Pengaruh Profitabilitas, Cash Position dan Keputusan Investasi Terhadap Kebijakan Dividen dengan Kebijakan Utang Sebagai Variabel Intervening
Lampran 1 : Daftar Populasi Perusahaan Manufaktur Tahun 2010– 2013
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Kode
INTP
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
BAJA
JKSW
JPRS
KRAS
LION
LMSH
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
AKKU
Nama
Indocement Tunggal Prakarsa Tbk
Holcim Indonesia Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
IntikeramikAlamasriIndustriTbk
Keramika Indonesia AssosiasiTbk
MuliaIndustrindoTbk
Surya Toto Indonesia Tbk
AlakasaIndustrindoTbk
Alumindo Light Metal Industry Tbk
BetonjayaManunggalTbk
Citra TubindoTbk
GunawanDian Jaya Steel Tbk
IndalAluminium Industry Tbk
Sarana Central Bajatama
Jakarta Kyoei Steel Works Tbk
Jaya Pari Steel Tbk
Krakatau Steel (Persero) Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
PelatTimah Nusantara Tbk
Pelangi Indah CanindoTbk
TembagaMuliaSemananTbk
Barito Pacific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara Tbk
Ekadharma International Tbk
Eterindo Wahanatama Tbk
Intanwijaya InternasionalTbk
Sorini Agro Asia CorporindoTbk
Indo AcidatamaTbk
Chandra Asri Petrochemical Tbk
Unggul Indah CahayaTbk
AlamKaryaUnggulTbk
Universitas Sumatera Utara
No
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
Kode
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
KBRI
SAIP
SPMA
TKIM
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
SMSM
ADMG
ARGO
CNTX
ERTX
HDTX
INDR
Nama
Argha Karya Prima Ind. Tbk
Asiaplast Industries Tbk
BerlinaTbk
Titan Kimia Nusantara Tbk
Champion Pacific Indonesia Tbk
Indopoly Swakarsa Industry Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias SentosaTbk
Yanaprima Hastapersada Tbk
Charoen Pokphand Indonesia Tbk
JAPFA Comfeed Indonesia Tbk
Malindo Feedmill Tbk
Sierad Produce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya WisesaTbk
Indah Kiat Pulp & Paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia Tbk
Surabaya Agung Industry Pulp Tbk
SuparmaTbk
Pabrik Kertas Tjiwi Kimia Tbk
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada ArahSarana Tbk
NipressTbk
Prima Alloy Steel Universal Tbk
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo PantesTbk
Centex Tbk
Eratex Djaja Tbk
Panasia Indo Resources Tbk
Indorama Synthetics Tbk
Universitas Sumatera Utara
No
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
Kode
KARW
MYTX
PAFI
PBRX
POLY
RICY
SSTM
TRIS
UNIT
UNTX
ESTI
STAR
TFCO
BATA
BIMA
SIMM
IKBI
JECC
KBLI
KBLM
SCCO
VOKS
PTSN
ADES
AISA
ALTO
CEKA
DAVO
DLTA
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
SKBM
SKLT
STTP
ULTJ
GGRM
HMSP
RMBA
Nama
Ictsi Jasa Prima Tbk
APAC Citra Centertex Tbk
Panasia Filament Inti Tbk
Pan Brothers Tbk
Asia Pacific Fibers Tbk. Tbk
Ricky Putra Globalindo Tbk
Sunson Textile Manufacturer Tbk
Trisula International Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Ever shine Textile Industry
Star Petrochem
Tifico Fiber Indonesia
Sepatu Bata Tbk
Primarindo Asia Infrastructure Tbk
Surya Intrindo Makmur Tbk
Sumi Indo KabelTbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk
Kabelindo Murni Tbk
Supreme Cable Manufacturing Corporation Tbk
Voksel Electric Tbk
Sat NusapersadaTbk
Akasha Wira International Tbk
TigaPilar Sejahtera Food Tbk
Tri Banyan TirtaTbk
Cahaya Kalbar Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
Prasidha Aneka Niaga Tbk
Nippon Indosari Corpindo Tbk
Sekar Bumi
SekarLaut Tbk
Siantar Top Tbk
Ultra Jaya Milk Industry Tbk
Gudang Garam Tbk
HM Sampoerna Tbk
Bentoel International InvestamaTbk
Universitas Sumatera Utara
No
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
Kode
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
SCPI
SQBB
TSPC
MBTO
MRAT
TCID
UNVR
KDSI
KICI
LMPI
Nama
Wiamil KInti Makmur
Darya-Varia LaboratoriaTbk
IndofarmaTbk
Kimia Farma (Persero) Tbk
Kalbe Farma Tbk
Merck Tbk
Pyridam Farma Tbk
Schering Plough Indonesia Tbk
Taisho Pharmaceutical Indonesia Tbk
Tempo Scan Pacific Tbk
Martina BertoTbk
Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
KedawungSetia Industrial Tbk
Kedaung Indah Can Tbk
Langgeng Makmur IndustriTbk
Universitas Sumatera Utara
Lampiran 2: Daftar Penentuan Sampel
No
Kode
Nama
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
INTP
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
BAJA
JKSW
JPRS
KRAS
LION
LMSH
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
Indocement Tunggal Prakarsa Tbk
Holcim Indonesia Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
IntikeramikAlamasriIndustriTbk
Keramika Indonesia AssosiasiTbk
MuliaIndustrindoTbk
Surya Toto Indonesia Tbk
AlakasaIndustrindoTbk
Alumindo Light Metal Industry Tbk
Beton JayaManunggalTbk
Citra TubindoTbk
GunawanDian Jaya Steel Tbk
IndalAluminium Industry Tbk
Sarana Central Bajatama
Jakarta Kyoei Steel Works Tbk
Jaya Pari Steel Tbk
Krakatau Steel (Persero) Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
PelatTimah Nusantara Tbk
Pelangi Indah CanindoTbk
TembagaMuliaSemananTbk
Barito Pacific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara Tbk
Ekadharma International Tbk
EterindoWahanatamaTbk
IntanwijayaInternasionalTbk
Sorini Agro Asia CorporindoTbk
Indo AcidatamaTbk
Chandra Asri Petrochemical Tbk
Unggul Indah Cahaya Tbk
Kriteria
1 2 3
√ √ √
√ ─ √
√ √ √
√ √ √
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ ─ ─
√ ─ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
1
2
3
4
5
6
7
8
Universitas Sumatera Utara
No
Kode
Nama
