PT Indofood CBP Sukses Makmur Tbk √ √ √
LAMPIRAN
Lampiran i
Daftar Populasi dan Proses Seleksi Sampel No. Kode Saham Nama Perusahaan Kriteria No. Sampel 1 2 3
10 MYOR PT Mayora Indah Tbk √ √ √
12
16 ULTJ PT Ultrajaya Milk Industry and Trading Company Tbk √ √ √
11
15 STTP PT Siantar Top Tbk √ √ √
10
14 SKLT PT Sekar Laut Tbk √ √ √
13 SKBM PT Sekar Bumi Tbk
9
12 ROTI PT Nippon Indosari Corporindo Tbk √ √ √
11 PSDN PT Prashida Aneka Niaga Tbk √ x - -
8
7
1 ADES PT Akasha Wira International Tbk √ √ √
9 MLBI PT Multi Bintang Indonesia Tbk √ √ √
6
8 INDF PT Indofood Sukses Makmur Tbk √ √ √
5
7 ICBP PT Indofood CBP Sukses Makmur Tbk √ √ √
4
6 DLTA PT Delta Djakarta Tbk √ √ √
5 DAVO PT Davamos Abadi Tbk √ x - -
3
4 CEKA PT Cahaya Kalbar Tbk √ √ √
3 ALTO PT Tri Banyan Tirta Tbk √ x - -
2
2 AISA PT Tiga Pilar Sejahtera Food Tbk √ √ √
1
X - - -
Lampiran ii Daftar Perusahaan yang Menjadi Sampel Penelitian No Kode Nama Perusahaan No Saham
Sampel
1 ADES PT Akasha Wira International Tbk
1
2 AISA PT Tiga Pilar Sejahtera Food Tbk
2
3 CEKA PT Cahaya Kalbar Tbk
3
4 DLTA PT Delta Djakarta Tbk
4
5 ICBP PT Indofood CBP Sukses Makmur Tbk
5
6 INDF PT Indofood Sukses Makmur Tbk
6
7 MLBI PT Multi Bintang Indonesia Tbk
7
8 MYOR PT Mayora Indah Tbk
8
9 ROTI PT Nippon Indosari Corporindo Tbk
9
10 SKLT PT Sekar Laut Tbk
10
11 STTP PT Siantar Top Tbk
11
12 ULTJ PT Ultrajaya Milk Industry and Trading Company
12 Tbk Lampiran iii
Daftar Variabel Penelitian QR, CR, GPM, ROA, ROE Tahun 2010-2012 No Kode tahun Cr Qr cash ratio gpm roa roe profit growth
1 Ades 2010 1,51 1,41 0,18 0,37 0,10 0,32 0,94 2011 1,71 1,19 0,20 0,38 0,08 0,21 -0,18 2012 1,94 1,19 0,40 0,57 0,21 0,40 2,22
2 Aisa 2010 1,29 0,47 0,03 0,26 0,04 0,13 1,16 2011 1,89 1,53 0,70 0,24 0,04 0,07 0,69 2012 1,27 0,77 0,08 0,22 0,05 0,12 0,66
3 ceka 2010 1,67 0,49 0,02 0,12 0,03 0,10 -0,40 2011 1,69 0,62 0,03 0,16 0,12 0,24 0,69 2012 1,03 0,46 0,03 0,15 0,06 0,13 -0,65
4 dlta 2010 6,33 5,40 2,78 0,66 0,21 0,25 0,16 2011 6,01 5,13 2,57 0,70 0,22 0,26 0,04 2012 5,26 4,38 2,42 0,72 0,29 0,36 0,41
5 icbp 2010 2,60 2,07 1,26 0,28 0,14 0,20 7,40 2011 2,87 2,33 1,48 0,26 0,14 0,19 0,13 2012 2,76 2,26 1,53 0,27 0,13 0,19 0,11
6 indf 2010 2,04 1,46 1,06 0,32 0,08 0,16 0,41 2011 1,91 1,40 1,02 0,28 0,09 0,16 0,25 2012 2,00 1,41 1,02 0,27 0,08 0,14 -0,03
