35
BAB V PENUTUP 5.1 Kesimpulan Penelitian ini menguji perbedaan pembayaran dividen pada perusahaan keluarga dan perusahaan non keluarga yang terdaftar di Bursa Efek Indonesia periode 2009-2012. Berdasarkan hasil pengujian dan analisis yang dilakukan dalam penelitian ini maka dapat disimpulkan bahwa terdapat perbedaan pembayaran dividen yang signifikan antara perusahaan keluarga dan perusahaan non keluarga. Perusahaan keluarga membayar dividen lebih rendah dibanding perusahaan non keluarga. 5.2 Keterbatasan penelitian dan Saran Penelitian ini memiliki beberapa keterbatasan yaitu : 1. Periode penelitian yang digunakan terlalu pendek yaitu hanya dari tahun 2009 – 2012 saja. Periode penelitian selanjutnya diharapkan lebih lama agar didapatkan hasil yang lebih mencerminkan keadaan yang sesungguhnya. 2. Objek penelitian hanya terbatas pada perusahaan manufaktur sehingga belum bisa mewakili perusahaan yang ada di Bursa Efek Indonesia. Penelitian selanjutnya diharapkan bisa meneliti selain di industri manufaktur. 3. Penelitian ini tidak mempertimbangkan saldo laba negatif perusahaan.
DAFTAR PUSTAKA
Brigham, E.F., dan Houston, J.F. 2001. Manajemen Keuangan. Erlangga, Jakarta. Claessens, S., S. Djankov, dan L. H. P. Lang, 2000. The Separation of Ownership and Control in East Asian corporations, Journal of Financial Economics, 58 : 81112.
Claessens, S., Djankov, S., Fan, J.P. H., dan Lang, L. H. P. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholders. The Journal of Finance, LVII :2741-2771. Easterbrook, F.H. 1984. Two Agency-cost Explanations of Dividends. American Economic Review, 74 : 650-659. Eisenhardt, Kathleen. 1989. Agency Theory : As Assesment and Review. The Academy of Management Review, 14 : 57-74. Indrastiti.
2013.
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Emiten
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http://investasi.kontan.co.id/news/bei-bakal-atur-emiten-tak-bagi-dividen. Jumat, 01 Februari 2013 Jensen M. C., dan Meckling W.H. 1976. Theory of The Firm : Managerial Behaviour, Agency, and Ownership Structure. Journal of Financial Economics, 3 : 305-360. Jogiyanto, H.M. 2010. Metodologi Penelitian Bisnis: Salah Kaprah dan Pengalaman-Pengalaman (Edisi 6). BPFE : Yogyakarta. La Porta, R., Lopez-de-Silanes, dan F., Shleifer, A. 1999. Corporate Ownership Around the World. Journal of Finance, LIV : 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A.,danVishny, R.W. 2000. Agency Problem and Dividend Policies Aroud the World. Journal of Finance, 55 :133. Mahadwartha, Putu Anom. 2002. The Association of Managerial Ownership With Dividend Policy and Leverage Policy : Indonesian Firm. National Seminar Surviving Strategies to Cope with The Future. Morck, Randall & Yeung, Bernard, 2004. Special Issues Relating to Corporate Governance and Family Control. Policy Research Working Paper Series 3406. The World Bank. Pindado, J.,Requejo I., dan Torre C. 2012. Do Family Firms Use Dividend Policy as a Governance Mechanism? Evidence from the Euro Zone. Corporate Governance: An International Review, 20(5) :413–431. Setia-Atmaja, L., Tanewski, G.A., Skully, M. 2009. The Role of Dividends, Debt and Board Structure in the Governance of Family Controlled Firms. Journal of Business Finance & Accounting, 36 : 863-898. Siregar, Baldric. 2008. Pengaruh Pemisahan Hak Aliran Kas dan Hak Kontrol Terhadap Dividen. Jurnal Riset Akuntansi Indonesia, 11(2): 158-185. Siregar, Baldric. 2011. Kebijakan Dividen pada Perusahaan yang Dikendalikan oleh Pemgang Saham Pengendali. Jurnal Akuntansi dan Manajemen, 22 : 257-275. Sanjaya. 2010. Entrenchment and Alignment Effect on Earnings Management. The Indonesian Journal of Accounting Research, 13(2): 247-264. Wei, Z., Wu, S., Li, C., Chen, W. 2011. Family Control, Institutional Environment and Cash Dividend Policy: Evidence From China. China Journal of Accounting Research, 4 : 29-46.
