LAMPIRAN KONSTRUKSI PENGAMBILAN SAMPEL. Tabel 1. Konstruksi Sampel Berdasarkan Kriteria

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1 LAMPIRAN Lampiran 1 KONSTRUKSI PENGAMBILAN SAMPEL Tabel 1 Konstruksi Sampel Berdasarkan Kriteria Konstruksi Sampel* Jumlah perusahaan terdaftar di BEI 492 (-) Industri keuangan 76 (-) data tidak memadai (ketiadaan beta) 124 (-) tidak memiliki goodwill positif dalam neraca 54 (-) menggunakan mata uang selain rupiah dalam laporan keuangan Total perusahaan 48 Sampel final untuk mengamatan 2 tahun (2 x perusahaan) 96 *Tabel ini memperlihatkan proses pengambilan sampel final yang digunakan dalam penelitian ini berdasarkan kriteria yang telah ditetapkan sebelumnya. 22 Lampiran 2 REKAPITULASI COST OF EQUITY Tabel 2 Perhitungan Cost of Equity No. Kode Nama Tanggal Risk Free Rate (Rf) Market Risk Premium (MRP) Beta Cost of Equity Pendaftaran ABBA Mahaka Media 3-Apr % 5.77% 3.91% 3.91% % 13.28% 2 AKRA AKR Corporindo 3-Okt % 5.77% 3.91% 3.91% % 57% 3 ANTM Aneka Tambang (Persero) 27-Nop % 5.77% 3.91% 3.91% % 89% 4 ASGR Astra Graphia 15-Nop % 5.77% 3.91% 3.91% % 13.8% 5 BIPI Benakat Integra 11-Feb % 5.77% 3.91% 3.91% % 7.1% 6 BMSR Bintang Mitra Semestaraya 29-Des % 5.77% 3.91% 3.91% % 3.3%

