Mini Riset 2 Bonaventura 3103013233

8/16/2019 Mini Riset 2 Bonaventura 3103013233

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ANALISIS SIMULTANITAS INSTITUTIONAL OWNERSHIP,

LEVERAGE DAN NILAI PERUSAHAAN PADA INDUSTRI

MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA(BEI) PADA TAHUN 2010-2014

Disusun Oleh:

BONAVENTURA TRIO BRAMANTYO 3103013233

JURUSAN MANAJEMEN

FAKULTAS BISNIS

UNIVERSITAS KATOLIK WIDYA MANDALA SURABAYA

SURABAYA

2016

1


2/20

I JUDUL

ANALISIS SIMULTANITAS INSTITUTIONAL OWNERSHIP,

LEVERAGE DAN NILAI PERUSAHAAN PADA INDUSTRI

MANUFATUR YAN! TERDAFTAR DI BURSA EFE INDONESIA

"BEI# PADA TAHUN 2010$201%

II RUMUSAN MASALAH

Mini &ise' ini (e&u)*+*n h*sil &e)li+*si ,*&i &ise' -*n. 'el*h ,il*+u+*n

se/elu(n-* leh llins ! N'i( 4*+u O)n. ,*n 5 D*n/l'

,en.*n 6u,ul “Board Size, Corporate Reguatio!" a!d #ir$ Vauatio! i!

a! E$ergi!g %ar&et' A Si$uta!eou" E(uatio! Approa)*+ A,*)un

'u6u*n u'*(* &ise' ini *,*l*h (en.u6i *,*n-* hu/un.*n *n'*&* board size,*n firm valuaio! P*&* )eneli'i (en..un*+*n 11 7*&i*/el e+s.en se)e&'i

!7e&n(en' O4ne&shi) "!OVO8N# De/' T E9ui'- R*'i "DER#

N*'u&*l L. T'*l Asse's "LNTA# Bi. % !( &slis' *)i'*l

E;)en,i'u&e "APE


3/20

(*n*6e(en P*&* )e(e.*n. s*h*( ,ise/u' se/*.*i *ri!$i*al se,*n.+*n

)*&* (*n*6e& *,*l*h a&e!. e,u*n-* ,ih*&*)+*n ,*)*' (en=i)'*+*n

a&e!$1 relaio!s)i* -*n. /*i+ H*l ini sesu*i ,en.*n -*n. ,i+e(u+*+*n

leh 5ensen ,*n Me=+lin. "1@># Se/*.*i *.en (*+* 'u.*s u'*(* (*n*6e&

*,*l*h (e(*+si(u(+*n +ese6*h'e&**n )e(e.*n. s*h*( N*(un

+e)en'in.*n )*&* (*n*6e& se&in. +*li /e&/e,* ,en.*n +e)en'in.*n

)e(e.*n. s*h*( Pe&/e,**n ini ,*)*' (en.*+i/*'+*n +nli+ -*n. /i*s*

,ise/u' +nli+ +e*.en*n S*l*h s*'u (e+*nis(e -*n. ,*)*' ,i.un*+*n

un'u+ (en.*'*si +nli+ ini *,*l*h ,en.*n (en..un*+*n hu'*n. -*n.

se(*+in /*n-*+ se/*/ ,en.*n (en..un*+*n hu'*n. (*+* )*&* (*n*6e&

'i,*+ h*n-* ,i*4*si leh )e(e.*n. s*h*( 'e'*)i 6u.* ,i*4*si leh

+&e,i'u& Den.*n /e&'*(/*hn-* )en.*4*s*n ,*&i +&e,i'u& ini (*+*

,ih*&*)+*n nil*i )e&us*h**n *+*n (enin.+*'

P"$*#! O+" T&"'%

Menu&u' M-e&s "1@%# *e$'i!& order )eor1 (e&u)*+*n 'e&i -*n.

(en6el*s+*n /*h4* 6i+* )e&us*h**n (*()u (en.h*sil+*n l*/* -*n. 'in..i

(*+* se/*i+n-* )e&us*h**n (en.u&*n.i 'in.+*' )en..un**n hu'*n. se/*/

)en..un**n su(/e& ,*n* in'e&n*l ,*&i l*/* ,i'*h*n (e()un-*i /i*-* -*n.

le/ih &en,*h ,*&i )*,* /i*-* hu'*n. Sel*n6u'n-* 6i+* +e/u'uh*n ,*n*

/elu( ,*)*' ,i=u+u)i leh su(/e& ,*n* in'e&n*l (*+* )e&us*h**n ,*)*'

(en..un*+*n hu'*n. Te&*+hi& 6i+* +e/u'uh*n ,*n* /elu( ,*)*' ,i=u+u)i

,*&i su(/e& ,*n* in'e&n*l "l*/* ,i'*h*n# ,*n hu'*n. (*+* )e&us*h**n

,*)*' (ene&/i'+*n s*h*( Den.*n ,e(i+i*n (enu&u' *e$'i!& order

)eor1 )e&us*h**n seh*&usn-* (en..un*+*n ,*n* ,en.*n u&u'*n "order #

se/*.*i /e&i+u' "1# l*/* ,i'*h*n "2# hu'*n. ,*n "3# s*h*( U&u'*n ini

,i,*s*&+*n )*,* )e&'i(/*n.*n /i*-* -*i'u (ul*i ,*&i su(/e& ,*n* -*n.

