LAMPIRAN I
No.
Kode Emiten
1 2 3 4 5 6 7 8 9 10 11 12 13 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
ADES AQUA AKRA ALKA ALMI ACAP AKKU MYTX AKPI ARGO ASIA ARNA AMFG APLI ASSI AUTO BATI BRNA BTON BRAM SQBB BUDI BIMA CNTX CITA CTBN CLPI CNBE DNKS DVLA DAVO DOID DLTA DILD DINA
DAFTAR PERUSAHAAN MANUFAKTUR DAN PEMILIHAN SAMPEL Kriteria Nama Emiten Sampel 1 2 3 PT. Ades Alfindo Putrasetia Tbk v v v PT. Aqua Golden Mississippi Tbk v v x PT. AKR Corporindo Tbk v v v PT. Alakasa Industrindo Tbk v v x PT. Alumindo Light Metal Industri Tbk v x v PT. Andhi Candra Automotif Tbk v v x PT. Aneka Kemasindo Utama Tbk v x v PT. Apac Citra Centertex Tbk v x v PT. Argha Karya Prima Industri v x v PT Argo Pantes Tbk v v x PT Asiana Internasional Tbk v v v PT Arwana Citramulia Tbk v v x PT Asahimas Flat Glass Tbk v x v PT Asiaplast Industries Tbk v v v PT Astra Internasional Tbk v v x PT Astra Otoparts Tbk v v v PT BAT Indonesia Tbk v v v PT Berlina Tbk v x v PT Betonjaya Manunggal Tbk v v v PT Branta Mulia Tbk v v x PT Bristol-Myers Squib Indonesia Tbk v x v PT Budi Acid Jaya Tbk v v x PT. Primarindo Asia Infrastructure Tbk v v v PT CENTEX Tbk v v x PT Cipta Panel Utama Tbk v x v PT Citra Tubindo Tbk v v x PT Colorpak Indonesia Tbk v x v PT Concord Benefit Enterprises Tbk v x v PT Dankos Laboratories Tbk v x v PT Darya Varia Laboratoria Tbk v v v PT Davomas Abadi Tbk v v x PT Delta Dunia Petroindo Tbk v v x PT Delta Jakarta Tbk v v v PT Dharmala Intiland v v v PT Dynaplast Tbk v v v
Perusahaa n Sampel 1 2
3 4 5 6 7
8
9 10 11 12
Universitas Sumatera Utara
No
Kode Emiten
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
DPNS EKAD EPMT ERTX ETWA ESTI FASW FFFF GJTL GEMA GDYR GGST GRIV ADMG GGRM HMSP MYRX INKP INAI INAF INTP INDF INDS IMAS INCI INTD IIKP IKAI JIHD JKSW JPRS JECC KBLM IGAR KLBF KDSI KIAS KAEF
Nama Emiten
PT Duta Pertiwi Nusantara Tbk PT Ekadharma Tape Industries Tbk PT Enseval Putera Megatraiding Tbk PT Eratex Djaja Tbk PT Eterindo Wahanatama Tbk PT Ever Shine Tex Tbk PT Fajar Surya Wisesa Tbk PT Fatrapolindo Nusa Indah Tbk PT Gajah Tunggal Tbk PT Gema Graha Sarana Tbk PT Goodyear Indonesia Tbk PT Great Golden Star Tbk PT Great River International Tbk PT GT Petrochem Industries Tbk PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk PT Hanson Industri Utama Tbk PT Undah Kiat Pulp & Paper Tbk PT Indal Alumanium Industy Tbk PT Indofarma Tbk PT Indocement Tunggal Prakasa Tbk PT Indofood Sukses Makmur Tbk PT Indospring Tbk PT Indomobil Sukses International Tbk PT Intanwijaya International Tbk PT Inter Delta Tbk PT Inti Kapuas Arowana Tbk PT Inti Keramik Alamsari Industri Tbk PT Jakarta International Hotel Tbk PT Jakarta Kyoel Steel Works Tbk PT Jaya Pari Steel Tbk PT Jembo Cable Company Tbk PT Kabelindo Murni Tbk PT Kageo Igar Jaya Tbk PT Kalbe Farma Tbk PT Kedawung Setia Industrial Tbk PT Keramika Indonesia Assosiasi Tbk PT Kimia Farma (Pesero) Tbk
