Analisis Pengaruh Free Cash Flow, Return On Equity dan Managerial Ownership Terhadap Kebijakan Hutang Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia
Lampiran I
Daftar Populasi dan Sampel Penelitian
Kriteria Sampel
No
Nama Perusahaan
Kode
Sampel
1
2
3
4
1
Agung Podomoro Land Tbk
APLN
√
√
√
√
1
2
Alam Sutera Reality Tbk
ASRI
√
√
√
√
2
3
Bekasi Asri Pemula Tbk
BAPA
√
√
√
√
3
4
Bumi Citra Permai Tbk
BCIP
√
√
√
-
-
5
Bekasi Fajar Industrial Estate Tbk
BEST
√
√
√
-
-
6
Bhuanawanatala Indah Permai Tbk
BIPP
√
√
√
√
4
7
Bukit Darmo Property Tbk
BKDP
√
√
√
√
5
8
Sentul City Tbk
BKSL
√
√
√
-
-
9
Bumi Serpong Damai Tbk
BSDE
√
√
√
-
-
10
Cowell Development Tbk
COWL
√
√
√
√
6
11
Ciputra Development Tbk
CTRA
√
√
√
√
7
12
Ciputra Property Tbk
CTRP
√
√
√
√
8
13
Ciputra Surya Tbk
CTRS
√
√
√
-
-
14
Duta Anggada Realty Tbk
DART
√
√
-
√
-
15
Intiland Development Tbk
DILD
√
√
-
√
-
16
Duta Pertiwi Tbk
DUTI
√
√
√
√
9
17
Bakrieland Development Tbk
ELTY
√
√
√
√
10
18
Megapolitan Development Tbk
EMDE
√
√
-
√
-
19
Fortune Mate Indonesia Tbk
FMII
√
√
√
-
-
20
Gading Development Tbk
GAMA
√
√
√
-
-
21
Goa Makassar Tourism Development Tbk
GMTD
√
√
√
√
11
22
Perdana Gapura Prima Tbk
GPRA
√
√
√
-
-
23
Greenwood Sejahtera Tbk
GWSA
√
√
√
-
-
24
Jaya Real Property Tbk
JRPT
√
√
-
√
-
25
Kawasan Industri Jababeka Tbk
KIJA
√
-
√
√
-
26
Global Land and Development Tbk
KPIG
√
√
√
√
12
70
Universitas Sumatera Utara
27
Lamicitra Nusantara Tbk
LAMI
√
-
√
√
-
28
Laguna Cipta Griya Tbk
LCGP
√
-
√
√
-
29
Lippo Cikarang Tbk
LPCK
√
√
√
√
13
30
Lippo Karawaci Tbk
LPKR
√
√
√
√
14
31
Modernland Realty Tbk
MDLN
√
√
√
-
-
32
Metropolitan Kentjana Tbk
MKPI
√
-
√
√
-
33
Metropolitan Land Tbk
MTLA
√
√
√
-
-
34
Metro Realty Tbk
MTSM
√
√
√
-
-
35
Nirvana Development Tbk
NIRO
√
√
√
-
-
36
Indonesia Prima Property Tbk
OMRE
√
√
√
√
15
37
Plaza Indonesia Realty Tbk
PLIN
√
√
√
√
16
38
Pudjiati Prestige Tbk
PUDP
√
√
√
-
-
39
Pakuwon Jati Tbk
PWON
√
√
√
-
-
40
Rista Bintang Mahkota Sejati Tbk
RBMS
√
√
√
√
17
41
Roda Vivatex Tbk
RDTX
√
√
√
-
-
42
Pikko Land Development Tbk
RODA
√
√
√
-
-
43
Dadanayasa Arthatama Tbk
SCBD
√
√
√
-
44
Suryamas Dutamakmur Tbk
SMDM
√
√
√
-
-
45
Summarecon Agung Tbk
SMRA
√
-
√
√
-
46
Sitara Propertindo Tbk
TARA
√
-
√
√
-
71
Universitas Sumatera Utara
Lampiran II
Daftar Sampel Perusahaan Property dan Real Estate
Bursa Efek Indonesia
No.
