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EFEKTIFITAS INVESTASI BERKOMITMEN PADA HUMAN CAPITAL DEVELOPMENT

DALAM PERSPEKTIF GOOD CORPORATE GOVERNANCE DALAM MENENTUKAN

KINERJA DAN NILAI PERUSAHAAN PADA PERUSAHAAN YANG TERDAFTAR

DI BURSA EFEK INDONESIA

DISERTASI

HersugondoNIM 12020113510027

PROGRAM DOKTOR (S3) ILMU EKONOMIUNIVERSITAS DIPONEGORO

SEMARANGJanuari, 2018

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Disertasi

EFEKTIFITAS INVESTASI BERKOMITMEN PADA HUMAN CAPITAL DEVELOPMENT DALAM

PERSPEKTIF GOOD CORPORATE GOVERNANCE DALAM MENENTUKAN KINERJA DAN NILAI

PERUSAHAAN PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Oleh:Nama : Hersugondo

NIM : 12020113510027

Telah Disetujui Untuk Dipertahankan dihadapan Sidang Terbuka Ujian Promosi Doktor Ilmu Ekonomi Bidang Manajemen Keuangan Pada Program Doktor Ilmu Ekonomi Universitas Diponegoro Semarang

Semarang, Januari 2018

Promotor Ko-Promotor

(Prof. Dr. H. Sugeng Wahyudi, MM.) (Dr. Harjum Muharam, ME.)

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PERNYATAAN KEASLIAN DISERTASI

Dengan ini, saya yang bertanda tangan dibawah ini:

Nama : Hersugondo

NIM : 12020113510027

menyatakan bahwa disertasi saya yang berjudul:

”EFEKTIFITAS INVESTASI BERKOMITMEN PADA HUMAN CAPITAL DEVELOPMENT DALAM PERSPEKTIF GOOD CORPORATE GOVERNANCE DALAM MENENTUKAN KINERJA DAN NILAI PERUSAHAAN PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA”,

adalah karya saya dan disertasi ini belum pernah digunakan untuk mendapatkan

gelar keilmuan dimanapun.

Karya ilmiah ini sepenuhnya hasil karya dan milik saya, semua

informasi yang berasal dari penulis lain telah diberi penghargaan dengan

mengutip sumbernya. Oleh karena itu, semua tulisan dalam disertasi ini menjadi

tanggung jawab saya sebagai penulis.

Kemudian apabila didapati unsur plagiasi, maka saya akan

berpertanggungjawab sesuai dengan ketentuan yang berlaku.

Penulis,

Hersugondo

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ABSTRAK

Penelitian ini bertujuan untuk menjembatani gap kesimpulan yang berbeda antara pengaruh corpotare governance terhadap nilai perusahaan dengan konsep baru sebagai variabel intervening Efektivitas Investasi Berkomitmen pada Sumber Daya Manusia (Investment Efectiveness Committed to Human Capital Development/IEHCD) yang dikembangkan dengan mensintesakan antara Agency Theory dan Resourses Base Theory. Penelitian ini menggunakan data sekunder dengan populasi pada perusahaan yang terdaftar di BEI Tahun 2013-2015, Sampel penelitian ini adalah 57 perusahaan yang terdaftar di BEI tahun 2013-2015. Data diperoleh dengan memanfaatkan An nu al Re po rt periode 2013-2015. Alat analisis yang digunakan dalam penelitian ini adalah dengan menggunakan SmartPLS. Penelitian ini menghasilkan simpulan, yaitu pertama variabel K epe m ilik an In st itu si, Ke pe m ilik an as in g berpengaruh positif dan signifikan (α 0.05) terhadap Nilai Perusahaan sedangkan variabel Proporsi Kepemilikan Manajemen memiliki koefisien regresi yang positif tetapi tidak signifikan. Kedua, IEHCD mampu memediasi pengaruh antara proporsi kepemilikan manajemen terhadap nilai perusahaan. Ketiga, IEHCD mampu memediasi pengaruh antara proporsi kepemilikan asing terhadap nilai perusahaan. dan Keempat, IEHCD mampu memediasi pengaruh antara Proporsi Kepemilikan institusi terhadap nilai perusahaan.

Kata kunci: Corpotare Governance, Investment Efectiveness Comitted to Human Capital Development (IEHCD), Nilai Perusahaan.

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ABSTRACT

The aim of the study was to bridge the gap of different conclusions between the effect of corporate governance on corporate value and new concept as the intervening variable. The Investment Effectiveness Committed to Human Capital Development (IEHCD) was developed by synthesizing Agency Theory and Resource Base Theory. The study used secondary data with the population of the companies listed on the Stock Exchange in 2013-2015. The research samples were 57 companies listed in the Stock Exchange in 2013-2015. The data were obtained by using the Annual Report of the period of 2013-2015. The analytical tool used in this research was SmartPLS. The research resulted in the conclusions: first, the variables of Institutional ownership and foreign ownership have positive and significant effect (α 0.05) on Corporate Value, and the variable of Management Ownership Proportion has positive insignificant regression coefficients. Second, IEHCD was capable of mediating the effect between the proportions of management ownership on company value. Third, IEHCD was capable of mediating the effect between the proportion of foreign ownership on corporate value. Fourth, IEHCD was capable of mediating the effect between the proportion of institutional ownership on corporate value.

Keywords: Corporate Governance, Investment Effectiveness Committed to Human Capital Development (IEHCD), Corporate Value.

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RINGKASAN

Kemakmuran pemegang saham yang merupakan tujuan utama perusahaan, untuk mencapai tujuan tersebut maka fungsi-fungsi manajemen harus dilaksanakan dengan hati-hati dan akurat, mengingat setiap keputusan majemen yang diambil akan mempengaruhi keputusan keuangan yang lain yang berdampak terhadap nilai perusahaan. Dalam praktek pengelolaan perusahaan modern, terjadi pemisahan antara pemilik dan pengelola, dimana pemilik perusahaan tidak lagi sebagai fihak yang dapat mengendalikan jalannya operasional perusahaan secara langsung, tetapi pengelolaan perusahaan diserahkan pada manajer profesional (Agency Theory) yang dalam prakteknya selalu muncul masalah keagenan (agency problem), untuk itu perlu mekanisme Good Corporate governance.

Kajian ini berangkat dari perbedaan-perbedaan kesimpulan hasil kajian empirik tentang corporate governance terutama yang menyangkut struktur kepemilikan pengaruhnya terhadap nilai perusahaan. Kemudian diajukan masalah penelitian dalam disertasi ini adalah: “Bagaimana mengembangkan model teoritikal untuk mengisi gap pengaruh corporate governance terhadap nilai perusahaan?”. Permasalahan penelitian yang diajukan adalah bagaimana pengaruh proporsi kepemilikan manajemen (Mgt_Own), proporsi kepemilikan institusi (Inst_Own), proporsi kepemilikan asing (Forg_Own), terhadap kinerja perusahaan (CorPerfm) dan nilai perusahaan (CorValue), efektivitas investasi berkomitmen pada sumber daya manusia. Bagaimana pengaruh Efektivitas Investasi Berkomitmen pada Sumber Daya Manusia (Investment Efectiveness Committed to Human Capital Development/IEHCD) terhadap kinerja perusahaan dan nilai perusahaan dan apakah IEHCD merupakan variabel intervening yang memediasi pengaruh faktor tata kelola terhadap kinerja perusahaan dan nilai perusahaan.

Teori dasar yang digunakan dalam penelitian ini adalah Agency Theory dan Resources-Based Theory yang disintesakan menjadi konsep baru yaitu Efektivitas Investasi Berkomitmen pada Sumber Daya Manusia (Investment Efectiveness Committed to Human Capital Development/IEHCD). Theory Agency mengambarkan hubungan antara pemegang saham dengan pengelola perusahaan. Prinsip dari teori keagenan adalah mengkaitkan hubungan antara fihak yang memberi pekerjaan dalam hal ini adalah pemegang saham kepada manajer profesional yang diberi kewenangan untuk mengelola perusahaan agar dalam penelolaan perusahaan mampu meningkatkan kemakmuran pemegang saham. Sementara Resources Based Theory membahas mengenai bagaimana sumber daya yang dimiliki perusahaan dan bagaimana perusahaan tersebut dapat mengolah dan memanfaatkan sumber daya yang dimilikinya. Kemampuan perusahaan dalam mengelola sumber dayanya dengan baik dapat menciptakan keunggulan kompetitif sehingga dapat menciptakan nilai bagi perusahaan. Dari kedua teori tersebut kemudian diderivasi menjadi konsep baru Efekktivitas Investasi Berkomitmen pada Pengembangan SDM/Investment Efectiveness Committed to Human Capital Development (EIHCD). Investment Efectiveness Committed to Human Capital Development (EIHCD) adalah maksimalisasi

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keuntungan perusahaan dengan memadukan investasi pada asset yang mendatangkan keuntungan yang dibarengi investasi pada sumber daya manusia (Human Capital Development). Masalah penelitiannya adalah apakah EIHCD mampu memediasi pengaruh struktur kepemilikan dalam tata kelola perusahaan yang baik (good corporate governance) terhadap kinerja perusahaan dan meningkatkan nilai perusahaan, yang dimaksudkan untuk mengisi gap penelitian antara tata kelola perusahaan terhadap nilai perusahaan.

Jenis dan sumber data sekunder yaitu data yang bersumber dari sumber eksternal. Objek pada penelitian adalah perusahaan yang go public yang terdaftar di BEI. Populasi dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia selama tiga tahun sebanyak 530 perusahaan per tahun, yaitu tahun 2013 sampai dengan 2015 yang dipublikasikan oleh dalam Annual Report. Dengan purposive sampling didapat sampel sebanyak 57 perusahaan setiap tahun dengan. Variabel-variabel penelitian merupakan data time series dan cross section, dimana satu variable dalam penelitian saling mempengaruhi terhadap variable penelitian yang lain. Analisis data dilakukan dengan alat analisa Partial Least Square (PLS) dan analisis jalur (parth analysis).

Simpulan dalam penelitian ini tidak terjadi multikolineritas didalam model regresinya karena dari hasil perhitungan nilai VIF kurang dari 10. Uji Goodness of Fit adalah Model Fit , berdasarkan output model fit and quality indicates model mempunyai nilai SRMR = 0,023 < 0,08 ; NFI = 0,982, > 0,90 ; dan VIF < 3,3. Mengacu pada ketentuan tersebut, dapat disimpulkan bahwa model penelitin ini adalah fit. variabel nilai perusahaan (CorValue) yang di proksi dengan Tobin’q dan Price Book Value (PBV) dipengaruhi oleh variabel Kepemilikan manajemen (Mgt_Own), Kepemilikan institusi (Inst_Own), Kepemilikan asing (Forg_Own), EIHCD dan Kinerja Perusahaan (CorPerfm) yang diproxy Return On Asset (ROA) sebesar 60% sedangkan sisanya sebesar 40% dipengaruhi oleh faktor lain diluar variabel yang diteliti. Variabel EIHCD dipengaruhi oleh variabel proporsi kepemilikan manajemen (Mgt_Own), proporsi kepemilikan institusi (Inst_Own), proporsi kepemilikan asing (Forg_Own), sebesar 34% sedangkan sisanya sebesar 66% dipengaruhi variabel lain diluar variabel yang diteliti. Variabel kinerja perusahaan yang di proksi oleh CorPerfm dipengaruhi oleh variabel EIHCD sebesar 7,3% sisanya sebesar 92,7% dipengaruhi oleh variabel lain diluar variabel yang diteliti. Semua variabel berpengaruh terhadap Nilai Perusahaan kecuali Proporsi Kepemilikan Manajemen tidak berpengaruh terhadap Nilai Perusahaan karena t hitung yang dihasilkan adalah 0, 466 lebih kecil dari t tabel 1.960. Proporsi Kepemilikan Manajemen memiliki peran yang rendah terhadap variabel nilai perusahaan melalui variabel Efektivitas Investasi Berkomitmen pada Sumber Daya Manusia (Investment Efectiveness Committed to Human Capital Development/IEHCD). Nilai importance sebesar 0,004 bermakna bahwa variabel ini tidak memiliki peran mempengaruhi variabel proporsi kepemilikan manajemen. Hasil pengujian hipotesis penelitian dari 12 hipotesis yang diajukan semuanya diterima, kecuali Proporsi Kepemilikan Manajemen terhadap Investment Efectiveness Committed to Human Capital Development (EIHCD).

Penelitian ini menghasilkan simpulan pertama, Investment Efectiveness Committed to Human Capital Development (EIHCD) mampu memediasi

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pengaruh antara proporsi kepemilikan manajemen terhadap nilai perusahaan dapat diterima. kedua, Investment Efectiveness Comitted to Human Capital Development (EIHCD) mampu memediasi pengaruh antara proporsi kepemilikan investor asing terhadap nilai perusahaan dapat diterima, dan ketiga, Investment Efectiveness Committed to Human Capital Development (EIHCD) mampu memediasi pengaruh antara Proporsi Kepemilikan institusi terhadap nilai perusahaan.

