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SUSTAINABILITY
AS A STRATEGIC
BUSIN ESS
ORIENTATION IN
GLOBAL ECONOMY
RECOVTRY PHASE
Prcicunding 1 ?lir lnklnrniinnal Annual
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PROCEEDING
The 1Zth UBAYA International Annual Symposium
on Management
SUSTAINABILITY AS A
STRATEGIC BUSINESS
ORIENTATION IN GLOBAL
ECONOMY RECOVERY PHASE
Makassar, South Sulawesi, Indonesia
13th_1sth March201,4
Department on Management
Faculty of Business and Economics
Unrversitas Surabaya
Proceeding
on
Annual Symposium
The 12s UBAYA lnternational
Management
SUSTAINABILITY
oNENTATION IN
BUSINESS
AS A STMTEGIC
RECOVERY PHASE
Gl6;iffiiol.ii',*
Editors:
Dudv Anandya' Dr'
gdiitria Aieng P' SE'
lllinois
Business' Eastern
Ph'D ' [School of
Candra S' Chayadi'
Reviewers:
universityJ
tiversitas Surabaya)
',liliJillli;iifltrti,q*'ffi
r.,r
in g c ao,
tl, *tY:;;:ii
WahYu Soedarmono'
'fllilx'*ur,'di,
Pu:ll]ii'i.,1'll;r
i*.,.,..r-,
i,i*u.i.,:--.rdBank
A naryst,
UniversitvJ
Ph'D' [citv of Hongkong
or Business & Economics
Management' racultv
lniversitas SurabaYa
Il' RaYa Kalirungkut
(,, rrilrrr, lndonesia 60293
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1SBN: 978-97
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9'99365-9'2
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Business & Econotl
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SYMPoSIUM oN MANAGEMENT
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FOREWORD
INSYMA has become a tradition
of its own fbr the Management
F;;;"."
has become a forum fo. u"ui._l* -"rA than a decade this event
practitioners to
knowledge. au.o
l.turug.,o.ri-o"iur,_"r, atways bringsshare
the
I:i] an rmporrant
thar becomes
iiue
ro.
the
devetopmint
of
Il::::1.,r.
Department of universitas Surabaya
lsE
This
year, INSYMA raise the theme
SUSTAINABILITY AS A
STRATEGIC BUS-INESS ORIEiiITION
IN GLOBAL
ECONOMY RECOVERV pffeiE.
This
theme
inreresring,
considering recently, the compani.r-;;
adapting to volatile and
uncertain conditions as a way
of life to su.ive. There are some
important business issues and
.u.f-r ,.qri.", a specific and
appropriate
response. These issues are namely
gor..nun.., lnrorurion,ii;;;i;;r,
operations, regulations, risks,
strate-g, A-g.o."tfr, *rrrir"Uifitf
t
and the economy issues rn.. .o_p-un;;;;r.",
rrs own way to deal
wirh each ol these issue so rtrrr
rn.
.un achieve business
growth and survival.
irf:
.lrplr,",
Hundreds of scientific papers are
sent to a conference committee,
and
the results oFa rigorous selection
of ror.,frr, ,O elected. This paper
is
derived from a.variety of authors,
u"ir,
and outside the countrv
academics and practitioners.
Ail the articres
symposium and documented in
.'rffi
these
a;;;il#;#I;',,1;
p.o.".aingr.
that these proceeclings can contribute
to the development
I.^ -n:r"and business
scrence
,,*i;'
j*ffi
ff
h.i*jfir
of
:;,ff.Hr {;:,::? ;Jr?rJi:,nt
Makassar,.,South Suiawesi, Indonesia
13'h-15,h March 2015
lS
BN: 978-9
7 g
-99365-9 -2
llt
12h UgAYA
JNTqRN*:IIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
CONTENTS
FOREWORD
l1l
CONTENTS
H(IMAN RESOARCES
1.
DESIGN OF INDUSTRIAL RELATIONS
AND
WAGE SYSTEMS BASED ONHLa4AN
RESOI,E.CE MANAGEMENT PERSPECTIVE
Agung Widhi Kurniawan, Zarah
2.
puspitanirg,d-
ANALYSIS ON PERSONALITY AS
MODERATING VARIABLE BETWEEN
INFLUENCE OF ORGANIZATIONAL
CITIZENSHIP BEHAVIOR AND PEMORMANCE;
AND MEDIATION BETWEEN WORK
ENVIRONMENT AND PERFORMANCE (STUDY
ON EMPLOYEES OF PI]BLIC SERVICE
INSTITUTION)
Bambang Suko priyono, Euis Soliha, Noviana
Dewi
3.
THE IMPROVEMENT OF LECTURERS'
PERFORMANCE BASED ON SOCIAL CAPITAL
H.M. Fauzan
t
4.
ORGANIZATIONAL CITIZENSHIP BEHAVIOR
(ocB) AS A STRATEGY TO WrN THE
h"
|,
COMPETITION
Itr
Hamsani
5.
l.
PROFESSIONAL COMMITMENT OF
ACCOLINTANTSAND THE COMMITMENTOF
PUBLIC ACCOTINTING FIRMS ON AUDITOR'S
JOB SATISFACTION
Mathius Tandiontong
h,,,
ISBN: 978-979-99365-9 -2
ANNUAL SYMPOSIUM ON
1zth UBAYA INTERNATIONAL
Y
EFFECT OF BIOGRAPHICAL
6.
E-rian,qcrERISTICS AND cULTURAL
OTVE,NSTTV ON PERFORMANCE
sERvANrs lN rHE
bovEnrurt,rrNT oF LUBUK Ll\GGAU)
IioiisiurY:clVtL
Mauiana
A CLOSE,R LOOK ON THE
ofvrasiurnrrrY/FEMINTNITY DIMENSION
isi
i,qvANesE AND cHINE'sE' INDoNESIAN
FEMALE MANAGERS
Mirwan SurYa Petdhana
8.
THE INFLUENCE OF LEADERSHIP
WONT SATISFACTION TOWARDS
PERTORMANCE, OT EMPLOYEE
STYLE AND
\enah Sunarsih' Helmratrn
g.
EMPLOYEE
SERVICE CAPABILITIES OF
VTTT-ECE DISTRICTS TO PEOPLE
iarrsracrroN IN sourH TANGERANG
SoekiYono
10.
." INTUITION BASED ON RELIGION
IN SMALLT'N,qMBWORK AND IT'S ROLE
MANAGER]AL
(SMES)
MEDIUM ENTERPRISES
STUDY-Oj
(A
CASE
MAKING:
oBCTSTON
PEI'\LONGAN BATIK INDUSTRY-INDONESIA)
i3
Susminingsih
i1.
..
SIJPPORT
THE DESIGN O!'DESiCION
THE
OF
ASSESSMENT
TOT. TUE
SYSTEM
PENTONT'I,qNCE OF LECTURE'RS
Titik Mildawati
12. THE, EFFECT OF TRANSI'ORMATIONAITJSING
BY
I-EADERSHIP ON PERFORMANCE
CHARACTERISTICSS
IOE
WTiTT
MOTIVATION
AS MODERATION ROLE
it",i^"^ nil"*i'
vl
Kis Indriyaningrum' Anik l(flst1ana
l5
GeN' sza-sz s'99365'9'2
12th UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
13. POSITIVE EMPLOYER BRANDING
A STUDY CASE AT NURUL HAYAT
SURABAYA
.
