Faktor-Faktor yang Mempengaruhi Penggunaan Instrumen Derivatif Sebagai Pengambilan Keputusan Hedging (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2013)
63
LAMPIRAN 1
DATA VARIABEL PENELITIAN
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
LABA
BERSIH
149951
253664
346728
52852
31115
34620
336995
346609
338358
16386
4203
1881
95949
158684
237697
43796
54496
-12219
19146
24761
25882
62965
5084
42885
-6641
20608
66813
120915
148909
125796
26148
36197
39450
72961
38599
7911
132338
5292
-249057
EPS
74.22
72.18
106.08
86
51
57
776
799
780
10.92
2.81
1.28
52
21
32
290
72
-14
106.37
137.56
143.79
16
1.27
2.63
-11.78
64.13
174.82
143
175
149
38
51
56
75.02
39.75
8.12
53.41
2.14
-100.51
HARGA
SAHAM
495
1080
1430
1020
.,800
810
6550
8300
7000
75
86
65
365
1650
820
1770
700
455
335
700
550
240
114
109
710
385
470
1150
1690
2200
280
355
390
430
310
365
4375
2550
2025
MVE =
(Laba
Bersih/EPS)
x Harga
Saham
1000077.405
3795471.322
4674029.412
626849.3023
488078.4314
491968.4211
2844480.992
3600569.086
3036546.154
112541.2088
128632.7402
95519.53125
673488.1731
12468028.57
6090985.625
267306.6207
529822.2222
397117.5
60298.11037
126001.0177
98999.235
944475
456359.0551
1777363.118
400264.0068
123718.6964
179625.3861
972393.3566
1438035.486
1857390.604
192669.4737
251959.5098
274741.0714
418198.2138
301023.6478
355605.2956
10840268.68
6305887.85
5017813.402
TOTAL
ASSET
3590309
3867576
5020824
1523749
1714834
2084567
2690595
3115421
3539393
334702
333867
303594
831507
937359
1135244
643963
770383
1125132
118715
145100
176136
2123285
2299572
2382875
172297
184533
256372
928290
1074691
1190054
237592
273893
343601
620709
960956
1291711
4936093
5578334
5692060
TOTAL
KEWAJIBAN
1757492
1834123
2664051
783584
871567
1055230
545395
658332
778666
118856
115231
85871
348334
332551
336754
389456
468553
819251
26590
31921
37318
1312254
1445537
1497754
41153
28939
32944
200373
233144
275351
89946
81915
105893
244753
523207
846050
3134396
3771344
4134128
BVE =
Total Asset
– Total
Kewajiban
1832817
2033453
2356773
740165
843267
1029337
2145200
2457089
2760727
215846
218636
217723
483173
604808
798490
254507
301830
305881
92125
113179
138818
811031
854035
885121
131144
155594
223428
727917
841547
914703
147646
191978
237708
375956
437749
445661
1801697
1806990
1557932
63
Universitas Sumatera Utara
GO =
MVE/BVE
0.54565
1.866515
1.983233
0.846905
0.578795
0.477947
1.325975
1.46538
1.099908
0.521396
0.588342
0.43872
1.393886
20.61485
7.62813
1.050292
1.755366
1.298274
0.654525
1.11329
0.713158
1.164536
0.534356
2.008045
3.052095
0.795138
0.803952
1.335857
1.7088
2.030594
1.304942
1.312439
1.155792
1.112359
0.687663
0.797928
6.016699
3.489719
3.220817
64
GJTL
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
683629
1086114
340488
99674
46591
91885
55322
44507
35030
-50623
-39675
-43088
26356
23155
5019
970891
899090
621139
3601516
4763388
5012294
-2552
-16452
-7968
37686
9610
15045
19002
23833
7678
171763
205763
215642
-20240
71039
75380
1522956
1775098
1970452
63703
125181
73530
5424
2340
-12040
10897
41282
14382
196
325
35
12
6
11
37.52
28.16
20.28
-64
-50
-54
166.39
146.18
31.69
347.27
289.93
192.55
977.1
1293.15
1361.02
-20.4
-115.37
-55.46
50
13
20
17
21
7
30.93
36.93
38.63
-2.46
5.07
4.7
158
37
41
15.9
31.24
18.35
5.38
2.32
-11.94
1135
4300
1498
3000
2225
1680
129
108
86
475
375
295
142
142
140
540
450
600
12800
5300
4900
17050
22450
20000
93
88
98
485
335
270
114
135
158
340
740
590
75
175
155
3400
1060
1250
104
187
142
205
255
215
5000
10500
8000
10463709.18
7435703.538
16343424
1071495.5
838638
718373.6364
700371.8017
592689.098
509558.6785
112319.7813
112677
111709.6296
85535.42881
71280.2709
95026.82234
35786001.67
16435612.04
15806705.27
62844998.26
82695789.82
73654964.66
11634.11765
12548.98154
14079.7692
365554.2
247642.3077
203107.5
127425.1765
153212.1429
173303.4286
1888115.745
4123060.385
3293522.651
617073.1707
2452036.489
2485936.17
32772470.89
50854158.92
60074756.1
416673.7107
749322.8873
569005.9946
206676.5799
257198.2759
216800.67
48004.40529
100804.8837
76806.40854
11554143
12869793
15350754
977457
1163971
1191496
355579
312342
314746
548789
507425
482057
544282
612224
765881
12905429
17577664
22315022
18151331
22755160
26607241
287131
278718
262386
437848
398606
376540
642954
722941
654296
1794242
2076347
2471939
2049632
2143814
2270904
8274554
9417957
11315061
1083523
1161698
1337022
685895
815153
822189
98019
128547
141697
7123318
7391409
9626411
232090
371046
307084
64993
70313
89003
259914
258539
276648
438219
483005
639563
7830586
11869218
15655152
2417380
3336422
3629554
669902
677941
670190
100029
51097
14019
398590
458195
384632
541736
634813
847584
979648
168491
223804
1758619
2046313
2815103
363595
316557
450372
278775
405692
424769
40815
31022
31228
4430825
5478384
5724343
745367
792925
884412
290586
242029
225743
288875
248886
205409
106063
129219
126318
5074843
5708446
6659870
15733951
19418738
22977687
-382771
-399223
-407804
337819
347509
362521
244364
264746
269664
1252506
1441534
1624355
1069984
1975323
2047100
6515935
7371644
8499958
719928
845141
886650
407120
409461
397420
57204
97525
110469
Universitas Sumatera Utara
2.361571
1.35728
2.855074
1.437541
1.057651
0.812261
2.410205
2.448835
2.257251
0.388818
0.452725
0.54384
0.806459
0.551624
0.752283
7.051647
2.879174
2.373425
3.994229
4.258556
3.2055
-0.03039
-0.03143
-0.03453
1.082101
0.712621
0.560264
0.521456
0.578714
0.642664
1.50747
2.860189
2.027588
0.576713
1.241334
1.21437
5.029588
6.898618
7.067653
0.578771
0.886625
0.641748
0.507655
0.628139
0.54552
0.839179
1.033631
0.695276
65
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
231158
107808
175444
507382
453405
1171229
-38125
-30363
-474045
27867
30751
-6700
142739
319
3601
11319
16599
8554
483486
744428
1058624
17831
21610
33872
12323
11198
15921
1353
15565
13196
2436
2623
-16149
-7382
980
1426
12209
5256
4840
109826
169741
104962
3260
3389
-5779
1063560
1350791
952305
10320
4813
7832
24074
21516
55576
-29
-23
-359
65
72
-16
23.4
0.003
0.04
533
781
403
614
816
1165
892
1081
47
21.68
19.7
28.01
2.3
26.5
18.8
28
31
-188
-4.17
0.55
0.85
19.36
32.12
24.26
533
824
509
3.4
3.6
-6.25
139
176
124
132500