Kode
Nama Perusahaan
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
3.
BAPA
Bekasi Asri Pemula Tbk
4.
BIPP
Bhuawanatala Indah Permai Tbk
5.
BKDP
Bukit Darmo Property Tbk
6.
COWL
Cowell Development Tbk
7.
CTRA
Ciputra Development Tbk
8.
CTRP
Ciputra Property Tbk
9.
DUTI
Duta Pertiwi Tbk
10.
ELTY
Bakrieland Development Tbk
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
14.
LPKR
Lippo Karawaci Tbk
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
72
Universitas Sumatera Utara
Lampiran III
Data Penelitian Free Cash Flow Tahun 2011
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 2.937.771.446
2.
ASRI
Alam Sutera Reality Tbk
Rp 821.606.367.000
3.
BAPA
Bekasi Asri Pemula Tbk
Rp 1.038.382.988.000
4.
BIPP
Bhuawanatala Indah Permai Tbk
-Rp 28.229.748.310
5.
BKDP
Bukit Darmo Property Tbk
-Rp 293.651.057.200
6.
COWL
Cowell Development Tbk
-Rp 239.594.443.400
7
CTRA
Ciputra Development Tbk
-Rp 6.318.112.950.000
8.
CTRP
Ciputra Property Tbk
-Rp 1.504.544.988.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 5.938.065.437.000
10.
ELTY
Bakrieland Development Tbk
-Rp 3.721.815.364.000
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
Rp 8.160.366.200
14.
LPKR
Lippo Karawaci Tbk
-Rp 5.909.474.362.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
-Rp 7.122.870.290
-Rp 189.627.225.000
Rp 153.891.868.800
-Rp 1.536.823
-Rp 83.027.954.870
73
Universitas Sumatera Utara
Lampiran IV
Data Penelitian Free Cash Flow Tahun 2012
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 3.532.211.658
2.
ASRI
Alam Sutera Reality Tbk
-Rp 2.057.376.938
3.
BAPA
Bekasi Asri Pemula Tbk
-Rp 17.655.450.980
4.
BIPP
Bhuawanatala Indah Permai Tbk
Rp 66.288.688.050
5.
BKDP
Bukit Darmo Property Tbk
Rp 3.110.530.965.000
6.
COWL
Cowell Development Tbk
-Rp 1.235.410.718.000
7
CTRA
Ciputra Development Tbk
-Rp 223.659.052.500
8.
CTRP
Ciputra Property Tbk
-Rp 1.145.959.251.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 2.448.202.387.000
10.
ELTY
Bakrieland Development Tbk
Rp 2.132.135.788.000
11.
GMTD
Goa Makssar Tourism Development Tbk
-Rp 288.794.470.300
12.
KPIG
Global Land and Development Tbk
-Rp 694.267.734.600
13.
LPCK
Lippo Cikarang Tbk
-Rp 336.734.502.200
14.
LPKR
Lippo Karawaci Tbk
-Rp 15.450.527.990.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
Rp 45.384.765.710
Rp 757.748.608
Rp 8.529.563.580
74
Universitas Sumatera Utara
Lampiran V
Data Penelitian Free Cash Flow Tahun 2013
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 4.513.639.183
2.
ASRI
Alam Sutera Reality Tbk
-Rp 1.331.705.973
3.
BAPA
Bekasi Asri Pemula Tbk
-Rp 87.145.176.210
4.
BIPP
Bhuawanatala Indah Permai Tbk
-Rp 437.512.987.100
5.
BKDP
Bukit Darmo Property Tbk
-Rp 128.618.385.000
6.
COWL
Cowell Development Tbk
-Rp 243.050.230
7
CTRA
Ciputra Development Tbk
-Rp 4.678.680.432.000
8.
CTRP
Ciputra Property Tbk
-Rp 1.285.635.782.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 2.776.532.056.000
10.