Implikasi Penelitian secara keseluruhan konsep Investment Efectiveness Committed to Human Capital Development (EIHCD) yang merupakan sintesa antara kinerja investasi pada aktivitas investasi yang berbasis pada asset berwujud yang diproxy dengan ROA dengan human capital investment (HCI) yang diproxy dengan pengeluaran investasi untuk pengembangan SDM (human capital investment) dapat dipergunakan untuk memberikan alasan baru mengapa perusahaan mapan berinvestasi dalam modal manusia secara umum yang mampu menghasilkan ide-ide bisnis baru bagi perusahaan meskipun meningkatan risiko kehilangan karyawan. Implikasi Teoritis pada Grand Theory dalam penelitian ini adalah Agency Theory. Middle Theory pertama, diturunkan dari Agency Theory adalah Signaling Theory. Middle Theory kedua, diturunkan dari Teori Investasi adalah Konsep Investasi Industri Dinamis Berbasis Resource Based View.

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EXECUTIVE SUMMARY

Prosperity of shareholders is company’s main objectives. To achieve the goal, management functions must be carried out carefully and accurately since every management decision made will affect other financial decisions that affect corporate value. In the practice of modern company management, there is a separation between owners and managers in which company owner is no longer as the party who can control the company's operations directly, but the company management is handed over to professional managers (Agency Theory) which in practice always causes the problem of agency (agency problems). Therefore, it requires the mechanism for Good Corporate Governance.

The study started from the differences of empirical study conclusions on corporate governance, particularly with respect to the ownership structure and its effect on company value. Then, the study problem in this dissertation was: "How to develop a theoretical model to fill the gap of the effect of corporate governance on company value?" The proposed research was how the effects of the proportion of management ownership (Mgt_Own), the proportion of institutional ownership (Inst_Own), the proportion of foreign ownership (Forg_Own), corporate performance (CorPerfm) and corporate value (CorValue), and the investment effectiveness committed to human capital development. How the effect of the Investment Effectiveness Committed to Human Capital Development (IEHCD) on corporate performance and corporate value, and whether the IEHCD is the intervening variable that mediated the effect of governance on corporate performance and corporate value.

The basic theories used in this research were Agency Theory and Resource-Based Theory synthesized into a new concept of Investment Effectiveness Committed to Human Capital Development (IEHCD). Agency Theory describes the relationship between shareholders and corporate managers. The principle of agency theory is to link the relationship between the party who gives the job (shareholder) and the professional manager who is authorized to manage the company so that the company is able to increase the prosperity of shareholders. Meanwhile, Resources-Based Theory describes how the resources by a company and how the company is able to process and utilize its resources. The company's ability to manage its resources properly can create a competitive advantage and corporate value. A new concept on Investment Effectiveness Committed to Human Capital Development (EIHCD) is derived from the two theories. The Investment Effectiveness Committed to Human Capital Development (EIHCD) is the maximization of corporate profits by combining the investments in assets that make profit along with investment in Human Capital Development. The research problem was whether the EIHCD was capable of mediating the effect of ownership structure in good corporate governance (GCG) on corporate performance and increasing corporate value, which was intended to fill the research gap between corporate governance and corporate value.

The type and source of secondary data were the data obtained from external sources. The research objects were the go-public companies listed on the

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Indonesian Stock Exchange. The population in this study were 30 (thirty) companies registered in the Indonesian Stock Exchange for three years from 2013 to 2015, published by the Annual Report. Using purposive sampling, the samples obtained were 57 companies each year. The research variables was the time series data and cross section,in which one variable in the research influenced one another to the other research variables. The data analysis was conducted using the analytical instrument of Partial Least Square (PLS) and the path analysis.

The conclusions in this study did not have a multicolinearity in the regression models because the result of the calculation of the VIF value is smaller than 10. The test of Goodness of Fit is Model Fit based on output model fit and quality that indicates the model has the value of SRMR= 0.023 < 0.08; NFI = 0.982 > 0.90; and VIF < 3.3. Referring to the provisions, it can be concluded that the model of this experiment is fit. The variable of corporate value (CorValue) proxied with Tobin'q and Price Book Value (PBV) is affected by the variable of management Ownership (Mgt_Own), institutional ownership (Inst_Own), foreign ownership (Forg_Own), EIHCD, and Corporate Performance (CorPerfm) proxied with Return on Assets (ROA) of 60%, while the remaining 40% were influenced by other factors beyond the examined variables. The variable of EIHCD was influenced by the variables of the proportion of management ownership (Mgt_Own), the proportion of institutional ownership (Inst_Own), the proportion of foreign ownership (Forg_Own) by 34%, while the rest of 66% was influenced by other variables out of the examined variables. The variable of corporate performance proxied by CorPerfm was influenced by the variable of EIHCD by 7.3%, and the remaining 92.7% was influenced by other variables out of the examined variables. All variables affected Corporate Value except the Proportion of Management Ownership that did not affect Corporate Value because the t-count generated is 0.466 or smaller than t-table of 1.960. the Proportion of Management Ownership played a lower role low against the variable of corporate value through the variable of Investment Effectiveness Committed to Human Capital Development (IEHCD). The importance value of 0.004 means that the variable does not play a role to influence the variable of the proportion of management ownership. The results of the research hypothesis testings of the twelve hypothesis proposed were all accepted, except the proportion of Management Ownership to the Investment Effectiveness Committed to Human Capital Development (EIHCD).

This research resulted in several conclusions: first, the Investment Effectiveness Committed to Human Capital Development (EIHCD) which is capable of mediating the effect of the proportion of management ownership on corporate value is acceptable. Second, Investment Effectiveness Committed to Human Capital Development (EIHCD) which is capable of mediating the effect of the proportion of foreign ownership on corporate value is acceptable. Third, Investment Effectiveness Committed to Human Capital Development (EIHCD) is capable of mediating the effect of the proportion of institutional ownership on corporate value.

The research implications, as a whole, show that the concept of the Investment Effectiveness Committed to Human Capital Development (EIHCD)

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which is a synthesis between the performance of investments in investment activities based on tangible assets proxied with ROA and the human capital investment (HCI) proxied with the investment expenditures for human capital investment can be used to provide a new reason why well- established companies invest in human capital in general is capable of generating new business ideas for the companies despite the increased risk of losing employees. The theoretical implication on the Grand Theory in this study is the Agency Theory. The first middle theory derived from Agency Theory is Signaling Theory and Peking Order Theory. The second middle theory derived from Investment Theory is the concept of Dynamic Industrial Investment based on Resource Based View.

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MOTO

"Sesungguhnya jika kamu bersyukur, pasti Kami akan menambah (ni'mat) kepadamu, dan jika kamu mengingkari (ni'mat-Ku), maka sesungguhnya azab-Ku sangat pedih". (QS: Ibrahim:7)

“Sebaik-baik Manusia Adalah Yang Paling Bermanfaat Bagi Orang Lain” (Al-Amin).

Anda tak akan bisa menghukum orang yang ikhlas. Karena apapun hukuman yang anda berikan, tak akan membuatnya tersiksa. Tapi justru akan membuatnya semakin bersyukur. (Orang Bijak)

Sahabat seperti hal dengan bintang, tak selalu nampak tapi selalu ada dihati, Sahabat akan selalu menghampiri ketika seluruh dunia menjauh, Persahabatan itu seperti tangan dengan mata, Ketika tangan terluka, mata menangis, Ketika mata menangis, tangan menghapusnya. Bahkan ketika kau akan menangis, sahabat melakukan sesuatu yang menjadi kau tersenyum (Orang Bijak)

Pandanglah sesuatu dari kacamata orang lain. Apabila hal itu menyakitkan hatimu, maka mungkin hal itu menyakitkan hati orang lain. (Orang Bijak)

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PERSEMBAHAN:

Karya Ilmiah ini saya persembahkan pada istri dan anak-anaku yang tercinta dan dunia untuk kemajuan ilmu pengetahuan

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KATA PENGANTAR

Puji syukur ke hadirat Allah SWT yang telah melimpahkan banyak

kenikmatan, rahmat dan hidayah-Nya, sehingga penyusunan disertasi ini dapat

diselesaikan. Disertasi ini dapat saya selesaikan tidak lepas dari bantuan banyak

pihak, untuk itu saya mengucapkan banyak terima kasih dan penghargaan kepada:

1. Prof. Dr. Yos Johan Utama, M.Hum. selaku Rektor dan para wakil

Rektor dilingkungan Universitas Diponegoro, yang telah memberikan

kesempatan dan fasilitas kami untuk melakukan studi lanjut.

2. Dr. Suharnomo, M.Si. selaku dekan beserta para wakil dekan di

Fakultas Ekonomika dan Bisnis, Prof. Dr. Imam Ghozali, Akt. M.Com.

dan Prof. Waridin, Ph.D., selaku Ketua dan sekretaris Program Studi

Doktor Ilmu Ekonomi Universitas Diponegoro beserta seluruh Staf

Administrasi (mba Lina, mas Jo, dll.), yang telah dan selalu memberikan

pelayanan yang tulus dan prima selama saya menempuh tugas belajar.

3. Prof. Dr. H. Sugeng Wahyudi, MM., yang saya hormati dan saya

banggakan selaku promotor yang dengan kesabarannya telah meluangkan

waktu membimbing dan sekaligus keteladanannya serta memberi

kesempatan untuk belajar dalam riset, pengabdian masyarakat, konferensi

dan publikasi bahkan menulis buku. Dr. Harjum Muharam, ME., selaku

co-promotor yang dengan kesabarannya telah meluangkan waktu

membimbing dan keteladanannya.

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4. Dosen-dosen Penguji antara lain Dr. Sugiono, MSIE, Dr. Irene D.P. ME.,

Dr. HM Chabahib, M.Si. Dr. Wisnu Mawardi, MM., Dr. Mutamimah,

M.Si., terima kasih masukan-masukan yang berharga yang telah mengisi

kekurangan-kekurangan dalam saya menulis disertasi ini.

5. Dosen-dosen Program Studi Doktor Ilmu Ekonomi Prof. Augusty T.

Ferdinand, Prof. Miyasto, Dr. Akhyar, Dr. Toto Susilo, yang telah

memberikan saya kesempatan untuk belajar dan menimba ilmu.

6. Kementerian Riset, Tekhnologi dan Pendidikan Tinggi, yang telah

memberikan Beasiswa Pascasarjana Dalam Negeri (BPDN), dan

Koordinator Kopertis Wilayah VI Jawa Tengah yang telah memberikan

penugasan kepada saya untuk mengikuti studi lanjut sehingga dapat

membantu dan melancarkan saya dalam menempuh tugas belajar.

7. Rektor Unisbank, Ketua YPPMI, Dekan, Sekretaris Fakultas, Ketua

Program Studi dan para tenaga kependidikan di lingkungan Fakultas

Ekonomika dan Bisnis Universitas Stikubank, terima kasih untuk

semuanya yang telah diberikan khususnya security kampus Kendeng

yang menemani saat-saat harus lembur hingga larut malam bahkan fajar.

8. Prof. Dr. Ibnu Khajar, Prof. Y. Sutomo, MM., Prof. Eric Santoso,

MBA., Dr. Bambang Sudiyatno, Dr. Alimudin, Dr. Agung Nusantara,

Dr. Herry Subagyo, Dr. Sih Darmi Astuti, Dr. Endang Tjahtjaningsih, Dr.

Basukianto, Dr. Bambang Suko, Dr. M. Fauzan, Dr. Tristiana, Dr. Euis

Soliha, Dr. Agus Budi, Dr. Cecilia Sri Mindarti, Dr. J. Widiyatmoko,

Dr. GN. Masdjojo, Dr. Sri Nawatmi, Dr. Elen P., Jaeni, MSi, Andi

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Kartika, MM., Marlien, MM., Mulyo Budi, MM., Dr. Isnowati, Askar

Yunianto, MSi., Sri Sudarsi, MSi., Ali Maskur, M.Kom., Pancawati H.

MSi., Alfasadun, MM. dan teman-teman lain di FEB Unisbank yang

tidak bisa disebut satu persatu, terima kasih untuk dukungan dan

motivasinya selama saya menempuh studi.

9. Rekan-rekan Program Studi Doktor Ilmu Ekonomi Universitas

Diponegoro Semarang, Dr. Eka Handriani, Dr. Robiyanto, Rio Dhani

Laksana, M.Sc. Siti Puryandani, Hartati Hadadi, Tony Heryana, Dian

Purna, Dr. Bertha, Dr. Nuryakin, Dr. Hendar, Dr. Gita, Dr. Ida, pa

Marno, mas Anta, mas Agus Prie, mas Prio, bu Lita, bu Ika, atas

dorongan motivasi dan solidaritas selama dalam menempuh studi di S3.

