Pengaruh Economic Value Added (EVA) dan Market Value Added (MVA) terhadap Return Saham pada Perusahaan Manufaktur di Bursa Efek Indonesia
- 0.14
- 0.32 -0.10 -0.10 111.11 6. PT Hexindo Adiperkasa Tbk.
- 0.28 1.09 -0.11 101.85 11.
- 0.14 -0.24 0.09 110.00 14.
- 0.59 -0.28 -0.20 106.67 21. PT Trias Sentosa Tbk.
- 0.01 -0.13
- 0.38
- 0.23 -0.32 -0.36 146.79 27.
- 0.41 0.06 -0.24 115.79 28. PT Indofood Sukses Makmur Tbk.
JTPE
0.89 1.27 -0.74 266.67 16. PT Matahari Putra Prima Tbk.
MPPA
0.08 1.19 -0.38 108.70 17. PT Mitra Adiperkasa Tbk.
MAPI
0.72
3.31 0.93 102.91 18. PT Holcim Indonesia Tbk.
SMCB
1.46 0.45 -0.03 105.75 19. PT Roda Vivatex Tbk.
RDTX
0.08
0.50 0.29 111.11 20. PT Keramika Indonesia Assosiasi Tbk.
KIAS
TRST
0.23 0.44 115.38 22. PT Arthavest Tbk.
0.33
ARTA
0.67
90.16 23. PT Pabrik Kertas Tjiwi Kimia Tbk.
TKIM
0.57 0.67 -0.29 117.65 24. PT Sekawan Intipratama Tbk.
SIAP
0.25 0.14 102.04 25. PT Unilever Indonesia Tbk.
UNVR
0.42
0.49 0.14 106.38 26. PT Centrin Online Tbk.
CENT
PT Panasia Indosyntec Tbk
HDTX
INDF
0.00 -0.19 0.70 103.53 15. PT Jasuindo Tiga Perkasa Tbk.
PT Citra Tubindo Tbk.
CTBN
3.57
Lampiran 1
DATA VARIABEL PENELITIAN Kinerja Keuangan Diukur Dengan return saham NO. NAMA PERUSAHAAN KODE TAHUN 2009 2010 2011 2012 1.
PT Ekadharma International Tbk.
EKAD
1.04 0.10 107.14 2. PT Resource Alam Indonesia Tbk.
KKGI
0.26
0.68 0.74 100.78 3. PT Dian Swastatika Sentosa Tbk.
DSSA
0.24 2.22 -0.37 113.54 4. PT Goodyear Indonesia Tbk.
GDYR
0.92 0.30 -0.24 115.18 5. PT Indo Acidatama Tbk.
SRSN
HEXA
1.27 0.25 100.56 7. PT Sepatu Bata Tbk.
UNIC
BATA
0.76 0.88 -0.19 105.45 8. PT Astra Graphia Tbk.
ASGR
0.58
1.19 0.65 1052.63 9. PT Tunas Baru Lampung Tbk.
TBLA
0.79
0.21 0.44 1050.85 10. PT Ultra Jaya Milk Tbk.
ULTJ
PT Budi Acid Jaya Tbk.
BUDI
0.69
0.00 0.09 108.33 12. PT Tirta Mahakam Resources Tbk. TIRT
0.42 0.10 -0.18 101.56 13. PT Unggul Indah Cahaya Tbk.
2.82 0.37 -0.06 102.17
0.24 0.75 -0.76 303.03 30. PT Tiga Pilar Sejahtera Tbk.
PNSE
- 0.15 1.17 -0.37 131.31 Sumber : diolah penulis dar, 2013
AISA Lampiran 2
Kinerja Keuangan Diukur Dengan Market Value Added(MVA) TAHUN NO. NAMA PERUSAHAAN KODE 2009 2010 2011 2012 1.
PT Ekadharma
EKAD
(11382) 26256 39873 10553 International Tbk.
2. PT Resource Alam
KKGI
1207110 569533 5737156 6499925 Indonesia Tbk.
3. PT Dian Swastatika
DSSA
4314604 13907929 8821781 1001590 Sentosa Tbk.
