LAMPIRAN Proses Pemilihan Sampel No Kode Saham Kriteria Sampel Keterangan Sampel 1 2 3 4
- 2 BABP
-
Sampel 16
20 BMRI
Sampel 10
21 BNBA
Sampel 11
22 BNGA
Sampel 12
23 BNII
Sampel 13
24 BNLI
Sampel 14
25 BSIM
Sampel 15
27 BTPN
28 BVIC
18 BKSW
Sampel 17
29 DNAR -
30 INPC
Sampel 18
31 MAYA
Sampel 19
32 MCOR
Sampel 20
33 MEGA
Sampel 21
34 NAGA -
35 NISP
Sampel 22
19 BMAS -
17 BJTM -
36 NOBU - LAMPIRAN 1
6 BBKP
LAMPIRAN
Proses Pemilihan Sampel No Kode Saham Kriteria Sampel Keterangan Sampel1
2
3
4
1 AGRO
3 BACA
Sampel 1
4 BAEK
Sampel 2
5 BBCA
Sampel 3
Sampel 4
16 BJBR -
7 BBMD -
8 BBNI
Sampel 5
9 BBNP
Sampel 6
10 BBRI
Sampel 7
11 BBTN
Sampel 8
12 BCIC
13 BDMN
Sampel 9
14 BEKS
15 BINA -
-
- 26 BSWD
- 47
- 51 TRUS
-
69 ASJT
60 PEGE
Sampel 37
61 RELI
Sampel 38
62 TRIM
63 YULE
64 ABDA
Sampel 39
65 AHAP
Sampel 40
66 AMAG
Sampel 41
67 ASBI
Sampel 42
Sampel 43
58 PADI
70 ASMI -
71 ASRM
Sampel 44
72 LPGI
73 MREI
Sampel 45
74 PNIN
Sampel 46
75 APIC
Sampel 47
76 ARTA
Sampel 48
77 BCAP
Sampel 49
Sampel 36
57 OCAP
78 BPII -
45 DEFI
37 PNBN
Sampel 23
38 PNBS -
39 SDRA -
40 ADMF
Sampel 24
41 BBLD
Sampel 25
42 BFIN
Sampel 26
43 BPFI
Sampel 27
44 CFIN
Sampel 28
Sampel 29
Sampel 35
Sampel 32
56 KREN
Sampel 34
55 HADE
54 AKSI
Sampel 33
53 WOMF
52 VRNA
46 HDFA
Sampel 31
50 TIFA
49 MNGA -
Sampel 30
48 MFIN
IMJS -
-
- 59 PANS
-
-
- 68 ASDM
-
- 79 GSMF
80 LPPS
- 81 MTFN
- 82 PNLF
- 83 SMMA
Sampel 50
VICO LAMPIRAN 2
- 84
Perusahaan yang Menjadi Sampel No Kode Saham Nama Emiten
1 BACA Bank Capital Indonesia Tbk
2 BAEK Bank Ekonomi Raharja
3 BBCA Bank Central Asia Tbk
4 BBKP Bank Bukopin Tbk
5 BBNI Bank Negara Indonesia Tbk
6 BBNP Bank Nusantara Parahyangan
7 BBRI Bank Rakyat Indonesia Tbk
8 BBTN Bank Tabungan Negara (Persero) Tbk
9 BDMN Bank Danamon Indonesia Tbk
10 BMRI Bank Mandiri (Persero) Tbk
11 BNBA Bank Bumi Arta Tbk
12 BNGA Bank CIMB Niaga Tbk
13 BNII Bank Internasional Tbk
14 BNLI Bank Permata Tbk
15 BSWD Bank of India Indonesia Tbk
16 BTPN Bank Tabungan Pensiunan Nasional Tbk
17 BVIC Bank Victoria International Tbk
18 INPC Bank Artha Graha International Tbk
19 MAYA Bank Mayapada International Tbk
20 MCOR Bank Windu Kentjana International
21 MEGA Bank Mega Tbk
22 NISP Bank NISP OCBC Tbk
23 PNBN Bank Pan Indonesia Tbk
24 ADMF Adira Dinamika Multi Finance Tbk
25 BBLD Buana Finance Tbk
26 BFIN BFI Finance Tbk
27 BPFI Batavia Prosperindo Finance Tbk
28 CFIN Clipan Finance Indonesia Tbk
29 DEFI Danasupra Erapacific Tbk
30 MFIN Mandala Multifinance Tbk
31 TRUS Trust Finance Indonesia Tbk
32 VRNA Verena Multi Finance Tbk
43 ASJT Asuransi Jasa Tania Tbk