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
AKKU
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
56
KBRI
57
58
59
60
61
62
63
64
65
66
67
68
69
70
SAIP
SPMA
TKIM
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
Alam Karya Unggul Tbk
Argha Karya Prima Ind. Tbk
Asiaplast Industries Tbk
Berlina Tbk
Titan Kimia Nusantara Tbk
Champion Pacific Indonesia Tbk
Indopoly Swakarsa Industry Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias Sentosa Tbk
Yanaprima Hastapersada Tbk
Charoen Pokphand Indonesia Tbk
JAPFA Comfeed Indonesia Tbk
Malindo Feedmill Tbk
Sierad Produce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya Wisesa Tbk
Indah Kiat Pulp & Paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia
Tbk
Surabaya Agung Industry Pulp Tbk
Suparma Tbk
Pabrik Kertas Tjiwi Kimia Tbk
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada Arah Sarana Tbk
Nipress Tbk
Prima Alloy Steel Universal Tbk
Kriteria
1 2 3
√ √ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
9
10
11
12
√ √ ─
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
─
─
─
√
√
√
√
─
─
─
─
─
─
─
13
14
15
16
Universitas Sumatera Utara
No
Kode
Nama
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
SMSM
ADMG
ARGO
CNTX
ERTX
HDTX
INDR
KARW
MYTX
PAFI
PBRX
POLY
RICY
SSTM
TRIS
UNIT
UNTX
ESTI
STAR
TFCO
BATA
BIMA
SIMM
IKBI
JECC
KBLI
KBLM
98
SCCO
99
100
101
102
103
104
105
106
VOKS
PTSN
ADES
AISA
ALTO
CEKA
DAVO
DLTA
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo Pantes Tbk
Centex Tbk
Eratex Djaja Tbk
Panasia Indo Resources Tbk
Indorama Synthetics Tbk
Ictsi Jasa Prima Tbk
APAC Citra Centertex Tbk
Panasia Filament Inti Tbk
Pan Brothers Tbk
Asia Pacific Fibers Tbk. Tbk
Ricky Putra Globalindo Tbk
Sunson Textile Manufacturer Tbk
Trisula International Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Ever shine Textile Industry
Star Petrochem
Tifico Fiber indonesia
Sepatu Bata Tbk
Primarindo Asia Infrastructure Tbk
Surya Intrindo Makmur Tbk
Sumi Indo Kabel Tbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk Tbk
Kabelindo Murni Tbk
Supreme Cable Manufacturing
Corporation Tbk
Voksel Electric Tbk
Sat Nusapersada Tbk
Akasha Wira International Tbk Tbk
Tiga Pilar Sejahtera Food Tbk
Tri Banyan Tirta Tbk
Cahaya Kalbar Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Kriteria
1 2 3
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
17
18
√ √ √
19
√
√
√
√
√
√
√
√
20
√
√
√
─
─
√
√
√
─
─
─
─
─
─
─
√
Universitas Sumatera Utara
No
Kode
Nama
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
SKBM
SKLT
STTP
ULTJ
GGRM
HMSP
RMBA
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
SCPI
128
SQBB
129
130
131
132
133
134
135
136
TSPC
MBTO
MRAT
TCID
UNVR
KDSI
KICI
LMPI
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
Prasidha Aneka Niaga Tbk
Nippon Indosari Corpindo Tbk
Sekar Bumi
Sekar Laut Tbk
Siantar Top Tbk
Ultra Jaya Milk Industry Tbk
Gudang Garam Tbk
HM Sampoerna Tbk
Bentoel International Investama Tbk
WiamilK Inti Makmur
Darya-Varia Laboratoria Tbk
Indofarma Tbk
Kimia Farma (Persero) Tbk
Kalbe Farma Tbk
Merck Tbk
Pyridam Farma Tbk
Schering Plough Indonesia Tbk
Taisho Pharmaceutical Indonesia
Tbk
Tempo Scan Pacific Tbk
Martina Berto Tbk
Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
Kedawung Setia Industrial Tbk
Kedaung Indah Can Tbk
Langgeng Makmur Industri Tbk
Krieteria
1 2 3
√ √ ─
√ √ √
√ √ √
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ ─ ─
√ √ √
√ √ √
√ √ √
√ √ ─
√ √ ─
Sampel
21
22
23
24
25
26
27
28
√ √ √
29
√
√
√
√
√
√
√
√
30
√
√
√
─
√
√
─
√
√
─
√
─
√
─
─
─
31
32
Universitas Sumatera Utara
Lampiran 3: Daftar Sampel Perusahaan Manufaktur Tahun 2010 – 2013
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Kode
INTP
SMGR
AMFG
ARNA
TOTO
CTBN
EKAD
UNIC
BRNA
IGAR
TRST
MAIN
ASII
AUTO
BRAM
GDYR
SMSM
BATA
SCCO
DLTA
INDF
MLBI
MYOR
GGRM
DVLA
KAEF
KLBF
MERK
SQBB
TSPC
MRAT
UNVR
Nama
Indocement Tunggal Prakarsa Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
Surya Toto Indonesia Tbk
Citra TubindoTbk
Ekadharma International Tbk
Unggul Indah CahayaTbk
BerlinaTbk
Champion Pacific Indonesia Tbk
TriasSentosaTbk
MalindoFeedmillTbk
Astra International Tbk
Astra OtopartsTbk
Indo KordsaTbk
Goodyear Indonesia Tbk
SelamatSempurnaTbk
Sepatu Bata Tbk
Supreme Cable Manufacturing Corporation Tbk
Delta Djakarta Tbk
Indofood SuksesMakmurTbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
GudangGaramTbk
Darya-VariaLaboratoriaTbk
Kimia Farma (Persero) Tbk
Kalbe FarmaTbk
Merck Tbk
Taisho Pharmaceutical Indonesia Tbk
Tempo Scan Pacific Tbk
MustikaRatuTbk
Unilever Indonesia Tbk
Universitas Sumatera Utara
Lampiran 4: Daftar Return On Assets (ROA) Tahun 2010 – 2013
No
Kode
Nama
1
AMFG
Asahimas Flat Glass Tbk
2
ARNA
Arwana Citramulia Tbk
3
ASII
Astra International Tbk
4
AUTO
Astra Otoparts Tbk
5
BATA
Sepatu Bata Tbk
6
BRAM
Indo Kordsa Tbk
7
BRNA
8
Return On Assets (ROA)
2010
2011
2012
2013
0,2101
0,1984
0,2093
0,1961
0,3035
0,2589
0,2366
0,1739
0,1395
0,1252
0,1113
0,0956
0,0905
0,1154
0,1693
0,2094
0,1775
0,1633
0,1550
0,1355
0,0672
0,2942
0,1278
0,1396
Berlina Tbk
0,1282
0,1101
0,1322
0,3444
CTBN
Citra Tubindo Tbk
0,0130
0,1152
0,0066
0,0383
9
DLTA
Delta Djakarta Tbk
0,0689
0,0680
0,0707
0,1086
10
DVLA
Darya-Varia Laboratoria Tbk
0,1533
0,1556
0,1425
0,1113
11
EKAD
Ekadharma International Tbk
0,0674
0,0675
0,0281
0,0567
12
GDYR
Goodyear Indonesia Tbk
0,1862
0,1544
0,1680
0,1091
13
GGRM
Gudang Garam Tbk
0,1507
0,1373
0,1248
0,1042
14
IGAR
Champion Pacific Indonesia Tbk
0,2194
0,1582
0,1279
0,0839
15
INDF