7 mlbi 2010 0,94 0,78 0,33 0,57 0,39 0,94 0,30 2011 0,99 0,83 0,38 0,58 0,42 0,96 0,15 2012 0,58 0,43 0,12 0,61 0,39 1,37 -0,11
8 myor 2010 2,58 2,10 0,45 0,24 0,11 0,24 0,31 2011 2,22 1,49 0,18 0,18 0,07 0,20 -0,03 2012 2,76 1,98 0,70 0,22 0,09 0,24 0,54
9 roti 2010 2,30 2,20 1,30 0,47 0,18 0,22 0,75 2011 1,28 1,17 0,33 0,47 0,15 0,21 0,16 2012 1,12 1,01 0,19 0,47 0,12 0,22 0,29
No Kode tahun Cr qr
cash
ratio gpm Roa roe profit growth10 sklt 2010 1,93 0,91 0,11 0,20 0,02 0,04 -0,62 2011 1,74 0,96 0,16 0,21 0,03 0,05 0,24 2012 1,41 0,73 0,05 0,23 0,03 0,06 0,33
11 sttp 2010 1,71 0,85 0,05 0,17 0,07 0,10 0,04 2010 1,71 0,85 0.05 0.17 0.07
0.10
0.04 2011 1,03 0,50 0,02 0,17 0,05 0,09 0,00 2012 1,00 0,57 0,01 0,19 0,06 0,13 0,75
12 ultj 2010 2,00 1,25 0,80 0,50 0,05 0,08 0,76 2011 1,48 0,87 0,40 0,30 0,06 0,10 0,20 2012 2,02 1,45 0,90 0,32 0,15 0,21 1,75
Lampiran iv
Statistic Deskriptif
Date: 05/26/14 Time: 12:30 Sample: 2010 2012
X5 X6 Y 1.720.798 1.263.979 0.258257 0.307129 0.440274 0.131233 0.993329 Mean 1.708.823 1.192.005 0.196130 0.316977 0.382367 0.097565 0.939771 Median 1.941.607 1.414.652 0.398990 0.398695 0.570458 0.214282 2.223.133 Maximum
1.511.963 1.185.279 0.179650 0.205716 0.367999 0.081851
Minimum ‐0.1829180.215072 0.130530 0.122157 0.096866 0.112971 0.072351 1.203.919 Std. Dev. 0.101969 0.704996 0.692657 0.694261 0.669769 0.081565 Skewness ‐0.184828
1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 Kurtosis 0.286449 0.529759 0.521137 0.298331 0.522249 0.505545 0.284576 Jarque‐Bera 0.866560 0.767298 0.770613 0.861427 0.770185 0.776645 0.867371 Probability
5.162.393 3.791.936 0.774770 0.921388 1.320.823 0.393698 2.979.986 Sum 0.092512 0.034076 0.029845 0.018766 0.025525 0.010469 2.898.843 Sum Sq. Dev.
3
3
3
3
3
3
3 Observations Sumber : Hasil pengolahan data dengan Eviews, 2014 Lampiran v
Hasil Estimasi Regresi Linear Berganda
Dependen Variabel : Pertumbuhan Laba (Y) Periode 2010-2012 Variabel Fixed Effects Random Effects
C -3.223.297 1.131.561
X1? -0.195829 -0.459921
X2? 1.474.354 0.017390
X3? -2.326.834 0.796873
X4? -0.529503 -2.161.321
X5? 5.146.219 -1.314.952
X6? 1.460.191 6.562.733
Lampiran vi
Hasil Regresi Dengan Fixed Effect Model
Dependent Variable: Y? Method: Pooled Least Squares Date: 05/26/14 Time: 12:25 Sample: 2010 2012 Included observations: 3 Cross-sections included: 12 Total pool (balanced) observations: 36 Variable Coefficient Std. Error t-Statistic Prob.