ELTY
Bakrieland Development Tbk
Rp 2.089.233.919.000
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
-Rp 4.481.746.763.000
13.
LPCK
Lippo Cikarang Tbk
-Rp 1.426.329.019.000
14.
LPKR
Lippo Karawaci Tbk
-Rp 18.990.129.600.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
Rp 55.691.129.000
Rp 73.909.624.630
Rp 559.796.697
-Rp 16.471.997.050
75
Universitas Sumatera Utara
Lampiran VI
Data Penelitian Return On Equity Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
1.
APLN
Agung Podomoro Land Tbk
14%
15%
14%
2.
ASRI
Alam Sutera Reality Tbk
22%
25%
17%
3.
BAPA
Bekasi Asri Pemula Tbk
7,3%
10%
5,43%
4.
BIPP
Bhuawanatala Indah Permai Tbk
0,11%
19,47%
25%
5.
BKDP
Bukit Darmo Property Tbk
2,93%
9%
10%
6.
COWL
Cowell Development Tbk
20,33%
6,14%
4%
7
CTRA
Ciputra Development Tbk
6,4%
10,01%
15,3%
8.
CTRP
Ciputra Property Tbk
4.3%
10%
10%
9.
DUTI
Duta Pertiwi Tbk
11%
12%
12,4%
10.
ELTY
Bakrieland Development Tbk
0,13%
14%
3%
11.
GMTD
Goa Makssar Tourism Development
28%
27,5%
23%
Tbk
12.
KPIG
Global Land and Development Tbk
3%
10%
5%
13.
LPCK
Lippo Cikarang Tbk
31%
33,13%
32,47%
14.
LPKR
Lippo Karawaci Tbk
61%
22%
12%
15.
OMRE
Indonesia Prima Property Tbk
18%
7,36%
4,43%
16.
PLIN
Plaza Indonesia Realty Tbk
3,55%
10,5%
1,54%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
12,7%
11%
11%
76
Universitas Sumatera Utara
Lampiran VII
Data Penelitian Kepemilikan Manajerial Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
3,2%
3%
3%
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
0%
0%
0%
3.
BAPA
Bekasi Asri Pemula Tbk
1%
0,01%
6,21%
4.
BIPP
Bhuawanatala Indah Permai Tbk
4%
0%
0%
5.
BKDP
Bukit Darmo Property Tbk
16%
16%
8,20%
6.
COWL
Cowell Development Tbk
0%
0%
0%
7
CTRA
Ciputra Development Tbk
0,20%
0,20%
0,206%
8.
CTRP
Ciputra Property Tbk
0%
0%
0%
9.
DUTI
Duta Pertiwi Tbk
0%
0%
0%
10.
ELTY
Bakrieland Development Tbk
0%
0%
0%
11.
GMTD
Goa Makssar Tourism Development
0%
0%
0%
Tbk
12.
KPIG
Global Land and Development Tbk
0%
7,35%
0,37%
13.
LPCK
Lippo Cikarang Tbk
0%
0%
0%
14.
LPKR
Lippo Karawaci Tbk
0,4%
0%
0%
15.
OMRE
Indonesia Prima Property Tbk
0%
0,07%
0,07%
16.
PLIN
Plaza Indonesia Realty Tbk
0%
0%
0%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
45%
45,31%
50,31%
77
Universitas Sumatera Utara
Lampiran VIII
Data Penelitian DER Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
114,5%
139%
173%
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
116%
131%
171%
3.
BAPA
Bekasi Asri Pemula Tbk
83,26%
82%
90%
4.
BIPP
Bhuawanatala Indah Permai Tbk
166%
110,7%
29%
5.
BKDP
Bukit Darmo Property Tbk
37%
38,4%
43%
6.
COWL
Cowell Development Tbk
135%
56%
64%
7
CTRA
Ciputra Development Tbk
16%
77%
43%
8.
CTRP
Ciputra Property Tbk
20%
49%
67,3%
9.
