Pengaruh Makro Ekonomi terhadap Kinerja Reksa Dana Saham di Indonesia dengan Metode Sharpe
Lampiran 1: Daftar Reksa Dana Saham yang menjadi Populasi
No
1
Manajer Investasi
Charisma Management
Asset
Kharisma Asset
Management
Panin Asset Management
Panin Asset Management
Panin Asset Management
Panin Asset Management
Custodian
Bank Mega
PT AAA Asset Management
Standard Chartered Bank
Bank Mandiri
Deuthce Bank
Reksa Dana AXA
Maestrosaham
Reksa Dana AXA
CitraDinamis
Reksa Dana Aberdeen
Indonesia Equity Fund
Reksa Dana Sentra Dana
Ekuitas
Reksa Dana Ashmore Dana
USD Equity Nusantara
PT AAA Asset Management
PT Arvist Asset
management
PT AXA Asset Management
Indonesia
PT AXA Asset Management
Indonesia
PT Abardeen Asset
Management
PT Anugrah Sentra
Indonesia
PT Ashmore Asset
Management Indonesia
15
Ashmore Dana Ekuitas
Nusantara
PT Ashmore Asset
Management Indonesia
16
Ashnore Dana Progresif
Nusantara
RD BNI-AM Dana Saham
Bandakala
BNI Reksa Dana Berkembang
Reksa Dana BNI-AM Dana
Saham Inspiring Equity Fund
PT Ashmore Asset
Management Indonesia
PT BNI Asset Management
PT BNI Asset Management
PT BNI Asset Management
Bank CIMB Niaga
Bank Danamon INA
20
BNP Paribas Astro
Deuthce Bank
21
22
Reksa Dana BNP Paribas
Infrastruktur Plus
BNP Paribas Ekuitas
23
BNP Paribas Pesona
24
BNP Paribas Star
25
BNP Paribas Inspira
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
2
3
4
5
6
7
8
9
10
11
12
13
14
17
18
19
Reksa Dana Saham
Reksa Dana Kharisma Kapital
Prima
Kharisma Flexi Terbatas
Panin Dana Ultima
Panin Dana Prima
Panin Dana Maksima
Reksa Dana Panin Dana
Teladan
Reksa Dana AAA Enhanced
Strategy Fund
AAA Blue Chip Value Fund 2
Avrist Equity-Cross Sectoral
Bank Mandiri
Bank Cental Asia
Bank Cental Asia
Deuthce Bank
Bank CIMB Niaga
Citibank N.A
Deuthce Bank
Citibank
Bank Danamon INA
The Hongkong and
Shanghai Banking
Corporation
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
Bank Mega
Citibank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
72
Universitas Sumatera Utara
26
27
Reksa Dana BNP Paribas
Solaris
BNP Paribas Maxi Saham
28
Reksa Dana Ekuitas Andalan
29
Reksa Dana Bahana Trailblazer
Fund
Reksa Dana Dana Ekuitas
Prima
Bahana Dana Prima
30
31
32
33
Reksa Dana Bahana Primavera
99
Batavia Dana Saham
34
Batavia Dana Saham Optimal
35
Reksa Dana CIMB-Principal
Indo Domestic Equity Fund
36
40
Reksa Dana CIMB-Principal
smart Equty Fund
CIMB-Principal Equity
Aggressive
Reksa Dana CIMB-Principal
Equity Focus
Reksa Dana Cipta Alpha
Equity
Reksa Dana Cipta Beta Equity
41
Rencana Cerdas
42
Reksa Dana Cipta Prima
43
Corfina Grow-2-Prosper Rotasi
Strategis
Grow-2-Prosper
Reksa Dana Danareksa Mawar
Ekuitas Plus
Reksa Dana Danareksa Mawar
Konsumer 10
Danareksa Mawar
37
38
39
44
45
46
47
48
49
50
51
Reksa Dana Danareksa Mawar
Komoditas 10
Reksa Dana Danareksa Mawar
Fokus 10
Reksa Dana Danareksa Mawar
Rotasi Sektor Strategis
Reksa Dana Makinta Mantap
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Batavia Prosperindo
Asset Management
PT Batavia Prosperindo
Asset Management
PT CIMB Principal Asset
Management
Citibank
PT CIMB Principal Asset
Management
PT CIMB Principal Asset
Management
PT CIMB Principal Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Corfina Capital
Standard Chartered Bank
PT Corfina Capital
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
Deuthce Bank
Bank CIMB Niaga
PT Emco Asset
Management
Bank CIMB Niaga
Deuthce Bank
Bank CIMB Niaga
Standard Chartered Bank
Citibank
Standard Chartered Bank
Standard Chartered Bank
Deuthce Bank
Deuthce Bank
Citibank
Deuthce Bank
Bank Mandiri
Bank CIMB Niaga
Bank CIMB Niaga
Deuthce Bank
Bank CIMB Niaga
Deuthce Bank
Citibank
Citibank
Citibank
Citibank
Bank Permata
73
Universitas Sumatera Utara
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Reksa Dana Makinta Growth
Fund
Reksa Dana Euro Peregrine
Equity
First State Indoequity
Opportunities Fund-USD
First State Indoequity High
Conviction Fund
First State Indoequity Value
Select Fund
First State Indoequity Sectoral
Fund
Reksa Dana First State
Indoequity Peka Fund
FS Indoequity Devident yield
Fund
PT Emco Asset
Management
PT Eurocapital Peregrine
Securities
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
Reksa Dana Gap Equity Focus
Fund
Gap Eqiuty Fund
Gap Value Fund
Maybank GMT Dana Ekuitas
Reksa Dana HPAM Saham
Dinamis
Reksa Dana HPAM Ultima
Ekuitas
Reksa Dana Lautandhana
Saham Mahadi
Reksa Dana Lautandhana
Saham Likuid
Reksa Dana Lautandhana
Saham Inti
Reksa Dana
LautandhanaEquity
Reksa Dana Lautandhana
Equity Progresif
Lautandhana Equity Agresif
PT Gap Capital
Reksa Dana Lutandhana
Saham Prima
Reksa Dana Lautandhana
Equity Plus
Reksa Dana Lautandhana
Growth Fund
Mega Asset Maxima
Infrastructure
Mega Asset Greater
Reksa Dana Mega Dana
Capital Growth
RDPT Mega Saham Maxima
Reksa Dana Milenium
Berkembang
Bank CIMB Niaga
Bank CIMB Niaga
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Citibank
PT Gap Capital
PT Gap Capital
PT GMT Manajemen
PT Henan Putihrai Asset
Management
PT Henan Putihrai Asset
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Mega Asset Mnagement
The Hongkong and
Shanghai Banking
Corporation
Bank Internasional
Indonesia
Deuthce Bank
Deuthce Bank
Deuthce Bank
Bank Mega
Bank Rakyat Indonesia
Bank Internasional
Indonesia
Bank Mega
Bank Himpunan Saudara
1906
Bank CIMB Niaga
Bank CIMB Niaga
Bank Mandiri
Bank Himpunan Saudara
1906
Bank Internasional
Indonesia
Bank Mega
Bank Mega
PT Mega Asset Mnagement
PT Mega Capital Investama
Bank Mega
Bank CIMB Niaga
PT Mega Capital Investama
PT Milenium Danatama
Indonesia
Bank CIMB Niaga
Bank CIMB Niaga
74
Universitas Sumatera Utara
80
Milenium Equity Prima Plus
81
Milenium Equity Growth Fund
82
Reksa Dana Milenium
Dynamic Equity Fund
Reksa Dana Milenium Equity
83
84
85
86
87
Reksa Dana MNC Dana
Ekuitas
Reksa Dana Mnadiri Dynamic
Equity
Reksa Dana Mandiri Saham
Dinamis
Reksa Dana Mndiri Investa
Equity Dynamo Factor
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT MNC Asset Management
Bank Mandiri
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
Citibank
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
88
Reksa Dana Mandiri Investa
Atraktif
PT Mandiri Manajemen
Investasi
89
Mandiri Asa Sejahtera
90
Mandiri Investa Ekuitas
Dinamis
Mandiri Investa UGM
Endowment Plus
Reksa Dana Mandiri Investa
Equity Asean 5
Reksa Dana Mandiri Investa
Equity Movement
Reksa Dana Mandiri Saham
Atraktif
Reksa Dana Mnaulife Dana
Saham Utama
Reksa Dana Manulife Saham
Strategi Unggulan
Manulife Saham SMC Plus
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
91
92
93
94
95
96
97
98
99
Manulife Institutional Equity
Fund
Manulife Dana Saham
100
Manulife Saham Andalan
101
102
103
Manulife Greater Indonesia
Fund
Narada Saham Indonesia
Nikko Indonesia Equity Fund
104
Oso Sustainbility Fund
105
Reksa Dana Pacific Saham
Syariah
Bank Mandiri
Bank Danamon INA
Bank CIMB Niaga
Bank Rakyat Indonesia
Bank Mega
Citibank
Deuthce Bank
Deuthce Bank
Citibank
Citibank
Citibank
Citibank
Citibank
Deuthce Bank
Deuthce Bank
Deuthce Bank
PT Manulife Aset
Manajemen Indonesia
PT Narada Kapital Indonesia
PT Nicco securities
Indonesia
PT OSO Manajemen
Investasi
PT PASIFIC CAPITAL
INVESTMENT
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
Deuthce Bank
Bank Central Asia
Bank DBS Indonesia
Bank Mega
75
Universitas Sumatera Utara
106
110
111
112
Reksa Dana Pacific Equity
Growth Fund
Reksa Dana Pacific Equity