C -3.223297 3.363496 -0.958318 0.3506 X1? -0.195829 1.722377 -0.113697 0.9107 X2? 1.474354 2.522640 0.584449 0.5662 X3? -2.326834 2.884409 -0.806693 0.4304 X4? -0.529503 3.994138 -0.132570 0.8960 X5? 5.146219 6.974637 0.737848 0.4701 X6? 14.60191 10.89369 1.340401 0.1968
Fixed Effects (Cross) _ADES--C -0.728394
_AISA--C 1.810827 _CEKA--C 1.017535
_DLTA--C -3.581015 _ICBP--C 3.117379 _INDF--C 1.436570 _MLBI--C -5.151197
_MYOR--C -0.038494 _ROTI--C -1.304622 _SKLT--C 1.030058 _STTP--C 1.147482 _ULTJ--C 1.243871
Effects Specification Cross-section fixed (dummy variables) R-squared 0.401808 Mean dependent var 0.549681 Adjusted R-squared -0.163150 S.D. dependent var 1.302995 S.E. of regression 1.405273 Akaike info criterion 3.825193 Sum squared resid 35.54627 Schwarz criterion 4.616953 Log likelihood -50.85348 Hannan-Quinn criter. 4.101539 F-statistic 0.711217 Durbin-Watson stat 2.213297 Prob(F-statistic) 0.756478
Sumber : Output Eviews (2014)
Lampiran vii
Hasil Regresi Dengan Random Effect Model
Dependent Variable: Y? Method: Pooled EGLS (Cross-section random effects) Date: 05/26/14 Time: 12:27 Sample: 2010 2012 Included observations: 3 Cross-sections included: 12 Total pool (balanced) observations: 36 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-Statistic Prob.
C 1.131561 0.892411 1.267982 0.2149 X1? -0.459921 0.980895 -0.468879 0.6427 X2? 0.017390 1.271224 0.013680 0.9892 X3? 0.796873 0.986455 0.807815 0.4258 X4? -2.161321 2.867927 -0.753618 0.4572 X5? -1.314952 2.772210 -0.474334 0.6388 X6? 6.562733 8.792995 0.746359 0.4615
Random Effects (Cross) _ADES—C 0.024189
_AISA—C 0.012774 _CEKA—C -0.016451
_DLTA—C -0.012053 _ICBP—C 0.041764 _INDF—C -0.021340 _MLBI—C -0.010623
_MYOR—C 0.002472 _ROTI—C -0.012652 _SKLT—C -0.007966 _STTP—C -0.007256 _ULTJ—C 0.007142
Effects Specification S.D. Rho
Cross-section random 0.142628 0.0102 Idiosyncratic random 1.405273 0.9898
Weighted Statistics R-squared 0.075253 Mean dependent var 0.541379 Adjusted R-squared -0.116073 S.D. dependent var 1.297301 S.E. of regression 1.370526 Sum squared resid 54.47188 F-statistic 0.393324 Durbin-Watson stat 1.797626 Prob(F-statistic) 0.877212
Unweighted Statistics R-squared 0.076902 Mean dependent var 0.549681 Sum squared resid 54.85317 Durbin-Watson stat 1.785130
Sumber : Output Eviews, 2014
Lampiran viii
Hasil Regrsi dengan Haussman Test
Correlated Random Effects - Hausman Test Pool: RE Test cross-section random effects Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 4.583596 6 0.5982
Sumber : Output Eviews, 2014
Lampiran ix
Hasil Perbandingan Uji Haussman
Chi Square Sign Chi-Square KesimpulanHitung Tabel (Haussman Test)
4.583596 < 12.59 H1 ditolak Dengan demikian model yang dipilih adalah random effect.
P-value Sign Alpha Kesimpulan (Haussman Test)
0.5982 > 0.05 H1 ditolak Dengan demikian model yang dipilih adalah random effect.
