Analisis Pengaruh Corporate Life Cycle dan Free Cash Flow to Equity Terhadap Kebijakan Dividen pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014

LAMPIRAN 1
Daftar Populasi dan Proses Seleksi 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.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.

38.
39.
40.
41.
42.
43.

Nama Perusahaan
Akasha Wira International Tbk
Polychem Indonesia Tbk
Tiga Pilar Sejahtera Food Tbk
Alam Karya Unggul Tbk
Argha Karya Prima Industry Tbk
Alkindo Naratama Tbk
Alakasa Industrindo Tbk
Alumindo Light Metal Industry Tbk
Tri Banyan Tirta Tbk
Asahimas Flat Glass Tbk
Asiaplast Industries Tbk
Argo Pantes Tbk

Arwana Citra Tbk
Astra Internasional Tbk
Astra Otoparts Tbk
Sepatu Bata Tbk
Primarindo Asia Infrastructure Tbk
Indo Kordsa Tbk
Berlina Tbk
Barito Pacific Tbk
Betonjaya Manunggal Tbk
Budi Starch & Sweetener Tbk
Wilmar Cahaya Indonesia Tbk
Centex Tbk
Charoen Pokphand Indonesia Tbk
Citra Turbindo Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Duta Pertiwi Nusantara
Darya-Varia Laboratoria Tbk
Ekadharma International Tbk
Eratex Djaja Tbk

Ever Shine Textile Industry Tbk
Eterindo Wahanatama Tbk
Fajar Surya Wisesa Tbk
Lotte Chemical Titan Tbk
Gunawan Dianjaya Steel Tbk
Goodyear Indonesia Tbk
Gudang Garam Tbk
Gajah Tunggal Tbk
Panasia Indo Resources Tbk
Hanjaya Mandala Sampoerna Tbk
Indofood CBP Sukses Makmur Tbk

Kode
Emiten
ADES
ADMG
AISA
AKKU
AKPI
ALDO

ALKA
ALMI
ALTO
AMFG
APLI
ARGO
ARNA
ASII
AUTO
BATA
BIMA
BRAM
BRNA
BRPT
BTON
BUDI
CEKA
CNTX
CPIN
CTBN

DAVO
DLTA
DPNS
DVLA
EKAD
ERTX
ESTI
ETWA
FASW
FPNI
GDST
GDYR
GGRM
GJTL
HDTX
HMSP
ICBP

Kriteria
1

2
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×







 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×


 ×
 ×
 ×
 ×
 ×


 ×
 ×
 ×

 ×
 ×
 ×
 ×




 ×


 ×

Sampel

Sampel 1
Sampel 2
Sampel 3

Sampel 4

Sampel 5

Sampel 6
Sampel 7
Sampel 8
80

Universitas Sumatera Utara

No.

Nama Perusahaan

44.
45.
46.
47.
48.
49.

50.
51.
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.
80.
81.
82.
83.
84.
85.
86.
87.
88.
89.

Champion Pacific Indonesia Tbk
Inti Keramik Alam Asri Industry Tbk
Sumi Indo Kabel Tbk
Indomobil Sukses Internasional Tbk
Indofarma Tbk
Indal Aluminium Industry Tbk
Intanwijaya International Tbk
Indofood Sukses Makmur Tbk
Indorama Synthetics Tbk
Indospring Tbk
Indah Kiat Pulp And Paper Tbk
Toba Pulp Lestari Tbk
Indocement Tunggal Prakasa Tbk
Indopoly Swakarsa Industry Tbk
Sumber Energi Andalan Tbk
Jembo Cable Company Tbk
Jakarta Kyoei Steel Work Ltd Tbks
Japfa Comfeed Indonesia Tbk
Jaya Pari Steel Tbk
Kimia Farma Tbk
Ctsi Jasa Prima Tbk
KMI Wire And Cable Tbk
Kabelindo Murni Tbk
Kertas Basuki Rachmat Indonesia Tbk
Kedawung Setia Industial Tbk
Keramika Indonesia Assosiasi Tbk
Kedaung Indag Can Tbk
Kalbe Farma Tbk
Krakatau Steel Tbk
Lion Metal Works Tbk
Langgeng Makmur Industry Tbk
Lionmesh Prima Tbk
Multi Prima Sejahtera Tbk
Malindo Feedmill Tbk
Multistrada Arah Sarana Tbk
Martina Berto Tbk
Merck Tbk
Multi Bintang Indonesia Tbk
Mulia Industrindo Tbk
Mustika Ratu Tbk
Mayora Indah Tbk
Hanson International Tbk
Apac Citra Centertex Tbk
Pelat Timah Nusantara Tbk
Nipress Tbk
Pan Brothers Tbk