Wijayanti, Lulud. 2014. Pengaruh Kontrol Keluarga dan Komisaris Independen Terhadap Kebijakan Dividen Dan Struktur Modal Pada Perusahaan Yang Terdaftar Di BEI. Jurnal Bisnis Indonesia, 1:81-89.
LAMPIRAN 1
Lampiran : Daftar Sampel Perusahaan yang Digunakan dalam Penelitian
No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Tahun 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009
Kode INTP SMCB SMGR AMFG ARNA TOTO ALKA ALMI BTON JPRS LION LMSH MYRX PICO TBMS BUDI EKAD ETWA SRSN TPIA UNIC AKPI APLI BRNA IGAR SIAP IPOL TRST YPAS CPIN JPFA MAIN SIPD FASW SPMA TKIM
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk PT Holcim Indonesia Tbk PT Semen Indonesia (Persero) Tbk PT Asahimas Flat Glass Tbk PT Arwana Citramulia Tbk PT Surya Toto Indonesia Tbk PT Alakasa Industrindo Tbk PT Alumindo Light Metal Industry Tbk PT Betonjaya Manunggal Tbk PT Jaya Pari Steel Tbk PT Lion Metal Works Tbk PT Lionmesh Prima Tbk PT Hanson International Tbk PT Pelangi Indah Canindo Tbk PT Tembaga Mulia Semanan Tbk PT Budi Acid Jaya Tbk PT Ekadharma International PT Eterindo Wahanatama Tbk PT Indo Acidatama Tbk PT Chandra Asri Petrochemical Tbk PT Unggul Indah Cahaya PT Argha Karya Prima Industry Tbk PT Asiaplast Industries Tbk PT Berlina Tbk PT Champion Pacific Indonesia Tbk PT Sekawan Intipratama Tbk PT Indopoly Swakarsa Industry Tbk PT Trias Sentosa Tbk PT Yanaprima Hastapersada Tbk PT Charoen Pokphand Indonesia Tbk PT Japfa Comfeed Indonesia Tbk PT Malindo Feedmill Tbk PT Sierad Produce Tbk PT Fajar Surya Wisesa Tbk PT Suparma Tbk PT Pabrik Kertas Tjiwi Kimia Tbk
37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009
BIMA KBLI KBLM SCCO VOKS ADES AISA CEKA DLTA INDF MLBI MYOR PSDN SKLT STTP ULTJ GGRM HMSP DVLA INAF KAEF KLBF MERK PYFA SQBI TSPC MRAT TCID UNVR KDSI LMPI ASII AUTO BRAM GDYR GJTL IMAS INDS LPIN
PT Primarindo Asia Infrastructure Tbk PT KMI Wire and Cable Tbk PT Kabelindo Murni Tbk PT Supreme Cable Manufacturing & Commerce Tbk PT Voksel Electric Tbk PT Akasha Wira International Tbk PT Tiga Pilar Sejahtera Food Tbk PT Cahaya Kalbar Tbk PT Delta Djakarta Tbk PT Indofood Sukses Makmur Tbk PT Multi Bintang Indonesia Tbk PT Mayora Indah Tbk PT Prasidha Aneka Niaga Tbk PT Sekar Laut Tbk PT Siantar Top Tbk PT Ultrajaya Milk Industry & Trading Company Tbk PT Gudang Garam Tbk PT Hanjayamandala Sampoerna Tbk PT Darya-Varia Laboratoria Tbk PT Indofarma (Persero) Tbk PT Kimia Farma (Persero) Tbk PT Kalbe Farma Tbk. PT Merck Tbk PT Pyridam Farma Tbk PT Taisho Pharmaceutical Indonesia Tbk PT Tempo Scan Pacific Tbk PT Mustika Ratu Tbk PT Mandom Indonesia Tbk PT Unilever Indonesia Tbk PT Kedawung Setia Industrial Tbk PT Langgeng Makmur Industri Tbk PT Astra International Tbk PT Astra Otoparts Tbk PT Indo Kordsa Tbk PT Goodyear Indonesia Tbk PT Gajah Tunggal Tbk PT Indomobil Sukses Internasional Tbk PT Indospring Tbk PT Multi Prima Sejahtera Tbk
