Lampiran 1 Sampel Penelitian Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2009-2012 No Nama Perusahaan Kode 1 PT. AKR Corporindo Tbk AKRA 2 PT ASTRA International Tbk ASII 3 PT ASTRA Otoparts Tbk AUTO 4 PT. Berlina Tbk BRNA 5 PT. Gudang Garam Tbk GGRM 6 PT. Hexindo Adiperkasa Tbk HEXA 7 PT. Indofood Tbk INDF 8 9 PT. Kalbe Farma Tbk PT Lion Metal Works Tbk KLBF LION 10 PT. Lautan Luas Tbk LTLS 11 PT. Multipolar Tbk MLPL 12 13 PT. Selamat Sempurna Tbk PT. Mandon Indonesia Tbk SMSM TCID 14 PT. United Tractors Tbk UNTR Sumber :www.idx.co.id
Lampiran 2 Data Untuk Kebijakan Dividen 2009 Perusahaan DPR(%) Manajerial Institusional Publik Total Saham DER Total Aset(t) (Rp) Total Aset (t-1) (Rp) AKRA 31 7.400.000 2.222.533.600 895.466.400 3.125.400.000 0,12 4.875.000.000.000 3.498.000.000.000 ASII 45 1.483.000 2.028.825.504 2.018.046.810 4.048.355.314 0,10 80.740.000.000.000 63.520.000.000.000 AUTO 40 542,000 724.163.114 46.452.166 771.157.280 0,45 3.981.316.000.000 3.454.254.000.000 BRNA 62 32.202.800 70.965.000 34.832.200 138.000.000 0,13 432.192.000.000 386.976.000.000 GGRM 36 33.555.900 1.387.669.000 502.863.100 1.924.088.000 0,55 24.072.959.000.000 23.779.951.000.000 HEXA 36 89,500 630.200.000 199.710.500 840.000.00 0,14 1.761.881.946.000 1.410.987.500.000 INDF 39 4.298.700 4.394.603.450 4.381.524.350 8.780.426.500 0,97 39.590.000.000.000 29.710.000.000.000 KLBF 17 6.100.000 4.275.653.003 5.880.355.319 10.156.014.422 0,38 5.703.832.411.898 5.138.212.000.000 LION 19 92,500 30.012.000 21.911.500 52.016.000 0,26 253.142.000.000 216.130.000.000 LTLS 30 28.329.600 491.670.400 260.000.000 780.000.000 0,32 3.494.853.000.000 2.135.084.000.000 MLPL 3 290,511 3.470.636.478 3.314.231.411 6.785.159.000 2,16 11.461.858.000.000 9.906.636.000.000 SMSM 94 87.003.806 1.006.845.804 345.819.250 1.439.668.860 0,80 929.753.184.000 830.049.539.000 TCID 52 382,472 159.313.563 41.370.632 201.066.667 0,12 910.790.000.000 725.197.000.000 UNTR 36 14,340 1.979.391.158 1.347.471.785 3.326.877.283 0,44 22.847.721.000.000 13.002.619.000.000
Data Untuk Kebijakan Dividen 2010 Perusahaan DPR(%) Manajerial Institusional Publik Total Saham DER Total Aset(t) (Rp) Total Aset (t-1) (Rp) AKRA 34 15.615.000 2.222.533.600 900.143.900 3.138.292.500 1,27 6.059.000.000.000 4.875.000.000.000 ASII 45 1.483.000 2.028.825.504 2.018.046.810 4.048.355.314 1,00 88.938.000.000.000 80.740.000.000.000 AUTO 60 282,000 737.640.614 33.234.666 771.157.280 0,39 4.644.939.000.000 3.981.316.000.000 BRNA 60 14.502.800 70.965.000 34.832.200 138.000.000 0,48 507.226.000.000 432.192.000.000 GGRM 49 15.462.200 1.405.762.700 502.863.100 1.924.088.000 0,48 27.230.965.000.000 24.072.959.000.000 HEXA 29 1.703.500 640.200.000 198.105.500 840.000.00 1,19 1.869.193.536.000 1.761.881.946.000 INDF 39 