LAMPIRAN Lampiran 1 KONSTRUKSI PENGAMBILAN SAMPEL Tabel 1 Konstruksi Sampel Berdasarkan Kriteria
LAMPIRAN Lampiran 1 KONSTRUKSI PENGAMBILAN SAMPEL Tabel 1 Konstruksi Sampel Berdasarkan Kriteria Konstruksi Sampel*
Jumlah perusahaan terdaftar di BEI 492 (-) Industri keuangan
76 (-) data tidak memadai (ketiadaan beta) 124 (-) tidak memiliki goodwill positif dalam neraca
54 (-) menggunakan mata uang selain rupiah dalam laporan
22 keuangan Total perusahaan
48 Sampel final untuk mengamatan 2 tahun (2 x perusahaan)
96
*Tabel ini memperlihatkan proses pengambilan sampel final yang digunakan
dalam penelitian ini berdasarkan kriteria yang telah ditetapkan sebelumnya.
Lampiran 2 REKAPITULASI COST OF EQUITY Tabel 2 Perhitungan Cost of Equity
No. Kode Nama Tanggal Risk Free Rate (Rf) Market Risk Premium (MRP) Beta Cost of Equity
Pendaftaran 2011 2012 2011 2012 2011 2012 2011 2012 ABBA Mahaka Media Tbk 3-Apr-02 6.58% 5.77% 3.91% 3.91%1.92 1.92 14.09% 13.28%
1
2 AKRA AKR Corporindo Tbk 03-Okt-1994 6.58% 5.77% 3.91% 3.91%
1.74 1.74 13.38% 12.57%
3 ANTM Aneka Tambang (Persero) Tbk 27-Nop-1997 6.58% 5.77% 3.91% 3.91%
1.31 1.31 11.70% 10.89%
4 ASGR Astra Graphia Tbk 15-Nop-1989 6.58% 5.77% 3.91% 3.91%
1.87 1.87 13.89% 13.08%
5 BIPI Benakat Integra Tbk 11-Feb-10 6.58% 5.77% 3.91% 3.91%
0.34 0.34 7.91% 7.10%
6 BMSR Bintang Mitra Semestaraya 29-Des-1999 6.58% 5.77% 3.91% 3.91% -0.7 -0.7 3.84% 3.03%
Tbk7 BMTR Global Mediacom Tbk 17-Jul-95 6.58% 5.77% 3.91% 3.91%
1.68 1.68 13.15% 12.34%
37 HERO Hero Supermarket Tbk 02-Des-1989 6.58% 5.77% 3.91% 3.91%
1.47 1.47 12.33% 11.52%
36 AUTO Astra Otoparts Tbk 15-Jun-98 6.58% 5.77% 3.91% 3.91%
0.45 0.45 8.34% 7.53%
35 PBRX Pan Brothers Tbk 16-Agust- 1990 6.58% 5.77% 3.91% 3.91%
1.29 1.29 11.62% 10.81%
34 EMTK Elang Mahkota Teknologi Tbk 12-Jan-10 6.58% 5.77% 3.91% 3.91%
33 WIKA Wijaya Karya Tbk 29-Okt-2007 6.58% 5.77% 3.91% 3.91%
38 ASII Astra International Tbk 4-Apr-90 6.58% 5.77% 3.91% 3.91%
1.38 1.38 11.98% 11.17%
32 UNSP Bakrie Sumatera Plantations Tbk 6-Mar-90 6.58% 5.77% 3.91% 3.91%
1.01 1.01 10.53% 9.72%
31 TRIO Trikomsel Oke Tbk 14-Apr-09 6.58% 5.77% 3.91% 3.91%
0.33 0.33 7.87% 7.06%
30 TBIG PT Tower Bersama Infrastructure Tbk 26-Okt-2010 6.58% 5.77% 3.91% 3.91%
1.23 1.23 11.39% 10.58%
29 SMCB Holcim Indonesia Tbk 10-Agust- 1997 6.58% 5.77% 3.91% 3.91%
0.74 0.74 9.47% 8.66%
1.21 1.21 11.31% 10.50%
28 SMAR SMART Tbk 20-Nop-1992 6.58% 5.77% 3.91% 3.91%
0.27 0.27 7.64% 6.83%
48 ETWA Eterindo Wahanatama Tbk 16-Mei-1997 6.58% 5.77% 3.91% 3.91%
1.14 1.14 11.04% 10.23%
47 GZCO Gozco Plantations Tbk 15-Mei-2008 6.58% 5.77% 3.91% 3.91%
1.54 1.54 12.60% 11.79%
46 SULI PT SLJ Global Tbk 21-Mar-94 6.58% 5.77% 3.91% 3.91%
1.03 1.03 10.61% 9.80%