76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114
2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
MASA NIPS SMSM ADMG ESTI HDTX INDR PBRX RICY UNIT BATA NIKL JKSW DPNS TIRT SAIP UNTX KBRI MYTX SSTM KIAS MLIA JECC POLY BRPT CTBN FPNI SCPI INTP SMCB SMGR AMFG ARNA TOTO ALKA ALMI BTON JPRS LION
PT Multistrada Arah Sarana Tbk PT Nipress Tbk PT Selamat Sempurna Tbk. PT Polychem Indonesia Tbk PT Ever Shine Tex Tbk PT Panasia Indosyntec Tbk PT Indo Rama Synthetics Tbk PT Pan Brothers Tbk PT Ricky Putra Globalindo Tbk PT Nusantara Inti Corpora Tbk PT Sepatu Bata Tbk PT Pelat Timah Nusantara Tbk PT Jakarta Kyoei Steel Works Tbk PT Duta Pertiwi Nusantara Tbk PT Tirta Mahakam Resources Tbk PT Surabaya Agung Industri Pulp &Kertas Tbk PT Unitex Tbk PT Kertas Basuki Rachmat Indonesia Tbk PT Apac Citra Centertex Tbk PT Sunson Textile Manufacturer Tbk PT Keramika Indonesia Assosiasi Tbk PT Mulia Industrindo Tbk PT Jembo Cable Company Tbk PT Asia Pacific Fibers Tbk PT Barito Pacific Tbk PT Citra Tubindo Tbk PT Titan Kimia Nusantara Tbk PT Schering Plough Indonesia Tbk PT Indocement Tunggal Prakarsa Tbk PT Holcim Indonesia Tbk PT Semen Indonesia (Persero) Tbk PT Asahimas Flat Glass Tbk PT Arwana Citramulia Tbk PT Surya Toto Indonesia Tbk PT Alakasa Industrindo Tbk PT Alumindo Light Metal Industry Tbk PT Betonjaya Manunggal Tbk PT Jaya Pari Steel Tbk PT Lion Metal Works Tbk
115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
LMSH MYRX PICO TBMS BUDI EKAD ETWA SRSN TPIA UNIC AKPI APLI BRNA IGAR SIAP IPOL TRST YPAS CPIN JPFA MAIN SIPD FASW SPMA TKIM BIMA KBLI KBLM SCCO VOKS ADES AISA CEKA DLTA INDF MLBI MYOR PSDN SKLT
PT Lionmesh Prima Tbk PT Hanson International Tbk PT Pelangi Indah Canindo Tbk PT Tembaga Mulia Semanan Tbk PT Budi Acid Jaya Tbk PT Ekadharma International PT Eterindo Wahanatama Tbk PT Indo Acidatama Tbk PT Chandra Asri Petrochemical Tbk PT Unggul Indah Cahaya PT Argha Karya Prima Industry Tbk PT Asiaplast Industries Tbk PT Berlina Tbk PT Champion Pacific Indonesia Tbk PT Sekawan Intipratama Tbk PT Indopoly Swakarsa Industry Tbk PT Trias Sentosa Tbk PT Yanaprima Hastapersada Tbk PT Charoen Pokphand Indonesia Tbk PT Japfa Comfeed Indonesia Tbk PT Malindo Feedmill Tbk PT Sierad Produce Tbk PT Fajar Surya Wisesa Tbk PT Suparma Tbk PT Pabrik Kertas Tjiwi Kimia Tbk PT Primarindo Asia Infrastructure Tbk PT KMI Wire and Cable Tbk PT Kabelindo Murni Tbk PT Supreme Cable Manufacturing & Commerce Tbk PT Voksel Electric Tbk PT Akasha Wira International Tbk PT Tiga Pilar Sejahtera Food Tbk PT Cahaya Kalbar Tbk PT Delta Djakarta Tbk PT Indofood Sukses Makmur Tbk PT Multi Bintang Indonesia Tbk PT Mayora Indah Tbk PT Prasidha Aneka Niaga Tbk PT Sekar Laut Tbk
154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 190 191 192 193
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