DUTI
Duta Pertiwi Tbk
45,57%
28%
23,6%
10.
ELTY
Bakrieland Development Tbk
62,4%
66%
72%
11.
GMTD
Goa Makssar Tourism Development
181%
285%
224%
8%
23,37%
21%
Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
1,49%
1,31%
1,12%
14.
LPKR
Lippo Karawaci Tbk
94%
116%
121%
15.
OMRE
Indonesia Prima Property Tbk
47%
43%
53%
16.
PLIN
Plaza Indonesia Realty Tbk
86%
77%
91%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
8,34%
8%
24,3%
78
Universitas Sumatera Utara
Lampiran IX
Hasil Analisis Data
Histogram
79
Universitas Sumatera Utara
Normal P-Plot of Regresion Standarized Residual – Normal
Hasil Uji Kolmogorov - Smirnov
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
Normal Parameters
51
a,b
Mean
Std. Deviation
Most Extreme
,0000000
57,46162729
Absolute
,116
Positive
,116
Negative
-,069
Differences
Kolmogorov-Smirnov Z
,831
Asymp. Sig. (2-tailed)
,495
80
Universitas Sumatera Utara
a. Test distribution is Normal.
b. Calculated from data.
Uji Multikolinearitas
Coefficients
Model
1
a
Unstandardized
Standardized
Collinearity
Coefficients
Coefficients
Statistics
B
Std. Error
(Constant)
68,267
13,993
FREECASHFLOW
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
Beta
T
Sig.
Tolerance
VIF
4,879
,000
,052
,375
,710
,965
1,037
,767
,192
1,381
,174
,974
1,027
,752
-,260
-1,860
,069
,968
1,033
a. Dependent Variable: DER
81
Universitas Sumatera Utara
Scatterplot Uji Heteroskedastisitas
Uji Autokorelasi – Autokorelasi Positif
b
Model Summary
Model
R
d1
,335
Adjusted R
Std. Error of
Durbin-
Square
the Estimate
Watson
R Square
a
,112
,055
59,26714
1,974
i
m
e
n
s
i
o
n
0
a. Predictors: (Constant), KEPMANAJERIAL, ROE, FREECASHFLOW
b. Dependent Variable: DER
82
Universitas Sumatera Utara
Uji Analisis Regresi Linier Berganda
Model
Standardized
Unstandardized Coefficients
B
Std. Error
68,267
13,993
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
1 (Constant)
FREECASHFLOW
Coefficients
Beta
t
Sig.
4,879
,000
,052
,375
,710
,767
,192
1,381
,174
,752
-,260
-1,860
,069
Uji Koefisien Determinasi (R2)
Model Summary
Model
R
d1
i
m
e
n
s
i
o
n
0
R
Square
,335a ,112
Adjusted R
Square
,055
Std. Error of the
Estimate
59,26714
83
Universitas Sumatera Utara
Uji Signifikansi Simultan (Uji – F)
ANOVAb
Model
Sum of Squares
Regression
1
Df
Mean Square
20849,717
3
6949,906
Residual
165091,931
47
3512,594
Total
185941,647
50
F
1,979
Sig.
,130
a
a. Predictors: (Constant), KEPMANAJERIAL, ROE, FREECASHFLOW
Uji Signifikansi Parameter Individual (Uji-t)
Coefficients
a
Model
Standardized
Unstandardized Coefficients
B
Std. Error
68,267
13,993
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
1 (Constant)
FREECASHFLOW
Coefficients
Beta
t
Sig.