Mba Eka, Pa Roby, Mas Rio, bro Yon, gus Ipul, pa Riskin, dan Ounty

yang bersama-sama belajar di “Riset Center”, ayo lanjutkan.

10. Ayahanda Bapak H. Dasmad (almarhum) yang ingin

menyaksikan promosi har i ini , tapi sang Khal ik lebih

mencinta i , dan Ibunda Hj. Tarinah, yang telah mengasuh,

membesarkan, dan mendoakan serta dengan perjuangannya yang penuh

kesabaran, kasih sayang, keteladanan, dan pengorbanan yang tak

terhitung nilainya, mudah-mudahan sehat selalu dan mudah-mudahan

bisa menjadi waladun sholihan.

11. Istriku tercinta, Dr. Hermin Pancasakti Kusumaningrum, M.Si. dan

anak-anakku t e r s ayang , Hererapratita Aysha Hapsari (Rera),

Hertantya Muhamad Aulyasaktya (Anto) dan Heradita Kaniaazzahra

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Doktorasaintifika (Kania), yang selalu mendorong, mendoakan dan

memotivasi agar saya dapat menyelesaikan studi, dan selalu tanya

“kapan papa selesai kuliahnya”, terjawab sudah pertanyaannya dan baru

sekarang menjawabnya.

12. Kakak-kakaku, H. Hendro Puspito, SH., MH. dan Hj. Eko Nurhayati,

SH., Prof. Dr. Ir. H.M. Zainuri, DEA dan Hj. Ir. Hj. Hadi Endrawati,

DESU., Drs. H. Dwi Husodo Sapto Hariadi, MM. dan Dra. Hj. Hernanik

Narimaningsih, Adik-adikku: Puji Hartono, AMd. dan Rihanah, Arif

Setiadi, SE., Akt., MSi. dan Lilis Anisah, SSt., MSi., Sri Hastuti, AMd.

dan Targono, SH. Ponakan-ponakanku: Andika Satya Pratama, SH.,

Reza, S.Sos., Aula ST., dr. Rifa, dr. Fully, dr. Rona, Fira, Lala, Afip,

Yoga, Anggie, Yusuf, Ais, Habibie, Nesya, Aira, Deren dan Bagas,

terimakasih atas dorongan dan motivasinya.

13. Berbagai Pihak yang tidak dapat saya sebutkan, yang telah membantu

saya dalam menyusun dan menyelesaikan disertasi.

Dengan penuh kesadaran penulis merasa bahwa disertasi ini masih banyak

kekurangannya dan ketidaksempunaan, sehingga masih membutuhkan masukan,

kritik dan saran untuk penyempurnaan tulisan ini. Oleh karena itu, bagi

bapak/ibu/sdr yang berminat membaca, saya mohon untuk memberikan saran dan

kritik demi penyempurnaan disertasi ini.

Semarang, Januari 2018Penyusun,

Hersugondo

xvii

DAFTAR ISI

halamanHalaman Sampul Depan.......................................................................................... i

Halaman persetujuan .............................................................................................. ii

Pernyataan keaslian disertasi................................................................................... iii

Abstrak.................................................................................................................... iv

Abstract................................................................................................................... v

Ringkasan................................................................................................................ vi

Executive Summary................................................................................................ ix

Motto ...................................................................................................................... xii

Persembahan ........................................................................................................... xii

Kata Pengantar........................................................................................................ xiv

Daftar Tabel............................................................................................................. xxv

Daftar Gambar......................................................................................................... xxvii

BAB

I P E N D A H U L U A N.............................................................................. 1

1.1. Latar Belakang Penelitian.................................................................. 1

1.2. Penelitian Terdahulu dan Research Gaps.......................................... 10

1.2.1. Research Gap1: Kepemilikan Manajemen dan Nilai

Perusahaan........................................................................... 21

1.2.2. Research Gap2: Kepemilikan Investor Institusional dan

Nilai Perusahaan.................................................................. 28

1.2.3. Research Gap 3: Kepemilikan Asing dan Nilai

Perusahaan .......................................................................... 30

1.3. Fenomena Bisnis, Tata Kelola Perusahaa dan Human Capital

Investment.......................................................................................... 36

1.4. Masalah Penelitian............................................................................. 49

1.5. Perumusan Masalah........................................................................... 49

1.6. Tujuan Penelitian............................................................................... 50

1.7. Manfaat Penelitian............................................................................. 51

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1.7.1. Manfaat Teoritis .................................................................. 51

1.7.2. Manfaat Praktis.................................................................... 51

1.8. Orisinilitas ......................................................................................... 52

II TELAAH PUSTAKA DAN PENGEMBANGAN MODEL 53

2.1. Telaah Pustaka .................................................................................. 53

2.1.1. Agency Theory (Teori Keagenan)........................................ 53

2.1.2. Resources Based Theory (RBT) .......................................... 58

2.1.3. Market Based Theory (MBT) .............................................. 66

2.1.4. Signaling Theory (Teori Pensinyalan) ................................ 68

2.1.5. Struktur Kepemilikan (ownership structure) ...................... 71

2.1.5.1. Kepemilikan Manajemen (Manajerial Ownership) 72

2.1.5.2.Kepemilikan Saham Institusi (Institution

Ownership) ............................................................ 74

2.1.5.3. Kepemilikan InsvestorAsing (foreign Ownership) 79

2.1.6. Kinerja Perusahaan (Corporate Performance) ................... 81

2.1.7. Tata Kelola Perusahaan (Corporate Governance)............... 83

2.1.7.1. Definisi Tata Kelola Perusahaan............................. 96

2.1.7.2. Tujuan Tata Kelola Perusahaan.............................. 99

2.1.7.3. Mekanisme Tata Kelola Perusahaan....................... 102

2.1.8. Nilai Perusahaan (Firm Value) ........................................... 105

2.2. Pengembangan Proposisi................................................................... 110

2.2.1. Teori Agensi dan Kebijakan Investasi................................. 110

2.2.2. Sintesis Agency Theory dan Resources Based Theory.......... 127

2.2.3. Efektifitas Investasi Berkomitmen pada Human Capital

Development........................................................................ 130

2.2.4. Indikator Efektifitas Investasi Berkomitmen pada Human

Capital Development .......................................................... 133

xix

2.2.4.1. Kinerja Perusahaan (Corporate Financial

Performance) ......................................................... 134

2.2.4.2. Kinerja Human Capital Investment....................... 138

2.2.5. State of the Art Proposisi Efektifitas Investasi

Berkomitmen pada Pengembangan SDM (Investment

Efectiveness Comitted to Human Capital

Development(IECHCD)....................................................... 140

2.2.6. Proposisi Efektifitas Investasi Berkomitmen pada

Pengembangan SDM (InvestmentEfectiveness Comitted to

Human Capital Development/ IECHCD) ........................... 148

2.3. Model Teoritikal Dasar (Grand Theoritical Model) ......................... 149

2.4. Pengembangan Hipotesa.................................................................... 158

2.4.1. Pengaruh Kepemilikan Manajerial Terhadap Kinerja dan


2.4.2. Pengaruh kepemilikan Institusi Terhadap Kinerja dan


2.4.3. Pengaruh Kepemilikan Investor Asing Terhadap Kinerja

dan Nilai Perusahaan............................................................ 170

2.4.4. Pengaruh Kepemilikan Manajerial Terhadap Investment

Efectiveness Committed to Human Capital Development... 177

2.4.5. Pengaruh Kepemilikan Institusi Terhadap Investment

Efectiveness Committed to Human Capital Development... 183

2.4.6. Pengaruh Kepemilikan Investor Asing Terhadap

Investment Efectiveness Committed to Human Capital

Development ....................................................................... 188

2.4.7. Pengaruh Investment Efectiveness Committed to Human

Capital Development Terhadap Kinerja dan Nilai

Perusahaan .......................................................................... 194

2.4.8. Investment Efectiveness Committed to Human Capital

Development Memediasi Pengaruh Kepemilikan

Manajemen terhadap Nilai perusahaan............................... 205

xx


Development Memediasi Pengaruh Kepemilikan Institusi

terhadap Nilai perusahaan........................................................ 212

2.4.10 Investment Efectiveness Committed to Human Capital

Development Memediasi Pengaruh Kepemilikan Investor

Asing terhadap Nilai perusahaan............................................ 218

III MOTODE PENELITIAN ................................................................................ 226

3.1. Desain Penelitian....................................................................................... 226

3.2. Obyek Penelitian....................................................................................... 228

3.3. Jenis Data dan Sumber Data.................................................................... 228

3.4. Populasi dan Sampel................................................................................. 229

3.5. Difinisi Konsep Variabel Penelitian....................................................... 229

3.5.1. Nilai Perusahaan (Firm Value) ............................................... 230

3.5.2. Kinerja Keuangan Perusahaan (Corporate Financial

Performance) ............................................................................. 231

3.5.3. Tata Kelola Perusahaan (Corporate Governance) ............... 232

3.5.3.1.Proporsi Kepemilikan Manajerial (Managerial

Ownership ) ................................................................. 232

3.5.3.2.Proporsi Kepemilikan Institusi (Institutional

Investor) ........................................................................ 237

3.5.3.3. Proporsi kepemilikan institusi asing......................... 244

3.6. Definisi Operasional dan Pengukuran Variabel.................................... 247

3.6.1. Definisi Operasional.................................................................. 247

3.6.1.1. Nilai Perusahaan......................................................... 247

3.6.1.2. Kinerja Perusahaan (Corporate Performance)....... 248

3.6.1.3. Tata Kelola Perusahaan (Corporate Governance). 249

3.6.1.4. Efektifitas Investasi Berbasis pada Human

Capital (EICHCD)................................................. 250

3.6.2. Pengukuran Variabel................................................................. 252

3.7. Teknik Analisis.......................................................................................... 254

xxi

3.7.1. Analisis Jalur (Path Analysis).................................................. 254

3.7.2. Analisis Model Dengan PLS.................................................... 258

IV ANALISIS DATA DAN PEMBAHASAN...................................................... 260

4.1. Pengantar.................................................................................................... 260

4.2 Analisis Deskriptif.................................................................................... 260

4.3. Pengujian Asumsi Model Penelitian Empiris........................................ 264

4.3.1. Uji Multikolineritas...................................................................... 264

4.3.2. Uji Goodness of Fit Model Penelitian Empiris........................ 265

4.4. Pengujian dengan SmartPLS 4.0............................................................. 266

4.4.1. Pengujian Full Model................................................................... 266

4.4.2. Hasil Estimasi Model................................................................... 270

4.4.3. Pengujian Model Mediasi............................................................ 278

4.4.3.1. Hasil Pengujian Model Mediasi dengan

Importance–Performance Map Analysis (IPMA)

for construct.................................................................... 280

4.4.4. Pengujian Hipotesis...................................................................... 282

4.4.4.1. Pengujian pengaruh struktur dan mekanisme

Corporate Governance terhadap nilai perusahaan.. 283

4.4.4.2. Pengujian pengaruh mediasi Investment

Efectiveness Committed to Human Capital

Development atas struktur dan mekanisme

Corporate Governance terhadap nilai perusahaan.. 286

V PEMBAHASAN HASIL PENELITIAN......................................................... 289

5.1. Pengantar.................................................................................................... 289

5.2. Pembahasan................................................................................................ 290

5.3. Pengujian pengaruh mekanisme Corporate Governance terhadap

nilai perusahaan................................................................................. 291

5.3.1. Pembahasan Hasil Pengujian Hipotesis 1................................. 292

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5.3.10 Pembahasan Hasil Pengujian Hipotesis 10............................... 307



VI KESIMPULAN,IMPLIKASI DAN KETERBATASAN PENELITIAN 317

6.1. Pengantar....................................................................................................... 317

6.2. Kesimpulan Hasil Pengujian Hipotesis................................................ 318

6.2.1. Hubungan Kausalitas struktur corporate governance dengan

Nilai Perusahaan.............................................................................. 322

6.2.2. Hubungan struktur Corporate Governance dengan Investment

Efectiveness Committed to Human Capital Development......... 325

6.3. Kesimpulan dari permasalahan penelitian............................................ 331

6.3.1. Alternatif Pertama..................................................................... 331

6.3.2. Alternatif Kedua........................................................................ 332

6.3.3. Alternatif Ketiga....................................................................... 333

6.4. Temuan penelitian................................................................................ 335

6.4.1. Proporsi Kepemilikan Institusi→ nilai perusahaan.................... 335

6.4.2. Proporsi kepemilikan institusi asing→ nilai perusahaan........... 337

6.4.3. Proporsi Kepemilikan Manajerial→ Investment Efectiveness

Committed to Human Capital Development.............................. 338

6.4.4. Proporsi Kepemilikan Institusi→ Investment Efectiveness

Committed to Human Capital Development.............................. 340

6.4.5. Proporsi kepemilikan institusi asing→ Investment

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Efectiveness Committed to Human Capital Development......... 341


Development → kinerja perusahaan......................................... 342


Development → nilai perusahaan............................................. 343

6.4.8. Kinerja perusahaan → nilai perusahaan.................................... 345


Development →Proporsi Kepemilikan Investor Asing →nilai

perusahaan.................................................................................. 347

6.5. Implikasi penelitian.............................................................................. 347

6.5.1. Implikasi Teoritis...................................................................... 350

6.5.2. Implikasi Manajerial................................................................. 361

6.5.3. Implikasi Praktis bagi Investor................................................. 372

6.5.4. Implikasi bagi Pemerintah........................................................ 377

6.5.5. Keterbatasan Penelitian dan Agenda Penelitian Mendatang..... 379

DAFTAR PUSTAKA............................................................................................ 383

LAMPIRAN-LAMPIRAN

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DAFTAR TABEL

Tabel. 1.1.