STTP ULTJ GGRM HMSP DVLA INAF KAEF KLBF MERK PYFA SQBI TSPC MRAT TCID UNVR KDSI LMPI ASII AUTO BRAM GDYR GJTL IMAS INDS LPIN MASA NIPS SMSM ADMG ESTI HDTX INDR PBRX RICY UNIT BATA GDST INAI NIKL
PT Siantar Top Tbk PT Ultrajaya Milk Industry & Trading Company Tbk PT Gudang Garam Tbk PT Hanjayamandala Sampoerna Tbk PT Darya-Varia Laboratoria Tbk PT Indofarma (Persero) Tbk PT Kimia Farma (Persero) Tbk PT Kalbe Farma Tbk. PT Merck Tbk PT Pyridam Farma Tbk PT Taisho Pharmaceutical Indonesia Tbk PT Tempo Scan Pacific Tbk PT Mustika Ratu Tbk PT Mandom Indonesia Tbk PT Unilever Indonesia Tbk PT Kedawung Setia Industrial Tbk PT Langgeng Makmur Industri Tbk PT Astra International Tbk PT Astra Otoparts Tbk PT Indo Kordsa Tbk PT Goodyear Indonesia Tbk PT Gajah Tunggal Tbk PT Indomobil Sukses Internasional Tbk PT Indospring Tbk PT Multi Prima Sejahtera Tbk PT Multistrada Arah Sarana Tbk PT Nipress Tbk PT Selamat Sempurna Tbk. PT Polychem Indonesia Tbk PT Ever Shine Tex Tbk PT Panasia Indosyntec Tbk PT Indo Rama Synthetics Tbk PT Pan Brothers Tbk PT Ricky Putra Globalindo Tbk PT Nusantara Inti Corpora Tbk PT Sepatu Bata Tbk PT Gunawan Dianjaya Steel Tbk PT Indal Alumunium Industry Tbk PT Pelat Timah Nusantara Tbk
194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
JKSW SULI DPNS RMBA PRAS SSTM KIAS MLIA INKP POLY INRU KICI CTBN INTP SMCB SMGR AMFG ARNA TOTO ALKA ALMI BTON JPRS LION LMSH MYRX PICO TBMS BUDI EKAD ETWA SRSN TPIA UNIC AKPI APLI BRNA IGAR SIAP
PT Jakarta Kyoei Steel Works Tbk PT Sumalindo Lestari Jaya Tbk PT Duta Pertiwi Nusantara Tbk PT Bentoel International Investama Tbk PT Prima Alloy Steel Universal Tbk PT Sunson Textile Manufacturer Tbk PT Keramika Indonesia Assosiasi Tbk PT Mulia Industrindo Tbk PT Indah Kiat Pulp & Paper Tbk PT Asia Pacific Fibers Tbk PT Toba Pulp Lestari Tbk PT Kedaung Indah Can Tbk PT Citra Tubindo Tbk PT Indocement Tunggal Prakarsa Tbk PT Holcim Indonesia Tbk PT Semen Indonesia (Persero) Tbk PT Asahimas Flat Glass Tbk PT Arwana Citramulia Tbk PT Surya Toto Indonesia Tbk PT Alakasa Industrindo Tbk PT Alumindo Light Metal Industry Tbk PT Betonjaya Manunggal Tbk PT Jaya Pari Steel Tbk PT Lion Metal Works Tbk PT Lionmesh Prima Tbk PT Hanson International Tbk PT Pelangi Indah Canindo Tbk PT Tembaga Mulia Semanan Tbk PT Budi Acid Jaya Tbk PT Ekadharma International PT Eterindo Wahanatama Tbk PT Indo Acidatama Tbk PT Chandra Asri Petrochemical Tbk PT Unggul Indah Cahaya PT Argha Karya Prima Industry Tbk PT Asiaplast Industries Tbk PT Berlina Tbk PT Champion Pacific Indonesia Tbk PT Sekawan Intipratama Tbk
233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271
2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
IPOL TRST YPAS CPIN JPFA MAIN SIPD FASW SPMA TKIM BIMA KBLI KBLM SCCO VOKS ADES AISA CEKA DLTA INDF MLBI MYOR PSDN SKLT STTP ULTJ GGRM HMSP DVLA INAF KAEF KLBF MERK PYFA SQBI TSPC MRAT TCID UNVR