/i*-*n-* )*lin. (u&*h hin..* -*n. )*lin. (*h*l

P"#!,& I!"titutio!a O-!er"*ip ."&,+,/ Le.erage

Sheile& ,*n Vishn- "1@># (en-*'*+*n /*h4* *,*n-* )e(e.*n.

s*h*( /es*& se)e&'i +e)e(ili+*n ins'i'u'in*l (e(ili+i *&'i )en'in. ,*l*(

(e(ni'& (*n*6e(en ,en.*n )en.*4*s*n -*n. le/ih )'i(*l

3


4/20

8*hi,*h4*'i "2002# Lis'-*ni "2003# Culh*4*'i "200%# M*s,u)i "200#

(ene(u+*n /*h4* +eh*,i&*n +e)e(ili+*n ins'i'u'in*l ,*)*' (en.u&*n.i

hu'*n. )e&us*h**n ,*l*( &*n.+* (e(ini(*l+*n ''*l /i*-* +e*.en*n

hu'*n. "*.en=- =s' ,e/'#

Peneli'i*n 8*hi,*h4*'i "2002# (ene(u+*n /*h4* +e)e(ili+*n

ins'i'u'in*l /e&)en.*&uh ne.*'i ,*n si.nii+*n 'e&h*,*) +e/i6*+*n hu'*n.

H*sil ini sen*,* ,en.*n )eneli'i*n -*n. ,il*+u+*n leh M*s,u)i "200#

,*n Lis'-*ni "2003# H*sil )eneli'i*n 'e&se/u' /e&/e,* ,en.*n -*n.

,il*+u+*n leh Mu&ni ,*n An,&i*n* "200# -*n. (enun6u++*n+e)e(ili+*n

ins'i'u'in*l (e(ili+i )en.*&uh -*n. )si'i ,*n si.nii+*n 'e&h*,*)

+e/i6*+*n hu'*n. H*sil ini (enun6u++*n +e)e(ili+*n ins'i'u'in*l

(e(ili+i 4e4en*n. le/ih /es*& ,i/*n,in.+*n ,en.*n )e(e.*n. s*h*(

+el()+ l*in un'u+ =e,e&un. (e(ilih )&-e+ -*n. le/ih /e&esi+ ,en.*n

h*&*)*n *+*n (e()e&leh +eun'un.*n -*n. 'in..i

Sen*,* ,en.*n )eneli'i*n Mu&ni ,*n An,&i*n* "200# Is(i-*n'i

,*n H*n*i "2003# (en-*'*+*n /*h4* +e)e(ili+*n ins'i'u'in*l

(e()un-*i hu/un.*n )si'i ,*n si.nii+*n 'e&h*,*) +e/i6*+*n hu'*n.

H*sil ini /e&'en'*n.*n ,en.*ni,e /*h4* +e)e(ili+*n ins'i'u'in*l

(en..*n'i+*n +e/i6*+*n hu'*n. se/*.*i /*.i*n ,*l*( en(en* rade2off

*n'*&* +nli+ +e*.en*n hu'*n. ,*n +nli+ +e*.en*n e+ui'*s H*sil

)eneli'i*n H*&-n "200%# 6u.* (ene(u+*n hu/un.*n -*n. )si'i *n'*&*

+e)e(ili+*n ins'i'u'in*l ,en.*n hu'*n. +*&en* +e/i6*+*n hu'*n.

(en-e/*/+*n )e&us*h**n ,i (ni'& leh +&e,i'u& e)e(ili+*n

ins'i'u'in*l -*n. le/ih (e(en'in.+*n s'*/ili'*s )en,*)'*n +*&en*

/e&+u&*n.n-* a&e!$1 $o!fli$ ,*l*( )e&us*h**n

P"#!,& Le.erage ."&,+,/ N*,* P",&,,#

Menu&u' S*4i& "200# &*si levera&e (en.u+u& 'in.+*'

sl7*/ili'*s su*'u )e&us*h**n R*si ini (enun6u++*n +e(*()u*n

)e&us*h**n un'u+ (e(enuhi se.*l* +e4*6i/*n in*nsi*ln-* se*n,*in-*

4


5/20

)e&us*h**n 'e&se/u' )*,* s**' i'u ,ili+ui,*si Den.*n ,e(i+i*n sl7*/ili'*s

/e&*&'i +e(*()u*n su*'u )e&us*h**n un'u+ (e(/*-*& se(u* hu'*n.$

hu'*n.n-* /*i+ 6*n.+* )*n6*n. (*u)un 6*n.+* )en,e+ Den.*n se(*+in

'in..in-* &*si levera&e (enun6u++*n se(*+in /es*&n-* ,*n* -*n.