Indofood Sukses Makmur Tbk
0,0970
0,0428
0,0981
0,0144
16
INTP
Indocement Tunggal Prakarsa Tbk
0,0581
0,0314
0,0539
0,0393
17
KAEF
Kimia Farma (Persero) Tbk
0,1545
0,1929
0,1863
0,2109
18
KLBF
Kalbe Farma Tbk
0,1259
0,1096
0,1208
0,0652
19
MAIN
Malindo Feedmill Tbk
0,0527
0,0754
0,1142
0,0568
20
MERK
Merck Tbk
0,2061
0,2179
0,2864
0,3120
21
MLBI
Multi Bintang Indonesia Tbk
0,0832
0,0913
0,0806
0,0438
22
MRAT
Mustika Ratu Tbk
0,3895
0,4156
0,3936
0,4322
23
MYOR
0,1136
0,0733
0,0897
0,0867
24
SCCO
0,1371
0,1268
0,0980
0,0863
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing Corporation
Tbk
Semen Indonesia (Persero) Tbk
0,1298
0,1303
0,1386
0,1057
26
SMSM
Selamat Sempurna Tbk
0,1078
0,1293
0,1306
0,0872
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,1911
0,1841
0,1885
0,1741
28
TOTO
Surya Toto Indonesia Tbk
0,2732
0,3956
0,1893
0,2517
29
TRST
Trias Sentosa Tbk
0,3895
0,4453
0,3895
0,3550
30
TSPC
Tempo Scan Pacific Tbk
0,1378
0,1380
0,1371
0,1175
31
UNIC
Unggul Indah Cahaya Tbk
0,0632
0,0660
0,0675
0,0233
32
UNVR
Unilever Indonesia Tbk
0,5268
0,3973
0,4038
0,7151
Universitas Sumatera Utara
Lampiran 5: Daftar Cash Position (CP) Tahun 2010 – 2013
No
Kode
Cash Position (CP)
Nama
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
1,4527
1,9060
2,1989
2,4138
2
ARNA
Arwana Citramulia Tbk
1,0014
0,8535
0,6254
0,7673
3
ASII
Astra International Tbk
1,6349
1,7414
1,8696
1,9656
4
AUTO
Astra Otoparts Tbk
1,7719
2,1890
2,1744
2,2389
5
BATA
Sepatu Bata Tbk
1,0501
1,4355
1,6906
1,9128
6
BRAM
Indo Kordsa Tbk
1,5180
1,2096
1,4131
1,3503
7
BRNA
Berlina Tbk
1,5111
1,3355
1,3495
1,5558
8
CTBN
Citra Tubindo Tbk
2,2844
2,1057
2,3172
2,3282
9
DLTA
Delta Djakarta Tbk
1,1940
1,2540
1,2159
1,5257
10
DVLA
Darya-Varia Laboratoria Tbk
2,0088
2,4918
2,1349
2,4685
11
EKAD
Ekadharma International Tbk
1,2330
1,6853
1,2860
1,4212
12
GDYR
Goodyear Indonesia Tbk
1,2167
1,4011
1,6221
1,5843
13
GGRM
Gudang Garam Tbk
1,1837
1,5534
1,8214
2,0480
14
IGAR
Champion Pacific Indonesia Tbk
1,3018
1,2349
1,1753
1,2479
15
INDF
Indofood Sukses Makmur Tbk
1,3713
1,2858
1,3994
1,4225
16
INTP
Indocement Tunggal Prakarsa Tbk
1,6874
1,5595
1,3070
1,8166
17
KAEF
Kimia Farma (Persero) Tbk
1,4247
1,5397
1,5795
1,4990
18
KLBF
Kalbe Farma Tbk
2,4041
1,9717
2,8042
2,3276
19
MAIN
Malindo Feedmill Tbk
1,6660
2,6341
2,4816
2,3229
20
MERK
Merck Tbk
1,7827
1,6259
1,3624
1,6036
21
MLBI
Multi Bintang Indonesia Tbk
2,8580
2,8633
2,7655
2,7860
22
MRAT
Mustika Ratu Tbk
1,3695
1,4750
1,5420
1,2424
23
MYOR
1,8016
1,7058
1,7995
1,7578
24
SCCO
Mayora Indah Tbk
Supreme Cable Manufacturing Corporation
Tbk
3,0129
2,6405
2,8440
2,6810
25
SMGR
Semen Indonesia (Persero) Tbk
2,2769
2,1212
1,9671
2,0804
26
SMSM
Selamat Sempurna Tbk
1,8157
0,8981
1,1272
1,3417
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
1,4719
1,4871
1,0322
1,1756
28
TOTO
Surya Toto Indonesia Tbk
1,7501
1,0976
1,3316
1,0501
29
TRST
Trias Sentosa Tbk
1,5634
1,3613
1,2674
1,2552
30
TSPC
Tempo Scan Pacific Tbk
2,8603
2,7487
2,5661
2,6585
31
UNIC
Unggul Indah Cahaya Tbk
2,3525
2,4705
2,5399
2,7115
32
UNVR
Unilever Indonesia Tbk
0,9388
0,8072
0,4746
0,4880
Universitas Sumatera Utara
Lampiran 6: Daftar Keputusan Investasi (PER) Tahun 2010 – 2013
No
Kode
Nama
1
AMFG
Asahimas Flat Glass Tbk
2
ARNA
Arwana Citramulia Tbk
3
ASII
Astra International Tbk
4
AUTO
Astra Otoparts Tbk
5
BATA
Sepatu Bata Tbk
6
BRAM
Indo Kordsa Tbk
7
BRNA
8
Price Earning Ratio (PER)
2010
2011
2012
2013
18,2067
17,4496
17,3607
14,6949
15,4278
17,3016
19,3955
15,6290
7,6055
8,4354
10,3927
8,9786
6,7332
6,9816
19,2375
25,6010
9,9687
11,3238
13,9615
16,1240
12,1277
5,2047
10,6142
7,6694
Berlina Tbk
4,6575
7,0511
6,7568
7,0144
CTBN
Citra Tubindo Tbk
9,7284
11,0400
48,3793
6,9601
9
DLTA
Delta Djakarta Tbk
5,8186
5,5771
8,8630
33,6538
10
DVLA
Darya-Varia Laboratoria Tbk
6,8583
9,0150
8,8464
0,1455
11
EKAD
Ekadharma International Tbk
5,5453
7,6053
15,7678
21,2947
12
GDYR
Goodyear Indonesia Tbk
1,2056
8,0925
13,2964
22,3073
13
GGRM
Gudang Garam Tbk
15,3723
16,8444
15,8422
14,1776
14
IGAR
Champion Pacific Indonesia Tbk
9,4268
11,8570
12,5594
17,4825
15
INDF
Indofood Sukses Makmur Tbk
8,0502
17,5970
6,1920
17,0934
16
INTP
Indocement Tunggal Prakarsa Tbk
7,6976
10,5218
7,8140
13,6993
17
KAEF
Kimia Farma (Persero) Tbk
10,2412
8,9297
13,5367
16,1320
18
KLBF
Kalbe Farma Tbk
14,4124
12,6291
11,2484
31,0577
19
MAIN
Malindo Feedmill Tbk
6,5974
5,8496
5,8075
8,6447
20
MERK
Merck Tbk
13,7692
11,7686
19,1329
23,0100
21
MLBI
Multi Bintang Indonesia Tbk
14,4960
13,1256
15,7508
23,1449
22
MRAT
Mustika Ratu Tbk
13,0797
14,9082
34,3882
20,1616
23
MYOR
17,0235
22,5778
20,5952
22,3209
24
SCCO
18,5621
24,3948
26,9887
18,6687
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
Semen Indonesia (Persero) Tbk
11,8182
10,6521
12,7115
19,5869
26
SMSM
Selamat Sempurna Tbk
6,3651
10,9926
20,4194
15,2731
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
26,0646
23,2956
37,2583
33,0688
28
TOTO
Surya Toto Indonesia Tbk
18,1961
12,8397
31,5821
24,1307
29
TRST
Trias Sentosa Tbk
10,5042
8,1055
9,5413
6,5084
30
TSPC
Tempo Scan Pacific Tbk
15,7401
19,6048
26,3904
23,0447
31
UNIC
Unggul Indah Cahaya Tbk
11,3935
8,2988
6,8198
18,1216
32
UNVR
Unilever Indonesia Tbk
37,1705
34,4537
32,8740
37,0624
Universitas Sumatera Utara
Lampiran 7: Daftar Kebijakan Utang (DER) Tahun 2010 – 2013
No
Kode
Debt to Equity Ratio (DER)
Nama
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
0,1717
0,1536
0,1718
0,1580
2
ARNA
Arwana Citramulia Tbk
0,2851
0,3453
0,4632
0,4123