45 BHIT PT MNC Investama Tbk. 24-Nop-1997 6.58% 5.77% 3.91% 3.91%
44 AALI Astra Agro Lestari Tbk 09-Des-1997 6.58% 5.77% 3.91% 3.91%
39 COWL COWELL DEVELOPMENT Tbk 19-Des-2007 6.58% 5.77% 3.91% 3.91%
1.85 1.85 13.81% 13.00%
43 CPIN Charoen Pokphand Indonesia Tbk 18-Mar-91 6.58% 5.77% 3.91% 3.91%
42 CENT Centrin Online Tbk 01-Nop-2001 6.58% 5.77% 3.91% 3.91% -0.19 -0.19 5.84% 5.03%
0.86 0.86 9.94% 9.13%
41 WEHA Panorama Transportasi Tbk 31-Mei-2007 6.58% 5.77% 3.91% 3.91%
0.27 0.27 7.64% 6.83%
40 BNBR Bakrie & Brothers Tbk 28-Agust- 1989 6.58% 5.77% 3.91% 3.91%
0.86 0.86 9.94% 9.13%
0.75 0.75 9.51% 8.70%
2.06 2.06 14.63% 13.82%
1.12 1.12 10.96% 10.15%
0.98 0.98 10.41% 9.60%
16 ICBP Indofood CBP Sukses Makmur Tbk 07-Okt-2010 6.58% 5.77% 3.91% 3.91%
0.67 0.67 9.20% 8.39%
15 HMSP HM Sampoerna Tbk 15-Agust- 1990 6.58% 5.77% 3.91% 3.91%
0.15 0.15 7.17% 6.36%
14 GREN Evergreen Invesco Tbk 9-Jul-10 6.58% 5.77% 3.91% 3.91%
0.72 0.72 9.40% 8.59%
13 FREN Smartfren Telecom Tbk 29-Nop-2006 6.58% 5.77% 3.91% 3.91%
12 EMDE Megapolitan Developments Tbk 12-Jan-11 6.58% 5.77% 3.91% 3.91%
17 INDF Indofood Sukses Makmur Tbk 14-Jul-94 6.58% 5.77% 3.91% 3.91%
1.58 1.58 12.76% 11.95%
11 ELTY Bakrieland Development Tbk 30-Okt-1995 6.58% 5.77% 3.91% 3.91%
1.72 1.72 13.31% 12.50%
10 DILD Intiland Development Tbk 4-Sep-91 6.58% 5.77% 3.91% 3.91%
0.63 0.63 9.04% 8.23%
9 BWPT BW Plantation Tbk 27-Okt-2009 6.58% 5.77% 3.91% 3.91%
1.69 1.69 13.19% 12.38%
8 BSDE Bumi Serpong Damai Tbk 6-Jun-08 6.58% 5.77% 3.91% 3.91%
0.98 0.98 10.41% 9.60%
1.03 1.03 10.61% 9.80%
27 PLIN Plaza Indonesia Realty Tbk 15-Jun-92 6.58% 5.77% 3.91% 3.91%
23 MAPI Mitra Adiperkasa Tbk 10-Nop-2004 6.58% 5.77% 3.91% 3.91%
0.61 0.61 8.97% 8.16%
26 PANR Panorama Sentrawisata Tbk 1-Jan-50 6.58% 5.77% 3.91% 3.91%
1.71 1.71 13.27% 12.46%
25 MNCN Media Nusantara Citra Tbk 22-Jun-07 6.58% 5.77% 3.91% 3.91%
1.98 1.98 14.32% 13.51%
24 MDRN Modern Internasional Tbk 16-Jul-91 6.58% 5.77% 3.91% 3.91%
2 2 14.40% 13.59%
0.1 0.1 6.97% 6.16%
18 JIHD Jakarta International Hotels & Development Tbk 29-Feb-84 6.58% 5.77% 3.91% 3.91%
22 JSPT Jakarta Setiabudi Internasional Tbk 12-Jan-98 6.58% 5.77% 3.91% 3.91%
0.79 0.79 9.67% 8.86%
21 JSMR Jasa Marga Tbk 12-Nop-2007 6.58% 5.77% 3.91% 3.91%
1.87 1.87 13.89% 13.08%
20 JPFA JAPFA Comfeed Indonesia Tbk 23-Okt-1989 6.58% 5.77% 3.91% 3.91%
0.39 0.39 8.10% 7.29%
19 JKON Jaya Konstruksi Manggala Pratama Tbk 04-Des-2007 6.58% 5.77% 3.91% 3.91%
1.51 1.51 12.48% 11.67%
0.62 0.62 9.00% 8.19% Tabel di atas memperlihatkan perhitungan cost of equity masing-masing perusahaan yang menjadi sampel penelitian. Cost of Equity dicari dengan menggunakan rumus CAPM (capital asset pricing model), dengan rumus sebagai berikut.