Hasil Tabulasi Data Perhitungan Index Smothing Nama Perusahaan CV Laba CV Pendapatan Index Smoothing Bank Capital Indonesia Tbk 0,382265856 1,390363374 0,274939533 Bank Ekonomi Raharja Tbk 0,297568217 0,141293276 2,106032405 Bank Central Asia Tbk 0,542865879 0,302473423 1,794755631 Bank Bukopin Tbk 0,247131691 0,152768635 1,617686066 Bank Negara Indonesia (Persero) Tbk 0,238402554 0,147081331 1,620889285 Bank Nusantara Parahyangan Tbk 0,334349641 0,294945073 1,133599684 Bank Rakyat Indonesia Tbk 0,243444384 0,111187472 2,189494731 Bank Tabungan Negara (Persero) Tbk 0,225399738 0,218924525 1,029577378 Bank Danamon Indonesia Tbk 0,172341294 0,145300743 1,186100572 Bank Mandiri (Persero) Tbk 0,296710023 0,200916129 1,476785487 Bank Bumi Arta Tbk 0,337369019 0,649680723 0,51928433 Bank CIMB Niaga Tbk 0,237821653 0,149717322 1,588471196 Bank Internasional Indonesia Tbk 0,737476538 0,218471723 3,375615513 Bank Permata Tbk 0,212585815 0,175421849 1,211854828 Bank of India Indonesia Tbk 0,355114072 0,236758887 1,499897541 Bank Tabungan Pensiunan Nasional Tbk 0,405583053 0,274479308 1,477645278
50 SMMA Sinar Mas Multiarta Tbk
49 BCAP PT MNC Kapital Indonesia Tbk
48 ARTA Artavest Tbk
47 APIC Pacific Strategic Financia Tbk
46 PNIN Panin Insurance Tbk
45 MREI Maskapai Reasuransi
44 ASRM Asuransi Ramayana Tbk
42 ASDM Asuransi Dayin Mitra Tbk
33 WOMF Wahana Ottomitra Multiartha Tbk
41 AMAG Asuransi Multi Artha Guna Tbk
40 AHAP Asuransi Harta Aman Pratama Tbk
39 ABDA Asuransi Bina Darta Tbk
38 RELI Reliance Securities Tbk
37 PEGE Panca Global Securitiest
36 PANS Panin Sekuritas Tbk
35 KREN Kresna Graha Sekurindo Tbk
34 HADE HD Capital Tbk
LAMPIRAN 3 Bank Victoria International Tbk 0,375856331 0,3268232 1,15002953 Bank Artha Graha International Tbk 0,464642633 0,134482405 3,455044038 Bank Mayapada International Tbk 0,592027394 0,341984305 1,731153698 Bank Windu kentjana International 0,671476467 0,265884808 2,525441267 Bank Mega Tbk 0,409931067 0,128251893 3,196296424 Bank NISP OCBC Tbk 0,432876278 0,230175157 1,880638569 Bank Pan Indonesia Tbk 0,270076874 0,192810715 1,400735815 Adira Dinamika Multi Finance Tbk 0,080818326 0,368561659 0,219280339 Buana Finance Tbk 0,433197499 0,345574408 1,253557811 BFI Finance Tbk 0,154396204 0,295887565 0,521807003 Batavia Prosperindo Finance Tbk 0,210453974 0,3431377 0,613322213 Clipan Finance Indonesia Tbk 0,272841852 0,350901637 0,77754511 Danasupra Erapacific Tbk 0,076420041 0,047506971 1,608606902 Mandala Multifinance Tbk 0,282428982 0,203056441 1,390889058 Trust Finance Indonesia Tbk 0,148735402 0,175962154 0,845269274 Verena Multi Finance Tbk 0,203525241 0,33525696 0,607072381 Wahana Ottomitra Multiartha Tbk 0,893719821 0,049401451 18,09096309 HD Capital Tbk 0,23914082 0,070805138 3,377450066 Kresna Graha Sekurindo Tbk 0,400728114 0,127343224 3,146834988 Panin Sekuritas Tbk 0,107509253 0,117009711 0,918806245 Panca Global Securities 