,ise,i*+*n leh +&e,i'u& H*l 'e&se/u' *+*n (e(/u*' in7es'& /e&h*'i$h*'i

un'u+ /e&in7es'*si ,i )e&us*h**n -*n. &*si levera&e n-* 'in..i +*&en*

se(*+in 'in..i &*si le7e&*.e se(*+in 'in..i )ul* &esi+ in7es'*sin-*

"8es'n ,*n Th(*s1@@# Peneli'i*n Se6+ ,*n Se/i*n'& "200#

(en.*'*+*n /*h4* levera&e (e(ili+i hu/un.*n -*n. ne.*'i si.nii+*n

'e&h*,*) nil*i )e&us*h**n H*l -*n. s*(* 6u.* ,i'e(u+*n ,*l*( )eneli'i*n

Fi'&i*ni "2010# /*h4* levera&e /e&)en.*&uh ne.*'i 'e&h*,*) nil*i

)e&us*h**n

P"#!,& I!"titutio!a O-!er"*ip ."&,+,/ N*,* P",&,,#

S*l*h s*'u u)*-* )e&us*h**n un'u+ (en.*'*si h*l ini *,*l*h

,en.*n (ense6*6*&+*n +e)en'in.*n (*n*6e& ,en.*n +e)en'in.*n )e(ili+

"I(*n'* 2011# U)*-* 'e&se/u' ,i'e()uh (el*lui (e+*nis(e &ood

$or*orae &over!a!$e Me+*nis(e &ood $or*orae &over!a!$e

(e&u)*+*n *l*' 'i,*+ l*n.sun. /*.i )ih*+ )&insi)*l un'u+ (en.n'&l

/i*-* +e*.en*n -*n. ,i'i(/ul+*n leh )ih*+ *.en H*l ini ,i(*+su,+*n

*.*& )e&us*h**n (*()u (en.h*sil+*n l*)&*n +eu*n.*n -*n.

(en.*n,un. in&(*si l*/* -*n. /e&+u*li'*s Te&,*)*' /e/e&*)*

(e+*nis(e -*n. se&in. ,i)*+*i ,*l*( /e&/*.*i )eneli'i*n (en.en*i &ood

$or*orae &over!a!$e ,i*n'*&*n-* *,*l*h +e)e(ili+*n (*n*6e&i*l ,*n

+e)e(ili+*n ins'i'usin*l )e&us*h**n "Nu&*in* 2012#S'&u+'u& +e)e(ili+*n l*in ,*l*( (e+*nis(e &ood $or*orae

&over!a!$e *,*l*h +e)e(ili+*n ins'i'usin*l -*n. ,i*&'i+*n se/*.*i

+e)e(ili+*n s*h*( )e&us*h**n leh ins'i'usi *'*u le(/*.* 'e&'en'u "T*&6

200# In7es'& ins'i'usin*l ,i*n..*) (*()u (en..un*+*n in&(*si

l*/* )e&i,e se+*&*n. unu+ (e()&e,i+si l*/* ,i (*s* (en,*'*n.

,i/*n,in.+*n in7es'& nn ins'i'usin*l e)e(ili+*n ins'i'usin*l ,*)*'

(enin.+*'+*n nil*i )e&us*h**n ,en.*n (e(*n**'+*n in&(*si se&'*

5


6/20

,*)*' (en.*'*si +nli+ +e*.en*n +*&en* ,en.*n (enin.+*'n-*

+e)e(ili+*n ins'i'usin*l (*+* se.*l* *+'i7i'*s )e&us*h**n *+*n ,i*4*si

leh )ih*+ ins'i'usi *'*u le(/*.* In7es'& ins'i'usin*l ,i*n..*) se/*.*i

)ih*+ -*n. ee+'i ,*l*( (el*+u+*n )en.*4*s*n se'i*) 'in,*+*n -*n.