E (Ri) = Rf + β (MRP) Keterangan: E (Ri) : Tingkat pengembalian yang diinginkan Rf : Tingkat suku bunga investasi yang dapat diperoleh tanpa resiko
β : Faktor resiko yang berlaku spesifik untuk masing–masing bank.
Data beta masing-masing perusahaan diambil dari www.reuters.com
MRP : (Market Resk Premium). Sumber data diambil dari survey Damodaran tentang MRP negara-negara di dunia pada tahun 2012 dari
(tingkat suku bunga SBI). Diambil dari website www.bi.go.id, berdasarkan tingkat suku bunga rata-rata tahun penelitian.
Tabel 3 Tingkat Suku Bunga Berdasarkan BI Bulan
Suku Bunga
Februari
6.75% 5.75%
Maret
6.75% 5.75%
6.50% 6.00%
April
Mei
6.75% 5.75%
2011 2012
Januari
6.75% 5.75%
Juni
Juli
Agustus
September
6.75% 5.75%
6.75% 5.75%
6.75% 5.75%
6.75% 5.75%
Oktober
6.00% 5.75%
November
6.50% 5.75%
Desember
6.00% 5.75%
Total
79.00% 69.25%
Rata2
6.58% 5.77%
Sumber: www.bi.go.id
Lampiran 3 PERHITUNGAN COST OF DEBT Tabel 4 Rekapitulasi Perhitungan Cost of Debt
3 Aneka Tambang (Persero) Tbk 4,429,191,527,000 6,876,224,890,000 22,723,138,000 234,500,820,000 0.51% 3.41% 25.00% 25.00%
14 Evergreen Invesco Tbk 566,946,300,470 581,076,926,718 8,341,189,595 10,648,589,185 1.47% 1.83% 25.00% 25.00%
No. Nama Jumlah Utang (D) Beban Bunga (i) Tingkat Bunga (D/i) Tax Rate
2011 2012 2011 2012 2011 2012 2011 2012
1 Mahaka Media Tbk 294,206,068,052 305,768,880,547 13,373,306,280 13,490,984,819 4.55% 4.41% 25.00% 25.00%
20 JAPFA Comfeed 4,481,070,000,000 6,198,137,000,000 331,404,000,00 437,531,000,000 7.40% 7.06% 20.00% 20.00%
19 Jaya Konstruksi Manggala Pratama Tbk 1,347,596,317,577 1,542,127,841,271 26,376,879,386 35,250,718,206 1.96% 2.29% 25.00% 25.00%
1,050,554,569,000 1,076,060,487,000 47,189,716,000 38,887,636 4.49% 0.00% 20.00% 20.00%
18 Jakarta International Hotels & Development Tbk
17 Indofood Sukses Makmur Tbk 21,975,708,000,000 25,181,533,000,00 882,016,000,00 933,888,000,000 4.01% 3.71% 20.00% 20.00%
16 Indofood CBP Sukses Makmur Tbk 4,513,084,000,000 5,766,682,000,000 46,544,000,000 53,675,000,000 1.03% 0.93% 25.00% 25.00%
15 HM Sampoerna Tbk 9,027,088,000,000 12,939,107,000,00 9,545,000,000 20,471,000,000 0.11% 0.16% 25.00% 25.00%
6 367,979,998,582 3.85% 3.93% 25.00% 25.00%
4 Astra Graphia Tbk 569,502,000,000 606,917,000,000 542,000,000 3,323,000,000 0.10% 0.55% 25.00% 25.00%
13 Smartfren Telecom Tbk 9,027,606,756,073 9,355,398,812,684 347,425,729,71
12 Megapolitan Developments Tbk 374,772,103,253 362,440,053,575 14,534,389,741 11,166,374,075 3.88% 3.08% 25.00% 25.00%
11 Bakrieland Development Tbk 6,805,878,160,103 6,071,418,710,164 47,394,828,534 473,801,491,002 0.70% 7.80% 25.00% 25.00%
2 AKR Corporindo Tbk 4,746,103,316,000 7,577,784,981,000 4,166,026,000 10,811,641,000 0.09% 0.14% 20.00% 20.00%