H. Johny Rusdiyanto. Elsye Tandelilin
14. COLLABORATION ON SMEs rN AN INDUSTRY
CLUSTER: APPLICATIONS OF COMPETITIVE
STRATEGIES FOR INCREASING CAPACITY IN
THE GLOBAL ERA
Nor iaty Kresna Darrnasetiauan
15. ON THE MODIFICATION OF LATFERTY'S 1973
..LIFE
STYLE INVENTORY" THAT APPLY TO
SPECIFIC CONTEXT OF PUBLIC SERVICES IN
THE GOVERNMENT OFFICES OF EAST JAVA
PROVINCE, INDONESIA 20 14: ASSURING
BUSINESS SUSTAINABILITY THROUGH
APPLICATION OF PSYCHOMETRIC
MEASUREMENT FOR SELECTION OF
EMPLOYEES WHO HAVE HIGH
PERTORMANCE AND SUPERIOR PROFII-E
T. Soemarman, J. L. Eko Nugroho
FINANCE & ACCOUNTIJ\IG
16. FINDING COMPANY W]TH DURABLE
COMPETITIVE ADVANTAGE
THROUGHINTERPRETINCOME STATEMENT (A
CASE STUDY OF GO PUBLIC POULTRY
FEED'SCOMPANIES IN INDONESIA)
Cliff Kohardinata
17. PLINDAMENTAL FACTORS OF BOND RATING
REGISTERED IN INDONESIA BOND MARKET
DIRECTORY 2OO8-2012
Felix. Agus Zainul Arifin
ISBN: 978-97
9
-99365-9 -z
23
21
VII
Izth UBAYAINTTNry4lO
ASSE',T PRlgryg-18. ANALYSIS oF CAPITAL
SHARIACOMPLIANT
AND
M;;;L GAPM)
(scAPM)
,ts-ser PiucING MoDE'L
oN l'qKARi e ISLAMIC INDF'x
,"
c'ise-srupv
25
Kunto Ardianto, Sutdsno
19. THE INFLUENCE LEADERSHIP'
'-
FoR--eilvrnoNMENT '{ND LocATIoN
SATISFAC]IgN IN
COMPENSATION AND JOB
TBK'
pi-rtaaragam
DE'PARTMENT sroRE'
Nauli
Lra Amatia, rtggY Bintang
26
REPORTS AND STOCK
20. OPAQUE FINANCIAL
""
RISKN INDONESIA
PNTCiCRASH
i
28
Tandelilin
-,tu, prr.*oto, Eduardus
AFFECTING-_,
21. ANALYSIS OF FACTORS
IN MAINTAINING
FINANCIAL PERFORMANCE
MEDIUM
AND
sMALL
LirsrsNcs oF
COMPANIES
M.SienlY Veronica
INVESTME'NT
ON
22. THE,EFFECT OF RETURN
SHARE (EPS) SHARE
PER
(ROI) AND BARN-INCS
TRK
PT ASURANSI DAYIN MITRA'
i'mie
-N1rlu
Zaidi
Hasbi
N,'hutu"uit, HM
N'{VESTING
23. VALUE VERSUS GLAMOUR
-"
mioNsslA srocK
TN
EXcHANGE
Novan Reza Pahlevi
PROFITABILITY IN
24. FACTORS THAT AFFECT
TERMS OF COMPLIANCE
COMPANY
EMPIRICAL STUOGi IN BANKING^
2009-2013
oN
IDx
iHar usrBD IN
33
Nur Aini, YeYe Susilowati
25. EFFORTS TO IMPROVE' COMPANY'S
PROFITABILITY
Rosemarie Sutjiati Njotoprajitno
ISBN: 978-97 9-99365-9'2
vI1l
,=,+,r,,il
12th UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
*ljj;;;:4ie&
,gq#:ii4@
26. PREDICTING THE FUTURE, STOCK RETURN
AND ITS PERSISTENCE USING EINFORMATION IN INDONESIA STOCK
EXCHANGE
Sawidji
Widoatmodjo
35
27. EFFECT OF FUNDING AND RISK DECISION ON
FINANCING DECISION EMPIRICAL STUDY ON
ISLAMIC BANKING IN INDONESIA
Sutrisno
36
28. THE IMPACTS OF TRUST, RISK AND
TECHNOLOGY ACCEPTANCE MODELS ON
CONSUMERS' DECISION W]TH CONSUMERS'
INTEREST AS INTERVENING VARIABLE
Sri Ismulyaty, Wiu,in Siswantini
37
29. THE EFFECT OF LOAN DEPOSIT, CAPITAL
ADEQUACY, CREDIT RISKAND LIQUIDITY TO
BANKS PERFORMANCE
EMPIRICAI STUDIES IN BANKING COMPANY
THAT LISTED IN IDX ON 201O-2012
Yeye Susilowatr, Nur Ainr, Ida Nurhayati, Lrstiyani
39
30. THE ROLE OF CULTURE DIMENSION IN
MANAGEMENT CONTROL SYSTEM TO
ENHANCE EMPLOYEE'S MOTIVATION
Alex Chandra" Liliana Inggrit Wrjaya, Imanuel Goestaman
40
31. STOCKMARKET INTEGRATION BETWEEN
MALAYSIA AND INDONESIA
Christopher Tongku, Putu Anom Mahadu,artha
32. EMPIRICAI EVIDENCE OF PzuVATE DEBTS IN
INDONESIA
Erick Sugito Suharso, Deddy Marciano, EndangErnawati
33. WORKING CAPITAL MANAGEMENT AND
PROFITABILITY: A STLIDY ON CONSUMER
ISBN: 978-979 -99365-9-2
42
1Zth UBAYA INTERNATIONAL ANNUAL SYMPOSIUM
GOODS INDUSTRY
qJ]{gM
Dita Yohana Putri Abrianto, Werner Ria Murhadi'
Arif
Herlambang
34. DAY OF THE WEE,K EFFECT: THE CASE OF
ME,XICO, INDONESIA AND TURKEY
Werner R. Murhadi
O P E RAT I O T,{ MANAGE
35
M E NT
INNOVATIVENESS SURVE,Y ON
MANUFACTURING COMPANIE,S IN
TASIKMALAYACITY
Edy Suroso, Ina Primiana
36.
DISCOVERING THE RELIGIOUS
CONTRIBUTION IN HOSPITALITY
ORGANIZATION
(BUSINESS CULTURE EXPE,RIENCE FROM
pBraroNcaN BATIK VILLAGE-INDONESIA)
Imam Kanafi. Ade Dede Rohayana, Susminingsih
48
37. COMBINING ABC-I'UZZY CLASSIFICATION
MODEL FOR DRUGS INVENTORY PLANNING
IN A PHARMACIUTICAL TJNIT OF A PUBLIC
HEALTH CE,NTER (P U SKE S 1IL4 8 DJOMBANG
E,AST JAVA INDONESIA
Indrianawati Usman, MuiYani
50
38. ANALYSIS OF CI,E.RENT PERFORMANCE
MANAGEMENT PRACTICES OF STATE OWN
ENERGY COMPANY IN INDONESIA
CASE STUDY PT XYZ
Muhammad Tresnadi Hikmat
39. MAPPING THE SUPPLY CHAIN OF SHEEP
MEAT DOMBAPADJADJARAN
Muhamad Dzikron, Ina Primiana
ISBN: 978-97 9-99365-9'2
12th UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
40. PERCEPTION OF FOREIGN TOURISTS
TOWARDS ORGANIC FOODS IN TOURISM
REGION UBUD, GIANYAR - BALI, INDONESIA
Ni Luh Suastuti, Lidjah Magdalena Massenga
55
4t. QUALITY SERVICES OF LNIVERSITY BASED
ON STUDENT PERSPECTIVE
Ratna Widiastutr
57
4t. THE EFFECT OF TECHNOLOGY READINESS ON
TECHNOLOGY ACCEPTANCE IN USING
SERVICES DELIVERY OF ACADEMIC
INFORMATION SYSTEM
Rorim Panday
58
43. IMPLEMENTATION OF QUALITY FTINCTION
DEPLOYMENT (QFD) ON LEARNING PROCESS
IN LINIVERSITY X, SURABAYA
Alvin Chrixander Fernaldy, Siti Rahalu, Juliani Dyah T.
