Pengaruh Economic Value Added (EVA), Market Value Added (MVA), dan Board Independent terhadap Kinerja Keuangan Perusahaan Manufaktur yang terdaftar di BEI

Lampiran i

DAFTAR PEMILIHAN SAMPEL
NO
.

Nama Perusahaan

Kode

1.
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11.

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31.

32.
33.
34.

Akasha Wira International Tbk.
Tiga Pilar Sejahtera Food Tbk.
Cahaya Kalbar Tbk.
Davomas Abadi Tbk.
Delta Jakarta Tbk.
Indofood CBP Sukses Makmur Tbk.
Indofood Sukses Makmur Tbk.
Mayora Indah Tbk.
Multi Bintang Indonesia Tbk.
Nippon Indosari Corpindo Tbk.
Prasidha Aneka Niaga Tbk.
Sekar Laut Tbk.
Siantar Top Tbk.
Ultra Jaya Milk Tbk.
Darya-Varia Laboratoria Tbk.
Indofarma (Persero) Tbk.

Kalbe Farma Tbk.
Kimia Farma (Persero) Tbk.
Merck Tbk.
Pyridam Farma Tbk.
Schering Plough Indonesia Tbk.
Taisho Pharmaceutical Indonesia Tbk.
Tempo Scan Pacific Tbk.
Gudang Garam Tbk.
Hanjaya Mandala Sampoerna Tbk.
Bantoel International Investama Tbk.
Kedaung Setia Industrial Tbk.
Kedaung Indag Can Tbk.
Langgeng Makmur Industry Tbk.
Martina Berto Tbk.
Mustika Ratu Tbk.
Mandom Indonesia Tbk.
Unilever Indonesia Tbk.
Indocement Tunggal Prakarsa Tbk.

ADES

AISA
CEKA
DAVO
DLTA
ICBP
INDF
MYOR
MLBI
ROTI
PSDN
SKLT
STTP
ULTJ
DVLA
INAF
KLBF
KAEF
MERK
PYFA
SCPI

SQBI
TSPC
GGRM
HMSP
RMBA
KDSI
KICI
LMPI
MBTO
MRAT
TCID
UNVR
INTP

Kriteria Penentuan
Sampel
1
2
3
4

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Sampel

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Universitas Sumatera Utara

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73.
74.
75.
76.

Holcim Indonesia Tbk.
Semen Gresik Tbk.
Asahimas Flat Glass Tbk.
Arwana Citra Mulia Tbk.
Inti Keramik Alam Asri Industri Tbk.
Keramika Indonesia Assosiasi Tbk.
Mulia Industrindo Tbk.
Surya Toto Indonesia Tbk.
Alaska Industrindo Tbk.
Alumindo Light Metal Industry Tbk.
Beton Jaya Manunggal Tbk.
Citra Turbindo Tbk.
Gunawan Dianjaya Steel Tbk.
Indal Aluminium Industry Tbk.
Itamaraya Tbk.
Jakarta Kyoei Steel Work LTD Tbk.
Jaya Pari Steel Tbk.
Krakatau Steel Tbk.
Lion Metal Works Tbk.
Lionmesh Prima Tbk.
Hanson International Tbk.
Pelat Timah Nusantara Tbk.
Pelangi Indah Canindo Tbk.
Tembaga Mulia Semanan Tbk.
Barito Pasific Tbk.
Budi Acid Jaya Tbk.
Duta Pertiwi Nusantara Tbk.
Ekadharma International Tbk.
Eterindo Wahanatama Tbk.
Intan Wijaya International Tbk.
Sorini Agro Asia Corporindo Tbk.
Indo Acitama Tbk.
Chandra Asri Petrochemical.
Unggul Indah Cahaya Tbk.
Alam Karya Unggul Tbk.
Argha Karya Prima Industry Tbk.
Asiaplast Industries Tbk
Berlina Tbk.
Titan Kimia Nusantara Tbk.
Champion Pasific Indonesia Tbk.
Indopoly Swakarsa Industry Tbk.
Sekawan Intipratama Tbk.

SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
ITMA
JKSW
JPRS
KRAS
LION
LMSH
MYRX
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
AKKU
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP

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×
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Universitas Sumatera Utara

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99.
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117

Siwani Makmur Tbk.
Trias Sentosa Tbk.
Yana Prima Hasta Persada Tbk.
Charoen Pokphand Indonesia Tbk.
Japfa Comfeed Indonesia Tbk.
Malindo Feedmill Tbk.
Siearad Produce Tbk.
Sumalindo Lestari Jaya Tbk.
Tirta Mahakam Resources Tbk.
Alkindo Naratama Tbk.
Fajar Surya Wisesa Tbk.
Indah Kiat Pulp & paper Tbk.
Toba Pulp Lestari Tbk.
Kertas Basuki Rachmat Indonesia Tbk.
Surabaya Agung Industri Pulp &
Kertas Tbk.
Suparma Tbk.
Pabrik Kertas Tjiwi Kimia Tbk.
Astra International Tbk.
Astra Auto Part Tbk.
Indo Kordsa Tbk.
Goodyear Indonesia Tbk.
Gajah Tunggal Tbk.
Indomobil Sukses International Tbk.
Indospring Tbk.
Multi Prima Sejahtera Tbk.
Multistrada Arah Sarana Tbk.
Nipress Tbk.
Prima alloy steel Universal Tbk.
Selamat Sempurna Tbk.
Polychem Indonesia Tbk.
Argo Pantes Tbk.
Centex Tbk – Saham Seri B.
Centex Tbk.
Eratex Djaya Tbk.
Ever Shine Textile Industry Tbk.
Pan Asia Indosyntec Tbk.
Indo Rama Synthetic Tbk.
Karwell Indonesia Tbk.
Apac Citra Centertex Tbk.
Pan Asia Filament Inti Tbk.
Pan Brothers Tbk.

SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
KBRI

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×
×
×
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×
×
×
×
×
√
×
×
×

SAIP

√

√

√

×

SPMA
TKIM
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
SMSM
ADMG
ARGO
CNTB
CNTX
ERTX
ESTI
HDTX
INDR
KARW
MYTX
PAFI
PBRX

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×

Sampel 21
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Universitas Sumatera Utara

118
119
120
121
122
123
124
125
126
127
128
129
130
131

Asia Pasific Fibers Tbk.
Ricky Putra Globalindo Tbk.
Sunson Textile Manufacturer Tbk.
Nusantara Inti Corpora Tbk.
Unitex Tbk.
Primarindo Asia Infrastructure Tbk.
Surya Intrindo Makmur Tbk.
Sumi Indo Kabel Tbk.
Jembo Cable Company Tbk.
KMI Wire and Cable Tbk.
Kabelindo Murni Tbk.
Supreme Cable Manufacturing and
Commerce Tbk.
Voksel Electric Tbk.
Sat Nusa Persada Tbk.

POLY
RICY
SSTM
UNIT
UNTX
BIMA
SIMM
IKBI
JECC
KBLI
KBLM

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×
×
×
×
×
×
×
×
×
×
×

SCCO

√

√

√

√

VOKS
PTSN

√
√

√
√

√
√

×
×

Sampel 31

Universitas Sumatera Utara

Lampiran ii

Economic Value Added (EVA)
2009-2011
(dalam Rupiah penuh)
No.

Nama
Perusahaan
(Kode)

2009

2010

2011

1

DLTA

2716735400

21342983100

23676697900

2

INDF

1545648360000

1453645031000

1845970464000

3

MLBI

332441164900

264718457800

282463906700

4

DVLA

22174375190

29083672120

23572319010

5

KLBF

898456583900

238864870300

3307172808100

6

KAEF

30799250900

52795812520

47741406850

7

TSPC

81751737950

112765298200

167099892600

8

GGRM

1257519749000

1235736881000

1890942842000

9

HMSP

2104045821000

3106848855000

3615671634000

10

MRAT

2942553082

3601584036

6296132897

11

TCID

12815233880

16964277520

5425913800

12

UNVR

1506163688000

1781683183000

2613381890000

13

INTP

452098294200

263104411400

302142776000

14

SMGR

618824113500

639546687800

635755997000

15

AMFG

14289706880

50887390800

37707096000

16

ARNA

40141649920

80378481390

41003331090

17

LION

5995018094

6720913550

8937628030

18

LMSH

1087937311

3017528730

4284227307

Universitas Sumatera Utara

19

TBMS

52165899630

9292595144

23866812360

20

EKAD

6623986995

12914446880

12165873660

21

CPIN

672405644000

541609175000

470070657000

22

JPFA

341767660500

399378982400

454472015100

23

FSAW

230942442500

172111873700

142196293100

24

ASII

9879228688000

6067200000000

7196740250000

25

AUTO

193471150300

322046675700

355319239800

26

BRAM

19762551790

23955619200

9760547381

27

GDYR

52752607980

49381597700

18640854400

28

GJTL

170724784000

417540099900

417217145600

29

MASA

94858116200

75979647900

144250894300

30

SMSM

61544070620

55372112610

74853629050

31

SCCO

37103889000

37599168610

81755402640

Universitas Sumatera Utara

Lampiran iii

Market Value Added (MVA)
2009-2011
(dalam Rupiah penuh)

No.

