LAMPIRAN. Universitas Sumatera Utara

LAMPIRAN 85

Lampiran 1. Daftar Populasi Dan Pemilihan Sampel Perusahaan No Kode Nama Perusahaan Kriteria Sampel 1 2 3 1 ADES Akasha Wira Internasional Tbk,PT v v v 2 AQUA PT Aqua Golden Mississippi Tbk x x v 3 AISA Tiga Pilar Sejahtera Food Tbk,PT v x v 4 ALTO Tri Banyan Tirta Tbk,PT v x v 5 CEKA Wilmar Cahaya Indonesia Tbk,PT v v v 6 DAVO Davomas Abadi Tbk,PT x x v 7 DLTA Delta Djakarta Tbk,PT v v v 8 ICBP Indofood CBP Sukses Makmur Tbk,PT v v v 9 INDF Indofood Sukses Makmur Tbk,PT v v v 10 MLBI Multi Bintang Indonesia Tbk,PT v v v 11 MYOR Mayora Indah Tbk,PT v v v 12 PSDN Prashida Aneka Niaga Tbk,PT v x v 13 ROTI Nippon Indosari Corporindo Tbk,PT v v v 14 SKBM Sekar Bumi Tbk,PT v x v 15 SKLT Sekar Laut Tbk,PT v v v 16 STTP Siantar Top Tbk,PT v v v 17 ULTJ Ultrajaya Milk Industry and Trading Company Tbk,PT v v v Sumber : www.idx.co.id 86

Lampiran 2. Data Variabel Dependen dan Independen Objek Penelitian RETURN ON ASSET (ROA) TAHUN 2011 2014 No Kode Perusahaan Return On Asset (ROA) 2011 2012 2013 2014 1 ADES 0,08 0,21 0,13 0,06 2 CEKA 0,12 0,06 0,06 0,03 3 DLTA 0,22 0,29 0,31 0,29 4 ICBP 0,14 0,13 0,11 0,10 5 INDF 0,09 0,08 0,04 0,06 6 MLBI 0,42 0,39 0,66 0,36 7 MYOR 0,07 0,09 0,11 0,04 8 ROTI 0,15 0,12 0,09 0,09 9 SKLT 0,03 0,03 0,04 0,05 10 STTP 0,05 0,06 0,08 0,07 11 ULTJ 0,05 0,15 0,12 0,04 Sumber: Hasil Penelitian 2016 (data diolah PERPUTARAN KAS/CASH TURNOVER (CTR) TAHUN 2011 2014 No Kode Perusahaan Perputaran Kas (CTR) 2011 2012 2013 2014 1 ADES 19,66 17,61 16,10 22,18 2 CEKA 125,39 81,80 112,12 129,15 3 DLTA 2,28 2,68 2,39 2,07 4 ICBP 4,95 4,39 4,56 4,67 5 INDF 3,86 3,80 4,12 4,57 6 MLBI 1,36 9,02 2,96 20,48 7 MYOR 23,71 12,63 7,51 11,01 8 ROTI 9,62 27,61 21,66 14,26 9 SKLT 47,22 57,78 83,59 83,53 10 STTP 140,20 175,18 181,88 222,62 11 ULTJ 6,72 7,22 6,03 6,58 87

PERPUTARAN PIUTANG/RECEIVABLE TURNOVER (RTR) TAHUN 2011 2014 No Kode Perusahaan Perputaran Piutang (RTR) 2011 2012 2013 2014 1 ADES 3,57 6,64 6,66 6,26 2 CEKA 9,16 6,90 11,21 12,35 3 DLTA 2,72 3,55 5,45 5,19 4 ICBP 8,79 9,23 10,29 11,01 5 INDF 14,27 14,03 13,17 13,68 6 MLBI 1,28 7,24 1,46 8,44 7 MYOR 6,23 5,59 4,94 4,81 8 ROTI 9,07 9,91 9,42 9,48 9 SKLT 8,19 8,15 8,99 8,72 10 STTP 9,04 8,15 7,77 8,39 11 ULTJ 9,26 9,87 10,02 10,16 PERPUTARAN PERSEDIAAN/INVENTORY TURNOVER (ITR) TAHUN 2011 2014 No Kode Perusahaan Perputaran Persediaan (ITR) 2011 2012 2013 2014 1 ADES 7,79 3,61 2,77 3,16 2 CEKA 2,46 2,72 6,82 8,27 3 DLTA 2,04 2,13 1,88 1,43 4 ICBP 9,39 9,24 7,98 7,72 5 INDF 5,38 5,11 5,27 5,60 6 MLBI 7,49 5,28 8,96 6,09 7 MYOR 8,50 10,99 11,32 6,80 8 ROTI 33,50 32,61 27,30 25,32 9 SKLT 5,61 5,75 6,75 7,33 10 STTP 5,52 5,13 5,24 5,92 11 ULTJ 4,07 5,43 5,63 4,77 88