59
44. THE IMPACT OF SERVICE QUALITY AND
FOOD QUALITY:THE MODERATING ROLE OF
ATMO SPHERICS OF KOREAN RE STAT]RANT
.MYOUNG GA' IN SI-IRABAYA
Evina Kurniawan, Fitri Novika Widjaja, Andhy Setyawan
45. THE EFFECT OF KPOP PRODUCT ON IMAGE
CHANGE AND TRAVEL INTENTION OF
INDONESIA'S RESIDENTS ON SOUTH KOREA
AS TOURISM DESTINATION
Happy Lia Sanjaya. Fitri Nor.ika Widjaja, Dudi Anandya
46
61
SUSTAINABILITY SUPPLY CHAIN
MANAGEMENT ON MOBILE PHONE FEATURES
ACCORDING TO CONSUMER PREFERENCES IN
SI]RABAYA
Janice Hendrianto, A. Budhiman Setyawan, Prita A1u
Kusumawardhany
ISBN: 978-979 -99365-9-2
62
1"2th
UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
MOTIVES TO JOIN THE SLIRABAYA
COSPLAY COMMTINITY
47. THE
Juliani DyahTrisnawatr
48. THE
IMPACT OF WATCHING REALITY SHOW
MY TRIP MY ADVENTURE TO DESTINATION
IMAGE, DESTINATION KNOWLEDGE,
PEOPLE'S ATTITUDE AND TRAVEL
INTENTION TO MAKASAR
Regina Juwana, Fitri Novika Widjaja, Dudi Anandya
49. EFFECT OF MICE DESTINATION
ATTRIBUTES ON FORMING BALI
TOUzuSTIC IMAGE
Threslia Regina Martha Leuw, Fitri Novika Widjaja, Erna
Andajani
50. EFFECT ANALYSIS OF SUPPLY CHAIN
MANAGEMENT FOR COMPETITIVE
ADVANTAGE AND ORGANIZATIONAL
PERIORMANCE IN EAST JAVA
MANUFACTI]RING COMPANY
Yongky Kristianto Pramana, Stefanus Budy Widjaja, Prita
Ayr
66
Kusumau'ardhany
MARKETING
51. AN INVESTIGATION CUSTOMER LOYALTY ON
INDONESI,{N AIRLINES COMPANY
69
Anas Hidayat, Wulan Yunita Istianila Dervi
52. THE iMPACT OF INSTITUTION IMAGE,
STUDENT SATISFACTION AND WORD OF
MOUTH
Andy Mulyana. Der i Ay'uni
53. INTEGRATED MARKETING MANAGEMENT
STRATEGY FOR PHARMACEUTICAL
xll
ISBN: 978-979'99365-9'2
12th UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
PRODUCTS AND REVIEW FROM BUSINESS
ETHICS PERSPECTIVE
Anr-usa Vera Carolina Krlstanto
54. PRODUCT QUALTTY AND PRICE PERCEPTION
BUYING DECISION AGAINST SALONPAS PAIN
RELIEF PATCH IN HYPERMART DAAN MOGOT
WEST JAKARTA
Ari Anggarani Winadi Prasetyoning
T1,as^
Desy \Vulandari
72
55. THE INFLUENCE OF PEOPLE SATISFACTION
ON SERVICES ORGANIZATION PUBLIC
PERFORMANCE VILLAGE DISTRICTS SOUTH
OF TANGERANG
Deni Surapto
73
56. DETERX4INANTS INTERRELATION OF
CUSTOMER LOYALTY SIMPATI PREPAID
CARDS USERS
Devi Ayuni. Andy Mulyana
57. THE EFFECT OF CONSUMER ATTRIBUTES.
BRAND AWARENESS ATTRIBUTES AND
BRAND IMAGE ATTRIBUTES ON BRAND
EQUITY AND DECISION TO CHOOSE
EDUCATIONAL SERVICES (CASE STUDY AT
I,T{IVERSITIES IN PEKANBARU CITY)
Gatot Wijayanto
58. THE START UP BUSINESS PROCESS WITH THE
USE OF BIRD IN HAND AND AFFORDABLE
LOSS PRINCIPLE
Gek Sintha
59. PERCEPTIONS AND USAGE BEHAVIOR OF THE
NATION-MDE COMMUNICATION AND DATA
MANAGEMENT SYSTEM:A
PHENOMENOLOGICAL STUDY
Grace T. Pontoh, Darwis Said, M. Ishak Amsari, M. Achyar
Ibrahim
ISBN: 978-979 -99365-9-2
xllt
INTqTU$]qY!
12th UBAYA
60
""
CI]STOMERDECISION
BASED
MAKTNG STYLE'
80
ON LOCAI CULTURE
KasnaenY K
CAPABIL''IYJ
OF IN\lovATloN
61. ROLE
o'
^-a-ir-osn'rc snARTH.LDER vALyE
;nootH As NTER,ENING
iil;1
VARIABLE)
81
Masmira Kurniawati
b2
sT
RArt'L',
"'
!.'Y,tolr);#t$:il;fflli:
TACASE STL,DY
(
Cluistina Yanita Setlauatt
Monica Francc>ca Liando'
61
"
82
PREACHERENDORSER
THE INFLUENCE OF
NrENrroN
iliir'd;-Pu ncunsrMuchsin
Muthohar
83
*:'anhazmi'
'ti'r'"t*"a
64. THE TNFLUENCF
ADVERTISING
oF STRATECIc
oN
d; iionr
IY9SPHERE
s !9 llP sruDY
cusr OMER Bu Y"fiCNTEREST
o
an*rgi Lrmp sututoH ARJ
SUpBffi
GIANT
rN
^s-insBr
YoGYAKARTA)
84
Munvanto Sigit
OF IMAGE AND
65. ANALYSIS OF EFFECT CUSTOMER
oIJALITY SERVICE ON
^. roN
u rRu sr MEDI Ar
85il,'*ii* t*r'i'[r
tA STUDY
loriiruoN'
O, Oi'PUSGiI' "S
RIGENCY oF PIJ'I)
*''iiutlit"'
IN-PATIENTS'
85
',,-,Alimuddin R R' Ali Muslthtn
SELF
^STUDJNTS'
66. SURABAYA'S UNIVERSITIES
KoRE AN
* orcHING
DEVELoPMEol"i'nuiuii
DRAMA
Tias
Rizky Hanna Ekaputri'
Asandimitra
A
Narl'
^'i Nadta
lndarwati'
86
"li:;3$3'HihYi,.'T'"""?**'9t+tr'i'#*
INDONESIA
87
Selina Gunawan' Lina
ffiffie-szs-se365'e-2
xIv
1
JM
O N g'_{SgA'"
2th U B AYA I NT ERN ATI
INTERESTING THEMES
68.
-- '" IDENTIFYING
oF oRiGrN EFFECT:A
couNTRY
iTsCARoING
PRELIMINARY STUDY
88
Sulhaini, Junaidi Sagir
GREEN
THE IMPLEMENTATION OF
69.
"' HAS
woRKED IN
EFFEcTIvELY
i'IARGTING BEE'N
INDONESIA?
B9
Wendra Hartono
AND SERVICE QUALITY
70.
" WoRKMOTIVATION
ol iiaiE clvlt-
APPARATUS AS
INiscBPTNT oF coMMUNITY
PUBLIC-SERYCES IN
SATISFACTION Af THE
TANGE'RANG
SOUTH
OF
THE SUB-DISTRICT
90
CITY
WiwinSiswantini''iamjuddin'DeviA)'uni'AndyMulyana
oF wEBslrE DESIGN
71. EFFECT
"o"r-uncH,^s'
"'
gyflTY
oN
N,E'NTI.N oF .ILIYP-
TT,M,OU'TOR VARIABLE,
CUSTOMER, WITTi
OF
i,nirsr,ncrroN AND rRusr
Albari
T.JuYtu
Uu*u-i
92
Putri"
COMPANSON BE{WEEN
72. SE,RVICE QUALITY
onBNZ TAxI'BASED oN
BLuE BIRD ra-ii'q'NJ
IN SUX'{B AYA
CONSUMER'S PT,NCEPTTON
;;; ;;" ;nandva' chris tin a Rahardia
Alan Darmasap**
94
Honantha
AITTY'E
73. INFLUENCES OF CONSUMER
COMIVTIJNITY ON
TOWARD ONT-Ni SRAND
ST IN
BRAND^ TRU
REVISIT TNTEN iiO\i
"ND
oN
:.YMLINITY
MAN cHE srER
MODERATION
ON FACEBOOT"TUNOUCH
MO-C
"''9O:Andhy
TYPES OF COMN'I[r-|]ITY:
uxl;r,
Andrerv Sufu'-t'
Cfl*ttlu
LiIl
Rahardja Honantha'
SetYawan
HEDONIC-MOTIVATORS
74. UTILITARIAN AND
TO
EFFECT OF SHOPPERS'DECISION
ilffize-szs'ee365-e-2
95
12
th U B AYA I N T
E
RN ALI g
N{L-*UY3}J:Y:-O#J;}:*j)j;*}JM
CONSULTATION WITH HARTONO ^- --
IN SURABAYA
ELEKTRONIKA SALESPERSON
Indarini
Ehrluiun Budianto' Dudi Anandya'
9-
STRATEGIC MANAGEMENT
CASE STUDY
75. SURVIVING CONFLICT: A
MALUKU
IN
ior,nrsu INDUSTRY
'"
OF
IO
CharlY HongdiYanto
INCORPORATING
76. A CONCEPTUAL MODEL OF
SUSTAINABILITY
iifo
oN
nrNovATIoN AND ITS EFFECT
BUSINESS PERFORMANCE
10:
Esti Dwi RinawiYanti
77. CORPORATE SOCIAL RESPONSIBILIII-1ND
REVIEW)
PUBLIC RELATION (A LITERATURE
10-:
Helmiatin
TRADITIONAL
78. RETAIL STRATEGY FOR
MARKE,T IN SURABAYA
sruPv: PASARI(APAS KRAMPUNG
Casr
iJri Hup,uti,
Gunarvan
Markus Hartono' Andrianto
79. ORGANIZATIONAL DEVELOPMENT; FoR
iupiertrENTATroN oF THE vAluE-s
SU STAIN A BILIT,Y
10i
'-
ON-AANTZATIONAL
Santi Suryanttnt
iWayan Edi Arsawan' Ni Putu
106,
THROUGJI
80. STRATEGIC INNOVATION
-.
AND ACCEPTANCE
TECHNOLOGV GAONqESS
CORPORATE
IN IMPLEMENTING ICT FOR
SUSTAINABILITY
10-
John TamPil Purba
ICON OF LOTUS IN
81.