3.898.300 4.394.603.450 4.381.924.750 8.780.426.500 2,45 40.382.953.000.000 39.591.309.000.000 KLBF 26 6.100.000 6.095.732.517 4.054.181.905 10.156.014.422 0,71 6.482.446.670.172 5.703.832.411.898 LION 19 122,000 30.012.000 21.882.000 52.016.000 0,19 271.366.000.000 253.142.000.000 LTLS 24 491.670.400 231.670.400 260.000.000 780.000.000 2,22 3.440.000.000.000 3.081.000.000.000 MLPL 13 291,111 2.170.829.929 4.614.038.520 6.785.159.560 5,31 11.868.377.000.000 11.461.858.000.000 SMSM 98 87.003.806 836.815.927 515.849.127 1.439.668.860 0,80 941.651.276.000 929.753.184.000 TCID 52 369,118 159.313.563 41.383.986 201.066.667 0,13 994.620.000.000 910.790.000.000 UNTR 40 20,340 1.979.391.158 1.347.465.785 3.326.877.283 0,27 24.404.828.000.000 22.847.721.000.000
Data Untuk Kebijakan Dividen 2011 Perusahaan DPR(%) Manajerial Institusional Publik Total Saham DER Total Aset(t) (Rp) Total Aset (t-1) (Rp) AKRA 37 23.916.500 2.247.040.320 1.521.979.180 3.792.936.000 1,60 7.666.000.000.000 6.042.000.000.000 ASII 45 1.481.500 2.028.825.504 2.018.048.310 4.048.355.314 0,96 112.857.000.000.000 88.938.000.000.000 AUTO 40 2.975.000 3.688.203.070 164.608.330 3.855.786.400 0,38 5.586.000.000.000 4.645.000.000.000 BRNA 36 32.202.800 70.965.000 34.832.200 138.000.000 1,46 550.907.000.000 507.226.000.000 GGRM 41 15.462.200 1.453.589.500 455.036.300 1.924.088.000 0,44 30.741.679.000.000 27.230.965.000.000 HEXA 23 1.694.500 661.200.000 177.105.500 840.000.000 0,92 1.976.994.981.000 1.869.193.536.000 INDF 40 4.595.700 4.394.603.450 4.381.227.350 8.780.426.500 0,90 47.280.000.000.000 40.380.000.000.000 KLBF 51 2.124.500 6.091.657.517 4.062.232.405 10.156.014.422 0,44 7.032.496.663.288 6.482.446.670.172 LION 20 122,000 30.012.000 21.882.000 52.016.000 0,17 303.900.000.000 271.370.000.000 LTLS 30 28.329.600 491.670.400 260.000.000 780.000.000 2,52 3.591.139.000.000 3.081.130.000.000 MLPL 2 72,778 2.906.397.532 4.821.072.520 7.727.542.830 0,39 14.016.686.000.000 11.868.377.000.000 SMSM 91 87.003.806 836.815.927 525.849.127 1.439.668.860 0,96 1.067.000.000.000 942.000.000.000 TCID 53 298,225 148.334.763 42.326.417 201.066.667 0,10 1.047.238.000.000 994.620.000.000 UNTR 40 14,340 1.979.391.158 1.347.471.785 3.326.877.283 0,27 29.700.914.000.000 24.404.828.000.000
Data Untuk Kebijakan Dividen 2012 Perusahaan DPR(%) Manajerial Institusional Publik Total Saham DER Total Aset(t) (Rp) Total Aset (t-1) (Rp) AKRA 60 33.371.000 2.280.640.320 1.507.974.680 3.821.986.000 1,30 8.308.000.000.000 7.666.000.000.000 ASII 45 1.459.000 2.028.825.504 2.018.070.810 4.048.355.314 1,02 153.521.000.000.000 112.857.000.000.000 AUTO 40 2.975.000 3.688.203.070 164.608.330 3.855.786.400 0,38 6.964.000.000.000 5.586.000.000.000 BRNA 31 19.036.600 70.965.000 23.999.200 138.000.000 1,53 