DAFTAR TABEL
Tabel 1
Penelitian Terdahulu Tahun
No.
Nama Peneliti
Hasil Penelitian Penelitian Kepemilikan institusional berpengaruh terhadap kebijakan utang sedangkan
1
Rizka dan Ratih
2009
dividen dan pertumbuhan perusahaan tidak memiliki pengaruh terhadap kebijakan utang. kepemilikan institusional dan dividen
2
Eva
2011
memiliki pengaruh yang simultan terhadap kebijakan utang perusahaan. kepemilikan institusional memiliki pengaruh yang signifikan terhadap
3
Wahyuning
2007 kebijakan utang dan kenaikan dividen akan meningkatkan utang perusahaan. ukuran perusahaan memiliki pengaruh
4
Muhamad Faisal
2004
yang positif terhadap kebijakan utang perusahaan.
Sumber: Data sekunder yang diolah, 2013 57
Tabel 2
Jumlah Sampel dalam Penelitian
No. 1.
Keterangan
Jumlah Perusahaan (Emiten)
Saham LQ-45 yang terdaftar di BEI dan
29
kontinyu periode Februari 2010 – Januari 2013. 2.
Saham-saham yang tidak kontinyu dan
42
baru dalam saham LQ-45 periode Februati 2010 – Januari 2013. 3.
Saham yang tidak memiliki laporan
(20)
keuangan lengkap Sampel Penelitian 4
51
Kurun waktu penelitian
3 tahun
Total Sampel Penelitian
153
Sumber: data sekunder yang diolah, 2013
58
Tabel 3
Tabel Uji Normalitas One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N Normal Parameters
153 a,,b
Mean
.0000000
Std. Deviation Most Extreme Differences
22.50288652
Absolute
.087
Positive
.087
Negative
-.083
Kolmogorov-Smirnov Z
1.072
Asymp. Sig. (2-tailed)
.200
a. Test distribution is Normal. b. Calculated from data.
Sumber: Data sekunder yang diolah, 2014
59
Tabel 4
Tabel Uji Multikolinearitas Coefficients
a
Standardized Unstandardized Coefficients Coefficients Model 1
B (Constant)
Std. Error
Beta
46.051
11.977
INST (%)
-.036
.119
DPR (%)
-.009
Size (JUTAAN
Collinearity Statistics t
Sig.
Tolerance
VIF
3.845
.000
-.025
-.302
.763
.959
1.043
.048
-.016
-.189
.850
.942
1.062
-5.189E-10
.000
-.049
-.600
.549
.992
1.008
5.726
7.109
.067
.805
.422
.970
1.031
RUPIAH) GROW
a. Dependent Variable: Kebijakan Utang
Sumber: Data sekunder yang diolah, 2014
Tabel 5
Tabel Uji Autokorelasi b
Model Summary
Model 1
R .090
Adjusted R
Std. Error of the
Square
Estimate
R Square a
.008
Durbin-Watson
-.019 2.280495220485 639E1%
a. Predictors: (Constant), GROW, Size (JUTAAN RUPIAH), INST (%), DPR (%) b. Dependent Variable: Kebijakan Utang
Sumber: Data sekunder yang diolah, 2014 60
1.401
Tabel 6
Tabel Durbin Watson Test Bound
k=4 N
dU dL
10
0,37
2,41
51
1,38
1,72
Sumber: Data sekunder yang diolah, 2014
Tabel 7
Tabel Uji Heteroskedastisitas
Coefficients
a
Standardized Unstandardized Coefficients Model 1
B (Constant)
Std. Error 15.530
6.564
INST (%)
.084
.065
DPR (%)
-.003
Size (JUTAAN RUPIAH) GROW
Coefficients Beta
t
Sig.
