Lampiran 1.

Perhitungan Price to Book Value (PBV)

No. Book Value Price to Book Value
Tahun Ticker Code Market Price Total Equity Listed Shares
Data Per Share (PBV)
1 AGRO 525 3.111.284.877.000 17.912.537.958 174 3,02
2 ARTO 168 139.050.531.283 1.206.250.000 115 1,46
3 BABP 51 1.252.548.000.000 21.261.473.347 59 0,87
4 BACA 216 1.408.386.000.000 7.039.500.962 200 1,08
5 BANK belum listing 583.650.000.000 belum listing belum listing belum listing
6 2017 BBHI 113 440.333.456.571 4.015.000.000 110 1,03
7 BBKP 590 6.758.952.000.000 9.086.620.432 744 0,79
8 BBYB 400 676.191.287.257 4.699.158.088 144 2,78
9 BKSW 240 3.990.250.000.000 16.992.865.249 235 1,02
10 BTPN 2.460 17.200.797.000.000 5.840.287.257 2.945 0,84
11 NISP 1.875 21.784.354.000.000 11.472.648.486 1.899 0,99
12 AGRO 310 4.424.285.816.000 21.343.290.230 207 1,50
13 ARTO 184 115.559.450.886 1.206.250.000 96 1,92
14 BABP 50 1.429.990.000.000 21.785.053.618 66 0,76
15 BACA 300 1.484.963.000.000 7.070.128.427 210 1,43
16 BANK belum listing 530.263.000.000 belum listing belum listing belum listing
17 2018 BBHI 171 336.482.136.901 4.184.431.795 80 2,13
18 BBKP 272 8.594.437.000.000 11.651.908.748 738 0,37
19 BBYB 284 600.385.324.944 5.129.586.184 117 2,43
20 BKSW 182 4.672.060.000.000 20.436.685.984 229 0,80
21 BTPN 3.440 19.364.407.000.000 5.851.646.757 3.309 1,04
22 NISP 855 24.428.254.000.000 22.945.296.972 1.065 0,80
23 AGRO 198 4.481.704.219.000 21.343.290.230 210 0,94
24 ARTO 3.100 681.179.218.885 1.206.250.000 565 5,49
25 BABP 50 1.559.450.000.000 25.333.295.263 62 0,81
26 BACA 300 1.537.640.000.000 7.070.141.850 217 1,38
27 BANK belum listing 595.217.000.000 belum listing belum listing belum listing
28 2019 BBHI 125 299.765.877.648 4.184.431.795 72 1,74
29 BBKP 224 8.905.485.000.000 11.651.908.748 764 0,29
30 BBYB 284 945.783.595.296 6.161.782.101 153 1,85
31 BKSW 180 4.689.564.000.000 20.436.685.984 229 0,78
32 BTPN 3.250 31.471.928.000.000 8.148.928.869 3.862 0,84
33 NISP 845 27.664.803.000.000 22.945.296.972 1.206 0,70
34 AGRO 1.035 4.287.690.211.000 21.343.290.230 201 5,15
35 ARTO 4.300 1.232.333.000.000 10.747.687.500 115 37,50
36 BABP 50 1.551.237.000.000 25.333.296.313 61 0,82
37 BACA 376 1.640.391.000.000 7.070.141.850 232 1,62
38 BANK belum listing 641.274.000.000 belum listing belum listing belum listing
39 2020 BBHI 424 347.066.458.180 4.184.431.795 83 5,11
40 BBKP 575 8.466.442.000.000 32.673.251.194 259 2,22
41 BBYB 298 1.120.619.280.316 6.661.795.239 168 1,77
42 BKSW 106 4.112.442.000.000 20.436.685.984 201 0,53
43 BTPN 3.110 32.964.753.000.000 8.148.928.869 4.045 0,77
44 NISP 820 29.829.316.000.000 22.945.296.972 1.300 0,63
45 AGRO 1.810 2.457.663.179.000 22.520.054.593 109 16,59
46 ARTO 16.000 8.249.455.000.000 13.717.687.500 601 26,61
47 BABP 186 2.365.457.000.000 29.117.431.104 81 2,29
48 BACA 266 2.122.771.000.000 7.007.631.739 303 0,88
49 BANK 2.290 1.046.327.000.000 13.133.825.946 80 28,74
50 2021 BBHI 7.075 1.303.270.902.833 11.566.104.235 113 62,79
51 BBKP 270 13.205.904.000.000 67.019.885.160 197 1,37
52 BBYB 2.630 2.889.828.269.421 9.327.465.018 310 8,49
53 BKSW 192 4.026.548.000.000 20.232.319.124 199 0,96
54 BTPN 2.620 36.078.927.000.000 8.066.054.461 4.473 0,59
55 NISP 670 32.327.571.000.000 22.715.776.032 1.423 0,47
 Lampiran 2.