643.964.000.000 550.907.000.000 GGRM 39 16.425.610 1.453.589.500 454.072.890 1.924.088.000 0,59 30.741.679.000.000 27.230.965.000.000 HEXA 35 64,500 661.200.000 178.735.500 840.000.000 1,21 2.201.008.912.000 1.976.994.981.000 INDF 50 4.583.200 4.396.103.450 4.379.739.850 8.780.426.500 0,70 53.590.000.000.000 47.280.000.000.000 KLBF 60 2.124.500 6.091.657.517 4.062.232.405 10.156.014.422 2,15 8.274.000.000.000 7.032.000.000 LION 18 122,000 30.012.000 21.882.000 52.016.000 0,21 365.820.000.000 303.900.000.000 LTLS 31 28.329.600 491.670.400 260.000.000 780.000.000 3,23 4.040.298.000.000 3.591.139.000.000 MLPL 33 72,778 2.888.275.707 4.839.194.483 7.727.542.968 0,43 14.314.707.000.000 14.016.686.000.000 SMSM 72 87.003.806 836.815.927 515.849.127 1.439.668.860 0,70 1.137.000.000.000 1.067.000.000.000 TCID 49 298,225 148.334.763 42.309.417 201.066.667 0,11 1.130.865.000.000 1.047.238.000.000 UNTR 40 21,515 2.219.317.358 1.510.796.263 3.730.135.136 0,69 46.440.062.000.000 29.700.914.000.000
Data Untuk Kebijakan Dividen Tahun 2009 No Kode DPR (%) Insider (%) INST (%) PUBLIC (%) DER (%) Growth (%) 1 AKRA 31 0.2400 71.11 28.65 12 39 2 ASII 45 2.2400 50.12 49.85 10 27 3 AUTO 40 0.0700 93.91 6.02 45 15 4 BRNA 62 12.8300 51.42 25.24 13 13 5 GGRM 36 0.8000 72.12 26.14 55 1 6 HEXA 36 0.1900 76.21 23.77 14 33 7 INDF 39 0.0600 50.05 49.85 97 33 8 KLBF 17 0.0600 55.37 44.57 38 11 10 LION 19 0.2300 57.70 42.07 26 17 9 LTLS 30 3.6400 63.04 33.33 32 39 11 MLPL 3 0.0030 48.85 51.15 216 16 12 SMSM 94 6.0300 69.94 21.80 80 12 13 TCID 52 0.1840 79.23 20.58 12 26 14 UNTR 36 0.0040 59.50 40.50 44 76
Data untuk Kebijakan Deviden Tahun 2010 No Kode DPR (%) Insider (%) INST (%) PUBLIC (%) DER (%) Growth (%) 1 AKRA 34 0.500 70.82 28.68 127 40.0 2 ASII 45 0.040 50.11 49.85 100 10.2 3 AUTO 60 0.040 95.65 4.31 39 16.7 4 BRNA 60 10.510 51.42 25.24 48 17.4 5 GGRM 49 0.800 73.06 26.14 48 13.1 6 HEXA 29 0.210 76.21 23.58 119 19.7 7 INDF 39 0.050 50.05 49.90 245 2.0 8 KLBF 26 0.065 56.74 43.20 71 8.5 9 LION 19 0.230 57.70 42.07 19 7.2 10 LTLS 24 3.640 63.03 33.33 222 10.4 11 MLPL 13 0.003 32.16 68.00 531 3.6 12 SMSM 98 6.043 58.13 35.83 80 1.3 13 TCID 52 0.184 79.24 20.58 13 9.2 14 UNTR 40 0.001 59.50 40.46 27 6.8
Data untuk Kebijakan Deviden Tahun 2011 No Kode DPR (%) Insider (%) INST (%) PUBLIC (%) DER (%) Growth (%) 1 AKRA 36.8 0.63 59.24 40.13 160 26.9 2 ASII 45.1 0.04 50.11 49.85 96 26.9 3 AUTO 40 0.071 95.65 4.28 38 20.3 4 BRNA 35.9 10.53 51.42 25.24 146 8.6 5 GGRM 40.8 0.8 75.55 23.65 44 12.9 6 HEXA 22.8 0.20 78.71 21.08 92 16.3 7 INDF 40 0.06 50.05 49.89 90 17.1 8 KLBF 51 0.09 56.64 43.34 44 16.6 9 LION 19.8 0.23 57.7 42.07 17 11.99 10 LTLS 30 3.64 63.04 33.33 252 16.6 11 MLPL 1.9 0.001 37.216 65.387 39 18.1 12 SMSM 91 6.04331 58.13 35.83 96 13.3 13 TCID 53.12 0.14800 73.774 21.051 10 5.29 14 UNTR 40 0.0004 59.5 40.499 27 16.5