3
ASII
Astra International Tbk
0,2874
0,2542
0,2679
0,2821
4
AUTO
Astra Otoparts Tbk
1,1208
0,7209
0,5498
0,4772
5
BATA
Sepatu Bata Tbk
0,7300
0,7613
0,6953
0,6861
6
BRAM
Indo Kordsa Tbk
1,4339
0,6948
0,8823
0,8167
7
BRNA
Berlina Tbk
0,7442
0,6092
0,6092
0,4455
8
CTBN
Citra Tubindo Tbk
0,8548
0,9634
0,7767
0,8515
9
DLTA
Delta Djakarta Tbk
1,6237
1,5302
1,5524
2,6783
10
DVLA
Darya-Varia Laboratoria Tbk
0,2258
0,2237
0,2905
0,3943
11
EKAD
Ekadharma International Tbk
0,6394
0,6077
0,6173
0,8616
12
GDYR
Goodyear Indonesia Tbk
2,7533
2,1478
1,6396
1,5675
13
GGRM
Gudang Garam Tbk
1,0985
1,0243
1,0295
1,0152
14
IGAR
Champion Pacific Indonesia Tbk
0,3840
0,4746
0,6192
0,3200
15
INDF
Indofood Sukses Makmur Tbk
0,2646
0,3814
0,3556
0,4634
16
INTP
Indocement Tunggal Prakarsa Tbk
1,7623
1,7727
1,3500
0,9750
17
KAEF
Kimia Farma (Persero) Tbk
0,9616
0,6953
0,6822
0,6896
18
KLBF
Kalbe Farma Tbk
0,4608
0,4575
0,4816
0,6080
19
MAIN
Malindo Feedmill Tbk
1,7216
1,8033
1,2734
1,4084
20
MERK
Merck Tbk
0,1995
0,2151
0,2459
0,2466
21
MLBI
Multi Bintang Indonesia Tbk
1,3359
0,6952
0,7375
1,0351
22
MRAT
Mustika Ratu Tbk
1,4127
1,3023
2,4926
1,2397
23
MYOR
1,1845
1,7220
1,7063
1,4659
24
SCCO
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
0,4445
0,5921
0,5602
0,7259
25
SMGR
Semen Indonesia (Persero) Tbk
0,3333
0,2753
0,2770
0,3010
26
SMSM
Selamat Sempurna Tbk
0,4877
0,4325
0,4478
0,5218
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,2346
0,2699
0,2776
0,3312
28
TOTO
Surya Toto Indonesia Tbk
0,1977
0,1825
0,3664
0,3606
29
TRST
Trias Sentosa Tbk
0,1895
0,1959
0,1942
0,2136
30
TSPC
Tempo Scan Pacific Tbk
0,3628
0,3954
0,3817
0,3652
31
UNIC
Unggul Indah Cahaya Tbk
0,1447
0,1787
0,1803
0,1636
32
UNVR
Unilever Indonesia Tbk
0,5216
0,1848
0,1433
2,1373
Universitas Sumatera Utara
Lampiran 8: Daftar Kebijakan Dividen (DPR) Tahun 2010 – 2012
No
Kode
Nama
Dividen Payout Ratio (DPR)
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
0,3002
0,2999
0,3480
0,6613
2
ARNA
Arwana Citramulia Tbk
0,5036
0,4587
0,4050
0,4502
3
ASII
Astra International Tbk
0,1049
0,1030
0,1002
0,1026
4
AUTO
Astra Otoparts Tbk
0,3483
0,3826
0,4692
0,4995
5
BATA
Sepatu Bata Tbk
0,1789
0,4530
0,4199
0,4188
6
BRAM
Indo Kordsa Tbk
0,4256
0,1410
0,5953
0,5655
7
BRNA
Berlina Tbk
0,2015
0,1218
0,1544
0,1619
8
CTBN
Citra Tubindo Tbk
0,1822
0,8545
0,9289
0,3790
9
DLTA
Delta Djakarta Tbk
0,3273
0,2836
0,2912
0,2635
10
DVLA
Darya-Varia Laboratoria Tbk
0,3266
0,2835
0,2475
0,2167
11
EKAD
Ekadharma International Tbk
0,3081
0,3900
0,3656
0,3471
12
GDYR
Goodyear Indonesia Tbk
0,1752
0,2064
0,2015
0,2038
13
GGRM
Gudang Garam Tbk
0,1324
0,4507
0,4503
0,4503
14
IGAR
Champion Pacific Indonesia Tbk
0,4601
0,3761
0,2953
0,5053
15
INDF
Indofood Sukses Makmur Tbk
0,3589
0,3600
0,3612
0,3628
16
INTP
Indocement Tunggal Prakarsa Tbk
0,2754
0,1945
0,1747
0,1678
17
KAEF
Kimia Farma (Persero) Tbk
0,4215
0,4280
0,4289
0,4280
18
KLBF
Kalbe Farma Tbk
0,2772
0,2828
0,5155
0,5780
19
MAIN
Malindo Feedmill Tbk
0,3045
0,3182
0,3028
0,3229
20
MERK
Merck Tbk
0,9591
0,9215
0,8629
0,9440
21
MLBI
Multi Bintang Indonesia Tbk
0,3955
0,4993
0,4981
0,4980
22
MRAT
Mustika Ratu Tbk
0,9663
0,9996
0,3230
0,4186
23
MYOR
0,2059
0,2060
0,3413
0,2316
24
SCCO
0,4084
0,3931
0,3835
0,3556
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
Semen Indonesia (Persero) Tbk
0,2779
0,3243
0,3949
0,4063
26
SMSM
Selamat Sempurna Tbk
0,2002
0,2001
0,1500
0,2501
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,5614
0,6509
0,6678
0,4497
28
TOTO
Surya Toto Indonesia Tbk
0,8430
0,8014
0,7418
0,7980
29
TRST
Trias Sentosa Tbk
0,9336
0,9119
0,9301
0,8590
30
TSPC
Tempo Scan Pacific Tbk
0,7688
0,6009
0,5313
0,5873
31
UNIC
Unggul Indah Cahaya Tbk
0,2000
0,5411
0,2301
0,2460
32
UNVR
Unilever Indonesia Tbk
0,8986
0,9192
0,6265
0,9329
Universitas Sumatera Utara
Lampiran 9: Tabel Jadwal Kegiatan Penelitian
2014
No
Daftar Kegiatan
1
Pembuatan dan
Pengajuan Proposal
2
Bimbingan Proposal
3
Kolokium
4
Bimbingan Tesis
5
Seminar Hasil
6
Sidang Akhir Tesis
JanOkt
Nov
2015
Des
Jan
Feb
Mar
Apr
Mei
Jun
Jul
Universitas Sumatera Utara
Ags
Lampiran 10: Hasil Olahan SPSS
Tabel 5.1. Descriptive Statistics
N
Profitabilitas
128
Cash Position
128
Keputusan Investasi 128
Kebijakan Utang 128
Kebijakan Dividen 128
Valid N (listwise) 128
Minimum
,0066
,4746
,1455
,1433
,1002
Maximum
,7151
3,0129
48,3793
2,7533
,9996
Mean
,161385
1,731205
15,210745
,729468
,432715
Std. Deviation
,1160315
,5774579
8,5458055
,5738477
,2367018
Tabel 5.2 Persamaan Regresi 1 (Pertama)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1 (Constant)
-,004 ,074
Profitabilitas
1,223 ,162
Cash Position
,077
,031
Keputusan Investasi ,007
,002
a. Dependent Variable: Kebijakan Dividen
Standardized
Coefficients
Beta
t
-,057
,600
7,536
,189
2,461
,250
3,537
Sig.
,955
,000
,015
,001
Tabel 5.3 Persamaan Regresi 2 (Kedua)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1 (Constant)
1,130 ,234
Profitabilitas
-,829 ,513
Cash Position
-,169 ,099
Keputusan Investasi ,002 ,006
Dependent Variable: Kebijakan Utang
Standardized
Coefficients
Beta
t
4,823
-,168
-1,617
-,170
-1,699
,024
,266
Sig.
,000
,108
,092
,791
Tabel 5.4 Persamaan Regresi 3 (Ketiga)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1
(Constant)
,505 ,033
Kebijakan Utang -,099 ,036
a. Dependent Variable: Kebijakan Dividen
Standardized
Coefficients
Beta
t
15,258
-,239
-2,761
Sig.
,000
,007
Universitas Sumatera Utara
Tabel 5.5 Uji Statistik – F (ANOVAb)
Sum of
Model
Squares
Df Mean Square F
Sig.