0,076990615 0,153127026 0,502789198 Reliance Securities Tbk 0,426782488 0,200860415 2,124771513 Asuransi Bina Darta Tbk 0,705143764 0,26346609 2,676411842 Asuransi Harta Aman Pratama Tbk 0,319317339 0,270462144 1,180635983 Asuransi Multi Artha Guna Tbk 0,456340282 0,243573769 1,873519814 Asuransi Dayin Mitra Tbk 0,321450667 0,172062074 1,868224996 Asuransi Jasa Tania Tbk 0,461870716 0,35118695 1,315170497 Asuransi Ramayana Tbk 0,179793232 0,259397105 0,693119655 Maskapai reasuransi Indonesia Tbk 0,392660323 0,164525171 2,386627657 Panin Insurance Tbk 0,343476093 0,187825213 1,828700671 Pacific Strategic Financial Tbk 0,447149351 0,359212821 1,244803427 Artavest Tbk 0,807801946 0,682924036 1,182857689 PT MNC Kapital Indonesia Tbk 1,355327331 0,432930541 3,130588402 Sinar Mas Mutiarta Tbk 0,393519165 0,122162816 3,221267963
Ukuran Perusahaan Nama Perusahaan Total Aktiva LN Aktiva
2011 2012 2013 2011 2012 2013 Bank Capital Indonesia Tbk 4.694.939.000.000 5.666.177.000.000 7.139.276.000.000 29,17751 29,36554 29,59663 Bank Bumi Arta Tbk 2.963.148.453.513 3.483.516.588.857 4.045.672.277.612 28,71727 28,87906 29,02867 Adira Dinamika Multi Finance Tbk 16.889.452.000.000 25.460.457.000.000 30.994.411.000.000 30,45771 30,86815 31,06483 BFI Finance Tbk 5.304.777.000.000 6.570.496.000.000 8.293.324.000.000 29,29963 29,51361 29,74647 Batavia Prosperindo Finance Tbk 368.493.042.965 529.226.619.902 799.047.730.064 26,63269 26,99468 27,40669 Clipan Finance Indonesia Tbk 4.785.503.756.000 4.853.634.854.000 6.074.469.071.000 29,19661 29,21075 29,43512 Trust Finance Indonesia Tbk 398.071.054.390 420.849.484.963 335.839.867.603 26,70990 26,76554 26,53990 Verena Multi Finance Tbk 1.512.172.883.000 1.955.435.569.000 2.100.164.342.000 28,04457 28,30163 28,37304 Panin Sekuritas Tbk 1.562.526.905.796 1.661.867.662.029 1.370.081.722.849 28,07733 28,13896 27,94589 Panca Global Securities 241.131.626.040 178.227.033.261 199.353.075.862 26,20861 25,90632 26,01834 Asuransi Ramayana Tbk 810.254.708.119 1.070.925.850.176 1.167.762.378.843 27,42061 27,69954 27,78611
Universitas Sumatera Utara
Winner/Losser Stock Nama Perusahaan Rata-Rata Harga Saham Penutupan Bulanan
1 Verena Multi Finance Tbk 94 134 119 112 127 129 102
1 Asuransi Ramayana Tbk 1.103 1.387 1.607 983 1.000 820 980
1
1 Panca Global Securities 149 207 256 353 150 220 225
1
1 Panin Sekuritas Tbk 801 1.224 1.967 4.373 1.150 1.290 3.200
1
1
1 Trust Finance Indonesia Tbk 370 482 525 462 360 790 510
IHSG Status Saham 2010 2011 2012 2013 2010 2011 2012 2011 2012 2013 Bank Capital Indonesia Tbk 97 145 127 117 96 151 113
1 Clipan Finance Indonesia Tbk 357 571 437 418 650 430 405
1
1 Batavia Prosperindo Finance Tbk 160 198 247 348 190 215 180
1
1 BFI Finance Tbk 2.541 5.152 3.621 2.324 3.725 5.700 2.025