9 BW Plantation Tbk 2,163,128,698,000 3,246,802,118,000 68,498,485,000 70,355,188,000 3.17% 2.17% 25.00% 25.00%
8 89,473,238,552 3.37% 1.44% 25.00% 25.00%
8 Bumi Serpong Damai Tbk 4,530,152,109,517 6,225,013,628,292 152,713,472,88
7 Global Mediacom Tbk 4,295,815,000,000 5,699,770,000,000 372,916,000,00 326,137,000,000 8.68% 5.72% 25.00% 25.00%
6 Bintang Mitra Semestaraya Tbk 294,712,783,200 308,191,103,983 8,527,877,196 11,277,602,757 2.89% 3.66% 25.00% 25.00%
13.74 % 7.37% 25.00% 25.00%
5 Benakat Integra Tbk 641,695,000,000 755,441,000,000 88,195,000,000 55,709,000,000
10 Intiland Development Tbk 1,892,907,650,386 2,140,815,833,510 48,300,574,331 81,792,350,715 2.55% 3.82% 25.00% 25.00%
Indonesia Tbk
37 Hero Supermarket Tbk 2,297,397,000,000 3,619,007,000,000 26,197,000,000 42,054,000,000 1.14% 1.16% 25.00% 25.00%
48 Eterindo Wahanatama Tbk 398,012,966,050 523,207,574,539 6,158,721,572 9,708,630,934 1.55% 1.86% 20.00% 20.00%
47 Gozco Plantations Tbk 1,327,475,994,963 1,587,372,557,439 67,032,815,309 79,442,606,567 5.05% 5.00% 25.00% 25.00%
46 PT SLJ Global Tbk 1,654,048,778,442 1,475,195,895,066 74,366,736,121 48,156,958,167 4.50% 3.26% 25.00% 25.00%
6,665,467,000,000 8,827,432,000,000 488,077,000,00 400,105,000,000 7.32% 4.53% 25.00% 25.00%
45 PT Bhakti Investama Tbk.
44 Astra Agro Lestari Tbk 1,778,337,000,000 3,054,409,000,000 25,778,000,000 31,750,000,000 1.45% 1.04% 25.00% 25.00%
43 Charoen Pokphand Indonesia Tbk 2,658,734,000,000 4,172,163,000,000 34,510,000,000 51,559,000,000 1.30% 1.24% 20.00% 20.00%
42 Centrin Online Tbk 15,100,322,284 24,654,856,055 893,644,840 236,963,329 5.92% 0.96% 25.00% 25.00%
41 Panorama Transportasi Tbk 183,819,033,243 301,192,327,415 15,705,913,369 24,902,705,614 8.54% 8.27% 25.00% 25.00%
00 4.99% 7.89% 20.00% 20.00%
40 Bakrie & Brothers Tbk 19,613,262,083,000 13,046,034,152,00 978,489,079,00 1,029,361,680,0
39 COWELL DEVELOPMENT Tbk 221,859,863,217 644,554,039,238 2,475,684,262 7,562,146,144 1.12% 1.17% 25.00% 25.00%
00 0.90% 1.10% 20.00% 20.00%
38 Astra International Tbk 78,481,000,000,000 92,460,000,000,00 710,000,000,00 1,021,000,000,0
36 Astra Otoparts Tbk 2,241,333,000,000 3,396,543,000,000 55,549,000,000 99,586,000,000 2.48% 2.93% 25.00% 25.00%
21 Jasa Marga Tbk 12,555,380,912,000 14,965,765,873,00 32,556,507,000 90,906,859,000 0.26% 0.61% 25.00% 25.00%
28 SMART Tbk 7,386,347,000,000 7,308,000,000,000 276,506,000,00 250,070,000,000 3.74% 3.42% 25.00% 25.00%
22 Jakarta Setiabudi Internasional Tbk 1,255,753,036,014 1,500,018,745,925 33,370,909,000 30,127,931,000 2.66% 2.01% 25.00% 25.00%
23 Mitra Adiperkasa Tbk 2,621,209,018,000 3,817,911,733,000 123,418,316,00 165,069,599,000 4.71% 4.32% 20.00% 20.00%
24 Modern Internasional Tbk 633,475,393,678 747,255,823,658 33,033,393,510 57,383,961,631 5.21% 7.68% 20.00% 20.00%
