79

  1 INTP 18,28 15,36 21,50 29,99 3,99

  1

  2

  3 ) DPR (Z) PBV (Y)

  

2

) ROA (X

  SMCB 22,41 69,78 6,39 72,43 1,99 SMGR 15,85 41,22 17,39 45,00 3,85 AMFG 13,61 28,21 9,56 10,26 1,10 TOTO 14,68 68,61 13,55 41,88 3,68 CPIN 27,32 58,00 16,08 29,80 5,56 MAIN 23,03 156,75 10,91 14,05 6,24 ASII 17,40 101,52 10,42 45,04 2,59 BATA 18,56 71,52 6,52 83,64 3,47 AISA 29,82 113,04 6,91 8,01 1,78

  INDF 31,64 103,51 4,38 49,80 1,51 MLBI 54,69 80,46 65,72 100,00 25,60 GGRM 22,31 72,59 8,63 35,56 2,75 KLBF 20,14 33,12 16,96 44,97 6,89 UNVR 12,03 198,60 56,40 99,93 46,63

  1,45 MLBI 25,19 302,86 35,63 36,60 48,67 GGRM 14,67 75,21 9,27

  Deviation Nilai Perusahaan 60 0,79 48,67 8,1695 12,76553 Keputusan Investasi 60 -5,63 85,36 21,0475 14,78256 Keputusan Pendanaan 60 15,36 302,86 86,3437 63,92913 Profitabilitas 60 -2,40 65,72 17,6563 14,65527 Kebijakan Dividen 60 8,01 155,93 41,7158 28,92902 Valid N (listwise)

  N Minimum Maximum Mean Std.

  Lampiran 4. Statistik Deskriptif

Descriptive Statistics

  9,30 UNVR 12,42 210,50 54,40 94,02 45,03

  KLBF 9,81 26,56 16,62 0,00

  0,00 3,66

  INDF 10,73 108,45 5,99 0,00

  2

  0,00 2,05

  3,23 ASII 10,30 96,16 9,37 13,51 2,60 BATA 13,84 82,00 9,13 155,93 3,24 AISA 46,68 105,18 5,13

  MAIN 59,47 227,61 -2,40 0,00

  0,00 5,68

  SMCB 15,44 96,32 4,13 45,73 1,87 SMGR 11,44 37,24 16,24 0,00 4,09 AMFG 10,71 23,04 11,7 0,00 1,14 TOTO 16,10 64,66 14,49 40,50 3,19 CPIN 32,70 90,64 8,91

  1

  60

  Lampiran 5. Uji Normalitas untuk Persamaan Sub Struktural I

One-Sample Kolmogorov-Smirnov Test

  Unstandardized Residual

  N

  60

  a,,b

  Normal Parameters Mean .0000000 Std. Deviation 24.66375456

  Most Extreme Absolute .126 Differences

  Positive .126 Negative -.091

  Kolmogorov-Smirnov Z .978 Asymp. Sig. (2-tailed) .294 a. Test distribution is Normal.

  b. Calculated from data.

  Lampiran 6. Uji Normalitas untuk Persamaan Sub Struktural II

One-Sample Kolmogorov-Smirnov Test

  Unstandardized Residual

  N

  60

  a,,b

  Normal Parameters Mean .0000000 Std. Deviation 3.95974324

  Most Extreme Differences Absolute .121 Positive .111 Negative -.121

  Kolmogorov-Smirnov Z .939 Asymp. Sig. (2-tailed) .341 a. Test distribution is Normal.

  b. Calculated from data.

  Lampiran 7. Uji Multikolinearitas pada Persamaan Sub Struktural I a

Coefficients

  Unstandardized Standardized Collinearity Coefficients Coefficients Statistics

  Model B Std. Error Beta t Sig. Tolerance

  VIF 1 (Constant) 28.704 7.513 3.821 .000 Keputusan Investasi -.134 .228 -.068 -.586 .560 .954 1.048 Keputusan Pendanaan -.033 .057 -.072 -.570 .571 .816 1.225 Profitabilitas 1.055 .247 .535 4.278 .000 .831 1.204

  a. Dependent Variable: Kebijakan Dividen

  Lampiran 8. Uji Multikolinearitas pada Persamaan Sub Struktural II a

Coefficients

  Unstandardized Standardized Collinearity Coefficients Coefficients Statistics

  Model B Std. Error Beta t Sig. Tolerance

  VIF 1 (Constant) -7.720 1.367 -5.649 .000 Keputusan Investasi -.120 .037 -.139 -3.239 .002 .949 1.054 Keputusan Pendanaan .091 .009 .457 9.837 .000 .811 1.232 Profitabilitas .570 .046 .654 12.373 .000 .626 1.597 Kebijakan Dividen .012 .022 .026 .536 .594 .727 1.376