1 Regression 3,048
3
1,016
30,967 ,000a
Residual
4,068
124 ,033
Total
7,116
127
a. Predictors: (Constant), Keputusan Investasi, Cash Position, Profitabilitas
b. Dependent Variable: Kebijakan Dividen
Tabel 5.7 Koefisien Determinasi (Model Summaryb)
Model R
R Square Adjusted R Square Std. Error of the Estimate
1
,654a ,428
,414
,1811223
a. Predictors: (Constant), Keputusan Investasi, Cash Position, Profitabilitas
b. Dependent Variable: Kebijakan Dividen
Universitas Sumatera Utara
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Kode
INTP
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
BAJA
JKSW
JPRS
KRAS
LION
LMSH
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
AKKU
Nama
Indocement Tunggal Prakarsa Tbk
Holcim Indonesia Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
IntikeramikAlamasriIndustriTbk
Keramika Indonesia AssosiasiTbk
MuliaIndustrindoTbk
Surya Toto Indonesia Tbk
AlakasaIndustrindoTbk
Alumindo Light Metal Industry Tbk
BetonjayaManunggalTbk
Citra TubindoTbk
GunawanDian Jaya Steel Tbk
IndalAluminium Industry Tbk
Sarana Central Bajatama
Jakarta Kyoei Steel Works Tbk
Jaya Pari Steel Tbk
Krakatau Steel (Persero) Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
PelatTimah Nusantara Tbk
Pelangi Indah CanindoTbk
TembagaMuliaSemananTbk
Barito Pacific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara Tbk
Ekadharma International Tbk
Eterindo Wahanatama Tbk
Intanwijaya InternasionalTbk
Sorini Agro Asia CorporindoTbk
Indo AcidatamaTbk
Chandra Asri Petrochemical Tbk
Unggul Indah CahayaTbk
AlamKaryaUnggulTbk
Universitas Sumatera Utara
No
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
Kode
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
KBRI
SAIP
SPMA
TKIM
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
SMSM
ADMG
ARGO
CNTX
ERTX
HDTX
INDR
Nama
Argha Karya Prima Ind. Tbk
Asiaplast Industries Tbk
BerlinaTbk
Titan Kimia Nusantara Tbk
Champion Pacific Indonesia Tbk
Indopoly Swakarsa Industry Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias SentosaTbk
Yanaprima Hastapersada Tbk
Charoen Pokphand Indonesia Tbk
JAPFA Comfeed Indonesia Tbk
Malindo Feedmill Tbk
Sierad Produce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya WisesaTbk
Indah Kiat Pulp & Paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia Tbk
Surabaya Agung Industry Pulp Tbk
SuparmaTbk
Pabrik Kertas Tjiwi Kimia Tbk
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada ArahSarana Tbk
NipressTbk
Prima Alloy Steel Universal Tbk
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo PantesTbk
Centex Tbk
Eratex Djaja Tbk
Panasia Indo Resources Tbk
Indorama Synthetics Tbk
Universitas Sumatera Utara
No
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
Kode
KARW
MYTX
PAFI
PBRX
POLY
RICY
SSTM
TRIS
UNIT
UNTX
ESTI
STAR
TFCO
BATA
BIMA
SIMM
IKBI
JECC
KBLI
KBLM
SCCO
VOKS
PTSN
ADES
AISA
ALTO
CEKA
DAVO
DLTA
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
SKBM
SKLT
STTP
ULTJ
GGRM
HMSP
RMBA
Nama
Ictsi Jasa Prima Tbk
APAC Citra Centertex Tbk
Panasia Filament Inti Tbk
Pan Brothers Tbk
Asia Pacific Fibers Tbk. Tbk
Ricky Putra Globalindo Tbk
Sunson Textile Manufacturer Tbk
Trisula International Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Ever shine Textile Industry
Star Petrochem
Tifico Fiber Indonesia
Sepatu Bata Tbk
Primarindo Asia Infrastructure Tbk
Surya Intrindo Makmur Tbk
Sumi Indo KabelTbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk
Kabelindo Murni Tbk
Supreme Cable Manufacturing Corporation Tbk
Voksel Electric Tbk
Sat NusapersadaTbk
Akasha Wira International Tbk
TigaPilar Sejahtera Food Tbk
Tri Banyan TirtaTbk
Cahaya Kalbar Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
Prasidha Aneka Niaga Tbk
Nippon Indosari Corpindo Tbk
Sekar Bumi
SekarLaut Tbk
Siantar Top Tbk
Ultra Jaya Milk Industry Tbk
Gudang Garam Tbk
HM Sampoerna Tbk
Bentoel International InvestamaTbk
Universitas Sumatera Utara
No
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
Kode
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
SCPI
SQBB
TSPC
MBTO
MRAT
TCID
UNVR
KDSI
KICI
LMPI
Nama
Wiamil KInti Makmur
Darya-Varia LaboratoriaTbk
IndofarmaTbk
Kimia Farma (Persero) Tbk
Kalbe Farma Tbk
Merck Tbk
Pyridam Farma Tbk
Schering Plough Indonesia Tbk
Taisho Pharmaceutical Indonesia Tbk
Tempo Scan Pacific Tbk
Martina BertoTbk
Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
KedawungSetia Industrial Tbk
Kedaung Indah Can Tbk
Langgeng Makmur IndustriTbk
Universitas Sumatera Utara
Lampiran 2: Daftar Penentuan Sampel
No
Kode
Nama
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
INTP
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST
INAI
BAJA
JKSW
JPRS
KRAS
LION
LMSH
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN
TPIA
UNIC
Indocement Tunggal Prakarsa Tbk
Holcim Indonesia Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
IntikeramikAlamasriIndustriTbk
Keramika Indonesia AssosiasiTbk
MuliaIndustrindoTbk
Surya Toto Indonesia Tbk
AlakasaIndustrindoTbk
Alumindo Light Metal Industry Tbk
Beton JayaManunggalTbk
Citra TubindoTbk
GunawanDian Jaya Steel Tbk
IndalAluminium Industry Tbk
Sarana Central Bajatama
Jakarta Kyoei Steel Works Tbk
Jaya Pari Steel Tbk
Krakatau Steel (Persero) Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
PelatTimah Nusantara Tbk
Pelangi Indah CanindoTbk
TembagaMuliaSemananTbk
Barito Pacific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara Tbk
Ekadharma International Tbk
EterindoWahanatamaTbk
IntanwijayaInternasionalTbk
Sorini Agro Asia CorporindoTbk
Indo AcidatamaTbk
Chandra Asri Petrochemical Tbk
Unggul Indah Cahaya Tbk
Kriteria
1 2 3
√ √ √
√ ─ √
√ √ √
√ √ √
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ ─ ─
√ ─ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
1
2
3
4
5