25 Media Nusantara Citra Tbk 1,963,727,000,000 1,663,780,000,000 134,904,000,00 38,294,000,000 6.87% 2.30% 25.00% 25.00%
26 Panorama Sentrawisata Tbk 503,585,205,000 731,463,523,000 26,180,639,000 38,698,224,000 5.20% 5.29% 25.00% 25.00%
27 Plaza Indonesia Realty Tbk 1,935,307,318,000 1,717,982,629,000 57,830,490,000 47,306,247,000 2.99% 2.75% 25.00% 25.00%
29 Holcim Indonesia Tbk 3,423,241,000,000 3,750,461,000,000 121,241,000,00 119,586,000,000 3.54% 3.19% 30.63% 27.87%
35 Pan Brothers Tbk 830,702,000,088 1,178,597,390,919 29,212,953,895 34,894,964,875 3.52% 2.96% 25.00% 25.00%
30 PT Tower Bersama Infrastructure Tbk 4,174,997,000,000 10,072,090,000,00 246,597,000,00 467,482,000,000 5.91% 4.64% 25.00% 25.00%
31 Trikomsel Oke Tbk 3,410,301,506,712 3,506,469,551,540 173,853,493,58
1 225,087,039,559 5.10% 6.42% 25.00% 25.00%
32 Bakrie Sumatera Plantations Tbk 9,644,732,756,000 11,068,929,244,00 464,017,632,00 553,701,443,000 4.81% 5.00% 20.00% 20.00%
33 Wijaya Karya Tbk 6,103,603,696,000 8,131,203,824,000 15,696,279,000 36,228,187,000 0.26% 0.45% 25.00% 25.00%
34 Elang Mahkota Teknologi Tbk 2,361,844,476,000 2,311,678,445,000 139,048,746,00 78,434,894,000 5.89% 3.39% 25.00% 25.00%
Perhitungan cost of debt didasarkan Cost of Debt setelah pajak dihitung dengan cara mengalikan tingkat bunga tahunan yang harus dibayar perusahaan atas pinjaman baru (1- Tingkat pajak). Adapun hasil perhitungannya dapat dilihat pada tabel di atas.
Lampiran 4 PERHITUNGAN ROIC Tabel 5 No. Kode Nama NOPAT tanpa pengaruh Goodwill Average Invested Capital Impairment Loss (NOPAT + Goodwill Impairment Loss)
2011 2012 2011
1 ABBA Mahaka Media Tbk
2,409,122,541 10,438,184,574 52,013,864,661 42,691,656,
2 AKRA AKR Corporindo Tbk
580,398,681,600 664,284,616,800 2,648,065,372,000 3,091,731,314,500
3 ANTM Aneka Tambang
1,509,658,818,750 671,898,042,000 4,887,813,233,000 5,501,478,476,000 (Persero) Tbk
4 ASGR Astra Graphia Tbk
126,678,750,000 170,293,500,000 256,281,500,000 357,829,500
5 BIPI Benakat Integra Tbk
5,550,000,000 8,988,750,000 263,084,000,000 247,205,500
6 BMSR Bintang Mitra
39,855,666,526 4,956,633,825 -21,519,367,465 54,518,631, Semestaraya Tbk
7 BMTR Global Mediacom Tbk
1,417,979,250,000 1,841,535,750,000 5,557,430,000,000 8,902,673,000,000
8 BSDE Bumi Serpong Damai
720,416,534,774 1,073,666,191,907 169,648,621,105 -649,055,267 Tbk
9 BWPT BW Plantation Tbk
362,220,059,250 312,968,502,000 177,460,368,000 397,511,629
10 DILD Intiland Development
140,725,908,878 227,747,878,675 1,195,194,416,027 820,577,490 Tbk
11 ELTY Bakrieland
214,822,611,436 588,813,557,581 4,150,276,789,742 2,996,454,989,677 Development Tbk
12 EMDE Megapolitan
7,885,654,168 4,869,762,764 -134,608,951 61,717,821, Developments Tbk