,il*+u+*n leh (*n*6e& In7es'& ins'i'usin*l ,ih*&*)+*n (en.*(/il

/*.i*n ,*l*( se'i*) *+'i7i'*s in'e&n*l )e&us*h**n sehin..* (*()u

(en.*4*si se'i*) 'in,*+*n )&'unis'i+ (*n*6e& "R*=h(*n 2012#

Pe(e.*n. s*h*( (e(ili+i )en.*&uh -*n. +u*' )*,* se'i*)

)e&il*+u (*n*6e& ,i(*n* 6u(l*h )e(e.*n. s*h*( -*n. /es*& (*()u

(en.u&*n.i ,*n (en=e.*h 'in,*+*n ))u&'unis'i+ (*n*6e& Tin..in-*

6u(l*h +e)e(ili+*n ins'i'usin*l *+*n (enin.+*'+*n sis'e( +n'&l

)e&us*h**n -*n. ,i'u6u+*n .un* (e(ini(*lis*si 'in.+*' +e=u&*n.*n

*+i/*' 'in,*+*n )&'unis'i+ )ih*+ (*n*6e& -*n. n*n'in-* ,*)*'

(en.u&*n.i nil*i )e&us*h**n Penin.+*'*n 6u(l*h +e)e(ili+*n

ins'i'usin*l ini 6u.* ,i'u6u+*n *.*& se'i*) *+'i7i'*s -*n. ,il*+u+*n

,i*&*h+*n )*,* )en=*)*i*n nil*i )e&us*h**n -*n. 'in..i "H*&u(*n 200#

Be/e&*)* )eneli'i*n /e&u)*-* (en.u6i )en.*&uh +e)e(ili+*n

ins'i'usin*l ,en.*n nil*i )e&us*h**n P*+*&-*nin.sih "200# ,*l*(

)eneli'i*nn-* (ene(u+*n *,*n-* )en.*&uh -*n. si.nii+*n *n'*&*

+e)e(ili+*n ins'i'usin*l)*,* nil*i )e&us*h**n -*n. 'e&,*'*& ,i Bu&s*

Ee+ In,nesi* H*sil ini ,i)e&+u*' leh )eneli'i*n Melin,* "200# -*n.

(en-*'*+*n /*h4* +e)e(ili+*n ins'i'usin*l /e&)en.*&uh )si'i )*,*

+ine&6* +eu*n.*n )e&us*h**n Te(u*n ini se6*l*n ,en.*n 'e(u*n Nu&i*n*

"2012# -*i'u /*h4* +e)e(ili+*n ins'i'usin*l /e&)en.*&uh si.nii+*n )*,*

nil*i )e&us*h**n (*nu*+'u& -*n. 'e&,*'*& ,i Bu&s* Ee+ In,nesi* A&e!$1 $os ,i)e&=*-* ,*)*' ,i+u&*n.i (el*lui )enin.+*'*n +e)e(ili+*n

ins'i'usin*l ,*l*( )e&us*h**n Se(*+in 'in..i +e)e(ili+*n ins'i'usin*l

se(*+in ee+'i )en.*4*s*n )e(e.*n. s*h*( )*,* )e&us*h**n un'u+

(en.u&*n.i a&e!$1 $os ,*n (enin.+*'+*n nil*i )e&us*h**n

IV PERUMUSAN HIPOTESIS

Be&,*s*&+*n +*6i*n 'e&i'is (en.en*i hu/un.*n *n'*& 7*&i*/el

se/*.*i(*n* -*n. 'el*h ,iu&*i+*n ,i *'*s (*+* hi)'esis &ise' -*n.

,i*6u+*n ,*l*( )eneli'i*n ini ,*)*' ,i&u(us+*n se/*.*i /e&i+u':

6


7/20

H1 I!siuio!al O(!ers)i* ,*n Levera&e (e(ili+i hu/un.*n &esi)&+*l

H2 Levera&e ,*n Nil*i Pe&us*h**n (e(ili+i hu/un.*n &esi)&+*l

H3 I!siuio!al O(!ers)i* ,*n Nil*i Pe&us*h**n (e(ili+i hu/un.*n

Resi)&+*l

M'+" A#,** P"#"*.*,#

G,5, 11

Be&,*s*&+*n (,el )eneli'i*n ,i *'*s ,*)*' ,i)e&+i&*+*n es'i(*si

)e&s*(**n se/*.*i /e&i+u':

• Pe&s*(**n S'&u+'u&*l:

Y1 70 8 71Y2 8 72 91 8 7392 8 7493 8 7:94 8 769: 8 7;96 8 7


8/20

Y2 50 8 51Y1 8 52 Y3 8 5391 8 5492 8 5:93 8 5694 8 5;9: 8 5 )*&*(e'e&

• Pe&s*(**n Ben'u+ Tu&un*n:

Y1 70 8 71Y2 8 72 91 8 7392 8 7493 8 7:94 8 769: 8 7;96 8 7


9/20

Y3 &0 8 &150 8 &151Y1 8 &152 Y3 8 &15391 8 &15492 8 &15:93 8 &15694 8

&15;9: 8 &15


10/20

2 L*)&*n +eu*n.*n )e&us*h**n sel*(* '*hun 2010$201% -*n. ,i*+ses

(el*lui in'e&ne' (*u)un )6+ BEI Uni7e&si'*s *'li+ 8i,-*

M*n,*l* Su&*/*-*

3 Pe&us*h**n$)e&us*h**n 'e&se/u' (en=*n'u(+*n ,i7i,en )e& le(/*&

s*h*( h*&.* )e& le(/*& s*h*( l*/* )e& le(/*& s*h*( nil*i )*s*&

nil*i /u+u ''*l hu'*n. ''*l e+ui'*s l*/* )e&*si ''*l *sse' '*hun

)e&us*h**n (el*+u+*n I!iial Publi$ Offeri!&, fi#ed asse, *se' l*n=*&

hu'*n. l*n=*& ,*n l*/* /e&sih ,i ,*l*( l*)&*n +eu*n.*n (e&e+*

D*'* -*n. ,i.un*+*n ,*l*( (ini &ise' ini /e&su(/e& ,*&i ,*'*

nn e+s)e&i(en (en..un*+*n ,*'* se+un,e& se$o!dar1 daa-. D*'*

l*)&*n +eu*n.*n )e&us*h**n *ubli$ -*n. ,i*+ses (el*lui si'us &es(i

Bu&s* Ee+ In,nesi* "444i,;=(#

VII ANALISISIS DATA

D"*/* D,.,

INSOWN

N Minimum Maximum Mean Std. Deviation

INSOWN 225 .33 .98 .7376 .16120

Valid N li!t"i!e# 225

T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* ins'i'u'in*l 4ne&shi)"ins4n# )e&us*h**n *,*l*h 3>G INSO8N 'e&+e=il se/es*& 33G

,i*l*(i leh s*h*( PT M*-&* In,*h T/+ P*,* '*hun 2010 se,*n.+*n

Ins4n 'e&/es*& ,i*l*(i leh s*h*( PT !un*4*n Di*n6*-* S'eel T/+

-*i'u @G )*,* '*hun 2010

LEVERAGE

N Minimum Maximum Mean Std. Deviation$%V%&'(% 225 .0) 2.2) .)637 .2)911


T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* LEVERA!E

)e&us*h**n *,*l*h %>3G LEVERA!E 'e&+e=il se/es*& %G ,i*l*(i leh

s*h*( PT 5*s* P*&i S'eel T/+ P*,* '*hun 2013 se,*n.+*n LEVERA!E

'e&/es*& ,i*l*(i leh s*h*( PT E&*'e; D6*6* T/+ -*i'u 22%G )*,* '*hun

2010

10

http://www.idx.com/http://www.idx.com/


11/20

= (NILAI PERUSAHAAN)


* 225 .05 )20.0) 29.5597 77.20230


T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* )e&us*h**n *,*l*h

2@ 'e&+e=il se/es*& G ,i*l*(i leh s*h*( PT 5*s* P*&i S'eel T/+

P*,* '*hun 2013 se,*n.+*n 'e&/es*& ,i*l*(i leh s*h*( PT E&*'e;

D6*6* T/+ -*i'u %200% )*,* '*hun 2010

GROWTH


(&OW+, 225 -.21 1.)0 .1502 .19680

Valid N li!t"i!e#225

T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* !&4'h )e&us*h**n

*,*l*h 102G !&4'h 'e&+e=il se/es*& $21G ,i*l*(i leh s*h*( PT

V+sel Ele='&i= T/+ P*,* '*hun 201% se,*n.+*n !&4'h 'e&/es*& ,i*l*(i

leh s*h*( PT E&*'e; D6*6* T/+ -*i'u se/es*& 1%0G )*,* '*hun 2011

>APE9


'/% 225 -.35 .59 .038) .08668


T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* *)e; )e&us*h**n

*,*l*h 3%G *)e; 'e&+e=il se/es*& $3G ,i*l*(i leh s*h*( PT

P*n*si* In, Resu&=es T/+ P*,* '*hun 2010 se,*n.+*n *)e; 'e&/es*&

,i*l*(i leh s*h*( PT P*n*si* In, Resu&=es -*i'u se/es*& @G )*,*

'*hun 201%

DER


D%& 225 -).83 1889.95 37.6718 2)3.20828


T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* DER )e&us*h**n *,*l*h

3>1 DER 'e&+e=il se/es*& $%3 ,i*l*(i leh s*h*( PT E&*'e; D6*6*

T/+ P*,* '*hun 2010 se,*n.+*n DER 'e&/es*& ,i*l*(i leh s*h*( PT

!*,6*h Tun..*l T/+ -*i'u se/es*& 1@@ )*,* '*hun 2010

11


12/20

LNTA


* 225 25.22 31.98 28.19)0 1.))707


T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* LNTA )e&us*h**n

*,*l*h 21@%0 LNTA 'e&+e=il se/es*& 222 ,i*l*(i leh s*h*( PT

E&*'e; D6*6* T/+ P*,* '*hun 2010 se,*n.+*n LNTA 'e&/es*& ,i*l*(i

leh s*h*( PT !*,6*h Tun..*l T/+ -*i'u se/es*& 31@ )*,* '*hun 2010

BIG4


* 225 .00 1.00 .3111 .)6398Valid N li!t"i!e# 225

T*/el ,i *'*s (enun6u++*n /*h4* &*'*$&*'* BI!% )e&us*h**n

*,*l*h 3111G BI!% 'e&+e=il se/es*& 0G ,i*l*(i leh s*h*( PT E&*'e;