Fund
Reksa Dana Pacific Equity
Optimum Fund
Reksa Dana Pacific Equity
Progresive Fund
PG Saham Dinamis
PNM Saham Agresif
Reksa Dana Philip Equity
113
Philip Prime Equity
114
116
Reksa Dana Pratama Dana
Investasi Saham
Pratama Investa Mandiri
Saham
Reksa Dana Pratama Equity
117
Pratama Equity
118
Pratama Saham
119
Pratama Dana Optimum Saham
120
Pratama Dana Ultima Saham
121
Pratama Dana Dinamis Saham
122
124
Pratama Dana Maksimum
Saham
ReksaDana Pratama Dana
Prima Saham
Pospera BUMN Growth Fund
125
Prospera Bijak
126
Reksa Dana Prospera Dana
Berkembang
Reksa Dana Quant Investa
Saham
RHB OSK Alpha Sector
Rotation
RHB OSK Prime Equity Fund
107
108
109
115
123
127
128
129
130
131
132
Reksa Dana Sucorinvest Maxi
Fund
Sucorinvest Equity Fund
Reksa Dana SAM Dana
Cerdas
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PG Asset Management
PT Invetment Management
PT Philip Asset
Management
PT Philip Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Prospera Asset
Management
PT Prospera Asset
Management
PT Prospera Asset
Management
PT Capital Quant Investma
Bank Danamon INA
PT RHB OSK Asset
Management
PT RHB OSK Asset
Management
Deuthce Bank
PT Sucorinvest Asset
Management
PT Sucorinvest Asset
Management
PT Samuel Asset
Management
Bank Mega
Bank Danamon INA
Bank Danamon INA
Bank Central Asia
Deuthce Bank
Bank Internasional
Indonesia
Deuthce Bank
Bank Rakyat Indonesia
Deuthce Bank
Bank CIMB Niaga
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Bank Rakyat Indonesia
Deuthce Bank
Deuthce Bank
Bank CIMB Niaga
Bank Permata
The Hongkong and
Shanghai Banking
Corporation
Bank Negara Indonesia
Deuthce Bank
Bank Negara Indonesia
76
Universitas Sumatera Utara
133
SAM Indonesian Equity Fund
Deuthce Bank
Reksa Dana Schroder 90 Plus
Equity Fund
PT Samuel Asset
Management
PT Schroder Investment
Management Indonesia
134
135
Schroder Dana Prestasi
Dinamis
PT Schroder Investment
Management Indonesia
Citibank
136
Schroder Dana Prestasi Plus
PT Schroder Investment
Management Indonesia
Deuthce Bank
137
Reksa Dana Schroder Dana
Istimewa
PT Schroder Investment
Management Indonesia
138
Reksa Dana Schroder Indo
Equity Fund
PT Schroder Investment
Management Indonesia
The Hongkong and
Shanghai Banking
Corporation
Bank Permata
139
Reksa Dana Schroder Dana
Prestasi
PT Schroder Investment
Management Indonesia
Citibank
140
141
Semesta Dana Saham 4
Reksa Dana Simas Syariah
Unggulan
Reksa Dana Simas Saham
Unggulan
Reksa Dana Simas Saham
Bertumbuh
Reksa Dana Simas Danamas
Saham
Reksa Dana Syailendra Market
Leader Fund
PT Semesta Indovest
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Syailendra Capital
Deuthce Bank
Bank Danamon INA
Syailendra Equity Opportunity
Fund
Syailendra Dana Ekuitas Plus
Reksa Dana Syailendra Dana
Ekuitas Sejahtera
PT Syailendra Capital
Deuthce Bank
PT Syailendra Capital
PT Syailendra Capital
Bank Mandiri
Bank Negara Indonesia
Syailendra Equity Alpha Fund
Reksa Dana Penyertaan
Terbatas Syailendra Equity
Growth Fund
TF Super Maxxi
REKSA DANA TRIMEGAH
BHAKTI BANGSA
PT Syailendra Capital
PT Syailendra Capital
Bank Mandiri
Bank CIMB Niaga
PT Treasury Fund Investama
PT Trimegah Asset
Management
Bank Mandiri
Bank CIMB Niaga
153
Tram Asa Equity
PT Trimegah Asset
Management
154
Tram Infrastruktur Plus
PT Trimegah Asset
Management
155
Trim Kapital
156
Reksa Dana Trim Kapital Plus
157
Tram Consumsition Plus
PT Trimegah Asset
Management
PT Trimegah Asset
Management
PT Trimegah Asset
Management
The Hongkong and
Shanghai Banking
Corporation
The Hongkong and
Shanghai Banking
Corporation
Bank CIMB Niaga
142
143
144
145
146
147
148
149
150
151
152
Citibank
Bank CIMB Niaga
Bank CIMB Niaga
Bank CIMB Niaga
Bank Mega
Bank CIMB Niaga
The Hongkong and
Shanghai Banking Corp.
77
Universitas Sumatera Utara
158
159
Reksa Dana Valbury Equity I
Archipelago Equity Growth
Bank Negara Indonesia
Deuthce Bank
Reksa Dana Saham Eastspring
Investment Alpha Navigator
PT Valbury Asia Securities
PT Archipelago Asset
Management
PT Eastspring Invetsments
Indonesia
160
161
REKSADANA EASTSPRING
INVESTMENT
PT Eastspring Invetsments
Indonesia
Standard Chartered Bank
162
Premier Ekuitas Makro Plus
Deuthce Bank
163
RD INDOSURYA EQUITY
FUND
Pinnacle Strategic Equity Fund
PT Indo Primer Investment
Management
PT Indosurya Asset
Management
PT Pinnacle Persada
Investama
164
Standard Chartered Bank
Bank Permata
Bank Central Asia
Lampiran 2 : Proses Pemilihan Sampel
No
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2
3
4
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6
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18
19
20
21
22
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25
Reksa Dana
Reksa Dana Kharisma Kapital Prima
Kharisma Flexi Terbatas
Panin Dana Ultima
Panin Dana Prima
Panin Dana Maksima
Reksa Dana Panin Dana Teladan
Reksa Dana AAA Enhanced Strategy
Fund
AAA Blue Chip Value Fund 2
Avrist Equity-Cross Sectoral
Reksa Dana AXA Maestrosaham
Reksa Dana AXA CitraDinamis
Reksa Dana Aberdeen Indonesia
Equity Fund
Reksa Dana Sentra Dana Ekuitas
Reksa Dana Ashmore Dana USD
Equity Nusantara
Ashmore Dana Ekuitas Nusantara
Ashnore Dana Progresif Nusantara
RD BNI-AM Dana Saham
Bandakala
BNI Reksa Dana Berkembang
Reksa Dana BNI-AM Dana Saham
Inspiring Equity Fund
BNP Paribas Astro
Reksa Dana BNP Paribas
Infrastruktur Plus
BNP Paribas Ekuitas
BNP Paribas Pesona
BNP Paribas Star
BNP Paribas Inspira
Kriteria 1
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Kriteria 2
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Keterangan
Sampel 1
Sampel 2
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Sampel 7
Sampel 8
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78
Universitas Sumatera Utara
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28
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42
43
44
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48
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51
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57
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59
60
61
Reksa Dana BNP Paribas Solaris
BNP Paribas Maxi Saham
Reksa Dana Ekuitas Andalan
Reksa Dana Bahana Trailblazer Fund
Reksa Dana Dana Ekuitas Prima
Bahana Dana Prima
Reksa Dana Bahana Primavera 99
Batavia Dana Saham
Batavia Dana Saham Optimal
Reksa Dana CIMB-Principal Indo
Domestic Equity Fund
Reksa Dana CIMB-Principal smart
Equty Fund
CIMB-Principal Equity Aggressive
Reksa Dana CIMB-Principal Equity
Focus
Reksa Dana Cipta Alpha Equity
Reksa Dana Cipta Beta Equity
Rencana Cerdas
Reksa Dana Cipta Prima
Corfina Grow-2-Prosper Rotasi
Strategis
Grow-2-Prosper
Reksa Dana Danareksa Mawar
Ekuitas Plus
Reksa Dana Danareksa Mawar
Konsumer 10
Danareksa Mawar
Reksa Dana Danareksa Mawar
Komoditas 10
Reksa Dana Danareksa Mawar Fokus
10
Reksa Dana Danareksa Mawar
Rotasi Sektor Strategis
Reksa Dana Makinta Mantap
Reksa Dana Makinta Growth Fund
Reksa Dana Euro Peregrine Equity
First State Indoequity Opportunities
Fund-USD
First State Indoequity High
Conviction Fund
First State Indoequity Value Select
Fund
First State Indoequity Sectoral Fund
Reksa Dana First State Indoequity
Peka Fund
FS Indoequity Devident yield Fund
Reksa Dana Gap Equity Focus Fund
Gap Eqiuty Fund
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79
Universitas Sumatera Utara
62
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95
96
Gap Value Fund
Maybank GMT Dana Ekuitas