2.366
.019
.107
1.287
.200
.026
-.010
-.118
.906
-3.215E-10
.000
-.055
-.678
.499
-1.714
3.896
-.036
-.440
.661
a. Dependent Variable: ABSUT
Sumber: Data sekunder yang diolah, 2014 61
Tabel 8
Tabel Analisis Koefisien Determinasi Model Summary
Model 1
R .090
Adjusted R
Std. Error of the
Square
Estimate
R Square a
.008
-.019 2.280495220485 639E1%
a. Predictors: (Constant), GROW, Size (JUTAAN RUPIAH), INST (%), DPR (%)
Sumber: Data sekunder yang diolah, 2014
Tabel 9
Hasil Uji F b
ANOVA Model 1
Sum of Squares Regression
df
Mean Square
624.999
4
156.250
Residual
76969.745
148
520.066
Total
77594.744
152
F
a. Predictors: (Constant), GROW, Size (JUTAAN RUPIAH), INST (%), DPR (%) b. Dependent Variable: Kebijakan Utang
Sumber: Data sekunder yang diolah, 2014
62
Sig. .300
.877
a
Tabel 10
Tabel Uji T Coefficients
a
Standardized Unstandardized Coefficients Model 1
B (Constant)
Std. Error 46.051
11.977
INST (%)
-.036
.119
DPR (%)
-.009
Size (JUTAAN RUPIAH) GROW
Coefficients Beta
t
Sig.
3.845
.000
-.025
-.302
.763
.048
-.016
-.189
.850
-5.189E-10
.000
-.049
-.600
.549
5.726
7.109
.067
.805
.422
a. Dependent Variable: Kebijakan Utang
Sumber: Data sekunder yang diolah, 2014
63
DAFTAR GAMBAR
Kepemilikan Institusional (INST)
Dividend Payout Ratio (DPR)
KEBIJAKAN UTANG
Firm Size (Ukuran Perusahaan)
Pertumbuhan Perusahaan (GROW)
Gambar 1: Kerangka pikir penelitian, 2013
64
DAFTAR LAMPIRAN
Lampiran A
Daftar Perusahaan yang Dijadikan Sampel Penelitian No.
Kode Efek
INST (%)
DPR (%)
Size (JUTAAN RUPIAH)
GROW
Kebijakan Utang
1
AALI
79,68
49,97%
8.791.799
1,1612
15%
2
AKRA
59,39
2,44%
7.665.590
1,2651
63%
3
ANTM
65,00
22%
12.310.732
1,2385
22%
4
ASII
50,11
16,91%
112.857.000
1,2689
48%
5
ASRI
48,83
3%
4.587.986
1,2888
52%
6
BBCA
48,33
32%
324.419.069
1,1488
89%
7
BBKP
77,75
0,24%
47.489.366
1,2775
94%
8
BBNI
76,36
30,01%
248.580.529
1,0927
87%
9
BBRI
56,77
7,53%
404.285.602
1,2756
91%
10
BBTN
72,92
29,49%
68.385.539
1,1700
91%
11
BDMN
67,42
0,35%
118.206.573
1,1989
84%
12
BJBR
75,00
64,99%
43.445.700
1,3405
86%
13
BRAU
88,61
19,99%
16.645.499
1,2008
78%
14
BSDE
58,59
17%
11.694.748
1,2528
37%
15
BUMI
5,26
31,02%
78.081.133
1,1930
75%
65
16
BWPT
77,20
8%
2.654.678
1,6358
57%
17
CPIN
55,45
0,06%
6.518.276
1,2185
31%
18
ELSA
79,34
56%
3.678.566
0,8743
47%
19
ELTY
32,14
11%
17.064.196
1,4720
39%
20
EXCL
80,00
31,49%
27.251.281
0,9953
57%
21
GGRM
73,06
40,84%
30.741.679
1,1289
31%
22
GJTL
56,25
5,03%
10.371.567
1,1683
66%
23
HEXA
76,19
139,47%
2.051.501
1,0695
49%
24
HRUM
69,81
79,96%
3.470.174
1,5161
27%
25
ICBP
80,58
39,69%
13.361.313
1,3069
30%
26
INCO
79,86
26,03%
19.493
1,0802
23%
27
INDF
50,05
39,55%