13 FREN Smartfren Telecom
- 1,666,221,029,387 -1,201,948,052,673 4,014,209,887,094 6,931,041,128,331 Tbk
14 GREN Evergreen Invesco Tbk
10,215,825,695 12,762,951,704 430,926,355,272 463,509,234
15 HMSP HM Sampoerna Tbk
8,103,962,250,000 10,012,837,500,000 7,565,494,500,000 10,412,751,500,000
16 ICBP Indofood CBP Sukses
1,956,561,000,000 2,131,545,000,000 3,487,349,500,000 4,212,777,000,000 Makmur Tbk
17 INDF Indofood Sukses
5,481,984,800,000 5,496,475,200,000 11,529,530,000,000 13,548,768,000,000 Makmur Tbk
18 JIHD Jakarta International
70,488,483,200 102,720,907,200 1,693,505,303,500 2,057,153,445,000 Hotels & Development Tbk Tbk 55,308,460,683 36,203,251,558 64,714,529,241 102,470,852
48 ETWA Eterindo Wahanatama
5,525,145,843 4,688,152,852 9,968,497,143,000 3,552,425,800,000
Teknologi Tbk 897,794,430,750 1,022,353,839,000 943,365,767,000 1,410,915,995,500
35 PBRX Pan Brothers Tbk
73,779,685,450 105,839,910,206 407,066,055,978 587,087,482
36 AUTO Astra Otoparts Tbk
389,661,000,000 356,650,500,000 1,604,046,500,000 1,842,678,000,000
37 HERO Hero Supermarket Tbk
287,861,250,000 330,924,000,000 973,093,000,000 1,160,327,500,000
38 ASII Astra International
Tbk 14,265,600,000,000 15,896,000,000,000 7,390,500,000,000 15,350,000,000,000
39 COWL COWELL
DEVELOPMENT Tbk 23,358,703,292 60,719,768,211 -56,419,873,314 41,054,510,
40 BNBR Bakrie & Brothers Tbk
41 WEHA Panorama
490,305,875,250 634,062,465,750 3,571,991,572,000 3,491,210,832,000
Transportasi Tbk 17,934,559,586 25,352,517,200 112,731,333,924 170,084,805
42 CENT Centrin Online Tbk
1,464,211,513 -4,638,145,265 29,869,986,131 40,387,944,
43 CPIN Charoen Pokphand
Indonesia Tbk 2,407,370,400,000 2,772,894,400,000 4,841,261,000,000 7,420,935,500,000
44 AALI Astra Agro Lestari Tbk
2,396,745,750,000 2,590,296,750,000 2,693,158,500,000 3,423,109,500,000
45 BHIT PT Bhakti Investama Tbk.
1,455,258,750,000 2,054,073,750,000 6,089,946,500,000 10,362,928,500,000
46 SULI PT SLJ Global Tbk
47 GZCO Gozco Plantations Tbk
78,233,666,702 64,495,395,666 237,443,552,561 305,092,191
34 EMTK Elang Mahkota
33 WIKA Wijaya Karya Tbk
19 JKON Jaya Konstruksi
25 MNCN Media Nusantara Citra
Manggala Pratama Tbk
164,808,873,589 208,289,447,446 53,439,832,464 246,233,975
20 JPFA JAPFA Comfeed
Indonesia Tbk 877,768,000,000 1,334,603,200,000 4,074,675,500,000 5,018,192,000,000
21 JSMR Jasa Marga Tbk
1,747,848,651,000 2,231,426,937,750 -2,893,931,386,500 -4,718,296,663,000
22 JSPT Jakarta Setiabudi
Internasional Tbk 200,420,070,597 223,581,470,001 644,065,075,203 488,184,552
23 MAPI Mitra Adiperkasa Tbk
497,812,020,000 609,032,342,400 1,387,305,441,500 1,676,843,286,500
24 MDRN Modern Internasional
Tbk 83,214,328,438 97,279,308,230 414,392,007,971 535,399,466