D6*6* T/+ P*,* '*hun 2010 se,*n.+*n BI!% 'e&/es*& ,i*l*(i leh s*h*(

PT !*,6*h Tun..*l -*i'u se/es*& 100G )*,* '*hun 2010

e(u,i*n /e&i+u' *,*l*h h*sil )en.u6i*n hi)'esis ,en.*n (en..un*+*n

T(o2Sa&e Leas S7uare "TSLS# se=*&* &in.+*s ,is*6i+*n )*,* '*/el

,i/*4*h ini

R*#!,,# H,* P"#!?*,# H*/'."* M'+" 1

INSOWN8 Levera&e, +26-, Gro(), 3a*e#, %er, L!a, "i&5, I!so(!26--

V,*,5" K'"@**"# .-S.,.*.*$ P'5 K"*/,#

LEVERAGE $002%@2 $3>13 0000% H1 D*."*,

=(-1) $00001> $1@310 00>00 H3 D*."*,GROWTH $00@132 $113312 020% T*+, S*!#*@*,#

>APE9 $03>00 $0@ 032% T*+, S*!#*@*,#

DER >%E$0> 1110 02>2 T*+, S*!#*@*,#

LNTA $000@@% $10%>%@ 02%0 T*+, S*!#*@*,#

BIG4 00021% 0%%@>%> 0>3 T*+, S*!#*@*,#

INSOWN(-1) 0>>>@3 23@102 001@ S*!#*@*,#R 2 0>>>@1 F-.,.*.*$ %20@% P'5 0000000 S*!#*@*,#

R*#!,,# H,* P"#!?*,# H*/'."* M'+" 2

LEVERAGE8 I!so(!, +, Gro(), 3a*e#, %er, L!a, "i&5, Levera&e26--

12


13/20

V,*,5" K'"@**"# .-S.,.*.*$ P'5 K"*/,#

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= $0000322 $231%%2 0021 H3 D*."*,

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>APE9 $000102 $000@>2 0@@2% T*+, S*!#*@*,#DER %10E$0 %%311%2 00000 S*!#*@*,#

LNTA 0031%@ 2@ 0011% S*!#*@*,#

BIG4 $00>332 $2131%12 003% S*!#*@*,#

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GROWTH @>303 323202 00013 S*!#*@*,#

>APE9 $33303 $%3@@ 00000 S*!#*@*,#

DER $000%0 $%%>0 00000 S*!#*@*,#

LNTA 0>2@ %>33 00000 S*!#*@*,#

BIG4 003> %%312%% 00000 S*!#*@*,#R 2 0%0033 F-.,.*.*$ 23>>2> P'5 0000000 S*!#*@*,#

Be&,*s*&+*n h*sil '*/el ,i *'*s ,isi()ul+*n /*h4* (,el )e&'*(*

(,el +e,u* se&'* (,el +e'i.* 'e&/u+'i ==+ ,en.*n ,*'* /e&,*s*&+*n

h*sil u6i F ,en.*n *l)h* 10G se,*n.+*n h*sil u6i ' (enun6u++*n /*h4*

levera&e ,*n nil*i )e&us*h**n '*hun se/elu(n-* /e&)en.*&uh ne.*'i

'e&h*,*) +e)e(ili+*n ins'i'u'in*l +e)e(ili+*n ins'i'u'in*l /e&)en.*&uh

)si'i se,*n.+*n nil*i )e&us*h**n /e&)en.*&uh ne.*'i 'e&h*,*) levera&e

se&'* levera&e ,*n +e)e(ili+*n ins'i'u'in*l /e&)en.*&uh ne.*'i 'e&h*,*)

nil*i )e&us*h**n

Be&,*s*&+*n h*sil )en.u6i*n 'e&se/u' ,*)*' ,isi()ul+*n /*h4*

'e&,*)*' hu/un.*n &esi)&+*l *n'*&* levera&e ,*n nil*i )e&us*h**n se&'*

+e)e(ili+*n ins'i'u'in*l ,*n nil*i )e&us*h**n Den.*n ,e(i+i*n

hi)'esis ,u* ,*n 'i.* -*n. ,i*6u+*n ,*l*( )eneli'i*n ini ,i'e&i(* N*(un

+e)e(ili+*n ins'i'u'in*l ,*n levera&e 'i,*+ (e(ili+i hu/un.*n &esi)&+*l

sehin..* hi)'esis s*'u -*n. ,i*6u+*n ,*l*( )eneli'i*n ini ,i'l*+

A,*)un 7*&i*/el +n'&l ,*&i +e)e(ili+*n ins'i'u'in*l -*n.

