Pengaruh Struktur Kepemilikan, Return on Asset, dan Leverage Terhadap Kebijakan Dividen
LAMPIRAN 1
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2012
Tahun
2012
Kode
MANAJERIAL INSTITUSIONAL
ROA
DER
DPR
SKLT
0.001
0.961
0.046
0.929
0.121
ULTJ.
0.180
0.466
0.146
0.444
0.082
KAEF
0.001
1.000
0.099
0.440
0.082
TSPC
0.001
0.772
0.139
0.382
0.536
GGRM
0.009
0.755
10.202
0.560
0.479
WIIM
0.475
0.225
0.064
0.839
0.670
TCID
0.052
0.738
0.119
0.150
0.495
BRNA
0.143
0.514
0.079
1.552
1.250
TRST
0.019
0.484
0.051
1.000
0.909
DPNS
0.059
0.665
0.131
0.186
0.156
UNIC
0.002
0.762
0.007
0.777
1.193
ALMI
0.016
0.838
0.007
2.201
1.104
LION
0.002
0.577
0.197
0.166
0.183
LMSH
0.256
0.322
0.321
0.318
0.002
ASII
0.001
0.501
0.125
0.103
0.140
AUTO
0.001
0.957
0.128
0.619
0.385
GJTL
0.001
0.598
0.084
1.349
0.031
SMSM
0.057
0.548
0.186
0.757
0.617
66
LAMPIRAN 2
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2013
Tahun
2013
Kode
MANAJERIAL INSTITUSIONAL ROA
DER
DPR
SKLT
0.001
0.961
0.038
1.162
0.181
ULTJ.
0.178
0.466
0.116
0.395
0.107
KAEF
0.001
1.000
0.087
0.522
0.052
TSPC
0.001
0.773
0.125
0.400
0.532
GGRM
0.009
0.755
0.086
0.726
0.356
WIIM
0.475
0.225
0.108
0.573
0.064
TCID
0.052
0.738
0.110
0.239
0.465
BRNA
0.143
0.514
0.019
2.678
1.643
TRST
0.015
0.597
0.118
0.907
0.833
DPNS
0.058
0.664
0.265
0.147
0.086
UNIC
0.001
0.790
0.038
0.852
0.176
ALMI
0.016
0.760
0.009
3.187
0.236
LION
0.002
0.577
0.130
0.199
0.321
LMSH
0.256
0.322
0.102
0.283
0.010
ASII
0.001
0.501
0.104
1.015
0.450
AUTO
0.001
0.800
0.080
0.325
0.105
GJTL
0.001
1.196
0.008
1.682
0.771
SMSM
0.057
0.537
0.206
0.684
0.491
67
LAMPIRAN 3
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2014
Tahun
2014
Kode
MANAJERIAL INSTITUSIONAL
ROA
DER
DPR
SKLT
0.001
0.961
0.050
1.162
0.168
ULTJ.
0.179
0.466
0.097
0.288
0.173
KAEF
0.001
1.000
0.080
0.639
0.095
TSPC
0.001
0.775
0.108
0.353
0.581
GGRM
0.009
0.755
0.093
0.752
0.287
WIIM
0.475
0.225
0.084
0.560
0.356
TCID
0.052
0.738
0.094
0.444
0.427
BRNA
0.117
0.514
0.045
2.641
0.649
TRST
0.012
0.597
0.020
0.851
0.455
DPNS
0.057
0.596
0.057
0.139
0.429
UNIC
0.001
0.790
0.011
0.645
1.277
ALMI
0.016
0.821
0.001
4.011
6.329
LION
0.002
0.577
0.082
0.352
0.425
LMSH
0.252
0.322
0.053
0.207
0.026
ASII
0.001
0.501
0.094
0.962
0.135
AUTO
0.001
0.800
0.067
0.419
0.133
GJTL
0.002
0.596
0.017
1.681
0.130
SMSM
0.077
0.537
0.241
0.525
0.424
68
LAMPIRAN 4
Daftar Populasi-Sampel Perusahaan Manufaktur Yang Terdaftar
di Bursa Efek Indonesia Selama Periode 2012-2014
No
Kode
Perusahaan
1 INTP
2
3
4
5
6
7
SMBR
SMCB
SMGR
WTON
AMFG
ARNA
8 IKAI
9
10
11
12
KIAS
MLIA
TOTO
ALKA
13 ALMI
14 BTON
15 CTBN
16 GDST
17 INAI
18 ISSP
19 ITMA
20
21
22
23
24
25
JKSW
JPRS
KRAS
LION
LMSH
MYRX
26 NIKL
Nama Perusahaan
PT. Indocement Tunggal
Prakasa Tbk