RASIO LANCAR/CURRENT RATIO (CR) TAHUN 2011 2014 No Kode Perusahaan Rasio Lancar (CR) 2011 2012 2013 2014 1 ADES 1,71 1,94 1,81 1,54 2 CEKA 1,69 1,03 1,63 1,47 3 DLTA 6,01 5,26 4,71 4,47 4 ICBP 2,87 2,76 2,41 2,18 5 INDF 1,91 2,00 1,67 1,81 6 MLBI 0,99 0,58 0,98 0,51 7 MYOR 2,22 2,76 2,44 2,09 8 ROTI 1,28 1,12 1,14 1,37 9 SKLT 1,70 1,41 1,23 1,18 10 STTP 1,03 1,00 1,14 1,48 11 ULTJ 1,52 2,02 2,47 2,53 UKURAN PERUSAHAAN (SIZE) TAHUN 2011 2014 No Kode Perusahaan Ukuran Perusahaan ( diukur dengan Total Aset ) 2011 2012 2013 2014 Total aset 4 thn 1 ADES 316.048 389.094 441.064 504.865 1.651.071 2 CEKA 823.361 1.027.693 1.069.627 1.284.150 4.204.831 3 DLTA 696.167 745.307 867.041 991.947 3.300.462 4 ICBP 15.222.857 17.753.480 21.267.470 24.910.211 79.154.018 5 INDF 53.585.933 59.324.207 78.092.789 85.938.885 276.941.814 6 MLBI 1.220.813 1.152.048 1.782.148 2.231.051 6.386.060 7 MYOR 6.599.846 8.302.506 9.709.838 10.291.108 34.903.298 8 ROTI 759.137 1.204.945 1.822.689 2.142.894 5.929.665 9 SKLT 214.238 249.746 301.989 331.575 1.097.548 10 STTP 934.766 1.249.841 1.470.059 1.700.204 5.354.870 11 ULTJ 2.179.182 2.420.793 2.811.621 3.037.558 10.449.154 Jumlah 429.372.791 rata-rata 39.033.890 89

Lampiran 3. Hasil Pengujian Eviews 7 1. Analisis Data Statistik SIZE: Perusahaan Besar ROA CTR RTR ITR CR Mean 0.093750 4.363937 11.80944 6.962102 2.201862 Median 0.095000 4.471690 12.09375 6.660929 2.093202 Maximum 0.140000 4.947965 14.26534 9.393353 2.871071 Minimum 0.040000 3.804289 8.793957 5.113543 1.667299 Std. Dev. 0.033780 0.403672 2.236810 1.826663 0.442779 SIZE: Perusahaan Kecil ROA CTR RTR ITR CR Mean 0.144483 47.60574 7.339586 8.233048 1.929887 Median 0.087347 18.63484 8.148951 5.692016 1.528116 Maximum 0.660000 222.6231 12.35253 33.49838 6.009061 Minimum 0.030000 1.362018 1.275908 1.434053 0.513906 Std. Dev. 0.139957 60.28112 2.658602 8.138236 1.272680 1.1 Uji Normalitas 10 8 6 4 2 Series: Residuals Sample 1 44 Observations 44 Mean 1.06e-16 Median 0.002324 Maximum 0.257475 Minimum -0.177094 Std. Dev. 0.084365 Skewness 0.415195 Kurtosis 3.963148 Jarque-Bera 2.964868 Probability 0.227084 0-0.2-0.1 0.0 0.1 0.2 1.2 Uji Multikolinieritas CR CTR ITR RTR SIZE CR 1.000000-0.531998-0.476404-0.293923 0.090878 CTR -0.531998 1.000000 0.103925 0.182201-0.407738 ITR -0.476404 0.103925 1.000000 0.214387 0.066217 RTR -0.293923 0.182201 0.214387 1.000000 0.562493 SIZE 0.090878-0.407738 0.066217 0.562493 1.000000 90