6
7
8
Universitas Sumatera Utara
No
Kode
Nama
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
AKKU
AKPI
APLI
BRNA
FPNI
IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
56
KBRI
57
58
59
60
61
62
63
64
65
66
67
68
69
70
SAIP
SPMA
TKIM
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
Alam Karya Unggul Tbk
Argha Karya Prima Ind. Tbk
Asiaplast Industries Tbk
Berlina Tbk
Titan Kimia Nusantara Tbk
Champion Pacific Indonesia Tbk
Indopoly Swakarsa Industry Tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias Sentosa Tbk
Yanaprima Hastapersada Tbk
Charoen Pokphand Indonesia Tbk
JAPFA Comfeed Indonesia Tbk
Malindo Feedmill Tbk
Sierad Produce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya Wisesa Tbk
Indah Kiat Pulp & Paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia
Tbk
Surabaya Agung Industry Pulp Tbk
Suparma Tbk
Pabrik Kertas Tjiwi Kimia Tbk
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada Arah Sarana Tbk
Nipress Tbk
Prima Alloy Steel Universal Tbk
Kriteria
1 2 3
√ √ ─
√ √ ─
√ ─ ─
√ √ √
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
9
10
11
12
√ √ ─
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
─
─
─
√
√
√
√
─
─
─
─
─
─
─
13
14
15
16
Universitas Sumatera Utara
No
Kode
Nama
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
SMSM
ADMG
ARGO
CNTX
ERTX
HDTX
INDR
KARW
MYTX
PAFI
PBRX
POLY
RICY
SSTM
TRIS
UNIT
UNTX
ESTI
STAR
TFCO
BATA
BIMA
SIMM
IKBI
JECC
KBLI
KBLM
98
SCCO
99
100
101
102
103
104
105
106
VOKS
PTSN
ADES
AISA
ALTO
CEKA
DAVO
DLTA
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo Pantes Tbk
Centex Tbk
Eratex Djaja Tbk
Panasia Indo Resources Tbk
Indorama Synthetics Tbk
Ictsi Jasa Prima Tbk
APAC Citra Centertex Tbk
Panasia Filament Inti Tbk
Pan Brothers Tbk
Asia Pacific Fibers Tbk. Tbk
Ricky Putra Globalindo Tbk
Sunson Textile Manufacturer Tbk
Trisula International Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Ever shine Textile Industry
Star Petrochem
Tifico Fiber indonesia
Sepatu Bata Tbk
Primarindo Asia Infrastructure Tbk
Surya Intrindo Makmur Tbk
Sumi Indo Kabel Tbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk Tbk
Kabelindo Murni Tbk
Supreme Cable Manufacturing
Corporation Tbk
Voksel Electric Tbk
Sat Nusapersada Tbk
Akasha Wira International Tbk Tbk
Tiga Pilar Sejahtera Food Tbk
Tri Banyan Tirta Tbk
Cahaya Kalbar Tbk
Davomas Abadi Tbk
Delta Djakarta Tbk
Kriteria
1 2 3
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
√ √ ─
Sampel
17
18
√ √ √
19
√
√
√
√
√
√
√
√
20
√
√
√
─
─
√
√
√
─
─
─
─
─
─
─
√
Universitas Sumatera Utara
No
Kode
Nama
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
ICBP
INDF
MLBI
MYOR
PSDN
ROTI
SKBM
SKLT
STTP
ULTJ
GGRM
HMSP
RMBA
WIIM
DVLA
INAF
KAEF
KLBF
MERK
PYFA
SCPI
128
SQBB
129
130
131
132
133
134
135
136
TSPC
MBTO
MRAT
TCID
UNVR
KDSI
KICI
LMPI
Indofood CBP Sukses Makmur Tbk
Indofood Sukses Makmur Tbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
Prasidha Aneka Niaga Tbk
Nippon Indosari Corpindo Tbk
Sekar Bumi
Sekar Laut Tbk
Siantar Top Tbk
Ultra Jaya Milk Industry Tbk
Gudang Garam Tbk
HM Sampoerna Tbk
Bentoel International Investama Tbk
WiamilK Inti Makmur
Darya-Varia Laboratoria Tbk
Indofarma Tbk
Kimia Farma (Persero) Tbk
Kalbe Farma Tbk
Merck Tbk
Pyridam Farma Tbk
Schering Plough Indonesia Tbk
Taisho Pharmaceutical Indonesia
Tbk
Tempo Scan Pacific Tbk
Martina Berto Tbk
Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
Kedawung Setia Industrial Tbk
Kedaung Indah Can Tbk
Langgeng Makmur Industri Tbk
Krieteria
1 2 3
√ √ ─
√ √ √
√ √ √
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ ─
√ √ ─
√ √ ─
√ √ √
√ ─ ─
√ √ ─
√ ─ ─
√ √ √
√ ─ ─
√ √ √
√ √ √
√ √ √
√ √ ─
√ √ ─
Sampel
21
22
23
24
25
26
27
28
√ √ √
29
√
√
√
√
√
√
√
√
30
√
√
√
─
√
√
─
√
√
─
√
─
√
─
─
─
31
32
Universitas Sumatera Utara
Lampiran 3: Daftar Sampel Perusahaan Manufaktur Tahun 2010 – 2013
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Kode
INTP
SMGR
AMFG
ARNA
TOTO
CTBN
EKAD
UNIC
BRNA
IGAR
TRST
MAIN
ASII
AUTO
BRAM
GDYR
SMSM
BATA
SCCO
DLTA
INDF
MLBI
MYOR
GGRM
DVLA
KAEF
KLBF
MERK
SQBB
TSPC
MRAT
UNVR
Nama
Indocement Tunggal Prakarsa Tbk
Semen Indonesia (Persero) Tbk
Asahimas Flat Glass Tbk
ArwanaCitramuliaTbk
Surya Toto Indonesia Tbk
Citra TubindoTbk
Ekadharma International Tbk
Unggul Indah CahayaTbk
BerlinaTbk
Champion Pacific Indonesia Tbk
TriasSentosaTbk
MalindoFeedmillTbk
Astra International Tbk
Astra OtopartsTbk
Indo KordsaTbk
Goodyear Indonesia Tbk
SelamatSempurnaTbk
Sepatu Bata Tbk
Supreme Cable Manufacturing Corporation Tbk
Delta Djakarta Tbk
Indofood SuksesMakmurTbk
Multi Bintang Indonesia Tbk
Mayora Indah Tbk
GudangGaramTbk
Darya-VariaLaboratoriaTbk
Kimia Farma (Persero) Tbk
Kalbe FarmaTbk
Merck Tbk
Taisho Pharmaceutical Indonesia Tbk
Tempo Scan Pacific Tbk
MustikaRatuTbk
Unilever Indonesia Tbk
Universitas Sumatera Utara
Lampiran 4: Daftar Return On Assets (ROA) Tahun 2010 – 2013
No
Kode
Nama
1
AMFG
Asahimas Flat Glass Tbk
2
ARNA
Arwana Citramulia Tbk
3
ASII
Astra International Tbk
4
AUTO
Astra Otoparts Tbk
5
BATA
Sepatu Bata Tbk
6
BRAM
Indo Kordsa Tbk
7
BRNA
8
Return On Assets (ROA)
2010
2011
2012
2013
0,2101
0,1984
0,2093
0,1961
0,3035
0,2589
0,2366
0,1739
0,1395
0,1252
0,1113
0,0956
0,0905
0,1154
0,1693
0,2094
0,1775
0,1633
0,1550
0,1355
0,0672
0,2942
0,1278
0,1396
Berlina Tbk
0,1282
0,1101
0,1322
0,3444
CTBN
Citra Tubindo Tbk
0,0130
0,1152
0,0066
0,0383
9
DLTA
Delta Djakarta Tbk
0,0689
0,0680
0,0707
0,1086
10
DVLA
Darya-Varia Laboratoria Tbk
0,1533
0,1556
0,1425
0,1113
11
EKAD
Ekadharma International Tbk
0,0674
0,0675
0,0281
0,0567
12
GDYR
Goodyear Indonesia Tbk
0,1862
0,1544
0,1680
0,1091
13
GGRM
Gudang Garam Tbk
0,1507
0,1373
0,1248
0,1042
14
IGAR
Champion Pacific Indonesia Tbk
0,2194
0,1582
0,1279
0,0839
15
INDF