" FROM THE SYMBOLIC
THE VIETNAME,SE CULTURE''
ISBN: 978-97 9-99365-9'
L
12d,UBAYA INTERNATIONAL ANNUAL SYMPOSIUM ON MANAGEMENT
RECOMMENDING THE NEW IDEA OF
ORGANIZING THE LOTUS FESTIVAL IN
DONG THAP PROV]NCE OF VIETNAM
(PERTOD OF 2015-2020)
Phan Thi Hong Xuan
108
82. BUSINESS CLIMATE FOR SMALL MEDIUM
ENTERPRISES AND E-GOVERNMENT
INITIATIVE
Rizal Hari Magnadi
109
APPLYING SUSTAINABILITY STR{TEGY FOR
SOCIOPRENEUR
Sonata Christian
84.
111
THE INFLUENCE OF COMPANIES'
CHARACTERISTICS AND ENVIRONMENTAL
CERTIFICATION TOWARDS THE DISCLOSURE
OF CSR IN INDONESIA
Wiwiek Dianawati
85.
THE SELECTION OF CLASSIFICATION
METHODS IN KANO MODEL FOR SERVICE
INDUSTRY
Yenny Sari
FOR\,I LJI,A'IING }3USINESS STRATHGY
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BUSTNESS: A CASB
STUDY
Yuke Felicia. Liliani
ISBN: 978-979 -99365-9 -2
115
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Department of Management
Faculty of Business and Economics
Universitas $urabaya
EC Building lst Floor
Jl. Raya Kalirungkut, Surabaya, 60293
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ernail: [email protected]
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ANALYSIS OF FACTORS AFFECTING FINANCIAL PERFORMANCE IN
MAINTAINING EXISTENCE OF SMALL AND MEDIUM COMPANIES
M.Sienly Veronica
Universitas Kristen Maranatha
Email: [email protected]
ABSTRACT
Small and medium companies are companies that can sustain the economy of Indonesia. It
can be seen that when the monetary crisis, small and medium companies can survive and
thrive, especially small and medium companies engaged in the field of trade, services and
investment. In order for the existence of small and medium companies can be maintained and
can be improved, the researchers wanted to find out and analyze the factors that affect the
financial performance of small and medium companies because by knowing and analyzing
these factors, it can be known what factors affect the financial performance of small and
medium companies so that small and medium companies may pay attention to these factors in
improving its financial performance. In this study, the sampling technique used is
probabilistic sampling with simple random sampling method to obtain 54 companies listed
with medium size on the Indonesia Stock Exchange on the sub-sectors of trade, services and
investment with the observation period from 2009 to 2012. Research variables used in this
study are the independent variables consisting of the current ratio (CR), inventory turnover
ratio, total asset turnover (TATO), debt to equity ratio (DER), firm size and firm age and the
dependent variable is the financial performance measured by return on assets ratio (ROA).
The method used to perform hypothesis testing is multiple linear regression. The results of
the hypothesis testing is current ratio (CR), inventory turnover, total asset turnover (TATO),
debt to equity ratio (DER), firm size and firm age impact the financial performance of the
company simultaneously, while partially only current ratio (CR), inventory turnover and the
size of the companies that give effect to the company's financial performance. Based on the
results of hypothesis testing in general small and medium companies need to consider all the
factors that impact the company's financial performance as current ratio (CR), inventory
turnover ratio, total asset turnover (TATO), debt to equity ratio (DER), the size of the firm
and age of the firm, in particular small and medium companies should pay more attention to
the current ratio (CR), inventory turnover and the size of the company in improving the
company's financial performance and maintain the company's existence.
Keywords: small and medium companies, financial performance and the existence of the
company.
INTRODUCTION
The role of small and medium company is seen from his position as a major player in the
various sectors of economic activity, the largest provider of employment, an important player
in the development of regional economic activity and community development, creators of
new markets and innovation, for small and medium companies that have go international, the
small medium companies contribute in maintaining the balance of payments through its
contribution in generating export (Urata, 2000 in Harahap, 2014).
Based on the role of small and medium companies, in Indonesia the presence of micro, small
and medium reaches 99.9% of all existing businesses, absorbing 97.16% of the workforce
and accounts for 59.08% of the Gross Domestic Product (GDP) (Gomulia and Manurung,
2014) so that small and medium companies became the supporting of the Indonesian
economy, especially small and medium companies engaged in trade, services and investment.
By looking at the role and contributions made by small and medium companies, the small and
medium companies need to improve its performance in order to maintain its existence.
One way to improve the performance of companies, especially financial performance of the
company is to analyze financial performance through financial statements. The financial
report is a tool that describes the condition of the business, decision-making tool that is
accurate and timely, and accountability in the management (Harahap, 2014).
Financial performance analysis is used to determine the extent to which the effectiveness of
the company's operations in achieving its objectives. To assess the financial performance of
companies can use ratio analysis where the ratio analysis is a tool that can explain or give an
idea of the good or bad financial condition of a company (Munawir, 2007).
There are various types of ratios that can be used in the analysis of ratios such as liquidity
ratios, solvency ratios, activity ratios, profitability ratios and the ratio of the market, to
measure the financial performance can use the ratio of profitability due to a consistent level
of profitability will be a benchmark of how the company is able to survive in the business to
obtain an adequate return compared to the risks (Prihadi, 2008). One of the profitability ratio
that can be used to measure a company's financial performance is return on assets (ROA)
where ROA is a measure of the rate of profit to assets used in generating profits (Prihadi,
2008).
Another factor that can influence in improving the performance of the company is the size of
the company and the age of the company. The size of a company plays an important role
indetermining the kind of relationship the company enjoys inside and outside its operating
environment, and itaffects its financial performance in many ways. Company size has been
considered as an important determinant of company profitability (Babalola, 2013). The age of
the company also has an important role in measuring the financial performance of companies
in which the older the company, the cost to produce goods and services become low so that it
will affect the earnings and profits (Pathirawasam and Wickremasinghe, 2012). The age of
the company can show that the company still exists and is able to compete. Thus, the age of
the company can be attributed to the financial performance of a company. If a company has
good financial performance, the company will be able to maintain business continuity
(Sembiring, 2003).
Based on the description above, the author is interested to analyze the factors that impact the
financial performance in maintaining the existence of small and medium companies.
LITERATURE REVIEW AND DEVELOPMENT OF HYPOTHESES
Small and Medium Business
In accordance with Act No. 20 of 2008, the definition of small and medium companies are:
(depkop.go.id in Veronica, 2014)
a. Small businesses: productive economic activities that are carried out by the independent
individual or business entity that is not a subsidiary or branch company not owned, controlled
or become part either directly or indirectly, of a medium or large businesses that meet the
criteria for small businesses as referred to in this law.
b. Medium-sized businesses: productive economic activities are independent, which is done
by an individual or business entity that is not a subsidiary or branch company owned,
controlled or become part either directly or indirectly with a small business or large
businesses with total net assets or results annual sales as stipulated in this law.
Based on the wealth and the sale proceeds, according to Law No. 20 of 2008 Article 6 are:
(depkop.go.id in Veronica, 2014)
Criteria for small businesses is to have a net worth of more than fifty million Rupiah up to at
most five hundred million Rupiah, excluding land and buildings, and has annual sales of
more than three hundred million to a maximum of two and a half billion Rupiah.
Criteria for medium-sized businesses is to have a net worth of more than five hundred million
Rupiah up to at most ten billion rupiah excluding land and buildings, and has annual sales of
more than two and a half billion to at most fifty billion Rupiah.
Factors Affecting Financial Performance
The financial performance of the company is a picture resulting from the financial analysis
tool that shows the company's financial condition is good or bad. There are various factors
that may affect financial performance, among others, the company's liquidity, the amount of
the company debt, the use of company assets, firm size and firm age. The relationship
between these factors with the company's financial performance will be explained as follows:
1. Liquidity Ratio and Financial Performance
Liquidity company shows the company's ability to fund its operations and repay its shortterm liabilities. Liquidity of the company can be measured through financial ratios such as:
current ratio, cash ratio and quick ratio. Liquidity of the company is able to be a predictive
tool to measure the level of financial performance. Current ratio is often used as a measure of
liquidity (Asiah, 2011). In this study using the current ratio to measure the liquidity of the
company in which the current ratio is the abilitiy of the current assets to pay the short-term
liabilities. Short-term liquidity is important because the problems in the short-term cash flow
could make the company be bankrupt (Darsono and Ashari, 2005). Several studies like Asiah
(2014), Khalifa and Shafii (2013), Carvalho et al (2013) and Shakoor et al (2012) stated that
the current ratio influence on financial performance.
2. Leverage Ratio and Financial Performance
Leverage or solvency ratio is the ratio to determine the company's ability to pay its
obligations if the company is liquidated and assess constraints in the company to borrow
money (Darsono and Ashari, 2005). Any use of debt by the company will influence the risk
and return. The debt ratio can be used to see how big the company's financial risk (Asiah,
2011). Solvency ratio used in this study is the debt to equity ratio. The results of the study of
Asiah (2011), Noor (2011), Pathirawasam and Wickremasinghe (2012) and Shakoor et al
(2012) concluded that the debt-to-equity ratio influence on financial performance in which a
large amount of debt that will affect the profitability of companies due to the more large debts
then there are large interest to be paid so that will reduce the profit, on the other hand if the
company is unable to pay the debt shows the company's financial performance is not good.