Reksa Dana HPAM Saham Dinamis
Reksa Dana HPAM Ultima Ekuitas
Reksa Dana Lautandhana Saham
Mahadi
Reksa Dana Lautandhana Saham
Likuid
Reksa Dana Lautandhana Saham Inti
Reksa Dana Lautandhana Equity
Reksa Dana Lautandhana Equity
Progresif
Lautandhana Equity Agresif
Reksa Dana Lutandhana Saham
Prima
Reksa Dana Lautandhana Equity
Plus
Reksa Dana Lautandhana Growth
Fund
Mega Asset Maxima Infrastructure
Mega Asset Greater
Reksa Dana Mega Dana Capital
Growth
RDPT Mega Saham Maxima
Reksa Dana Milenium Berkembang
Milenium Equity Prima Plus
Milenium Equity Growth Fund
Reksa Dana Milenium Dynamic
Equity Fund
Reksa Dana Milenium Equity
Reksa Dana MNC Dana Ekuitas
Reksa Dana Mandiri Dynamic
Equity
Reksa Dana Mandiri Saham Dinamis
Reksa Dana Mndiri Investa Equity
Dynamo Factor
Reksa Dana Mandiri Investa Atraktif
Mandiri Asa Sejahtera
Mandiri Investa Ekuitas Dinamis
Mandiri Investa UGM Endowment
Plus
Reksa Dana Mandiri Investa Equity
Asean 5
Reksa Dana Mandiri Investa Equity
Movement
Reksa Dana Mandiri Saham Atraktif
Reksa Dana Mnaulife Dana Saham
Utama
Reksa Dana Manulife Saham
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Sampel 31
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80
Universitas Sumatera Utara
97
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112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
Strategi Unggulan
Manulife Saham SMC Plus
Manulife Institutional Equity Fund
Manulife Dana Saham
Manulife Saham Andalan
Manulife Greater Indonesia Fund
Narada Saham Indonesia
Nikko Indonesia Equity Fund
Oso Sustainbility Fund
Reksa Dana Pacific Saham Syariah
Reksa Dana Pacific Equity Growth
Fund
Reksa Dana Pacific Equity Fund
Reksa Dana Pacific Equity Optimum
Fund
Reksa Dana Pacific Equity
Progresive Fund
PG Saham Dinamis
PNM Saham Agresif
Reksa Dana Philip Equity
Philip Prime Equity
Reksa Dana Pratama Dana Investasi
Saham
Pratama Investa Mandiri Saham
Reksa Dana Pratama Equity
Pratama Equity
Pratama Saham
Pratama Dana Optimum Saham
Pratama Dana Ultima Saham
Pratama Dana Dinamis Saham
Pratama Dana Maksimum Saham
ReksaDana Pratama Dana Prima
Saham
Pospera BUMN Growth Fund
Prospera Bijak
Reksa Dana Prospera Dana
Berkembang
Reksa Dana Quant Investa Saham
RHB OSK Alpha Sector Rotation
RHB OSK Prime Equity Fund
Reksa Dana Sucorinvest Maxi Fund
Sucorinvest Equity Fund
Reksa Dana SAM Dana Cerdas
SAM Indonesian Equity Fund
Reksa Dana Schroder 90 Plus Equity
Fund
Schroder Dana Prestasi Dinamis
Schroder Dana Prestasi Plus
Reksa Dana Schroder Dana Istimewa
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Sampel 33
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-
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√
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Sampel 34
Sampel 35
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-
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√
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-
Sampel 36
-
√
√
Sampel 37
√
√
√
√
√
Sampel 38
Sampel 39
81
Universitas Sumatera Utara
138 Reksa Dana Schroder Indo Equity
Fund
139 Reksa Dana Schroder Dana Prestasi
140 Semesta Dana Saham 4
141 Reksa Dana Simas Syariah Unggulan
142 Reksa Dana Simas Saham Unggulan
143 Reksa Dana Simas Saham
Bertumbuh
144 Reksa Dana Simas Danamas Saham
145 Reksa Dana Syailendra Market
Leader Fund
146 Syailendra Equity Opportunity Fund
147 Syailendra Dana Ekuitas Plus
148 Reksa Dana Syailendra Dana Ekuitas
Sejahtera
149 Syailendra Equity Alpha Fund
150 Reksa Dana Penyertaan Terbatas
Syailendra Equity Growth Fund
151 TF Super Maxxi
152 REKSA DANA TRIMEGAH
BHAKTI BANGSA
153 Tram Asa Equity
154 Tram Infrastruktur Plus
155 Trim Kapital
156 Reksa Dana Trim Kapital Plus
√
√
Sampel 40
√
√
√
√
√
-
Sampel 41
-
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-
-
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Sampel 42
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-
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Sampel 43
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-
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Sampel 45
157
158
159
160
√
√
√
-
-
√
-
-
√
-
-
√
√
√
-
-
161
162
163
164
Tram Consumsition Plus
Reksa Dana Valbury Equity I
Archipelago Equity Growth
Reksa Dana Saham Eastspring
Investment Alpha Navigator
REKSADANA EASTSPRING
INVESTMENT
Premier Ekuitas Makro Plus
RD INDOSURYA EQUITY FUND
Pinnacle Strategic Equity Fund
82
Universitas Sumatera Utara
Lampiran 3: Data Bulanan dari Variabel Independen
1. Data Nilai Tukar
Bulan
2011
Januari
9037,38
Februari
8912,56
Maret
8761,48
April
8651,3
Mei
8555,8
Juni
8564
Juli
8533,24
Agustus
8532
September
8765,5
Oktober
8895,24
November
9015,18
Desember
9088,48
Sumber : www.bi.go.id
Tahun
2012
9109,14
9025,76
9165,33
9175,5
9290,24
9451,14
9456,59
9499,84
9566,35
9597,14
9627,95
9645,89
2013
9687,33
9686,65
9709,42
9724,05
9760,91
9881,53
10073,39
10572,5
11346,24
11366,9
11613,1
12087,1
2014
12179,65
11935,1
11427,05
11435,75
11525,94
11892,62
11689,06
11706,67
11890,77
12144,87
12158,3
12438,29
2. Data BI Rate
Bulan
2011
Januari
0,065
Februari
0,0675
Maret
0,0675
April
0,0675
Mei
0,0675
Juni
0,0675
Juli
0,0675
Agustus
0,0675
September
0,0675
Oktober
0,065
November
0,06
Desember
0,06
Sumber : www.bi.go.id
Tahun
2012
0,06
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
2013
0,0575
0,0575
0,0575
0,0575
0,0575
0,06
0,065
0,0675
0,0725
0,0725
0,075
0,075
2014
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,07625
0,0775
83
Universitas Sumatera Utara
3. Data Inflasi
Bulan
2011
Januari
0,0702
Februari
0,0684
Maret
0,0665
April
0,0616
Mei
0,0598
Juni
0,0554
Juli
0,0461
Agustus
0,0479
September
0,0461
Oktober
0,0442
November
0,0415
Desember
0,0379
Sumber : www.bi.go.id
Tahun
2012
0,0365
0,0356
0,0397
0,045
0,0445
0,0453
0,0456
0,0458
0,0431
0,0461
0,0432
0,043
2013
0,0457
0,0531
0,059
0,0557
0,0547
0,059
0,0861
0,0879
0,084
0,0832
0,0837
0,0838
2014
0,0822
0,0775
0,0732
0,0725
0,0732
0,067
0,0453
0,0399
0,0453
0,0483
0,0623
0,0836
4. Data Jumlah Uang Beredar (dalam miliar rupiah)
Bulan
2011
Januari
2.436.679
Februari
2.420.191
Maret
2.451.357
April
2.434.478
Mei
2.475.286
Juni
2.522.784
Juli
2.564.556
Agustus
2.621.346
September
2.643.331
Oktober
2.677.205
November
2.729.538
Desember
2.877.220
Sumber: www.bps.go.id
Tahun
2012
2.854.978
2.849.796
2.911.920
2.927.259
2.992.057
3.050.355
3.054.836
3.089.011
3.125.533
3.161.726
3.205.129
3.304.645
2013
3.268.789
3.280.420
3.322.529
3.360.928
3.426.305
3.413.379
3.506.574
3.502.420
3.584.081
3.576.869
3.614.520
3.727.887
2014
3.652.145
3.642.809
3.660.298
3.730.101
3.789.058
3.865.758
3.895.835
3.895.116
4.009.857
4.024.153
4.076.294
4.170.731
84
Universitas Sumatera Utara
5. Data Indeks Harga Saham Gabungan
Bulan
Tahun
2011
2012
Januari
3,409.17
3,941.69
Februari
3,470.35
3,985.21
Maret
3,678.67
4,121.55
April
3,819.62
4,180.73
Mei
3,836.97
3,832.82
Juni
3,888.57
3,955.58
Juli
4,130.80
4,142.34
Agustus
3,841.73
4,060.33
September
3,549.03
4,262.56
Oktober
3,790.85
4,350.29
November
3,715.08
4,276.14
Desember
3,821.99
4,316.69
Sumber: www.yahoo.finance.com
2013
2014
4,453.70
4,795.79
4,940.99
5,034.07
5,068.63
4,818.90
4,610.38
4,195.09
4,316.18
4,510.63
4,256.44
4,274.18
4,418.76
4,620.22
4,768.28
4,840.15
4,893.91
4,878.58
5,088.80
5,136.86
5,137.58
5,089.55
5,149.89
5,226.95
85
Universitas Sumatera Utara
Lampiran 4: Hasil Uji dengan Metode PLS
Dependent Variable: Y?