1.3 Uji Heteroskedastisitas Uji White Heteroskedasticity Test: White F-statistic 2.309140 Prob. F(19,24) 0.0271 Obs*R-squared 28.44168 Prob. Chi-Square(19) 0.0753 Scaled explained SS 31.42971 Prob. Chi-Square(19) 0.0362 1.4 Uji Autokorelasi Uji Durbin-Watson Dependent Variable: ROA Method: Least Squares Date: 01/14/16 Time: 11:25 Sample: 1 44 4 F-statistic 10.08773 Durbin-Watson stat 1.305890 Prob(F-statistic) 0.000003 3. Pemilihan Model Data Panel 3.1 Common Effect Model (CEM) Method: Pooled Least Squares Date: 01/15/16 Time: 06:26 CTR? -0.049014 0.015942-3.074523 0.0039 RTR? 0.012047 0.005239 2.299590 0.0271 ITR? 0.019224 0.022176 0.866875 0.3915 CR? 0.010086 0.016139 0.624964 0.5357 SIZE? -0.171392 0.053771-3.187430 0.0029 C 0.135993 0.065696 2.070029 0.0453 R-squared 0.490829 Mean dependent var 0.135682 Adjusted R-squared 0.423833 S.D. dependent var 0.128704 S.E. of regression 0.097693 Akaike info criterion -1.687842 Sum squared resid 0.362672 Schwarz criterion -1.444543 Log likelihood 43.13251 Hannan-Quinn criter. -1.597615 F-statistic 7.326225 Durbin-Watson stat 0.402069 Prob(F-statistic) 0.000069 91

3.2 Fixed Effect Model (FEM) Method: Pooled Least Squares Date: 01/15/16 Time: 06:27 CTR? -0.017702 0.019299-0.917227 0.3666 RTR? 0.004283 0.006535 0.655384 0.5174 ITR? 0.018401 0.027380 0.672052 0.5069 CR? 0.004449 0.023318 0.190777 0.8500 C 0.100378 0.054203 1.851897 0.0742 Fixed Effects (Cross) _1--C 0.006208 _2--C -0.025801 _3--C 0.140049 _4--C -0.046176 _5--C -0.106092 _6--C 0.264548 _7--C -0.052632 _8--C -0.046089 _9--C -0.065225 _10--C -0.015758 _11--C -0.053033 Cross-section fixed (dummy variables) Effects Specification R-squared 0.940138 Mean dependent var 0.135682 Adjusted R-squared 0.911240 S.D. dependent var 0.128704 S.E. of regression 0.038344 Akaike info criterion -3.419500 Sum squared resid 0.042638 Schwarz criterion -2.811253 Log likelihood 90.22899 Hannan-Quinn criter. -3.193933 F-statistic 32.53221 Durbin-Watson stat 2.033525 Prob(F-statistic) 0.000000 92

Uji Chow Redundant Fixed Effects Tests Pool: DPANEL_SARTIKA Test cross-section fixed effects Effects Test Statistic d.f. Prob. Cross-section F 28.361782 (10,29) 0.0000 Cross-section Chi-square 104.618166 10 0.0000 Cross-section fixed effects test equation: Method: Panel Least Squares Date: 01/15/16 Time: 06:27 CTR? -0.015963 0.013456-1.186298 0.2427 RTR? 0.002213 0.004705 0.470447 0.6407 ITR? 0.045595 0.022864 1.994195 0.0532 CR? 0.026130 0.017040 1.533428 0.1332 C 0.017171 0.060113 0.285643 0.7767 R-squared 0.354697 Mean dependent var 0.135682 Adjusted R-squared 0.288512 S.D. dependent var 0.128704 S.E. of regression 0.108561 Akaike info criterion -1.496360 Sum squared resid 0.459636 Schwarz criterion -1.293611 Log likelihood 37.91991 Hannan-Quinn criter. -1.421171 F-statistic 5.359175 Durbin-Watson stat 0.341237 Prob(F-statistic) 0.001545 93