Kode
Emiten
IGAR
IKAI
IKBI
IMAS
INAF
INAI
INCI
INDF
INDR
INDS
INKP
INRU
INTP
IPOL
ITMA
JECC
JKSW
JPFA
JPRS
KAEF
KARW
KBLI
KBLM
KBRI
KDSI
KIAS
KICI
KLBF
KRAS
LION
LMPI
LMSH
LPIN
MAIN
MASA
MBTO
MERK
MLBI
MLIA
MRAT
MYOR
MYRX
MYTX
NIKL
NIPS
PBRX

Kriteria
1
2

×

×

×



×

×

×



×



×

×



×

×

×

×

×

×



×

×

×

×

×



×



×

×

×

×

×

×

×

×





×

×

×

×

×

×

×

×

Sampel

Sampel 9

Sampel 10
Sampel 11

Sampel 12

Sampel 13

Sampel 14
Sampel 15

Sampel 16
Sampel 17

81
Universitas Sumatera Utara

No.

Nama Perusahaan

90.
91.
92.
93.
94.
95.
96.
97.
98.
99.

Pelangi Indah Canindo Tbk
Asia Pacific Fibers Tbk
Prima Alloy Steel Universal Tbk
Prasidha Aneka Niaga Tbk
Sat Nusapersada Tbk
Pyridam Farma Tbk
Ricky Putra Globalindo Tbk
Bentoel International Investama Tbk
Nippon Indosari Corporindo Tbk
Supreme Cable Manufacturing And
Commerce Tbk
Schering Plough Indonesia Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Sierad Produce Tbk
Sekar Bumi Tbk
Sekar Laut Tbk
Holcim Indonesia Tbk
Semen Indonesia Tbk
Selamat Sempurna Tbk
Sorini Agro Asia Corporindo Tbk
Suparma Tbk
Taisho Pharmaceutical Indonesia Tbk
Indo Acidatama Tbk
Sunson Textile Manufacturer Tbk
Siantar Top Tbk
Sumalindo Lestari Jaya Tbk
Tembaga Mulia Semanan Tbk
Mandom Indonesia Tbk
Tirta Mahakam Resources Tbk
Pabrik Kertas Tjiwi Kimia Tbk
Surya Toto Indonesia Tbk
Chandra Asri Petrochemical
Trisula International Tbk
Trias Sentosa Tbk
Tempo Scan Pacific Tbk
Ultra Jaya Milk Industry Tbk
Unggul Indah Cahaya Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Unilever Indonesia Tbk
Voksel Electric Tbk
Wismilak Inti Makmur Tbk
Yanaprima Hastapersada Tbk

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.

Kode
Emiten
PICO
POLY
PRAS
PSDN
PTSN
PYFA
RICY
RMBA
ROTI

SCCO
SCPI
SIAP
SIMA
SIPD
SKBM
SKLT
SMCB
SMGR
SMSM
SOBI
SPMA
SQBB
SRSN
SSTM
STTP
SULI
TBMS
TCID
TIRT
TKIM
TOTO
TPIA
TRIS
TRST
TSPC
ULTJ
UNIC
UNIT
UNTX
UNVR
VOKS
WIIM
YPAS

Kriteria
1
2
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×
 ×


































×
×
×
×
×
×



×
×
×
×
×
×
×
×

×


×
×
×
×
×
×
×
×

×
×
×

Sampel

Sampel 18
Sampel 19
Sampel 20

Sampel 21
Sampel 22
Sampel 23

Sampel 24

82
Universitas Sumatera Utara

LAMPIRAN 2

Data variabel Corporate Life Cyle (RETE), Free Cash Flow to Equity dan
Kebijakan Dividen (DPR) periode 2012-2014:
Data Corporate Life Cycle Perusahaan Manufaktur yang Terdaftar di Bursa
Efek Indonesia Periode 2012-2014
No.
Kode Perusahaan
2012
2013
2014
1
ASII
73.81
72.58
72.68
2
AUTO
85.37
54.19
54.05
3
BATA
96.64
96.72
96.97
4
CPIN
96.27
96.96
97.23
5
EKAD
61.93
64.01
68.05
6
GGRM
95.74
95.92
96.57
7
GJTL
68.82
66.32
67.38
8
HMSP
91.04
91.69
91.45
9
IMAS
29.42
32.01
29.01
10
INDF
37.33
35.46
39.33
11
INDS
35.6
22.92
25.59
12
INTP
76.46
79.22
81.33
13
KAEF
56.56
61.51
65.16
14
KIAS
4.48
7.58
10.4
15
KLBF
98.36
89.8
90.66
16
MERK
90.41
92.2
92.78
17
MLBI
93.04
97.66
95.84
18
SMCB
24.66
27.09
27.25
19
SMGR
84.18
84.76
86.51
20
SMSM
55.94
64
70.75
21
TCID
73.5
75.39
77.27
22
TKIM
26.76
28.92
26.74
23
TOTO
92.89
93.83
94.75
24
UNVR
124.32
95.95
96.25
69.73
67.77
68.91
Rata-rata
124.32
97.66
97.23
Tertinggi
4.48
7.58
10.4
Terendah