Method: Pooled Least Squares
Date: 01/30/16 Time: 15:51
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
-16.72328
-146.3720
8.738941
28.09669
28.34437
3.810314
2.330480
16.88371
13.37635
9.725548
5.031642
1.580012
-7.175894
-8.669425
0.653313
2.888957
5.633225
2.411572
0.0000
0.0000
0.5144
0.0044
0.0000
0.0169
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.315326
0.295651
0.988122
169.8909
-250.2069
16.02709
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.846743
2.953175
2.889897
0.959067
Lampiran 5: Hasil Uji dengan FEM
Dependent Variable: Y?
Method: Pooled Least Squares
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
Fixed Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
-13.57167
-115.6167
7.480303
27.40321
23.92044
2.149951
2.026302
15.38400
11.74579
8.307772
4.405006
1.323112
-6.697751
-7.515384
0.636850
3.298503
5.430286
1.624920
0.0000
0.0000
0.5253
0.0013
0.0000
0.1066
-0.036466
0.057074
0.130371
-0.733014
0.072191
86
Universitas Sumatera Utara
Lanjutan Lampiran 5
_6—C
_7—C
_8—C
_9—C
_10—C
_11—C
_12—C
_13—C
_14—C
_15—C
_16—C
_17—C
_18—C
_19—C
_20—C
_21—C
_22—C
_23—C
_24—C
_25—C
_26—C
_27—C
_28—C
_29—C
_30—C
_31—C
_32—C
_33—C
_34—C
_35—C
_36—C
_37—C
_38—C
_39—C
_40—C
_41—C
_42—C
_43—C
_44—C
_45—C
0.442408
-0.403204
0.033490
-0.186765
-0.192648
0.148728
1.874908
4.142089
0.134886
-0.201835
-0.447620
-0.443176
-0.365398
-0.196969
-0.244542
-0.019587
-0.228689
0.123331
0.049607
-0.241559
-0.066383
-0.079585
-0.158705
-0.044951
-0.392268
-0.159931
-0.490558
-0.158020
-0.193520
-0.329994
0.333639
-0.195369
-0.438759
-0.125920
-0.123304
-0.037617
-0.145589
-0.159471
-0.153672
-0.147633
Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.682432
0.562733
0.778556
78.79935
-181.0642
5.701250
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.567380
3.454313
2.926993
2.056401
87
Universitas Sumatera Utara
Lampiran 6: Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
3.415435
138.285279
d.f.
Prob.
(44,130)
44
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: Y?
Method: Panel Least Squares
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
-16.72328
-146.3720
8.738941
28.09669
28.34437
3.810314
2.330480
16.88371
13.37635
9.725548
5.031642
1.580012
-7.175894
-8.669425
0.653313
2.888957
5.633225
2.411572
0.0000
0.0000
0.5144
0.0044
0.0000
0.0169
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.315326
0.295651
0.988122
169.8909
-250.2069
16.02709
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.846743
2.953175
2.889897
0.959067
88
Universitas Sumatera Utara
Lampiran 7: Hasil Uji dengan REM
Dependent Variable: Y?
Method: Pooled EGLS (Cross-section random effects)
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
Random Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
_19--C
_20--C
_21--C
_22--C
_23--C
_24--C
_25--C
_26--C
_27--C
_28--C
_29--C
_30--C
_31--C
_32--C
_33--C
_34--C
_35--C
-14.82493
-127.8396
8.070278
27.89322
25.70525
2.771104
1.953003
14.58654
11.30030
8.071781
4.239222
1.297732
-7.590839
-8.764222
0.714165
3.455647
6.063671
2.135344
0.0000
0.0000
0.4761
0.0007
0.0000
0.0341
-0.022340
0.040242
0.096944
-0.487735
0.055134
0.300667
-0.267339
0.027407
-0.122709
-0.126635
0.104415
1.136324
2.770053
0.095166
-0.132774
-0.297020
-0.294056
-0.242075
-0.129522
-0.161313
-0.010992
-0.150720
0.084519
0.035252
-0.159325
-0.042258
-0.051080
-0.103953
-0.027942
-0.260031
-0.104772
-0.325714
-0.103501
-0.127217
-0.218417
89
Universitas Sumatera Utara
Lanjutan Lampiran 7
_36--C
_37--C
_38--C
_39--C
_40--C
_41--C
_42--C
_43--C
_44--C
_45--C
0.225057
-0.128459
-0.291099
-0.082044
-0.080296
-0.023041
-0.095188
-0.104464
-0.100589
-0.096559
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
0.552491
0.778556
Rho
0.3349
0.6651
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.318576
0.298995
0.793959
16.26953
0.000000
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.133327
0.948282
109.6845
1.460432
Unweighted Statistics
R-squared
Sum squared resid
0.310431
171.1055
Mean dependent var
Durbin-Watson stat
0.231481
0.936188
90
Universitas Sumatera Utara
Lampiran 8: Hasil Uiji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
11.310087
5
0.0456
Random
Var(Diff.)
Prob.
-13.571666 -14.824934
-115.616670 -127.839635
7.480303
8.070278
27.403208
27.893224
23.920441
25.705246
0.291678
23.900473
10.266850
3.865430
1.433075
0.0203
0.0124
0.8539
0.8032
0.1360
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
X1?
X2?
X3?
X4?
X5?
Fixed
Cross-section random effects test equation:
Dependent Variable: Y?
Method: Panel Least Squares
Date: 01/30/16 Time: 15:53
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
X1?
X2?
X3?
X4?
X5?