2 7 BMTR Global Mediacom 17-Jul % 5.77% 3.91% 3.91% % 15% 8 BSDE Bumi Serpong Damai 6-Jun % 5.77% 3.91% 3.91% % 38% 9 BWPT BW Plantation 27-Okt % 5.77% 3.91% 3.91% % 8.23% 1 DILD Intiland Development 4-Sep % 5.77% 3.91% 3.91% % 5% 11 ELTY Bakrieland Development 3-Okt % 5.77% 3.91% 3.91% % 95% 12 EMDE Megapolitan Developments 12-Jan % 5.77% 3.91% 3.91% % 9.6% 13 FREN Smartfren Telecom 29-Nop % 5.77% 3.91% 3.91% % 8.59% 14 GREN Evergreen Invesco 9-Jul % 5.77% 3.91% 3.91% % 6.36% 15 HMSP HM Sampoerna 15-Agust- 6.58% 5.77% 3.91% 3.91% % 8.39% ICBP Indofood CBP Sukses Makmur 7-Okt % 5.77% 3.91% 3.91% % 9.6% 17 INDF Indofood Sukses Makmur 14-Jul % 5.77% 3.91% 3.91% % 9.8% 18 JIHD Jakarta International Hotels & 29-Feb % 5.77% 3.91% 3.91% % 67% Development 19 JKON Jaya Konstruksi Manggala 4-Des % 5.77% 3.91% 3.91% % 7.29% Pratama 2 JPFA JAPFA Comfeed Indonesia 23-Okt % 5.77% 3.91% 3.91% % 13.8% 21 JSMR Jasa Marga 12-Nop % 5.77% 3.91% 3.91% % 8.86% 22 JSPT Jakarta Setiabudi Internasional 12-Jan % 5.77% 3.91% 3.91% % 6.16% 23 MAPI Mitra Adiperkasa 1-Nop % 5.77% 3.91% 3.91% % 13.59% 24 MDRN Modern Internasional 16-Jul % 5.77% 3.91% 3.91% % 13.51% 25 MNCN Media Nusantara Citra 22-Jun % 5.77% 3.91% 3.91% % 46% 26 PANR Panorama Sentrawisata 1-Jan % 5.77% 3.91% 3.91% % 8.16% 27 PLIN Plaza Indonesia Realty 15-Jun % 5.77% 3.91% 3.91% % 13.82% 28 SMAR SMART 2-Nop % 5.77% 3.91% 3.91% % 8.7% 29 SMCB Holcim Indonesia 1-Agust- 6.58% 5.77% 3.91% 3.91% % 58% TBIG PT Tower Bersama 26-Okt % 5.77% 3.91% 3.91% % 7.6% Infrastructure 31 TRIO Trikomsel Oke 14-Apr % 5.77% 3.91% 3.91% % 9.72% 32 UNSP Bakrie Sumatera Plantations 6-Mar % 5.77% 3.91% 3.91% % 17% 33 WIKA Wijaya Karya 29-Okt % 5.77% 3.91% 3.91% % 34% 34 EMTK Elang Mahkota Teknologi 12-Jan % 5.77% 3.91% 3.91% % 81% 35 PBRX Pan Brothers 16-Agust- 6.58% 5.77% 3.91% 3.91% % 7.53% AUTO Astra Otoparts 15-Jun % 5.77% 3.91% 3.91% % 52% 37 HERO Hero Supermarket 2-Des % 5.77% 3.91% 3.91% % 8.66% 38 ASII Astra International 4-Apr % 5.77% 3.91% 3.91% % 5% 39 COWL COWELL DEVELOPMENT 19-Des % 5.77% 3.91% 3.91% % 9.13% 4 BNBR Bakrie & Brothers 28-Agust- 6.58% 5.77% 3.91% 3.91% % 6.83% WEHA Panorama Transportasi 31-Mei % 5.77% 3.91% 3.91% % 9.13% 42 CENT Centrin Online 1-Nop % 5.77% 3.91% 3.91% % 5.3% 43 CPIN Charoen Pokphand Indonesia 18-Mar % 5.77% 3.91% 3.91% % 13.% 44 AALI Astra Agro Lestari 9-Des % 5.77% 3.91% 3.91% % 6.83% 45 BHIT PT MNC Investama. 24-Nop % 5.77% 3.91% 3.91% % 9.8% 46 SULI PT SLJ Global 21-Mar % 5.77% 3.91% 3.91% % 79% 47 GZCO Gozco Plantations 15-Mei % 5.77% 3.91% 3.91% % 23% 48 ETWA Eterindo Wahanatama 16-Mei % 5.77% 3.91% 3.91% % 8.19% Tabel di atas memperlihatkan perhitungan cost of equity masing-masing perusahaan yang menjadi sampel penelitian. Cost of Equity dicari dengan

3 menggunakan rumus CAPM (capital asset pricing model), dengan rumus sebagai berikut. E (Ri) = Rf + β (MRP) Keterangan: E (Ri) : Tingkat pengembalian yang diinginkan Rf : Tingkat suku bunga investasi yang dapat diperoleh tanpa resiko (tingkat suku bunga SBI). Diambil dari website berdasarkan tingkat suku bunga rata-rata tahun penelitian. β : Faktor resiko yang berlaku spesifik untuk masing masing bank. Data beta masing-masing perusahaan diambil dari MRP : (Market Resk Premium). Sumber data diambil dari survey Damodaran tentang MRP negara-negara di dunia pada tahun 212 dari Tabel 3 Tingkat Suku Bunga Berdasarkan BI Bulan Suku Bunga Januari 6.5% 6.% Februari 6.75% 5.75% Maret 6.75% 5.75% April 6.75% 5.75% Mei 6.75% 5.75% Juni 6.75% 5.75% Juli 6.75% 5.75% Agustus 6.75% 5.75% September 6.75% 5.75% Oktober 6.5% 5.75% November 6.% 5.75%