83
Universitas Sumatera Utara

Data Free Cash Flow to Equity Perusahaan Manufaktur yang Terdaftar di
Bursa Efek Indonesia Periode 2012-2014
No.
Kode Perusahaan
2012
2013
2014
1
ASII
48.94
56.15
49.36
2
AUTO
45.9
15.91
29.04
3
BATA
41.17
27.06
39.22
4
CPIN
24.32
22.19
48.04
5
EKAD
11.27
10.31
-3.47
6
GGRM
15.56
29.45
29.14
7
GJTL
64.28
51.89
52.77
8
HMSP
32.97
58.64
71.15
9
IMAS
82.99
81.17
75.17
10
INDF
40.89
61.53
53.32
11
INDS
-10.4
-0.87
5.91
12
INTP
-9.62
-11.47
0.04
13
KAEF
-1.83
8.48
19.85
14
KIAS
-6.02
-4.87
-11.2
15
KLBF
-2.26
-2.05
-1.08
16
MERK
-15.81
-15.71
-6.96
17
MLBI
163.54
138.65
170.55
18
SMCB
6.13
84.85
84.32
19
SMGR
57.84
42.33
36.54
20
SMSM
54.98
45.75
34.2
21
TCID
-11.38
8.23
30.73
22
TKIM
57.93
41.23
67.92
23
TOTO
25.43
34.02
32.28
24
UNVR
140.26
137.66
137.8
35.71
38.35
43.52
Rata-rata
163.54
138.65
170.55
Tertinggi
-15.81
-15.71
-11.2
Terendah

84
Universitas Sumatera Utara

Data Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar
di Bursa Efek Indonesia Periode 2012-2014
No.
Kode Perusahaan
2012
2013
2014
1
ASII
45.07
45.03
45.04
2
AUTO
40
29.53
50.53
3
BATA
59.4
51.56
83.64
4
CPIN
29.24
28.1
29.8
5
EKAD
21.1
15.44
16.19
6
GGRM
39.31
38.35
35.56
7
GJTL
6.12
8.31
28.96
8
HMSP
89.1
57.29
137.71
9
IMAS
16.97
7.8
9.87
10
INDF
49.93
49.81
49.8
11
INDS
32.38
111.6
138.16
12
INTP
29.99
34.8
66.13
13
KAEF
20
15.29
25
14
KIAS
5.18
32.16
26.42
15
KLBF
65.09
66.77
44.97
16
MERK
0.8
0.07
0.08
17
MLBI
88.38
32.26
100
18
SMCB
16.54
45.4
72.43
19
SMGR
50
45
45
20
SMSM
72
42.89
65.46
21
TCID
53.03
49.47
46.45
22
TKIM
2.83
9.92
4.03
23
TOTO
40.91
41.99
41.88
24
UNVR
100.06
99.96
99.93
40.55
39.95
52.62
Rata-rata
100.06
111.6
138.16
Tertinggi
0.8
0.07
0.08
Terendah

85
Universitas Sumatera Utara

LAMPIRAN 3 Data Input SPSS

RETE
73.81
85.37
96.64
96.27
61.93
95.74
68.82
91.04
29.42
37.33
35.6
76.46
56.56
4.48
98.36
90.41
93.04
24.66
84.18
55.94
73.5
26.76
92.89
124.32
72.58
54.19
96.72
96.96
64.01
95.92
66.32
91.69
32.01
35.46
22.92
79.22

FCFE
48.94
45.9
41.17
24.32
11.27
15.56
64.28
32.97
82.99
40.89
-10.4
-9.62
-1.83
-6.02
-2.26
-15.81
163.54
6.13
57.84
54.98
-11.38
57.93
25.43
140.26
56.15
15.91
27.06
22.19
10.31
29.45
51.89
58.64
81.17
61.53
-0.87
-11.47

DPR
45.07
40
59.4
29.24
21.1
39.31
6.12
89.1
16.97
49.93
32.38
29.99
20
5.18
65.09
0.8
88.38
16.54
50
72
53.03
2.83
40.91
100.06
45.03
29.53
51.56
28.1
15.44
38.35
8.31
57.29
7.8
49.81
111.6
34.8
86
Universitas Sumatera Utara