3. Activity Ratio and Financial Performance
Activity ratio is a ratio used to measure the effectiveness of the company in the use of its
assets. The results of the ratio of the activity will be seen whether the company more efficient
and effective in managing their assets so that from the ratio of the activity can be determined
through a variety of matters relating to the activities of the company and management can
measure their performance (Kasmir, 2008). In this study the ratio of activity was measured by
using the total asset turnover and inventory turnover. According to Asiah (2011), Noor
(2011) and Khalifa and Shafii (2013) the ratio of total asset turnover and inventory turnover
give effect to the company's financial performance because all existing assets and inventories
are converted into the product when the product sold quickly, the company can obtain funds
to cover its operating costs and profit can be increased so that the company has good financial
performance.
4. The Size of the Company and Financial Performance
According to Rajan and Zingales (1995) in Izati and Margaretha (2014) size is expected to be
one factor in the performance of the company. Size can have a positive effect on firm
performance. Margaretha (2011) in Izati and Margaretha (2014) explains that the amount of
assets of the company will make the company more easier to raise capital compared with
companies that have a lower asset, in addition to the existence of sufficient assets to be able
to increase sales and could increase profits. Several studies like Khalifa and Shafii (2013),
Mishra et al (2009) and Babalola (2013) states that there are significant between firm size and
financial performance.
5. Age Company and Financial Performance
Age company can show that the company still exists and is able to compete. Thus, the age of
the company can be attributed to the financial performance of a company. If a company has
good financial performance, the company will be able to maintain business continuity
(Sembiring, 2003). The age of the firm is an important variable in determining its financial
performance. When the firm becomes older, it enjoys economies of scale. This means that the
firm can produce products at lower costs and this will cause an increase in revenue and
profits (Pathirawasam dan Wickremasinghe, 2012).
Based on the description above, the development of the hypothesis is:
H1: There is the influence of the current ratio, debt to equity ratio, total asset turnover,
inventory turnover, firm size and age of the company to the company’s financial performance
simultaneously.
H2: There is the influence of the current ratio, debt to equity ratio, total asset turnover,
inventory turnover, firm size and age of the company to the company’s financial performance
partially.
Research Model
H1
X 1 : Current Ratio
H2
X 2 : Debt To Equity Ratio
X 3 : Total Assets Turnover
Y : Financial Performance
X 4 : Inventory Turnover
X 5 : Firm Size
X 6 : Age
Picture 1
Research Model
RESEARCH METHODOLOGY
Types of Research
The purpose of this study was to determine what factors are to give effect to financial
performance in maintaining the existence of small and medium companies. Based on the
purpose of this study, the type of this research is the research hypothesis testing. Research
hypothesis testing research is designed with the aim to test the hypothesis typically used to
determine the relationship between the variables that are causal and correlation relationship
(Suliyanto, 2009).
Operational Definition of Variables
In this study using two types of variables: the independent variables and the dependent
variable. Defining variables used can be seen in the table below:
Table 1
Operational Definition of Variables
No
Variables
Proxy
1
Dependent
ROA = Net Profit / Total Assets
Current Ratio = Current Assets / Current Liabilities
Debt To Equity Ratio = Total Debt / Total Equity
Total Assets Turnover = Net Sales / Total Assets
2
Independent
Inventory Turnover = COGS / Average Inventory
Firm Size = Log Total Assets
Firm Age = This Year (2015) – Listing Year
Sources: Observations Researchers
Scale
Ratio
Ratio
Ratio
Ratio
Ratio
Ratio
Ratio
Population, Sample and Sampling Techniques
The population used in this study are all companies listed in Indonesia Stock Exchange are
included in the category second board. The samples are companies listed in Indonesia Stock
Exchange in the category seconf board with sub-sector in trade, services and investment, the
observation period 2009 - 2012 in which there are 54 companies were used as samples.
Sample selection at the Indonesia Stock Exchange on second board because of the similarity
criteria between small and medium companies and criteria listed company on second board
that is on net worth where the small and medium companies have net assets is between five
hundred million to at most ten billion Rupiah and listed companies on second board must
have a net worth of at least five billion rupiah, beside that many small and medium
companies engaged in the field of trade and services (Veronica, 2014).
The sampling technique used was simple random sampling in which every member of the
population is given an equal opportunity to be sampled (Suliyanto, 2009).
Data Analysis Methods
The method used to perform data analysis is multiple linear regression. This method was
chosen for this study aimed to investigate the influence of the independent variables and the
dependent variable. Used multiple linear regression to see how the relationship between a
dependent variable with more than one independent variable (Nazir, 2011). Multiple linear
regression equation is:
Y = a + b 1 X 1 + b 2 X 2 + b 3 X 3 + b 4 X 4 + b 5 X 5 + b 6 X 6 + e .............................(1)
in which:
Y is dependent variable: ROA
a is constants
b 1 ,b 2 ,b 3 ,b 4 ,b 5 dan b 6 is regression coefficient
X 1 is Current Ratio (CR)
X 2 is Debt To Equity Ratio (DER)
X 3 is Total Asssets Turover (TATO)
X 4 is Inventory Turnover
X 5 is Firm Size
X 6 is Firm Age
RESULTS AND DISCUSSION
Data
The data used in this study are the companies listed on the Indonesia Stock Exchange on
second board with sub-sector trade, services and investment. The number of companies that
are used by 54 companies which can be seen in appendix 1 and the observation period from
2009 - 2012. Data of financial ratios and other factors also can be found in appendix 1.
Classical Assumption Test
Normality test is to see whether the value of the residuals are normally distributed or not.
Good regression model is to have a residual value that is normally distributed (Kurniawan,
2014). Results of tests of normality in this study are:
Table 2
Result For Normality Test
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
216
N
a,b
Normal Parameters
Most Extreme Differences
Mean
Std. Deviation
Absolute
Positive
Negative
.0000000
1.37395559
.061
Kolmogorov-Smirnov Z
.054
-.061
.901
Asymp. Sig. (2-tailed)
.391
a. Test distribution is Normal.
b. Calculated from data.
Sources: SPSS 20.00
Based on these results it can be concluded that the data used in this study were normally
distributed because the value Asym.Sig (2-tailed) which is greater than the value of alpha (α)
used in this study is equal to 0.01 or 1%.
Multicollinearity test aimed to see whether or not a high correlation between independent
variables in a multiple linear regression model (Kurniawan, 2014). Multicollinearity test
results in this study are
Table 3
Result For Multicollinearity Test
Model
(Constant)
CR
DER
TATO
InvTurnover
Size
Age
1
Collinearity Statistics
Tolerance
VIF
.600
.473
.508
.618
.806
.870
1.666
2.115
1.967
1.617
1.240
1.150
a. Dependent Variable: ROA
Sources: SPSS 20.00
Based on the results it can be concluded that multicollinearity test all the independent
variables used free of multicollinearity because VIF produced no more than 10 and the value
of Tolerance not less than 0.1
Heteroscedasticity test is to see whether there is inequality of variance of residuals one
observation to another (Kurniawan, 2014). Heteroscedasticity test results in this study are:
Table 4
Result For Heteroscedasticity Test
a
Coefficients
Model
1
(Constant)
CR
DER
TATO
InvTurnover
Size
Age
Unstandardized
Coefficients
B
Std. Error
1.593
.668
-.130
.058
-.192
.058
.034
.057
.006
.047
-.627
.384
.185
.122
Standardized
Coefficients
Beta
-.190
-.315
.054
.011
-.119
.107
t
Sig.
2.383
-2.244
-3.309
.587
.128
-1.635
1.526
.018
.026
.001
.558
.898
.104
.129
a. Dependent Variable: ABS
Sources: SPSS 20.00
Based on the results it can be concluded that the heteroscedasticity test only variable debt to
equity ratio (DER) that do not pass the test because of significant heteroscedasticity is smaller
than the value of alpha (α) used in this study is equal to 0.01 or 1%. Therefore variable debt
to equity ratio (DER) were excluded from the research.
Autocorrelation test aims to determine whether there is a correlation between confounding
variables at certain periods with variable disturbance previous period. Good regression model
requires no error autocorrelation (Kurniawan, 2014). Autocorrelation test results in this study
are:
Table 5
Result For Autocorrelation Test
Runs Test
Unstandardized
Residual
-.00474
108
108
216
64
-.138
.957
a
Test Value
Cases < Test Value
Cases >= Test Value
Total Cases
Number of Runs
Z
Asymp. Sig. (2-tailed)
a. Median
Sources: SPSS 20.00
Based on the results of autocorrelation test concluded that all the independent variables are
free of autocorrelation because Asym.Sig (2-tailed) its value is greater than the value of alpha
(α) used in this study is equal to 0.01 or 1%.