Nama
Perusahaan
(Kode)

1

DLTA

2

2009

2010

2011

-3613181000

343986819000

95486819000

INDF

37859557000000

28927707000000

16808957000000

3

MLBI

14330000000000

4378130000000

122530000000

4

DVLA

-267760000000

-263620000000

-276550000000

5

KLBF

5162799279000

29496199280000

11167799280000

6

KAEF

-403635000000

-328507000000

-68180000000

7

TSPC

-33740000000

383760000000

160050000000

8

GGRM

6063256000000

15237956000000

19638556000000

9

HMSP

-240700000000

-16050000000

-165300000000

10

MRAT

254995000000

547100000000

225500000000

11

TCID

-43833333500

-64533333500

-85133333500

12

UNVR

5614450000000

8421200000000

10395300000000

13

INTP

16325584150000

15225884150000

16232384150000

14

SMGR

10829998000000

36989498000000

23085448000000

15

AMFG

-191100000000

339800000000

254600000000

Universitas Sumatera Utara

16

ARNA

-33955887200

-46237887200

137817112800

17

LION

-51932000000

-51636000000

-50966000000

18

LMSH

-9576000000

-9168000000

-8100000000

19

TBMS

-18172000000

-17647000000

-18131000000

20

EKAD

45799000000

24324000000

334381250000

21

CPIN

3375022000000

3276820000000

11628770000000

22

JPFA

-354278000000

2747422000000

796222000000

23

FSAW

-1154144394000

-727194393500

-377069393500

24

ASII

50650600000000

67036300000000

7189000000000

25

AUTO

-264829000000

116621000000

80221000000

26

BRAM

-224942000000

-224040000000

-186300000000

27

GDYR

-774185250000

-772535250000

-779010250000

28

GJTL

-1226875000000

10739700000000

4461600000000

29

MASA

-665173000000

861235000000

2158925000000

30

SMSM

-5216886000

1729603114000

310273114000

31

SCCO

-202963400000

-203633400000

-186833400000

Universitas Sumatera Utara

Lampiran iv
Board Independent
2009-2011
(dalam persentase)
No.

Nama Perusahaan
(Kode)

2009

2010

2011

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

DLTA
INDF
MLBI
DVLA
KLBF
KAEF
TSPC
GGRM
HMSP
MRAT
TCID
UNVR
INTP
SMGR
AMFG
ARNA
LION
LMSH
TBMS
EKAD
CPIN
JPFA
FSAW
ASII
AUTO
BRAM
GDYR
GJTL
MASA
SMSM
SCCO

0
30
50
0
33.3
60
66.6
80
40
33.3
40
0
42.8
40
42.8
100
33.3
33.3
40
33.3
40
33.3
33.3
50
33.3
42.8
33.3
42.8
50
33.3
50

0
30
42.8
50
33.3
33.3
66.6
75
40
33.3
40
0
42.8
40
33.3
66.6
33.3
33.3
40
33.3
50
25
33.3
45.4
30
42.8
33.3
37.5
50
33.3
33.3

0
30
42.8
42.8
33.3
40
66.6
50
40
33.3
40
80
42.8
33.3
33.3
66.6
0
33.3
40
33.3
40
25
33.3
45.4
40
42.8
33.3
37.5
40
33.3
33.3

Universitas Sumatera Utara

Lampiran v
Return Saham
2009-2011
(dalam bilangan desimal)

No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Nama Perusahaan
(Kode)
DLTA
INDF
MLBI
DVLA
KLBF
KAEF
TSPC
GGRM
HMSP
MRAT
TCID
UNVR
INTP
SMGR
AMFG
ARNA
LION
LMSH
TBMS
EKAD
CPIN
JPFA
FSAW
ASII
AUTO

Y ( Return Saham )
2009
2010
2.1
0.93
2.8
0.37
2.57
0.55
0.6
-0.23
2.25
1.5
0.67
0.25
0.82
1.34
4.07
0.86
0.28
1.7
1.58
0.64
0.47
-0.11
0.4
0.49
1.98
-0.16
0.8
0.25
0.52
2.13
-0.61
0.95
-0.31
0.8
-0.33
1
-0.35
1.77
-0.14
1.04
4.17
-0.18
2.8
1.25
0.05
0.8
2.29
0.57
0.64
1.42