PT. Semen Baturaja Persero
Tbk
PT. Holcim Indonesia Tbk
PT. Semen Gresik Tbk
PT. Wijaya Karya Beton Tbk
PT. Asahimas Flat Glass Tbk
PT. Arwana Citra Mulia Tbk
PT. Inti Keramik Alam Asri
Industri Tbk
PT. Keramika Indonesia
Assosiasi Tbk
PT. Mulia Industrindo Tbk
PT. Surya Toto Indonesia Tbk
PT. Alaska Industrindo Tbk
PT. Alumindo Light Metal
Industry Tbk
PT. Beton Jaya Manunggal
Tbk
PT. Citra Turbindo Tbk
PT. Gunawan Dianjaya Steel
Tbk
PT. Indal Aluminium Industry
Tbk
PT. Steel Pipe Industry of
Indonesia Tbk
PT. Itamaraya Tbk
PT. Jakarta Kyoei Steel Work
LTD Tbk
PT. Jaya Pari Steel Tbk
PT. Krakatau Steel Tbk
PT. Lion Metal Works Tbk
PT. Lionmesh Prima Tbk
PT. Hanson International Tbk
PT. Pelat Timah Nusantara
Tbk
Sampel
Kriteria
LK
SK
ROA
DER
Deviden
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Sampel 1
Sampel 2
Sampel 3
69
27 PICO
28
29
30
31
TBMS
BRPT
BUDI
DPNS
32 EKAD
33 ETWA
34 INCI
35 SOBI
36 SRSN
37 TPIA
38 UNIC
39 AKKU
40
41
42
43
AKPI
APLI
BRNA
FPNI
44 IGAR
45 IMPC
46
47
48
49
IPOL
SIAP
SIMA
TRST
50 YPAS
51 CPIN
52 JPFA
53 MAIN
54 SIPD
55 SULI
56 TIRT
PT. Pelangi Indah Canindo
Tbk
PT. Tembaga Mulia Semanan
Tbk
PT. Barito Pasific Tbk
PT. Budi Acid Jaya Tbk
PT. Duta Pertiwi Nusantara
PT. Ekadharma International
Tbk
PT. Eterindo Wahanatama Tbk
PT. Intan Wijaya International
Tbk
PT. Sorini Agro Asia
Corporindo Tbk
PT. Indo Acitama Tbk
PT. Chandra Asri
Petrochemical
PT. Unggul Indah Cahaya Tbk
PT. Alam Karya Unggul Tbk
PT. Argha Karya Prima
Industry Tbk
PT. Asiaplast Industries Tbk
PT. Berlina Tbk
PT.Titan Kimia Nusantara Tbk
PT. Champion Pasific
Indonesia Tbk
PT. Impack Pratama Industri
Tbk
PT. Indopoly Swakarsa
Industry Tbk
PT. Sekawan Intipratama Tbk
PT. Siwani Makmur Tbk
PT. Trias Sentosa Tbk
PT. Yana Prima Hasta Persada
Tbk
PT. Charoen Pokphand
Indonesia Tbk
PT. Japfa Comfeed Indonesia
Tbk
PT. Malindo Feedmill Tbk
PT. Siearad Produce Tbk
PT. Sumalindo Lestari Jaya
Tbk
PT. Tirta Mahakam Resources
Tbk
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Sampel 4
Sampel 5
Sampel 6
Sampel 7
70
57 ALDO
58 DAJK
59 FASW
60 INKP
61 INRU
62 KBRI
63 SPMA
64
65
66
67
68
69
70
TKIM
KRAH
ASII
AUTO
BRAM
GDYR
GJTL
71 IMAS
72 INDS
73 LPIN
74 MASA
75 NIPS
76
77
78
79
80
81
PRAS
SMSM
ADMG
ARGO
CNTX
ERTX
82
83
84
85
86
87
88
ESTI
HDTX
INDR
KARW
MYTX
PBRX
POLY
89 RICY
90 SRIL
PT. Alkindo Naratama Tbk
PT. Dwi Aneka Jaya
Kemasindo Tbk
PT. Fajar Surya Wisesa Tbk
PT. Indah Kiat Pulp & paper
Tbk
PT. Toba Pulp Lestari Tbk
PT. Kertas Basuki Rachmat
Indonesia Tbk
PT. Suparma Tbk
PT. Pabrik Kertas Tjiwi Kimia
Tbk
PT. Grand Kartech Tbk
PT. Astra International Tbk
PT. Astra Auto Part Tbk
PT. Indo Kordsa Tbk
PT. Goodyear Indonesia Tbk
PT. Gajah Tunggal Tbk
PT. Indomobil Sukses
International Tbk
PT. Indospring Tbk
PT. Multi Prima Sejahtera Tbk