si.nii+*n ,*l*( (,el )eneli'i*n ini *,*l*h ins4n"$1# Se,*n.+*n un'u+

13


14/20

(,el levera&e 7*&i*/el +n'&l -*n. si.nii+*n *,*l*h De& Ln'* Bi. %

,*n Le7e&*.e26-. Te&*+hi& un'u+ (,el "Nil*i Pe&us*h**n# 7*&i*/el

+n'&l -*n. si.nii+*n *,*l*h !&4'h *)e; De& Ln'* Bi. %

H*sil Pen.u6i*n Hi)'esis (en.en*i hu/un.*n *n'*&* "Nil*i

Pe&us*h**n# Levera&e ,*n I!siuio!al O(!ers)i* ,*)*' ,i.*(/*&+*n

se/*.*i /e&i+u':

H*sil )en.u6i*n hi)'esis )e&'*(* (enun6u++*n /*h4* 'i,*+

'e&,*)*' hu/un.*n &esi)&+*l *n'*&* Ins'i'u'in*l O4ne&shi) ,*n Le7e&*.e

Le7e&*.e /e&)en.*&uh ne.*'i 'e&h*,*) ins'i'u'in*l 4ne&shi) n*(un

se/*li+n-* ins'i'u'in*l 4ne&shi) 'i,*+ si.nii+*n (e()en.*&uhi

levera&e Pen..un**n hu'*n. seh*&usn-* (enin.+*'+*n )en.*4*s*n

'e&h*,*) +ine&6* (*n*6e& A+*n 'e'*)i )en..un**n hu'*n. -*n. 'in..i

*+*n (en.u&*n.i 6u(l*h +e)e(ili+*n ins'i'usi P*&* )e(e.*n. s*h*(

ins'i'usin*l *+*n /e&)i+i& /*h4* )e&us*h**n /e&*,* ,*l*( &esi+

+e/*n.+&u'*n -*n. 'in..i Oleh +*&en* i'u (e&e+* *+*n (e(ilih un'u+

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-*n. (un.+in *+*n ,i,*)*'+*n ,*&i )en..un**n hu'*n. )e&us*h**n -*n.

/es*&

14


15/20

e(u,i*n h*sil )en.u6i*n hi)'esis +e,u* (enun6u++*n /*h4*

'e&,*)*' hu/un.*n &esi)&+*l *n'*&* le7e&*.e ,*n nil*i )e&us*h**n

e,u*n-* s*lin. /e&)en.*&uh ne.*'i s*'u s*(* l*in Le7e&*.e

/e&)en.*&uh ne.*'i7e 'e&h*,*) nil*i )e&us*h**n ,*n nil*i )e&us*h**n

/e&)en.*&uh ne.*'i 'e&h*,*) le7e&*.e H*l ini (en.in,i+*si+*n /*h4*

se(*+in /*i+ +ine&6* )e&us*h**n -*n. 'e&=e&(in ,*l*( )enin.+*'*n l*/*

*'*u nil*i )e&us*h**n (*+* 'in.+*' )en..un**n hu'*n. *+*n (enu&un

Te(u*n ini se6*l*n ,en.*n Pe$'i!& Order T)eor1 -*n. (en6el*s+*n

/*h4* 6i+* )e&us*h**n (*()u (en.h*sil+*n l*/* -*n. 'in..i (*+*

se/*i+n-* )e&us*h**n (en.u&*n.i 'in.+*' )en..un**n hu'*n. se/*/

)en..un**n su(/e& ,*n* in'e&n*l ,*&i l*/* ,i'*h*n (e()un-*i /i*-* -*n.

le/ih &en,*h ,*&i )*,* /i*-* hu'*n. "M-e&s 1@%# Se/*li+n-* 6i+*

)en..un**n hu'*n. se(*+in 'in..i (*+* nil*i )e&us*h**n *+*n (enu&un

H*l ini ,ise/*/+*n +*&en* )e&us*h**n (e(ili+i +e4*6i/*n un'u+

(e(/*-*& /un.* -*n. 'in..i *'*s +e/i6*+*n hu'*n. -*n. ,il*+u+*n

Pe(/*-*&*n /un.* *'*u +e4*6i/*n 'e&se/u' )*,* *+hi&n-* *+*n

(en.u&*n.i l*/* )e&us*h**n -*n. +e(u,i*n /e&,*()*+ )*,* (enu&unn-*

nil*i )e&us*h**n i'u sen,i&iTe&*+hi& h*sil )en.u6i*n hi)'esis +e'i.* (enun6u++*n /*h4*