152000
189000
359000
740000
1200000
445
235
425
500
490
465
500
450
390
2200
7650
5000
14250
20000
26000
3972
4072
323
193
260
155
132
255
185
900
900
700
85
100
82
184
174
173
3125
4050
4400
65.94
80.74
85.45
2175
2900
2275
2967871.609
3404698.94
4233773.749
7566259.782
15593962.63
25289239.96
585021.5517
310230.6522
561195.3343
214361.5385
209277.6389
194718.75
3049978.632
47850000
35109750
46720.07505
162589.4366
106129.0323
11220969.87
18245784.31
23625943.35
79399.92377
81402.33117
232779.9149
109701.9834
147790.8629
88102.64191
77650.43478
149776.4151
129854.2553
78300
76151.6129
60129.25532
150472.4221
178181.8182
137567.0588
116035.9504
28472.72727
34514.42704
643914.1651
834285.2549
907333.5953
63224.82353
76007.73889
79010.488
16642035.97
22257351.7
17471724.8
584388
569430
696946
1220813
1152048
1782148
6119185
6558955
7189899
422493
455472
439583
4736349
624485
629065
157371
172268
196390
6599845
8302506
9709838
446688
524693
798407
561840
594616
621400
481911
577349
795630
91525
100100
118007
756919
92235
78631
642094
842498
869226
1455620
1486921
1762032
163233
184367
272597
10950501
12168517
14894990
90206
152688
184727
690545
822195
794615
5246609
5321387
5999787
64063
69586
61792
2969322
252502
253786
39115
37413
52980
4175176
5234655
5771077
280790
322620
562461
373925
395502
406364
342114
297056
389182
281966
287919
321975
295973
38558
27142
291842
475541
497223
936368
832876
1054421
60829
78573
172583
3423241
3750461
6122043
494182
416742
512219
530268
329853
987533
872576
1237568
1190112
358430
385886
377791
1767027
371983
375279
118256
134855
143410
2424669
3067851
3938761
165898
202073
235946
187915
199114
215036
139797
280293
406448
-190441
-187819
-203968
460946
53677
51489
350252
366957
372003
519252
654045
707611
102404
105794
100014
7527260
8418056
8772947
Universitas Sumatera Utara
6.005625
8.1698
8.265554
14.26875
47.27549
25.6085
0.670453
0.250678
0.471548
0.598057
0.54233
0.515414
1.726051
128.6349
93.55639
0.395076
1.205661
0.740039
4.627836
5.947415
5.998319
0.478607
0.402836
0.986581
0.583785
0.742242
0.409711
0.555451
0.534357
0.319486
-0.41115
-0.40545
-0.2948
0.326443
3.319519
2.671776
0.331293
0.077591
0.09278
1.24008
1.275578
1.282249
0.617406
0.71845
0.789994
2.210902
2.644001
1.991546
66
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
AUTO
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
33075
39893
-23856
23987
16956
15994
140038
150373
160148
110621
147020
39092
101323
353431
325127
4164304
4839145
5352625
219260
254635
338222
21077000
22742000
22297000
1101583
1135914
1058015
22
27
-16
3.98
2.82
2.13
696
748
796
133.01
176.74
47.04
35
122
113
546
634
701
140
152
214
439
480
480
261
264
222
240
290
210
54
50
50
7700
11000
11900
820
1030
740
1080
1330
4500
18800
20850
26000
1360
2525
3450
7400
7600
6800
3260
3548
3650
360818.1818
428480.3704
313110
325451.7588
300638.2979
375446.0094
1549270.977
2211367.647
2394172.362
681972.9344
856798.6873
614967.6871
3126538.286
3852977.295
12947535.4
143386291.6
159142229.1
198528174
2129954.286
4229956.414
5452644.393
355284282.5
360081666.7
315874166.7
13759235.94
15265995.73
17395291.67
1551777
1664353
1767105
361182
402108
420782
1130865
1261572
1465952
1573039
1698078
1955830
2179181
2420793
2811620
10482312
11984979
13348188
1136857
1556214
1701103
154319000
182274000
213994000
6964227
8881642
12617678
800315
884860
1011571
108941
132904
106406
100451
164751
282961
1076393
1095012
1354581
776734
744273
796474
6801375
8016614
9093518
466245
646095
694304
78481000
92460000
107806000
2241333
3396543
3058924
751462
779493
755534
252241
269204
314376
1030414
1096821
1182991
496646
603066
601249
1402447
1676520
2015146
3680937
3968365
4254670
670612
910119
1006799
75838000
89814000
106188000
4722894
5485099
9558754
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
ASSET
LANCAR
1726581
1544940
2445504
674856
792097
943606
1473425
1658468
1980116
145914
140079
126905
261065
323837
405105
HUTANG
LANCAR
911836
1216997
1397224
483167
563998
694269
333132
426669
473960
100335
97499
68941
257010
277678
311780
CR = (Asset
Lancar/Hutang
Lancar) x 100
189.3521423
126.9469029
175.0259085
139.6734462
140.4432285
135.9136012
442.294646
388.7013118
417.7812474
145.4268202
143.6722428
184.0776896
101.5777596
116.6232111
129.9329656
Universitas Sumatera Utara
0.480155
0.549691
0.414422
1.290241
1.116768
1.194258
1.503542
2.016161
2.02383
1.373157
1.420738
1.022817
2.229345
2.298199
6.42511
38.95375
40.10272
46.66124
3.176135
4.647696
5.415822
4.684779
4.009193
2.974669
2.913306
2.783176
1.819828
67
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
297951
333162
456451
77478
98049
126889
907001
1010594
1094079
114671
107455
167103
696925
826342
913983
155734
180370
229041
234484
295904
552148
1137863
1680952
1859839
5073477
5194057
6843853
666846
825948
865831
322889
265069
262716
138818
140146
134782
383676
428198
543234
7386526
9850095
11634955
10314573
14579400
16846248
110983
102583
107859
221002
342186
562368
24693
29749
34947
725374
907065
1019562
22170
12506
16424
144279
191717
215473
81808
74814
98355
232929
383478
525233
861199
2879319
1310179
2900317
3020030
2964235
220681
356946
289689
55928
60746
77516
245736
243975
129243
322571
214820
439441
5415177
7963486
10717554
1476597
2418762
2740089
8983
16992
9385
134.8182369
97.36283775
81.16589137
313.7650346
329.5875492
363.0898217
125.0390833
111.4136253
107.3087267
517.2350023
859.2275708
1017.431807
483.0398048
431.0217665
424.1751867
190.3652455
241.0912396
232.8717401
100.6675854
77.1632271
105.1243924
132.1254437
58.38019337
141.9530461
174.9283613
171.9869339
230.8809187
302.1764447
231.3929838
298.88294
577.3297811
436.3563033
338.9184168
56.49070547
57.44277078
104.2857253
118.9431164
199.3287403
123.6193255
136.4041471
123.690743
108.5597983
698.5367707
602.762901
614.8065993
1235.478125
603.7135122
1149.270112
Universitas Sumatera Utara
68
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
305037
264396
235900
359534
430524
352670
1263029
1505798
1810614
570329
636294
740875
5956123
6441710
7497319
673269
751099
917080
323063
432213
449510
74303
101832
115485
491725
463883
588237
656039