PT. Multistrada Arah Sarana
Tbk
PT. Nippres Tbk
PT. Prima alloy steel Universal
Tbk
PT. Selamat Sempurna Tbk
PT. Polychem Indonesia Tbk
PT. Argo Pantes Tbk
PT. Centex Tbk
PT. Eratex Djaya Tbk
PT. Ever Shine Textile
Industry Tbk
PT. Pan Asia Indosyntec Tbk
PT. Indo Rama Synthetic Tbk
PT. Karwell Indonesia Tbk
PT. Apac Citra Centertex Tbk
PT. Pan Brothers Tbk
PT. Asia Pasific Fibers Tbk
PT. Ricky Putra Globalindo
Tbk
PT. Sri Rejeki Isman Tbk
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Sampel 8
Sampel 9
Sampel 10
Sampel 11
71
91 SSTM
92 TRIS
93 UNIT
94 UNTX
95 BATA
96 BIMA
97 IKBI
98 JECC
99 KBLI
100 KBLM
101
102
103
104
SCCO
VOKS
PTSN
DLTA
105 ICBP
106 INDF
107
108
109
110
111
112
MLBI
MYOR
PSDN
SKBM
SKLT
STTP.
113 ULTJ.
114 ADES
115 AISA.
116 ALTO
117 CEKA.
118 ROTI
119 DVLA
120 INAF
121 KAEF
PT. Sunson Textile
Manufacturer Tbk
PT. Trisula International Tbk
PT. Nusantara Inti Corpora
Tbk
PT. Unitex Tbk
PT. Sepatu Bata Tbk
PT. Primarindo Asia
Infrastructure Tbk
PT. Sumi Indo Kabel Tbk
PT. Jembo Cable Company
Tbk
PT. KMI Wire and Cable Tbk
PT. Kabelindo Murni Tbk
PT. Supreme Cable
Manufacturing and Commerce
Tbk
PT. Voksel Electric Tbk
PT. Sat Nusa Persada Tbk
PT. Delta Djakarta Tbk
PT. Indofood CBP Sukses
Makmur Tbk
PT. Indofood Sukses Makmur
Tbk
PT. Multi Bintang Indonesia
Tbk
PT. Mayora Indah Tbk
PT. Prashida Aneka Niaga Tbk
PT. Sekar Bumi Tbk
PT. Sekar Laut Tbk
PT. Siantar Top Tbk
PT. Ultrajaya Milk Industry
and Trading Company Tbk
PT. Akasha Wira International
Tbk
PT. Tiga Pilar Sejahtera Food
Tbk
PT. Tri Banyan Tirta Tbk
PT. Cahaya Kalbar Tbk
PT. Nippon Indosari
Corporindo Tbk
PT. Darya Varia Laboratoria
Tbk
PT. Indofarma Tbk
PT. Kimia Farma Tbk
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Sampel 12
Sampel 13
Sampel 14
72
122 KLBF
123 MERK
124 PYFA
PT. Kalbe Farma Tbk
PT. Merck Tbk
PT. Pyridam Farma Tbk
PT. Schering Plough Indonesia
Tbk
PT. Industri Jamu dan Farmasi
Sido Muncul Tbk
PT. Taisho Pharmaceutical
Indonesia Tbk
PT. Tempo Scan Pasific Tbk
PT. Gudang Garam Tbk
PT. Hanjaya Mandala
Sampoerna Tbk
PT. Bentoel International
Investama Tbk
PT. Wismilak Inti Makmur
Tbk
PT. Martina Berto Tbk
PT. Mustika Ratu Tbk
PT. Mandom Indonesia Tbk
PT. Unilever Indonesia Tbk
PT. Chitose Internasional Tbk
PT. Kedawung Setia Industrial
Tbk
PT. Kedaung Indag Can Tbk
PT. Langgeng Makmur
Industry Tbk
125 SCPI
126 SIDO
127 SQBB
128 TSPC
129 GGRM
130 HMSP
131 RMBA
132 WIIM
133 MBTO
134 MRAT
135 TCID
136 UNVR
137 CINT
138 KDSI
139 KICI
140 LMPI
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Sampel 15
Sampel 16
Sampel 17
Sampel 18
Adapunsampelpenelitiandiambilsetelahmemenuhibeberapa kriteriasebagai
berikut:
1. Perusahaan yang listing dan terdaftar di Bursa Efek Indonesia Periode 2012 –
2014.