4 Desember 6.% 5.75% Total 79.% 69.25% Rata2 6.58% 5.77% Sumber: Lampiran 3 PERHITUNGAN COST OF DEBT Tabel 4 Rekapitulasi Perhitungan Cost of Debt No. Nama Jumlah Utang (D) Beban Bunga (i) Tingkat Bunga (D/i) Tax Rate Mahaka Media 294,26,68,52 35,768,88,547 13,373,36,28 13,49,984, % 4.41% 25.% 25.% 2 AKR Corporindo 4,746,13,316, 7,577,784,981, 4,166,26, 1,811,641,.9%.14% 2.% 2.% 3 Aneka Tambang 4,429,191,527, 6,876,224,89, 22,723,138, 234,5,82,.51% 3.41% 25.% 25.% (Persero) 4 Astra Graphia 569,52,, 66,917,, 542,, 3,323,,.1%.55% 25.% 25.% 5 Benakat Integra 641,695,, 755,441,, 88,195,, 55,79,, % 25.% 25.% % 6 Bintang Mitra 294,712,783,2 38,191,13,983 8,527,877,196 11,277,62, % 3.66% 25.% 25.% Semestaraya 7 Global Mediacom 4,295,815,, 5,699,77,, 372,916,, 326,137,, 8.68% 5.72% 25.% 25.% 8 Bumi Serpong Damai 4,53,152,19,517 6,225,13,628, ,713,472,88 89,473,238, % 1.44% 25.% 25.% 8 9 BW Plantation 2,163,128,698, 3,246,82,118, 68,498,485, 7,355,188, 3.17% 2.17% 25.% 25.% 1 Intiland Development 1,892,97,65,386 2,14,815,833,51 48,3,574,331 81,792,35, % 3.82% 25.% 25.% 11 Bakrieland Development 6,85,878,16,13 6,71,418,71,164 47,394,828, ,81,491,2.7% 7.8% 25.% 25.% 12 Megapolitan 374,772,13, ,44,53,575 14,534,389,741 11,166,374, % 3.8% 25.% 25.% Developments 13 Smartfren Telecom 9,27,66,756,73 9,355,398,812, ,425,729,71 367,979,998, % 3.93% 25.% 25.% 6 14 Evergreen Invesco 566,946,3,47 581,76,926,718 8,341,189,595 1,648,589, % 1.83% 25.% 25.% 15 HM Sampoerna 9,27,88,, 12,939,17,, 9,545,, 2,471,,.11%.16% 25.% 25.% 16 Indofood CBP Sukses 4,513,84,, 5,766,682,, 46,544,, 53,675,, 1.3%.93% 25.% 25.% Makmur 17 Indofood Sukses 21,975,78,, 25,181,533,, 882,16,, 933,888,, 4.1% 3.71% 2.% 2.% Makmur 18 Jakarta International 1,5,554,569, 1,76,6,487, 47,189,716, 38,887, %.% 2.% 2.% Hotels & Development 19 Jaya Konstruksi 1,347,596,317,577 1,542,127,841,271 26,376,879,386 35,25,718, % 2.29% 25.% 25.% Manggala Pratama 2 JAPFA Comfeed 4,481,7,, 6,198,137,, 331,44,, 437,531,, 7.4% 7.6% 2.% 2.%