Kriteria Sampel 1 2 3 v v x v v v v v v v x v v v x v v v v v v v x v v v x v x v v v v v x v v v x v x v v v v v v v v x v v v v v x v v x v v v v v v v v v v v v x v v v v v x v x v v v x v v v v x v v v v v v v v v v v v x v v v v x v v v x v v x
Perusahaa n Sampel 13 14 15 16
17
18 19 20 21 22 23 24
25 26 27 28 29
Universitas Sumatera Utara
KOMI Kode Emiten
PT Komatsu Indonesia Tbk
76
LMPI
PT Langgeng Makmur Industri Tbk
v v x Kriteria Sampel 1 2 3 v v x
77
LAPD
PT Lapindo International Tbk
v
v
x
78
LMSH
PT Lionmesh Prima Tbk
v
v
v
79
LPPI
PT Lontar Papirus Pulp & Paper Industry
v
x
v
80
MAMI
PT Mas Murni Indonesia Tbk
v
x
v
81
MYOR
PT Mayora Indah Tbk
v
v
v
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
MIRA MLIA MLGS MLKI MLBI NIPS TKIM PRAS HDTX PICO PARS POLY PUKT PYFA KKGI RICY SQMI SLBC SRSN SCPI SKLT SMSM SBRJ SMCB SMNG STTP SIMA SOBI
PT Mutra Rajasa Tbk PT Mulia Industrindo Tbk PT Mulia Glass Tbk PT Muliakeramik Indahraya Tbk PT Multi Bintang Indonesia Tbk PT Nipres Tbk PT Pabrik Kertas Tjiwi Kimia Tbk PT Prima Alloy Steel Universal Tbk PT Panasia Indosintec Tbk PT Pelangi Indah Canondo Ybk PT Phapros Tbk PT Polysindo Eka Perkasa Tbk PT Pupuk Kallimantan Timur Tbk PT Pyridam Farma Tbk PT Recource Alam Indonesia Tbk PT Ricky Putra Globalindo Tbk PT Sanex Qianjiang Motor International PT Sara Lee Body Care Indonesia Tbk PT Sarana Nugraha Tbk PT Scering Plough Indonesia tbk PT Sekar Laut Tbk PT Selamat Sempurna Tbk PT Semen Baturaja (Pesero) PT Semen Cibinong Tbk PT Semen Gresik (Pesero) Tbk PT Siantar Top Tbk PT Siwani Makmur Tbk PT Sorini Corporation Tbk
v v v v v v v v v v v v v v v v v v v v v v v v v v v v
v v v x v v v v v v v x x v x x x v v v x v x v v v x v
x v x x v v x v v x x v v v x x v x x v v x x v x x v x
75 No
Nama Emiten
Perusahaa n Sampel
30
31 32 33 34 35 36
37
38
Universitas Sumatera Utara
110 111 No
SUBA SCCO Kode Emiten
PT Suba Indah Tbk PT SUCACO Tbk Article I. Nama Emiten
112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138
SMRA SMPL SPMA SAIP TOTO SMDM TFCO TBMS TSPC AISA AAAA TRST TALF UNVR UNTX VOKS UGAR RMBA CEKA TCID MERK MSRA SHDA ULTJ WAPO MASA SMDM
PT Summarecon Agung Tbk PT Summitplast Tbk PT Suparma PT Surabaya Agung Industry Pulp &Paper PT Surya Toto Indonesia Tbk PT Suryamas Dutamakmur Tbk PT Teijin Indonesia Fiber Corporation Tbk PT Tembaga Mulia Semanan Tbk PT Tempo Scan Pasifik Tbk PT Tiga Pilar Sejahtera Food Tbk PT Tri Polyta Indonesia Tbk PT Trias Sentosa Tbk PT Tunas Alfin Tbk PT Unilever Indonesia Tbk PT Unitex tbk PT Voksel Elektrik Tbk PT Wahana Jaya Perkasa Tbk PT Bentoel International Investama Tbk PT Cahaya Kalbar PT Mandom Indonesia Tbk PT Merck Tbk PT Mustika Ratu Tbk PT Sari Husada Tbk PT Ultrajaya Milk Industry Company PT Wahana Phoenix Mandiri Tbk PT Multisrada Arah Sarana Tbk PT Suryamas Dutamakmur JUMLAH
v x v v v x Kriteria Sampel 1 2 3 v v v v v x v v x v x v v v x v x v v v x v v x v v x v x v v x v v v x v x v v v v v v x v x v v v x v x x v x v v v v v v v v v x v v x v x v v v x v v x v v x 138
96
Perusahaa n Sampel 49
40
41 42
42
Universitas Sumatera Utara