462471
706252
1342733
1408262
1504650
326473
352880
313664
1261845
170928
163564
100021
95726
117583
4095298
5313599
6430065
266367
308486
534840
90141
39436
953
385749
441527
368703
459694
537184
746123
882988
108570
140478
1630588
1891617
2640590
307776
244597
359617
218702
348710
376618
31552
25036
27518
65430
119827
147818
659873
796679
722542
869330
967054
1332135
52063
58646
51810
2619116
122678
104398
34628
32995
47334
1845791
1924434
2631646
245828
278822
508836
338.3998403
670.4432498
24753.41028
93.20413015
97.50796667
95.65151355
274.7542931
280.3132632
242.6696403
64.59079852
586.0679746
527.3957488
365.2745513
340.5398662
283.9259029
218.7529242
307.0761293
255.0157529
147.7183565
123.9462591
119.3543591
235.493788
406.7422911
419.670761
751.5283509
387.1272752
397.9467994
99.41897911
58.04985446
97.74545978
154.4560754
145.6239259
112.950264
627.0729693
601.7119667
605.4120826
48.17827847
139.3306053
156.6734995
288.8442879
290.1227459
248.41129
221.8722488
276.1123011
244.3362443
108.3550287
110.6390457
105.1104875
Universitas Sumatera Utara
69
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
371050
420816
458864
246602
197198
331855
72542
84504
97686
345883
49453
41175
467024
601056
627793
1192307
1197203
1454622
90916
86625
149886
2468172
2186797
2085055
371564
482596
548082
259287
306887
294789
671882
768615
726505
1357376
1430617
1507266
924080
1196426
1565510
4446219
5035962
5862939
718940
986324
1097152
66065000
75799000
88352000
319184
338979
349346
216727
177151
321945
138191
154172
182739
276719
36081
24310
262265
266783
298985
923584
818847
1043362
43715
65708
150401
1683799
1556875
3262054
304846
182354
456536
81670
111511
89839
57216
99477
203320
1054553
1072477
1328173
607594
592822
633794
6474594
7535896
8419442
264727
480851
523047
49169000
54178000
71139000
116.2495614
124.1422035
131.3494358
113.7846231
111.3163347
103.0781655
52.49401191
54.81150922
53.45656921
124.9943083
137.0610571
169.3747429
178.0733228
225.2977139
209.9747479
129.0956751
146.2059457
139.4168084
207.9743795
131.8332623
99.65758206
146.5835293
140.4606664
63.91846977
121.8858046
264.6478827
120.0523069
317.4813273
275.207827
328.130322
1174.290408
772.6559908
357.3209719
128.7157687
133.3937231
113.4841621
152.0884011
201.8187584
247.006125
68.67178081
66.82632032
69.63571933
271.5778897
205.1205051
209.7616467
134.363115
139.9073425
124.1962918
Universitas Sumatera Utara
70
AUTO
2011
2012
2013
2564455
3205631
5029517
1892818
2751766
2661312
135.4834432
116.4935899
188.9863721
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
TOTAL
ASSET
3590309
3867576
5020824
1523749
1714834
2084567
2690595
3115421
3539393
334702
333867
303594
831507
937359
1135244
643963
770383
1125132
118715
145100
176136
2123285
2299572
2382875
172297
184533
256372
928290
1074691
1190054
237592
273893
343601
620709
960956
1291711
4936093
5578334
5692060
11554143
Firm Size = LN
TOTAL ASSET
15.09374883
15.16813851
15.42910462
14.2366843
14.35482684
14.55007172
14.80527292
14.95187485
15.0794658
12.72099586
12.71849799
12.62344656
13.630995
13.75082163
13.94235816
13.37539655
13.55464307
13.93341092
11.68448094
11.88517844
12.0790117
14.56847498
14.64823358
14.6838183
12.05697501
12.12558359
12.45438479
13.74109946
13.88754374
13.98950924
12.3783102
12.5204928
12.74723638
13.33861765
13.7756839
14.07147825
15.41208469
15.53440072
15.55458278
16.26255463
Universitas Sumatera Utara
71
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
12869793
15350754
977457
1163971
1191496
355579
312342
314746
548789
507425
482057
544282
612224
765881
12905429
17577664
22315022
18151331
22755160
26607241
287131
278718
262386
437848
398606
376540
642954
722941
654296
1794242
2076347
2471939
2049632
2143814
2270904
8274554
9417957
11315061
1083523
1161698
1337022
685895
815153
822189
98019
128547
141697
584388
16.3703935
16.54667515
13.79270958
13.96734799
13.99072022
12.78150273
12.65185402
12.65952124
13.21546931
13.1371042
13.08581764
13.20722277
13.32485351
13.54878208
16.37315863
16.68213956
16.92077064
16.71425445
16.94030249
17.09669395
12.56769384
12.5379558
12.47757198
12.9896271
12.89572874
12.83877956
13.37382846
13.49108289
13.39131513
14.40009321
14.54612066
14.72051342
14.53317082
14.57809704
14.63568855
15.92869558
16.05812874
16.24164523
13.89572833
13.96539329
14.10595531
13.43847983
13.6111311
13.61972557
11.49291662
11.76404988
11.86144625
13.27832042
Universitas Sumatera Utara
72
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
569430
696946
1220813
1152048
1782148
6119185
6558955
7189899
422493
455472
439583
4736349
624485
629065
157371
172268
196390
6599845
8302506
9709838
446688
524693
798407
561840
594616
621400
481911
577349
795630
91525
100100
118007
756919
92235
78631
642094
842498
869226
1455620
1486921
1762032
163233
184367
272597
10950501
12168517
14894990
1551777
13.25239114
13.45446321
14.01502759
13.95705179
14.39332994
15.62693948
15.69634185
15.78818768
12.95392816
13.02908952
12.99358183
15.37077714
13.34468259
13.35198987
11.96636135
12.05680668
12.18785776
15.70255672
15.93206795
16.08865016
13.00961564
13.17056861
13.59037377
13.23897239
13.2956711
13.33973028
13.08551473
13.26620222
13.58688953
11.42436744
11.51392497
11.67849922
13.53701153
11.43209495
11.2725213
13.37248999
13.64412657
13.67535844
14.19094248
14.2122181
14.38197825
12.00293391
12.12468362
12.51574979
16.20889577
16.3143626
16.51653547
14.25491128
Universitas Sumatera Utara
73
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
AUTO
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
1664353
1767105
361182
402108
420782
1130865
1261572
1465952
1573039
1698078
1955830
2179181
2420793
2811620
10482312
11984979
13348188
1136857
1556214
1701103
154319000
182274000
213994000
6964227
8881642
12617678
14.32494702
14.38485317
12.79713727
12.90447599
12.94987016
13.93849338
14.04786912
14.19801542
14.26851998
14.34500758
14.48632521
14.59445968
14.69960573
14.84927139
16.16519982
16.29916467
16.4068912
13.943778
14.25776651
14.34678742
18.85453245
19.02102161
19.18145854
15.75629718
15.99949701
16.3506094
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
TOTAL
HUTANG