47.275.955
1,1707
47%
28
INDY
73,12
79%
11.458.783
0,9808
52%
29
INTA
86,50
29,12%
1.634.904
1,3948
73%
30
INTP
64,03
30,02%
15.346.146
1,1559
15%
31
ISAT
84,39
50%
52.818.187
0,9596
65%
32
ITMG
73,72
25,05%
9.698
0,9092
34%
33
JSMR
72,76
50%
18.952.129
1,1717
56%
34
KLBF
56,66
20%
7.032.497
1,0849
18%
35
KRAS
80,00
14%
17.584.059
1,3742
46%
36
LPKR
29,17
16,47%
16.155.385
1,3321
49%
66
37
LSIP
64,42
8,06%
5.561.433
1,1478
18%
38
MEDC
62,56
23,43%
20.274.807
1,1164
64%
39
MNCN
78,57
13%
8.196.543
1,0727
34%
40
PGAS
56,97
56,03%
32.087.431
1,1192
53%
41
PTBA
65,02
62%
8.722.699
1,0797
26%
42
SGRO
67,05
19%
2.875.847
1,2715
25%
43
SIMP
78,40
23%
21.063.714
1,1503
54%
44
SMCB
77,33
21,27%
10.437.249
1,4366
35%
45
SMGR
51,01
40,49%
15.562.999
1,2017
22%
46
TINS
65,00
17%
5.881.108
1,2112
29%
47
TLKM
62,84
51,72%
99.758.447
1,0199
43%
48
TRAM
54,12
39,23%
2.184.538
1,3528
42%
49
UNSP
42,45
6%
18.502.257
3,6481
54%
50
UNTR
59,50
36,94%
29.700.914
1,2170
46%
51
UNVR
85,00
77,49%
8.701.262
1,1625
53%
52
AALI
79,68
43,80%
10.204.495
1,1607
17%
53
AKRA
59,68
56%
8.308.244
1,0838
57%
54
ANTM
65,00
45,09%
15.201.235
1,2441
29%
55
ASII
50,11
39%
153.521.000
1,3603
51%
56
ASRI
57,43
18,17%
6.007.548
1,3094
54%
57
BBCA
48,33
26%
381.908.353
1,1772
89%
67
58
BBKP
59,50
0,22%
57.183.463
1,2041
92%
59
BBNI
60,00
19,45%
299.058.161
1,2031
87%
60
BBRI
56,75
9,86%
469.899.284
1,1623
89%
61
BBTN
72,13
21,79%
89.121.459
1,3032
92%
62
BDMN
73,18
0,29%
141.934.432
1,2007
82%
63
BJBR
75,00
61,51%
54.448.658
1,2533
86%
64
BRAU
88,61
17,48%
17.411
1,1261
75%
65
BSDE
73,74
10%
12.787.377
1,0934
35%
66
BUMI
31,46
46%
62.297.469
1,0455
84%
67
BWPT
82,25
11%
3.589.032
1,3520
60%
68
CPIN
55,53
28%
8.848.204
1,3574
30%
69
ELSA
78,25
68%
4.389.950
1,1880
57%
70
ELTY
24,82
27%
17.707.950
1,0377
38%
71
EXCL
79,90
39,09%
31.170.654
1,1438
56%
72
GGRM
75,55
38,81%
39.088.705
1,2715
37%
73
GJTL
59,70
3,68%
11.554.143
1,1140
62%
74
HEXA
78,71
28%
2.139.027
1,1628
48%
75
HRUM
69,81
37%
4.645.148
1,3386
23%
76
ICBP
80,58
33%
15.222.857
1,1393
30%
77
INCO
79,51
21,53%
20.473
1,1055
27%
78
INDF
50,07
24%
53.585.933
1,1335
41%
68
79
INDY
63,13
26,03%
18.253.817
1,5930
58%
80
INTA
82,21
40,43%
3.737.918
2,2863
86%
81
INTP
64,03
27%
18.151.331
1,1828
13%
82
ISAT
84,86
35%
52.172.311
0,9878
64%
83
ITMG
65,00
38%
13.346
1,4485
32%
84
JSMR
72,75
54%
21.432.134
1,1309
57%
85
KLBF
64,33
62,66%
8.274.554
1,1766
21%
86
KRAS
80,00
23,13%
21.511.562
1,2234
52%
87
LPKR
17,88
12%
18.259.171
1,1302
48%
88
LSIP
59,48
4,89%
6.791.859
1,2212
14%
89
MEDC
62,70
25%
21.876.446
1,1358
67%
90
MNCN
78,22
42,02%
8.798.230
1,0734
22%
91
PGAS