Lampiran x
Bentuk persamaan yang diperoleh dari metode FEM :
Estimation Command: ===================== LS(CX=F) Y? X1? X2? X3? X4? X5? X6? Estimation Equations: ===================== Y_ADES = C(8) + C(1) + C(2)*X1_ADES + C(3)*X2_ADES + C(4)*X3_ADES + C(5)*X4_ADES + C(6)*X5_ADES + C(7)*X6_ADES Y_AISA = C(9) + C(1) + C(2)*X1_AISA + C(3)*X2_AISA + C(4)*X3_AISA + C(5)*X4_AISA + C(6)*X5_AISA + C(7)*X6_AISA Y_CEKA = C(10) + C(1) + C(2)*X1_CEKA + C(3)*X2_CEKA + C(4)*X3_CEKA + C(5)*X4_CEKA + C(6)*X5_CEKA + C(7)*X6_CEKA Y_DLTA = C(11) + C(1) + C(2)*X1_DLTA + C(3)*X2_DLTA + C(4)*X3_DLTA + C(5)*X4_DLTA + C(6)*X5_DLTA + C(7)*X6_DLTA Y_ICBP = C(12) + C(1) + C(2)*X1_ICBP + C(3)*X2_ICBP + C(4)*X3_ICBP + C(5)*X4_ICBP + C(6)*X5_ICBP + C(7)*X6_ICBP Y_INDF = C(13) + C(1) + C(2)*X1_INDF + C(3)*X2_INDF + C(4)*X3_INDF + C(5)*X4_INDF + C(6)*X5_INDF + C(7)*X6_INDF Y_MLBI = C(14) + C(1) + C(2)*X1_MLBI + C(3)*X2_MLBI + C(4)*X3_MLBI + C(5)*X4_MLBI + C(6)*X5_MLBI + C(7)*X6_MLBI Y_MYOR = C(15) + C(1) + C(2)*X1_MYOR + C(3)*X2_MYOR + C(4)*X3_MYOR + C(5)*X4_MYOR
- C(6)*X5_MYOR + C(7)*X6_MYOR Y_ROTI = C(16) + C(1) + C(2)*X1_ROTI + C(3)*X2_ROTI + C(4)*X3_ROTI + C(5)*X4_ROTI + C(6)*X5_ROTI + C(7)*X6_ROTI Y_SKLT = C(17) + C(1) + C(2)*X1_SKLT + C(3)*X2_SKLT + C(4)*X3_SKLT + C(5)*X4_SKLT + C(6)*X5_SKLT + C(7)*X6_SKLT Y_STTP = C(18) + C(1) + C(2)*X1_STTP + C(3)*X2_STTP + C(4)*X3_STTP + C(5)*X4_STTP +
C(6)*X5_STTP + C(7)*X6_STTP Y_ULTJ = C(19) + C(1) + C(2)*X1_ULTJ + C(3)*X2_ULTJ + C(4)*X3_ULTJ + C(5)*X4_ULTJ + C(6)*X5_ULTJ + C(7)*X6_ULTJ Substituted Coefficients: ===================== Y_ADES = -0.728394437557 - 3.22329701074 - 0.195828823615*X1_ADES + 1.47435438781*X2_ADES - 2.32683361564*X3_ADES - 0.529502739318*X4_ADES + 5.14621872522*X5_ADES + 14.6019101716*X6_ADES Y_AISA = 1.81082723144 - 3.22329701074 - 0.195828823615*X1_AISA + 1.47435438781*X2_AISA - 2.32683361564*X3_AISA - 0.529502739318*X4_AISA + 5.14621872522*X5_AISA + 14.6019101716*X6_AISA
Y_CEKA = 1.01753495384 - 3.22329701074 - 0.195828823615*X1_CEKA + 1.47435438781*X2_CEKA - 2.32683361564*X3_CEKA - 0.529502739318*X4_CEKA + 5.14621872522*X5_CEKA + 14.6019101716*X6_CEKA Y_DLTA = -3.58101455572 - 3.22329701074 - 0.195828823615*X1_DLTA + 1.47435438781*X2_DLTA - 2.32683361564*X3_DLTA - 0.529502739318*X4_DLTA + 5.14621872522*X5_DLTA + 14.6019101716*X6_DLTA Y_ICBP = 3.11737932672 - 3.22329701074 - 0.195828823615*X1_ICBP + 1.47435438781*X2_ICBP - 2.32683361564*X3_ICBP - 0.529502739318*X4_ICBP + 5.14621872522*X5_ICBP + 14.6019101716*X6_ICBP Y_INDF = 1.43657013257 - 3.22329701074 - 