1757492
1834123
2664051
783584
871567
1055230
545395
658332
778666
118856
115231
85871
348334
332551
336754
389456
TOTAL
EKUITAS
1832817
2033453
2356773
740164
843266
1029336
2145200
2457089
2760727
215846
218635
217723
483173
604808
768489
254506
DER = (Total
Hutang/Total
Ekuitas) x 100
95.89020617
90.19746215
113.0380822
105.8662675
103.3561178
102.5156023
25.42396979
26.79316866
28.20510684
55.06518536
52.7047362
39.44048171
72.09301844
54.98455708
43.82027589
153.0242902
Universitas Sumatera Utara
74
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
GDST
GDYR
IGAR
IKAI
INAI
IMAS
INTP
JKSW
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
468553
819251
26590
31921
37318
1312254
1445537
1497754
41153
28939
32944
200373
233144
275351
89946
81915
105893
244753
523207
846050
3134396
3771344
4134128
7123318
7391409
9626411
232090
371046
307084
83626
71185
54822
64993
70313
89003
259914
258539
276648
438219
483005
639563
7830586
11869218
15655152
2417380
3336422
3629554
669902
301829
305881
92124
113178
138817
811031
854135
885121
131144
155593
223427
727917
841546
914702
147592
191977
237707
375955
437749
445660
1801697
1806989
1557932
4430825
5478384
5724782
745367
792924
884412
47175
52730
56225
290586
242028
225742
288875
248885
205408
106062
129218
126317
5074843
5708445
6659870
15733951
19418738
22977687
-382770
155.2378996
267.8332423
28.86327124
28.20424464
26.88287458
161.8007203
169.2398743
169.2146046
31.38000976
18.59916577
14.74486074
27.52690211
27.70424908
30.10280944
60.9423275
42.66917391
44.54769948
65.1016744
119.5221463
189.842032
173.9690969
208.7087414
265.3599772
160.7673063
134.9195128
168.1533201
31.13768117
46.79464867
34.72182648
177.2676206
134.9990518
97.50466874
22.36618419
29.05159734
39.42686784
89.97455647
103.8788999
134.6821935
413.172484
373.7908031
506.3158561
154.3020346
207.9238392
235.0669307
15.36410022
17.18145639
15.79599374
-175.014238
Universitas Sumatera Utara
75
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
677941
670190
100029
51097
14019
398590
458195
384632
541736
634813
847584
979648
168491
223804
1758619
2046313
2815103
363595
316557
450372
278775
405692
424769
40815
31022
31228
90206
152688
184727
690545
822195
794615
5246609
5321387
5999787
64063
69586
61792
2969322
252502
253786
39115
37413
52980
4175176
5234655
5771077
280790
-399222
-407804
337819
347509
362521
244364
264746
269664
1252505
1441533
1624354
1069983
1975323
2047100
6515935
7371643
8499957
719926
845141
886649
407119
409460
397420
57202
97525
110697
494181
416741
512218
530268
329853
987533
-872575
1237568
1190112
358429
385886
377791
1767027
371982
375279
118255
134855
143410
2424669
3067850
3938760
165997
-169.815541
-164.341203
29.61023507
14.70379184
3.867086321
163.1132245
173.0696592
142.6337961
43.25220259
44.03735468
52.17975885
91.5573425
8.529794874
10.93273411
26.9895111
27.75925258
33.11902637
50.5044963
37.45611679
50.79484666
68.47506503
99.07976359
106.8816366
71.35240027
31.80927967
28.21033994
18.25363581
36.63858368
36.06413675
130.2256595
249.2610345
80.46465283
-601.278859
429.9874431
504.1363334
17.87327476
18.03278689
16.35613342
168.0405563
67.88016624
67.62595296
33.0768255
27.74313151
36.94303047
172.19571
170.629431
146.5201485
169.1536594
Universitas Sumatera Utara
76
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
322620
562461
373925
395502
406364
342114
297056
389182
281966
287919
321975
295973
38558
27142
291842
475541
497223
936368
832876
1054421
60829
78573
172583
3423241
3750461
6122043
800315
884860
1011571
108941
132904
106406
100451
164751
282961
1076393
1095012
1354581
776734
744273
796474
6801375
8016614
9093518
466245
646095
694304
78481000
202073
235945
187914
199113
215034
139797
280293
406448
-190441
-187818
-203967
460945
53676
51488
350251
366957
372002
519252
654044
707611
102403
105793
100014
7527260
8418056
8772947
751461
779492
755534
252240
269204
314375
1020412
1096821
1182990
496645
603066
601249
1402446
1676519
2015146
3680937
3968365
4254670
670612
910119
1006799
75838000
159.6551741
238.3864884
198.9873027
198.6319326
188.976627
244.7219897
105.9805275
95.75197811
-148.059504
-153.296809
-157.856418
64.21004675
71.83471198
52.71519577
83.32367359
129.590388
133.6613782
180.3301672
127.342503
149.0113919
59.40158003
74.27050939
172.5588418
45.47791627
44.55257841
69.78319828
106.5012023
113.5175217
133.8882168
43.18942277
49.36925157
33.84683897
9.844160986
15.02077367
23.9191371
216.7328776
181.5741561
225.2945119
55.38423583
44.39394961
39.52438186
184.772926
202.0130205
213.7302776
69.52529928
70.99016722
68.96153055
103.4850603
Universitas Sumatera Utara
77
AUTO
2012
2013
2011
2012
2013
92460000
107806000
2241333
3396543
3058924
89814000
106188000
4722894
5485099
9558754
102.9460886
101.5237127
47.45677121
61.92309382
32.00128385
LAMPIRAN 2
HASIL SPSS
a,b,c
Iteration History
Coefficients
Iteration
Step 0
-2 Log likelihood
Constant
1
156.515
-1.259
2
155.254
-1.468
3
155.250
-1.482
4
155.250
-1.482
a. Constant is included in the model.
b. Initial -2 Log Likelihood: 155.250
c. Estimation terminated at iteration number 4
because parameter estimates changed by less than
.001.
Universitas Sumatera Utara
78
Classification Table
a,b
Predicted
Hedging
Observed
Step 0
Hedging
.00
Percentage
Correct
1.00
.00
132
0
100.0
1.00
30
0
.0
Overall Percentage
81.5
a. Constant is included in the model.
b. The cut value is .500
Model Summary
Step
1
-2 Log likelihood
124.802
Cox & Snell R
Square
a
Nagelkerke R
Square
.171
.278
a. Estimation terminated at iteration number 7 because
parameter estimates changed by less than .001.
Hosmer and Lemeshow Test
Step
1
Chi-square
10.578
df
Sig.
8
.227
Universitas Sumatera Utara
79
Classification Table
a
Predicted
Hedging
Observed
Step 1
Hedging
.00
Percentage
Correct
1.00
.00
129
3
97.7
1.00
22
8
26.7
Overall Percentage
84.6
a. The cut value is .500
Variables in the Equation
B
Step 1
a
S.E.
Wald
df
Sig.
Exp(B)
X1
-.043
.039
1.200
1
.273
.958
X2
-.001
.001
.761
1
.383
.999
X3
.756
.166
20.698
1
.000
2.130
X4
-.004
.003
2.332
1
.127
.996
-11.623
2.421
23.047
1
.000
.000
Constant
a. Variable(s) entered on step 1: X1, X2, X3, X4.