Tabel. 1.2.

Tabel. 2.1.

Research Gap antara Corporate Governance dengan Nilai

Perusahaan...............................................................................

Data Rata-Rata Struktur Kepemilikan dan Nilai Perusahaan

dari Tahun 2013-2015...................................................................

Tinjauan Teori Keagenan.............................................................

34

4

5

56

Tabel. 2.2. St State of the Art Investment Efectiveness Committed to Human

Capital Development (EIBHC)................................................ 141

Tabel. 2.3. Ringkasan Kajian Empirik Pengaruh Proporsi Kepemilikan

Manajemen Terhadap Kinerjadan Nilai Perusahaan................ 160


Institusi Terhadap KinerjadanNilai Perusahaan....................... 167


Investor Asing Terhadap Kinerja dan Nilai Perusahaan.......... 172


Manajemen Terhadap Investment Efectiveness Committed to

Human Capital Development................................................... 178


Institusi Terhadap Investment Efectiveness Committed to



Asing Terhadap Investment Efectiveness Committed to


Tabel. 2.9. Ringkasan Kajian Empirik Pengaruh Investment Efectiveness

Committed to Human Capital Development Terhadap

Kinerja dan Nilai Perusahaan................................................... 201

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Tabel.2.10

.

Ringkasan Kajian Empirik Investment Efectiveness

Committed to Human Capital Development Memediasi

Pengaruh Kepemilikan Manajemen terhadap Nilai

perusahaan............................................................................... 206

Tabel

2.11.



Pengaruh Kepemilikan Institusi terhadap Nilai perusahaan.... 214

Tabel

2.12.



Pengaruh Kepemilikan Investor Asing terhadap Nilai

perusahaan............................................................................... 219

Tabel 3.1. Pengukuran Variabel Penelitian............................................... 252

Tabel 4.1. Data Nama Perusahaan Objek Penelitian................................ 261

Tabel 4.2 . Statistik Deskriptif Data Penelitian Tahun 2012 – 2015......... 262

Tabel 4.3. Quality Criteria : Collinearity Statistic................................... 265

Tabel 4.4. Quality Criteria : Model Fit Summary.................................... 266

Tabel 4.5. Model Fit and Quality Indicates, Path Coefisiens dan ρ-

Value, Indirect Effect, Total Effect, Effect Size – Full Model.. 268

Tabel 4.6. R squared, Q squared dan full collinearity VIF...................... 269

Tabel 4.7 Final Result – Path Coefficient (Direct Effect) ....................... 273

Tabel 4.8 Pengaruh Langsung Proporsi Kepemilikan Investor Asing,

Proporsi Kepemilikan Manajemen, Proporsi Kepemilikan

institusi, Investment Efectiveness Committed to Human

Capital Development, Kinerja Perusahaan dan Nilai

Perusahaan............................................................................... 278

Tabel 4.9 Hasil Pengujian pengaruh tidak langsung................................ 279

Tabel 4.10 Importance–Performance Map Analysis (IPMA) for

construct................................................................................... 281

Tabel 4.11

Tabel 5.1

Hasil pengujian hipotesis penelitian........................................

Ringkasan hasil pengujian Hipotesis Penelitian......................

288

291

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Tabel 6.1. Temuan Hasil Penelitian dan Implikasi Teoritis...................... 353

DAFTAR GAMBAR

Gambar. 1.1. Proporsi Tangible dan Intangable Asset dalam Perusahaan.. 39

Gambar: 2.1. Mapping Human Capital Dalam Modal Perusahaan............. 123

Gambar 2.2. Proporsi Peran Asset tidak Berwujud (intangible asset) ...... 125

Gambar 2.3. Model Piktografis Proposisi.................................................. 132

Gambar.2.4. Diagram State of the Art Investment Efectiveness

Committed to Human Capital Development (EIBHC) ......... 147

Gambar 2.5. Model Teoritikal Dasar.......................................................... 153

Gambar 2.6. Model Penelitian Empirik...................................................... 225

Gambar 3.1. Analisis Jalur (Path Analysis)............................................... 255

Gambar 4.1 Output SmartPLS - Full Model.............................................. 271

Gambar 5.1. Sistematika Bab V................................................................. 289

Gambar 5.2. Pergerakan Peran Proporsi Kepemilikan Manajerial

(Manajerial Ownership) dan Nilai Perusahaan.................... 294

Gambar 5.3. Pergerakan Peran Proporsi Kepemilikan Manajerial

(Manajerial Ownership) dan Investment Efectiveness

Committed to Human Capital Development.......................... 298

Gambar 6.1. Sistematika Bab VI................................................................ 317

Gambar 6.2. Alternatif 1 Struktur Corporate Governance Terhadap

Nilai Perusahaan.................................................................... 332

Gambar 6.3.

Gambar 6.4.

Alternatif 2 struktur corporate governance terhadap

Investment Efectiveness Committed to Human Capital

Development .........................................................................

Struktur corporate governance Dimediasi Oleh Investment

EfectivenessCommitted to Human Capital Development

Terhadap Nilai Perusahaan....................................................

333

334

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GLOSSARY

AADB : Asian Development Bank ASEAN : The Association of Southeast Asian NationAT : Agency Theory

BBAPEPAM : Badan Pengawas Pasar ModalBEI : Bursa Efek IndonesiaBUMN : Badan Usaha Milik Negara

CCEO : Chief of Executive OfficerCG : Corporate GovernanceCorPerfm : Corporate Performance/ Kinerja PerusahaanCorValue : Corporate Value/ Nilai Perusahaan

EIEHCD : Investment Efectiveness Committed Human Capital

DevelopmentEPS : Earning Per Share/ProfitabilitasEV : Enterprise value

FFCGI : Forum for Corporate Governance in Indonesia Forg_Own : Foreign Ownership/Kepemilikan asing

GGCG : Good Corporate Governance

HHCI : Human Capital InvestmentHRI : Human Resourse Investment

IIDX : Indonesian Stock ExchangeInts_Own : Institutional Ownership/Kepemilikan InstitusiIPMA :Importance–Performance Map Analysis ISE : Istanbul Stock Exchange

JJSX : Jakarta Stock Exchange

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KKLSE : Kuala Lumpur Stock ExchangeKMP : Komposisi Dewan KomisarisKNKCG : Komite Nasional Kebijakan Corporate GovernanceKRP : Karakteristik Perusahaan KFTC : the Fair Trade Commission of the Korean government

LLEV : Leverage

MMBT : Market Based Theory MBR : Market to Book Ratio Mgt_Own : Managerial Ownership/Kepemilikan Manajemen

NNFI : Normal Fit IndexNPV : Net Present Value

OOECD : Organization for Economic Co-operation and Development

PP/E : Price Earning PER : Price Earning Ratio PLS : Partial Least Square

RRBT : Resources Based Theory ROA : Return on AssetsROE : Return on Equity ROI : Return on InvestmentRUPS : Rapat Umum Pemegang SahamR&D : Research and Development

SSDM : Sumber Daya manusia SRMR : Standardize Root Mean Square ResidualST : Signaling Theory

UUSA : United States of AmericaUU : Undang-undang

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UN : United Nations

VVIF : Variance inflation factor

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LAMPIRAN

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DATA DAN NILAI VARIABEL PERUSAHAAN SAMPEL

NO KODE NAMA PERUSAHAAN Mgt_Own Int_Own Forn_Own TOBINQ PBV ROA ROE IECHC

1 ADHI PT. ADHI KARYA 0 38.6 10.3 0.48 4.2 26.4 4.2 0.021

2 ADMFPT ADIRA DINAMIKA MULTI FINANCE TBK 0 95 0 1.58 5.5 28.3 21.2 0.119

3 ADMG PT POLYCHEM INDONESIA TBK 0 25.56 49.5 0.22 0.4 0.6 0.4 0.0044 AKRA PT AKR CORPORINDO TBK 0.51 59.18 0 0.5 4.2 11.5 2.8 0.0445 ANTM PT ANTAM (Persero) Tbk 0 12.6 9.8 0.55 1.9 3.2 3.6 0.064

6 APEXPT APEXINDO PRATAMA DUTA TBK 0 90.4 7.39 1.03 6.2 17.4 19 0.080

7 ASDM PT ASURANSI DAYIN MITRA TBK 0 73.33 0 0.29 3 16.6 19.3 0.0408 KAEF PT KIMIA FARMA TBK 0.166 0 0 3.27 7 10.6 4.3 0.7339 ASGR PT ASTRA GRAPHIA TBK 0 76.87 0 1.37 14.4 28.4 9.2 0.13810 ASSA PT ADI SARANA ARMADA (TBK) 0 0 26 0.5 4.9 10.2 6 0.01911 BACA PT BANK CAPITAL INDONESIA TBK 9.47 39.86 0 0.57 4.2 11.2 9 0.04712 BBKP PT BANK BUKOPIN TBK 28.23 32.94 32.94 0.68 1 7.8 12.3 0.08813 BBNI PT BANK NEGARA INDONESIA TBK 0 44.68 0 0.94 1.3 15 13.9 0.07514 BBRI PT BANK RAKYAT INDONESIA TBK 0 11.78 0 0.94 2.3 19 25.2 0.05315 BCAP PT MNC KAPITAL INDONESIA TBK 0 0 0 1.98 3.4 26.9 40.7 0.09916 BCIP PT BUMI CITRA PERMAI TBK 0 88.5 0 2 0.2 0.7 0.8 0.24817 BDMN PT BANK DANAMON TBK 0 52.43 0 0.36 7.6 14.5 18.2 0.00318 BIPI PT BENAKAT INTEGRA TBK 0.27 73.94 0 1.32 2.3 13.2 15.7 0.099

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19 BJBR PT BANK PEMBANGUNAN DAERAH JAWA BARAT DAN BANTEN TBK 0 24.62 16.24 0.68 3.7 11.1 34.8 0.039

20 BJTM PT BANK PEMBANGUNAN DAERAH JAWA TIMUR TBK 0 6.06 1.79 0.51 1.9 20.5 16 0.009

21 BMRI PT BANK MANDIRI (Persero) TBK 0.03 0 8.73 0.24 2.5 14.4 24.3 0.057

22 BNIIPT BANK INTERNASIONAL INDONESIA TBK 68.55 0 30.42 1.48 2.6 21.2 26.4 0.067

23 BRAM PT INDO KORDSA TBK 45.02 33.96 18.31 0.56 1.1 12.7 11.7 0.05924 BSDE PT BUMI SERPONG DAMAI TBK 27.77 5.61 60.31 0.5 1.9 2.8 2.4 0.06625 BSIM PT BANK SINARMAS TBK 0 61.06 0 0.13 12.9 21.7 50.6 0.004

26 BVICPT BANK VICTORIA INTERNASIONAL TBK 0.03 59.94 0 0.85 1.9 12.8 14.4 0.089

27 BWPT PT BW PLANTATION TBK 13.3 53.18 0 0.53 1.7 18.9 17.3 0.040

28 DVLAPT DARYA - VARTA LABORATORIA TBK 0 35.11 36.6 0.37 2.4 8.2 13.7 0.083

29 DLTA PT DELTA DJAKARTA TBK 0 0 92.55 2.53 10.9 14.1 11.2 0.26730 DUTI PT DUTA PERTIWI TBK 0 2.91 58.33 0.24 33.9 42.3 13.6 0.03431 ELSA PT ELNUSA TBK 0 82 7.46 1.35 11.5 14.3 51.5 0.02732 CTRA PT CIPUTRA DEVELOPMENT TBK 0 91.7 8.3 2.57 5.6 10.6 5.9 0.17833 ENRG ENERGI MEGA PERSADA TBK 0 30.63 7.73 0.87 7.3 14.6 26.7 0.00434 FORU PT FORTUNE INDONESIA TBK 0 10.9 31.75 0.41 13 30.8 37.1 0.01935 GIAA PT GARUDA INDONESIA PERSERO TBK 0 75.2 0 1.13 1.5 3 1 0.24036 GJTL PT GAJAH TUNGGAL TBK 0 0 6.12 0.82 0.4 1 0.3 0.04537 GLOB PT GLOBAL TELESHOP TBK 0 49.7 10 0.06 1.9 4.8 2.3 0.019