Classic assumption test conducted showed that all the independent variables and the
dependent variable was eligible classical assumptions except the variable debt to equity ratio
(DER) so that all of variable can be used for hypothesis testing using multiple linear
regression.
Hypothesis Testing
Simultaneously, the research hypothesis (H 1 ) is "There is the influence of the current ratio,
total asset turnover, inventory turnover, firm size and age of the company's financial
performance simultaneously."
Hypothesis statistics:
H 0 : There is no influence of the current ratio, total asset turnover, inventory turnover, firm
size and age of the company's financial performance simultaneously.
H 1 : There is the influence of the current ratio, total asset turnover, inventory turnover, firm
size and age of the company's financial performance simultaneously.
The results of hypothesis testing can be seen in the table below:
Table 6
Hypothesis Testing Results Simultaneously
a
Model
Regression
1
Residual
ANOVA
Sum of Squares
df
56.487
6
290.372
188
Total
346.859
Mean Square
9.415
1.545
F
6.095
Sig.
b
.000
194
a. Dependent Variable: ln_ROA
b. Predictors: (Constant), CR, TATO, InvTurnover, Size, Umur
Sources: SPSS 20.00
Based on the results of simultaneous testing can be concluded that all the independent
variables used in this study is the current ratio, total asset turnover, inventory turnover, firm
size and age influence on the company's financial performance because the Sig value is 0,000
less than the value of alpha ( α) used in this study is equal to 0.01 or 1% so that the research
hypothesis (H 1 ) is accepted.
These results are supported by research conducted by Noor (2011) and Asiah (2011) which
concluded that the simultaneous current ratio, total asset turnover and inventory turnover give
effect to the company's financial performance.
Partially research hypothesis (H 2 ) is "There is the influence of the current ratio, total asset
turnover, inventory turnover, firm size and age of the company's financial performance
partially."
Hypothesis statistics:
H 0 : There is no influence of the current ratio, total asset turnover, inventory turnover, firm
size and age of the company's financial performance partially.
H 1 : There is the influence of the current ratio, total asset turnover, inventory turnover, firm
size and age of the company's financial performance partially.
The results of hypothesis testing can be seen in the table below:
Table 7
Hypothesis Testing Results Partially
a
Coefficients
Model
1
(Constant)
CR
TATO
InvTurnover
Size
Age
Unstandardized
Coefficients
B
Std. Error
2.550
1.181
.362
.131
.166
.101
.256
.086
-1.578
.678
.293
.225
Standardized
Coefficients
Beta
.238
.141
.229
-.172
.092
t
Sig.
2.158
2.767
1.636
2.984
-2.327
1.300
.032
.006
.104
.003
.021
.195
a. Dependent Variable: ROA
Sources: SPSS 20.00
Based on the partial test results concluded that the only variable current ratio, inventory
turnover and size that gives effect to the company's financial performance, while total assets
turnover and age did not affect the financial performance of the company. The results are
consistent with several studies such as Asiah (2011) which states that the current ratio and
inventory turnover affect the company's financial performance, Khalifa and Shafii (2013)
stated that the current ratio, inventory turnover and size influence on the company's financial
performance and Carvalho et al (2013) stated that the size and liquidity affect the company's
financial performance.
Current ratio influence on the financial performance because the current ratio is used to
measure the liquidity of the company, so that when the liquidity of the company was high, it
shows that the company is able to pay all its short-term debt that the company reduced debt
and financial performance measure from profitability will be good because the company
liquid.
Inventory turnover impact the financial performance because inventory turnover indicates
how quickly inventory is converted into products that will make money, the faster inventory
turnover made the inventory not accumulate in warehouse and companies will quickly earn
money and profit will increase, so will affect the company's financial performance.
Firm size indicates how many assets the company has, the more assets that the company has
made the company has a large working capital. With a large working capital, the company
can make an investment, the purchase of raw materials or the payment of debts of the
company so that can enhance the company's revenue and financial performance will be good.
CONCLUSIONS AND SUGGESTIONS
Based on the research results it can be concluded:
1. Simultaneously with using α = 1% of all study variables except the debt to equity ratio
(DER) impact on financial performance.
2 Partially by using α = 1% only variable current ratio, inventory turnover and size that gives
the effect on the financial performance.
Suggestions can be given to companies and research in the future are:
1. For small and medium companies need to consider all the factors that impact the financial
performance such as current ratio, inventory turnover ratio and firm size in order to better
financial performance so that the company can maintain the existence of the business.
2. For further research, researcher can add the factors that impact the financial performance
as the net profit margin, receivable turnover, besides adding the time of observation and the
sample used.
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APPENDIX I
DATA COMPANY, FINANCIAL RATO AND OTHER FACTORS
Rasio Keuangan
No
Nama
Perusahaan
1
ABBA
2
AIMS
3
ASIA
4
BAYU
5
BHIT
Rasio
Rasio
Tahun Likuiditas Solvabilitas
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
Rasio Aktivitas
Rasio
Profitabilitas
CR
DER
TATO
Inv Turnover
ROA
2.1611
0.8539
0.8156
0.8211
1.1303
1.1731
1.1579
1.9974
2.1932
8.2159
9.3999
7.5494
1.5518
1.3876
1.476
1.4751
1.7765
1.4881
0.44
2.11
2.23
2.25
7.78
5.88
6.49
1.05
0.56
0.27
0.39
0.44
1.29
1.24
1.19
1.1
1.39
1.23
0.6419
0.4445
0.5827
0.5991
1.2241
1.5818
1.4379
5.5355
2.037
1.4579
0.1262
0.0953
5.5825
5.5193
5.4029
4.4105
0.319461973
0.41148861
1.041
1.2146
1.3697
1.0028
1.202
1.5649
1.4173
5.4677
6.3212
5.1191
1.3737
8.7559
15.9075
13.9449
17.9301
15.1661
1.850543899
1.620965096
0.62
0.46
0.66
0.92
0.36
0.31
0.35
1.14
7.47
5.08
-15.09
-12.36
0.2
3.42
4.75
4.77
1
4.66
Total
Assets
Size
229,920
399,906
425,864
441,554
182,576
146,195
163,296
45,766
74,906
65,266
58,681
51,672
204,326
218,481
256,396
346,576
17,109,257
16,602,739
5.361577
5.601958
5.629271
5.644984
5.261444
5.164933
5.212976
4.660543
4.874517
4.814687
4.768498
4.713255
5.310324
5.339414
5.408911
5.539798
7.233231
7.22018
Tahun
Berdiri
1992
1992
1992
1992
1997
1997
1997
1997
1989
1989
1989
1989
1972
1972
1972
1972
1989
1989
Umur
22
22
22
22
17
17
17
17