LAMPIRAN II SAMPEL PENELITIAN 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 36 37 38 39 40 41 42
Kode Emiten ADES AKRA ASIA APLI AUTO BATI BTON DVLA DLTA DILD DINA EKAD EPMT ESTI FASW GDYR GGRM HMSP INKP INAF INTP INDF INCI JIHD JPRS JECC KBLM KLBF KDSI LMSH MYOR MLIA MLBI NIPS PRAS HDTX SCPI SMCB SMRA UNVR TCID MERK
Nama Emiten PT. Ades Alfindo Putrasetia Tbk PT. AKR Corporindo Tbk PT Asiana Internasional Tbk PT Asiaplast Industries Tbk PT Astra Otoparts Tbk PT BAT Indonesia Tbk PT Betonjaya Manunggal Tbk PT Darya Varia Laboratoria Tbk PT Delta Jakarta Tbk PT Dharmala Intiland PT Dynaplast Tbk PT Ekadharma Tape Industries Tbk PT Enseval Putera Megatraiding Tbk PT Ever Shine Tex Tbk PT Fajar Surya Wisesa Tbk PT Goodyear Indonesia Tbk PT Gudang Garam Tbk PT Hanjaya Mandala Sampoerna Tbk PT Undah Kiat Pulp & Paper Tbk PT Indofarma Tbk PT Indocement Tunggal Prakasa Tbk PT Indofood Sukses Makmur Tbk PT Intanwijaya International Tbk PT Jakarta International Hotel Tbk PT Jaya Pari Steel Tbk PT Jembo Cable Company Tbk PT Kabelindo Murni Tbk PT Kalbe Farma Tbk PT Kedawung Setia Industrial Tbk PT Lionmesh Prima Tbk PT Mayora Indah Tbk PT Mulia Industrindo Tbk PT Multi Bintang Indonesia Tbk PT Nipres Tbk PT Prima Alloy Steel Universal Tbk PT Panasia Indosintec Tbk PT Scering Plough Indonesia Tbk PT Semen Cibinong Tbk PT Summarecon Agung Tbk PT Unilever Indonesia Tbk PT Mandom Indonesia Tbk PT Merck Tbk
Universitas Sumatera Utara
LAMPIRAN III DATA REGRESI Periode 2002 II 2002 III 2002 IV 2003 I 2003 II 2003 III 2003 IV 2004 I 2004 II 2004 III 2003 IV 2005 I 2005 II 2005 III 2005 IV 2006 I 2006 II 2006 III 2006 IV
DER 191.21 144.56 48.65 666.1 290.42 156.32 -187.24 15.22 -149.77 51.49 -93.9 75.53 44.91 34.26 -14.74 1066.55 369.05 -10.12 -62.24
DAR 38.9 41.19 40.9 104.25 33.16 35.21 39.13 27.01 27.12 26.35 25.45 54.11 27.95 27.95 27.31 27.95 27.62 27.76 26.95
ROE 2157.45 2392.53 574.84 676.41 842.26 673.9 205.33 30.34 309.19 149.14 437.77 651.33 684.8 602.98 1361.01 5053.19 2060.08 191.83 263.15
Universitas Sumatera Utara
LAMPIRAN III Nama Emiten Aneka Kimia Raya Tbk Ades Alfindo Putrasetia Tbk Asiana International Tbk Primarindo Asia Infrastructur Tbk Asiaplast Industries Tbk Dharmala Intiland Tbk Kedawung Setia Industrial Tbk Nipress Tbk Prima Alloy Steel Universal Tbk Astra Otoparts Tbk BAT Indonesia Tbk Betonjaya Manunggal Tbk Darya-Varia Laboratoria Tbk Delta Djakarta Tbk Dynaplast Tbk Ekadharma Tape Industry Tbk Enseval Putra Megatrading Tbk Ever Shine Textile Industry Tbk Fajar Surya Wisesa Tbk Goodyear Indonesia Tbk
DATA RETURN ON EQUITY (ROI) 2002 III
II 13.39 5.99
IV
I
2003 II III
8.8
-5
II
8.86
8.64
4.58
3.9 16.81 26.59-14.75-848.77 -23.42
-12.3
3.85
32.84 41.32 -192.2-24.24
47.6
17.82
-0.94
1.15
1,184.51
6.35 3.56
IV
I
2.65 12.24
II
2005 III
9.62
7.32
-4.78 135.67 132.29 156.44
-3.21 -4.98 337.93 -234.19-177.85 -29.53 74.03
-2.26 23.86 19.43 11.91 12.25 15.36 13.51 13.25
66.74
51.54
4.71
6.06
8.78
4.75
0.84
-3.22
0.11
2.31
1,173.83-527.09 405.94 361.3 148.82-35.21 97.17 136.8 105.05 124.86 43.98