'e&,*)*' hu/un.*n &esi)&+*l *n'*&* i!siuio!al o(!ers)i* ,*n nil*i

)e&us*h**n S*(* se)e&'i hi)'esis se/elu(n-* +e,u*n-* /e&)en.*&uh

ne.*'i s*'u s*(* l*in Ins'i'u'in*l 4ne&shi) /e&)en.*&uh ne.*'i7e

'e&h*,*) nil*i )e&us*h**n ,*n nil*i )e&us*h**n 6u.* /e&)en.*&uh ne.*'i

'e&h*,*) ins'i'u'in*l 4ne&shi) Se(*+in 'in..i ins'i'u'in*l 4ne&shi)

(*+* nil*i )e&us*h**n *+*n (enu&un H*l ini 'e&6*,i ,i+*&en*+*n ins'i'usi

-*n. (e(e.*n. s*h*( (*-&i'*s le/ih (en.u'*(*+*n +e)en'in.*n

ins'i'usin-* ,i/*n,in.+*n ,en.*n (enin.+*'+*n nil*i )e&us*h**n

e)e(ili+*n ins'i'usi -*n. 'in..i *+*n (enin.+*'+*n a&e!$1 *roblem

*n'*&* )e(e.*n. s*h*( ,*n (*n*6e& sehin..* h*l ini ,*)*' (en.u&*n.i

+ine&6* )e&us*h**n -*n. 'e&=e&(in ,*l*( nil*i )e&us*h**n 'e&se/u' -*n.

6u.* (enu&un Se/*li+n-* nil*i )e&us*h**n *+*n se(*+in 'in..i *)*/il*

+e)e(ili+*n ins'i'usi (enu&un H*l ini 'e&6*,i +*&en* +e)e(ili+*n ins'i'usi

-*n. +e=il ,*)*' (en,&n. )*&* (*n*6e& un'u+ /e+e&6* +e&*s

15


16/20

(enin.+*'+*n l*/* )e&ush**n sehin..* ,*)*' (enin.+*'+*n nil*i

)e&us*h**n

VIII SIMPULAN

Be&,*s*&+*n )&ses )en.u6i*n ,*'* -*n. su,*h ,il*+u+*n ,i *'*s

)eneli'i ,*)*' (en-i()ul+*n /*h4*:

* e)e(ili+*n Ins'i'u'in*l ,*n +e/i6*+*n hu'*n. 'i,*+ (*()u

(en6el*s+*n (e+*nis(e !, &)&*'e !7e&n*n=e -*n. /*i+

/ e)e(ili+*n Ins'i'u'in*l (e()en.*&uhi nil*i )e&us*h**n ,e(i+i*n

)ul* se/*li+n-*

= e/i6*+*n hu'*n. (e()en.*&uhi nil*i )e&us*h**n ,e(i+i*n )ul*

se/*li+n-*, e/i6*+*n hu'*n. (e()en.*&uhi +e)e(ili+*n ins'i'u'in*l n*(un

+e)e(ili+*n ins'i'u'in*l 'i,*+ (e()en.*&uhi +e/i6*+*n hu'*n.

)e&us*h**n

e e/i6*+*n hu'*n. '*hun l*lu (e()en.*&uhi +e/i6*+*n hu'*n. '*hun

ini Den.*n ,e(i+i*n 'e&6*,i +el*(/*n*n "'i(e l*.# ,*()*+ ,*&i

+e/i6*+*n hu'*n. 'e&h*,*) +ine&6* )e&us*h**n

e)e(ili+*n ins'i'u'in*l '*hun l*lu (e()en.*&uhi +e)e(ili+*n

ins'i'u'in*l '*hun ini Te&6*,i +el*(/*n*n -*n. (e&u)*+*n ,*()*+

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. Nil*i )e&us*h**n '*hun l*lu (e()en.*&uhi +e)e(ili+*n ins'i'u'in*l

'*hun ini Te&6*,i +el*(/*n*n -*n. (e&u)*+*n ,*()*+ ,*&i

+e)e(ili+*n ins'i'u'in*l 'e&h*,*) nil*i )e&us*h**n

DAFTAR PUSTAKA

16


17/20

9odul E'o!omeri'a Si)&i*nus S*l*'& Sin* 201 Uni7e&si'*s *'li+ 8i,-*

M*n,*l* Su&*/*-*

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LAMPIRAN

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GROWTH $00@132 $113312 020% T*+, S*!#*@*,#

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20

Mini Riset 2 Bonaventura 3103013233

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Transcript of Mini Riset 2 Bonaventura 3103013233