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38 IGARPT CHAMPION PASIFIC INDOENESIA TBK 0 89.69 0 0.86 9.7 29.5 3.7 0.009

39 JSMR PT JASA MARGA (Persero) TBK 0 5.44 79.42 1.31 11.1 15.5 5.4 0.12140 KKGI PT RESOURCE ALAM INDONESIATBK 0 0 0 0.75 4.4 11.4 12 0.06641 KLBF PT KABLE FARMA TBK 0 4.28 79.83 0.99 21.9 31.9 11.9 0.00242 LEAD PT LOGINDO SAMUDRAMAKMUR TBK 0 57.25 0 3.67 17.9 23.6 12.2 0.18543 LPGI PT LIPPO GENERAL INSURANCE TBK 35 0 48.8 0.64 7 14.7 27.9 0.03644 LPPS PT LIPPO SECURITIES TBK 0 27.6 21.3 0.43 4 5.7 10.6 0.04145 LTLS PT LAUTAN LUAS TBK 0 0 63.49 0.48 31.4 31.5 48 0.00246 MASA PT MULTISTRADA ARAH SARANA TBK 55.03 55.03 0 0.43 2.4 8.3 2 0.07047 MDLN PT MODERNLAND REALTY TBK 0 52.8 52.8 0.66 0.3 0.4 0.5 0.03348 MDRN PT MODERN INTERNASIONAL TBK 0 36.91 29.75 1.9 18.8 32.6 54.1 0.02749 MEDC PT MEDCO ENEGY TBK 0 16.1 28.22 2.5 2.7 4.9 3.9 0.433

50 METAPT NUSANTARA INFRASTURCTURE TBK 0 31 20 0.87 0.7 2 2 0.020

51 MICE PT MULTI INDOCITRA TBK 0 28.68 31.02 1.18 6 8.9 50.7 0.017

52 MREIPT MASKAPAI REASURANSI INDONESIA TBK 0 60.43 0 0.76 7.2 9.9 6.5 0.040

53 MTDL PT METRODATA ELEKTRONIK TBK 0 34.6 45.5 2.96 5.3 14.1 8.3 0.13354 MTLA PT METROPOLITAN LAND TBK 0 25.13 0 0.89 6.9 16.8 2.1 0.098

55 OKASPT ANCORA INDONESIA RESOURCES TBK 3.2 22.69 66.13 0.21 8.3 13.1 27.5 0.015

56 PTSN PT SAT NUSAPERSADA TBK 0 11.04 38.18 0.46 1.3 6.1 1.43 0.05357 RANC PT SUPRA BOGA LESTARI TBK 0 27.2 29.74 0.71 20.5 32.8 29.8 0.067

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58 SGRO PT SAMPOERNA AGRO TBK 0 96.51 0 1.45 4.6 8.9 12.5 0.10659 SIPD PT SIERAD PRODUCE TBK 0 30.34 29.53 1.11 0.8 1.5 2.4 0.01560 SMBR PT SEMEN BATURAJA PERSERO TBK 0 46.04 38.82 0.93 1.7 13.2 18.2 0.02761 SMGR PT SEMEN INDONESIA (PERSERO) TBK 0 56.74 0 0.6 7.5 9.8 31.8 0.01562 SRIL PT SRI REJEKI ISMAN Tbk 0 0 47 2.85 15.9 24.6 16.6 0.13163 SSMS PT SAWIT SUMBERMAS SARANA TBK 0 0 6.88 0.25 1.4 2.3 0.6 0.00664 SUPR PT SOLUSI TUNAS PRATAMA TBK 0 54.06 0 2.82 5.4 9.1 2.8 0.084

65 TMASPT PELAYARAN TEMPURAN EMAS TBK 0 14.8 68 2.26 8.5 12.4 11.1 0.009

66 TMPO PT TEMPO INTI MEDIA TBK 0 0 41.23 0.38 0.3 0.7 0.2 0.08967 TOTL PT TOTAL BANGUN PERSADA TBK 0 10.9 0 1.72 11.5 12.7 26.7 0.05968 TOTO PT SURYA TOTO INDONESIATBK 0 7.05 41.68 1.3 17.4 24.6 21.9 0.07769 TRIO PT TRIKOMSEL OKE TBK 0 56.07 0 1.44 6.1 11.3 6.6 0.095

70 UNSPPT BAKRIE SUMATERA PLANTATIONS TK 26.4 41.1 16.8 2.26 8.5 12.4 11.1 0.115

71 WSKT PT WASKITA KARYA (PERSERO) TBK 0 79 0 2.12 3.1 8.9 24 0.00872 ADHI PT. ADHI KARYA 86.03 0 0 0.86 0.8 4.1 0.9 0.019

73 ADMFPT ADIRA DINAMIKA MULTI FINANCE TBK 45.64 40.56 0 1.12 3 6 2.8 0.405

74 ADMG PT POLYCHEM INDONESIA TBK 0 66.9 0 1.5 9.6 26 9.3 0.15375 AKRA PT AKR CORPORINDO TBK 0 56.7 39.5 1.63 16.5 25.7 16.4 0.08076 ANTM PT ANTAM (Persero) Tbk 1.21 0 90.93 3.06 6.1 24.6 4.8 0.00977 APEX PT APEXINDO PRATAMA DUTA TBK 0 17.4 5.02 3.07 4.2 15.4 3.8 0.08178 ASDM PT ASURANSI DAYIN MITRA TBK 0 24.3 8.7 3.14 3.1 18.6 3.8 0.009

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79 KAEF PT KIMIA FARMA TBK 0 75 0 1.55 2.6 19.5 9.6 0.11180 ASGR PT ASTRA GRAPHIA TBK 0 25.56 49.5 0.28 1.4 4.1 1.3 0.01681 ASSA PT ADI SARANA ARMADA (TBK) 0.73 58.78 0 1.36 5.3 13.3 3.5 0.03382 BACA PT BANK CAPITAL INDONESIA TBK 0 12.5 8.4 0.85 1.9 3.2 3.6 0.03983 BBKP PT BANK BUKOPIN TBK 0 81.32 0 0.73 2.8 16.8 5.4 0.09584 BBNI PT BANK NEGARA INDONESIA TBK 0.152 0 0 4.03 8 13.1 5.2 4.00585 BBRI PT BANK RAKYAT INDONESIA TBK 0 76.87 0 3.14 15.9 28.8 11.4 0.30686 BCAP PT MNC KAPITAL INDONESIA TBK 65.11 0 26 3.74 3.3 5.8 2.9 0.00587 BCIP PT BUMI CITRA PERMAI TBK 28.23 0 25.91 1.37 0.8 6.8 8.6 0.06688 BDMN PT BANK DANAMON TBK 9.47 44.12 0 0.67 1.7 5.1 3.8 0.04089 BIPI PT BENAKAT INTEGRA TBK 0 48.09 0 0.96 1.2 13.4 11.4 0.057

90BJBR PT BANK PEMBANGUNAN DAERAH

JAWA BARAT DAN BANTEN TBK 0 10.09 28.72 2.21 2.6 17.7 24.6 0.057

91BJTM PT BANK PEMBANGUNAN DAERAH

JAWA TIMUR TBK 0 0 56.75 3.35 3 24.8 28.7 0.08392 BMRI PT BANK MANDIRI (Persero) TBK 0 82.63 0 1.77 0.1 0.5 2.2 0.026

93 BNIIPT BANK INTERNASIONAL INDONESIA TBK 0 58.02 4.9 3.18 5.5 13.1 16.8 0.644

94 BRAM PT INDO KORDSA TBK 0 28.26 21.49 1.85 2 5.5 9.5 0.04995 BSDE PT BUMI SERPONG DAMAI TBK 0 0 32.63 1.49 1.4 8.1 9.3 0.04096 BSIM PT BANK SINARMAS TBK 0 0.45 27.43 1.37 1.5 15.8 12 0.071

97 BVICPT BANK VICTORIA INTERNASIONAL TBK 0 0 0 1.36 2.5 15.5 21.1 0.554

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98 BWPT PT BW PLANTATION TBK 0 7 32 1.84 2.4 13.1 23.8 0.053

99 DVLAPT DARYA - VARTA LABORATORIA TBK 45.02 33.96 18.31 0.9 0.5 4.9 4.6 0.108

100 DLTA PT DELTA DJAKARTA TBK 0 52.8 0 2.12 14.2 21.6 71.7 0.027101 DUTI PT DUTA PERTIWI TBK 0.03 53.47 0 1.28 0.8 5.7 5.6 0.135102 ELSA PT ELNUSA TBK 12.35 56.5 0 0.48 0.8 8.7 7.2 0.008103 CTRA PT CIPUTRA DEVELOPMENT TBK 0 72.84 67.86 1.85 2 5.5 9.5 0.064104 ENRG ENERGI MEGA PERSADA TBK 0 0 92.66 2.11 8.3 10.8 9.5 0.271105 FORU PT FORTUNE INDONESIA TBK 0 30.63 7.73 2.1 7.1 14.8 28.1 0.003106 GIAA PT GARUDA INDONESIA PERSERO TBK 0 75.6 14.4 1.5 9.8 16.2 9.9 0.396107 GJTL PT GAJAH TUNGGAL TBK 0 6.28 24.7 0.34 2.6 6.5 7.6 0.016108 GLOB PT GLOBAL TELESHOP TBK 0 49.5 10 0.98 0.1 0.3 0.1 0.279

109 IGARPT CHAMPION PASIFIC INDOENESIA TBK 0 26.25 0 5.69 10.2 16.8 8.4 0.055

110 JSMR PT JASA MARGA (Persero) TBK 0.076 0 39.6 0.97 2.4 24.4 3.6 0.142111 KKGI PT RESOURCE ALAM INDONESIATBK 0 88.66 0 1.7 8.7 11.2 45.5 0.004112 KLBF PT KABLE FARMA TBK 0 89.69 0 2.07 7.2 23.2 3.2 0.008113 LEAD PT LOGINDO SAMUDRAMAKMUR TBK 0 5.4 79.42 8.56 15.7 20.8 7.4 0.109114 LPGI PT LIPPO GENERAL INSURANCE TBK 0 0 0 1.06 15.7 20.8 7.4 0.087

115 LPPS PT LIPPO SECURITIES TBK 0 68.67 25.33 1.51 0.093 0.20.08

4 1.103116 LTLS PT LAUTAN LUAS TBK 0 0 0 1.71 15.3 22.3 10.3 0.018117 MASA PT MULTISTRADA ARAH SARANA TBK 0 56.71 0 4.29 3.8 10.6 13.2 0.089118 MDLN PT MODERNLAND REALTY TBK 0 0 0 9.48 16.9 22.1 12 0.036

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119 MDRN PT MODERN INTERNASIONAL TBK 0 41.1 21.3 0.82 75150.

9 285 0.018

120 MEDC PT MEDCO ENEGY TBK 0 2.48 2 3.68 41.6799.

1 17.9 0.065

121 METAPT NUSANTARA INFRASTURCTURE TBK 0 0 63.49 0.52 22 22.1 29 0.033

122 MICE PT MULTI INDOCITRA TBK 2.62 56.05 0 0.71 5.4 15.2 4.1 0.065

123 MREIPT MASKAPAI REASURANSI INDONESIA TBK 0 50.7 0 0.92 0.6 1.9 2.4 0.069

124 MTDL PT METRODATA ELEKTRONIK TBK 15.68 0 43.7 1.78 4.9 10.6 4.9 0.227125 MTLA PT METROPOLITAN LAND TBK 0 35.96 28.8 1.24 7 13.9 24 0.024

126 OKASPT ANCORA INDONESIA RESOURCES TBK 0 14.33 32.94 2.5 2.4 4.9 3.8 0.373

127 PTSN PT SAT NUSAPERSADA TBK 0 21 31.44 1.35 5.1 8.4 35.2 0.010128 RANC PT SUPRA BOGA LESTARI TBK 0 44.81 0 0.41 4.9 6.1 6.2 0.115129 SGRO PT SAMPOERNA AGRO TBK 0 21.19 0 2.52 7.9 18.5 9.6 0.122130 SIPD PT SIERAD PRODUCE TBK 0 25.13 0 1.49 9.7 20.9 2.8 0.089131 SMBR PT SEMEN BATURAJA PERSERO TBK 0.39 74.21 0 1.72 8.1 12.8 25.5 0.013132 SMGR PT SEMEN INDONESIA (PERSERO) TBK 12.07 11.04 0 0.34 0.5 2.6 0.6 0.064133 SRIL PT SRI REJEKI ISMAN Tbk 0 27.2 56.94 3.16 12 25.2 21.9 0.046134 SSMS PT SAWIT SUMBERMAS SARANA TBK 0 18 0 2.92 4.8 8.3 12.5 0.073135 SUPR PT SOLUSI TUNAS PRATAMA TBK 0 59 30 3.9 7.9 15.1 23.5 0.006