52.12
38.18
2.77
0.19 0.49
15.4 95.96
29.82 25.12 18.27-10.93 145.16 246.85 2.87 19.68
2.29
11.57 37.12 10.46 9.49
30.61
2004 III
I
13.57 16.11 11.43 9.72
IV
0.29 -0.87
-5.33
-3.27
-1.98
-4.38 -4.34 -27.63 -11.74 -16.72 18 -2.92 -1.71 0.19 -3.27 9.59 11.49
9.44
36.2 45.09 17.28 14.53 11.89 6.55 15.96 12.93
8.54
31.31
29.28 27.25
11.8 11.21
19.85
30.27 55.82
0.49 -3.45
28.71
5.66 4.05
-8.39 0.85
-3.97 -0.29
5.5
3.55
5.03
5.07
4.13 17.05
14.8
10.54
3.13
1.1
4.62
8.27
5.32
-3.72 -1.46 10.13 11.79
5.27
5.19
7.05
6.72
4.97
35.73 38.74 16.96 15.46 11.12 8.34 15.61 12.55 11.06
4.31 18.32
13.99
8.32
12.53 17.48
7.6 1.3 11.67 6.94 17.88 16.87 15.01 12.25
3.54 2.42 10.95 7.43 7.72 2.8 12.06 10.22
3.85 5.99
2 13.89 2.58 5.32
10.89 3.84
6.86 2.97
16.42
19.53 12.85
6.09 4.62
5.44
3.76
9.46
8.58
6.64
66.71
87.58 112.19 38.55 9.82 28.16 14.67 31.13 25.16 16.12
9.73 26.62
20.66
14.7
1.34 20.94 7.48
11.31
-4.37
-9.33 3.68
2.72
8.72 8.59
7.93 4.92
0.61 0.15
8.35
8.26
14.7
-8.25 -0.98
0.81 0.03
-4.29
-1.21
-1.48
-1.71
-2.72
-2.54
-0.63
32.88 26.99
4.96 5.75
5.63 0.32
0.44
-1.74
-5.64
-0.17
0.54
-5.1
-0.66
5.37 6.37
3.99 2.29
8.73
8.65
6.98
1.88
-2.69
2.22
3.03
7.27
8.33
Universitas Sumatera Utara
Gudang Garam Tbk HM Sampoerna Tbk Indah Kiat Pulp & Paper Corp Tbk Indofarma Tbk Indocement Tunggal Prakarsa Tbk Indofood Sukses Makmur Tbk Intanwijaya Internasional Tbk Jakarta Intl Hotels & Development
23.64
24.85
8.5
4.56 14.41
12.63
8.71
38.53
37.24 36.43 24.39 21.8 15.41 8.24 40.99 28.23 19.84
8.97 52.08
51.91
29.91
-15.47 21.92
48.01 22.94
23.5 16.76 14.11
-19.01 -15.75 -17.47-13.99 18.28 12.09 -49.67-11.46
59.3
4.28
1.53 20.82
6.16
18.07 20.64
35.29
24.99
20.74
29.77 -10.95
-5.68
-6.63
-5.73 -9.55
-4.04 -2.98
0.39 3.62
1.64 -0.33
1.7 -3.98
-0.07 13.14
10.36
6.2
5.7
2.49
3.88
-2.66
8.11 5.22
8.88
6.91
2.96
2.69
2.88
1
0.34
3.08
7.71
7.09
5.19
3.89
7.22
6.6
3.82
-7.72 8.33 13.05 4.76 31.22 18.95 -28.17
-6.87
-9.98 -12.59
-6.52
29.83 32.68 14.74 11.47
Jembo Cable Company Tbk
Lionmesh Prima Tbk Mayora Indah Tbk
-7.85 -2.89 19.3 -9.32 -9.55 -2.98 -49.67 -11.46
-2.28 14.79 15.56 14.47
Jaya Pari Steel Corp. Tbk
Kabelindo Murni Tbk Mulia Industrindo Tbk Kalbe Farma Tbk
9.07 4.74 14.69 12.75
5.52 5.04
5.56 14.45 21.79
20.6 9.79 -0.7
1.43
19.76
19.36
4.79
-1.09
-3.24
1.41
2.17
-5.02 -2.07 -19.82 -12.71
-8.55
-3.82
9.96
2.48
1.68
8.38 29.59
22.82
9.61
68.07
98.37 127.57 38.95 36.49 27.44 17.47 30.54 28.87 19.29 13.18 27.35
26.74
20.58
24.05
29.99
16.73
10.74
-8.15 -33.47 -8.69
4.96
48 32.94 28.51 10.69 20.75 5.11
-54.06
0.52 5.55
1.3
-127.11-120.94 13.67 -1..49 -12.23 3.48 34.19 25.17 26.74
36.9 13.44 15.02 12.59 2.68 9.3
18.15
19.35 18.46 10.32
Panasia Indosyntex Tbk
40.24
63.44 61.45 -14.08 -3.51
Multi Bintang Indonesia Tbk
12.59
8.08
Semen Cibinong Tbk
29.22
55.4 27.84
Unilever Indonesia Tbk
51.57
60.19
61.7 61.88 56.77 66.38 69.13 63.94 67.41 83.87 81.15 66.27
65.9
79.23
Mandom Indonesia Tbk Merck Tbk
24.37 26.49
