LAMPIRAN Lampiran 1 Daftar Sampel Perusahaan Makanan dan Minuman No Nama Perusahaan Tanggal Listing Kriteria 1 2 3 1. PT. Cahaya Kalbar Tbk 9 Juli 1996 2. PT. Delta Djakarta Tbk 27 Februari 1984 3. PT. Indofood CBP Sukses Makmur Tbk 7 Oktober 2010 Sampel Penelitian 4. PT. Indofood Sukses Makmur Tbk 14 Juli 1994 Sampel 1 5. PT. Mayora Indah Tbk 4 Juli 1990 6. PT. Multi Bintang Indonesia Tbk 17 Januari 1994 7. PT. Nippon Indosari Corpindo Tbk 28 Juni 2010 8. PT. Prasidha Aneka Niaga Tbk 18 Oktober 1994 Sampel 2 9. PT. Sekar Bumi Tbk 28 September 2012 10. PT. Sekar Laut Tbk 8 September 1993 Sampel 3 11. PT. Siantar Top Tbk 6 Desember 1996 Sampel 4 12. PT. Tiga Pilar Sejahtera Food Tbk 11 Juni 1997 13. PT. Tri Banyan Tirta Tbk 10 Juli 2012 14. PT. Ultrajaya Milk Industry Trading & Co Tbk 2 Juli 1990 Sampel 5 No Lampiran 2 Harga Saham Perusahaan Makanan dan Minuman yang menjadi sampel (Dalam Rupiah) Tahun Nama Perusahaan 2010 2011 2012 2013 2014 2015 1 PT. Multi Bintang Indonesia Tbk 274.950 359.000 740.000 1.200.000 12.100 8.650 2 PT. Delta Djakarta Tbk 120.000 111.500 255.000 380.000 390.000 5.200 3 PT. Indofood Sukses Makmur Tbk 4.875 4.600 5.850 6.600 6.750 5.175 4 PT. Nippon Indosari Corporindo Tbk 2.650 3.325 6.900 1.020 1.385 1.265 PT. Ultrajaya Milk Industry and Trading 5 Company Tbk 1.210 1.080 1.330 4.500 3.720 3.945 82
Lampiran 3 Jumlah Price to Book Value (PBV) Perusahaan Makanan dan Minuman Nama Perusahaan Tahun PBV 2009 3,069325 2010 2,550219 2011 1,277750 PT Indofood Sukses Makmur Tbk 2012 1,504437 2013 1,510193 2014 1,437551 2015 1,053734 2009 0,915677 2010 0,597104 2011 2,163953 PT Prashida Aneka Niaga Tbk 2012 0,720743 2013 0,517242 2014 0,543935 2015 0,541689 2009 0,973978 2010 0,817410 2011 0,786846 PT Sekar Laut Tbk 2012 0,960232 2013 0,890318 2014 1,351142 2015 1,680914 2009 1,133473 2010 1,113298 2011 1,871180 PT Siantar Top Tbk 2012 2,146833 2013 2,925253 2014 4,614515 2015 3,915160 PT Ultrajaya Milk Industry and Trading Company Tbk 2009 1,405912 2010 2,692658 2011 2,224293 2012 2,291383 2013 6,450012 2014 4,743628 2015 4,073152 83
Lampiran 4 Jumlah Kepemilikan Manajerial Perusahaan Makanan dan Minuman (Dalam Persen) Nama Perusahaan Tahun Kepemilikan Manajerial 2009 0,06 2010 0,06 2011 0,06 PT Indofood Sukses Makmur Tbk 2012 0,02 2013 0,02 2014 0,02 PT Prashida Aneka Niaga Tbk PT Sekar Laut Tbk PT Siantar Top Tbk PT Ultrajaya Milk Industry and Trading Company Tbk 2015 0,02 2009 18,92 2010 18,92 2011 18,92 2012 18,92 2013 18,92 2014 18,92 2015 18,92 2009 0,82 2010 0,82 2011 0,82 2012 0,82 2013 0,89 2014 1,36 2015 1,68 2009 1,13 2010 1,13 2011 1,84 2012 2,37 2013 2,93 2014 4,80 2015 2,02 2009 2,69 2010 2,69 2011 2,61 2012 2,29 2013 6,45 2014 4,91 2015 4,07 84
Lampiran 5 Jumlah Kepemilikan Institusional Perusahaan Makanan dan Minuman (Dalam Persen) Nama Perusahaan Tahun Kepemilikan Institusional 2009 50,05 2010 50,05 2011 50,07 PT Indofood Sukses Makmur Tbk 2012 50,07 2013 50,07 2014 50,07 2015 50,07 2009 72,10 2010 72,10 2011 72,10 PT Prashida Aneka Niaga Tbk 2012 72,09 2013 72,09 2014 72,10 2015 72,10 2009 0,12 2010 0,12 2011 0,12 PT Sekar Laut Tbk 2012 0,12 2013 0,12 2014 0,12 2015 0,24 2009 4,24 2010 4,24 2011 4,24 PT Siantar Top Tbk 2012 3,10 2013 3,14 2014 3,13 2015 3,18 2009 17,97 2010 17,97 2011 17,97 PT Ultrajaya Milk Industry and Trading Company Tbk 2012 17,97 2013 17,80 2014 17,90 2015 17,90 85