136 TMASPT PELAYARAN TEMPURAN EMAS TBK 0 0 0 2.86 13.6 23.3 15.4 0.043

137 TMPO PT TEMPO INTI MEDIA TBK 0.024 68.52 0 1.62 1.5 2.7 0.7 0.065

xxviii


138 TOTL PT TOTAL BANGUN PERSADA TBK 0 46.04 38.82 1.48 1.511.1

215.1

8 0.004139 TOTO PT SURYA TOTO INDONESIATBK 0 67.05 0 1.19 8.4 14.3 12.9 0.024140 TRIO PT TRIKOMSEL OKE TBK 0 0 41.23 0.54 0.1 0.3 0.2 0.104

141 UNSPPT BAKRIE SUMATERA PLANTATIONS TK 0 12.28 2.33 1.27 11.2 12.1 27 0.047

142 WSKT PT WASKITA KARYA (PERSERO) TBK 9.93 38.21 0.01 3.24 16.2 22.3 20.7 0.132143 ADHI PT. ADHI KARYA 32.51 9.51 0 0.47 3.5 7.6 4.3 0.002

144 ADMFPT ADIRA DINAMIKA MULTI FINANCE TBK 0 43.41 0 3.31 18.3 24.6 33.8 0.076

145 ADMG PT POLYCHEM INDONESIA TBK 0 56.07 0 0.5 0.082 0.1 0.3 0.712146 AKRA PT AKR CORPORINDO TBK 86.03 0 0 4.36 10.8 38.4 11.5 0.027147 ANTM PT ANTAM (Persero) Tbk 45.64 40.56 0 0.63 1.9 4.3 1.8 0.599148 APEX PT APEXINDO PRATAMA DUTA TBK 0 0 0 4.25 6.4 17.8 6.9 0.075149 ASDM PT ASURANSI DAYIN MITRA TBK 0 0 87.34 3.38 3 12.2 2.5 0.051150 KAEF PT KIMIA FARMA TBK 11.805 7.61 5.54 6.08 4 17.6 4.9 0.004151 ASGR PT ASTRA GRAPHIA TBK 0 55.36 40.37 0.91 0.9 2.1 0.7 0.025152 ASSA PT ADI SARANA ARMADA (TBK) 1.21 0 90.93 3.38 3 12.2 2.5 0.008153 BACA PT BANK CAPITAL INDONESIA TBK 0 56.72 39.48 3.23 16.1 26.7 16.5 0.083154 BBKP PT BANK BUKOPIN TBK 0 27.2 13.1 2.66 2.77 9.01 4.95 0.008

155 BBNI PT BANK NEGARA INDONESIA TBK 0 95 0 4.87 2.415.2

5 8.24 0.175

156 BBRI PT BANK RAKYAT INDONESIA TBK 0 59.17 0 2.55 6.9614.5

3 5.36 0.028157 BCAP PT MNC KAPITAL INDONESIA TBK 0 31.24 11.91 1.44 6.97 78.8 18.9 0.072

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2 1

158 BCIP PT BUMI CITRA PERMAI TBK 0 81.32 0 5.44 3.2318.2

5 5.16 0.067

159 BDMN PT BANK DANAMON TBK 0.972 0 0 2.34 7.0212.3

7 4.8 4.019

160 BIPI PT BENAKAT INTEGRA TBK 0 76.87 0 2.74 14.6525.0

1 9.99 0.276

161BJBR PT BANK PEMBANGUNAN DAERAH

JAWA BARAT DAN BANTEN TBK 7.96 45.51 22.03 1.69 0.81 9 7.73 0.050

162BJTM PT BANK PEMBANGUNAN DAERAH

JAWA TIMUR TBK 9.75 44.12 0 7.24 1.86 6.05 3.93 0.034

163 BMRI PT BANK MANDIRI (Persero) TBK 0 48.09 0 5.57 1.02 12.810.1

7 0.055

164 BNIIPT BANK INTERNASIONAL INDONESIA TBK 0 48.09 0 5.57 1.02 12.8

10.17 0.052

165 BRAM PT INDO KORDSA TBK 0.0223 0 0 1.69 1.811.6

518.6

2 0.040

166 BSDE PT BUMI SERPONG DAMAI TBK 0 9.46 33.78 1.99 2.8922.4

625.9

7 0.062167 BSIM PT BANK SINARMAS TBK 0 72.08 0 3.64 0.18 0.75 2.48 0.003

168 BVICPT BANK VICTORIA INTERNASIONAL TBK 0 98.99 0 1.9 0.14 1.31 2.94 0.003

169 BWPT PT BW PLANTATION TBK 0 58.96 7.87 1.14 1.78 4.49 6.41 0.002

170 DVLAPT DARYA - VARTA LABORATORIA TBK 0 28.28 21.47 1.24 0.05 0.16 8.74 0.002

171 DLTA PT DELTA DJAKARTA TBK 0 67.37 6.81 2.07 1.31 7.22 8.74 0.307

xxx


172 DUTI PT DUTA PERTIWI TBK 0 7.25 11.5 0.73 1.56 17.812.9

7 0.073

173 ELSA PT ELNUSA TBK 0.04 0 13.86 2 2.0714.0

517.5

4 0.000

174 CTRA PT CIPUTRA DEVELOPMENT TBK 0.09 9.65 30.35 1.7 2.32 17.721.2

6 0.043

175 ENRG ENERGI MEGA PERSADA TBK 45.02 33.96 18.31 2.6 0.73 7.2611.1

5 0.062176 FORU PT FORTUNE INDONESIA TBK 44.77 37.37 0 2.13 2.55 4.19 3.56 0.012

177 GIAA PT GARUDA INDONESIA PERSERO TBK 0.09 95.47 2.85 1.51 6.5310.6

437.8

7 0.025178 GJTL PT GAJAH TUNGGAL TBK 0.04 55.05 0 3.06 0.66 5.05 4.45 0.056179 GLOB PT GLOBAL TELESHOP TBK 12.35 56.5 0 2.35 0.67 6.8 6.5 0.032

180 IGARPT CHAMPION PASIFIC INDOENESIA TBK 0 30.63 7.73 1.05 6.8

13.93

23.88 0.003

181 JSMR PT JASA MARGA (Persero) TBK 0 26.25 58.33 1.01 16.9720.6

411.3

9 0.027

182 KKGI PT RESOURCE ALAM INDONESIATBK 0 90.79 7.58 1.44 7.44 9.8239.7

8 0.022

xxxi


183 KLBF PT KABLE FARMA TBK 0 92.66 0 2.82 7.84 11.08 8.26 0.225

184 LEADPT LOGINDO SAMUDRAMAKMUR TBK 0 89.6 10.4 0.47 8.62 14.41 10.06 0.177

185 LPGIPT LIPPO GENERAL INSURANCE TBK 0 5.4 79.42 1.05 13.39 16.56 7.59 0.080

186 LPPS PT LIPPO SECURITIES TBK 0 0 0 1.61 0.43 1.11 0.4 0.049187 LTLS PT LAUTAN LUAS TBK 0 0 0 2.54 3.59 10.67 13.4 0.051

188 MASAPT MULTISTRADA ARAH SARANA TBK 0 0 0 3.8 15.02 18.81 11.5 0.141

189 MDLN PT MODERNLAND REALTY TBK 35 0 34.3 2.4 0.02 0.04 0.1 0.027

190 MDRNPT MODERN INTERNASIONAL TBK 0 19.8 21.33 2 2.68 4.6 4.93 0.030

191 MEDC PT MEDCO ENEGY TBK 0 20.48 0 1.07 45.79 16.99 19.77 0.062

192 METAPT NUSANTARA INFRASTURCTURE TBK 2.62 56.05 0 1.28 1.09 3.57 0.98 0.035

193 MICE PT MULTI INDOCITRA TBK 0 6.42 27.62 2.77 6.8 14.42 29.48 0.010

194 MREIPT MASKAPAI REASURANSI INDONESIA TBK 0 14.32 32.18 3.02 0.62 1.18 1.24 0.188

195 MTDL PT METRODATA ELEKTRONIK TBK 0 21 22.32 1.06 4.95 8.68 41.28 0.010

196 MTLA PT METROPOLITAN LAND TBK 0 44.81 0 1.91 2.77 3.72 3.73 0.028

197 OKASPT ANCORA INDONESIA RESOURCES TBK 0 19.78 34.07 2.91 7.64 17.88 10.43 0.107

198 PTSN PT SAT NUSAPERSADA TBK 1.77 25.28 0 0.43 7.09 17.75 2.77 0.071

xxxii


199 RANC PT SUPRA BOGA LESTARI TBK 0 88.9 36.7 1 6.63 10.84 22.03 0.009200 SGRO PT SAMPOERNA AGRO TBK 1.44 0 0 1.45 6.2 13.32 13.12 0.040201 SIPD PT SIERAD PRODUCE TBK 0 18 0 0.73 9.25 16.18 25.58 0.088

202 SMBRPT SEMEN BATURAJA PERSERO TBK 0 87.34 0 3.12 5.99 11.62 17.01 0.013

203 SMGRPT SEMEN INDONESIA (PERSERO) TBK 0 46.04 38.82 1.86 0.86 5.09 0.92 0.023

208 TMPO PT TEMPO INTI MEDIA TBK 9.93 38.21 0.01 3.34 11.86 16.49 16.79 0.062

209 TOTLPT TOTAL BANGUN PERSADA TBK 0 67.41 0 3.21 8.21 17.25 21.23 7.711

210 TOTOPT SURYA TOTO INDONESIATBK 0 56.07 0 0.82 7.11 20.11 8.95 0.030

211 TRIO PT TRIKOMSEL OKE TBK 0 79 0 2.84 1.27 3.65 10.58 0.003

212 UNSPPT BAKRIE SUMATERA PLANTATIONS TK 0.44 0 0 2.03 16.82 45.59 19.47 0.016

213 WSKTPT WASKITA KARYA (PERSERO) TBK 45.64 40.56 0 0.47 0.71 1.66 1.05 0.298

xxxiii

Final Results

Path Coefficients

Mean, STDEV, T-Values, P-Values

Original Sample (O)

T Statistics (|O/STDEV|) P Values

CorPerfm -> CorValue 0,197 4,531 0,000Forg_Own -> CorValue 0,260 3,254 0,001Forg_Own -> IEHCD 0,379 7,353 0,000IEHCD -> CorPerfm 0,271 3,399 0,000IEHCD -> CorValue 0,160 2,325 0,010Ints_Own -> CorValue 0,399 5,193 0,000Ints_Own -> IEHCD 0,266 4,276 0,000Mgt_Own -> CorValue 0,016 0,466 0,321Mgt_Own -> IEHCD 0,061 1,306 0,096

Confidence Intervals

Original Sample (O) 95.0%CorPerfm -> CorValue 0,197 0,277Forn_Own -> CorValue 0,260 0,391Forn_Own -> IEHCD 0,379 0,466IEHCD -> CorPerfm 0,271 0,406IEHCD -> CorValue 0,160 0,270Int_Own -> CorValue 0,399 0,526Int_Own -> IEHCD 0,266 0,367Mgt_Own -> CorValue 0,016 0,112Mgt_Own -> IEHCD 0,061 0,155

Confidence Intervals Bias Corrected

Original Sample (O) 5.0% 95.0%CorPerfm -> CorValue 0,197 0,122 0,267Forn_Own -> CorValue 0,260 0,139 0,407Forn_Own -> IEHCD 0,379 0,291 0,458IEHCD -> CorPerfm 0,271 0,140 0,401IEHCD -> CorValue 0,160 0,032 0,262Int_Own -> CorValue 0,399 0,249 0,507Int_Own -> IEHCD 0,266 0,158 0,362

xxii

Mgt_Own -> CorValue 0,016 0,000 0,042Mgt_Own -> IEHCD 0,061 0,007 0,166

INDIRECT EFFECTS


Original Sample (O)


CorPerfm -> CorValue Forn_Own -> CorPerfm 0,102 2,915 0,002Forn_Own -> CorValue 0,081 2,755 0,003Forn_Own -> IEHCD IEHCD -> CorPerfm IEHCD -> CorValue 0,053 2,637 0,004Int_Own -> CorPerfm 0,072 2,905 0,002Int_Own -> CorValue 0,057 2,388 0,009Int_Own -> IEHCD Mgt_Own -> CorPerfm 0,017 1,493 0,068Mgt_Own -> CorValue 0,013 1,138 0,128Mgt_Own -> IEHCD


Original Sample (O) 95.0%

CorPerfm -> CorValue Forn_Own -> CorPerfm 0,102 0,165Forn_Own -> CorValue 0,081 0,132Forn_Own -> IEHCD IEHCD -> CorPerfm IEHCD -> CorValue 0,053 0,092Int_Own -> CorPerfm 0,072 0,114Int_Own -> CorValue 0,057 0,099Int_Own -> IEHCD Mgt_Own -> CorPerfm 0,017 0,037Mgt_Own -> CorValue 0,013 0,037Mgt_Own -> IEHCD

xxiii


Original Sample (O) 5.0% 95.0%

CorPerfm -> CorValue Forn_Own -> CorPerfm 0,102 0,050 0,163Forn_Own -> CorValue 0,081 0,030 0,125Forn_Own -> IEHCD IEHCD -> CorPerfm IEHCD -> CorValue 0,053 0,026 0,091Int_Own -> CorPerfm 0,072 0,036 0,117Int_Own -> CorValue 0,057 0,022 0,099Int_Own -> IEHCD Mgt_Own -> CorPerfm 0,017 0,003 0,042Mgt_Own -> CorValue 0,013 0,001 0,042Mgt_Own -> IEHCD