2.149951
-13.57167
-115.6167
7.480303
27.40321
23.92044
1.323112
2.026302
15.38400
11.74579
8.307772
4.405006
1.624920
-6.697751
-7.515384
0.636850
3.298503
5.430286
0.1066
0.0000
0.0000
0.5253
0.0013
0.0000
Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.682432
0.562733
0.778556
78.79935
-181.0642
5.701250
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.567380
3.454313
2.926993
2.056401
91
Universitas Sumatera Utara
No
1
Manajer Investasi
Charisma Management
Asset
Kharisma Asset
Management
Panin Asset Management
Panin Asset Management
Panin Asset Management
Panin Asset Management
Custodian
Bank Mega
PT AAA Asset Management
Standard Chartered Bank
Bank Mandiri
Deuthce Bank
Reksa Dana AXA
Maestrosaham
Reksa Dana AXA
CitraDinamis
Reksa Dana Aberdeen
Indonesia Equity Fund
Reksa Dana Sentra Dana
Ekuitas
Reksa Dana Ashmore Dana
USD Equity Nusantara
PT AAA Asset Management
PT Arvist Asset
management
PT AXA Asset Management
Indonesia
PT AXA Asset Management
Indonesia
PT Abardeen Asset
Management
PT Anugrah Sentra
Indonesia
PT Ashmore Asset
Management Indonesia
15
Ashmore Dana Ekuitas
Nusantara
PT Ashmore Asset
Management Indonesia
16
Ashnore Dana Progresif
Nusantara
RD BNI-AM Dana Saham
Bandakala
BNI Reksa Dana Berkembang
Reksa Dana BNI-AM Dana
Saham Inspiring Equity Fund
PT Ashmore Asset
Management Indonesia
PT BNI Asset Management
PT BNI Asset Management
PT BNI Asset Management
Bank CIMB Niaga
Bank Danamon INA
20
BNP Paribas Astro
Deuthce Bank
21
22
Reksa Dana BNP Paribas
Infrastruktur Plus
BNP Paribas Ekuitas
23
BNP Paribas Pesona
24
BNP Paribas Star
25
BNP Paribas Inspira
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
2
3
4
5
6
7
8
9
10
11
12
13
14
17
18
19
Reksa Dana Saham
Reksa Dana Kharisma Kapital
Prima
Kharisma Flexi Terbatas
Panin Dana Ultima
Panin Dana Prima
Panin Dana Maksima
Reksa Dana Panin Dana
Teladan
Reksa Dana AAA Enhanced
Strategy Fund
AAA Blue Chip Value Fund 2
Avrist Equity-Cross Sectoral
Bank Mandiri
Bank Cental Asia
Bank Cental Asia
Deuthce Bank
Bank CIMB Niaga
Citibank N.A
Deuthce Bank
Citibank
Bank Danamon INA
The Hongkong and
Shanghai Banking
Corporation
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
Bank Mega
Citibank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
72
Universitas Sumatera Utara
26
27
Reksa Dana BNP Paribas
Solaris
BNP Paribas Maxi Saham
28
Reksa Dana Ekuitas Andalan
29
Reksa Dana Bahana Trailblazer
Fund
Reksa Dana Dana Ekuitas
Prima
Bahana Dana Prima
30
31
32
33
Reksa Dana Bahana Primavera
99
Batavia Dana Saham
34
Batavia Dana Saham Optimal
35
Reksa Dana CIMB-Principal
Indo Domestic Equity Fund
36
40
Reksa Dana CIMB-Principal
smart Equty Fund
CIMB-Principal Equity
Aggressive
Reksa Dana CIMB-Principal
Equity Focus
Reksa Dana Cipta Alpha
Equity
Reksa Dana Cipta Beta Equity
41
Rencana Cerdas
42
Reksa Dana Cipta Prima
43
Corfina Grow-2-Prosper Rotasi
Strategis
Grow-2-Prosper
Reksa Dana Danareksa Mawar
Ekuitas Plus
Reksa Dana Danareksa Mawar
Konsumer 10
Danareksa Mawar
37
38
39
44
45
46
47
48
49
50
51
Reksa Dana Danareksa Mawar
Komoditas 10
Reksa Dana Danareksa Mawar
Fokus 10
Reksa Dana Danareksa Mawar
Rotasi Sektor Strategis
Reksa Dana Makinta Mantap
PT BNP Paribas Investment
Patners
PT BNP Paribas Investment
Patners
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Bahana TCW Investment
Management
PT Batavia Prosperindo
Asset Management
PT Batavia Prosperindo
Asset Management
PT CIMB Principal Asset
Management
Citibank
PT CIMB Principal Asset
Management
PT CIMB Principal Asset
Management
PT CIMB Principal Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Ciptadana Asset
Management
PT Corfina Capital
Standard Chartered Bank
PT Corfina Capital
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
PT Danareksa Investment
Management
Deuthce Bank
Bank CIMB Niaga
PT Emco Asset
Management
Bank CIMB Niaga
Deuthce Bank
Bank CIMB Niaga
Standard Chartered Bank
Citibank
Standard Chartered Bank
Standard Chartered Bank
Deuthce Bank
Deuthce Bank
Citibank
Deuthce Bank
Bank Mandiri
Bank CIMB Niaga
Bank CIMB Niaga
Deuthce Bank
Bank CIMB Niaga
Deuthce Bank
Citibank
Citibank
Citibank
Citibank
Bank Permata
73
Universitas Sumatera Utara
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Reksa Dana Makinta Growth
Fund
Reksa Dana Euro Peregrine
Equity
First State Indoequity
Opportunities Fund-USD
First State Indoequity High
Conviction Fund
First State Indoequity Value
Select Fund
First State Indoequity Sectoral
Fund
Reksa Dana First State
Indoequity Peka Fund
FS Indoequity Devident yield
Fund
PT Emco Asset
Management
PT Eurocapital Peregrine
Securities
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
PT First State Investment
Indonesia
Reksa Dana Gap Equity Focus
Fund
Gap Eqiuty Fund
Gap Value Fund
Maybank GMT Dana Ekuitas
Reksa Dana HPAM Saham
Dinamis
Reksa Dana HPAM Ultima
Ekuitas
Reksa Dana Lautandhana
Saham Mahadi
Reksa Dana Lautandhana
Saham Likuid
Reksa Dana Lautandhana
Saham Inti
Reksa Dana
LautandhanaEquity
Reksa Dana Lautandhana
Equity Progresif
Lautandhana Equity Agresif
PT Gap Capital
Reksa Dana Lutandhana
Saham Prima
Reksa Dana Lautandhana
Equity Plus
Reksa Dana Lautandhana
Growth Fund
Mega Asset Maxima
Infrastructure
Mega Asset Greater
Reksa Dana Mega Dana
Capital Growth
RDPT Mega Saham Maxima
Reksa Dana Milenium
Berkembang
Bank CIMB Niaga
Bank CIMB Niaga
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Citibank
PT Gap Capital
PT Gap Capital
PT GMT Manajemen
PT Henan Putihrai Asset
Management
PT Henan Putihrai Asset
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Lautandhana Investment
Management
PT Mega Asset Mnagement
The Hongkong and
Shanghai Banking
Corporation
Bank Internasional
Indonesia
Deuthce Bank
Deuthce Bank
Deuthce Bank
Bank Mega
Bank Rakyat Indonesia
Bank Internasional
Indonesia
Bank Mega
Bank Himpunan Saudara
1906
Bank CIMB Niaga
Bank CIMB Niaga
Bank Mandiri
Bank Himpunan Saudara
1906
Bank Internasional
Indonesia
Bank Mega
Bank Mega
PT Mega Asset Mnagement
PT Mega Capital Investama
Bank Mega
Bank CIMB Niaga
PT Mega Capital Investama
PT Milenium Danatama
Indonesia
Bank CIMB Niaga
Bank CIMB Niaga
74
Universitas Sumatera Utara
80
Milenium Equity Prima Plus
81
Milenium Equity Growth Fund
82
Reksa Dana Milenium
Dynamic Equity Fund
Reksa Dana Milenium Equity
83
84
85
86
87
Reksa Dana MNC Dana
Ekuitas
Reksa Dana Mnadiri Dynamic
Equity
Reksa Dana Mandiri Saham
Dinamis
Reksa Dana Mndiri Investa
Equity Dynamo Factor
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT Milenium Danatama
Indonesia
PT MNC Asset Management
Bank Mandiri
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
Citibank
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
88
Reksa Dana Mandiri Investa
Atraktif
PT Mandiri Manajemen
Investasi
89
Mandiri Asa Sejahtera
90
Mandiri Investa Ekuitas
Dinamis
Mandiri Investa UGM
Endowment Plus
Reksa Dana Mandiri Investa
Equity Asean 5