Universitas Sumatera Utara
LAMPIRAN 1
DATA VARIABEL PENELITIAN
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
LABA
BERSIH
149951
253664
346728
52852
31115
34620
336995
346609
338358
16386
4203
1881
95949
158684
237697
43796
54496
-12219
19146
24761
25882
62965
5084
42885
-6641
20608
66813
120915
148909
125796
26148
36197
39450
72961
38599
7911
132338
5292
-249057
EPS
74.22
72.18
106.08
86
51
57
776
799
780
10.92
2.81
1.28
52
21
32
290
72
-14
106.37
137.56
143.79
16
1.27
2.63
-11.78
64.13
174.82
143
175
149
38
51
56
75.02
39.75
8.12
53.41
2.14
-100.51
HARGA
SAHAM
495
1080
1430
1020
.,800
810
6550
8300
7000
75
86
65
365
1650
820
1770
700
455
335
700
550
240
114
109
710
385
470
1150
1690
2200
280
355
390
430
310
365
4375
2550
2025
MVE =
(Laba
Bersih/EPS)
x Harga
Saham
1000077.405
3795471.322
4674029.412
626849.3023
488078.4314
491968.4211
2844480.992
3600569.086
3036546.154
112541.2088
128632.7402
95519.53125
673488.1731
12468028.57
6090985.625
267306.6207
529822.2222
397117.5
60298.11037
126001.0177
98999.235
944475
456359.0551
1777363.118
400264.0068
123718.6964
179625.3861
972393.3566
1438035.486
1857390.604
192669.4737
251959.5098
274741.0714
418198.2138
301023.6478
355605.2956
10840268.68
6305887.85
5017813.402
TOTAL
ASSET
3590309
3867576
5020824
1523749
1714834
2084567
2690595
3115421
3539393
334702
333867
303594
831507
937359
1135244
643963
770383
1125132
118715
145100
176136
2123285
2299572
2382875
172297
184533
256372
928290
1074691
1190054
237592
273893
343601
620709
960956
1291711
4936093
5578334
5692060
TOTAL
KEWAJIBAN
1757492
1834123
2664051
783584
871567
1055230
545395
658332
778666
118856
115231
85871
348334
332551
336754
389456
468553
819251
26590
31921
37318
1312254
1445537
1497754
41153
28939
32944
200373
233144
275351
89946
81915
105893
244753
523207
846050
3134396
3771344
4134128
BVE =
Total Asset
– Total
Kewajiban
1832817
2033453
2356773
740165
843267
1029337
2145200
2457089
2760727
215846
218636
217723
483173
604808
798490
254507
301830
305881
92125
113179
138818
811031
854035
885121
131144
155594
223428
727917
841547
914703
147646
191978
237708
375956
437749
445661
1801697
1806990
1557932
63
Universitas Sumatera Utara
GO =
MVE/BVE
0.54565
1.866515
1.983233
0.846905
0.578795
0.477947
1.325975
1.46538
1.099908
0.521396
0.588342
0.43872
1.393886
20.61485
7.62813
1.050292
1.755366
1.298274
0.654525
1.11329
0.713158
1.164536
0.534356
2.008045
3.052095
0.795138
0.803952
1.335857
1.7088
2.030594
1.304942
1.312439
1.155792
1.112359
0.687663
0.797928
6.016699
3.489719
3.220817
64
GJTL
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
683629
1086114
340488
99674
46591
91885
55322
44507
35030
-50623
-39675
-43088
26356
23155
5019
970891
899090
621139
3601516
4763388
5012294
-2552
-16452
-7968
37686
9610
15045
19002
23833
7678
171763
205763
215642
-20240
71039
75380
1522956
1775098
1970452
63703
125181
73530
5424
2340
-12040
10897
41282
14382
196
325
35
12
6
11
37.52
28.16
20.28
-64
-50
-54
166.39
146.18
31.69
347.27
289.93
192.55
977.1
1293.15
1361.02
-20.4
-115.37
-55.46
50
13
20
17
21
7
30.93
36.93
38.63
-2.46
5.07
4.7
158
37
41
15.9
31.24
18.35
5.38
2.32
-11.94
1135
4300
1498
3000
2225
1680
129
108
86
475
375
295
142
142
140
540
450
600
12800
5300
4900
17050
22450
20000
93
88
98
485
335
270
114
135
158
340
740
590
75
175
155
3400
1060
1250
104
187
142
205
255
215
5000
10500
8000
10463709.18
7435703.538
16343424
1071495.5
838638
718373.6364
700371.8017
592689.098
509558.6785
112319.7813
112677
111709.6296
85535.42881
71280.2709
95026.82234
35786001.67
16435612.04
15806705.27
62844998.26
82695789.82
73654964.66
11634.11765
12548.98154
14079.7692
365554.2
247642.3077
203107.5
127425.1765
153212.1429
173303.4286
1888115.745
4123060.385
3293522.651
617073.1707
2452036.489
2485936.17
32772470.89
50854158.92
60074756.1
416673.7107
749322.8873
569005.9946
206676.5799
257198.2759
216800.67
48004.40529
100804.8837
76806.40854
11554143
12869793
15350754
977457
1163971
1191496
355579
312342
314746
548789
507425
482057
544282
612224
765881
12905429
17577664
22315022
18151331
22755160
26607241
287131
278718
262386
437848
398606
376540
642954
722941
654296
1794242
2076347
2471939
2049632
2143814
2270904
8274554
9417957
11315061
1083523
1161698
1337022
685895
815153
822189
98019
128547
141697
7123318
7391409
9626411
232090
371046
307084
64993
70313
89003
259914
258539
276648
438219
483005
639563
7830586
11869218
15655152
2417380
3336422
3629554
669902
677941
670190
100029
51097
14019
398590
458195
384632
541736
634813
847584
979648
168491
223804
1758619
2046313
2815103
363595
316557
450372
278775
405692
424769
40815
31022
31228
4430825
5478384
5724343
745367
792925
884412
290586
242029
225743
288875
248886
205409
106063
129219
126318
5074843
5708446
6659870
15733951
19418738
22977687
-382771
-399223
-407804
337819
347509
362521
244364
264746
269664
1252506
1441534
1624355
1069984
1975323
2047100
6515935
7371644
8499958
719928
845141
886650
407120
409461
397420
57204
97525
110469
Universitas Sumatera Utara
2.361571
1.35728
2.855074
1.437541
1.057651
0.812261
2.410205
2.448835
2.257251
0.388818
0.452725
0.54384
0.806459
0.551624
0.752283
7.051647
2.879174
2.373425
3.994229
4.258556
3.2055
-0.03039
-0.03143
-0.03453
1.082101
0.712621
0.560264
0.521456
0.578714
0.642664
1.50747
2.860189
2.027588
0.576713
1.241334
1.21437
5.029588
6.898618
7.067653
0.578771
0.886625
0.641748
0.507655
0.628139
0.54552
0.839179
1.033631
0.695276
65
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
231158
107808
175444
507382
453405
1171229
-38125
-30363
-474045
27867
30751
-6700
142739
319
3601
11319
16599
8554
483486
744428
1058624
17831
21610
33872
12323
11198
15921
1353
15565
13196
2436
2623
-16149
-7382
980
1426
12209
5256
4840
109826
169741
104962
3260
3389
-5779
1063560
1350791
952305
10320
4813
7832
24074
21516
55576
-29
-23
-359
65
72
-16
23.4
0.003
0.04
533
781
403
614
816
1165
892
1081
47
21.68
19.7
28.01
2.3
26.5
18.8
28
31
-188
-4.17
0.55
0.85
19.36
32.12
24.26
533
824
509
3.4
3.6
-6.25
139
176
124
132500
152000
189000
359000
740000
1200000
445
235
425
500
490
465
500
450
390
2200
7650
5000
14250
20000
26000
3972
4072
323
193
260
155
132
255
185
900
900
700
85
100
82
184
174
173
3125