4. PT Goodyear
GDYR
393540 (103224) 391495 450945 Indonesia Tbk.
5. PT Indo Acidatama
SRSN
403073 360938 324800 360909 Tbk.
6. PT Hexindo
HEXA
2645915 6005895 7517864 7559775 Adiperkasa Tbk.
7. 467686 878457 714632 753594
PT Sepatu Bata Tbk.BATA 8.
PT Astra Graphia
ASGR
12827 443235 1425547 1611557 Tbk.
9. PT Tunas Baru
TBLA
1416248 1939200 2915835 2935360 Lampung Tbk.
10. PT Ultra Jaya Milk
ULTJ
329856 1965904 154780 221320 Tbk.
11. PT Budi Acid Jaya
BUDI
826488 829633 908006 983757 Tbk.
12. PT Tirta Mahakam
TIRT
(306454) -(7403) (278023) (204807) Resources Tbk.
13. PT Unggul Indah
UNIC
919816 701320 766491 843174 Cahaya Tbk.
14. PT Citra Tubindo
CTBN
2479874 1999860 3399834 3399997 Tbk.
15. PT Jasuindo Tiga
JTPE
86803 226826 330217 1154066 Perkasa Tbk.
16. PT Matahari Putra
MPPA
4154537 8309046 5130415 5576541 Prima Tbk. PT Mitra Adiperkasa
MAPI 17.
1027091 4438298 8546862 8545692 Tbk.
18. PT Holcim Indonesia
SMCB
11877488 17241515 16666798 17624655 Tbk. PT Roda Vivatex
RDTX 19.
(205429) (189928) (153199) (203331) Tbk.
20. PT Keramika
KIAS
Indonesia Assosiasi 168664 (339859) (1604753) (947436) Tbk.
21. (795047) (68740) (448434) (281190)
PT Trias Sentosa Tbk.TRST 22.
PT Arthavest Tbk. 53305 29116 (77403) (78565)
ARTA
23. PT Pabrik Kertas
TKIM
2404262 4007104 2838365 (3339253) Tjiwi Kimia Tbk.
24. PT Sekawan
SIAP
(56345) 14254 (60718) (58658) Intipratama Tbk.
25. PT Unilever
UNVR
84311496 12589499 143443995 15259999 Indonesia Tbk.
26. PT Centrin Online
CENT
56600 7652 (3364) (2760) Tbk.
27. PT Panasia
HDTX
(298327) (33020) (411850) (59414) Indosyntec Tbk
28. PT Indofood Sukses
INDF
3117049 42804549 40389921 412679 Makmur Tbk.
29. PT Pudjiadi And Sons
PNSE
(82192) (10467) (229360) 642629 Tbk.
30. PT Tiga Pilar
AISA
(584856) (100189) 156775 1814147 Sejahtera Tbk. Sumber : diolah penulis dar, 2013 Lampiran 3
Kinerja Keuangan Diukur Dengan Economic Value Added (EVA)
(dalam jutaan)PT Ekadharma EKAD
8274 8295.97 10441.19 11382 International Tbk.
2. PT Resource Alam KKGI 9697.57 54379.36 121026.54 1207110
Indonesia Tbk.
3. PT Dian Swastatika DSSA 645.42 (210) (891) 4314
Sentosa Tbk.
4. PT Goodyear Indonesia GDYR 6147.25 3204.81 103.19 393,54
Tbk.
5. PT Indo Acidatama SRSN 12366.91 43021.30 310.88 4030,73
Tbk.
6. PT Hexindo HEXA 34396.55 1822.37 198.50 2645,91
Adiperkasa Tbk.
7. 1400.87 1877.09 149.98 4676,86
PT Sepatu Bata Tbk. BATA
8. 37177.90 72391.73 67113.55 1282
PT Astra Graphia Tbk. ASGR 9. PT Tunas Baru TBLA
114.63 128.14 870.83 1416,48 Lampung Tbk.
10. PT Ultra Jaya Milk ULTJ (11115) 2958.63 15369 32985
Tbk.
11. PT Budi Acid Jaya
BUDI
63.78 3.43 (66) 824 Tbk.