3.3 Random Effect Model (REM) Method: Pooled EGLS (Cross-section random effects) Date: 01/15/16 Time: 06:28 Swamy and Arora estimator of component variances CTR? -0.038741 0.013285-2.916205 0.0059 RTR? 0.008845 0.004218 2.097049 0.0427 ITR? 0.014024 0.017716 0.791607 0.4335 CR? 0.006480 0.013313 0.486782 0.6292 SIZE? -0.144162 0.054687-2.636145 0.0121 C 0.149345 0.047567 3.139691 0.0033 Random Effects (Cross) _1--C -0.011407 _2--C -0.015427 _3--C 0.072520 _4--C 0.035943 _5--C -0.035943 _6--C 0.203186 _7--C -0.060206 _8--C -0.058729 _9--C -0.052684 _10--C 0.009959 _11--C -0.087212 Effects Specification S.D. Rho Cross-section random 0.052948 0.6560 Idiosyncratic random 0.038344 0.3440 Weighted Statistics R-squared 0.493768 Mean dependent var 0.046195 Adjusted R-squared 0.427159 S.D. dependent var 0.062372 S.E. of regression 0.047207 Sum squared resid 0.084683 F-statistic 7.412887 Durbin-Watson stat 1.024150 Prob(F-statistic) 0.000062 Unweighted Statistics R-squared 0.455203 Mean dependent var 0.135682 Sum squared resid 0.388047 Durbin-Watson stat 0.223499 94

Uji Hausman Correlated Random Effects - Hausman Test Pool: DPANEL_SARTIKA Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 6.518696 4 0.1636 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. CTR? -0.017702-0.038741 0.000209 0.1458 RTR? 0.004283 0.008845 0.000026 0.3750 ITR? 0.018401 0.014024 0.000463 0.8387 CR? 0.004449 0.006480 0.000386 0.9176 Cross-section random effects test equation: Method: Panel Least Squares Date: 01/15/16 Time: 06:29 C 0.100378 0.055162 1.819687 0.0795 CTR? -0.017702 0.019641-0.901274 0.3751 RTR? 0.004283 0.006651 0.643985 0.5248 ITR? 0.018401 0.027864 0.660364 0.5144 CR? 0.004449 0.023731 0.187459 0.8527 SIZE? NA NA NA NA Cross-section fixed (dummy variables) Effects Specification R-squared 0.940138 Mean dependent var 0.135682 Adjusted R-squared 0.908070 S.D. dependent var 0.128704 S.E. of regression 0.039023 Akaike info criterion -3.374045 Sum squared resid 0.042638 Schwarz criterion -2.725249 Log likelihood 90.22899 Hannan-Quinn criter. -3.133440 F-statistic 29.31639 Durbin-Watson stat 2.033525 Prob(F-statistic) 0.000000 95

4. Pengujian Hipotesis 4.1. Analisis Regresi Data Panel Method: Pooled EGLS (Cross-section random effects) Date: 01/17/16 Time: 09:41 Swamy and Arora estimator of component variances CTR? -0.038741 0.013285-2.916205 0.0059 RTR? 0.008845 0.004218 2.097049 0.0427 ITR? 0.014024 0.017716 0.791607 0.4335 CR? 0.006480 0.013313 0.486782 0.6292 SIZE? -0.144162 0.054687-2.636145 0.0121 C 0.149345 0.047567 3.139691 0.0033 4.2. Uji F (Simultan), Uji t (parsial), Koefisien Determinasi Method: Pooled EGLS (Cross-section random effects) Date: 01/17/16 Time: 09:41 Swamy and Arora estimator of component variances CTR? -0.038741 0.013285-2.916205 0.0059 RTR? 0.008845 0.004218 2.097049 0.0427 ITR? 0.014024 0.017716 0.791607 0.4335 CR? 0.006480 0.013313 0.486782 0.6292 SIZE? -0.144162 0.054687-2.636145 0.0121 C 0.149345 0.047567 3.139691 0.0033 Weighted Statistics R-squared 0.493768 Mean dependent var 0.046195 Adjusted R-squared 0.427159 S.D. dependent var 0.062372 S.E. of regression 0.047207 Sum squared resid 0.084683 F-statistic 7.412887 Durbin-Watson stat 1.024150 Prob(F-statistic) 0.000062 96