Indofood Sukses Makmur Tbk
0,0970
0,0428
0,0981
0,0144
16
INTP
Indocement Tunggal Prakarsa Tbk
0,0581
0,0314
0,0539
0,0393
17
KAEF
Kimia Farma (Persero) Tbk
0,1545
0,1929
0,1863
0,2109
18
KLBF
Kalbe Farma Tbk
0,1259
0,1096
0,1208
0,0652
19
MAIN
Malindo Feedmill Tbk
0,0527
0,0754
0,1142
0,0568
20
MERK
Merck Tbk
0,2061
0,2179
0,2864
0,3120
21
MLBI
Multi Bintang Indonesia Tbk
0,0832
0,0913
0,0806
0,0438
22
MRAT
Mustika Ratu Tbk
0,3895
0,4156
0,3936
0,4322
23
MYOR
0,1136
0,0733
0,0897
0,0867
24
SCCO
0,1371
0,1268
0,0980
0,0863
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing Corporation
Tbk
Semen Indonesia (Persero) Tbk
0,1298
0,1303
0,1386
0,1057
26
SMSM
Selamat Sempurna Tbk
0,1078
0,1293
0,1306
0,0872
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,1911
0,1841
0,1885
0,1741
28
TOTO
Surya Toto Indonesia Tbk
0,2732
0,3956
0,1893
0,2517
29
TRST
Trias Sentosa Tbk
0,3895
0,4453
0,3895
0,3550
30
TSPC
Tempo Scan Pacific Tbk
0,1378
0,1380
0,1371
0,1175
31
UNIC
Unggul Indah Cahaya Tbk
0,0632
0,0660
0,0675
0,0233
32
UNVR
Unilever Indonesia Tbk
0,5268
0,3973
0,4038
0,7151
Universitas Sumatera Utara
Lampiran 5: Daftar Cash Position (CP) Tahun 2010 – 2013
No
Kode
Cash Position (CP)
Nama
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
1,4527
1,9060
2,1989
2,4138
2
ARNA
Arwana Citramulia Tbk
1,0014
0,8535
0,6254
0,7673
3
ASII
Astra International Tbk
1,6349
1,7414
1,8696
1,9656
4
AUTO
Astra Otoparts Tbk
1,7719
2,1890
2,1744
2,2389
5
BATA
Sepatu Bata Tbk
1,0501
1,4355
1,6906
1,9128
6
BRAM
Indo Kordsa Tbk
1,5180
1,2096
1,4131
1,3503
7
BRNA
Berlina Tbk
1,5111
1,3355
1,3495
1,5558
8
CTBN
Citra Tubindo Tbk
2,2844
2,1057
2,3172
2,3282
9
DLTA
Delta Djakarta Tbk
1,1940
1,2540
1,2159
1,5257
10
DVLA
Darya-Varia Laboratoria Tbk
2,0088
2,4918
2,1349
2,4685
11
EKAD
Ekadharma International Tbk
1,2330
1,6853
1,2860
1,4212
12
GDYR
Goodyear Indonesia Tbk
1,2167
1,4011
1,6221
1,5843
13
GGRM
Gudang Garam Tbk
1,1837
1,5534
1,8214
2,0480
14
IGAR
Champion Pacific Indonesia Tbk
1,3018
1,2349
1,1753
1,2479
15
INDF
Indofood Sukses Makmur Tbk
1,3713
1,2858
1,3994
1,4225
16
INTP
Indocement Tunggal Prakarsa Tbk
1,6874
1,5595
1,3070
1,8166
17
KAEF
Kimia Farma (Persero) Tbk
1,4247
1,5397
1,5795
1,4990
18
KLBF
Kalbe Farma Tbk
2,4041
1,9717
2,8042
2,3276
19
MAIN
Malindo Feedmill Tbk
1,6660
2,6341
2,4816
2,3229
20
MERK
Merck Tbk
1,7827
1,6259
1,3624
1,6036
21
MLBI
Multi Bintang Indonesia Tbk
2,8580
2,8633
2,7655
2,7860
22
MRAT
Mustika Ratu Tbk
1,3695
1,4750
1,5420
1,2424
23
MYOR
1,8016
1,7058
1,7995
1,7578
24
SCCO
Mayora Indah Tbk
Supreme Cable Manufacturing Corporation
Tbk
3,0129
2,6405
2,8440
2,6810
25
SMGR
Semen Indonesia (Persero) Tbk
2,2769
2,1212
1,9671
2,0804
26
SMSM
Selamat Sempurna Tbk
1,8157
0,8981
1,1272
1,3417
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
1,4719
1,4871
1,0322
1,1756
28
TOTO
Surya Toto Indonesia Tbk
1,7501
1,0976
1,3316
1,0501
29
TRST
Trias Sentosa Tbk
1,5634
1,3613
1,2674
1,2552
30
TSPC
Tempo Scan Pacific Tbk
2,8603
2,7487
2,5661
2,6585
31
UNIC
Unggul Indah Cahaya Tbk
2,3525
2,4705
2,5399
2,7115
32
UNVR
Unilever Indonesia Tbk
0,9388
0,8072
0,4746
0,4880
Universitas Sumatera Utara
Lampiran 6: Daftar Keputusan Investasi (PER) Tahun 2010 – 2013
No
Kode
Nama
1
AMFG
Asahimas Flat Glass Tbk
2
ARNA
Arwana Citramulia Tbk
3
ASII
Astra International Tbk
4
AUTO
Astra Otoparts Tbk
5
BATA
Sepatu Bata Tbk
6
BRAM
Indo Kordsa Tbk
7
BRNA
8
Price Earning Ratio (PER)
2010
2011
2012
2013
18,2067
17,4496
17,3607
14,6949
15,4278
17,3016
19,3955
15,6290
7,6055
8,4354
10,3927
8,9786
6,7332
6,9816
19,2375
25,6010
9,9687
11,3238
13,9615
16,1240
12,1277
5,2047
10,6142
7,6694
Berlina Tbk
4,6575
7,0511
6,7568
7,0144
CTBN
Citra Tubindo Tbk
9,7284
11,0400
48,3793
6,9601
9
DLTA
Delta Djakarta Tbk
5,8186
5,5771
8,8630
33,6538
10
DVLA
Darya-Varia Laboratoria Tbk
6,8583
9,0150
8,8464
0,1455
11
EKAD
Ekadharma International Tbk
5,5453
7,6053
15,7678
21,2947
12
GDYR
Goodyear Indonesia Tbk
1,2056
8,0925
13,2964
22,3073
13
GGRM
Gudang Garam Tbk
15,3723
16,8444
15,8422
14,1776
14
IGAR
Champion Pacific Indonesia Tbk
9,4268
11,8570
12,5594
17,4825
15
INDF
Indofood Sukses Makmur Tbk
8,0502
17,5970
6,1920
17,0934
16
INTP
Indocement Tunggal Prakarsa Tbk
7,6976
10,5218
7,8140
13,6993
17
KAEF
Kimia Farma (Persero) Tbk
10,2412
8,9297
13,5367
16,1320
18
KLBF
Kalbe Farma Tbk
14,4124
12,6291
11,2484
31,0577
19
MAIN
Malindo Feedmill Tbk
6,5974
5,8496
5,8075
8,6447
20
MERK
Merck Tbk
13,7692
11,7686
19,1329
23,0100
21
MLBI
Multi Bintang Indonesia Tbk
14,4960
13,1256
15,7508
23,1449
22
MRAT
Mustika Ratu Tbk
13,0797
14,9082
34,3882
20,1616
23
MYOR
17,0235
22,5778
20,5952
22,3209
24
SCCO
18,5621
24,3948
26,9887
18,6687
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
Semen Indonesia (Persero) Tbk
11,8182
10,6521
12,7115
19,5869
26
SMSM
Selamat Sempurna Tbk
6,3651
10,9926
20,4194
15,2731
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
26,0646
23,2956
37,2583
33,0688
28
TOTO
Surya Toto Indonesia Tbk
18,1961
12,8397
31,5821
24,1307
29
TRST
Trias Sentosa Tbk
10,5042
8,1055
9,5413
6,5084
30
TSPC
Tempo Scan Pacific Tbk
15,7401
19,6048
26,3904
23,0447
31
UNIC
Unggul Indah Cahaya Tbk
11,3935
8,2988
6,8198
18,1216
32
UNVR
Unilever Indonesia Tbk
37,1705
34,4537
32,8740
37,0624
Universitas Sumatera Utara
Lampiran 7: Daftar Kebijakan Utang (DER) Tahun 2010 – 2013
No
Kode
Debt to Equity Ratio (DER)
Nama
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
0,1717
0,1536
0,1718
0,1580
2
ARNA
Arwana Citramulia Tbk
0,2851
0,3453
0,4632
0,4123
3
ASII
Astra International Tbk
0,2874
0,2542
0,2679
0,2821
4
AUTO
Astra Otoparts Tbk
1,1208
0,7209
0,5498
0,4772
5
BATA
Sepatu Bata Tbk
0,7300
0,7613
0,6953
0,6861
6
BRAM
Indo Kordsa Tbk
1,4339
0,6948
0,8823
0,8167
7
BRNA
Berlina Tbk
0,7442
0,6092