Tbk 1,186,177,500,000 1,661,110,500,000 3,739,559,000,000 5,449,972,500,000
Plantations Tbk 718,329,171,200 288,631,551,200 4,974,094,476,000 7,550,176,452,048
26 PANR Panorama
Sentrawisata Tbk 37,655,639,250 55,288,777,500 229,534,324,000 311,002,036
27 PLIN Plaza Indonesia Realty
Tbk 141,621,645,000 335,490,560,250 1,391,015,625,000 1,083,769,912,500
28 SMAR SMART Tbk
1,697,565,750,000 2,446,241,250,000 6,756,054,500,000 8,096,446,500,000
29 SMCB Holcim Indonesia Tbk
1,171,691,210,200 1,470,339,034,100 7,360,109,440,585 8,774,031,500,000
30 TBIG PT Tower Bersama
Infrastructure Tbk 530,614,500,000 960,291,750,000 222,333,500,000 -50,127,500,
31 TRIO Trikomsel Oke Tbk
524,783,401,859 620,315,086,508 883,104,338,202 1,288,442,430,862
32 UNSP Bakrie Sumatera
- 126,395,899,282 -155,704,231,904 41,702,818,071 -213,000,454
dihilangkan dari NOPAT perusahaan, hal ini sesuai dengan perhitungan ROIC
menurut Chan (2001).Lampiran 5 TRANSFORMASI VARIABEL Tabel 6 Variabel Baru Hasil Transformasi N Kod Nama EVAbaru Goodwill Impairment NOPAT Biaya Modal o. e Loss Baru baru Baru
201 201 2011 2012 201 201 2011 2012
1
2
1
2
1 ABB Mahaka
9.9
8.45
8.56
9.3 10 56427 49767 A Media Tbk 3 .31 .43
2 AK AKR 11.
11.
11. 11. 39423 37502 RA Corporindo
63
72
76
82
8.3
8.1 Tbk
3 ANT Aneka 12.
11.
12. 11. 63986 65343 M Tambang
04
39
18
83
6.8
6.8 (Persero) Tbk
4 ASG Astra 11.
11.
11. 11. 13291 15632 R Graphia Tbk
04
16
1
23
2.1
3.6
5 BIPI Benakat
9.91 9.9 14397 12774 Integra Tbk
5
3.5
8.3
6 BM Bintang 10.
9.5
10.43
10.43 10. 37539 SR Mitra
61
5 1 .18 Semestaraya Tbk
7 BM Global 11.
12.
11.11 12. 12. 71627 85303 TR Mediacom
96
05
15
23
9.8
5.8 Tbk
8 BSD Bumi 11.
12.
11. 12. 12484 E Serpong
85
05
86
03
6.6 Damai Tbk
9 BW BW 11.
11.
11. 11. 91000 11958 PT Plantation
55
48
56 5 .2
8.6 Tbk
11.
11. 11. 33442 26962 D Developmen t Tbk
46
35 12.
23 MA
2.6
9.7 13763
35 17170
3 11.
8.79 11.
31
23 11.
11.
T Jakarta Setiabudi Internasiona l Tbk
22 JSP
35
24 12.
24 12.
59 11.
R Jasa Marga Tbk 12.
21 JSM
0.2
5.7 64301
13 60311
94 12.
9.13 11.
96
71 11.
A JAPFA Comfeed Indonesia Tbk 11.
20 JPF
.83
.8 95085
32 45232
PI Mitra Adiperkasa Tbk 11.
7
3 11.
CN Media Nusantara Citra Tbk 11.
4.9 11760
74 10691
58 10.
62 10.
42 10.
R Panorama Sentrawisata Tbk 10.
26 PAN
1.1
5.9 75227
19 64623
07 12.
11.03 12.
04
89 12.
25 MN
10.05 11.
6.4
4.2 22914
99 17900
91 10.
9.24 10.
65
71 10.
10.
RN Modern Internasiona l Tbk
24 MD
2.9
6.5 33499
78 32556
69 11.
22 11.
21 11.
19
8.9
11 12611
01 10.
N Evergreen Invesco Tbk 10.
14 GRE
6.8
1 55396
40504
N Smartfren Telecom Tbk
13 FRE
.17
9 62771
9.6
9.9
7
9.9
6.6
DE Megapolitan Developmen ts Tbk
12 EM
4.5
4.2 51745
77 57639
33 11.
51 11.
11.
Y Bakrieland Developmen t Tbk
11 ELT
4.3
9.6
36
15
8.7 12612
15 HM
N Jaya Konstruksi Manggala Pratama Tbk 11.