56,97
61%
30.976.446
0,9654
45%
92
PTBA
65,02
52,30%
11.507.104
1,3192
29%
93
SGRO
67,05
0,30%
3.411.026
1,1861
27%
94
SIMP
78,40
7%
25.510.399
1,2111
41%
95
SMCB
80,65
22,52%
10.950.501
1,0492
31%
96
SMGR
51,01
49,62%
19.661.603
1,2634
26%
97
TINS
65,00
49,98%
6.569.807
1,1171
30%
98
TLKM
67,95
57%
103.054.000
1,0254
41%
99
TRAM
56,05
29%
2.595.440
1,1881
42%
69
100
UNSP
30,13
0,09%
18.702.295
1,0110
52%
101
UNTR
59,50
40,40%
46.440.062
1,5636
41%
102
UNVR
85,00
109%
10.436.176
1,2062
65%
103
AALI
79,68
59%
12.419.820
1,2171
25%
104
AKRA
59,22
33%
11.787.525
1,4003
64%
105
ANTM
65,00
13%
19.708.541
1,2965
35%
106
ASII
50,11
37%
182.274.000
1,1812
51%
107
ASRI
53,44
10%
10.946.417
1,8221
57%
108
BBCA
47,96
24%
442.994.197
1,1599
88%
109
BBKP
59,22
22%
65.689.830
1,1488
92%
110
BBNI
60,00
17%
333.303.506
1,1145
87%
111
BBRI
56,75
16%
551.336.790
1,1733
88%
112
BBTN
71,85
16%
111.748.593
1,2539
91%
113
BDMN
73,75
0,12%
155.791.308
1,0949
82%
114
BJBR
75,00
50%
70.840.878
1,3011
83%
115
BRAU
88,00
8%
20.837
1,0731
89%
116
BSDE
73,37
12%
16.756.718
1,3104
37%
117
BUMI
31,46
15%
69.426.292
0,9546
93%
118
BWPT
79,62
19%
4.912.983
1,3689
66%
119
CPIN
55,53
24%
12.348.627
1,3956
34%
120
ELSA
66,56
5%
4.294.557
0,9783
52%
70
121
ELTY
11,16
80%
15.235.633
0,8604
40%
122
EXCL
66,55
40%
35.455.705
1,1375
57%
123
GGRM
75,55
47%
41.509.325
1,0619
36%
124
GJTL
59,70
3%
12.869.793
1,1086
57%
125
HEXA
78,71
24%
4.008.363
1,6334
55%
126
HRUM
70,35
68%
5.224.801
1,0610
20%
127
ICBP
80,53
43%
17.753.480
1,1662
32%
128
INCO
79,51
164%
22.631
0,9635
26%
129
INDF
50,07
32%
59.324.207
1,1071
42%
130
INDY
63,47
38%
22.768.461
1,1649
56%
131
INTA
72,40
391%
4.268.975
1,1421
88%
132
INTP
64,03
23%
22.755.160
1,2536
15%
133
ISAT
84,88
86%
55.225.061
1,0374
65%
134
ITMG
65,00
117%
14.465
0,9447
33%
135
JSMR
71,57
35%
24.753.551
1,1835
60%
136
KLBF
64,32
4%
9.417.957
1,1382
22%
137
KRAS
80,00
129%
24.851
1,0683
56%
138
LPKR
19,45
13%
24.869.296
1,3620
54%
139
LSIP
59,48
61%
7.551.796
1,1119
17%
140
MEDC
69,25
42%
25.761.655
1,0223
68%
141
MNCN
74,47
28%
8.960.942
1,0185
19%
71
142
PGAS
56,97
38%
37.909.174
1,1494
40%
143
PTBA
65,02
55%
12.728.981
1,1059
33%
144
SGRO
67,05
50%
4.137.700
1,2130
36%
145
SIMP
78,40
41%
26.574.461
1,0417
39%
146
SMCB
80,65
36%
12.168.517
1,1112
31%
147
SMGR
51,01
40%
26.579.083.786
1,3518
32%
148
TINS
65,00
104%
6.101.007
0,9286
25%
149
TLKM
72,01
58%
111.369.000
1,0807
40%
150
TRAM
57,68
15%
3.257.177
1,1834
60%
151
UNSP
18,05
6%
18.983.332
1,0150
58%
152
UNTR
59,50
43%
50.300.633
1,0831
36%
153
UNVR
85,00
94%
11.984.979
1,1434
67%
Sumber: data sekunder yang diolah, 2013
72