Lampiran 6 Jumlah Debt to Equity Ratio (DER) Perusahaan Makanan dan Minuman (Dalam Persen) Nama Perusahaan Tahun DER 2009 245,05729 2010 133,59283 2011 69,52088 PT Indofood Sukses Makmur Tbk 2012 73,75384 2013 103,50905 2014 108,44596 2015 112,95949 2009 103,97351 2010 114,59742 2011 104,26013 PT Prashida Aneka Niaga Tbk 2012 66,66235 2013 63,27413 2014 64,01742 2015 91,29273 2009 72,89501 2010 68,52659 2011 74,31837 PT Sekar Laut Tbk 2012 92,88039 2013 116,24685 2014 116,19547 2015 148,02629 2009 111,76587 2010 45,16124 2011 90,74327 PT Siantar Top Tbk 2012 115,60452 2013 111,78500 2014 107,95211 2015 90,28054 PT Ultrajaya Milk Industry and Trading Company Tbk 2009 45,16380 2010 54,35270 2011 55,38430 2012 44,39402 2013 39,52439 2014 28,78400 2015 26,54115 86
Lampiran 7 Jumlah Return on Assets (ROA) Perusahaan Makanan dan Minuman (Dalam Persen) Nama Perusahaan Tahun ROA 2009 5,14044 2010 6,24600 2011 9,36332 PT Indofood Sukses Makmur Tbk 2012 8,21207 2013 6,60912 2014 5,60005 2015 5,30030 2009 9,17630 2010 6,19497 2011 5,66217 PT Prashida Aneka Niaga Tbk 2012 3,75373 2013 3,12720 2014 4,53760 2015 6,94978 2009 6,52442 2010 2,42449 2011 2,78979 PT Sekar Laut Tbk 2012 3,18831 2013 3,78822 2014 4,97044 2015 4,82686 2009 7,48504 2010 6,56595 2011 4,56531 PT Siantar Top Tbk 2012 5,97084 2013 7,78452 2014 7,26178 2015 9,56029 PT Ultrajaya Milk Industry and Trading Company Tbk 2009 3,52933 2010 5,33856 2011 4,64960 2012 14,59983 2013 11,56370 2014 9,71384 2015 14,80791 87
Dependent Variable: PBV? Method: Pooled Least Squares Date: 09/14/16 Time: 23:21 Sample: 2009 2015 Included observations: 7 Cross-sections included: 5 Total pool (balanced) observations: 35 Lampiran 8 Common Effect Model (CEM) Variable Coefficient Std. Error t-statistic Prob. C 0.106730 0.785281 0.135913 0.8928 MANAJERIAL? 0.014058 0.040634 0.345970 0.7318 INSTITUSIONAL? -0.017159 0.010159-1.689104 0.1016 DER? 0.004054 0.005274 0.768647 0.4481 ROA? 0.289031 0.069331 4.168864 0.0002 R-squared 0.427298 Mean dependent var 1.927575 Adjusted R-squared 0.350938 S.D. dependent var 1.404021 S.E. of regression 1.131141 Akaike info criterion 3.215894 Sum squared resid 38.38437 Schwarz criterion 3.438086 Log likelihood -51.27814 Hannan-Quinn criter. 3.292595 F-statistic 5.595825 Durbin-Watson stat 1.643761 Prob(F-statistic) 0.001733 88
Dependent Variable: PBV? Method: Pooled Least Squares Date: 09/14/16 Time: 23:24 Sample: 2009 2015 Included observations: 7 Cross-sections included: 5 Total pool (balanced) observations: 35 Lampiran 9 Fixed Effect Model (FEM) Variable Coefficient Std. Error t-statistic Prob. C 3.466407 12.58129 0.275521 0.7851 MANAJERIAL? 0.896286 0.126368 7.092649 0.0000 INSTITUSIONAL? -0.255704 0.424345-0.602584 0.5520 DER? 0.007341 0.002952 2.487089 0.0196 ROA? 0.078069 0.038964 2.003592 0.0556 Fixed Effects (Cross) _INDF--C 9.667470 _PSDN--C -2.207116 _SKLT--C -4.329307 _STTP--C -3.343464 _ULTJ--C 0.212417 Cross-section fixed (dummy variables) Effects Specification R-squared 0.891704 Mean dependent var 1.927575 Adjusted R-squared 0.858382 S.D. dependent var 1.404021 S.E. of regression 0.528363 Akaike info criterion 1.778967 Sum squared resid 7.258348 Schwarz criterion 2.178914 Log likelihood -22.13192 Hannan-Quinn criter. 1.917028 F-statistic 26.76039 Durbin-Watson stat 1.807969 Prob(F-statistic) 0.000000 89