Reksa Dana Mandiri Investa
Equity Movement
Reksa Dana Mandiri Saham
Atraktif
Reksa Dana Mnaulife Dana
Saham Utama
Reksa Dana Manulife Saham
Strategi Unggulan
Manulife Saham SMC Plus
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Mandiri Manajemen
Investasi
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
PT Manulife Aset
Manajemen Indonesia
91
92
93
94
95
96
97
98
99
Manulife Institutional Equity
Fund
Manulife Dana Saham
100
Manulife Saham Andalan
101
102
103
Manulife Greater Indonesia
Fund
Narada Saham Indonesia
Nikko Indonesia Equity Fund
104
Oso Sustainbility Fund
105
Reksa Dana Pacific Saham
Syariah
Bank Mandiri
Bank Danamon INA
Bank CIMB Niaga
Bank Rakyat Indonesia
Bank Mega
Citibank
Deuthce Bank
Deuthce Bank
Citibank
Citibank
Citibank
Citibank
Citibank
Deuthce Bank
Deuthce Bank
Deuthce Bank
PT Manulife Aset
Manajemen Indonesia
PT Narada Kapital Indonesia
PT Nicco securities
Indonesia
PT OSO Manajemen
Investasi
PT PASIFIC CAPITAL
INVESTMENT
The Hongkong and
Shanghai Banking
Corporation
Deuthce Bank
Deuthce Bank
Bank Central Asia
Bank DBS Indonesia
Bank Mega
75
Universitas Sumatera Utara
106
110
111
112
Reksa Dana Pacific Equity
Growth Fund
Reksa Dana Pacific Equity
Fund
Reksa Dana Pacific Equity
Optimum Fund
Reksa Dana Pacific Equity
Progresive Fund
PG Saham Dinamis
PNM Saham Agresif
Reksa Dana Philip Equity
113
Philip Prime Equity
114
116
Reksa Dana Pratama Dana
Investasi Saham
Pratama Investa Mandiri
Saham
Reksa Dana Pratama Equity
117
Pratama Equity
118
Pratama Saham
119
Pratama Dana Optimum Saham
120
Pratama Dana Ultima Saham
121
Pratama Dana Dinamis Saham
122
124
Pratama Dana Maksimum
Saham
ReksaDana Pratama Dana
Prima Saham
Pospera BUMN Growth Fund
125
Prospera Bijak
126
Reksa Dana Prospera Dana
Berkembang
Reksa Dana Quant Investa
Saham
RHB OSK Alpha Sector
Rotation
RHB OSK Prime Equity Fund
107
108
109
115
123
127
128
129
130
131
132
Reksa Dana Sucorinvest Maxi
Fund
Sucorinvest Equity Fund
Reksa Dana SAM Dana
Cerdas
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PASIFIC CAPITAL
INVESTMENT
PT PG Asset Management
PT Invetment Management
PT Philip Asset
Management
PT Philip Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Pratama Capital Asset
Management
PT Prospera Asset
Management
PT Prospera Asset
Management
PT Prospera Asset
Management
PT Capital Quant Investma
Bank Danamon INA
PT RHB OSK Asset
Management
PT RHB OSK Asset
Management
Deuthce Bank
PT Sucorinvest Asset
Management
PT Sucorinvest Asset
Management
PT Samuel Asset
Management
Bank Mega
Bank Danamon INA
Bank Danamon INA
Bank Central Asia
Deuthce Bank
Bank Internasional
Indonesia
Deuthce Bank
Bank Rakyat Indonesia
Deuthce Bank
Bank CIMB Niaga
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Deuthce Bank
Bank Rakyat Indonesia
Deuthce Bank
Deuthce Bank
Bank CIMB Niaga
Bank Permata
The Hongkong and
Shanghai Banking
Corporation
Bank Negara Indonesia
Deuthce Bank
Bank Negara Indonesia
76
Universitas Sumatera Utara
133
SAM Indonesian Equity Fund
Deuthce Bank
Reksa Dana Schroder 90 Plus
Equity Fund
PT Samuel Asset
Management
PT Schroder Investment
Management Indonesia
134
135
Schroder Dana Prestasi
Dinamis
PT Schroder Investment
Management Indonesia
Citibank
136
Schroder Dana Prestasi Plus
PT Schroder Investment
Management Indonesia
Deuthce Bank
137
Reksa Dana Schroder Dana
Istimewa
PT Schroder Investment
Management Indonesia
138
Reksa Dana Schroder Indo
Equity Fund
PT Schroder Investment
Management Indonesia
The Hongkong and
Shanghai Banking
Corporation
Bank Permata
139
Reksa Dana Schroder Dana
Prestasi
PT Schroder Investment
Management Indonesia
Citibank
140
141
Semesta Dana Saham 4
Reksa Dana Simas Syariah
Unggulan
Reksa Dana Simas Saham
Unggulan
Reksa Dana Simas Saham
Bertumbuh
Reksa Dana Simas Danamas
Saham
Reksa Dana Syailendra Market
Leader Fund
PT Semesta Indovest
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Sinarmas Asset
Management
PT Syailendra Capital
Deuthce Bank
Bank Danamon INA
Syailendra Equity Opportunity
Fund
Syailendra Dana Ekuitas Plus
Reksa Dana Syailendra Dana
Ekuitas Sejahtera
PT Syailendra Capital
Deuthce Bank
PT Syailendra Capital
PT Syailendra Capital
Bank Mandiri
Bank Negara Indonesia
Syailendra Equity Alpha Fund
Reksa Dana Penyertaan
Terbatas Syailendra Equity
Growth Fund
TF Super Maxxi
REKSA DANA TRIMEGAH
BHAKTI BANGSA
PT Syailendra Capital
PT Syailendra Capital
Bank Mandiri
Bank CIMB Niaga
PT Treasury Fund Investama
PT Trimegah Asset
Management
Bank Mandiri
Bank CIMB Niaga
153
Tram Asa Equity
PT Trimegah Asset
Management
154
Tram Infrastruktur Plus
PT Trimegah Asset
Management
155
Trim Kapital
156
Reksa Dana Trim Kapital Plus
157
Tram Consumsition Plus
PT Trimegah Asset
Management
PT Trimegah Asset
Management
PT Trimegah Asset
Management
The Hongkong and
Shanghai Banking
Corporation
The Hongkong and
Shanghai Banking
Corporation
Bank CIMB Niaga
142
143
144
145
146
147
148
149
150
151
152
Citibank
Bank CIMB Niaga
Bank CIMB Niaga
Bank CIMB Niaga
Bank Mega
Bank CIMB Niaga
The Hongkong and
Shanghai Banking Corp.
77
Universitas Sumatera Utara
158
159
Reksa Dana Valbury Equity I
Archipelago Equity Growth
Bank Negara Indonesia
Deuthce Bank
Reksa Dana Saham Eastspring
Investment Alpha Navigator
PT Valbury Asia Securities
PT Archipelago Asset
Management
PT Eastspring Invetsments
Indonesia
160
161
REKSADANA EASTSPRING
INVESTMENT
PT Eastspring Invetsments
Indonesia
Standard Chartered Bank
162
Premier Ekuitas Makro Plus
Deuthce Bank
163
RD INDOSURYA EQUITY
FUND
Pinnacle Strategic Equity Fund
PT Indo Primer Investment
Management
PT Indosurya Asset
Management
PT Pinnacle Persada
Investama
164
Standard Chartered Bank
Bank Permata
Bank Central Asia
Lampiran 2 : Proses Pemilihan Sampel
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
Reksa Dana
Reksa Dana Kharisma Kapital Prima
Kharisma Flexi Terbatas
Panin Dana Ultima
Panin Dana Prima
Panin Dana Maksima
Reksa Dana Panin Dana Teladan
Reksa Dana AAA Enhanced Strategy
Fund
AAA Blue Chip Value Fund 2
Avrist Equity-Cross Sectoral
Reksa Dana AXA Maestrosaham
Reksa Dana AXA CitraDinamis
Reksa Dana Aberdeen Indonesia
Equity Fund
Reksa Dana Sentra Dana Ekuitas
Reksa Dana Ashmore Dana USD
Equity Nusantara
Ashmore Dana Ekuitas Nusantara
Ashnore Dana Progresif Nusantara
RD BNI-AM Dana Saham
Bandakala
BNI Reksa Dana Berkembang
Reksa Dana BNI-AM Dana Saham
Inspiring Equity Fund
BNP Paribas Astro
Reksa Dana BNP Paribas
Infrastruktur Plus
BNP Paribas Ekuitas
BNP Paribas Pesona
BNP Paribas Star
BNP Paribas Inspira
Kriteria 1
√
√
√
√
√
√
Kriteria 2
√
√
-
Keterangan
Sampel 1
Sampel 2
-
√
-
-
√
√
√
√
√
Sampel 3
√
√
Sampel 4
√
-
-
√
-
-
√
√
-
-
√
-
-
√
√
Sampel 5
√
-
-
√
-
-
√
√
Sampel 6
√
√
√
√
√
√
-
Sampel 7
Sampel 8
-
78
Universitas Sumatera Utara
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Reksa Dana BNP Paribas Solaris
BNP Paribas Maxi Saham
Reksa Dana Ekuitas Andalan
Reksa Dana Bahana Trailblazer Fund