12. PT Tirta Mahakam
TIRT
13527.73 5810.70 (23062) (30645) Resources Tbk.
13. PT Unggul Indah UNIC
10.62
21.61 29.91 919 Cahaya Tbk.
14.
5.92
98.59 15.21 2479
PT Citra Tubindo Tbk. CTBN 15. PT Jasuindo Tiga JTPE
11617.10 18987.39 13755.70 8680 Perkasa Tbk.
16. PT Matahari Putra MPPA 15.06 (3.36) (5.90) 415
Prima Tbk. PT Mitra Adiperkasa MAPI 17.
866.35 116.61 141.48 10270 Tbk.
18.
19.35 12.94 505 1187
PT Holcim Indonesia SMCB
Tbk.
19. 11083.30 19679.94 2142 (2054)
PT Roda Vivatex Tbk. RDTX 20. PT Keramika Indonesia KIAS
18521.50 15021.78 37041.09 1686,64 Assosiasi Tbk.
21.
46945.64 42806.60 33419.40 79504
PT Trias Sentosa Tbk. TRST
22. 2084.62 225.28 737.77 53305
PT Arthavest Tbk. ARTA 23. PT Pabrik Kertas Tjiwi TKIM
13024 4172 (41) 2042 Kimia Tbk.
24. PT Sekawan SIAP 2966.40 1652.25 (1909) (5634)
Intipratama Tbk.
25. PT Unilever Indonesia UNVR 146.88 17.233 2.56 8431 Tbk.
26.
565.34 2686.01 (779) 5660
PT Centrin Online Tbk. CENT 27. PT Panasia Indosyntec HDTX
4828.27 1472.60 (6327) (2983)
Tbk 28. PT Indofood Sukses
INDF
0.65
7.73 62.31 3117 Makmur Tbk.
29. PT Pudjiadi And Sons PNSE 5895.08 4108.80 3087 -8219
Tbk.
30. PT Tiga Pilar Sejahtera AISA 1790 4010.32 (33) 58485
Tbk.
Sumber : diolah penulis dar, 2013 Lampiran 4
Data Variabel Perubahan KODE EVA MVA Return Saham 2010 2011 2012 2010 2011 2012 2010 2011 2012
100.26 125.86 103.27 -230.67 151.86 26.47 204 109.80 107.14
EKAD
560.75 222.56 0.00 47.18 1007.34 113.30 168.18 174.32 100.78
KKGI
- 32.68 422.55 16.90 322.35
63.43 113.54 322.32 63.43 113.54
DSSA
52129.36 0.03 407.62 -262.30 -37.93 115.19 130.21 76.40 115.18
GDYR
34.85 72.13 183.50
89.55 89.99 111.12
89.55 90.00 111.11
SRSN
529.90 108.91 159.04 226.99 125.17 100.56 226.98 125.17 100.56
HEXA
134.06 79.87 137.07 187.83 81.35 105.45 187.78 81.36 105.45
BATA
194.72 92.71 11.31 3455.22 321.62 1130.48 219.05 165.22 1052.63
ASGR
111.78 0.07 83935.45 136.93 150.36 1006.70 120.59 143.90 1050.85
TBLA
- 266.16 51.95 520.29 595.99
78.74 142.99 208.62 89.26 101.85
ULTJ
53.85 -19.27 -212.74 100.38 109.45 108.34 100 109.09 108.33
BUDI
42.95 -39.69 -870.57 56.79 159.74 73.67 109.9 82.05 101.56
TIRT
198.71 14.17 315.79 76.25 109.29 110.00 76.25 109.29 110.00
UNIC
166.34 154.43 224.52 80.64 170.00 100.00 80.65 170.00 103.53
CTBN
163.44 72.45 141.69 261.31 145.58 349.49 227.45 25.86 266.67
JTPE
- 22.33 1754.27 -24.50 200.00 61.74 108.70 219.12
61.74 108.70
MPPA
134.61 121.33 174.80 432.12 192.57 99.99 431.45 192.52 102.91
MAPI
66.10 39.06 977.04 145.16 96.67 105.75 145.16 96.67 105.75
SMCB
177.56 108.79
98.13
92.45 80.66 132.72 150 128.57 111.11
RDTX
81.10 246.58 -28.82 -201.50 472.18
59.04
72.31 79.79 106.67
KIAS
91.18
78.07
65.44
86.46 65.24 62.71 122.73 144.44 115.38