26.18 -11.07 18.24 24.39 26.93 35.2 20.74 28.61 33.17 42.75 20.74 32.2 45.69 31.71 23.27 15.62 8.69 37.16 24.75 19.67 10.71 31.99
28.61 22.42
33.17 17.05
Summarecon Agung Tbk
24.98
27.48 28.17 22.54 27.93 30.62 33.08 22.69 24.49 29.99 31.72 18.06
22.29
18.51
-8.75 33.63 27.75
7.22 3.68
31.5 23.72 15.03 12.85 19.37
1.72
-0.1
9.79
9.31
6.86
3.55
5.11
3.73
2.16
-6.01 -28.95 -85.93 -11.47
20.7
15.96
7.94
7.02 38.18
27.84
19.7
17.3 9.11 32.64 23.31 12.27
13.1 17.91 22.52 -1.19 -24.76 -22.11 -46.76 -16.74 -18.13 -33.34 -22.34
Universitas Sumatera Utara
Schering Plough Indonesia Tbk
69.99
130.65
-1.84 42.89 49.19 98.27
VI
I
II
-9.3 -17.47 27.47 40.35 104.93 -83.25
20.75
19.83
DATA DEBT TO EQUITY RATIO (DER) Nama Emiten
II
III
III
IV
I
II
III
IV
I
II
Aneka Kimia Raya Tbk
0.49
0.51 0.61
0.45
0.48
0.44
0.52
0.78
1.5
1.49
0.46
0.86
0.84
Ades Alfindo Putrasetia Tbk
1.47
1.42 1.66
1.13
1.06
1.06
1.54
4.89
0.37
0.22
1.17
-3.39
-4.6
Asiana International Tbk
2.81
3.64 1.18
6.83
2.76
2.24
3.11 -18.5
25.21
21.1
8.99
-5.4
-7.15
Primarindo Asia Infrastructur Tbk
-2.73
-3.85 -4.65
-1.5
-1.56
-1.64
-1.67 -1.41
-1.41
-1.44
-1.47
-1.42
-1.39
0.87
0.89 0.82
1
0.99
0.91
1.22
1.2
1.1
0.96
1.17
1.19
77.1 -39.1 608.1 248.4
101 -263.2 -41.9
-230
-32.3
-154.1
-25.7
-21.4
1.96 6.58
1.86 2.09 6.01 9.21
2.55 1.06
2.45 5.89
2.27 5.91
2.34 7.86
3.61 1.35
3.06 1.33
3.19 1.36
2.59 1.06
3.85 1.28
4.13 1.37
12.9
15.3 15.58
2.23
1.88
1.83
2.17
2.51
2.58
2.94
2.42
3.33
2.94
0.8
0.52
0.53
0.58
0.57
0.62
0.63
0.63
0.62
0.71
0.79
Asiaplast Industries Tbk Dharmala Intiland Tbk Kedawung Setia Industrial Tbk Nipress Tbk Prima Alloy Steel Universal Tbk Astra Otoparts Tbk BAT Indonesia Tbk
123.3
0.67
0.8
0.96
0.94
0.94 0.73
0.54
0.65
0.69
0.54
0.73
0.67
0.67
0.55
0.64
0.56
Betonjaya Manunggal Tbk
0.1
0.34 0.25
0.07
0.04
0.02
0.11
0.25
0.25
0.15
0.14
0.12
0.21
Darya-Varia Laboratoria Tbk
0.98
1.02 1.19
0.37
0.49
0.51
0.46
0.35
0.41
0.42
0.35
0.41
0.43
Delta Djakarta Tbk Dynaplast Tbk
0.28 0.6
0.26 0.27 0.61 0.82
0.22 0.94
0.23 0.68
0.24 0.59
0.19 0.66
0.29 1.34
0.25 1.34
0.24 1.15
0.18 1.07
0.32 1.57
0.31 1.6
Ekadharma Tape Industry Tbk
0.24
0.3 0.28
0.22
0.19
0.21
0.23
0.18
0.22
0.19
0.28
0.37
0.21
Enseval Putra Megatrading Tbk
3.54
3.93 4.85
2.31
0.71
2.83
3.36
1.88
2.18
2.3
2.41
1.43
1.78
Ever Shine Textile Industry Tbk
0.71
0.74 0.82
0.6
0.58
0.62
0.7
0.57
0.54
0.58
0.56
0.75
0.8
Fajar Surya Wisesa Tbk
1.74
1.74 2.09
1.46
1,43
1.44
1.62
1.46
1.49
1.58
1.49
1.69
1.68
Goodyear Indonesia Tbk
0.44
0.55 0.49
0.4
0.35
0.41
0.41
0.54
0.5
0.55
0.4
0.68
0.65
Gudang Garam Tbk
0.71
0.58 0.46
0.58
0.64
0.53
0.5
0.69
0.72
0.61
0.52
0.69
0.76
HM Sampoerna Tbk
0.94
0.93 1.03
0.73
0.83
0.97
0.79
1.31
0.88
1.08
0.73
1.55
1.65
Universitas Sumatera Utara
Indah Kiat Pulp & Paper Corp Tbk Indofarma Tbk
1.81 0.8
1.77 1.68 0.79 0.59
2.32 1.41
2.26 0.96
2.09 0.98
1.95 0.95
1.64 1.41
2.63 0.96
2.5 0.98
2.44 0.95
1.57 0.96
1.59 1.05
Indocement Tunggal Prakarsa Tbk
2.07
2.62 3.32
1.24
1.37
1.41
1.7
1.1
1.18
1.32
1.23
0.87
0.99
Indofood Sukses Makmur Tbk
2.68
2.34 2.32
2.58
2.61
2.79
2.7
2.5
2.81