4050
4400
65.94
80.74
85.45
2175
2900
2275
2967871.609
3404698.94
4233773.749
7566259.782
15593962.63
25289239.96
585021.5517
310230.6522
561195.3343
214361.5385
209277.6389
194718.75
3049978.632
47850000
35109750
46720.07505
162589.4366
106129.0323
11220969.87
18245784.31
23625943.35
79399.92377
81402.33117
232779.9149
109701.9834
147790.8629
88102.64191
77650.43478
149776.4151
129854.2553
78300
76151.6129
60129.25532
150472.4221
178181.8182
137567.0588
116035.9504
28472.72727
34514.42704
643914.1651
834285.2549
907333.5953
63224.82353
76007.73889
79010.488
16642035.97
22257351.7
17471724.8
584388
569430
696946
1220813
1152048
1782148
6119185
6558955
7189899
422493
455472
439583
4736349
624485
629065
157371
172268
196390
6599845
8302506
9709838
446688
524693
798407
561840
594616
621400
481911
577349
795630
91525
100100
118007
756919
92235
78631
642094
842498
869226
1455620
1486921
1762032
163233
184367
272597
10950501
12168517
14894990
90206
152688
184727
690545
822195
794615
5246609
5321387
5999787
64063
69586
61792
2969322
252502
253786
39115
37413
52980
4175176
5234655
5771077
280790
322620
562461
373925
395502
406364
342114
297056
389182
281966
287919
321975
295973
38558
27142
291842
475541
497223
936368
832876
1054421
60829
78573
172583
3423241
3750461
6122043
494182
416742
512219
530268
329853
987533
872576
1237568
1190112
358430
385886
377791
1767027
371983
375279
118256
134855
143410
2424669
3067851
3938761
165898
202073
235946
187915
199114
215036
139797
280293
406448
-190441
-187819
-203968
460946
53677
51489
350252
366957
372003
519252
654045
707611
102404
105794
100014
7527260
8418056
8772947
Universitas Sumatera Utara
6.005625
8.1698
8.265554
14.26875
47.27549
25.6085
0.670453
0.250678
0.471548
0.598057
0.54233
0.515414
1.726051
128.6349
93.55639
0.395076
1.205661
0.740039
4.627836
5.947415
5.998319
0.478607
0.402836
0.986581
0.583785
0.742242
0.409711
0.555451
0.534357
0.319486
-0.41115
-0.40545
-0.2948
0.326443
3.319519
2.671776
0.331293
0.077591
0.09278
1.24008
1.275578
1.282249
0.617406
0.71845
0.789994
2.210902
2.644001
1.991546
66
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
AUTO
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
33075
39893
-23856
23987
16956
15994
140038
150373
160148
110621
147020
39092
101323
353431
325127
4164304
4839145
5352625
219260
254635
338222
21077000
22742000
22297000
1101583
1135914
1058015
22
27
-16
3.98
2.82
2.13
696
748
796
133.01
176.74
47.04
35
122
113
546
634
701
140
152
214
439
480
480
261
264
222
240
290
210
54
50
50
7700
11000
11900
820
1030
740
1080
1330
4500
18800
20850
26000
1360
2525
3450
7400
7600
6800
3260
3548
3650
360818.1818
428480.3704
313110
325451.7588
300638.2979
375446.0094
1549270.977
2211367.647
2394172.362
681972.9344
856798.6873
614967.6871
3126538.286
3852977.295
12947535.4
143386291.6
159142229.1
198528174
2129954.286
4229956.414
5452644.393
355284282.5
360081666.7
315874166.7
13759235.94
15265995.73
17395291.67
1551777
1664353
1767105
361182
402108
420782
1130865
1261572
1465952
1573039
1698078
1955830
2179181
2420793
2811620
10482312
11984979
13348188
1136857
1556214
1701103
154319000
182274000
213994000
6964227
8881642
12617678
800315
884860
1011571
108941
132904
106406
100451
164751
282961
1076393
1095012
1354581
776734
744273
796474
6801375
8016614
9093518
466245
646095
694304
78481000
92460000
107806000
2241333
3396543
3058924
751462
779493
755534
252241
269204
314376
1030414
1096821
1182991
496646
603066
601249
1402447
1676520
2015146
3680937
3968365
4254670
670612
910119
1006799
75838000
89814000
106188000
4722894
5485099
9558754
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
ASSET
LANCAR
1726581
1544940
2445504
674856
792097
943606
1473425
1658468
1980116
145914
140079
126905
261065
323837
405105
HUTANG
LANCAR
911836
1216997
1397224
483167
563998
694269
333132
426669
473960
100335
97499
68941
257010
277678
311780
CR = (Asset
Lancar/Hutang
Lancar) x 100
189.3521423
126.9469029
175.0259085
139.6734462
140.4432285
135.9136012
442.294646
388.7013118
417.7812474
145.4268202
143.6722428
184.0776896
101.5777596
116.6232111
129.9329656
Universitas Sumatera Utara
0.480155
0.549691
0.414422
1.290241
1.116768
1.194258
1.503542
2.016161
2.02383
1.373157
1.420738
1.022817
2.229345
2.298199
6.42511
38.95375
40.10272
46.66124
3.176135
4.647696
5.415822
4.684779
4.009193
2.974669
2.913306
2.783176
1.819828
67
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
297951
333162
456451
77478
98049
126889
907001
1010594
1094079
114671
107455
167103
696925
826342
913983
155734
180370
229041
234484
295904
552148
1137863
1680952
1859839
5073477
5194057
6843853
666846
825948
865831
322889
265069
262716
138818
140146
134782
383676
428198
543234
7386526
9850095
11634955
10314573
14579400
16846248
110983
102583
107859
221002
342186
562368
24693
29749
34947
725374
907065
1019562
22170
12506
16424
144279
191717
215473
81808
74814
98355
232929
383478
525233
861199
2879319
1310179
2900317
3020030
2964235
220681
356946
289689
55928
60746
77516
245736
243975
129243
322571
214820
439441
5415177
7963486
10717554
1476597
2418762
2740089
8983
16992
9385
134.8182369
97.36283775
81.16589137
313.7650346
329.5875492
363.0898217
125.0390833
111.4136253
107.3087267
517.2350023
859.2275708
1017.431807
483.0398048
431.0217665
424.1751867
190.3652455
241.0912396
232.8717401
100.6675854
77.1632271
105.1243924
132.1254437
58.38019337
141.9530461
174.9283613
171.9869339
230.8809187
302.1764447
231.3929838
298.88294
577.3297811
436.3563033
338.9184168
56.49070547
57.44277078
104.2857253
118.9431164
199.3287403
123.6193255
136.4041471
123.690743
108.5597983
698.5367707
602.762901
614.8065993
1235.478125
603.7135122
1149.270112
Universitas Sumatera Utara
68
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
305037
264396
235900
359534
430524
352670
1263029
1505798
1810614
570329
636294
740875
5956123
6441710
7497319
673269
751099
917080
323063
432213
449510
74303
101832
115485
491725
463883
588237
656039
462471
706252
1342733
1408262
1504650
326473
352880
313664
1261845
170928
163564
100021
95726
117583
4095298
5313599
6430065
266367
308486
534840
90141
39436
953
385749
441527
368703
459694
537184
746123
882988
108570
140478