4,879
,000
,052
,375
,710
,767
,192
1,381
,174
,752
-,260
-1,860
,069
84
Universitas Sumatera Utara
Daftar Populasi dan Sampel Penelitian
Kriteria Sampel
No
Nama Perusahaan
Kode
Sampel
1
2
3
4
1
Agung Podomoro Land Tbk
APLN
√
√
√
√
1
2
Alam Sutera Reality Tbk
ASRI
√
√
√
√
2
3
Bekasi Asri Pemula Tbk
BAPA
√
√
√
√
3
4
Bumi Citra Permai Tbk
BCIP
√
√
√
-
-
5
Bekasi Fajar Industrial Estate Tbk
BEST
√
√
√
-
-
6
Bhuanawanatala Indah Permai Tbk
BIPP
√
√
√
√
4
7
Bukit Darmo Property Tbk
BKDP
√
√
√
√
5
8
Sentul City Tbk
BKSL
√
√
√
-
-
9
Bumi Serpong Damai Tbk
BSDE
√
√
√
-
-
10
Cowell Development Tbk
COWL
√
√
√
√
6
11
Ciputra Development Tbk
CTRA
√
√
√
√
7
12
Ciputra Property Tbk
CTRP
√
√
√
√
8
13
Ciputra Surya Tbk
CTRS
√
√
√
-
-
14
Duta Anggada Realty Tbk
DART
√
√
-
√
-
15
Intiland Development Tbk
DILD
√
√
-
√
-
16
Duta Pertiwi Tbk
DUTI
√
√
√
√
9
17
Bakrieland Development Tbk
ELTY
√
√
√
√
10
18
Megapolitan Development Tbk
EMDE
√
√
-
√
-
19
Fortune Mate Indonesia Tbk
FMII
√
√
√
-
-
20
Gading Development Tbk
GAMA
√
√
√
-
-
21
Goa Makassar Tourism Development Tbk
GMTD
√
√
√
√
11
22
Perdana Gapura Prima Tbk
GPRA
√
√
√
-
-
23
Greenwood Sejahtera Tbk
GWSA
√
√
√
-
-
24
Jaya Real Property Tbk
JRPT
√
√
-
√
-
25
Kawasan Industri Jababeka Tbk
KIJA
√
-
√
√
-
26
Global Land and Development Tbk
KPIG
√
√
√
√
12
70
Universitas Sumatera Utara
27
Lamicitra Nusantara Tbk
LAMI
√
-
√
√
-
28
Laguna Cipta Griya Tbk
LCGP
√
-
√
√
-
29
Lippo Cikarang Tbk
LPCK
√
√
√
√
13
30
Lippo Karawaci Tbk
LPKR
√
√
√
√
14
31
Modernland Realty Tbk
MDLN
√
√
√
-
-
32
Metropolitan Kentjana Tbk
MKPI
√
-
√
√
-
33
Metropolitan Land Tbk
MTLA
√
√
√
-
-
34
Metro Realty Tbk
MTSM
√
√
√
-
-
35
Nirvana Development Tbk
NIRO
√
√
√
-
-
36
Indonesia Prima Property Tbk
OMRE
√
√
√
√
15
37
Plaza Indonesia Realty Tbk
PLIN
√
√
√
√
16
38
Pudjiati Prestige Tbk
PUDP
√
√
√
-
-
39
Pakuwon Jati Tbk
PWON
√
√
√
-
-
40
Rista Bintang Mahkota Sejati Tbk
RBMS
√
√
√
√
17
41
Roda Vivatex Tbk
RDTX
√
√
√
-
-
42
Pikko Land Development Tbk
RODA
√
√
√
-
-
43
Dadanayasa Arthatama Tbk
SCBD
√
√
√
-
44
Suryamas Dutamakmur Tbk
SMDM
√
√
√
-
-
45
Summarecon Agung Tbk
SMRA
√
-
√
√
-
46
Sitara Propertindo Tbk
TARA
√
-
√
√
-
71
Universitas Sumatera Utara
Lampiran II
Daftar Sampel Perusahaan Property dan Real Estate
Bursa Efek Indonesia
No.
Kode
Nama Perusahaan
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
3.
BAPA
Bekasi Asri Pemula Tbk
4.
BIPP
Bhuawanatala Indah Permai Tbk
5.
BKDP
Bukit Darmo Property Tbk
6.
COWL
Cowell Development Tbk
7.
CTRA
Ciputra Development Tbk
8.
CTRP
Ciputra Property Tbk
9.