1
1 Adira Dinamika Multi Finance Tbk 8.779 11.950 11.146 8.129 12.000 12.700 9.800
1 Bank Bumi Arta Tbk 138 189 176 166 164 139 165
1 Universitas Sumatera Utara
Nilai Perusahaan PBV PBV Nama Perusahaan 2011 2012 PBV2013 Bank Capital Indonesia Tbk 0,19 0,83 0,8 Bank Bumi Arta Tbk 0,67 0,73 0,65 Adira Dinamika Multi Finance Tbk 2,87 1,95 1,45 BFI Finance Tbk 1,83 1,08 1,17 Batavia Prosperindo Finance Tbk 1,31 0,96 1,99 Clipan Finance Indonesia Tbk 0,75 0,62 0,56 Trust Finance Indonesia Tbk 1,9 1,09 0,89 Verena Multi Finance Tbk 0,7 0,47 0,38 Panin Sekuritas Tbk 1,18 2,42 2,77 Panca Global Securities 1,09
1 1,15 Asuransi Ramayana Tbk 0,81 1,31 1,17 Debt to Equity Ratio
Nama Perusahaan DER 2011 DER 2012 DER 2013
Bank Capital Indonesia Tbk 6,7119441 7,613987 6,876607 Bank Bumi Arta Tbk 5,2233876 5,666949 6,168059 Adira Dinamika Multi Finance Tbk 2,8199598 4,055924 4,146876 BFI Finance Tbk 1,2418668 1,295888 1,441111 Batavia Prosperindo Finance Tbk 1,2449985 1,807863 2,620954 Clipan Finance Indonesia Tbk 1,2014191 0,981162 1,197049 Trust Finance Indonesia Tbk 1,3923102 1,238944 0,64919 Verena Multi Finance Tbk 7,1515399 7,945392 7,210698 Panin Sekuritas Tbk 0,9910989 0,744566 0,329497 Panca Global Securities 0,679699 0,113164 0,139565 Asuransi Ramayana Tbk 4,9294061 5,671881 5,373077Leverage Financial Nama Perusahaan
Debt Ratio
2011
Debt Ratio 2012 Debt Ratio 2013
Bank Capital Indonesia Tbk 0,87033101 0,883909733 0,873042028
Bank Bumi Arta Tbk 0,839315811 0,850006356 0,860492217
Adira Dinamika Multi Finance Tbk 0,738217143 0,802212231 0,80570739
BFI Finance Tbk 0,553943172 0,564438666 0,590350504
Batavia Prosperindo Finance Tbk 0,5545654 0,643857276 0,723829712
Clipan Finance Indonesia Tbk 0,545747551 0,495245816 0,544844086
Trust Finance Indonesia Tbk 0,581994015 0,553360865 0,393641868
Verena Multi Finance Tbk 0,877323793 0,888210606 0,878207669
Panin Sekuritas Tbk 0,497764785 0,426791635 0,247835768
Panca Global Securities 0,40465525 0,101659761 0,122472484
Asuransi Ramayana Tbk 0,831349045 0,850117226 0,843089929
Nama Perusahaan Index Smoothing LN Aktiva Winner/Losser Stock Nilai Perusahaan DER Debt Ratio Bank Capital Indonesia Tbk 0,274939533 29,17750624 0,19 6,711944059 0,87033101 Bank Bumi Arta Tbk 0,51928433 28,71727349
1 0,67 5,223387647 0,839315811 Adira Dinamika Multi Finance Tbk 0,219280339 30,4577104 1 2,87 2,819959836 0,738217143 BFI Finance Tbk 0,521807003 29,29962885 1 1,83 1,241866816 0,553943172 Batavia Prosperindo Finance Tbk 0,613322213 26,63268767 1 1,31 1,244998481 0,5545654 Clipan Finance Indonesia Tbk 0,77754511 29,19661241 1 0,75 1,201419062 0,545747551 Trust Finance Indonesia Tbk 0,845269274 26,70989635 1,9 1,392310247 0,581994015