F Indofood Sukses Makmur Tbk 12.
19 JKO
3.6
4.8 42679
01 41500
85 11.
10.
D Jakarta International Hotels & Developmen t Tbk
18 JIH
7.1
7.1 94994
74 91808
74 12.
66 12.
67 12.
17 IND
SP HM Sampoerna Tbk 12.
1.4
9.3 52941
33 51131
29 12.
27 12.
23 12.
P Indofood CBP Sukses Makmur Tbk 12.
16 ICB
4.4
2.6 66896
9 13 61079
11.27 12.
98
89 12.
5.3
27 PLI
40 BNB
WL COWELL DEVELOP MENT Tbk 10.
41 10.
77 10.
37 10.
78 49886
.56
R Bakrie & Brothers Tbk
8.4
9.67
9.58
8.9
2
8.9
7 71772
3.5 45807
39 CO
5.5 92156
41 WE
46 11.
55 37589
7 37774
7.1
37 HER
O Hero Supermarket Tbk 11.
4 11.
47 11.
52 19774
2 65770
2.5 19178
6.5
38 ASII Astra
International Tbk 13.
14 13.
18 13.
15 13.
5.2
HA Panorama Transportasi Tbk 10.
33 11.
2.1
I Astra Agro Lestari Tbk 12.
35 12.
38 12.
38 12.
41 41669
0.8 42557
45 BHI
1.7
T PT Bhakti Investama 11.
98 12.
11
11.11 12.
16 12.
28 71164
4 87864
44 AAL
7.2 81165
03 10.
9.08
2 10.
25 10.
4 84602
.23 97908
.19
42 CEN
T Centrin Online Tbk
9.46 8.4 40450 .24
44 69273
40177 .03
43 CPI
N Charoen Pokphand Indonesia Tbk 12.
28 12.
33
9.87 12.
38 12.
59 11.
4 11.
N Plaza Indonesia Realty Tbk 10.
98
6.6 82885
6
30 TBI
G PT Tower Bersama Infrastructur e Tbk
11.
72 11.
9.94 11.
07 12.
72 11.
98 10659
5.2
31 TRI
O Trikomsel Oke Tbk 11.
68 11.
74 11.
17 78449
89 12.
79 20905
AR SMART Tbk 12.
31 11.
39 11.
15 11.
53 34811
6.5 30326
0.9
28 SM
12 12.
75 11.
3 12.
23 12.
39 62578
1.8 67658
4.7
29 SM
CB Holcim Indonesia Tbk 11.
72 11.
8.5 27133
O Astra Otoparts Tbk 11.
35 PBR
95
9.29 11.
95 12.
01 28930
7.5 35218
9.1
X Pan Brothers Tbk 10.
TK Elang Mahkota Teknologi Tbk 11.
73 10.
91 10.
87 11.
02 14053
0.9 15475
1.8
36 AUT
91 11.
34 EM
8.7
3.2
32 UNS
P Bakrie Sumatera Plantations Tbk 11.
55
10.77 11.
82 11.
46 60619
7.8 70172
33 WIK
0.3
A Wijaya Karya Tbk 11.
56 11.
71
9.43 11.
69 11.
8 35920
8.6 34242
4.1 Tbk.
46 SUL PT SLJ
10.47 10.17 42406
I Global Tbk .5
47 GZC Gozco 10.
10.
10. 10. 13073 14121 O Plantations
79
65
89
81
9.3
3.2 Tbk
48 ET Eterindo 10.
10.
10. 10. 57152 66989 WA Wahanatam
72
5
74 56 .03 .16 a Tbk
Dari hasil pengujian Kolmogorov-Smirnov pada bab sebelumnya,
diketahui bahwa data penelitian terdistribusi secara tidak normal karena memiliki
nilai signifikansi yang lebih kecil dari 0,5. Untuk itu, diperlukan transformasi data agar menjadi normal. Pentransformasian dilakukan dengan akar kuadrat dan log10 untuk variabel penelitian yang tidak berdistribusi normal. Log10 digunakan untuk mentransformasi EVA, NOPAT, dan goodwill impairment loss, sementara kuadrat terkecil digunakan untuk mentransformasi biaya modal. Tabel 5 memberikan hasil transformasi yang dilakukan pada setiap variabel.Lampiran 6 DURBIN-WATSON Tabel 7 Durbin-Watson Statistic