2.84
2.49
2.33
2.33
Intanwijaya Internasional Tbk
0.11
0.15 0.14
0.17
0.14
0.11
0.14
0.17
0.18
0.23
0.16
0.12
0.11
Jakarta International Hotels & Development Tbk
3.52
3.3 3.63
3.23
2.66
2.46
3.16
1.7
1.84
4.59
3.53
1.03
1.24
Jaya Pari Steel Corp. Tbk
0.54
0.86 0.95
0.45
0.34
1.06
1.32
0.89
0.24
0.83
0.7
0.25
0.08
Jembo Cable Company Tbk
3.39
3.47 3.67
3.23
3.2
3.14
3.95
3.64
3.51
3.1
3.15
4.11
4.37
Kabelindo Murni Tbk
0.21
0.18
0.2
0.51
0.39
0.34
0.27
0.83
0.87
0.61
0.49
0.83
0.97
Mulia Industrindo Tbk Kalbe Farma Tbk
-5.48 3.41
-6.18 -5.39 3.09 4.29
-4.39 1.72
-5.01 1.85
-5.41 2.05
-4.91 -3.34 2.36 1.26
-3.7 1.44
-3.64 1.5
-4.12 1.48
-2.54 0.76
-2.86 1.06
Lionmesh Prima Tbk Mayora Indah Tbk
2
2.11 2.88
1.69
1.5
1.6
2.26
1.45
1.33
1.43
1.5
0.99
1.1
0.86
0.89 1.01
0.56
0.78
0.71
0.71
0.46
0.43
0.59
0.57
0.61
0.61
Panasia Indosyntex Tbk
7.71
7.62 10.01
5.88
3.82
3.95
4.17
3.04
9.37
12.6
7.55
0.9
4.34
Multi Bintang Indonesia Tbk
-2.29
-2.37 -2.62
0.8
0.66
0.95
0.65
1.11
1.02
0.75
0.77
1.52
1.09
Semen Cibinong Tbk
2.01
1.78 2.62
1.89
1.86
1.79
2.1
2.49
2.29
2.47
2
2.98
3.26
Unilever Indonesia Tbk
0.5
0.68 0.56
0.63
0.65
0.84
0.61
0.59
0.61
1.07
0.65
0.76
0.6
Mandom Indonesia Tbk Merck Tbk
0.37 0.17
0.47 0.53 0.18 0.18
0.13 0.26
0.28 0.23
0.29 0.24
0.19 0.18
0.19 0.3
0.22 0.24
0.26 0.32
0.26 0.27
0.19 0.21
0.22 0.38
Summarecon Agung Tbk
1.06
1.13 0.97
1.68
1.56
1.29
1.23
1.28
1.31
1.49
1.5
1.23
1.38
Schering Plough Indonesia Tbk
6.23
4.1 15.65
9.35
9,12
9.58
23.28 29.75
7.73
7.8
7.12
70.3
33.59
Universitas Sumatera Utara
DATA DEBT TO ASSETS RATIO (DAR) II
III
II
III
II
III
Aneka Kimia Raya Tbk
0.73
0.77
0.53
Ades Alfindo Putrasetia Tbk
0.87
0.73
0.69
0.76
1.06
0.96
0.95
0.9
1.23
0.59
0.59
0.62
0.53
0.52
0.52
0.61
0.83
0.27
0.18
0.54
1.43
Asiana International Tbk
0.73
Primarindo Asia Infrastructur Tbk
0.77
0.53
0.87
0.73
0.69
0.76
1.06
0.96
0.95
0.9
1.23
1.58
1.35
1.27
0.99
2.8
2.57
2.5
3.42
3.41
3.3
3.11
3.4
Asiaplast Industries Tbk
0.47
0.47
0.45
0.5
0.5
0.48
0.49
0.55
0.54
0.52
0.49
0.54
Dharmala Intiland Tbk
0.98
0.97
1.01
0.99
0.98
0.98
0.99
1.02
0.99
1.02
1
1.03
Kedawung Setia Industrial Tbk Nipress Tbk
0.66 0.87
0.65 0.86
0.68 0.9
0.72 0.51
0.71 0.85
0.69 0.86
0.7 0.89
0.78 0.75 0.58 0.57
0.76 0.58
0.72 0.51
0.79 0.56
Prima Alloy Steel Universal Tbk Astra Otoparts Tbk BAT Indonesia Tbk
0.93 0.38 0.48
0.94 0.42 0.48
0.94 0.42 0.42
0.69 0.32 0.35
0.65 0.32 0.39
0.65 0.34 0.41
0.68 0.34 0.35
0.71 0.36 0.42
0.72 0.36 0.4
0.75 0.36 0.4
0.71 0.36 0.35
0.77 0.38 0.39
Betonjaya Manunggal Tbk
0.09
0.25
0.2
0.06
0.04
0.02
0.1
0.2
0.2
0.13
0.13
0.1
0.5
0.51
0.54
0.27
0.33
0.34
0.31
0.26
0.29
0.29
0.26
0.29
Delta Djakarta Tbk Dynaplast Tbk
0.22 0.36
0.21 0.37
0.21 0.43
0.18 0.45
0.18 0.38
0.2 0.35
0.15 0.38
0.22 0.53
0.2 0.53
0.19 0.49
0.15 0.48
0.24 0.54
Ekadharma Tape Industry Tbk
0.19
0.23
0.21
0.18
0.16
0.17
0.18
0.15
0.18
0.16
0.22
27
Enseval Putra Megatrading Tbk
0.78
0.8
0.83
0.7
0.71
0.74
0.77
0.65
0.68
0.7
0.71
0.59
Ever Shine Textile Industry Tbk
0.42
0.42
0.45