2. Perusahaan Manufaktur yang menyajikan laporan keuangan secara lengkap
pada periode 2012 – 2014.
3. Perusahaan yang menyajikan secara jelas struktur kepemilikan manajerial dan
institusional.
4. Perusahaan yang tercatat di Bursa Efek Indonesia yang membagikan dividen secara
konsisten pada periode Januari 2012 – Desember 2014
73
LAMPIRAN 5
STATISTIK DESKRIPTIF
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
MANAJERIAL
54
.000
.475
.07021
.121961
INSTITUSIONAL
54
.225
1.196
.65631
.217326
ROA
54
.001
10.202
.28100
1.377126
DER
54
.103
4.011
.84035
.801517
DPR
54
.002
6.329
.51506
.885710
Valid N (listwise)
54
HASIL UJI NORMALITAS (KOLMOGOROV SMIRNOV)
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parametersa,b
Most Extreme Differences
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
54
Mean
Std. Deviation
.0000000
.67399591
Absolute
.193
Positive
.193
Negative
-.145
1.421
.035
a. Test distribution is Normal.
b. Calculated from data.
74
HASIL UJI NORMALITAS (KOLMOGOROV SMIRNOV SETELAH LN)
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parametersa,b
54
Mean
Std. Deviation
Most Extreme Differences
.0000000
1.15898980
Absolute
.107
Positive
.077
Negative
-.107
Kolmogorov-Smirnov Z
.788
Asymp. Sig. (2-tailed)
.564
a. Test distribution is Normal.
b. Calculated from data.
HASIL UJI NORMALITAS (GRAFIK HISTOGRAM)
75
HASIL UJI NORMALITAS (NORMAL PLOT)
HASIL UJI MULTIKOLINEARITAS
Coefficientsa
Model
Collinearity Statistics
Tolerance
VIF
(Constant)
1
MANAJERIAL
.457
2.187
INSTITUSIONAL
.451
2.217
ROA
.989
1.011
DER
.968
1.033
a. Dependent Variable: LNDPR
76
HASIL UJI HETEROSKEDASTISITAS
HASIL UJI AUTOKORELASI
Model Summaryb
Model
1
R
R Square
.487a
.237
Adjusted R
Std. Error of the
Square
Estimate
.175
1.20537
Durbin-Watson
1.858
a. Predictors: (Constant), DER, ROA, MANAJERIAL, INSTITUSIONAL
b. Dependent Variable: LNDPR
77
LAMPIRAN 6
HASIL UJI HIPOTESIS SECARA SEREMPAK (UJI F)
ANOVAa
Model
1
Sum of Squares
df
Mean Square
Regression
22.135
4
5.534
Residual
71.193
49
1.453
Total
93.327
53
F
Sig.
.009b
3.809
a. Dependent Variable: LNDPR
b. Predictors: (Constant), ROA, INSTITUSIONAL, DER, MANAJERIAL
HASIL UJI HIPOTESIS SECARA SEREMPAK (UJI t)
Coefficientsa
Model
Unstandardized Coefficients
Standardized
t
Sig.
Coefficients
B
1
Std. Error
(Constant)
-1.838
.868
MANAJERIAL
-2.249
2.007
INSTITUSIONAL
.049
DER
ROA
Beta
-2.118
.039
-.207
-1.120
.268
1.134
.008
.043
.966
.687
.210
.415
3.273
.002
.061
.121
.063
.506
.615
a. Dependent Variable: LNDPR
78
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2012
Tahun
2012
Kode
MANAJERIAL INSTITUSIONAL
ROA
DER
DPR
SKLT
0.001
0.961
0.046
0.929
0.121
ULTJ.