25
25
25
25
42
42
42
42
25
25
6
BNBR
7
CENT
8
CLPI
9
CNKO
10
DNET
11
EPMT
12
FAST
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2.2377
3.0181
0.6343
2.434
1.0072
1.4976
5.6313
1.2359
7.2143
3.4259
1.9135
1.8454
1.5827
1.6047
2.039
1.46
1.3249
1.6302
1.1898
2.8722
0.9959
0.8627
1.9353
1.9268
1.98
1.8137
1.5379
1.7082
1.7966
0.54
0.42
3.64
1.69
1.07
1.87
0.17
2.76
0.17
0.3
0.9
1.05
1.43
1.21
0.34
0.67
1.04
0.64
0.16
0.15
0.33
0.32
0.86
0.81
0.79
0.92
0.63
0.54
0.86
0.409169368
0.359113067
0.27871703
0.412657172
0.383218647
0.988615615
0.645253766
0.882748199
0.577388632
0.513432447
2.043604214
1.875812935
1.67046199
1.488446065
0.400142293
0.628483952
0.605899728
1.007926837
0.926557263
0.987079327
1.073193528
0.828012603
2.863230372
2.984506739
2.427522115
2.700701862
2.35676857
2.357203592
2.142660574
1.083560453
0.875685896
3.662266966
1.862805105
1.19745293
4.293805917
3.143741033
1.509153643
2.199288551
3.426049678
3.426526046
3.514768193
3.384395914
2.745592803
8.986171884
2.721589719
1.884593559
6.102332086
23.40408163
17.5
11.65667808
4.903724928
6.486775521
6.92461841
6.309383729
6.909722664
0
0
34.56307627
5.19
7.25
-5.03
-22.03
0.34
2.27
10.49
1.11
-0.01
-6.81
14.1
10.33
7.42
7.66
0.31
5.83
5.35
5.43
1.09
2.64
4.05
1.31
11.02
7.91
8.03
8.13
17.48
16.156
14.8
18,857,504
27,253,915
27,381,757
31,768,029
25,212,651
15,657,587
102,555
327,560
105,416
107,352
219,199
275,391
373,969
439,201
878,470
1,212,739
1,710,689
1,503,500
17,306
16,640
17,119
16,821
2,986,182
3,254,770
4,370,747
4,951,688
1,041,409
1,236,043
1,547,982
7.275484
7.435429
7.437461
7.50199
7.401619
7.194725
5.010957
5.515291
5.022907
5.03081
5.340839
5.43995
5.572836
5.642663
5.943727
6.083767
6.233171
6.177103
4.238197
4.221153
4.233478
4.225852
6.475116
6.51252
6.640556
6.694753
6.017621
6.092034
6.189766
1989
1989
1951
1951
1951
1951
1987
1987
1987
1987
1988
1988
1988
1988
1999
1999
1999
1999
1995
1995
1995
1995
1988
1988
1988
1988
1978
1978
1978
25
25
63
63
63
63
27
27
27
27
26
26
26
26
15
15
15
15
19
19
19
19
26
26
26
26
36
36
36
13
FISH
14
FORU
15
GEMA
16
GMCW
17
HOME
18
ICON
19
INPP
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
1.7679
1.2217
1.1623
1.0984
1.1289
1.7186
1.6255
1.7412
1.8509
1.129
1.3855
1.5595
1.6126
0.6053
0.6445
1.316
1.9552
0.3256
0.9767
1.2204
1.2212
0.7699
0.3497
1.071
1.0231
3.9247
3.8209
1.5692
2.0075
0.8
2.7
4.42
7.64
6.45
1.37
1.63
1.29
1.05
4.29
3.02
2.31
2.02
1.59
0.82
0.8
0.52
0.67
0.66
0.55
0.32
3.15
9.04
4.5
3.15
0.04
0.42
0.78
0.86
1.997572263
3.734052764
3.786707563
3.776461672
5.103101333
1.772998489
1.772791664
1.900895888
1.866438875
1.193757859
1.289711776
1.383308064
1.394580315
1.064916553
1.226078495
1.070620605
1.03788563
0.147959656
0.179009177
0.235440682
0.143029625
0.264577679
0.346045694
1.194044188
1.490850875
0.097741925
0.073378412
0.069979771
0.087274019
32.84402037
27.50845791
18.89264095
32.97052695
37.0520633
2.995077564
2.596267441
2.731174616
2.888305353
6.279666412
4.046064069
9.03227829
7.082474884
7.009508716
7.06851312
2.678126557
5.060189166
5.301848642
5.564744944
2.915606336
3.154492646
1.349775785
2.697674419
3.01852146
3.136375095
3.746008708
4.216878403
1.364503541
1.883109722
11.56
5.85
5.05
1.76
4.29
2.86
3.49
4.87
4.92
1.82
7.52
7.38
6.7
11.64
12.82
17.87
13.95
0.73
1.43
0.46
-3.38
-7.72
-15.78
0.68
1.44
6.28
2.94
0.19
0.64
1,781,906
557,385
1,101,333
2,020,101
2,481,578
230,276
276,011
265,993
257,253
319,698
347,611
374,636
428,881
16,837
15,415
19,626
21,037
183,523
186,996
176,193
268,350
12,159
11,380
91,608
82,139
126,568
810,579
1,133,499
1,843,630
6.250885
5.746155
6.041919
6.305373
6.394728
5.362249
5.440926
5.42487
5.41036
5.50474
5.541094
5.57361
5.632337
4.226265
4.187944
4.292832
4.322984
5.26369
5.271832
5.245989
5.428702
4.084898
4.056142
4.961933
4.914549
5.102324
5.908795
6.054421
6.265674
1978
1992
1992
1992
1992
1970
1970
1970
1970
1984
1984
1984
1984
1989
1989
1989
1989
1986
1986
1986
1986
2001
2001
2001
2001
1996
1996
1996
1996
36
22
22
22
22
44
44
44
44
30
30
30
30
25
25
25
25
28
28
28
28
13
13
13
13
18
18
18
18
20
INTA
21
INTD
22
ITMA
23
ITTG
24
JSPT
25
JTPE
26
KBLV
27
KOIN
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
1.7461
1.2255
0.8397
0.866
0.488
1.6075
1.6845
2.1646
0.2322
0.1406
2.0499
5.3711
0.9163
0.5817
4.0312
51.64
0.8486
0.9788
1.5478
1.6661
1.4174
2.2945
1.4904
1.3712
0.2557
0.2447
2.5468
1.3601
1.1576
1.91
2.91
5.96
7.53
-1.95
3.67
2.72
1.79
0.59
1.92
2.44
0.02
-3.03
-1.6
-2.08
0.04
1.15
0.91
0.78
0.83
0.82
0.54
0.68
1.16
4.79
1.15
0.54
0.78
3.5
1.07642151
1.121277457
0.802672236
0.607364531
2.254241638
1.91213281
1.919642078
1.906613845
0.581122227
0
0.016656526
0.075783254
1.581249096
1.287128713
4.653950954
0
0.368753873
0.418215072
0.373483552
0.36466759
1.69067675
1.886805065
1.627735096
0.93749986
0.448355426
0.500576283
0.282175702
0.307074344
1.161243522
3.088203359
6.869907724
4.427629038
4.191472293
29.43109541
13.51982741
5.047293381
7.12037286
0
0
0
0
4.720016486
5.726027397
515.953125
0
2.86742756
2.444219768
1.5963095
2.134691169
6.486928211
18.57298283
21.1108589
3.664641053
3.456048297
1.56980094
1.878242362
3.607003709
2.391957932
3.6
5.17
3.22
0.29
-2.11
4.69
10.95
7.23
15.5
-28.89
-11.34
31.52
-44.72
262.83
-16.53
-3.97
5.7
6.86
6.97
7.11
15.83
31.97
25.57
9.5
2.03
2.52
0.1
0.24
1.11
1,039,511
1,634,904
3,737,918
4,268,975
35,069
42,587
57,331
53,766
13,794
12,414
13,148
266,708
27,668
3,333
7,340
93,979
2,598,210
2,480,133
2,873,492
3,308,945
160,266
236,371
311,735
446,703
1,611,360
1,663,245
3,693,447
4,306,576
534,868
6.016829
6.213492
6.57263
6.630324
4.544923
4.629277
4.75839
4.730508
4.13969
4.093912
4.11886
5.426036
4.441978
3.522835
3.865696
4.973031
6.414674
6.394475
6.45841
6.51969
5.204841
5.373594
5.493786
5.650019
6.207193
6.220956
6.567432
6.634132
5.728247
1975
1975
1975
1975
1976
1976
1976
1976
1987
1987
1987
1987
1999
1999
1999
1999
1975
1975
1975
1975
1990
1990
1990
1990
1994
1994
1994
1994
2001
39
39
39
39
38
38
38
38
27
27
27
27
15
15
15
15
39
39
39
39
24
24
24
24
20
20
20
20
13
28
KONI
29
LMAS
30
LPLI
31
LPPF
32
MAMI
33
MICE
34
MLPL
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
1.1506
0.9075
1.1516
1.0588
1.12
1.3226
1.3816
1.1679
0.9792
1.1892
1.1701
10.23
15.95
12.51
21.79
0.6917
1.0044
0.9175
0.8037
1.4676
1.0277
1.0373
1.0119
7.2106
3.3957
2.6783
3.2986
1.634
1.8908
3.09
16.45
5.58
3.22
2.62
1.84
1.88
4.59
4.19
2.46
2.84
0.1
0.07
0.1
0.06
5.38
4.04
-1.9
-2.52
0.06
0.12
0.14
0.2
0.17
0.33
0.41
0.38
5.31
0.65
1.431873336
2.282219832
2.611621984
0.557900276
0.918058486
0.894217488
0.946060247
0.916024455
1.061851407
0.978470199
0.721568902
0.084759078
0.053081852
0.085132651
0.05843699
0.405189301
0.755818481
1.940460819
1.917203914
0.092290092
0.090220958
0.108481958
0.104944608
1.168746953
1.138536055
1.075619335
1.193260606
0.917201906
0.680451214
3.819757152
4.493966605
3.625509056