TRST
10.81 327.49 702.41 54.62 -265.84 101.50 86.90 167.12
90.16 ARTA 32.03 -100.42 -398.05 166.67 70.83 117.65 166.67 70.83 117.65
TKIM
55.70 -115.54 -125.28 -25.30 -425.97 96.61 124.64 113.95 102.04
SIAP
117.92 148.82 119.91 149.32 113.94 106.38 149.32 113.94 106.38
UNVR
475.07 -29.02 -137.64 13.52 -439.68
82.04
68 64.12 146.79
CENT
30.50 -429.66 26.28 110.69 124.73 144.26 106.38 76.00 115.79
HDTX
118.46 80.54 198.13 137.32 94.36 102.17 137.32 94.36 102.17
INDF
69.70 75.16 264.49 12.74 2191.10 -280.18 175.27 24.29 303.03
PNSE AISA
224.05 0.00 -341.29 17.13 1445.62 125.25 216.67 63.46 131.31 Sumber : diolah penulis dar, 2013
Lampiran 5 Daftar Populasi dan Perusahaan Sampel (Tahun 2009-2012) Kolom Kriteria Klasifikasi No Nama Perusahaan sampel
1
2
3
1 Holcim Indonesia Tbk
Cement
S(1)
2 Indocement Tunggal Prakasa Tbk
X Cement
3 Semen Gresik Tbk
X Cement
4 Arwana Citramulia Tbk
X Ceramics, Glass,
Porcelain
5 Asahimas Flat Glass Tbk Ceramics, Glass, X
Porcelain
6 Intikeramik Alamasri Industri Tbk Ceramics, Glass, X
Porcelain
7 Keramika Indonesia Asosiasi Tbk Ceramics, Glass, S(2)
Porcelain
8 Mulia Industrindo Tbk
X Ceramics, Glass,
Porcelain
9 Surya Toto Indonesia Tbk Ceramics, Glass, X
Porcelain
10 Alumindo Light Metal Industry Metal and Allied Products X
Tbk
11 Alakasa Industrindo Tbk Metal and Allied Products
X X
12 Betonjaya Manunggal Tbk
X Metal and Allied Products
13 Citra Tubindo Tbk
Metal and Allied Products
S(3)
14 Gunawan Dianjaya Steel Tbk
X Metal and Allied Products
X
No Nama Perusahaan Kriteria Kolom sampel Klasifikasi
Chemicals
X Chemicals
31 Intanwijaya Internasional Tbk
Chemicals
S(7)
30 Indo Acidatama Tbk
29 Eterindo Wahanatama Tbk X
Chemicals
S(6)
28 Ekadharma International Tbk
Chemicals
X
32 Sorini Agro Asia Corporindo Tbk
X Chemicals
Chemicals
X
38 Berlina Tbk
Plastics & Packaging
X
37 Asiaplast Industries Tbk
Plastics & Packaging
36 Argha Karya Prima Ind. Tbk
33 Chandra Asri Petrochemical Tbk
X Plastics & Packaging
35 Alam Karya Unggbk
Chemicals
S(8)
34 Unggul Indah Cahaya Tbk
Chemicals
X
27 Duta Pertiwi Nusantara Tbk
S(5)
1
X Metal and Allied Products
X Metal and Allied Products
18 Jaya Pari Steel Tbk
Metal and Allied Products
X
17 Jakarta Kyoei Steel Works Ltd Tbk
X X Metal and Allied Products
16 Itamaraya Gold Industry Tbk
Metal and Allied Products
X
15 Indal Aluminium Industry Tbk
3
2
19 Krakatau Steel Tbk
20 Lion Metal Works Tbk
X
26 Budi Acid Jaya Tbk
X Chemicals
25 Barito Pacific Tbk
Metal and Allied Products
24 Temabaga Mulia Semanan Tbk X
X Metal and Allied Products
23 Pelat Timah Nusantara
X Metal and Allied Products
X Metal and Allied Products
22 Pelangi Indah Canindo Tbk
Metal and Allied Products
S(4)
21 Dian Swastatika Sentosa Tbk