Data untuk Kebijakan Deviden Tahun 2012 No Kode DPR (%) Insider (%) INST (%) PUBLIC (%) DER(%) Growth (%) 1 AKRA 60 0.870 59.67 39.46 130 82.2 2 ASII 45 0.040 50.11 49.85 102 36.0 3 AUTO 40 0.070 95.65 4.28 38 24.7 4 BRNA 31 10.510 60.73 17.40 153 16.9 5 GGRM 39 0.850 75.55 23.60 59 27.2 6 HEXA 35 0.210 78.69 21.28 121 63.3 7 INDF 50 0.060 50.07 49.87 70 13.3 8 KLBF 60 0.022 56.63 43.35 215 17.7 9 LION 18 0.240 57.70 42.06 21 20.4 10 LTLS 31 3.640 63.03 33.33 323 12.5 11 MLPL 33 0.001 37.38 62.62 43 2.1 12 SMSM 72 6.040 58.13 35.83 70 24.5 13 TCID 49 1.766 72.15 21.04 11 8.0 14 UNTR 40 0.001 59.50 40.50 69 56.4
Lanjutan Lampiran 3 Uji Asumsi Klasik Sebelum Transformasi ke Logaritma Natural Model Summary b Model R R Square Adjusted R Square Std. Error of the Estimate 1.556 a.309.240 16.705280 a. Predictors: (Constant), Pertumbuhan Aset, Kepemilikan Publik, Kepemilikan Manajerial, Debt to Equity Ratio, Kepemilikan Institusional b. Dependent Variable: Dividend Payout Ratio One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N 56 Normal Parameters a Mean.0000000 Std. Deviation 15.92785930 Most Extreme Differences Absolute.084 Positive.084 Negative -.048 Kolmogorov-Smirnov Z.632 Asymp. Sig. (2-tailed).819
a. Test distribution is Normal. Model Summary b Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1.556 a.309.240 16.705280 1.533 a. Predictors: (Constant), Pertumbuhan Aset, Kepemilikan Publik, Kepemilikan Manajerial, Debt to Equity Ratio, Kepemilikan Institusional b. Dependent Variable: Dividend Payout Ratio
Unstandardized Coefficients Coefficients a Standardized Coefficients Collinearity Statistics Model B Std. Error Beta t Sig. Tolerance VIF 1 (Constant) -236.274 116.987-2.020.049 Kepemilikan Manajerial Kepemilikan Institusional 7.401 2.236 1.216 3.310.002.102 9.758 2.848 1.179 2.107 2.416.019.018 54.997 Kepemilikan Publik 2.580 1.159 1.977 2.227.031.018 57.009 Debt to Equity Ratio -.039.026 -.191 -.134 1.522.873 1.145 Pertumbuhan Aset.001.136.000.004.997.956 1.046 Uji Asumsi Klasik Setelah Tranformasi HASIL PENGOLAHAN SPSS Uji Normalitas
One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N 56 Normal Parameters a Mean.0000000 Std. Deviation.56121919 Most Extreme Differences Absolute.111 Positive.085 Negative -.111 Kolmogorov-Smirnov Z.828 Asymp. Sig. (2-tailed).499 e. Test distribution is Normal. Uji Heteroskedastisitas
Model Uji Park Coefficients a Unstandardized Coefficients Standardized Coefficients B Std. Error Beta 1 (Constant) 12.083 8.079 1.496.149 LnManajerial -.070.054 -.253-1.299.207 LnInstitusional -2.811 1.562 -.633-1.800.086 LnPublik -.692.588 -.422-1.176.252 LnDER.136.192.144.711.485 LnAset.019.161.023.118.907 a. Dependent Variable: LnU2i T Sig.