2011
-0.07
-0.05
0.3
-0.01
0.04
1.14
0.49
0.55
0.38
-0.23
0.07
0.14
0.07
0.21
0.13
0.26
0.38
0.04
-0.34
0.09
0.17
0.21
0.52
0.36
-0.75

Universitas Sumatera Utara

26
27
28
29
30
31

BRAM
GDYR
GJTL
MASA
SMSM
SCCO

-0.19
0.92
1.12
0.46
0.15
-0.09

0.65
0.3
4.41
0.6
0.43
0.49

-0.1
-0.23
0.3
0.51
0.27
0.6

Universitas Sumatera Utara

Lampiran vi
Statistik Deskriptif
Descriptive Statistics
N

Minimum

Maximum

Mean

Std. Deviation

RETURN SAHAM

93

-.75

4.41

.6962

.98665

ECONOMIC VALUE ADDED

93

1087937311

1.E13

6.73E11

1.526E12

MARKET VALUE ADDED

93

-1.E12

7.E13

5.29E12

1.155E13

BOARD INDEPENDENT

93

.00

100.00

38.7839

16.88320

Valid N (listwise)

93

Lampiran vii

Uji Normalitas (1)
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
Normal Parameters

93
a,,b

Mean
Std. Deviation

Most Extreme Differences

Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)

.0000000
.96753702

Absolute

.175

Positive

.175

Negative

-.119
1.683
.007

a. Test distribution is Normal.
b. Calculated from data.

Universitas Sumatera Utara

Lampiran vii (lanjutan)

Universitas Sumatera Utara

Lampiran vii (lanjutan)
Hasil Trimming
Uji Normalitas (2)
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
Normal Parameters

90
a,,b

Mean
Std. Deviation

Most Extreme Differences

Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)

.0000000
.73060993

Absolute

.106

Positive

.106

Negative

-.097
1.008
.262

a. Test distribution is Normal.
b. Calculated from data.

Universitas Sumatera Utara

Lampiran vii (lanjutan)
Uji Multikolinearitas
Coefficients
Unstandardized

Standardized

Coefficients

Coefficients

Model
1

a

B
(Constant)

Std. Error
.689

.199

Economic Value Added

2.824E-14

.000

Market Value Added

1.345E-14
-.005

Board Independent

Beta

Collinearity Statistics
t

Sig.

Tolerance

VIF

3.455

.001

.058

.434

.666

.610

1.640

.000

.208

1.567

.121

.612

1.633

.005

-.114

-1.090

.279

.990

1.010

a. Dependent Variable: Return Saham

Uji Heterokedastisitas

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Lampiran vii (lanjutan)
Uji Autokorelasi
b

Model Summary

Model
1

R
.264

R Square
a

Adjusted R

Std. Error of the

Square

Estimate

.070

.037

Durbin-Watson

.74324

1.486

a. Predictors: (Constant), Board Independent, Market Value Added, Economic Value
Added
b. Dependent Variable: Return Saham

Lampiran viii

Hasil Uji Koefisien Determinasi
b

Model Summary
Model
1

R
.264

R Square
a

.070

Adjusted R Square
.037

Std. Error of the Estimate
.74324

a. Predictors: (Constant), Board Independent, Market Value Added, Economic Value Added
b. Dependent Variable: Return Saham

Universitas Sumatera Utara

Lampiran ix
Hasil Pengujian Hipotesis
Hasil Uji T
Coefficients

a

Standardized
Unstandardized Coefficients
Model
1

B
(Constant)

Std. Error
.689

.199

Economic Value Added

2.824E-14

.000

Market Value Added

1.345E-14
-.005

Board Independent

Coefficients
Beta

t

Sig.
3.455

.001

.058

.434

.666

.000

.208

1.567

.121

.005

-.114

-1.090

.279

a. Dependent Variable: Return Saham

Hasil Uji F
Coefficients

a

Standardized
Unstandardized Coefficients
Model
1

B
(Constant)

Std. Error
.689

.199

Economic Value Added

2.824E-14

.000

Market Value Added

1.345E-14
-.005

Board Independent

Coefficients
Beta

t

Sig.
3.455

.001

.058

.434

.666

.000

.208

1.567

.121

.005

-.114

-1.090

.279

a. Dependent Variable: Return Saham

Universitas Sumatera Utara