TOTAL EFFECTS


Original Sample (O)


CorPerfm-> CorValue 0,197 4,531 0,000

Forn_Own-> CorPerfm 0,102 2,915 0,002

Forn_Own-> CorValue 0,341 4,696 0,000

Forn_Own-> IEHCD 0,379 7,353 0,000

IEHCD -> CorPerfm 0,271 3,399 0,000

IEHCD -> CorValue 0,213 3,045 0,001

Int_Own-> CorPerfm 0,072 2,905 0,002

Int_Own -> CorValue 0,455 5,903 0,000

xxiv

Int_Own -> IEHCD 0,266 4,276 0,000

Mgt_Own-> CorPerfm 0,017 1,493 0,068

Mgt_Own-> CorValue 0,029 0,771 0,220

Mgt_Own -> IEHCD 0,061 1,306 0,096

Int_Own -> IEHCD 0,266 0,158 0,362

Mgt_Own-> CorPerfm 0,017 0,003 0,042

Mgt_Own-> CorValue 0,029 0,001 0,084

Mgt_Own -> IEHCD 0,061 0,007 0,166



CorPerfm -> CorValue 0,197 0,277

Forn_Own-> CorPerfm 0,102 0,165

Forn_Own -> CorValue 0,341 0,462

Forn_Own -> IEHCD 0,379 0,466

IEHCD -> CorPerfm 0,271 0,406

IEHCD -> CorValue 0,213 0,329

Int_Own -> CorPerfm 0,072 0,114

Int_Own -> CorValue 0,455 0,585

Int_Own -> IEHCD 0,266 0,367

Mgt_Own -> CorPerfm 0,017 0,037

Mgt_Own -> CorValue 0,029 0,124

Mgt_Own -> IEHCD 0,061 0,155

xxv



CorPerfm -> CorValue 0,197 0,122 0,267Forn_Own -> CorPerfm 0,102 0,050 0,163Forn_Own -> CorValue 0,341 0,229 0,471Forn_Own -> IEHCD 0,379 0,291 0,458

OUTER LOADINGS

Original Sample (O)


Forn_Own<-Forn_Own 1,000 IECHC <- IEHCD 1,000 Int_Own <- Int_Own 1,000 Mgt_Own<- Mgt_Own 1,000 PBV -> CorValue 0,959 35,459 0,000ROA -> CorPerfm 0,975 29,011 0,000ROE -> CorPerfm 0,394 2,779 0,003TOBINQ -> CorValue 0,753 10,270 0,000

xxvi



Forn_Own<- Forn_Own 1,000 1,000

IECHC <- IEHCD 1,000 1,000

Int_Own <- Int_Own 1,000 1,000

Mgt_Own <- Mgt_Own 1,000 1,000

PBV -> CorValue 0,959 0,991

ROA -> CorPerfm 0,975 1,000

ROE -> CorPerfm 0,394 0,629

TOBINQ -> CorValue 0,753 0,862



Forn_Own<-Forn_Own 1,000 1,000 1,000

IECHC <- IEHCD 1,000 1,000 1,000

Int_Own <- Int_Own 1,000 1,000 1,000

Mgt_Own<- Mgt_Own 1,000 1,000 1,000

PBV -> CorValue 0,959 0,900 0,990

ROA -> CorPerfm 0,975 0,906 1,000

xxvii

ROE -> CorPerfm 0,394 0,151 0,627

TOBINQ -> CorValue 0,753 0,621 0,860

OUTER WEIGHTS


Original Sample (O)


Forn_Own<-Forn_Own 1,000

IECHC <- IEHCD 1,000

Int_Own <- Int_Own 1,000

Mgt_Own <- Mgt_Own 1,000

PBV -> CorValue 0,779 9,098 0,000

ROA -> CorPerfm 1,137 14,544 0,000

ROE -> CorPerfm -0,276 1,788 0,037

TOBINQ -> CorValue 0,336 3,214 0,001


Original Sample (O) 95.0%Forn_Own <- Forn_Own 1,000 1,000IECHC <- IEHCD 1,000 1,000Int_Own <- Int_Own 1,000 1,000Mgt_Own <- Mgt_Own 1,000 1,000PBV -> CorValue 0,779 0,903ROA -> CorPerfm 1,137 1,243ROE -> CorPerfm -0,276 -0,037TOBINQ -> CorValue 0,336 0,507


xxviii

Original Sample (O) 5.0% 95.0%Forn_Own <- Forn_Own 1,000 1,000 1,000IECHC <- IEHCD 1,000 1,000 1,000Ints_ Own <- Int_ Own 1,000 1,000 1,000Mgt_Own <- Mgt_Own 1,000 1,000 1,000PBV -> CorValue 0,779 0,620 0,899ROA -> CorPerfm 1,137 1,006 1,251ROE -> CorPerfm -0,276 -0,531 -0,032TOBINQ -> CorValue 0,336 0,167 0,508

QUALITY CRITERIA

R Square


Original Sample (O) T Statistics (|O/STDEV|) P Values

CorPerfm 0,073 1,638 0,051CorValue 0,608 10,847 0,000IEHCD 0,347 7,828 0,000


Original Sample (O) 95.0%CorPerfm 0,073 0,165CorValue 0,608 0,718IEHCD 0,347 0,429


Original Sample (O) 5.0% 95.0%CorPerfm 0,073 0,019 0,160CorValue 0,608 0,485 0,677IEHCD 0,347 0,269 0,414

R Square Adjusted


Original Sample (O) T Statistics P Values

xxix

(|O/STDEV|)CorPerfm 0,069 1,532 0,063CorValue 0,599 10,426 0,000IEHCD 0,338 7,509 0,000


Original Sample (O) 95.0%CorPerfm 0,069 0,161CorValue 0,599 0,711IEHCD 0,338 0,421


Original Sample (O) 5.0% 95.0%CorPerfm 0,069 0,015 0,156CorValue 0,599 0,472 0,669IEHCD 0,338 0,259 0,405

f Square


Original Sample (O) TStatistics (|O/STDEV|) P Values

CorPerfm -> CorValue 0,087 1,995 0,023Forn_Own -> CorValue 0,084 1,551 0,061Forn_Own -> IEHCD 0,122 3,254 0,001IEHCD -> CorPerfm 0,079 1,414 0,079IEHCD -> CorValue 0,041 0,914 0,180Int_ Own -> CorValue 0,209 1,985 0,024Int_ Own -> IEHCD 0,059 1,882 0,030Mgt_Own -> CorValue 0,001 0,052 0,479Mgt_Own -> IEHCD 0,006 0,399 0,345

xxx



CorPerfm -> CorValue 0,087 0,180

Forn_Own -> CorValue 0,084 0,201

Forn_Own -> IEHCD 0,122 0,194

IEHCD -> CorPerfm 0,079 0,197

IEHCD -> CorValue 0,041 0,141

Int_ Own -> CorValue 0,209 0,430

Int_ Own -> IEHCD 0,059 0,120

Mgt_Own -> CorValue 0,001 0,032

Mgt_Own -> IEHCD 0,006 0,038


Original Sample (O) 5.0% 95.0%CorPerfm -> CorValue 0,087 0,049 0,049Forn_Own -> CorValue 0,084 0,029 0,041Forn_Own -> IEHCD 0,122 0,181 0,181IEHCD -> CorPerfm 0,079 0,021 0,021IEHCD -> CorValue 0,041 0,002 0,036Int_ Own -> CorValue 0,209 0,127 0,152Int_ Own -> IEHCD 0,059 0,043 0,043Mgt_Own -> CorValue 0,001 0,000 0,000Mgt_Own -> IEHCD 0,006 0,000 0,006

xxxi

Average Variance Extracted (AVE)


Original Sample (O) T Statistics (|O/STDEV|)

P Values

CorPerfm CorValue Forn_Own 1,000 IEHCD 1,000 Int_ Own 1,000 Mgt_Own 1,000


Original Sample (O) 95.0%CorPerfm CorValue Forg_Own 1,000 1,000IEHCD 1,000 1,000Ints_ Own 1,000 1,000Mgt_Own 1,000 1,000


Original Sample (O) 5.0% 95.0%CorPerfm CorValue Forn_Own 1,000 1,000 1,000IEHCD 1,000 1,000 1,000Int_ Own 1,000 1,000 1,000Mgt_Own 1,000 1,000 1,000

xxxii

Composite Reliability



P Values



Original Sample (O) 95.0%CorPerfm CorValue Forn_Own 1,000 1,000IEHCD 1,000 1,000Int_ Own 1,000 1,000Mgt_Own 1,000 1,000



xxxiii

rho_A



P Values

CorPerfm 1,000 CorValue 1,000 Forn_Own 1,000 IEHCD 1,000 Int_ Own 1,000 Mgt_Own 1,000


Original Sample (O) 95.0%CorPerfm 1,000 1,000CorValue 1,000 1,000Forn_Own 1,000 1,000IEHCD 1,000 1,000Int_ Own 1,000 1,000Mgt_Own 1,000 1,000


Original Sample (O) 5.0% 95.0%CorPerfm 1,000 1,000 1,000CorValue 1,000 1,000 1,000Forn_Own 1,000 1,000 1,000IEHCD 1,000 1,000 1,000Int_ Own 1,000 1,000 1,000Mgt_Own 1,000 1,000 1,000

xxxiv

Cronbach's Alpha



P Values






xxxv

Heterotrait-Monotrait Ratio (HTMT)



IEHCD -> Forn_Own 0,554 15,318 0,000Int_ Own -> Forn_Own 0,667 15,450 0,000Int_ Own -> IEHCD 0,512 11,734 0,000Mgt_Own-> Forn_Own 0,036 0,885 0,188Mgt_Own -> IEHCD 0,017 0,346 0,365Mgt_Own -> Int_Own 0,116 1,985 0,024


Original Sample (O) 95.0%IEHCD -> Forn_Own 0,554 0,614Int_ Own -> Forn _Own 0,667 0,733Int_ Own -> IEHCD 0,512 0,583Mgt_Own -> Forn_Own 0,036 0,133Mgt_Own -> IEHCD 0,017 0,157Mgt_Own -> Int_Com 0,116 0,209



IEHCD -> Forn_Own 0,554 0,485 0,606Int_ Own -> Forn_Own 0,667 0,591 0,730Int_ Own -> IEHCD 0,512 0,431 0,573Mgt_Own -> Forn_Own 0,036 0,001 0,099Mgt_Own -> IEHCD 0,017 0,000 0,040Mgt_Own -> Int_ Own 0,116 0,021 0,212

SRMR



P Values

Saturated Model 0,023 3,656 0,000Estimated Model 0,051 5,249 0,000

xxxvi


Original Sample (O) 95.0%Saturated Model 0,023 0,034Estimated Model 0,051 0,049

d_ULS






d_G



P Values




xxxvii

Cronbach's Alpha



P Values






xxxviii

Heterotrait-Monotrait Ratio (HTMT)



IEHCD -> Forn_Own 0,554 15,318 0,000Int_Own -> Forn_Own 0,667 15,450 0,000Int_ Own -> IEHCD 0,512 11,734 0,000Mgt_Own -> Forn_Own 0,036 0,885 0,188Mgt_Own -> IEHCD 0,017 0,346 0,365Mgt_Own -> Int_Own 0,116 1,985 0,024


Original Sample (O) 95.0%IEHCD -> Forn_Own 0,554 0,614Int_ Own -> Forn _Own 0,667 0,733Int_ Own -> IEHCD 0,512 0,583Mgt_Own-> Forn_Own 0,036 0,133Mgt_Own -> IEHCD 0,017 0,157Mgt_Own -> Int_Own 0,116 0,209


Original Sample (O) 5.0% 95.0%IEHCD -> Forn_Own 0,554 0,485 0,606Int_Own -> Forn_Own 0,667 0,591 0,730Int_Own -> IEHCD 0,512 0,431 0,573Mgt_Own -> Forn_Own 0,036 0,001 0,099Mgt_Own -> IEHCD 0,017 0,000 0,040Mgt_Own -> Int_Own 0,116 0,021 0,212