0.195828823615*X1_INDF + 1.47435438781*X2_INDF - 2.32683361564*X3_INDF - 0.529502739318*X4_INDF + 5.14621872522*X5_INDF + 14.6019101716*X6_INDF Y_MLBI = -5.15119730068 - 3.22329701074 - 0.195828823615*X1_MLBI + 1.47435438781*X2_MLBI - 2.32683361564*X3_MLBI - 0.529502739318*X4_MLBI + 5.14621872522*X5_MLBI + 14.6019101716*X6_MLBI Y_MYOR = -0.0384940280407 - 3.22329701074 - 0.195828823615*X1_MYOR + 1.47435438781*X2_MYOR - 2.32683361564*X3_MYOR - 0.529502739318*X4_MYOR + 5.14621872522*X5_MYOR + 14.6019101716*X6_MYOR Y_ROTI = -1.30462240202 - 3.22329701074 - 0.195828823615*X1_ROTI + 1.47435438781*X2_ROTI - 2.32683361564*X3_ROTI - 0.529502739318*X4_ROTI + 5.14621872522*X5_ROTI + 14.6019101716*X6_ROTI Y_SKLT = 1.03005792545 - 3.22329701074 - 0.195828823615*X1_SKLT + 1.47435438781*X2_SKLT - 2.32683361564*X3_SKLT - 0.529502739318*X4_SKLT + 5.14621872522*X5_SKLT + 14.6019101716*X6_SKLT Y_STTP = 1.14748199237 - 3.22329701074 - 0.195828823615*X1_STTP + 1.47435438781*X2_STTP - 2.32683361564*X3_STTP - 0.529502739318*X4_STTP + 5.14621872522*X5_STTP + 14.6019101716*X6_STTP Y_ULTJ = 1.24387116164 - 3.22329701074 - 0.195828823615*X1_ULTJ + 1.47435438781*X2_ULTJ - 2.32683361564*X3_ULTJ - 0.529502739318*X4_ULTJ + 5.14621872522*X5_ULTJ + 14.6019101716*X6_ULTJ
Lampiran xi
Bentuk persamaan yang diperoleh dari metode REM :
Estimation Command: ===================== LS(CX=R) Y? X1? X2? X3? X4? X5? X6? Estimation Equations: ===================== Y_ADES = C(8) + C(1) + C(2)*X1_ADES + C(3)*X2_ADES + C(4)*X3_ADES + C(5)*X4_ADES + C(6)*X5_ADES + C(7)*X6_ADES Y_AISA = C(9) + C(1) + C(2)*X1_AISA + C(3)*X2_AISA + C(4)*X3_AISA + C(5)*X4_AISA + C(6)*X5_AISA + C(7)*X6_AISA Y_CEKA = C(10) + C(1) + C(2)*X1_CEKA + C(3)*X2_CEKA + C(4)*X3_CEKA + C(5)*X4_CEKA + C(6)*X5_CEKA + C(7)*X6_CEKA Y_DLTA = C(11) + C(1) + C(2)*X1_DLTA + C(3)*X2_DLTA + C(4)*X3_DLTA + C(5)*X4_DLTA + C(6)*X5_DLTA + C(7)*X6_DLTA Y_ICBP = C(12) + C(1) + C(2)*X1_ICBP + C(3)*X2_ICBP + C(4)*X3_ICBP + C(5)*X4_ICBP + C(6)*X5_ICBP + C(7)*X6_ICBP Y_INDF = C(13) + C(1) + C(2)*X1_INDF + C(3)*X2_INDF + C(4)*X3_INDF + C(5)*X4_INDF + C(6)*X5_INDF + C(7)*X6_INDF Y_MLBI = C(14) + C(1) + C(2)*X1_MLBI + C(3)*X2_MLBI + C(4)*X3_MLBI + C(5)*X4_MLBI + C(6)*X5_MLBI + C(7)*X6_MLBI Y_MYOR = C(15) + C(1) + C(2)*X1_MYOR + C(3)*X2_MYOR + C(4)*X3_MYOR + C(5)*X4_MYOR
- C(6)*X5_MYOR + C(7)*X6_MYOR Y_ROTI = C(16) + C(1) + C(2)*X1_ROTI + C(3)*X2_ROTI + C(4)*X3_ROTI + C(5)*X4_ROTI + C(6)*X5_ROTI + C(7)*X6_ROTI Y_SKLT = C(17) + C(1) + C(2)*X1_SKLT + C(3)*X2_SKLT + C(4)*X3_SKLT + C(5)*X4_SKLT + C(6)*X5_SKLT + C(7)*X6_SKLT Y_STTP = C(18) + C(1) + C(2)*X1_STTP + C(3)*X2_STTP + C(4)*X3_STTP + C(5)*X4_STTP +