5 Indonesia 21 Jasa Marga 12,555,38,912, 14,965,765,873, 32,556,57, 9,96,859,.26%.61% 25.% 25.% 22 Jakarta Setiabudi 1,255,753,36,14 1,5,18,745,925 33,37,99, 3,127,931, 2.66% 2.1% 25.% 25.% Internasional 23 Mitra Adiperkasa 2,621,29,18, 3,817,911,733, 123,418,316, 165,69,599, 4.71% 4.32% 2.% 2.% 24 Modern Internasional 633,475,393, ,255,823,658 33,33,393,51 57,383,961, % 7.68% 2.% 2.% 25 Media Nusantara Citra 1,963,727,, 1,663,78,, 134,94,, 38,294,, 6.87% 2.3% 25.% 25.% 26 Panorama Sentrawisata 53,585,25, 731,463,523, 26,18,639, 38,698,224, 5.2% 5.29% 25.% 25.% 27 Plaza Indonesia Realty 1,935,37,318, 1,717,982,629, 57,83,49, 47,36,247, 2.99% 2.75% 25.% 25.% 28 SMART 7,386,347,, 7,38,,, 276,56,, 25,7,, 3.74% 3.42% 25.% 25.% 29 Holcim Indonesia 3,423,241,, 3,75,461,, 121,241,, 119,586,, 3.54% 3.19% 3.63% 27.87% 3 PT Tower Bersama 4,174,997,, 1,72,9,, 246,597,, 467,482,, 5.91% 4.64% 25.% 25.% Infrastructure 31 Trikomsel Oke 3,41,31,56,712 3,56,469,551,54 173,853,493,58 225,87,39, % 6.42% 25.% 25.% 1 32 Bakrie Sumatera 9,644,732,756, 11,68,929,244, 464,17,632, 553,71,443, 4.81% 5.% 2.% 2.% Plantations 33 Wijaya Karya 6,13,63,696, 8,131,23,824, 15,696,279, 36,228,187,.26%.45% 25.% 25.% 34 Elang Mahkota 2,361,844,476, 2,311,678,445, 139,48,746, 78,434,894, 5.89% 3.39% 25.% 25.% Teknologi 35 Pan Brothers 83,72,,88 1,178,597,39,919 29,212,953,895 34,894,964, % 2.96% 25.% 25.% 36 Astra Otoparts 2,241,333,, 3,396,543,, 55,549,, 99,586,, 2.48% 2.93% 25.% 25.% 37 Hero Supermarket 2,297,397,, 3,619,7,, 26,197,, 42,54,, 1.14% 1.16% 25.% 25.% 38 Astra International 78,481,,, 92,46,,, 71,,, 1,21,,,.9% 1.1% 2.% 2.% 39 COWELL 221,859,863, ,554,39,238 2,475,684,262 7,562,146, % 1.17% 25.% 25.% DEVELOPMENT 4 Bakrie & Brothers 19,613,262,83, 13,46,34,152, 978,489,79, 1,29,361,68, 4.99% 7.89% 2.% 2.% 41 Panorama Transportasi 183,819,33,243 31,192,327,415 15,75,913,369 24,92,75, % 8.27% 25.% 25.% 42 Centrin Online 15,1,322,284 24,654,856,55 893,644,84 236,963, %.96% 25.% 25.% 43 Charoen Pokphand 2,658,734,, 4,172,163,, 34,51,, 51,559,, 1.3% 1.24% 2.% 2.% Indonesia 44 Astra Agro Lestari 1,778,337,, 3,54,49,, 25,778,, 31,75,, 1.45% 1.4% 25.% 25.% 45 PT Bhakti Investama 6,665,467,, 8,827,432,, 488,77,, 4,15,, 7.32% 4.53% 25.% 25.%. 46 PT SLJ Global 1,654,48,778,442 1,475,195,895,66 74,366,736,121 48,156,958, % 3.26% 25.% 25.% 47 Gozco Plantations 1,327,475,994,963 1,587,372,557,439 67,32,815,39 79,442,66, % 5.% 25.% 25.% 48 Eterindo Wahanatama 398,12,966,5 523,27,574,539 6,158,721,572 9,78,63, % 1.86% 2.% 2.% Perhitungan cost of debt didasarkan Cost of Debt setelah pajak dihitung dengan cara mengalikan tingkat bunga tahunan yang harus dibayar perusahaan