SRMR



P Values


xxxix



d_ULS



P Values




d_G



P Values




xl

DATA PERUSAHAAN YANG NILAI EIBHC TERTINGGI

NO NAMA PERUSAHAAN Mgt_Own Int_Own Forn_Own TOBINQ PBV ROA ROE IECHC

1. PT TOTAL BANGUN PERSADA TBK 0 67,41 0 3,21 8,21 17,25 21,23 7,711

2. PT BANK DANAMON TBK 0,972 0 0 2,34 7,02 12,37 4,8 4,019

3. PT BANK NEGARA INDONESIA TBK 0,152 0 0 4,03 8 13,1 5,2 4,005

4. PT KIMIA FARMA TBK 0,166 0 0 3,27 7 10,6 4,3 3,733

5. PT LIPPO SECURITIES TBK 0 68,67 25,33 1,51 0,093 0,2 0,084 1,103

6. PT POLYCHEM INDONESIA TBK 0 56,07 0 0,5 0,082 0,1 0,3 0,712

7.PT BANK INTERNASIONAL INDONESIA TBK 0 58,02 4,9 3,18 5,5 13,1 16,8 0,644

8. PT ANTAM (Persero) Tbk 45,64 40,56 0 0,63 1,9 4,3 1,8 0,599

9.PT BANK VICTORIA INTERNASIONAL TBK 0 0 0 1,36 2,5 15,5 21,1 0,554

10. PT GAJAH TUNGGAL TBK 0 0 6,12 0,82 0,4 1 0,3 0,448

11. PT MEDCO ENEGY TBK 0 16,1 28,22 2,5 2,7 4,9 3,9 0,433

12.PT ADIRA DINAMIKA MULTI FINANCE TBK 45,64 40,56 0 1,12 3 6 2,8 0,405

xxii

13.PT GARUDA INDONESIA PERSERO TBK 0 75,6 14,4 1,5 9,8 16,2 9,9 0,396

14.PT ANCORA INDONESIA RESOURCES TBK 0 14,33 32,94 2,5 2,4 4,9 3,8 0,373

15. PT DELTA DJAKARTA TBK 0 67,37 6,81 2,07 1,31 7,22 8,74 0,307

DATA PERUSAHAAN YANG NILAI PBV TERTINGGI

NO NAMA PERUSAHAAN Mgt_Own Int_Own Forn_Own TOBINQ PBV ROA ROE IECHC

1.PT MODERN INTERNASIONAL TBK 0 41,1 21,3 0,82 75 150,9 285 0,018

2. PT MEDCO ENEGY TBK 0 20,48 0 1,07 45,79 16,99 19,77 0,0623 PT MEDCO ENEGY TBK 0 2,48 2 3,68 41,6 799,1 17,9 0,0654 PT DUTA PERTIWI TBK 0 2,91 58,33 0,24 33,9 42,3 13,6 0,0345 PT LAUTAN LUAS TBK 0 0 63,49 0,48 31,4 31,5 48 0,002

6PT NUSANTARA INFRASTURCTURE TBK 0 0 63,49 0,52 22 22,1 29 0,033

7 PT KABLE FARMA TBK 0 4,28 79,83 0,99 21,9 31,9 11,9 0,0028 PT SUPRA BOGA LESTARI TBK 0 27,2 29,74 0,71 20,5 32,8 29,8 0,067

9PT MODERN INTERNASIONAL TBK 0 36,91 29,75 1,9 18,8 32,6 54,1 0,027

10 PT ADIRA DINAMIKA MULTI 0 43,41 0 3,31 18,3 24,6 33,8 0,076

xxiii

FINANCE TBK

11PT LOGINDO SAMUDRAMAKMUR TBK 0 57,25 0 3,67 17,9 23,6 12,2 0,185

12 PT SURYA TOTO INDONESIATBK 0 7,05 41,68 1,3 17,4 24,6 21,9 0,07713 PT JASA MARGA (Persero) TBK 0 26,25 58,33 1,01 16,97 20,64 11,39 0,02714 PT MODERNLAND REALTY TBK 0 0 0 9,48 16,9 22,1 12 0,036

15PT BAKRIE SUMATERA PLANTATIONS TK 0,44 0 0 2,03 16,82 45,59 19,47 0,016

16 PT AKR CORPORINDO TBK 0 56,7 39,5 1,63 16,5 25,7 16,4 0,080

DATA PERUSAHAAN YANG NILAI ROA TERTINGGI

NO NAMA PERUSAHAAN Mgt_Own Int_Own Forn_Own TOBINQ PBV ROA ROE IECHC1. PT MEDCO ENEGY TBK 0 2,48 2 3,68 41,6 799,1 17,9 0,0652. PT MODERN INTERNASIONAL TBK 0 41,1 21,3 0,82 75 150,9 285 0,0183 PT MNC KAPITAL INDONESIA TBK 0 31,24 11,91 1,44 6,97 78,82 18,91 0,072

4PT BAKRIE SUMATERA PLANTATIONS TK 0,44 0 0 2,03 16,82 45,59 19,47 0,016

5 PT DUTA PERTIWI TBK 0 2,91 58,33 0,24 33,9 42,3 13,6 0,0346 PT AKR CORPORINDO TBK 86,03 0 0 4,36 10,8 38,4 11,5 0,0277 PT SUPRA BOGA LESTARI TBK 0 27,2 29,74 0,71 20,5 32,8 29,8 0,0678 PT MODERN INTERNASIONAL TBK 0 36,91 29,75 1,9 18,8 32,6 54,1 0,0279 PT KABLE FARMA TBK 0 4,28 79,83 0,99 21,9 31,9 11,9 0,00210 PT LAUTAN LUAS TBK 0 0 63,49 0,48 31,4 31,5 48 0,002

xxiv

11 PT FORTUNE INDONESIA TBK 0 10,9 31,75 0,41 13 30,8 37,1 0,019

12PT CHAMPION PASIFIC INDOENESIA TBK 0 89,69 0 0,86 9,7 29,5 3,7 0,009

13PT BANK RAKYAT INDONESIA TBK 0 76,87 0 3,14 15,9 28,8 11,4 0,306

14 PT ASTRA GRAPHIA TBK 0 76,87 0 1,37 14,4 28,4 9,2 0,138

15PT ADIRA DINAMIKA MULTI FINANCE TBK 0 95 0 1,58 5,5 28,3 21,2 0,119

16 PT MNC KAPITAL INDONESIA TBK 0 0 0 1,98 3,4 26,9 40,7 0,09917 PT BANK CAPITAL INDONESIA

TBK 0 56,72 39,48 3,23 16,1 26,7 16,5 0,08320 PT. ADHI KARYA 0 38,6 10,3 0,48 4,2 26,4 4,2 0,021

DATA PERUSAHAAN YANG NILAI TOBINQ TERTINGGI

NO NAMA PERUSAHAAN Mgt_Own Int_Own Forn_Own TOBINQ PBV ROA ROE IECHC1. PT MODERNLAND REALTY TBK 0 0 0 9,48 16,9 22,1 12 0,036

2. PT LOGINDO SAMUDRAMAKMUR TBK 0 5,4 79,42 8,56 15,7 20,8 7,4 0,109

3.PT BANK PEMBANGUNAN DAERAH JAWA TIMUR TBK 9,75 44,12 0 7,24 1,86 6,05 3,93 0,034

4. PT KIMIA FARMA TBK 11,805 7,61 5,54 6,08 4 17,6 4,9 0,004

5.PT CHAMPION PASIFIC INDOENESIA TBK 0 26,25 0 5,69 10,2 16,8 8,4 0,055

6. PT BANK MANDIRI (Persero) TBK 0 48,09 0 5,57 1,02 12,8 10,17 0,055

7.PT BANK INTERNASIONAL INDONESIA TBK 0 48,09 0 5,57 1,02 12,8 10,17 0,052

xxv

8. PT BUMI CITRA PERMAI TBK 0 81,32 0 5,44 3,23 18,25 5,16 0,0679. PT BANK NEGARA INDONESIA TBK 0 95 0 4,87 2,4 15,25 8,24 0,175

10. PT AKR CORPORINDO TBK 86,03 0 0 4,36 10,8 38,4 11,5 0,027

11.PT MULTISTRADA ARAH SARANA TBK 0 56,71 0 4,29 3,8 10,6 13,2 0,089

12. PT APEXINDO PRATAMA DUTA TBK 0 0 0 4,25 6,4 17,8 6,9 0,07513. PT BANK NEGARA INDONESIA TBK 0,152 0 0 4,03 8 13,1 5,2 4,00514. PT SOLUSI TUNAS PRATAMA TBK 0 59 30 3,9 7,9 15,1 23,5 0,006

15.PT MULTISTRADA ARAH SARANA TBK 0 0 0 3,8 15,02 18,81 11,5 0,141

16. PT MNC KAPITAL INDONESIA TBK 65,11 0 26 3,74 3,3 5,8 2,9 0,00517. PT MEDCO ENEGY TBK 0 2,48 2 3,68 41,6 799,1 17,9 0,065

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NO KODE NAMA PERUSAHAAN1 ADHI PT. ADHI KARYA2 ADMF PT ADIRA DINAMIKA MULTI FINANCE TBK3 ADMG PT POLYCHEM INDONESIA TBK4 AKRA PT AKR CORPORINDO TBK5 ANTM PT ANTAM (Persero) Tbk6 APEX PT APEXINDO PRATAMA DUTA TBK7 ASDM PT ASURANSI DAYIN MITRA TBK8 KAEF PT KIMIA FARMA TBK9 ASGR PT ASTRA GRAPHIA TBK10 ASSA PT ADI SARANA ARMADA (TBK) 11 BACA PT BANK CAPITAL INDONESIA TBK12 BBKP PT BANK BUKOPIN TBK13 BBNI PT BANK NEGARA INDONESIA TBK14 BBRI PT BANK RAKYAT INDONESIA TBK15 BCAP PT MNC KAPITAL INDONESIA TBK16 BCIP PT BUMI CITRA PERMAI TBK17 BDMN PT BANK DANAMON TBK18 BIPI PT BENAKAT INTEGRA TBK19 BJBR PT BPD JAWA BARAT DAN BANTEN TBK20 BJTM PT BANK PEMBANGUNAN DAERAH JAWA TIMUR TBK21 BMRI PT BANK MANDIRI (Persero) TBK22 BNII PT BANK INTERNASIONAL INDONESIA TBK23 BRAM PT INDO KORDSA TBK24 BSDE PT BUMI SERPONG DAMAI TBK25 BSIM PT BANK SINARMAS TBK26 BVIC PT BANK VICTORIA INTERNASIONAL TBK27 BWPT PT BW PLANTATION TBK28 DVLA PT DARYA - VARTA LABORATORIA TBK29 DLTA PT DELTA DJAKARTA TBK30 DUTI PT DUTA PERTIWI TBK 31 ELSA PT ELNUSA TBK32 CTRA PT CIPUTRA DEVELOPMENT TBK33 ENRG ENERGI MEGA PERSADA TBK34 FORU PT FORTUNE INDONESIA TBK 35 GIAA PT GARUDA INDONESIA PERSERO TBK

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36 GJTL PT GAJAH TUNGGAL TBK

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37 GLOB PT GLOBAL TELESHOP TBK38 IGAR PT CHAMPION PASIFIC INDOENESIA TBK39 JSMR PT JASA MARGA (Persero) TBK40 KKGI PT RESOURCE ALAM INDONESIATBK41 KLBF PT KABLE FARMA TBK 42 LEAD PT LOGINDO SAMUDRAMAKMUR TBK43 LPGI PT LIPPO GENERAL INSURANCE TBK44 LPPS PT LIPPO SECURITIES TBK45 LTLS PT LAUTAN LUAS TBK46 MASA PT MULTISTRADA ARAH SARANA TBK47 MDLN PT MODERNLAND REALTY TBK48 MDRN PT MODERN INTERNASIONAL TBK49 MEDC PT MEDCO ENEGY TBK50 META PT NUSANTARA INFRASTURCTURE TBK51 MICE PT MULTI INDOCITRA TBK52 MREI PT MASKAPAI REASURANSI INDONESIA TBK53 MTDL PT METRODATA ELEKTRONIK TBK54 MTLA PT METROPOLITAN LAND TBK55 OKAS PT ANCORA INDONESIA RESOURCES TBK56 PTSN PT SAT NUSAPERSADA TBK57 RANC PT SUPRA BOGA LESTARI TBK58 SGRO PT SAMPOERNA AGRO TBK59 SIPD PT SIERAD PRODUCE TBK60 SMBR PT SEMEN BATURAJA PERSERO TBK61 SMGR PT SEMEN INDONESIA (PERSERO) TBK62 SRIL PT SRI REJEKI ISMAN Tbk 63 SSMS PT SAWIT SUMBERMAS SARANA TBK64 SUPR PT SOLUSI TUNAS PRATAMA TBK65 TMAS PT PELAYARAN TEMPURAN EMAS TBK66 TMPO PT TEMPO INTI MEDIA TBK67 TOTL PT TOTAL BANGUN PERSADA TBK68 TOTO PT SURYA TOTO INDONESIATBK69 TRIO PT TRIKOMSEL OKE TBK70 UNSP PT BAKRIE SUMATERA PLANTATIONS TK

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