Model R Uji Autokorelasi Percobaan Durbin Watson (Sesudah Transformasi Model) R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1.491 a.241.166.58861 1.844 a. Predictors: (Constant), LnAset, LnManajerial, LnDER, LnPublik, LnInstitusional b. Dependent Variable: LnDividendPayoutRatio Model Uji Multikolonieritas (Sesudah Tranformasi Model) Unstandardized Coefficients Standardized Coefficients Collinearity Statistics B Std. Error Beta t Sig. Tolerance VIF 1 (Constant).037 3.515.011.992 LnManajerial.080.030.337 2.616.012.915 1.093 LnInstitusional.903.678.318 1.332.189.266 3.760 LnPublik.055.234.053.234.816.297 3.363 LnDER -.023.086 -.035 -.271.788.900 1.111 LnAset -.054.091 -.077 -.601.551.927 1.079 a. Dependent Variable: LnDividendPayoutRatio Coefficient Correlations a Model LnAset LnManajerial LnDER LnPublik LnInstitusional 1 Correlations LnAset 1.000.090 -.036 -.141 -.245 LnManajerial.090 1.000 -.104 -.020 -.183 LnDER -.036 -.104 1.000.056.223 LnPublik -.141 -.020.056 1.000.817 LnInstitusional -.245 -.183.223.817 1.000 Covariances LnAset.008.000.000 -.003 -.015 LnManajerial.000.001.000.000 -.004 LnDER.000.000.007.001.013 LnPublik -.003.000.001.055.129 LnInstitusional -.015 -.004.013.129.460 a. Dependent Variable: LnDividendPayoutRatio
Analisis Regresi Linear Hasil Perhitungan Regresi Unstandardized Coefficients Standardized Coefficients Model B Std. Error Beta t Sig. 1 (Constant).037 3.515.011.992 LnManajerial.080.030.337 2.616.012 LnInstitusional.903.678.318 1.332.189 LnPublik.055.234.053.234.816 LnDER -.023.086 -.035 -.271.788 LnAset -.054.091 -.077 -.601.551 Metode Enter Model Variables Entered Variables Removed Method a. Dependent Variable: LnDividendPayoutRatio Lanjutan Lampiran 3 Uji Signifikansi Simultan Model Sum of Squares df Mean Square F Sig. 1 Regression 5.514 5 1.103 3.183.014 a Residual 17.323 50.346 Total 22.837 55 a. Predictors: (Constant), LnAset, LnManajerial, LnDER, LnPublik, LnInstitusional b. Dependent Variable: LnDividendPayoutRatio
1 LnAset, LnManajerial, LnDER, LnPublik, LnInstitusional a. Enter a. All requested variables entered. b. Dependent Variable: LnDividendPayoutRatio Uji Koefisien Determinasi Model R R Square Adjusted R Square Std. Error of the Estimate 1.491 a.241.166.58861 a. Predictors: (Constant), LnAset, LnManajerial, LnDER, LnPublik, LnInstitusional b. Dependent Variable: LnDividendPayoutRatio