6 atas pinjaman baru (1- Tingkat pajak). Adapun hasil perhitungannya dapat dilihat pada tabel di atas. Lampiran 4 PERHITUNGAN ROIC Tabel 5 No. Kode Nama NOPAT tanpa pengaruh Goodwill Impairment Loss (NOPAT + Goodwill Impairment Loss) Average Invested Capital ABBA Mahaka Media 2,49,122,541 1,438,184,574 52,13,864,661 42,691,65 2 AKRA AKR Corporindo 58,398,681,6 664,284,616,8 2,648,65,372, 3,91,731,31 3 ANTM Aneka Tambang 1,59,658,818,75 671,898,42, 4,887,813,233, 5,51,478,47 (Persero) 4 ASGR Astra Graphia 126,678,75, 17,293,5, 256,281,5, 357,829,5 5 BIPI Benakat Integra 5,55,, 8,988,75, 263,84,, 247,25,5 6 BMSR Bintang Mitra 39,855,666,526 4,956,633,825-21,519,367,465 54,518,63 Semestaraya 7 BMTR Global Mediacom 1,417,979,25, 1,841,535,75, 5,557,43,, 8,92,673, 8 BSDE Bumi Serpong Damai 72,416,534,774 1,73,666,191,97 169,648,621,15-649,55,26 9 BWPT BW Plantation 362,22,59,25 312,968,52, 177,46,368, 397,511,62 1 DILD Intiland Development 14,725,98, ,747,878,675 1,195,194,416,27 82,577,49 11 ELTY Bakrieland 214,822,611, ,813,557,581 4,15,276,789,742 2,996,454,98 Development 12 EMDE Megapolitan 7,885,654,168 4,869,762, ,68,951 61,717,82 Developments 13 FREN Smartfren Telecom -1,666,221,29,387-1,21,948,52,673 4,14,29,887,94 6,931,41,12 14 GREN Evergreen Invesco 1,215,825,695 12,762,951,74 43,926,355, ,59,23 15 HMSP HM Sampoerna 8,13,962,25, 1,12,837,5, 7,565,494,5, 1,412,751,5 16 ICBP Indofood CBP Sukses 1,956,561,, 2,131,545,, 3,487,349,5, 4,212,777, Makmur 17 INDF Indofood Sukses 5,481,984,8, 5,496,475,2, 11,529,53,, 13,548,768, Makmur 18 JIHD Jakarta International Hotels & Development 7,488,483,2 12,72,97,2 1,693,55,33,5 2,57,153,44

7 19 JKON Jaya Konstruksi 164,88,873,589 28,289,447,446 53,439,832, ,233,97 Manggala Pratama 2 JPFA JAPFA Comfeed 877,768,, 1,334,63,2, 4,74,675,5, 5,18,192, Indonesia 21 JSMR Jasa Marga 1,747,848,651, 2,231,426,937,75-2,893,931,386,5-4,718,296,66 22 JSPT Jakarta Setiabudi 2,42,7, ,581,47,1 644,65,75,23 488,184,55 Internasional 23 MAPI Mitra Adiperkasa 497,812,2, 69,32,342,4 1,387,35,441,5 1,676,843,28 24 MDRN Modern Internasional 83,214,328,438 97,279,38,23 414,392,7, ,399,46 25 MNCN Media Nusantara Citra 1,186,177,5, 1,661,11,5, 3,739,559,, 5,449,972,5 26 PANR Panorama 37,655,639,25 55,288,777,5 229,534,324, 311,2,3 Sentrawisata 27 PLIN Plaza Indonesia Realty 141,621,645, 335,49,56,25 1,391,15,625, 1,83,769,91 28 SMAR SMART 1,697,565,75, 2,446,241,25, 6,756,54,5, 8,96,446,5 29 SMCB Holcim Indonesia 1,171,691,21,2 1,47,339,34,1 7,36,19,44,585 8,774,31,5 3 TBIG PT Tower Bersama 53,614,5, 96,291,75, 222,333,5, -5,127,5 Infrastructure 31 TRIO Trikomsel Oke 524,783,41,859 62,315,86,58 883,14,338,22 1,288,442,43 32 UNSP Bakrie Sumatera 718,329,171,2 288,631,551,2 4,974,94,476, 7,55,176,45 Plantations 33 WIKA Wijaya Karya 49,35,875,25 634,62,465,75 3,571,991,572, 3,491,21,83 34 EMTK Elang Mahkota 897,794,43,75 1,22,353,839, 943,365,767, 1,41,915,99 Teknologi 35 PBRX Pan Brothers 73,779,685,45 15,839,91,26 47,66,55, ,87,48 36 AUTO Astra Otoparts 389,661,, 356,65,5, 1,64,46,5, 1,842,678, 37 HERO Hero Supermarket 287,861,25, 33,924,, 973,93,, 1,16,327,5 38 ASII Astra International 14,265,6,, 15,896,,, 7,39,5,, 15,35,, 39 COWL COWELL 23,358,73,292 6,719,768,211-56,419,873,314 41,54,51 DEVELOPMENT 4 BNBR Bakrie & Brothers 5,525,145,843 4,688,152,852 9,968,497,143, 3,552,425,8 41 WEHA Panorama 17,934,559,586 25,352,517,2 112,731,333,924 17,84,8 Transportasi 42 CENT Centrin Online 1,464,211,513-4,638,145,265 29,869,986,131 4,387,94 43 CPIN Charoen Pokphand 2,47,37,4, 2,772,894,4, 4,841,261,, 7,42,935,5 Indonesia 44 AALI Astra Agro Lestari 2,396,745,75, 2,59,296,75, 2,693,158,5, 3,423,19,5 45 BHIT PT Bhakti Investama 1,455,258,75, 2,54,73,75, 6,89,946,5, 1,362,928,5. 46 SULI PT SLJ Global -126,395,899, ,74,231,94 41,72,818,71-213,,45 47 GZCO Gozco Plantations 78,233,666,72 64,495,395, ,443,552,561 35,92,19 48 ETWA Eterindo Wahanatama 55,38,46,683 36,23,251,558 64,714,529,241 12,47,85