Perhitungan Return On Asset (ROA)
No. Laba Bersih Total Asset Return On Asset
Tahun Ticker Code
Data (jutaan rupiah) (jutaan rupiah) (ROA)
1 AGRO 140.496 16.322.593 0,86%
2 ARTO -8.737 837.227 -1,04%
3 BABP -675.859 10.706.094 -6,31%
4 BACA 86.140 16.349.473 0,53%
5 BANK -9.785 1.275.648 -0,77%
6 2017 BBHI 10.362 2.458.824 0,42%
7 BBKP 135.901 106.442.999 0,13%
8 BBYB 14.420 5.004.795 0,29%
9 BKSW -789.803 24.635.233 -3,21%
10 BTPN 1.421.940 95.489.850 1,49%
11 NISP 2.175.824 153.773.957 1,41%
12 AGRO 204.213 23.313.671 0,88%
13 ARTO -23.288 664.673 -3,50%
14 BABP 57.021 10.854.855 0,53%
15 BACA 106.500 18.019.614 0,59%
16 BANK -64.720 661.912 -9,78%
17 2018 BBHI -123.143 2.264.173 -5,44%
18 BBKP 189.970 95.643.923 0,20%
19 BBYB -138.529 4.533.729 -3,06%
20 BKSW 14.568 20.486.926 0,07%
21 BTPN 2.257.884 101.919.301 2,22%
22 NISP 2.638.064 173.582.894 1,52%
23 AGRO 51.061 27.067.923 0,19%
24 ARTO -121.966 1.321.057 -9,23%
25 BABP 20.433 10.607.879 0,19%
26 BACA 15.964 18.959.622 0,08%
27 BANK 77.304 715.623 10,80%
28 2019 BBHI -36.550 2.527.173 -1,45%
29 BBKP 216.749 100.264.248 0,22%
30 BBYB 16.003 5.123.735 0,31%
31 BKSW 5.277 23.021.785 0,02%
32 BTPN 2.992.418 181.631.385 1,65%
33 NISP 2.939.243 180.706.987 1,63%
34 AGRO 31.261 28.015.492 0,11%
35 ARTO -189.567 2.179.873 -8,70%
36 BABP 10.414 11.652.904 0,09%
37 BACA 61.414 20.223.558 0,30%
38 BANK 44.868 721.397 6,22%
39 2020 BBHI 37.011 2.586.663 1,43%
40 BBKP -3.258.109 79.938.578 -4,08%
41 BBYB 15.872 5.421.324 0,29%
42 BKSW -422.168 18.297.700 -2,31%
43 BTPN 2.005.677 183.165.978 1,10%
44 NISP 2.101.671 206.297.200 1,02%
45 AGRO -3.045.701 16.866.523 -18,06%
46 ARTO 83.761 12.312.422 0,68%
47 BABP 12.868 14.015.360 0,09%
48 BACA 34.785 22.325.883 0,16%
49 BANK -121.275 2.173.162 -5,58%
50 2021 BBHI 192.475 4.649.357 4,14%
51 BBKP -2.302.279 89.215.674 -2,58%
52 BBYB -986.289 11.337.809 -8,70%
53 BKSW -1.578.777 17.701.527 -8,92%
54 BTPN 3.104.215 191.917.794 1,62%
55 NISP 2.519.619 214.395.608 1,18%
 Lampiran 3.
Perhitungan Market Value of Book Value of Asset (MVBVA)
No.