0.180
0.466
0.146
0.444
0.082
KAEF
0.001
1.000
0.099
0.440
0.082
TSPC
0.001
0.772
0.139
0.382
0.536
GGRM
0.009
0.755
10.202
0.560
0.479
WIIM
0.475
0.225
0.064
0.839
0.670
TCID
0.052
0.738
0.119
0.150
0.495
BRNA
0.143
0.514
0.079
1.552
1.250
TRST
0.019
0.484
0.051
1.000
0.909
DPNS
0.059
0.665
0.131
0.186
0.156
UNIC
0.002
0.762
0.007
0.777
1.193
ALMI
0.016
0.838
0.007
2.201
1.104
LION
0.002
0.577
0.197
0.166
0.183
LMSH
0.256
0.322
0.321
0.318
0.002
ASII
0.001
0.501
0.125
0.103
0.140
AUTO
0.001
0.957
0.128
0.619
0.385
GJTL
0.001
0.598
0.084
1.349
0.031
SMSM
0.057
0.548
0.186
0.757
0.617
66
LAMPIRAN 2
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2013
Tahun
2013
Kode
MANAJERIAL INSTITUSIONAL ROA
DER
DPR
SKLT
0.001
0.961
0.038
1.162
0.181
ULTJ.
0.178
0.466
0.116
0.395
0.107
KAEF
0.001
1.000
0.087
0.522
0.052
TSPC
0.001
0.773
0.125
0.400
0.532
GGRM
0.009
0.755
0.086
0.726
0.356
WIIM
0.475
0.225
0.108
0.573
0.064
TCID
0.052
0.738
0.110
0.239
0.465
BRNA
0.143
0.514
0.019
2.678
1.643
TRST
0.015
0.597
0.118
0.907
0.833
DPNS
0.058
0.664
0.265
0.147
0.086
UNIC
0.001
0.790
0.038
0.852
0.176
ALMI
0.016
0.760
0.009
3.187
0.236
LION
0.002
0.577
0.130
0.199
0.321
LMSH
0.256
0.322
0.102
0.283
0.010
ASII
0.001
0.501
0.104
1.015
0.450
AUTO
0.001
0.800
0.080
0.325
0.105
GJTL
0.001
1.196
0.008
1.682
0.771
SMSM
0.057
0.537
0.206
0.684
0.491
67
LAMPIRAN 3
Data Persentase Kepemilikan Manajerial, Kepemilikan Institusional,
Return on Asset, dan Debt to Equity Ratio Beberapa Perusahaan
Manufaktur yang Terdaftar di Bursa Efek Indonesia
Tahun 2014
Tahun
2014
Kode
MANAJERIAL INSTITUSIONAL
ROA
DER
DPR
SKLT
0.001
0.961
0.050
1.162
0.168
ULTJ.
0.179
0.466
0.097
0.288
0.173
KAEF
0.001
1.000
0.080
0.639
0.095
TSPC
0.001
0.775
0.108
0.353
0.581
GGRM
0.009
0.755
0.093
0.752
0.287
WIIM
0.475
0.225
0.084
0.560
0.356
TCID
0.052
0.738
0.094
0.444
0.427
BRNA
0.117
0.514
0.045
2.641
0.649
TRST
0.012
0.597
0.020
0.851
0.455
DPNS
0.057
0.596
0.057
0.139
0.429
UNIC
0.001
0.790
0.011
0.645
1.277
ALMI
0.016
0.821
0.001
4.011
6.329
LION
0.002
0.577
0.082
0.352
0.425
LMSH
0.252
0.322
0.053
0.207
0.026
ASII
0.001
0.501
0.094
0.962
0.135
AUTO
0.001
0.800
0.067
0.419
0.133
GJTL
0.002
0.596
0.017
1.681
0.130
SMSM
0.077
0.537
0.241
0.525
0.424
68
LAMPIRAN 4
Daftar Populasi-Sampel Perusahaan Manufaktur Yang Terdaftar
di Bursa Efek Indonesia Selama Periode 2012-2014
No
Kode
Perusahaan
1 INTP
2
3
4
5
6
7
SMBR
SMCB
SMGR
WTON
AMFG
ARNA
8 IKAI
9
10
11
12
KIAS
MLIA
TOTO
ALKA
13 ALMI
14 BTON
15 CTBN
16 GDST
17 INAI
18 ISSP
19 ITMA
20
21
22
23
24
25
JKSW
JPRS
KRAS
LION
LMSH
MYRX
26 NIKL
Nama Perusahaan
PT. Indocement Tunggal
Prakasa Tbk
PT. Semen Baturaja Persero
Tbk
PT. Holcim Indonesia Tbk
PT. Semen Gresik Tbk
PT. Wijaya Karya Beton Tbk
PT. Asahimas Flat Glass Tbk
PT. Arwana Citra Mulia Tbk
PT. Inti Keramik Alam Asri
Industri Tbk
PT. Keramika Indonesia
Assosiasi Tbk
PT. Mulia Industrindo Tbk
PT. Surya Toto Indonesia Tbk
PT. Alaska Industrindo Tbk
PT. Alumindo Light Metal