0,6092
0,4455
8
CTBN
Citra Tubindo Tbk
0,8548
0,9634
0,7767
0,8515
9
DLTA
Delta Djakarta Tbk
1,6237
1,5302
1,5524
2,6783
10
DVLA
Darya-Varia Laboratoria Tbk
0,2258
0,2237
0,2905
0,3943
11
EKAD
Ekadharma International Tbk
0,6394
0,6077
0,6173
0,8616
12
GDYR
Goodyear Indonesia Tbk
2,7533
2,1478
1,6396
1,5675
13
GGRM
Gudang Garam Tbk
1,0985
1,0243
1,0295
1,0152
14
IGAR
Champion Pacific Indonesia Tbk
0,3840
0,4746
0,6192
0,3200
15
INDF
Indofood Sukses Makmur Tbk
0,2646
0,3814
0,3556
0,4634
16
INTP
Indocement Tunggal Prakarsa Tbk
1,7623
1,7727
1,3500
0,9750
17
KAEF
Kimia Farma (Persero) Tbk
0,9616
0,6953
0,6822
0,6896
18
KLBF
Kalbe Farma Tbk
0,4608
0,4575
0,4816
0,6080
19
MAIN
Malindo Feedmill Tbk
1,7216
1,8033
1,2734
1,4084
20
MERK
Merck Tbk
0,1995
0,2151
0,2459
0,2466
21
MLBI
Multi Bintang Indonesia Tbk
1,3359
0,6952
0,7375
1,0351
22
MRAT
Mustika Ratu Tbk
1,4127
1,3023
2,4926
1,2397
23
MYOR
1,1845
1,7220
1,7063
1,4659
24
SCCO
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
0,4445
0,5921
0,5602
0,7259
25
SMGR
Semen Indonesia (Persero) Tbk
0,3333
0,2753
0,2770
0,3010
26
SMSM
Selamat Sempurna Tbk
0,4877
0,4325
0,4478
0,5218
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,2346
0,2699
0,2776
0,3312
28
TOTO
Surya Toto Indonesia Tbk
0,1977
0,1825
0,3664
0,3606
29
TRST
Trias Sentosa Tbk
0,1895
0,1959
0,1942
0,2136
30
TSPC
Tempo Scan Pacific Tbk
0,3628
0,3954
0,3817
0,3652
31
UNIC
Unggul Indah Cahaya Tbk
0,1447
0,1787
0,1803
0,1636
32
UNVR
Unilever Indonesia Tbk
0,5216
0,1848
0,1433
2,1373
Universitas Sumatera Utara
Lampiran 8: Daftar Kebijakan Dividen (DPR) Tahun 2010 – 2012
No
Kode
Nama
Dividen Payout Ratio (DPR)
2010
2011
2012
2013
1
AMFG
Asahimas Flat Glass Tbk
0,3002
0,2999
0,3480
0,6613
2
ARNA
Arwana Citramulia Tbk
0,5036
0,4587
0,4050
0,4502
3
ASII
Astra International Tbk
0,1049
0,1030
0,1002
0,1026
4
AUTO
Astra Otoparts Tbk
0,3483
0,3826
0,4692
0,4995
5
BATA
Sepatu Bata Tbk
0,1789
0,4530
0,4199
0,4188
6
BRAM
Indo Kordsa Tbk
0,4256
0,1410
0,5953
0,5655
7
BRNA
Berlina Tbk
0,2015
0,1218
0,1544
0,1619
8
CTBN
Citra Tubindo Tbk
0,1822
0,8545
0,9289
0,3790
9
DLTA
Delta Djakarta Tbk
0,3273
0,2836
0,2912
0,2635
10
DVLA
Darya-Varia Laboratoria Tbk
0,3266
0,2835
0,2475
0,2167
11
EKAD
Ekadharma International Tbk
0,3081
0,3900
0,3656
0,3471
12
GDYR
Goodyear Indonesia Tbk
0,1752
0,2064
0,2015
0,2038
13
GGRM
Gudang Garam Tbk
0,1324
0,4507
0,4503
0,4503
14
IGAR
Champion Pacific Indonesia Tbk
0,4601
0,3761
0,2953
0,5053
15
INDF
Indofood Sukses Makmur Tbk
0,3589
0,3600
0,3612
0,3628
16
INTP
Indocement Tunggal Prakarsa Tbk
0,2754
0,1945
0,1747
0,1678
17
KAEF
Kimia Farma (Persero) Tbk
0,4215
0,4280
0,4289
0,4280
18
KLBF
Kalbe Farma Tbk
0,2772
0,2828
0,5155
0,5780
19
MAIN
Malindo Feedmill Tbk
0,3045
0,3182
0,3028
0,3229
20
MERK
Merck Tbk
0,9591
0,9215
0,8629
0,9440
21
MLBI
Multi Bintang Indonesia Tbk
0,3955
0,4993
0,4981
0,4980
22
MRAT
Mustika Ratu Tbk
0,9663
0,9996
0,3230
0,4186
23
MYOR
0,2059
0,2060
0,3413
0,2316
24
SCCO
0,4084
0,3931
0,3835
0,3556
25
SMGR
Mayora Indah Tbk
Supreme Cable Manufacturing
Corporation Tbk
Semen Indonesia (Persero) Tbk
0,2779
0,3243
0,3949
0,4063
26
SMSM
Selamat Sempurna Tbk
0,2002
0,2001
0,1500
0,2501
27
SQBB
Taisho Pharmaceutical Indonesia Tbk
0,5614
0,6509
0,6678
0,4497
28
TOTO
Surya Toto Indonesia Tbk
0,8430
0,8014
0,7418
0,7980
29
TRST
Trias Sentosa Tbk
0,9336
0,9119
0,9301
0,8590
30
TSPC
Tempo Scan Pacific Tbk
0,7688
0,6009
0,5313
0,5873
31
UNIC
Unggul Indah Cahaya Tbk
0,2000
0,5411
0,2301
0,2460
32
UNVR
Unilever Indonesia Tbk
0,8986
0,9192
0,6265
0,9329
Universitas Sumatera Utara
Lampiran 9: Tabel Jadwal Kegiatan Penelitian
2014
No
Daftar Kegiatan
1
Pembuatan dan
Pengajuan Proposal
2
Bimbingan Proposal
3
Kolokium
4
Bimbingan Tesis
5
Seminar Hasil
6
Sidang Akhir Tesis
JanOkt
Nov
2015
Des
Jan
Feb
Mar
Apr
Mei
Jun
Jul
Universitas Sumatera Utara
Ags
Lampiran 10: Hasil Olahan SPSS
Tabel 5.1. Descriptive Statistics
N
Profitabilitas
128
Cash Position
128
Keputusan Investasi 128
Kebijakan Utang 128
Kebijakan Dividen 128
Valid N (listwise) 128
Minimum
,0066
,4746
,1455
,1433
,1002
Maximum
,7151
3,0129
48,3793
2,7533
,9996
Mean
,161385
1,731205
15,210745
,729468
,432715
Std. Deviation
,1160315
,5774579
8,5458055
,5738477
,2367018
Tabel 5.2 Persamaan Regresi 1 (Pertama)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1 (Constant)
-,004 ,074
Profitabilitas
1,223 ,162
Cash Position
,077
,031
Keputusan Investasi ,007
,002
a. Dependent Variable: Kebijakan Dividen
Standardized
Coefficients
Beta
t
-,057
,600
7,536
,189
2,461
,250
3,537
Sig.
,955
,000
,015
,001
Tabel 5.3 Persamaan Regresi 2 (Kedua)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1 (Constant)
1,130 ,234
Profitabilitas
-,829 ,513
Cash Position
-,169 ,099
Keputusan Investasi ,002 ,006
Dependent Variable: Kebijakan Utang
Standardized
Coefficients
Beta
t
4,823
-,168
-1,617
-,170
-1,699
,024
,266
Sig.
,000
,108
,092
,791
Tabel 5.4 Persamaan Regresi 3 (Ketiga)
Coefficienta
Unstandardized
Coefficients
Model
B
Std. Error
1
(Constant)
,505 ,033
Kebijakan Utang -,099 ,036
a. Dependent Variable: Kebijakan Dividen
Standardized
Coefficients
Beta
t
15,258
-,239
-2,761
Sig.
,000
,007
Universitas Sumatera Utara
Tabel 5.5 Uji Statistik – F (ANOVAb)
Sum of
Model
Squares
Df Mean Square F
Sig.
1 Regression 3,048
3
1,016
30,967 ,000a
Residual
4,068
124 ,033
Total
7,116
127
a. Predictors: (Constant), Keputusan Investasi, Cash Position, Profitabilitas
b. Dependent Variable: Kebijakan Dividen
Tabel 5.7 Koefisien Determinasi (Model Summaryb)
Model R
R Square Adjusted R Square Std. Error of the Estimate
1
,654a ,428
,414
,1811223
a. Predictors: (Constant), Keputusan Investasi, Cash Position, Profitabilitas
b. Dependent Variable: Kebijakan Dividen
Universitas Sumatera Utara