X Plastics & Packaging
No Nama Perusahaan Kriteria Kolom sampel Klasifikasi
56 Kertas Basuki Rachmat Indonesia Tbk
X Animal Feed
51 JAPFA Comfeed Indonesia Tbk
X Animal Feed
52 Matahari Putra Prima Tbk
S(10)
Animal Feed
53 Sierad Produce Tbk
X Animal Feed
54 Fajar Surya Wisesa Tbk
X Pulp & Paper 55 Indah Kiat Pulp & Paper Corp. Tbk
X
Pulp & Paper
X
50 Chareon Pokphand Indonesia Tbk
Pulp & Paper
57 Suparma Tbk
X
Pulp & Paper
58 Surabaya Agung Industry Tbk
X Pulp & Paper
59 Pabrik Kertas Tjiwi Kimia Tbk
S(11)
Pulp & Paper
60 Toba Pulp Lestari Tbk X
Pulp & Paper
61 Alkindo Naratama Tbk
X
X Plastics & Packaging
1
Plastics & Packaging
2
3
39 Dynaplast Tbk
X Plastics & Packaging
40 Indopoly Swakarsa Industry Tbk
X
X Plastics & Packaging
41 Champion Pasific Indonesia Tbk
X X Plastics & Packaging
42 Kageo Igar Jaya Tbk
X Plastics & Packaging
43 Leyand Internasional Tbk
X
44 Sekawan Intipratama Tbk
47 Trias Sentosa Tbk
49 Yanaprima Hastapersada Tbk
Plastics & Packaging
X
X
48 Tunas Arifin Tbk
X Plastics & Packaging
X Plastics & Packaging
46 Titan Kimia Nusantara Tbk
X Plastics & Packaging
45 Siwani Makmur Tbk
Plastics & Packaging
S(9)
X Pulp & Paper
Kolom Kriteria Klasifikasi sampel No Nama Perusahaan
1
2
3
62 Daya Sakti Unggul Corporation Wood Industries
X X Tbk
63 Sumalindo Lestari Jaya Tbk Wood Industries
X
64 Tirta Mahakam Resources Tbk Wood Industries S(12)
65 Albond Makmur Usaha Tbk
X Automotive and
Components
66 Astra International Tbk Automotive and S(13)
Components
67 Astra Otoparts Tbk
Automotive and
X Components
68 Gajah Tunggal Tbk
Automotive and
X Components
69 Goodyear Indonesia Tbk Automotive and S(14)
Components
70 Indo Kordsa Tbk
Automotive and Components
71 Indomobil Sukses International Automotive and X Tbk
Components
72 Trias Sentosa Tbk
Automotive and
S(15)
Components
73 Multi Prima Sejahtera Tbk
X Automotive and
Components
74 Multistrada Arah Sarana Tbk
X Automotive and
Components
No Nama Perusahaan Kriteria Kolom sampel Klasifikasi
X Textile, Garment
90 Panasia Filament Inti Tbk
Textile, Garment
S(19)
89 Pudjiadi And Sons Tbk
88 Nusantara Inti Corpora Tbk
91 Panasia Indo Syntec Tbk
X Textile, Garment
87 Karwell Indonesia Tbk
Textile, Garment
86 Indorama Synthetics Tbk
Textile, Garment
X Textile, Garment
S(21)
96 Tifico Indonesia Fiber Tbk
Textile, Garment
X
95 Sunson Textile Manufacturer Tbk
Textile, Garment
S(20)
94 Roda Vivatex Tbk
X Textile, Garment
93 Ricky Putra Globalindo Tbk
X Textile, Garment
92 Polychem Indonesia Tbk
Textile, Garment
S(18)
85 Hexindo Adiperkasa Tbk
1
Automotive and Components
S(16)
77 Jasuindo Tiga Perkasa Tbk
Components
X Automotive and
76 Prima Alloy Steel Universal Tbk
X Textile, Garment
Components
X Automotive and