0.37
0.37
0.38
0.41
0.36
0.35
0.37
0.36
0.43
Fajar Surya Wisesa Tbk
0.64
0.64
0.68
0.59
0.59
0.59
0.62
0.59
0.6
0.61
0.6
0.63
Goodyear Indonesia Tbk
0.31
0.36
0.33
0.29
0.26
0.29
0.29
0.35
0.33
0.38
0.29
0.4
Gudang Garam Tbk
0.41
0.37
0.31
0.37
0.39
0.35
0.33
0.41
0.43
0.38
0.34
0.41
HM Sampoerna Tbk
0.48
0.47
0.5
0.41
0.44
0.48
0.43
0.55
0.46
0.51
0.41
0.6
Nama Emiten
Darya-Varia Laboratoria Tbk
IV
I
IV
I
Universitas Sumatera Utara
IV
I
Indah Kiat Pulp & Paper Corp Tbk Indofarma Tbk Indocement Tunggal Prakarsa Tbk
0.64 0.44
0.64 0.44
0.63 0.37
0.7 0.58
0.69 0.48
0.68 0.49
0.66 0.48
0.62 0.58
0.72 0.48
0.71 0.71 0.49 0.48
0.61 0.49
13.73
16.1
15.68
81.9
9.31
11.2
14.85
0.52
0.54
0.57
0.55
0.41
Indofood Sukses Makmur Tbk
0.69
0.66
0.66
0.69
0.68
0.69
0.69
0.68
0.7
0.71
0.68
0.68
Intanwijaya Internasional Tbk
0.1
0.13
0.12
0.14
0.12
0.1
0.13
0.15
0.15
0.18
0.14
0.1
Jakarta International Hotels & Development Tbk
0.71
0.75
0.78
0.75
0.7
0.69
0.74
0.59
0.58
0.81
0.76
0.46
Jaya Pari Steel Corp. Tbk
0.35
0.46
0.48
0.31
0.25
0.51
0.56
0.46
0.19
0.45
0.41
0.19
Jembo Cable Company Tbk
0.77
0.78
0.79
0.76
0.76
0.76
0.8
0.78
0.78
0.76
0.76
0.8
Kabelindo Murni Tbk
0.17
0.85
0.17
0.34
0.28
0.26
0.21
0.45
0.46
0.38
0.33
0.45
Mulia Industrindo Tbk Kalbe Farma Tbk
1.22 0.71
0.19 0.7
1.23 0.76
1.3 0.58
1.25 0.59
1.23 0.62
1.26 0.64
1.43 0.51
1.37 0.54
1.38 0.55
1.32 0.55
1.65 0.39
Lionmesh Prima Tbk Mayora Indah Tbk
0.67 0.46
0.68 0.47
0.74 0.5
0.63 0.36
0.6 0.43
0.62 0.41
0.69 0.41
0.59 0.31
0.57 0.3
0.59 0.37
0.6 0.36
0.5 0.38
Panasia Indosyntex Tbk
0.87
0.87
0.9
0.69
0.64
0.68
0.69
0.75
2.13
0.83
0.88
0.37
Multi Bintang Indonesia Tbk
1.78
1.73
1.62
0.44
0.4
0.49
0.39
0.53
0.51
0.43
0.43
0.6
Semen Cibinong Tbk
0.67
0.64
0.72
0.65
0.65
0.64
0.68
0.71
0.7
0.71
0.67
0.75
Unilever Indonesia Tbk
0.33
0.4
0.36
0.38
0.39
0.46
0.38
0.37
0.38
0.51
0.39
0.43
Mandom Indonesia Tbk Merck Tbk
0.27 0.15
0.32 0.15
0.35 0.15
0.11 0.2
0.22 0.18
0.22 0.2
0.16 0.16
0.16 0.23
0.18 0.2
0.21 0.2 0.24 0.21
0.16 0.17
Summarecon Agung Tbk
0.51
0.53
0.49
0.63
0.61
0.56
0.55
0.56
0.57
0.6
0.6
0.55
Schering Plough Indonesia Tbk
0.86
0.8
0.94
0.9
0.9
0.91
0.96
0.97
0.89
0.89
0.88
0.99
Universitas Sumatera Utara
LAMPIRAN IV PENGOLAHAN DATA DENGAN e-Views 1. Statistik Deskriptif
Mean Median Maximum Minimum Std. Dev. Skewness Kurtosis
DAR 36.11947 27.95 104.25 25.45 18.1317 3.010574 11.78689
DER 138.7505 48.65 1066.55 -187.24 298.3769 1.868023 6.259822
ROE 1016.712 651.33 5053.19 30.34 1202.69 2.19895 7.7123
Jarque-Bera Probability
89.82538 0
19.46271 0.000059
32.89162 0
Sum Sum Sq. Dev. Observations
686.27 5917.654 19
2636.26 1602518 19
19317.53 26036323 19
2. Uji Normalitas
Universitas Sumatera Utara
3. Uji Heterokedastisitas White Heteroskedasticity Test: F-statistic Obs*R-squared
0.846208 3.699306
Probability Probability
0.518977 0.448227
Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 04/02/08 Time: 15:49 Sample: 2002:2 2006:4 Included observations: 19 Variable
Coefficient
Std. Error
t-Statistic
Prob.