1630588
1891617
2640590
307776
244597
359617
218702
348710
376618
31552
25036
27518
65430
119827
147818
659873
796679
722542
869330
967054
1332135
52063
58646
51810
2619116
122678
104398
34628
32995
47334
1845791
1924434
2631646
245828
278822
508836
338.3998403
670.4432498
24753.41028
93.20413015
97.50796667
95.65151355
274.7542931
280.3132632
242.6696403
64.59079852
586.0679746
527.3957488
365.2745513
340.5398662
283.9259029
218.7529242
307.0761293
255.0157529
147.7183565
123.9462591
119.3543591
235.493788
406.7422911
419.670761
751.5283509
387.1272752
397.9467994
99.41897911
58.04985446
97.74545978
154.4560754
145.6239259
112.950264
627.0729693
601.7119667
605.4120826
48.17827847
139.3306053
156.6734995
288.8442879
290.1227459
248.41129
221.8722488
276.1123011
244.3362443
108.3550287
110.6390457
105.1104875
Universitas Sumatera Utara
69
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
371050
420816
458864
246602
197198
331855
72542
84504
97686
345883
49453
41175
467024
601056
627793
1192307
1197203
1454622
90916
86625
149886
2468172
2186797
2085055
371564
482596
548082
259287
306887
294789
671882
768615
726505
1357376
1430617
1507266
924080
1196426
1565510
4446219
5035962
5862939
718940
986324
1097152
66065000
75799000
88352000
319184
338979
349346
216727
177151
321945
138191
154172
182739
276719
36081
24310
262265
266783
298985
923584
818847
1043362
43715
65708
150401
1683799
1556875
3262054
304846
182354
456536
81670
111511
89839
57216
99477
203320
1054553
1072477
1328173
607594
592822
633794
6474594
7535896
8419442
264727
480851
523047
49169000
54178000
71139000
116.2495614
124.1422035
131.3494358
113.7846231
111.3163347
103.0781655
52.49401191
54.81150922
53.45656921
124.9943083
137.0610571
169.3747429
178.0733228
225.2977139
209.9747479
129.0956751
146.2059457
139.4168084
207.9743795
131.8332623
99.65758206
146.5835293
140.4606664
63.91846977
121.8858046
264.6478827
120.0523069
317.4813273
275.207827
328.130322
1174.290408
772.6559908
357.3209719
128.7157687
133.3937231
113.4841621
152.0884011
201.8187584
247.006125
68.67178081
66.82632032
69.63571933
271.5778897
205.1205051
209.7616467
134.363115
139.9073425
124.1962918
Universitas Sumatera Utara
70
AUTO
2011
2012
2013
2564455
3205631
5029517
1892818
2751766
2661312
135.4834432
116.4935899
188.9863721
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
TOTAL
ASSET
3590309
3867576
5020824
1523749
1714834
2084567
2690595
3115421
3539393
334702
333867
303594
831507
937359
1135244
643963
770383
1125132
118715
145100
176136
2123285
2299572
2382875
172297
184533
256372
928290
1074691
1190054
237592
273893
343601
620709
960956
1291711
4936093
5578334
5692060
11554143
Firm Size = LN
TOTAL ASSET
15.09374883
15.16813851
15.42910462
14.2366843
14.35482684
14.55007172
14.80527292
14.95187485
15.0794658
12.72099586
12.71849799
12.62344656
13.630995
13.75082163
13.94235816
13.37539655
13.55464307
13.93341092
11.68448094
11.88517844
12.0790117
14.56847498
14.64823358
14.6838183
12.05697501
12.12558359
12.45438479
13.74109946
13.88754374
13.98950924
12.3783102
12.5204928
12.74723638
13.33861765
13.7756839
14.07147825
15.41208469
15.53440072
15.55458278
16.26255463
Universitas Sumatera Utara
71
GDST
IGAR
IKAI
INAI
IMAS
INTP
JKSW
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
12869793
15350754
977457
1163971
1191496
355579
312342
314746
548789
507425
482057
544282
612224
765881
12905429
17577664
22315022
18151331
22755160
26607241
287131
278718
262386
437848
398606
376540
642954
722941
654296
1794242
2076347
2471939
2049632
2143814
2270904
8274554
9417957
11315061
1083523
1161698
1337022
685895
815153
822189
98019
128547
141697
584388
16.3703935
16.54667515
13.79270958
13.96734799
13.99072022
12.78150273
12.65185402
12.65952124
13.21546931
13.1371042
13.08581764
13.20722277
13.32485351
13.54878208
16.37315863
16.68213956
16.92077064
16.71425445
16.94030249
17.09669395
12.56769384
12.5379558
12.47757198
12.9896271
12.89572874
12.83877956
13.37382846
13.49108289
13.39131513
14.40009321
14.54612066
14.72051342
14.53317082
14.57809704
14.63568855
15.92869558
16.05812874
16.24164523
13.89572833
13.96539329
14.10595531
13.43847983
13.6111311
13.61972557
11.49291662
11.76404988
11.86144625
13.27832042
Universitas Sumatera Utara
72
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
569430
696946
1220813
1152048
1782148
6119185
6558955
7189899
422493
455472
439583
4736349
624485
629065
157371
172268
196390
6599845
8302506
9709838
446688
524693
798407
561840
594616
621400
481911
577349
795630
91525
100100
118007
756919
92235
78631
642094
842498
869226
1455620
1486921
1762032
163233
184367
272597
10950501
12168517
14894990
1551777
13.25239114
13.45446321
14.01502759
13.95705179
14.39332994
15.62693948
15.69634185
15.78818768
12.95392816
13.02908952
12.99358183
15.37077714
13.34468259
13.35198987
11.96636135
12.05680668
12.18785776
15.70255672
15.93206795
16.08865016
13.00961564
13.17056861
13.59037377
13.23897239
13.2956711
13.33973028
13.08551473
13.26620222
13.58688953
11.42436744
11.51392497
11.67849922
13.53701153
11.43209495
11.2725213
13.37248999
13.64412657
13.67535844
14.19094248
14.2122181
14.38197825
12.00293391
12.12468362
12.51574979
16.20889577
16.3143626
16.51653547
14.25491128
Universitas Sumatera Utara
73
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
AUTO
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
1664353
1767105
361182
402108
420782
1130865
1261572
1465952
1573039
1698078
1955830
2179181
2420793
2811620
10482312
11984979
13348188
1136857
1556214
1701103
154319000
182274000
213994000
6964227
8881642
12617678
14.32494702
14.38485317
12.79713727
12.90447599
12.94987016
13.93849338
14.04786912
14.19801542
14.26851998
14.34500758
14.48632521
14.59445968
14.69960573
14.84927139
16.16519982
16.29916467
16.4068912
13.943778
14.25776651
14.34678742
18.85453245
19.02102161
19.18145854
15.75629718
15.99949701
16.3506094
(dalam jutaan Rupiah, kecuali dinyatakan lain)
KODE
EMITEN
AISA
AKPI
AMFG
APLI
ARNA
BRNA
TAHUN
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
TOTAL
HUTANG
1757492
1834123
2664051
783584
871567
1055230
545395
658332
778666
118856
115231
85871
348334
332551
336754
389456
TOTAL
EKUITAS
1832817