Tahun Ticker Code Total Asset Total Equity Listed Shares Market Price MVBVA
Data
1 AGRO 16.322.593.372.000 3.111.284.877.000 17.912.537.958 525 1,39
2 ARTO 837.226.943.492 139.050.531.283 1.206.250.000 168 1,08
3 BABP 10.706.094.000.000 1.252.548.000.000 21.261.473.347 51 0,98
4 BACA 16.349.473.000.000 1.408.386.000.000 7.039.500.962 216 1,01
5 BANK 1.275.648.000.000 583.650.000.000 0 0 0,54
6 2017 BBHI 2.458.823.912.630 440.333.456.571 4.015.000.000 113 1,01
7 BBKP 106.442.999.000.000 6.758.952.000.000 9.086.620.432 590 0,99
8 BBYB 5.004.795.018.159 676.191.287.257 4.699.158.088 400 1,24
9 BKSW 24.635.233.000.000 3.990.250.000.000 16.992.865.249 240 1,00
10 BTPN 95.489.850.000.000 17.200.797.000.000 5.840.287.257 2.460 0,97
11 NISP 153.773.957.000.000 21.784.354.000.000 11.472.648.486 1.875 1,00
12 AGRO 23.313.671.252.000 4.424.285.816.000 21.343.290.230 310 1,09
13 ARTO 664.673.471.410 115.559.450.886 1.206.250.000 184 1,16
14 BABP 10.854.855.000.000 1.429.990.000.000 21.785.053.618 50 0,97
15 BACA 18.019.614.000.000 1.484.963.000.000 7.070.128.427 300 1,04
16 BANK 661.912.000.000 530.263.000.000 0 0 0,20
17 2018 BBHI 2.264.172.563.518 336.482.136.901 4.184.431.795 171 1,17
18 BBKP 95.643.923.000.000 8.594.437.000.000 11.651.908.748 272 0,94
19 BBYB 4.533.729.146.622 600.385.324.944 5.129.586.184 284 1,19
20 BKSW 20.486.926.000.000 4.672.060.000.000 20.436.685.984 182 0,95
21 BTPN 101.919.301.000.000 19.364.407.000.000 5.851.646.757 3.440 1,01
22 NISP 173.582.894.000.000 24.428.254.000.000 22.945.296.972 855 0,97
23 AGRO 27.067.922.912.000 4.481.704.219.000 21.343.290.230 198 0,99
24 ARTO 1.321.057.000.000 681.179.218.885 1.206.250.000 3.100 3,31
25 BABP 10.607.879.000.000 1.559.450.000.000 25.333.295.263 50 0,97
26 BACA 18.959.622.000.000 1.537.640.000.000 7.070.141.850 300 1,03
27 BANK 715.623.000.000 595.217.000.000 0 0 0,17
28 2019 BBHI 2.527.173.168.770 299.765.877.648 4.184.431.795 125 1,09
29 BBKP 100.264.248.000.000 8.905.485.000.000 11.651.908.748 224 0,94
30 BBYB 5.123.734.649.117 945.783.595.296 6.161.782.101 284 1,16
31 BKSW 23.021.785.000.000 4.689.564.000.000 20.436.685.984 180 0,96
32 BTPN 181.631.385.000.000 31.471.928.000.000 8.148.928.869 3.250 0,97
33 NISP 180.706.987.000.000 27.664.803.000.000 22.945.296.972 845 0,95
34 AGRO 28.015.492.262.000 4.287.690.211.000 21.343.290.230 1.035 1,64
35 ARTO 2.179.873.000.000 1.232.333.000.000 10.747.687.500 4.300 21,64
36 BABP 11.652.904.000.000 1.551.237.000.000 25.333.296.313 50 0,98
37 BACA 20.223.558.000.000 1.640.391.000.000 7.070.141.850 376 1,05
38 BANK 721.397.000.000 641.274.000.000 0 0 0,11
39 2020 BBHI 2.586.663.487.991 347.066.458.180 4.184.431.795 424 1,55
40 BBKP 79.938.578.000.000 8.466.442.000.000 32.673.251.194 575 1,13
41 BBYB 5.421.324.398.438 1.120.619.280.316 6.661.795.239 298 1,16
42 BKSW 18.297.700.000.000 4.112.442.000.000 20.436.685.984 106 0,89
43 BTPN 183.165.978.000.000 32.964.753.000.000 8.148.928.869 3.110 0,96
44 NISP 206.297.200.000.000 29.829.316.000.000 22.945.296.972 820 0,95
45 AGRO 16.866.522.655.000 2.457.663.179.000 22.520.054.593 1.810 3,27
46 ARTO 12.312.422.000.000 8.249.455.000.000 13.717.687.500 16.000 18,16
47 BABP 14.015.360.000.000 2.365.457.000.000 29.117.431.104 186 1,22
48 BACA 22.325.883.000.000 2.122.771.000.000 7.007.631.739 266 0,99
49 BANK 2.173.162.000.000 1.046.327.000.000 13.133.825.946 2.290 14,36
50 2021 BBHI 4.649.357.148.732 1.303.270.902.833 11.566.104.235 7.075 18,32
51 BBKP 89.215.674.000.000 13.205.904.000.000 67.019.885.160 270 1,05
52 BBYB 11.337.808.684.383 2.889.828.269.421 9.327.465.018 2.630 2,91
53 BKSW 17.701.527.000.000 4.026.548.000.000 20.232.319.124 192 0,99
54 BTPN 191.917.794.000.000 36.078.927.000.000 8.066.054.461 2.620 0,92
55 NISP 214.395.608.000.000 32.327.571.000.000 22.715.776.032 670 0,92
 Lampiran 4.