4.163551402
6.006717124
4.954915649
4.534442544
3.705323004
5.906307863
4.60730779
3.36628668
3.025023941
0.619879858
2.196900086
1.806926278
56.25208284
61.48939847
24.07037557
25.9709816
3.619269502
3.513716753
3.644720636
3.147428146
2.831515575
1.993640929
1.943912815
1.725606366
29.20063953
16.88563484
1.22
-35.1
9.95
5.89
1.62
4.09
2.7
-1.59
4.42
0.13
-1.29
-13.37
23.92
-17.4
18.36
-1.2
11.54
19.22
26.31
0.49
0.17
0.23
0.33
11.95
9.1
8.41
9.94
2.2
40.15
510,960
307,753
336,896
93,117
84,841
75,296
82,759
217,218
256,324
254,020
271,859
957,219
1,363,969
1,177,715
1,590,431
1,523,789
5,413,870
2,422,472
2,929,752
617,997
653,019
669,079
705,334
291,306
371,831
432,601
469,330
11,868,377
14,016,686
5.708387
5.488202
5.527496
4.969029
4.928606
4.876772
4.917815
5.336896
5.408789
5.404868
5.434344
5.981011
6.134804
6.07104
6.201515
6.182925
6.733508
6.384259
6.466831
5.790986
5.814926
5.825477
5.848395
5.464349
5.570346
5.636088
5.671478
7.074391
7.146645
2001
2001
2001
1987
1987
1987
1987
1996
1996
1996
1996
1983
1983
1983
1983
1982
1982
1982
1982
1970
1970
1970
1970
1990
1990
1990
1990
1975
1975
13
13
13
27
27
27
27
18
18
18
18
31
31
31
31
32
32
32
32
44
44
44
44
24
24
24
24
39
39
35
MYRX
36
OKAS
37
PDES
38
PGLI
39
PLAS
40
PNSE
41
POOL
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
1.484
1.4901
0.004
0.3167
0.2224
0.4549
1.797
1.4103
0.9155
0.7097
2.2125
1.4942
1.2942
1.29
0.6481
0.6913
2.002
2.3301
2.8686
1.8391
2.4419
2.5996
1.4955
1.6754
1.9012
1.9808
6.4303
6.8315
5.5161
0.76
1
-1.01
-2.18
-27.05
3.41
4.25
5.28
2.63
3.73
0.57
0.79
0.92
0.67
0.17
0.14
0.18
0.22
0.3
0.66
0.36
0.44
1.28
1.11
0.69
0.55
0.14
0.14
0.16
0.721833985
0.897402454
0
0.818565337
0.21284028
0.105638364
1.318556709
1.086306772
0.7698051
0.817782464
1.351725185
1.269091711
1.033595608
1.220791661
0.349527824
0.354657285
0.349339873
0.346563066
0.123340323
0.41299947
0.25686792
0.150025863
0.649338801
0.633100443
0.688353115
0.70771763
0.09193223
0.115253892
0.120091534
38.20395529
44.90687134
0
1.42273101
2.13322549
0.588058405
3.689645965
3.675740694
3.855837847
2.484489105
15.71823689
6.920823657
5.410817472
5.270297872
3.91744066
3.386654479
1.262504372
1.098471034
0
1.157501893
1.203756824
0.209856948
2.850071895
2.785142025
3.878081173
3.691501856
2.282872928
3.713578501
2.752288911
0.67
1.18
1,547.77
25.28
11.82
2.52
6.96
4.62
-0.84
-2.25
1.76
1.72
3.23
3.98
0.75
0.33
0.78
0.56
3.74
9.85
1.13
2.74
14.86
12.58
12.75
11.7
6.04
7.9
8.35
14,314,707
14,088,183
901
133,216
861,975
1,116,299
1,005,868
1,287,118
1,552,441
2,138,455
171,199
208,546
245,925
229,669
42,463
41,784
43,628
45,302
225,571
335,906
292,119
320,918
290,457
321,325
347,037
353,593
139,766
147,405
139,402
7.155782
7.148855
2.954725
5.124556
5.935495
6.047781
6.002541
6.109618
6.191015
6.3301
5.233501
5.319202
5.390803
5.361102
4.628011
4.62101
4.639765
4.656117
5.353283
5.526218
5.46556
5.506394
5.463082
5.506945
5.540376
5.548504
5.145402
5.168512
5.144269
1975
1975
1971
1971
1971
1971
2003
2003
2003
2003
1999
1999
1999
1999
1999
1999
1999
1999
1992
1992
1992
1992
1970
1970
1970
1970
1958
1958
1958
39
39
43
43
43
43
11
11
11
11
15
15
15
15
15
15
15
15
22
22
22
22
44
44
44
44
56
56
56
42
PTSP
43
RIMO
44
SDPC
45
SHID
46
SONA
47
SUGI
48
TGKA
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
4.933
1.1689
1.2437
1.4199
1.4736
0.1659
0.1349
0.0736
0.0218
1.4862
1.4202
1.3738
1.3677
0.1044
0.9931
1.0902
1.6288
0.731
1.0096
2.4998
3.3193
69.43
90.08
90.08
1.442
1.4765
1.4532
1.4266
1.3972
0.18
4.07
1.86
0.9
0.72
-2.25
-1.72
-1.28
-1.14
2
2.05
2.41
2.69
1.42
0.99
0.36
0.41
1.69
1.47
0.56
0.76
0.01
0.03
0.03
0.41
2.73
2.78
2.86
3.07
0.095591832
2.501351098
2.270482254
2.19194652
1.735261947
4.227795757
0.780302176
0.634360393
0.81428781
3.771958823
3.026819425
3.008668528
3.041868727
0.140766257
0.200271698
0.132244691
0.137834013
1.040869658
0.925962496
1.143021179
0.922102607
0.48918196
0.01175923
0.01175923
0.019967979
3.266177334
3.192648574
3.206696299
3.182784148
1.812792512
36.96483318
31.09240321
44.4215904
36.68665437
514.8522727
96.81318681
40.21186441
69.86486486
7.310510951
5.947124793
6.001957769
5.997535909
2.272860114
2.843786473
1.724262229
1.079642724
41.70814772
3.67333017
23.11062358
42.68765303
11.44013158
0
0
0.088950893
6.546328114
5.980474364
6.144636876
5.915221145
8.93
13.04
15.26
20.32
17.55
-172.83
-63.07
-121.68
-172.9
3.55
0.55
1.24
2.55
1.29
2.89
0.81
0.97
5.3
10.36
10.72
9.79
-6.15
5.55
5.47
0.76
3.62
6.24
5.38
4.99
143,098
90,667
109,009
133,433
203,877
16,686
17,738
10,483
6,817
268,013
276,516
323,469
385,610
711,250
619,069
1,236,647
1,304,366
503,968
623,873
677,550
929,094
37,761
40,819
40,819
3,659,459
1,466,079
1,741,975
2,018,488
2,356,096
5.155634
4.957449
5.037462
5.125263
5.309368
4.222352
4.248905
4.020486
3.833593
5.428156
5.44172
5.509833
5.586148
5.852022
5.791739
6.092246
6.115399
5.702403
5.795096
5.830941
5.96806
4.577043
4.610862
4.610862
6.563417
6.166157
6.241042
6.305026
6.372193
1958
1983
1983
1983
1983
1987
1987
1987
1987
1952
1952
1952
1952
1969
1969
1969
1969
1978
1978
1978
1978
1990
1990
1990
1990
1986
1986
1986
1986
56
31
31
31
31
27
27
27
27
62
62
62
62
45
45
45
45
36
36
36
36
24
24
24
24
28
28
28
28
49
TIRA
50
TKGA
51
TMPO
52
TRIL
53
WAPO
54
WICO
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
1.2494
1.4367
1.4627
1.3776
0.9701
0.7327
0.7619
0.9747
1.6401
1.7243
2.0114
2.6512
10.20
3.4377
48.05
68.11
1.4096
1.2435
0.4892
1.0688
0.7884
1.2303
1.0754
1.3997
1.51
1.35
1.18
1.23
23.64
-40.16
-14.2
-7.92
0.93
1.01
1.02
0.82
0.12
0.35
0.06
0.05
1.52
2.01
-51.33
39.79
2
1.86
1.17
0.72
1.179890876
1.23476728
1.326313015
1.159014497
13.6544075
15.10276899
16.33949527
0
1.314286751
1.183811632
1.353978587
1.240583489
0.530750951
0.444637803
0.415373077
0.142352426
0.573216997
0.200393522
0.259154155
1.282461071
2.345394782
2.01647061
2.108777107
2.635718498
2.815945559
3.329204756
3.704960438
3.010639706
1318.608696
1640.800218
1193.087491
0
2.310167863
2.255180191
2.364885606
1.951848764
1.643898098
1.076738382
1.946467662
1.067691591
1.807254672
0.604364588
10.87523719
9.339189083
14.12863361
4.640514275
10.98799277
11.40756132
1.43
2.33
3.33
2.97
0.21
-6.54
-5.18
0
1.05
3.46
5.89
13.95
0.58
0.53
-3
-9.19
0.05
-6.93
-86.92
4.08
3.78
-0.31
0.66
54.33
201,789
217,837
223,874
240,324
101,747
104,623
112,140
103,096
137,750
154,506
176,344
212,446
270,577
324,671
246,665
223,888
207,445
204,817
79,991
97,486
218,437
213,289
189,755
154,301
5.304897
5.338132
5.350004
5.380797
5.007522
5.019627
5.049761
5.013242
5.139092
5.188945
5.246361
5.327249
5.432291
5.511443
5.392108
5.350031
5.316903
5.311366
4.903041
4.988942
5.339326
5.328968
5.278193
5.188369
1974
1974
1974
1974
1905
1905
1905
1905
1996
1996
1996
1996
1992
1992
1992
1992
1993
1993
1993
1993
1973
1973
1973
1973
40
40
40
40
109
109
109
109
18
18
18
18
22
22
22
22
21
21
21
21
41
41
41
41