61.51
7.58
89.8
92.2
97.66
27.09
84.76
64
75.39
28.92
93.83
95.95
72.68
54.05
96.97
97.23
68.05
96.57
67.38
91.45
29.01
39.33
25.59
81.33
65.16
10.4
90.66
92.78
95.84
27.25
86.51
70.75
77.27
26.74
94.75
96.25

8.48
-4.87
-2.05
-15.71
138.65
84.85
42.33
45.75
8.23
41.23
34.02
137.66
49.36
29.04
39.22
48.04
-3.47
29.14
52.77
71.15
75.17
53.32
5.91
0.04
19.85
-11.2
-1.08
-6.96
170.55
84.32
36.54
34.2
30.73
67.92
32.28
137.8

15.29
32.16
66.77
0.07
32.26
45.4
45
42.89
49.47
9.92
41.99
99.96
45.04
50.53
83.64
29.8
16.19
35.56
28.96
137.71
9.87
49.8
138.16
66.13
25
26.42
44.97
0.08
100
72.43
45
65.46
46.45
4.03
41.88
99.93

87
Universitas Sumatera Utara

LAMPIRAN 4
Uji Normalitas

88
Universitas Sumatera Utara

One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
Normal Parametersa

72
Mean
Std. Deviation

Most Extreme Differences

.0000000
28.36650571

Absolute

.114

Positive

.114

Negative

-.059

Kolmogorov-Smirnov Z

.964

Asymp. Sig. (2-tailed)

.311

a. Test distribution is Normal.

Uji Heterokedastisitas

89
Universitas Sumatera Utara

Coefficientsa
Standardized
Unstandardized Coefficients
B

Coefficients

Std. Error

Beta

27.516

6.235

-.126

.084

.034

.055

t

Sig.

4.413

.000

-.181

-1.505

.137

.074

.618

.539

a. Dependent Variable: absut

Uji Autokorelasi

Model Summaryb

Model

R

Std. Error of the

Square

Estimate

R Square

.416a

1

Adjusted R

.173

.149

Durbin-Watson

28.77468

2.136

a. Predictors: (Constant), FCFE, RETE
b. Dependent Variable: DPR

Coefficientsa

Model
1

Unstandardized

Standardized

Coefficients

Coefficients

B
(Constant)

Std. Error

19.913

9.093

RETE

.219

.122

FCFE

.241

.081

Beta

Collinearity Statistics
t

Sig.

Tolerance

VIF

2.190

.032

.199

1.790

.078

.969

1.032

.332

2.987

.004

.969

1.032

a. Dependent Variable: DPR

90
Universitas Sumatera Utara

Analisis Regresi Linear Berganda
Tabel 4.8
Hasil Estimasi Regresi
Coefficientsa
Standardized
Unstandardized Coefficients
Model
1

B
(Constant)

Std. Error

Coefficients
Beta

19.913

9.093

RETE

.219

.122

FCFE

.241

.081

t

Sig.

2.190

.032

.199

1.790

.078

.332

2.987

.004

a. Dependent Variable: DPR

Uji Simultan (Uji-F)
ANOVAb
Model
1

Sum of Squares

df

Mean Square

Regression

11974.073

2

5987.036

Residual

57130.764

69

827.982

Total

69104.837

71

F

Sig.

7.231

.001a

a. Predictors: (Constant), FCFE, RETE
b. Dependent Variable: DPR

Uji Parsial (Uji-t)
Coefficientsa
Standardized
Unstandardized Coefficients
Model
1

B
(Constant)

Std. Error
19.913

9.093

RETE

.219

.122

FCFE

.241

.081

Coefficients
Beta

t

Sig.

2.190

.032

.199

1.790

.078

.332

2.987

.004

a. Dependent Variable: DPR

91
Universitas Sumatera Utara

Koefisien Determinasi (Uji Goodness of Fit)
Hubungan Antar Variabel
Nilai
Interpretasi
0,0 - 0,19
Sangat Tidak Erat
0,2 - 0,39
Tidak Erat
0,4 – 0,59
Cukup Erat
0,6 – 0,79
Erat
0,8 – 0,99
Sangat Erat
Sumber : (Situmorang dan Lutfi, 2014:170)
Model Summaryb

Model
1

R

Adjusted R

Std. Error of the

Square

Estimate

R Square

.416a

.173

.149

28.77468

a. Predictors: (Constant), FCFE, RETE
b. Dependent Variable: DPR

92
Universitas Sumatera Utara