Perhitungan Cummulative Abnormal Return (CAR)
Ticker Periode Harga Return Saham Return IHSG Cummulative Abnormal
IHSG
Code Pengamatan Saham (Ri,t) (Rm,t) Return (CAR)
H-5 372 5.905
H-4 352 5.683 -0,05376344 -0,03759526 -0,01616818
H-3 358 5.776 0,01704545 0,01636460 0,00068086
H-2 354 5.851 -0,01117318 0,01298476 -0,02415795
H-1 352 5.831 -0,00564972 -0,00341822 -0,00223150
AGRO
12-Sep-18 350 5.798 -0,00568182 -0,00565941 -0,00002241
HMETD 1
H+1 356 5.858 0,01714286 0,01034840 0,00679446
H+2 376 5.931 0,05617978 0,01246159 0,04371818
H+3 374 5.824 -0,00531915 -0,01804080 0,01272165
H+4 374 5.811 0,00000000 -0,00223214 0,00223214
H+5 376 5.873 0,00534759 0,01066942 -0,00532183
CAR HMETD 1 AGRO 0,01824543
H-5 2.080 6.691
H-4 2.100 6.651 0,00961538 -0,00597818 0,01559356
H-3 2.130 6.616 0,01428571 -0,00526237 0,01954808
H-2 2.240 6.651 0,05164319 0,00529021 0,04635299
H-1 2.240 6.675 0,00000000 0,00360848 -0,00360848
AGRO
18-Nov-21 2.260 6.636 0,00892857 -0,00584270 0,01477127
HMETD 2
H+1 2.150 6.720 -0,04867257 0,01265823 -0,06133079
H+2 2.100 6.723 -0,02325581 0,00044643 -0,02370224
H+3 2.030 6.677 -0,03333333 -0,00684218 -0,02649115
H+4 2.090 6.683 0,02955665 0,00089861 0,02865804
H+5 2.160 6.699 0,03349282 0,00239413 0,03109869
CAR HMETD 2 AGRO 0,04088997
H-5 2.870 3.989
H-4 3.580 3.937 0,24738676 -0,01303585 0,26042261
H-3 3.370 4.338 -0,05865922 0,10185420 -0,16051342
H-2 3.140 4.545 -0,06824926 0,04771784 -0,11596710
H-1 590 4.414 -0,81210191 -0,02882288 -0,78327903
ARTO
31-Mar-20 735 4.538 0,24576271 0,02809243 0,21767028
HMETD 1
H+1 915 4.466 0,24489796 -0,01586602 0,26076398
H+2 1.140 4.531 0,24590164 0,01455441 0,23134723
H+3 1.200 4.623 0,05263158 0,02030457 0,03232701
H+4 1.120 4.811 -0,06666667 0,04066623 -0,10733290
H+5 1.045 4.778 -0,06696429 -0,00685928 -0,06010500
CAR HMETD 1 ARTO -0,22466635
H-5 10.000 6.338
H-4 10.250 6.359 0,02500000 0,00331335 0,02168665
H-3 10.950 6.376 0,06829268 0,00267338 0,06561931
H-2 11.100 6.290 0,01369863 -0,01348808 0,02718671
H-1 9.500 6.258 -0,14414414 -0,00508744 -0,13905670
ARTO
08-Mar-21 9.700 6.248 0,02105263 -0,00159795 0,02265059
HMETD 2
H+1 10.225 6.199 0,05412371 -0,00784251 0,06196622
H+2 10.975 6.264 0,07334963 0,01048556 0,06286407
H+3 11.375 6.358 0,03644647 0,01500639 0,02144008
H+4 10.850 6.324 -0,04615385 -0,00534759 -0,04080625
H+5 10.100 6.309 -0,06912442 -0,00237192 -0,06675251
CAR HMETD 2 ARTO 0,03679817
Lampiran 4. Perhitungan Cummulative Abnormal Return (CAR) … lanjutan
Ticker Periode Harga Return Saham Return IHSG Cummulative Abnormal
IHSG
Code Pengamatan Saham (Ri,t) (Rm,t) Return (CAR)
H-5 57 6.014
H-4 55 6.088 -0,03508772 0,01230462 -0,04739234