PT Indopoly Swakarsa Industry Tbk PT Trias Sentosa Tbk PT Yanaprima Hastapersada Tbk PT Charoen Pokphand Indonesia Tbk PT Japfa Comfeed Indonesia Tbk PT Malindo Feedmill Tbk PT Sierad Produce Tbk PT Fajar Surya Wisesa Tbk PT Suparma Tbk PT Pabrik Kertas Tjiwi Kimia Tbk PT Primarindo Asia Infrastructure Tbk PT KMI Wire and Cable Tbk PT Kabelindo Murni Tbk PT Supreme Cable Manufacturing & Commerce Tbk PT Voksel Electric Tbk PT Akasha Wira International Tbk PT Tiga Pilar Sejahtera Food Tbk PT Cahaya Kalbar Tbk PT Delta Djakarta Tbk PT Indofood Sukses Makmur Tbk PT Multi Bintang Indonesia Tbk PT Mayora Indah Tbk PT Prasidha Aneka Niaga Tbk PT Sekar Laut Tbk PT Siantar Top Tbk PT Ultrajaya Milk Industry & Trading Company Tbk PT Gudang Garam Tbk PT Hanjayamandala Sampoerna Tbk PT Darya-Varia Laboratoria Tbk PT Indofarma (Persero) Tbk PT Kimia Farma (Persero) Tbk PT Kalbe Farma Tbk. PT Merck Tbk PT Pyridam Farma Tbk PT Taisho Pharmaceutical Indonesia Tbk PT Tempo Scan Pacific Tbk PT Mustika Ratu Tbk PT Mandom Indonesia Tbk PT Unilever Indonesia Tbk
272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310
2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012
KDSI LMPI ASII AUTO BRAM GDYR GJTL IMAS INDS LPIN MASA NIPS SMSM ADMG ESTI HDTX INDR PBRX RICY UNIT BATA GDST INAI BRPT TIRT SAIP RMBA PRAS JECC CNTX INRU KICI CTBN INTP SMCB SMGR AMFG ARNA TOTO
PT Kedawung Setia Industrial Tbk PT Langgeng Makmur Industri Tbk PT Astra International Tbk PT Astra Otoparts Tbk PT Indo Kordsa Tbk PT Goodyear Indonesia Tbk PT Gajah Tunggal Tbk PT Indomobil Sukses Internasional Tbk PT Indospring Tbk PT Multi Prima Sejahtera Tbk PT Multistrada Arah Sarana Tbk PT Nipress Tbk PT Selamat Sempurna Tbk. PT Polychem Indonesia Tbk PT Ever Shine Tex Tbk PT Panasia Indosyntec Tbk PT Indo Rama Synthetics Tbk PT Pan Brothers Tbk PT Ricky Putra Globalindo Tbk PT Nusantara Inti Corpora Tbk PT Sepatu Bata Tbk PT Gunawan Dianjaya Steel Tbk PT Indal Alumunium Industry Tbk PT Barito Pacific Tbk PT Tirta Mahajakam Resources Tbk PT Surabaya Agung Industri Pulp & Kertas Tbk PT Bentoel International Investama Tbk PT Prima Alloy Steel Universal Tbk PT Jembo Cable Company Tbk PT Century Textile Industry Tbk PT Toba Pulp Lestari Tbk PT Kedaung Indah Can Tbk PT Citra Tubindo Tbk PT Indocement Tunggal Prakarsa Tbk PT Holcim Indonesia Tbk PT Semen Indonesia (Persero) Tbk PT Asahimas Flat Glass Tbk PT Arwana Citramulia Tbk PT Surya Toto Indonesia Tbk
311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349
2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
ALKA ALMI BTON JPRS LION LMSH MYRX PICO TBMS BUDI EKAD ETWA SRSN TPIA UNIC AKPI APLI BRNA IGAR SIAP IPOL TRST YPAS CPIN JPFA MAIN SIPD FASW SPMA TKIM BIMA KBLI KBLM SCCO VOKS ADES AISA CEKA DLTA