Verena Multi Finance Tbk 0,607072381 28,04456873 1 0,7 7,151539876 0,877323793 Panin Sekuritas Tbk 0,918806245 28,07732544 1 1,18 0,991098933 0,497764785 Panca Global Securities 0,502789198 26,20860879 1,09 0,679699031 0,40465525
Asuransi Ramayana Tbk 0,693119655 27,42061449 1 0,81 4,929406101 0,831349045 Bank Capital Indonesia Tbk 0,274939533 29,36553576 0,83 7,613986573 0,883909733 Bank Bumi Arta Tbk 0,51928433 28,87906341 0,73 5,66694917 0,850006356 Adira Dinamika Multi Finance Tbk 0,219280339 30,86814766
1 1,95 4,055924351 0,802212231 BFI Finance Tbk 0,521807003 29,51361044 1 1,08 1,29588791 0,564438666 Batavia Prosperindo Finance Tbk 0,613322213 26,99468257 1 0,96 1,807863067 0,643857276 Clipan Finance Indonesia Tbk 0,77754511 29,21074899 0,62 0,981162381 0,495245816
Trust Finance Indonesia Tbk 0,845269274 26,76554109 1,09 1,238943974 0,553360865 Verena Multi Finance Tbk 0,607072381 28,30163408 1 0,47 7,945392451 0,888210606 Panin Sekuritas Tbk 0,918806245 28,13896318 2,42 0,744566306 0,426791635
Panca Global Securities 0,502789198 25,90632404 1 1 0,113163985 0,101659761 Asuransi Ramayana Tbk 0,693119655 27,69954467 1,31 5,671880771 0,850117226 Bank Capital Indonesia Tbk 0,274939533 29,59663249 1 0,8 6,8766072 0,873042028
Universitas Sumatera Utara Bank Bumi Arta Tbk 0,51928433 29,02866885 0,65 6,168058845 0,860492217 Adira Dinamika Multi Finance Tbk 0,219280339 31,06482801 1,45 4,146876155 0,80570739 BFI Finance Tbk 0,521807003 29,74647197 1,17 1,441111264 0,590350504 Batavia Prosperindo Finance Tbk 0,613322213 27,40668652 1,99 2,620954325 0,723829712 Clipan Finance Indonesia Tbk 0,77754511 29,43511571 0,56 1,197049339 0,544844086 Trust Finance Indonesia Tbk 0,845269274 26,5399003
1 0,89 0,649190382 0,393641868 Verena Multi Finance Tbk 0,607072381 28,37303672 1 0,38 7,210697592 0,878207669 Panin Sekuritas Tbk 0,918806245 27,94589151 1 2,77 0,329496881 0,247835768 Panca Global Securities 0,502789198 26,01834334 1 1,15 0,139565407 0,122472484 Asuransi Ramayana Tbk 0,693119655 27,78611054 1,17 5,373077224 0,843089929
Universitas Sumatera Utara
Hasil Olah Statistik Hasil Statisitk Deskriptif Descriptive Statistics
Mean Std. Deviation N
Perataan Laba ,5903 ,2107733 Ukuran Perusahaan 28,3190 1,38337
33 Winner/Losser Stock ,5455 ,50565
33 Nilai Perusahaan 1,1739 ,65656
33 Debt to Equity Ratio 3,2387 2,63204
33 Leverage Finansial ,6436 ,22582
33 Grafik Normal Probability Plot
LAMPIRAN 4
Hasil Uji Kolmogorov-Smirnov One-Sample Kolmogorov-Smirnov Test Unstandardized Residual
N a,b
33 Normal Parameters Mean ,0000000 Std. Deviation ,16520365 Most Extreme Differences Absolute ,091 Positive ,091
Negative -,080 Kolmogorov-Smirnov Z ,521 Asymp. Sig. (2-tailed) ,949 a. Test distribution is Normal.
b. Calculated from data.