C DAR DAR^2 DER DER^2
-705948.6 45213.49 -372.5449 1324.619 -1.375419
961895.5 39913.10 313.8784 1107.909 1.173444
-0.733914 1.132798 -1.186908 1.195603 -1.172122
0.4751 0.2763 0.2550 0.2517 0.2607
R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood Durbin-Watson stat
0.194700 -0.035385 540709.7 4.09E+12 -274.8708 2.058605
Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic)
366385.0 531389.7 29.46009 29.70862 0.846208 0.518977
4. Uji Multikolinearitas
DER DAR
Correlation Matrix DER 1.000000 0.376550
DAR 0.376550 1.000000
Universitas Sumatera Utara
5. Uji Otokorelasi Null Hypothesis: RESID02 has a unit root Exogenous: None Lag Length: 0 (Automatic based on SIC, MAXLAG=7) Augmented Dickey-Fuller test statistic Test critical values: 1% level 5% level 10% level
t-Statistic
Prob.*
-3.466615 -2.699769 -1.961409 -1.606610
0.0017
*MacKinnon (1996) one-sided p-values. Warning: Probabilities and critical values calculated for 20 observations and may not be accurate for a sample size of 18
Augmented Dickey-Fuller Test Equation Dependent Variable: D(RESID02) Method: Least Squares Date: 04/02/08 Time: 15:29 Sample(adjusted): 2002:3 2006:4 Included observations: 19 after adjusting endpoints Variable
Coefficient
RESID02(-1)
-0.750163
R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood
0.408545 0.408545 568.4638 5493569. -139.1993
Std. Error
t-Statistic
0.216396
-3.466615
Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Durbin-Watson stat
Prob. 0.0029 -70.23024 739.1661 15.57771 15.62717 2.076861
Universitas Sumatera Utara
LAMPIRAN V HASIL REGRESI 1.
Pengaruh DAR dan DER terhadap ROE
Dependent Variable: ROE Method: Least Squares Date: 03/06/08 Time: 10:08 Sample: 2002:2 2006:4 Included observations: 19 Variable
Coefficient
Std. Error
t-Statistic
Prob.
C DAR DER
1444.814 -26.13742 3.718674
348.0046 9.255802 0.562455
4.151709 -2.823896 6.611510
0.0008 0.0122 0.0000
R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood Durbin-Watson stat
2.
0.732631 0.699209 659.6076 6961315. -148.6685 1.347017
Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic)
1016.712 1202.690 15.96511 16.11423 21.92115 0.000026
Pengaruh DAR terhadap ROE
Dependent Variable: ROE Method: Least Squares Date: 03/06/08 Time: 10:12 Sample: 2002:2 2006:4 Included observations: 19 Variable
Coefficient
Std. Error
t-Statistic
Prob.
C DAR
1128.484 -3.094506
646.0227 16.07006
1.746818 -0.192563
0.0987 0.8496
R-squared Adjusted Rsquared S.E. of regression Sum squared resid Log likelihood Durbin-Watson stat
0.002176 -0.056519
Mean dependent var S.D. dependent var
1016.712 1202.690
1236.210 25979656 -161.1795 1.181702
Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic)
17.17679 17.27620 0.037081 0.849583
Universitas Sumatera Utara
3.
Pengaruh DER terhadap ROE
Dependent Variable: ROE Method: Least Squares Date: 03/06/08 Time: 10:13 Sample: 2002:2 2006:4 Included observations: 19 Variable
Coefficient
Std. Error
t-Statistic
Prob.
C DER
583.7280 3.120594
199.1601 0.618776
2.930948 5.043172
0.0093 0.0001
R-squared Adjusted R-squared S.E. of regression
0.599374 0.575808 783.3123
Sum squared resid Log likelihood
10430829 -152.5103
Durbin-Watson stat
1.216818
Mean dependent var S.D. dependent var Akaike info criterion
1016.712 1202.690 16.26424
Schwarz criterion F-statistic
16.36366 25.43359
Prob(F-statistic)
0.000100
Universitas Sumatera Utara