Reksa Dana Dana Ekuitas Prima
Bahana Dana Prima
Reksa Dana Bahana Primavera 99
Batavia Dana Saham
Batavia Dana Saham Optimal
Reksa Dana CIMB-Principal Indo
Domestic Equity Fund
Reksa Dana CIMB-Principal smart
Equty Fund
CIMB-Principal Equity Aggressive
Reksa Dana CIMB-Principal Equity
Focus
Reksa Dana Cipta Alpha Equity
Reksa Dana Cipta Beta Equity
Rencana Cerdas
Reksa Dana Cipta Prima
Corfina Grow-2-Prosper Rotasi
Strategis
Grow-2-Prosper
Reksa Dana Danareksa Mawar
Ekuitas Plus
Reksa Dana Danareksa Mawar
Konsumer 10
Danareksa Mawar
Reksa Dana Danareksa Mawar
Komoditas 10
Reksa Dana Danareksa Mawar Fokus
10
Reksa Dana Danareksa Mawar
Rotasi Sektor Strategis
Reksa Dana Makinta Mantap
Reksa Dana Makinta Growth Fund
Reksa Dana Euro Peregrine Equity
First State Indoequity Opportunities
Fund-USD
First State Indoequity High
Conviction Fund
First State Indoequity Value Select
Fund
First State Indoequity Sectoral Fund
Reksa Dana First State Indoequity
Peka Fund
FS Indoequity Devident yield Fund
Reksa Dana Gap Equity Focus Fund
Gap Eqiuty Fund
√
√
√
√
√
√
√
√
√
√
√
√
√
√
Sampel 9
Sampel 10
Sampel 11
Sampel 12
Sampel 13
√
-
-
√
-
-
√
√
Sampel 14
√
-
-
√
√
√
√
√
-
Sampel 15
-
√
-
-
√
√
Sampel 16
√
-
-
√
-
-
√
√
Sampel 17
√
-
-
√
√
Sampel 18
√
-
-
√
√
√
√
√
-
Sampel 19
Sampel 20
-
√
-
-
√
-
-
√
√
Sampel 21
√
√
Sampel 22
√
√
Sampel 23
√
√
√
√
-
Sampel 24
-
79
Universitas Sumatera Utara
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
Gap Value Fund
Maybank GMT Dana Ekuitas
Reksa Dana HPAM Saham Dinamis
Reksa Dana HPAM Ultima Ekuitas
Reksa Dana Lautandhana Saham
Mahadi
Reksa Dana Lautandhana Saham
Likuid
Reksa Dana Lautandhana Saham Inti
Reksa Dana Lautandhana Equity
Reksa Dana Lautandhana Equity
Progresif
Lautandhana Equity Agresif
Reksa Dana Lutandhana Saham
Prima
Reksa Dana Lautandhana Equity
Plus
Reksa Dana Lautandhana Growth
Fund
Mega Asset Maxima Infrastructure
Mega Asset Greater
Reksa Dana Mega Dana Capital
Growth
RDPT Mega Saham Maxima
Reksa Dana Milenium Berkembang
Milenium Equity Prima Plus
Milenium Equity Growth Fund
Reksa Dana Milenium Dynamic
Equity Fund
Reksa Dana Milenium Equity
Reksa Dana MNC Dana Ekuitas
Reksa Dana Mandiri Dynamic
Equity
Reksa Dana Mandiri Saham Dinamis
Reksa Dana Mndiri Investa Equity
Dynamo Factor
Reksa Dana Mandiri Investa Atraktif
Mandiri Asa Sejahtera
Mandiri Investa Ekuitas Dinamis
Mandiri Investa UGM Endowment
Plus
Reksa Dana Mandiri Investa Equity
Asean 5
Reksa Dana Mandiri Investa Equity
Movement
Reksa Dana Mandiri Saham Atraktif
Reksa Dana Mnaulife Dana Saham
Utama
Reksa Dana Manulife Saham
√
√
√
√
√
√
Sampel 25
Sampel 26
√
-
-
√
-
-
√
√
√
Sampel 27
√
√
Sampel 28
√
-
-
√
-
-
√
-
-
√
-
-
√
√
-
-
√
-
-
√
√
√
√
-
-
√
-
-
√
√
√
-
Sampel 29
-
√
-
-
√
-
-
√
-
-
√
√
√
√
-
Sampel 30
-
√
√
Sampel 31
√
-
-
√
-
-
√
-
-
√
-
-
√
-
-
80
Universitas Sumatera Utara
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
Strategi Unggulan
Manulife Saham SMC Plus
Manulife Institutional Equity Fund
Manulife Dana Saham
Manulife Saham Andalan
Manulife Greater Indonesia Fund
Narada Saham Indonesia
Nikko Indonesia Equity Fund
Oso Sustainbility Fund
Reksa Dana Pacific Saham Syariah
Reksa Dana Pacific Equity Growth
Fund
Reksa Dana Pacific Equity Fund
Reksa Dana Pacific Equity Optimum
Fund
Reksa Dana Pacific Equity
Progresive Fund
PG Saham Dinamis
PNM Saham Agresif
Reksa Dana Philip Equity
Philip Prime Equity
Reksa Dana Pratama Dana Investasi
Saham
Pratama Investa Mandiri Saham
Reksa Dana Pratama Equity
Pratama Equity
Pratama Saham
Pratama Dana Optimum Saham
Pratama Dana Ultima Saham
Pratama Dana Dinamis Saham
Pratama Dana Maksimum Saham
ReksaDana Pratama Dana Prima
Saham
Pospera BUMN Growth Fund
Prospera Bijak
Reksa Dana Prospera Dana
Berkembang
Reksa Dana Quant Investa Saham
RHB OSK Alpha Sector Rotation
RHB OSK Prime Equity Fund
Reksa Dana Sucorinvest Maxi Fund
Sucorinvest Equity Fund
Reksa Dana SAM Dana Cerdas
SAM Indonesian Equity Fund
Reksa Dana Schroder 90 Plus Equity
Fund
Schroder Dana Prestasi Dinamis
Schroder Dana Prestasi Plus
Reksa Dana Schroder Dana Istimewa
√
√
√
√
√
√
√
√
√
√
√
-
Sampel 32
Sampel 33
-
√
-
-
√
-
-
√
-
-
√
-
-
√
√
√
√
-
-
√
-
-
√
√
√
√
√
√
√
√
√
√
-
Sampel 34
Sampel 35
-
√
-
-
√
√
-
-
√
-
-
√
√
√
√
√
√
√
√
-
Sampel 36
-
√
√
Sampel 37
√
√
√
√
√
Sampel 38
Sampel 39
81
Universitas Sumatera Utara
138 Reksa Dana Schroder Indo Equity
Fund
139 Reksa Dana Schroder Dana Prestasi
140 Semesta Dana Saham 4
141 Reksa Dana Simas Syariah Unggulan
142 Reksa Dana Simas Saham Unggulan
143 Reksa Dana Simas Saham
Bertumbuh
144 Reksa Dana Simas Danamas Saham
145 Reksa Dana Syailendra Market
Leader Fund
146 Syailendra Equity Opportunity Fund
147 Syailendra Dana Ekuitas Plus
148 Reksa Dana Syailendra Dana Ekuitas
Sejahtera
149 Syailendra Equity Alpha Fund
150 Reksa Dana Penyertaan Terbatas
Syailendra Equity Growth Fund
151 TF Super Maxxi
152 REKSA DANA TRIMEGAH
BHAKTI BANGSA
153 Tram Asa Equity
154 Tram Infrastruktur Plus
155 Trim Kapital
156 Reksa Dana Trim Kapital Plus
√
√
Sampel 40
√
√
√
√
√
-
Sampel 41
-
√
-
-
√
√
Sampel 42
√
-
-
√
√
√
-
Sampel 43
-
√
-
-
√
-
-
√
-
-
√
-
-
√
-
-
√
√
√
√
Sampel 44
√
√
Sampel 45
157
158
159
160
√
√
√
-
-
√
-
-
√
-
-
√
√
√
-
-
161
162
163
164
Tram Consumsition Plus
Reksa Dana Valbury Equity I
Archipelago Equity Growth
Reksa Dana Saham Eastspring
Investment Alpha Navigator
REKSADANA EASTSPRING
INVESTMENT
Premier Ekuitas Makro Plus
RD INDOSURYA EQUITY FUND
Pinnacle Strategic Equity Fund
82
Universitas Sumatera Utara
Lampiran 3: Data Bulanan dari Variabel Independen
1. Data Nilai Tukar
Bulan
2011
Januari
9037,38
Februari
8912,56
Maret
8761,48
April
8651,3
Mei
8555,8
Juni
8564
Juli
8533,24
Agustus
8532
September
8765,5
Oktober
8895,24
November
9015,18
Desember
9088,48
Sumber : www.bi.go.id
Tahun
2012
9109,14
9025,76
9165,33
9175,5
9290,24
9451,14
9456,59
9499,84
9566,35
9597,14
9627,95
9645,89
2013
9687,33
9686,65
9709,42
9724,05
9760,91
9881,53
10073,39
10572,5
11346,24
11366,9
11613,1
12087,1
2014
12179,65
11935,1
11427,05
11435,75
11525,94
11892,62
11689,06
11706,67
11890,77
12144,87
12158,3
12438,29
2. Data BI Rate
Bulan
2011
Januari
0,065
Februari
0,0675
Maret
0,0675
April
0,0675
Mei
0,0675
Juni
0,0675
Juli
0,0675
Agustus
0,0675
September
0,0675
Oktober
0,065
November
0,06
Desember
0,06
Sumber : www.bi.go.id
Tahun
2012
0,06
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
0,0575
2013
0,0575
0,0575
0,0575
0,0575
0,0575
0,06
0,065
0,0675
0,0725
0,0725
0,075
0,075
2014
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,075
0,07625
0,0775
83
Universitas Sumatera Utara
3. Data Inflasi
Bulan
2011
Januari
0,0702
Februari
0,0684
Maret
0,0665
April
0,0616
Mei
0,0598
Juni
0,0554
Juli
0,0461
Agustus
0,0479
September
0,0461
Oktober
0,0442
November
0,0415
Desember
0,0379
Sumber : www.bi.go.id
Tahun
2012
0,0365
0,0356
0,0397
0,045
0,0445
0,0453
0,0456
0,0458
0,0431
0,0461
0,0432