Hasil Nilai Tolerance dan VIF
Model Collinearity Statistics Tolerance
VIF 1 (Constant) Ukuran Perusahaan ,668 1,497 Winner/Losser Stock ,935 1,070 Nilai Perusahaan ,753 1,328 Debt to Equity Ratio ,173 5,788 Leverage Finansial ,159 6,295
Hasil Coefficient Correlations a Coefficient Correlations
Model Nilai Ukuran Debt to Leverage Winner/Lo Perusaha Perusaha Equity
Finansial sser Stock an an Ratio
1 Correlatio Leverage 1,000 ,237 -,101 -,429 -,862 ns Finansial Winner/Losser ,237 1,000 -,051 -,044 -,191 Stock Nilai -,101 -,051 1,000 -,184 ,332 Perusahaan Ukuran -,429 -,044 -,184 1,000 ,179 Perusahaan
Debt to Equity -,862 -,191 ,332 ,179 1,000 Ratio Covarian Leverage ,125 ,005 -,002 -,004 -,009 ces Finansial
Winner/Losser ,005 ,004 ,000 -8,040E-5 ,000 Stock Nilai -,002 ,000 ,003 ,000 ,001 Perusahaan Ukuran -,004 -8,040E-5 ,000 ,001 ,000 Perusahaan Debt to Equity -,009 ,000 ,001 ,000 ,001 Ratio
a. Dependent Variable: Perataan Laba
Hasil Scatterplot Heterokedastisitas
Hasil Uji Park a Coefficients
Model Unstandardized Standardized Coefficients Coefficients B Std. Error Beta t Sig. 1 (Constant) -6,290 9,091 -,692 ,495
Ukuran Perusahaan ,141 ,355 ,084 ,397 ,695
Winner/Losser Stock ,305 ,822 ,066 ,371 ,713
Nilai Perusahaan ,740 ,705 ,209 1,050 ,303
Debt to Equity Ratio ,347 ,367 ,393 ,945 ,353
Leverage Finansial -6,979 4,464 -,679 -1,563 ,130
a. Dependent Variable: LnU2i
Hasil Uji Run Test Runs Test Unstandardized a Residual Test Value ,00084
Cases < Test Value
16 Cases >= Test Value
17 Total Cases
33 Number of Runs
16 Z -,349 Asymp. Sig. (2-tailed) ,727
a. Median
Hasil Analisis Regresi Berganda Coefficients
a
Model Unstandardized CoefficientsStandardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 2,645 ,719 3,676 ,001
Ukuran Perusahaan ,073 ,028 -,480 2,602 ,015
Winner/Losser Stock -,025 ,065 -,060 -,384 ,704
Nilai Perusahaan -,023 ,056 -,070 -,404 ,689
Debt to Equity Ratio -,053 ,029 -,656 -1,807 ,082
Leverage Finansial ,354 ,353 ,379 1,002 ,325
a. Dependent Variable: Perataan Laba
Nilai Koefisien Determinasi Model Summary b Model R R Square
Adjusted R Square Std. Error of the Estimate dimension0 1 ,621 a ,386 ,272 ,17985
a. Predictors: (Constant), Leverage Finansial, Winner/Losser Stock, Nilai Perusahaan, Ukuran Perusahaan, Debt to Equity Ratio
b. Dependent Variable: Perataan Laba
Hasil Uji Signifikansi Simultan ANOVA b Model Sum of Squares df Mean Square F Sig.
1 Regression ,548 5 ,110 3,390 ,017 a Residual ,873 27 ,032 Total 1,422
32
a. Predictors: (Constant), Leverage Finansial, Winner/Losser Stock, Nilai Perusahaan, Ukuran Perusahaan, Debt to Equity Ratio
b. Dependent Variable: Perataan Laba
Hasil Uji Signifikansi Parsial Coefficients
a
Model Unstandardized CoefficientsStandardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 2,645 ,719 3,676 ,001
Ukuran Perusahaan ,073 ,028 -,480 2,602 ,015
Winner/Losser Stock -,025 ,065 -,060 -,384 ,704
Nilai Perusahaan -,023 ,056 -,070 -,404 ,689
Debt to Equity Ratio -,053 ,029 -,656 -1,807 ,082
Leverage Finansial ,354 ,353 ,379 1,002 ,325