Industry Tbk
PT. Beton Jaya Manunggal
Tbk
PT. Citra Turbindo Tbk
PT. Gunawan Dianjaya Steel
Tbk
PT. Indal Aluminium Industry
Tbk
PT. Steel Pipe Industry of
Indonesia Tbk
PT. Itamaraya Tbk
PT. Jakarta Kyoei Steel Work
LTD Tbk
PT. Jaya Pari Steel Tbk
PT. Krakatau Steel Tbk
PT. Lion Metal Works Tbk
PT. Lionmesh Prima Tbk
PT. Hanson International Tbk
PT. Pelat Timah Nusantara
Tbk
Sampel
Kriteria
LK
SK
ROA
DER
Deviden
√
-
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
-
√
-
√
-
√
-
√
√
√
√
-
√
√
√
√
√
-
-
-
-
-
-
√
√
√
√
√
-
√
√
√
√
-
√
√
√
√
√
-
√
√
√
√
√
-
√
√
-
√
√
√
√
-
Sampel 1
Sampel 2
Sampel 3
69
27 PICO
28
29
30
31
TBMS
BRPT
BUDI
DPNS
32 EKAD
33 ETWA
34 INCI
35 SOBI
36 SRSN
37 TPIA
38 UNIC
39 AKKU
40
41
42
43
AKPI
APLI
BRNA
FPNI
44 IGAR
45 IMPC
46
47
48
49
IPOL
SIAP
SIMA
TRST
50 YPAS
51 CPIN
52 JPFA
53 MAIN
54 SIPD
55 SULI
56 TIRT
PT. Pelangi Indah Canindo
Tbk
PT. Tembaga Mulia Semanan
Tbk
PT. Barito Pasific Tbk
PT. Budi Acid Jaya Tbk
PT. Duta Pertiwi Nusantara
PT. Ekadharma International
Tbk
PT. Eterindo Wahanatama Tbk
PT. Intan Wijaya International
Tbk
PT. Sorini Agro Asia
Corporindo Tbk
PT. Indo Acitama Tbk
PT. Chandra Asri
Petrochemical
PT. Unggul Indah Cahaya Tbk
PT. Alam Karya Unggul Tbk
PT. Argha Karya Prima
Industry Tbk
PT. Asiaplast Industries Tbk
PT. Berlina Tbk
PT.Titan Kimia Nusantara Tbk
PT. Champion Pasific
Indonesia Tbk
PT. Impack Pratama Industri
Tbk
PT. Indopoly Swakarsa
Industry Tbk
PT. Sekawan Intipratama Tbk
PT. Siwani Makmur Tbk
PT. Trias Sentosa Tbk
PT. Yana Prima Hasta Persada
Tbk
PT. Charoen Pokphand
Indonesia Tbk
PT. Japfa Comfeed Indonesia
Tbk
PT. Malindo Feedmill Tbk
PT. Siearad Produce Tbk
PT. Sumalindo Lestari Jaya
Tbk
PT. Tirta Mahakam Resources
Tbk
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
-
√
√
√
√
√
√
√
-
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
-
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
-
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
-
√
√
√
√
-
√
-
√
√
-
Sampel 4
Sampel 5
Sampel 6
Sampel 7
70
57 ALDO
58 DAJK
59 FASW
60 INKP
61 INRU
62 KBRI
63 SPMA
64
65
66
67
68
69
70
TKIM
KRAH
ASII
AUTO
BRAM
GDYR
GJTL
71 IMAS
72 INDS
73 LPIN
74 MASA
75 NIPS
76
77
78
79
80
81
PRAS
SMSM
ADMG
ARGO
CNTX
ERTX
82
83
84
85
86
87
88
ESTI
HDTX
INDR
KARW
MYTX
PBRX
POLY
89 RICY
90 SRIL
PT. Alkindo Naratama Tbk
PT. Dwi Aneka Jaya
Kemasindo Tbk
PT. Fajar Surya Wisesa Tbk
PT. Indah Kiat Pulp & paper
Tbk
PT. Toba Pulp Lestari Tbk
PT. Kertas Basuki Rachmat
Indonesia Tbk
PT. Suparma Tbk
PT. Pabrik Kertas Tjiwi Kimia
Tbk
PT. Grand Kartech Tbk
PT. Astra International Tbk
PT. Astra Auto Part Tbk
PT. Indo Kordsa Tbk
PT. Goodyear Indonesia Tbk
PT. Gajah Tunggal Tbk
PT. Indomobil Sukses
International Tbk
PT. Indospring Tbk
PT. Multi Prima Sejahtera Tbk
PT. Multistrada Arah Sarana
Tbk
PT. Nippres Tbk
PT. Prima alloy steel Universal
Tbk
PT. Selamat Sempurna Tbk
PT. Polychem Indonesia Tbk
PT. Argo Pantes Tbk
PT. Centex Tbk
PT. Eratex Djaya Tbk
PT. Ever Shine Textile