Lampiran 10 Uji Chow Redundant Fixed Effects Tests Pool: RIO Test cross-section fixed effects Effects Test Statistic d.f. Prob. Cross-section F 27.873995 (4,26) 0.0000 Cross-section Chi-square 58.292435 4 0.0000 Cross-section fixed effects test equation: Dependent Variable: PBV? Method: Panel Least Squares Date: 09/14/16 Time: 23:26 Sample: 2009 2015 Included observations: 7 Cross-sections included: 5 Total pool (balanced) observations: 35 Variable Coefficient Std. Error t-statistic Prob. C 0.106730 0.785281 0.135913 0.8928 MANAJERIAL? 0.014058 0.040634 0.345970 0.7318 INSTITUSIONAL? -0.017159 0.010159-1.689104 0.1016 DER? 0.004054 0.005274 0.768647 0.4481 ROA? 0.289031 0.069331 4.168864 0.0002 R-squared 0.427298 Mean dependent var 1.927575 Adjusted R-squared 0.350938 S.D. dependent var 1.404021 S.E. of regression 1.131141 Akaike info criterion 3.215894 Sum squared resid 38.38437 Schwarz criterion 3.438086 Log likelihood -51.27814 Hannan-Quinn criter. 3.292595 F-statistic 5.595825 Durbin-Watson stat 1.643761 Prob(F-statistic) 0.001733 90
Lampiran 11 Random Effect Model (REM) Dependent Variable: PBV? Method: Pooled EGLS (Cross-section random effects) Date: 09/14/16 Time: 23:27 Sample: 2009 2015 Included observations: 7 Cross-sections included: 5 Total pool (balanced) observations: 35 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-statistic Prob. C 0.106730 0.366810 0.290969 0.7731 MANAJERIAL? 0.014058 0.018981 0.740666 0.4647 INSTITUSIONAL? -0.017159 0.004745-3.616102 0.0011 DER? 0.004054 0.002464 1.645550 0.1103 ROA? 0.289031 0.032385 8.924875 0.0000 Random Effects (Cross) _INDF--C 3.05E-16 _PSDN--C -6.86E-16 _SKLT--C -1.68E-15 _STTP--C 8.76E-17 _ULTJ--C 1.97E-15 Effects Specification S.D. Rho Cross-section random 1.01E-08 0.0000 Idiosyncratic random 0.528363 1.0000 Weighted Statistics R-squared 0.427298 Mean dependent var 1.927575 Adjusted R-squared 0.350938 S.D. dependent var 1.404021 S.E. of regression 1.131141 Sum squared resid 38.38437 F-statistic 5.595825 Durbin-Watson stat 1.643761 Prob(F-statistic) 0.001733 Unweighted Statistics R-squared 0.427298 Mean dependent var 1.927575 Sum squared resid 38.38437 Durbin-Watson stat 1.643761 91
Correlated Random Effects - Hausman Test Pool: RIO Test cross-section random effects Lampiran 12 Uji Hausman Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 111.495981 4 0.0000 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. MANAJERIAL? 0.896286 0.014058 0.015609 0.0000 INSTITUSIONAL? -0.255704-0.017159 0.180046 0.5740 DER? 0.007341 0.004054 0.000003 0.0432 ROA? 0.078069 0.289031 0.000469 0.0000 Cross-section random effects test equation: Dependent Variable: PBV? Method: Panel Least Squares Date: 09/14/16 Time: 23:28 Sample: 2009 2015 Included observations: 7 Cross-sections included: 5 Total pool (balanced) observations: 35 Variable Coefficient Std. Error t-statistic Prob. C 3.466407 12.58129 0.275521 0.7851 MANAJERIAL? 