H-3 55 6.069 0,00000000 -0,00312089 0,00312089
H-2 53 6.106 -0,03636364 0,00609656 -0,04246019
H-1 54 5.993 0,01886792 -0,01850639 0,03737431
BABP
20-Jun-18 53 5.884 -0,01851852 -0,01818789 -0,00033063
HMETD 1
H+1 53 5.822 0,00000000 -0,01053705 0,01053705
H+2 51 5.821 -0,03773585 -0,00017176 -0,03756409
H+3 52 5.859 0,01960784 0,00652809 0,01307976
H+4 52 5.825 0,00000000 -0,00580304 0,00580304
H+5 51 5.787 -0,01923077 -0,00652361 -0,01270716
CAR HMETD 1 BABP -0,07053937
H-5 50 6.026
H-4 50 6.023 0,00000000 -0,00049784 0,00049784
H-3 50 5.953 0,00000000 -0,01162212 0,01162212
H-2 50 6.011 0,00000000 0,00974299 -0,00974299
H-1 50 6.130 0,00000000 0,01979704 -0,01979704
BABP
03-Dec-19 50 6.133 0,00000000 0,00048940 -0,00048940
HMETD 2
H+1 50 6.112 0,00000000 -0,00342410 0,00342410
H+2 50 6.152 0,00000000 0,00654450 -0,00654450
H+3 50 6.186 0,00000000 0,00552666 -0,00552666
H+4 50 6.193 0,00000000 0,00113159 -0,00113159
H+5 50 6.183 0,00000000 -0,00161473 0,00161473
CAR HMETD 2 BABP -0,02607339
H-5 382 6.126
H-4 362 6.126 -0,05235602 0,00000000 -0,05235602
H-3 380 6.112 0,04972376 -0,00228534 0,05200910
H-2 354 6.026 -0,06842105 -0,01407068 -0,05435037
H-1 334 6.068 -0,05649718 0,00696980 -0,06346697
BABP
10-Sep-21 348 6.094 0,04191617 0,00428477 0,03763140
HMETD 3
H+1 352 6.088 0,01149425 -0,00098457 0,01247883
H+2 332 6.129 -0,05681818 0,00673456 -0,06355274
H+3 330 6.110 -0,00602410 -0,00310002 -0,00292408
H+4 330 6.109 0,00000000 -0,00016367 0,00016367
H+5 328 6.133 -0,00606061 0,00392863 -0,00998924
CAR HMETD 3 BABP -0,14435644
H-5 326 6.342
H-4 316 6.288 -0,03067485 -0,00851466 -0,02216018
H-3 326 6.417 0,03164557 0,02051527 0,01113030
H-2 338 6.416 0,03680982 -0,00015584 0,03696565
H-1 330 6.481 -0,02366864 0,01013092 -0,03379956
BACA
11-Oct-21 322 6.459 -0,02424242 -0,00339454 -0,02084789
HMETD 1
H+1 318 6.486 -0,01242236 0,00418021 -0,01660257
H+2 296 6.536 -0,06918239 0,00770891 -0,07689130
H+3 300 6.626 0,01351351 0,01376989 -0,00025638
H+4 312 6.633 0,04000000 0,00105644 0,03894356
H+5 328 6.658 0,05128205 0,00376903 0,04751302
CAR HMETD 1 BACA -0,03600535
Lampiran 4. Perhitungan Cummulative Abnormal Return (CAR) … lanjutan
Ticker Periode Harga Return Saham Return IHSG Cummulative Abnormal
IHSG
Code Pengamatan Saham (Ri,t) (Rm,t) Return (CAR)
H-5 2.620 6.636
H-4 2.570 6.720 -0,01908397 0,01265823 -0,03174220
H-3 2.740 6.723 0,06614786 0,00044643 0,06570143
H-2 2.670 6.677 -0,02554745 -0,00684218 -0,01870526
H-1 2.690 6.683 0,00749064 0,00089861 0,00659203
BANK
25-Nov-21 2.760 6.699 0,02602230 0,00239413 0,02362817
HMETD 1
H+1 2.630 6.561 -0,04710145 -0,02060009 -0,02650136