8 Untuk mendapatkan nilai ROIC, dampak penurunan nilai goodwill harus dihilangkan dari NOPAT perusahaan, hal ini sesuai dengan perhitungan ROIC menurut Chan (21). Lampiran 5 TRANSFORMASI VARIABEL Tabel 6 Variabel Baru Hasil Transformasi N o. Kod e 1 ABB A 2 AK RA 3 ANT M Nama EVAbaru Goodwill Impairment Loss Baru NOPAT baru Biaya Modal Baru Mahaka Media AKR Corporindo Aneka Tambang (Persero) 4 ASG R Astra Graphia 5 BIPI Benakat Integra 6 BM SR 7 BM TR 8 BSD E 9 BW PT Bintang Mitra Semestaraya Global Mediacom Bumi Serpong Damai BW Plantation DIL Intiland

9 D 11 ELT Y 12 EM DE 13 FRE N 14 GRE N 15 HM SP 16 ICB P 17 IND F 18 JIH D 19 JKO N 2 JPF A 21 JSM R 22 JSP T 23 MA PI 24 MD RN 25 MN CN 26 PAN R Developmen t Bakrieland Developmen t Megapolitan Developmen ts Smartfren Telecom Evergreen Invesco HM Sampoerna Indofood CBP Sukses Makmur Indofood Sukses Makmur Jakarta International Hotels & Developmen t Jaya Konstruksi Manggala Pratama JAPFA Comfeed Indonesia Jasa Marga Jakarta Setiabudi Internasiona l Mitra Adiperkasa Modern Internasiona l Media Nusantara Citra Panorama Sentrawisata

10 27 PLI N 28 SM AR 29 SM CB 3 TBI G 31 TRI O 32 UNS P 33 WIK A 34 EM TK 35 PBR X 36 AUT O 37 HER O Plaza Indonesia Realty SMART Holcim Indonesia PT Tower Bersama Infrastructur e Trikomsel Oke Bakrie Sumatera Plantations Wijaya Karya Elang Mahkota Teknologi Pan Brothers Astra Otoparts Hero Supermarket 38 ASII Astra International 39 CO WL 4 BNB R 41 WE HA 42 CEN T 43 CPI N 44 AAL I 45 BHI T COWELL DEVELOP MENT Bakrie & Brothers Panorama Transportasi Centrin Online Charoen Pokphand Indonesia Astra Agro Lestari PT Bhakti Investama

11 46 SUL I 47 GZC O 48 ET WA. PT SLJ Global Gozco Plantations Eterindo Wahanatam a Dari hasil pengujian Kolmogorov-Smirnov pada bab sebelumnya, diketahui bahwa data penelitian terdistribusi secara tidak normal karena memiliki nilai signifikansi yang lebih kecil dari,5. Untuk itu, diperlukan transformasi data agar menjadi normal. Pentransformasian dilakukan dengan akar kuadrat dan log1 untuk variabel penelitian yang tidak berdistribusi normal. Log1 digunakan untuk mentransformasi EVA, NOPAT, dan goodwill impairment loss, sementara kuadrat terkecil digunakan untuk mentransformasi biaya modal. Tabel 5 memberikan hasil transformasi yang dilakukan pada setiap variabel.

12 Lampiran 6 DURBIN-WATSON Tabel 7 Durbin-Watson Statistic