75 Nipress Tbk
3
2
78 APAC Citra Contertex Tbk
79 Argo Pantes Tbk
Textile, Garment
Textile, Garment
X
84 Ever Shine Textile Industry Tbk
X Textile, Garment
83 Eratex Djaja Tbk
Textile, Garment
82 Delta Dunia Makmur Tbk X
S(17)
X
81 Centrin Tbk
X Textile, Garment
80 Asia Pacific Fibers Tbk
Textile, Garment
X Textile, Garment
No Nama Perusahaan Kriteria Kolom sampel Klasifikasi
X Others Industry 109 Akasha Wira International Tbk
X
Food and Beverages
110 Aqua Golden Mississippi Tbk
X
X
Food and Beverages
111 Cahaya Kalbar Tbk
X Food and Beverages 112 Tunas Baru Lampung Tbk
S(24)
Food and Beverages
113 Delta Djakarta Tbk
X Food and Beverages 114 Indofood CBP Sukses Makmur Tbk
107 Sat Nusapersada Tbk
X
X Food and Beverages 115 Indofood Sukses Makmur Tbk
S(25)
Food and Beverages
116 Mayora Indah Tbk
X
Food and Beverages
117 Multi Bintang Indonesia Tbk
X Food and Beverages 118 Nippon Indosari Corpindo Tbk
X X Food and Beverages 119 Prashida Aneka Niaga Tbk
X Electronics 108 Ratu Prabu Energi Tbk
Cable
1
100 Surya Intrindo Makmur Tbk
2
3
97 Unitex Tbk
X Textile, Garment
98 Primarindo Asia Infrastructure Tbk
X
Footwear
99 Sepatu Bata Tbk
S(22)
Footwear
106 Voksel Electric Tbk X
X Footwear 101 Jembo Cable Company Tbk X
Cable
102 Kabelindo Murni Tbk
X Cable 103 KMI Wire and Cable Tbk
X
Cable
104 Sucaco Tbk
X
Cable
105 Arthavest Tbk
S(23)
Cable
X Food and Beverages
No Nama Perusahaan Kriteria Kolom sampel Klasifikasi
X Pharmaceuticals 135 Schering Plough Indonesia Tbk
129 Darya-Varia Laboratoria Tbk
X Pharmaceuticals 130 Indofarma Tbk
X Pharmaceuticals 131 Kalbe Farma Tbk
X Pharmaceuticals 132 Kimia Farma Tbk
X
Pharmaceuticals
133 Merck Tbk
S(28)
Pharmaceuticals
134 Pyridam Farma Tbk
X Pharmaceuticals 136 Taisho Pharmaceutical Indonesia Tbk
X
X
Pharmaceuticals
137 Tempo Scan Pacific Tbk
X Pharmaceuticals 138 Mitra Adiperkasa Tbk
S(29)
Cosmetics and Household
139 Martina Berto Tbk
X
X Cosmetics and Household 140 Mustika Ratu Tbk
X Cosmetics and Household 141 Sara Lee Body Care Indonesia Tbk X
Tobacco Manufactures
128 HM Sampoerna Tbk
1
Food and Beverages
2
3
120 Sekar Bumi Tbk
X
X
Food and Beverages
121 Sekar Laut Tbk
X
Food and Beverages
122 Siantar Top Tbk
X Food and Beverages 123 Tiga Pilar Sejahtera Food Tbk
S(26)
124 Ultra Jaya Milk Tbk
Tobacco Manufactures
S(27)
Food and Beverages
125 BAT Indonesia
X
X
Tobacco Manufactures
126 Bentoel International Investama Tbk
X
Tobacco Manufactures
127 Gudang Garam Tbk
X
X Cosmetics and Household
Kolom Kriteria Klasifikasi sampel No Nama Perusahaan
1
2
3
142 Unilever Indonesia Tbk Cosmetics and Household S(30)
X Houseware
143 Kedaung Indah Can Tbk
X Houseware
144 Kedawung Setia Industri Tbk
X Houseware Sumbe
145 Langgeng Makmur Industri Tbk