0.896286 0.126368 7.092649 0.0000 INSTITUSIONAL? -0.255704 0.424345-0.602584 0.5520 DER? 0.007341 0.002952 2.487089 0.0196 ROA? 0.078069 0.038964 2.003592 0.0556 Cross-section fixed (dummy variables) Effects Specification R-squared 0.891704 Mean dependent var 1.927575 Adjusted R-squared 0.858382 S.D. dependent var 1.404021 S.E. of regression 0.528363 Akaike info criterion 1.778967 Sum squared resid 7.258348 Schwarz criterion 2.178914 Log likelihood -22.13192 Hannan-Quinn criter. 1.917028 F-statistic 26.76039 Durbin-Watson stat 1.807969 Prob(F-statistic) 0.000000 92
12 10 8 6 4 Lampiran 13 Uji Normalitas Series: Residuals Sample 1 35 Observations 35 Mean 3.09e-17 Median -0.162637 Maximum 3.055539 Minimum -1.938966 Std. Dev. 1.062522 Skewness 0.746731 Kurtosis 3.632915 2 0-2.0-1.5-1.0-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jarque-Bera 3.836892 Probability 0.146835 Lampiran 14 Uji Multikoloniaritas Manajerial Institusional DER ROA Manajerial 1.000000 0.706172-0.120623-0.053159 Institusional 0.706172 1.000000 0.113618-0.019585 DER -0.120623 0.113618 1.000000-0.304809 ROA -0.053159-0.019585-0.304809 1.000000 93
Breusch-Godfrey Serial Correlation LM Test: Lampiran 15 Uji Autokolerasi F-statistic 1.639044 Prob. F(1,29) 0.2106 Obs*R-squared 1.872335 Prob. Chi-Square(1) 0.1712 Test Equation: Dependent Variable: RESID Method: Least Squares Date: 09/14/16 Time: 23:44 Sample: 1 35 Included observations: 35 Presample missing value lagged residuals set to zero. Variable Coefficient Std. Error t-statistic Prob. MANAJERIAL 0.007884 0.040677 0.193823 0.8477 INSTITUSIONAL -0.002327 0.010215-0.227810 0.8214 DER 0.001273 0.005313 0.239628 0.8123 ROA -0.022604 0.070840-0.319093 0.7519 C 0.058694 0.778400 0.075403 0.9404 RESID(-1) 0.250505 0.195669 1.280252 0.2106 R-squared 0.053495 Mean dependent var 3.09E-17 Adjusted R-squared -0.109695 S.D. dependent var 1.062522 S.E. of regression 1.119282 Akaike info criterion 3.218057 Sum squared resid 36.33099 Schwarz criterion 3.484688 Log likelihood -50.31600 Hannan-Quinn criter. 3.310098 F-statistic 0.327809 Durbin-Watson stat 1.856156 Prob(F-statistic) 0.892045 94
Lampiran 16 Uji Heteroskedastisitas Heteroskedasticity Test: White F-statistic 2.819022 Prob. F(4,30) 0.0425 Obs*R-squared 9.561543 Prob. Chi-Square(4) 0.0485 Scaled explained SS 9.247858 Prob. Chi-Square(4) 0.0552 Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 09/14/16 Time: 23:45 Sample: 1 35 Included observations: 35 Variable Coefficient Std. Error t-statistic Prob. C 0.286157 0.581323 0.492251 0.6261 MANAJERIAL^2 0.005337 0.004425 1.206021 0.2372 INSTITUSIONAL^2-0.000437 0.000307-1.420857 0.1657 DER^2 2.34E-05 3.08E-05 0.759368 0.4536 ROA^2 0.017311 0.005828 2.970126 0.0058 R-squared 0.273187 Mean dependent var 1.096696 Adjusted R-squared 0.176279 S.D. dependent var 1.805508 S.E. of regression 1.638663 Akaike info criterion 3.957201 Sum squared resid 80.55645 Schwarz criterion 4.179394 Log likelihood -64.25103 Hannan-Quinn criter. 4.033902 F-statistic 2.819022 Durbin-Watson stat 1.776552 Prob(F-statistic) 0.042533 95