DUTI
Duta Pertiwi Tbk
10.
ELTY
Bakrieland Development Tbk
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
14.
LPKR
Lippo Karawaci Tbk
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
72
Universitas Sumatera Utara
Lampiran III
Data Penelitian Free Cash Flow Tahun 2011
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 2.937.771.446
2.
ASRI
Alam Sutera Reality Tbk
Rp 821.606.367.000
3.
BAPA
Bekasi Asri Pemula Tbk
Rp 1.038.382.988.000
4.
BIPP
Bhuawanatala Indah Permai Tbk
-Rp 28.229.748.310
5.
BKDP
Bukit Darmo Property Tbk
-Rp 293.651.057.200
6.
COWL
Cowell Development Tbk
-Rp 239.594.443.400
7
CTRA
Ciputra Development Tbk
-Rp 6.318.112.950.000
8.
CTRP
Ciputra Property Tbk
-Rp 1.504.544.988.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 5.938.065.437.000
10.
ELTY
Bakrieland Development Tbk
-Rp 3.721.815.364.000
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
Rp 8.160.366.200
14.
LPKR
Lippo Karawaci Tbk
-Rp 5.909.474.362.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
-Rp 7.122.870.290
-Rp 189.627.225.000
Rp 153.891.868.800
-Rp 1.536.823
-Rp 83.027.954.870
73
Universitas Sumatera Utara
Lampiran IV
Data Penelitian Free Cash Flow Tahun 2012
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 3.532.211.658
2.
ASRI
Alam Sutera Reality Tbk
-Rp 2.057.376.938
3.
BAPA
Bekasi Asri Pemula Tbk
-Rp 17.655.450.980
4.
BIPP
Bhuawanatala Indah Permai Tbk
Rp 66.288.688.050
5.
BKDP
Bukit Darmo Property Tbk
Rp 3.110.530.965.000
6.
COWL
Cowell Development Tbk
-Rp 1.235.410.718.000
7
CTRA
Ciputra Development Tbk
-Rp 223.659.052.500
8.
CTRP
Ciputra Property Tbk
-Rp 1.145.959.251.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 2.448.202.387.000
10.
ELTY
Bakrieland Development Tbk
Rp 2.132.135.788.000
11.
GMTD
Goa Makssar Tourism Development Tbk
-Rp 288.794.470.300
12.
KPIG
Global Land and Development Tbk
-Rp 694.267.734.600
13.
LPCK
Lippo Cikarang Tbk
-Rp 336.734.502.200
14.
LPKR
Lippo Karawaci Tbk
-Rp 15.450.527.990.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
Rp 45.384.765.710
Rp 757.748.608
Rp 8.529.563.580
74
Universitas Sumatera Utara
Lampiran V
Data Penelitian Free Cash Flow Tahun 2013
No.
Kode
Nama Perusahaan
Free Cash Flow (FCF)
1.
APLN
Agung Podomoro Land Tbk
-Rp 4.513.639.183
2.
ASRI
Alam Sutera Reality Tbk
-Rp 1.331.705.973
3.
BAPA
Bekasi Asri Pemula Tbk
-Rp 87.145.176.210
4.
BIPP
Bhuawanatala Indah Permai Tbk
-Rp 437.512.987.100
5.
BKDP
Bukit Darmo Property Tbk
-Rp 128.618.385.000
6.
COWL
Cowell Development Tbk
-Rp 243.050.230
7
CTRA
Ciputra Development Tbk
-Rp 4.678.680.432.000
8.
CTRP
Ciputra Property Tbk
-Rp 1.285.635.782.000
9.
DUTI
Duta Pertiwi Tbk
-Rp 2.776.532.056.000
10.
ELTY
Bakrieland Development Tbk
Rp 2.089.233.919.000
11.
GMTD
Goa Makssar Tourism Development Tbk
12.
KPIG
Global Land and Development Tbk
-Rp 4.481.746.763.000
13.
LPCK
Lippo Cikarang Tbk
-Rp 1.426.329.019.000
14.