0,043
2013
0,0457
0,0531
0,059
0,0557
0,0547
0,059
0,0861
0,0879
0,084
0,0832
0,0837
0,0838
2014
0,0822
0,0775
0,0732
0,0725
0,0732
0,067
0,0453
0,0399
0,0453
0,0483
0,0623
0,0836
4. Data Jumlah Uang Beredar (dalam miliar rupiah)
Bulan
2011
Januari
2.436.679
Februari
2.420.191
Maret
2.451.357
April
2.434.478
Mei
2.475.286
Juni
2.522.784
Juli
2.564.556
Agustus
2.621.346
September
2.643.331
Oktober
2.677.205
November
2.729.538
Desember
2.877.220
Sumber: www.bps.go.id
Tahun
2012
2.854.978
2.849.796
2.911.920
2.927.259
2.992.057
3.050.355
3.054.836
3.089.011
3.125.533
3.161.726
3.205.129
3.304.645
2013
3.268.789
3.280.420
3.322.529
3.360.928
3.426.305
3.413.379
3.506.574
3.502.420
3.584.081
3.576.869
3.614.520
3.727.887
2014
3.652.145
3.642.809
3.660.298
3.730.101
3.789.058
3.865.758
3.895.835
3.895.116
4.009.857
4.024.153
4.076.294
4.170.731
84
Universitas Sumatera Utara
5. Data Indeks Harga Saham Gabungan
Bulan
Tahun
2011
2012
Januari
3,409.17
3,941.69
Februari
3,470.35
3,985.21
Maret
3,678.67
4,121.55
April
3,819.62
4,180.73
Mei
3,836.97
3,832.82
Juni
3,888.57
3,955.58
Juli
4,130.80
4,142.34
Agustus
3,841.73
4,060.33
September
3,549.03
4,262.56
Oktober
3,790.85
4,350.29
November
3,715.08
4,276.14
Desember
3,821.99
4,316.69
Sumber: www.yahoo.finance.com
2013
2014
4,453.70
4,795.79
4,940.99
5,034.07
5,068.63
4,818.90
4,610.38
4,195.09
4,316.18
4,510.63
4,256.44
4,274.18
4,418.76
4,620.22
4,768.28
4,840.15
4,893.91
4,878.58
5,088.80
5,136.86
5,137.58
5,089.55
5,149.89
5,226.95
85
Universitas Sumatera Utara
Lampiran 4: Hasil Uji dengan Metode PLS
Dependent Variable: Y?
Method: Pooled Least Squares
Date: 01/30/16 Time: 15:51
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
-16.72328
-146.3720
8.738941
28.09669
28.34437
3.810314
2.330480
16.88371
13.37635
9.725548
5.031642
1.580012
-7.175894
-8.669425
0.653313
2.888957
5.633225
2.411572
0.0000
0.0000
0.5144
0.0044
0.0000
0.0169
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.315326
0.295651
0.988122
169.8909
-250.2069
16.02709
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.846743
2.953175
2.889897
0.959067
Lampiran 5: Hasil Uji dengan FEM
Dependent Variable: Y?
Method: Pooled Least Squares
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
Fixed Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
-13.57167
-115.6167
7.480303
27.40321
23.92044
2.149951
2.026302
15.38400
11.74579
8.307772
4.405006
1.323112
-6.697751
-7.515384
0.636850
3.298503
5.430286
1.624920
0.0000
0.0000
0.5253
0.0013
0.0000
0.1066
-0.036466
0.057074
0.130371
-0.733014
0.072191
86
Universitas Sumatera Utara
Lanjutan Lampiran 5
_6—C
_7—C
_8—C
_9—C
_10—C
_11—C
_12—C
_13—C
_14—C
_15—C
_16—C
_17—C
_18—C
_19—C
_20—C
_21—C
_22—C
_23—C
_24—C
_25—C
_26—C
_27—C
_28—C
_29—C
_30—C
_31—C
_32—C
_33—C
_34—C
_35—C
_36—C
_37—C
_38—C
_39—C
_40—C
_41—C
_42—C
_43—C
_44—C
_45—C
0.442408
-0.403204
0.033490
-0.186765
-0.192648
0.148728
1.874908
4.142089
0.134886
-0.201835
-0.447620
-0.443176
-0.365398
-0.196969
-0.244542
-0.019587
-0.228689
0.123331
0.049607
-0.241559
-0.066383
-0.079585
-0.158705
-0.044951
-0.392268
-0.159931
-0.490558
-0.158020
-0.193520
-0.329994
0.333639
-0.195369
-0.438759
-0.125920
-0.123304
-0.037617
-0.145589
-0.159471
-0.153672
-0.147633
Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.682432
0.562733
0.778556
78.79935
-181.0642
5.701250
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.567380
3.454313
2.926993
2.056401
87
Universitas Sumatera Utara
Lampiran 6: Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
3.415435
138.285279
d.f.
Prob.
(44,130)
44
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: Y?
Method: Panel Least Squares
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
-16.72328
-146.3720
8.738941
28.09669
28.34437
3.810314
2.330480
16.88371
13.37635
9.725548
5.031642
1.580012
-7.175894
-8.669425
0.653313
2.888957
5.633225
2.411572
0.0000
0.0000
0.5144
0.0044
0.0000
0.0169
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.315326
0.295651
0.988122
169.8909
-250.2069
16.02709
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.846743
2.953175
2.889897
0.959067
88
Universitas Sumatera Utara
Lampiran 7: Hasil Uji dengan REM
Dependent Variable: Y?
Method: Pooled EGLS (Cross-section random effects)
Date: 01/30/16 Time: 15:52
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
X1?
X2?
X3?
X4?
X5?
C
Random Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
_19--C
_20--C
_21--C
_22--C
_23--C
_24--C
_25--C
_26--C
_27--C
_28--C
_29--C
_30--C
_31--C
_32--C
_33--C
_34--C
_35--C
-14.82493
-127.8396
8.070278
27.89322
25.70525
2.771104
1.953003
14.58654
11.30030
8.071781
4.239222
1.297732
-7.590839
-8.764222
0.714165
3.455647
6.063671
2.135344
0.0000
0.0000
0.4761
0.0007
0.0000
0.0341
-0.022340
0.040242
0.096944
-0.487735
0.055134
0.300667
-0.267339
0.027407
-0.122709
-0.126635
0.104415
1.136324
2.770053
0.095166
-0.132774
-0.297020
-0.294056
-0.242075
-0.129522
-0.161313
-0.010992
-0.150720
0.084519
0.035252
-0.159325
-0.042258
-0.051080
-0.103953
-0.027942
-0.260031
-0.104772
-0.325714
-0.103501
-0.127217
-0.218417
89
Universitas Sumatera Utara
Lanjutan Lampiran 7
_36--C
_37--C
_38--C
_39--C
_40--C
_41--C
_42--C
_43--C
_44--C
_45--C
0.225057
-0.128459
-0.291099
-0.082044
-0.080296
-0.023041
-0.095188
-0.104464
-0.100589
-0.096559
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
0.552491
0.778556
Rho
0.3349
0.6651
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.318576
0.298995
0.793959
16.26953
0.000000
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.133327
0.948282
109.6845
1.460432
Unweighted Statistics
R-squared
Sum squared resid
0.310431
171.1055
Mean dependent var
Durbin-Watson stat
0.231481
0.936188
90
Universitas Sumatera Utara
Lampiran 8: Hasil Uiji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
11.310087
5
0.0456
Random
Var(Diff.)
Prob.
-13.571666 -14.824934
-115.616670 -127.839635
7.480303
8.070278
27.403208
27.893224
23.920441
25.705246
0.291678
23.900473
10.266850
3.865430
1.433075
0.0203
0.0124
0.8539
0.8032
0.1360
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
X1?
X2?
X3?
X4?
X5?
Fixed
Cross-section random effects test equation:
Dependent Variable: Y?
Method: Panel Least Squares
Date: 01/30/16 Time: 15:53
Sample: 2011 2014
Included observations: 4
Cross-sections included: 45
Total pool (balanced) observations: 180
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
X1?
X2?
X3?
X4?
X5?
2.149951
-13.57167
-115.6167
7.480303
27.40321
23.92044
1.323112
2.026302
15.38400
11.74579
8.307772
4.405006
1.624920
-6.697751
-7.515384
0.636850
3.298503
5.430286
0.1066
0.0000
0.0000
0.5253
0.0013
0.0000
Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.682432
0.562733
0.778556
78.79935
-181.0642
5.701250
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.231481
1.177380
2.567380
3.454313
2.926993
2.056401
91
Universitas Sumatera Utara