PT Alakasa Industrindo Tbk PT Alumindo Light Metal Industry Tbk PT Betonjaya Manunggal Tbk PT Jaya Pari Steel Tbk PT Lion Metal Works Tbk PT Lionmesh Prima Tbk PT Hanson International Tbk PT Pelangi Indah Canindo Tbk PT Tembaga Mulia Semanan Tbk PT Budi Acid Jaya Tbk PT Ekadharma International PT Eterindo Wahanatama Tbk PT Indo Acidatama Tbk PT Chandra Asri Petrochemical Tbk PT Unggul Indah Cahaya PT Argha Karya Prima Industry Tbk PT Asiaplast Industries Tbk PT Berlina Tbk PT Champion Pacific Indonesia Tbk PT Sekawan Intipratama Tbk PT Indopoly Swakarsa Industry Tbk PT Trias Sentosa Tbk PT Yanaprima Hastapersada Tbk PT Charoen Pokphand Indonesia Tbk PT Japfa Comfeed Indonesia Tbk PT Malindo Feedmill Tbk PT Sierad Produce Tbk PT Fajar Surya Wisesa Tbk PT Suparma Tbk PT Pabrik Kertas Tjiwi Kimia Tbk PT Primarindo Asia Infrastructure Tbk PT KMI Wire and Cable Tbk PT Kabelindo Murni Tbk PT Supreme Cable Manufacturing & Commerce Tbk PT Voksel Electric Tbk PT Akasha Wira International Tbk PT Tiga Pilar Sejahtera Food Tbk PT Cahaya Kalbar Tbk PT Delta Djakarta Tbk
350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388
2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
INDF MLBI MYOR PSDN SKLT STTP ULTJ GGRM HMSP DVLA INAF KAEF KLBF MERK PYFA SQBI TSPC MRAT TCID UNVR KDSI LMPI ASII AUTO BRAM GDYR GJTL IMAS INDS LPIN MASA NIPS SMSM ADMG ESTI HDTX INDR PBRX RICY
PT Indofood Sukses Makmur Tbk PT Multi Bintang Indonesia Tbk PT Mayora Indah Tbk PT Prasidha Aneka Niaga Tbk PT Sekar Laut Tbk PT Siantar Top Tbk PT Ultrajaya Milk Industry & Trading Company Tbk PT Gudang Garam Tbk PT Hanjayamandala Sampoerna Tbk PT Darya-Varia Laboratoria Tbk PT Indofarma (Persero) Tbk PT Kimia Farma (Persero) Tbk PT Kalbe Farma Tbk. PT Merck Tbk PT Pyridam Farma Tbk PT Taisho Pharmaceutical Indonesia Tbk PT Tempo Scan Pacific Tbk PT Mustika Ratu Tbk PT Mandom Indonesia Tbk PT Unilever Indonesia Tbk PT Kedawung Setia Industrial Tbk PT Langgeng Makmur Industri Tbk PT Astra International Tbk PT Astra Otoparts Tbk PT Indo Kordsa Tbk PT Goodyear Indonesia Tbk PT Gajah Tunggal Tbk PT Indomobil Sukses Internasional Tbk PT Indospring Tbk PT Multi Prima Sejahtera Tbk PT Multistrada Arah Sarana Tbk PT Nipress Tbk PT Selamat Sempurna Tbk. PT Polychem Indonesia Tbk PT Ever Shine Tex Tbk PT Panasia Indosyntec Tbk PT Indo Rama Synthetics Tbk PT Pan Brothers Tbk PT Ricky Putra Globalindo Tbk
389 390 391 392 393 394 395 396 397 398 399 400
2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
UNIT BATA INCI DPNS KBRI PRAS KIAS JECC INKP KICI CTBN PTSN
PT Nusantara Inti Corpora Tbk PT Sepatu Bata Tbk PT Intanwijaya International Tbk PT Duta Pertiwi Nusantara Tbk PT Kertas Basuki Rachmat Indonesia PT Prima Alloy Steel Universal Tbk PT Keramika Indonesia Assosiasi Tbk PT Jembo Cable Company Tbk PT Indah Kiat Pulp & Paper Tbk PT Kedaung Indah Can Tbk PT Citra Tubindo Tbk PT Sat Nusapersada Tbk