C(6)*X5_STTP + C(7)*X6_STTP Y_ULTJ = C(19) + C(1) + C(2)*X1_ULTJ + C(3)*X2_ULTJ + C(4)*X3_ULTJ + C(5)*X4_ULTJ + C(6)*X5_ULTJ + C(7)*X6_ULTJ Substituted Coefficients: ===================== Y_ADES = 0.0241891503148 + 1.13156119935 - 0.459921197365*X1_ADES + 0.0173903478652*X2_ADES + 0.796873051191*X3_ADES - 2.16132066618*X4_ADES - 1.31495217896*X5_ADES + 6.56273292115*X6_ADES Y_AISA = 0.0127738745919 + 1.13156119935 - 0.459921197365*X1_AISA + 0.0173903478652*X2_AISA + 0.796873051191*X3_AISA - 2.16132066618*X4_AISA - 1.31495217896*X5_AISA + 6.56273292115*X6_AISA
Y_CEKA = -0.0164509917409 + 1.13156119935 - 0.459921197365*X1_CEKA + 0.0173903478652*X2_CEKA + 0.796873051191*X3_CEKA - 2.16132066618*X4_CEKA - 1.31495217896*X5_CEKA + 6.56273292115*X6_CEKA Y_DLTA = -0.0120527957184 + 1.13156119935 - 0.459921197365*X1_DLTA + 0.0173903478652*X2_DLTA + 0.796873051191*X3_DLTA - 2.16132066618*X4_DLTA - 1.31495217896*X5_DLTA + 6.56273292115*X6_DLTA Y_ICBP = 0.041763688361 + 1.13156119935 - 0.459921197365*X1_ICBP + 0.0173903478652*X2_ICBP + 0.796873051191*X3_ICBP - 2.16132066618*X4_ICBP - 1.31495217896*X5_ICBP + 6.56273292115*X6_ICBP Y_INDF = -0.0213398615056 + 1.13156119935 - 0.459921197365*X1_INDF + 0.0173903478652*X2_INDF + 0.796873051191*X3_INDF - 2.16132066618*X4_INDF - 1.31495217896*X5_INDF + 6.56273292115*X6_INDF Y_MLBI = -0.0106231077499 + 1.13156119935 - 0.459921197365*X1_MLBI + 0.0173903478652*X2_MLBI + 0.796873051191*X3_MLBI - 2.16132066618*X4_MLBI - 1.31495217896*X5_MLBI + 6.56273292115*X6_MLBI Y_MYOR = 0.0024715168242 + 1.13156119935 - 0.459921197365*X1_MYOR + 0.0173903478652*X2_MYOR + 0.796873051191*X3_MYOR - 2.16132066618*X4_MYOR - 1.31495217896*X5_MYOR + 6.56273292115*X6_MYOR Y_ROTI = -0.0126519224211 + 1.13156119935 - 0.459921197365*X1_ROTI + 0.0173903478652*X2_ROTI + 0.796873051191*X3_ROTI - 2.16132066618*X4_ROTI - 1.31495217896*X5_ROTI + 6.56273292115*X6_ROTI Y_SKLT = -0.00796559216008 + 1.13156119935 - 0.459921197365*X1_SKLT + 0.0173903478652*X2_SKLT + 0.796873051191*X3_SKLT - 2.16132066618*X4_SKLT - 1.31495217896*X5_SKLT + 6.56273292115*X6_SKLT Y_STTP = -0.00725558650151 + 1.13156119935 - 0.459921197365*X1_STTP + 0.0173903478652*X2_STTP + 0.796873051191*X3_STTP - 2.16132066618*X4_STTP - 1.31495217896*X5_STTP + 6.56273292115*X6_STTP Y_ULTJ = 0.00714162770568 + 1.13156119935 - 0.459921197365*X1_ULTJ + 0.0173903478652*X2_ULTJ + 0.796873051191*X3_ULTJ - 2.16132066618*X4_ULTJ - 1.31495217896*X5_ULTJ + 6.56273292115*X6_ULTJ