2033453
2356773
740164
843266
1029336
2145200
2457089
2760727
215846
218635
217723
483173
604808
768489
254506
DER = (Total
Hutang/Total
Ekuitas) x 100
95.89020617
90.19746215
113.0380822
105.8662675
103.3561178
102.5156023
25.42396979
26.79316866
28.20510684
55.06518536
52.7047362
39.44048171
72.09301844
54.98455708
43.82027589
153.0242902
Universitas Sumatera Utara
74
BTON
BUDI
DPNS
DVLA
EKAD
ETWA
FASW
GJTL
GDST
GDYR
IGAR
IKAI
INAI
IMAS
INTP
JKSW
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
468553
819251
26590
31921
37318
1312254
1445537
1497754
41153
28939
32944
200373
233144
275351
89946
81915
105893
244753
523207
846050
3134396
3771344
4134128
7123318
7391409
9626411
232090
371046
307084
83626
71185
54822
64993
70313
89003
259914
258539
276648
438219
483005
639563
7830586
11869218
15655152
2417380
3336422
3629554
669902
301829
305881
92124
113178
138817
811031
854135
885121
131144
155593
223427
727917
841546
914702
147592
191977
237707
375955
437749
445660
1801697
1806989
1557932
4430825
5478384
5724782
745367
792924
884412
47175
52730
56225
290586
242028
225742
288875
248885
205408
106062
129218
126317
5074843
5708445
6659870
15733951
19418738
22977687
-382770
155.2378996
267.8332423
28.86327124
28.20424464
26.88287458
161.8007203
169.2398743
169.2146046
31.38000976
18.59916577
14.74486074
27.52690211
27.70424908
30.10280944
60.9423275
42.66917391
44.54769948
65.1016744
119.5221463
189.842032
173.9690969
208.7087414
265.3599772
160.7673063
134.9195128
168.1533201
31.13768117
46.79464867
34.72182648
177.2676206
134.9990518
97.50466874
22.36618419
29.05159734
39.42686784
89.97455647
103.8788999
134.6821935
413.172484
373.7908031
506.3158561
154.3020346
207.9238392
235.0669307
15.36410022
17.18145639
15.79599374
-175.014238
Universitas Sumatera Utara
75
JPRS
KBLM
KAEF
KIAS
KLBF
KBLI
LMPI
LMSH
MERK
MLBI
MLIA
MRAT
MASA
LPIN
MYOR
NIPS
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
677941
670190
100029
51097
14019
398590
458195
384632
541736
634813
847584
979648
168491
223804
1758619
2046313
2815103
363595
316557
450372
278775
405692
424769
40815
31022
31228
90206
152688
184727
690545
822195
794615
5246609
5321387
5999787
64063
69586
61792
2969322
252502
253786
39115
37413
52980
4175176
5234655
5771077
280790
-399222
-407804
337819
347509
362521
244364
264746
269664
1252505
1441533
1624354
1069983
1975323
2047100
6515935
7371643
8499957
719926
845141
886649
407119
409460
397420
57202
97525
110697
494181
416741
512218
530268
329853
987533
-872575
1237568
1190112
358429
385886
377791
1767027
371982
375279
118255
134855
143410
2424669
3067850
3938760
165997
-169.815541
-164.341203
29.61023507
14.70379184
3.867086321
163.1132245
173.0696592
142.6337961
43.25220259
44.03735468
52.17975885
91.5573425
8.529794874
10.93273411
26.9895111
27.75925258
33.11902637
50.5044963
37.45611679
50.79484666
68.47506503
99.07976359
106.8816366
71.35240027
31.80927967
28.21033994
18.25363581
36.63858368
36.06413675
130.2256595
249.2610345
80.46465283
-601.278859
429.9874431
504.1363334
17.87327476
18.03278689
16.35613342
168.0405563
67.88016624
67.62595296
33.0768255
27.74313151
36.94303047
172.19571
170.629431
146.5201485
169.1536594
Universitas Sumatera Utara
76
PICO
PRAS
BIMA
PTSN
RICY
SCCO
SIAP
SMCB
SPMA
SRSN
TCID
VOKS
ULTJ
UNVR
SMSM
ASII
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
2012
2013
2011
322620
562461
373925
395502
406364
342114
297056
389182
281966
287919
321975
295973
38558
27142
291842
475541
497223
936368
832876
1054421
60829
78573
172583
3423241
3750461
6122043
800315
884860
1011571
108941
132904
106406
100451
164751
282961
1076393
1095012
1354581
776734
744273
796474
6801375
8016614
9093518
466245
646095
694304
78481000
202073
235945
187914
199113
215034
139797
280293
406448
-190441
-187818
-203967
460945
53676
51488
350251
366957
372002
519252
654044
707611
102403
105793
100014
7527260
8418056
8772947
751461
779492
755534
252240
269204
314375
1020412
1096821
1182990
496645
603066
601249
1402446
1676519
2015146
3680937
3968365
4254670
670612
910119
1006799
75838000
159.6551741
238.3864884
198.9873027
198.6319326
188.976627
244.7219897
105.9805275
95.75197811
-148.059504
-153.296809
-157.856418
64.21004675
71.83471198
52.71519577
83.32367359
129.590388
133.6613782
180.3301672
127.342503
149.0113919
59.40158003
74.27050939
172.5588418
45.47791627
44.55257841
69.78319828
106.5012023
113.5175217
133.8882168
43.18942277
49.36925157
33.84683897
9.844160986
15.02077367
23.9191371
216.7328776
181.5741561
225.2945119
55.38423583
44.39394961
39.52438186
184.772926
202.0130205
213.7302776
69.52529928
70.99016722
68.96153055
103.4850603
Universitas Sumatera Utara
77
AUTO
2012
2013
2011
2012
2013
92460000
107806000
2241333
3396543
3058924
89814000
106188000
4722894
5485099
9558754
102.9460886
101.5237127
47.45677121
61.92309382
32.00128385
LAMPIRAN 2
HASIL SPSS
a,b,c
Iteration History
Coefficients
Iteration
Step 0
-2 Log likelihood
Constant
1
156.515
-1.259
2
155.254
-1.468
3
155.250
-1.482
4
155.250
-1.482
a. Constant is included in the model.
b. Initial -2 Log Likelihood: 155.250
c. Estimation terminated at iteration number 4
because parameter estimates changed by less than
.001.
Universitas Sumatera Utara
78
Classification Table
a,b
Predicted
Hedging
Observed
Step 0
Hedging
.00
Percentage
Correct
1.00
.00
132
0
100.0
1.00
30
0
.0
Overall Percentage
81.5
a. Constant is included in the model.
b. The cut value is .500
Model Summary
Step
1
-2 Log likelihood
124.802
Cox & Snell R
Square
a
Nagelkerke R
Square
.171
.278
a. Estimation terminated at iteration number 7 because
parameter estimates changed by less than .001.
Hosmer and Lemeshow Test
Step
1
Chi-square
10.578
df
Sig.
8
.227
Universitas Sumatera Utara
79
Classification Table
a
Predicted
Hedging
Observed
Step 1
Hedging
.00
Percentage
Correct
1.00
.00
129
3
97.7
1.00
22
8
26.7
Overall Percentage
84.6
a. The cut value is .500
Variables in the Equation
B
Step 1
a
S.E.
Wald
df
Sig.
Exp(B)
X1
-.043
.039
1.200
1
.273
.958
X2
-.001
.001
.761
1
.383
.999
X3
.756
.166
20.698
1
.000
2.130
X4
-.004
.003
2.332
1
.127
.996
-11.623
2.421
23.047
1
.000
.000
Constant
a. Variable(s) entered on step 1: X1, X2, X3, X4.
Universitas Sumatera Utara