  a. Dependent Variable: Nilai Perusahaan

  Lampiran 9. Uji Autokorelasi pada Persamaan Sub Struktural I b

Model Summary

  Adjusted R Std. Error of Durbin- Model R R Square

  Square the Estimate Watson

  a

  1 .523 .273 .234 25,31577 1.275

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas

  b. Dependent Variable: Kebijakan Dividen

  Lampiran 10. Uji Autokorelasi pada Persamaan Sub Struktural II

Model Summary

b

  Collinearity Statistics

  B Std. Error Beta Tolerance

  Collinearity Statistics

  Coefficients T Sig.

  Coefficients Standardized

  Model Unstandardized

  Lampiran 12. Uji Heteroskedastisitas pada Persamaan Sub Struktural II

Coefficients

a

  a. Dependent Variable: ln_kuadrat_res1

  VIF 1 (Constant) 5.123 2.085 2.457 .017 lnX1 -.332 .471 -.098 -.704 .484 .952 1.050 lnX2 .255 .378 .094 .674 .503 .947 1.056 lnX3 -.102 .399 -.035 -.255 .799 .994 1.006

  B Std. Error Beta Tolerance

  Coefficients T Sig.

  Model R R Square Adjusted R

  Coefficients Standardized

  Model Unstandardized

  Lampiran 11. Uji Heteroskedastisitas pada Persamaan Sub Struktural I

Coefficients

a

  b. Dependent Variable: Nilai Perusahaan

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas, Kebijakan Dividen

  .904 .897 4,10121 2.023

  a

  Durbin- Watson 1 .951

  Square Std. Error of the Estimate

  VIF 1 (Constant) -3.058 2.344 -1.305 .198 lnX1 1.006 .518 .248 1.942 .061 .962 1.040 lnX2 .592 .349 .222 1.697 .096 .920 1.087 lnX3 .430 .492 .123 .874 .386 .797 1.255 lnZ -.732 .459 -.224 -1.593 .117 .795 1.258 a. Dependent Variable: ln_kuadrat_res2

  Lampiran 13. Koefisien Determinasi (R

  a

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas

  59

  Residual 35889.747 56 640.888 Total 49376.390

  a

  1 Regression 13486.644 3 4495.548 7.015 .000

  Squares df Mean Square F Sig.

  Model Sum of

  Lampiran 15. Uji F untuk Persamaan Sub Struktural I ANOVA b

  b. Dependent Variable: Nilai Perusahaan

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas, Kebijakan Dividen

  .904 .897 4,10121

  1 .951

  

2

) untuk Persamaan Sub Struktural I Model Summary b

  Square Std. Error of the Estimate

  Model R R Square Adjusted R

  

2

) untuk Persamaan Sub Struktural II Model Summary b

  Lampiran 14. Koefisien Determinasi (R

  b. Dependent Variable: Kebijakan Dividen

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas

  .273 .234 25,31577

  a

  Estimate 1 .523

  Square Std. Error of the

  Model R R Square Adjusted R

  b. Dependent Variable: Kebijakan Dividen

  Lampiran 16. Uji F untuk Persamaan Sub Struktural II b

ANOVA

  Sum of Model df Mean Square F Sig. Squares

  a

  1 Regression 8689.478 4 2172.370 129.155 .000 Residual 925.094 55 16.820 Total 9614.572

  59

  a. Predictors: (Constant), Keputusan Investasi, Keputusan Pendanaan, Profitabilitas, Kebijakan Dividen

  b. Dependent Variable: Nilai Perusahaan

  Lampiran 17. Koefisien Jalur untuk Persamaan Sub Struktural I a

Coefficients

  Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta T Sig.

  1 (Constant) 28.704 7.513 3.821 .000 Keputusan Investasi -.134 .228 -.068 -.586 .560 Keputusan Pendanaan -.033 .057 -.072 -.570 .571 Profitabilitas 1.055 .247 .535 4.278 .000

  Lampiran 18. Koefisien Jalur untuk Persamaan Sub Struktural II a

Coefficients

  Unstandardized Standardized Coefficients Coefficients Model B Std. Error Beta T Sig.

  1 (Constant) -7.720 1.367 -5.649 .000 Keputusan Investasi -.120 .037 -.139 -3.239 .002 Keputusan Pendanaan .091 .009 .457 9.837 .000 Profitabilitas .570 .046 .654 12.373 .000 Kebijakan Dividen .012 .022 .026 .536 .594