LPKR
Lippo Karawaci Tbk
-Rp 18.990.129.600.000
15.
OMRE
Indonesia Prima Property Tbk
16.
PLIN
Plaza Indonesia Realty Tbk
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
Rp 55.691.129.000
Rp 73.909.624.630
Rp 559.796.697
-Rp 16.471.997.050
75
Universitas Sumatera Utara
Lampiran VI
Data Penelitian Return On Equity Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
1.
APLN
Agung Podomoro Land Tbk
14%
15%
14%
2.
ASRI
Alam Sutera Reality Tbk
22%
25%
17%
3.
BAPA
Bekasi Asri Pemula Tbk
7,3%
10%
5,43%
4.
BIPP
Bhuawanatala Indah Permai Tbk
0,11%
19,47%
25%
5.
BKDP
Bukit Darmo Property Tbk
2,93%
9%
10%
6.
COWL
Cowell Development Tbk
20,33%
6,14%
4%
7
CTRA
Ciputra Development Tbk
6,4%
10,01%
15,3%
8.
CTRP
Ciputra Property Tbk
4.3%
10%
10%
9.
DUTI
Duta Pertiwi Tbk
11%
12%
12,4%
10.
ELTY
Bakrieland Development Tbk
0,13%
14%
3%
11.
GMTD
Goa Makssar Tourism Development
28%
27,5%
23%
Tbk
12.
KPIG
Global Land and Development Tbk
3%
10%
5%
13.
LPCK
Lippo Cikarang Tbk
31%
33,13%
32,47%
14.
LPKR
Lippo Karawaci Tbk
61%
22%
12%
15.
OMRE
Indonesia Prima Property Tbk
18%
7,36%
4,43%
16.
PLIN
Plaza Indonesia Realty Tbk
3,55%
10,5%
1,54%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
12,7%
11%
11%
76
Universitas Sumatera Utara
Lampiran VII
Data Penelitian Kepemilikan Manajerial Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
3,2%
3%
3%
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
0%
0%
0%
3.
BAPA
Bekasi Asri Pemula Tbk
1%
0,01%
6,21%
4.
BIPP
Bhuawanatala Indah Permai Tbk
4%
0%
0%
5.
BKDP
Bukit Darmo Property Tbk
16%
16%
8,20%
6.
COWL
Cowell Development Tbk
0%
0%
0%
7
CTRA
Ciputra Development Tbk
0,20%
0,20%
0,206%
8.
CTRP
Ciputra Property Tbk
0%
0%
0%
9.
DUTI
Duta Pertiwi Tbk
0%
0%
0%
10.
ELTY
Bakrieland Development Tbk
0%
0%
0%
11.
GMTD
Goa Makssar Tourism Development
0%
0%
0%
Tbk
12.
KPIG
Global Land and Development Tbk
0%
7,35%
0,37%
13.
LPCK
Lippo Cikarang Tbk
0%
0%
0%
14.
LPKR
Lippo Karawaci Tbk
0,4%
0%
0%
15.
OMRE
Indonesia Prima Property Tbk
0%
0,07%
0,07%
16.
PLIN
Plaza Indonesia Realty Tbk
0%
0%
0%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
45%
45,31%
50,31%
77
Universitas Sumatera Utara
Lampiran VIII
Data Penelitian DER Tahun 2011-2013
No.
Kode
Nama Perusahaan
2011
2012
2013
114,5%
139%
173%
1.
APLN
Agung Podomoro Land Tbk
2.
ASRI
Alam Sutera Reality Tbk
116%
131%
171%
3.
BAPA
Bekasi Asri Pemula Tbk
83,26%
82%
90%
4.
BIPP
Bhuawanatala Indah Permai Tbk
166%
110,7%
29%
5.
BKDP
Bukit Darmo Property Tbk
37%
38,4%
43%
6.
COWL
Cowell Development Tbk
135%
56%
64%
7
CTRA
Ciputra Development Tbk
16%
77%
43%
8.