Industry Tbk
PT. Pan Asia Indosyntec Tbk
PT. Indo Rama Synthetic Tbk
PT. Karwell Indonesia Tbk
PT. Apac Citra Centertex Tbk
PT. Pan Brothers Tbk
PT. Asia Pasific Fibers Tbk
PT. Ricky Putra Globalindo
Tbk
PT. Sri Rejeki Isman Tbk
√
√
√
√
-
√
√
-
√
√
√
√
-
√
√
-
√
√
√
√
√
-
√
√
√
-
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
-
√
-
√
-
√
-
Sampel 8
Sampel 9
Sampel 10
Sampel 11
71
91 SSTM
92 TRIS
93 UNIT
94 UNTX
95 BATA
96 BIMA
97 IKBI
98 JECC
99 KBLI
100 KBLM
101
102
103
104
SCCO
VOKS
PTSN
DLTA
105 ICBP
106 INDF
107
108
109
110
111
112
MLBI
MYOR
PSDN
SKBM
SKLT
STTP.
113 ULTJ.
114 ADES
115 AISA.
116 ALTO
117 CEKA.
118 ROTI
119 DVLA
120 INAF
121 KAEF
PT. Sunson Textile
Manufacturer Tbk
PT. Trisula International Tbk
PT. Nusantara Inti Corpora
Tbk
PT. Unitex Tbk
PT. Sepatu Bata Tbk
PT. Primarindo Asia
Infrastructure Tbk
PT. Sumi Indo Kabel Tbk
PT. Jembo Cable Company
Tbk
PT. KMI Wire and Cable Tbk
PT. Kabelindo Murni Tbk
PT. Supreme Cable
Manufacturing and Commerce
Tbk
PT. Voksel Electric Tbk
PT. Sat Nusa Persada Tbk
PT. Delta Djakarta Tbk
PT. Indofood CBP Sukses
Makmur Tbk
PT. Indofood Sukses Makmur
Tbk
PT. Multi Bintang Indonesia
Tbk
PT. Mayora Indah Tbk
PT. Prashida Aneka Niaga Tbk
PT. Sekar Bumi Tbk
PT. Sekar Laut Tbk
PT. Siantar Top Tbk
PT. Ultrajaya Milk Industry
and Trading Company Tbk
PT. Akasha Wira International
Tbk
PT. Tiga Pilar Sejahtera Food
Tbk
PT. Tri Banyan Tirta Tbk
PT. Cahaya Kalbar Tbk
PT. Nippon Indosari
Corporindo Tbk
PT. Darya Varia Laboratoria
Tbk
PT. Indofarma Tbk
PT. Kimia Farma Tbk
√
√
-
√
√
√
√
-
√
√
√
√
-
√
√
√
√
√
√
-
-
-
-
-
-
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
-
-
√
√
√
√
√
√
√
√
√
√
√
√
-
-
√
√
√
-
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
-
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
Sampel 12
Sampel 13
Sampel 14
72
122 KLBF
123 MERK
124 PYFA
PT. Kalbe Farma Tbk
PT. Merck Tbk
PT. Pyridam Farma Tbk
PT. Schering Plough Indonesia
Tbk
PT. Industri Jamu dan Farmasi
Sido Muncul Tbk
PT. Taisho Pharmaceutical
Indonesia Tbk
PT. Tempo Scan Pasific Tbk
PT. Gudang Garam Tbk
PT. Hanjaya Mandala
Sampoerna Tbk
PT. Bentoel International
Investama Tbk
PT. Wismilak Inti Makmur
Tbk
PT. Martina Berto Tbk
PT. Mustika Ratu Tbk
PT. Mandom Indonesia Tbk
PT. Unilever Indonesia Tbk
PT. Chitose Internasional Tbk
PT. Kedawung Setia Industrial
Tbk
PT. Kedaung Indag Can Tbk
PT. Langgeng Makmur
Industry Tbk
125 SCPI
126 SIDO
127 SQBB
128 TSPC
129 GGRM
130 HMSP
131 RMBA
132 WIIM
133 MBTO
134 MRAT
135 TCID
136 UNVR
137 CINT
138 KDSI
139 KICI
140 LMPI
√
√
√
-
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
-
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
-
√
√
√
√
-
√
√
√
√
√
√
√
-
√
√
-
√
√
√
√
-
√
√
√
√
-
√
√
√
-
√
√
-
√
√
√
√
√
-
√
-
√
√
-
Sampel 15
Sampel 16
Sampel 17
Sampel 18
Adapunsampelpenelitiandiambilsetelahmemenuhibeberapa kriteriasebagai
berikut:
1. Perusahaan yang listing dan terdaftar di Bursa Efek Indonesia Periode 2012 –
2014.