CTRP
Ciputra Property Tbk
20%
49%
67,3%
9.
DUTI
Duta Pertiwi Tbk
45,57%
28%
23,6%
10.
ELTY
Bakrieland Development Tbk
62,4%
66%
72%
11.
GMTD
Goa Makssar Tourism Development
181%
285%
224%
8%
23,37%
21%
Tbk
12.
KPIG
Global Land and Development Tbk
13.
LPCK
Lippo Cikarang Tbk
1,49%
1,31%
1,12%
14.
LPKR
Lippo Karawaci Tbk
94%
116%
121%
15.
OMRE
Indonesia Prima Property Tbk
47%
43%
53%
16.
PLIN
Plaza Indonesia Realty Tbk
86%
77%
91%
17.
RBMS
Rista Bintang Mahkota Sejati Tbk
8,34%
8%
24,3%
78
Universitas Sumatera Utara
Lampiran IX
Hasil Analisis Data
Histogram
79
Universitas Sumatera Utara
Normal P-Plot of Regresion Standarized Residual – Normal
Hasil Uji Kolmogorov - Smirnov
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
Normal Parameters
51
a,b
Mean
Std. Deviation
Most Extreme
,0000000
57,46162729
Absolute
,116
Positive
,116
Negative
-,069
Differences
Kolmogorov-Smirnov Z
,831
Asymp. Sig. (2-tailed)
,495
80
Universitas Sumatera Utara
a. Test distribution is Normal.
b. Calculated from data.
Uji Multikolinearitas
Coefficients
Model
1
a
Unstandardized
Standardized
Collinearity
Coefficients
Coefficients
Statistics
B
Std. Error
(Constant)
68,267
13,993
FREECASHFLOW
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
Beta
T
Sig.
Tolerance
VIF
4,879
,000
,052
,375
,710
,965
1,037
,767
,192
1,381
,174
,974
1,027
,752
-,260
-1,860
,069
,968
1,033
a. Dependent Variable: DER
81
Universitas Sumatera Utara
Scatterplot Uji Heteroskedastisitas
Uji Autokorelasi – Autokorelasi Positif
b
Model Summary
Model
R
d1
,335
Adjusted R
Std. Error of
Durbin-
Square
the Estimate
Watson
R Square
a
,112
,055
59,26714
1,974
i
m
e
n
s
i
o
n
0
a. Predictors: (Constant), KEPMANAJERIAL, ROE, FREECASHFLOW
b. Dependent Variable: DER
82
Universitas Sumatera Utara
Uji Analisis Regresi Linier Berganda
Model
Standardized
Unstandardized Coefficients
B
Std. Error
68,267
13,993
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
1 (Constant)
FREECASHFLOW
Coefficients
Beta
t
Sig.
4,879
,000
,052
,375
,710
,767
,192
1,381
,174
,752
-,260
-1,860
,069
Uji Koefisien Determinasi (R2)
Model Summary
Model
R
d1
i
m
e
n
s
i
o
n
0
R
Square
,335a ,112
Adjusted R
Square
,055
Std. Error of the
Estimate
59,26714
83
Universitas Sumatera Utara
Uji Signifikansi Simultan (Uji – F)
ANOVAb
Model
Sum of Squares
Regression
1
Df
Mean Square
20849,717
3
6949,906
Residual
165091,931
47
3512,594
Total
185941,647
50
F
1,979
Sig.
,130
a
a. Predictors: (Constant), KEPMANAJERIAL, ROE, FREECASHFLOW
Uji Signifikansi Parameter Individual (Uji-t)
Coefficients
a
Model
Standardized
Unstandardized Coefficients
B
Std. Error
68,267
13,993
8,480E-13
,000
ROE
1,060
KEPMANAJERIAL
-1,399
1 (Constant)
FREECASHFLOW
Coefficients
Beta
t
Sig.
4,879
,000
,052
,375
,710
,767
,192
1,381
,174
,752
-,260
-1,860
,069
84
Universitas Sumatera Utara