2. Perusahaan Manufaktur yang menyajikan laporan keuangan secara lengkap
pada periode 2012 – 2014.
3. Perusahaan yang menyajikan secara jelas struktur kepemilikan manajerial dan
institusional.
4. Perusahaan yang tercatat di Bursa Efek Indonesia yang membagikan dividen secara
konsisten pada periode Januari 2012 – Desember 2014
73
LAMPIRAN 5
STATISTIK DESKRIPTIF
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
MANAJERIAL
54
.000
.475
.07021
.121961
INSTITUSIONAL
54
.225
1.196
.65631
.217326
ROA
54
.001
10.202
.28100
1.377126
DER
54
.103
4.011
.84035
.801517
DPR
54
.002
6.329
.51506
.885710
Valid N (listwise)
54
HASIL UJI NORMALITAS (KOLMOGOROV SMIRNOV)
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parametersa,b
Most Extreme Differences
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
54
Mean
Std. Deviation
.0000000
.67399591
Absolute
.193
Positive
.193
Negative
-.145
1.421
.035
a. Test distribution is Normal.
b. Calculated from data.
74
HASIL UJI NORMALITAS (KOLMOGOROV SMIRNOV SETELAH LN)
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N
Normal Parametersa,b
54
Mean
Std. Deviation
Most Extreme Differences
.0000000
1.15898980
Absolute
.107
Positive
.077
Negative
-.107
Kolmogorov-Smirnov Z
.788
Asymp. Sig. (2-tailed)
.564
a. Test distribution is Normal.
b. Calculated from data.
HASIL UJI NORMALITAS (GRAFIK HISTOGRAM)
75
HASIL UJI NORMALITAS (NORMAL PLOT)
HASIL UJI MULTIKOLINEARITAS
Coefficientsa
Model
Collinearity Statistics
Tolerance
VIF
(Constant)
1
MANAJERIAL
.457
2.187
INSTITUSIONAL
.451
2.217
ROA
.989
1.011
DER
.968
1.033
a. Dependent Variable: LNDPR
76
HASIL UJI HETEROSKEDASTISITAS
HASIL UJI AUTOKORELASI
Model Summaryb
Model
1
R
R Square
.487a
.237
Adjusted R
Std. Error of the
Square
Estimate
.175
1.20537
Durbin-Watson
1.858
a. Predictors: (Constant), DER, ROA, MANAJERIAL, INSTITUSIONAL
b. Dependent Variable: LNDPR
77
LAMPIRAN 6
HASIL UJI HIPOTESIS SECARA SEREMPAK (UJI F)
ANOVAa
Model
1
Sum of Squares
df
Mean Square
Regression
22.135
4
5.534
Residual
71.193
49
1.453
Total
93.327
53
F
Sig.
.009b
3.809
a. Dependent Variable: LNDPR
b. Predictors: (Constant), ROA, INSTITUSIONAL, DER, MANAJERIAL
HASIL UJI HIPOTESIS SECARA SEREMPAK (UJI t)
Coefficientsa
Model
Unstandardized Coefficients
Standardized
t
Sig.
Coefficients
B
1
Std. Error
(Constant)
-1.838
.868
MANAJERIAL
-2.249
2.007
INSTITUSIONAL
.049
DER
ROA
Beta
-2.118
.039
-.207
-1.120
.268
1.134
.008
.043
.966
.687
.210
.415
3.273
.002
.061
.121
.063
.506
.615
a. Dependent Variable: LNDPR
78