H+2 2.730 6.608 0,03802281 0,00716354 0,03085927
H+3 2.800 6.533 0,02564103 -0,01134988 0,03699090
H+4 2.610 6.507 -0,06785714 -0,00397979 -0,06387735
H+5 2.630 6.583 0,00766284 0,01167973 -0,00401689
CAR HMETD 1 BANK 0,01892875
H-5 165 5.934
H-4 163 6.001 -0,01212121 0,01129087 -0,02341208
H-3 164 6.088 0,00613497 0,01449758 -0,00836261
H-2 164 6.069 0,00000000 -0,00312089 0,00312089
H-1 168 6.106 0,02439024 0,00609656 0,01829369
BBHI
08-Jun-18 165 5.993 -0,01785714 -0,01850639 0,00064924
HMETD 1
H+1 160 5.884 -0,03030303 -0,01818789 -0,01211514
H+2 170 5.822 0,06250000 -0,01053705 0,07303705
H+3 174 5.821 0,02352941 -0,00017176 0,02370117
H+4 165 5.859 -0,05172414 0,00652809 -0,05825223
H+5 161 5.825 -0,02424242 -0,00580304 -0,01843939
CAR HMETD 1 BBHI -0,00177940
H-5 7.675 6.643
H-4 7.975 6.652 0,03908795 0,00135481 0,03773314
H-3 7.875 6.662 -0,01253918 0,00150331 -0,01404249
H-2 7.375 6.615 -0,06349206 -0,00705494 -0,05643713
H-1 6.950 6.626 -0,05762712 0,00166289 -0,05929001
BBHI
16-Dec-21 7.225 6.594 0,03956835 -0,00482946 0,04439781
HMETD 2
H+1 7.225 6.601 0,00000000 0,00106157 -0,00106157
H+2 6.850 6.547 -0,05190311 -0,00818058 -0,04372254
H+3 7.000 6.554 0,02189781 0,00106919 0,02082862
H+4 6.875 6.529 -0,01785714 -0,00381446 -0,01404268
H+5 6.675 6.555 -0,02909091 0,00398223 -0,03307314
CAR HMETD 2 BBHI -0,11870999
H-5 402 5.872
H-4 404 5.915 0,00497512 0,00732289 -0,00234776
H-3 406 5.931 0,00495050 0,00270499 0,00224551
H-2 408 5.933 0,00492611 0,00033721 0,00458890
H-1 404 5.946 -0,00980392 0,00219113 -0,01199506
BBKP
27-Jul-18 434 5.989 0,07425743 0,00723175 0,06702567
HMETD 1
H+1 440 6.027 0,01382488 0,00634497 0,00747992
H+2 424 5.936 -0,03636364 -0,01509872 -0,02126491
H+3 420 6.033 -0,00943396 0,01634097 -0,02577493
H+4 404 6.011 -0,03809524 -0,00364661 -0,03444863
H+5 400 6.007 -0,00990099 -0,00066545 -0,00923554
CAR HMETD 1 BBKP -0,02372684
 Lampiran 4.
Perhitungan Cummulative Abnormal Return (CAR) … lanjutan
Ticker Periode Harga Return Saham Return IHSG Cummulative Abnormal
IHSG
Code Pengamatan Saham (Ri,t) (Rm,t) Return (CAR)
H-5 180 5.145
H-4 180 5.082 0,00000000 -0,01224490 0,01224490
H-3 185 5.116 0,02777778 0,00669028 0,02108750
H-2 179 5.097 -0,03243243 -0,00371384 -0,02871859
H-1 179 5.111 0,00000000 0,00274671 -0,00274671
BBKP
30-Jul-20 178 5.149 -0,00558659 0,00743494 -0,01302154
HMETD 2
H+1 171 5.006 -0,03932584 -0,02777238 -0,01155346
H+2 178 5.075 0,04093567 0,01378346 0,02715221
H+3 178 5.127 0,00000000 0,01024631 -0,01024631
H+4 182 5.178 0,02247191 0,00994734 0,01252457
H+5 193 5.143 0,06043956 -0,00675937 0,06719893
CAR HMETD 2 BBKP 0,07392150
H-5 310 6.699
H-4 314 6.561 0,01290323 -0,02060009 0,03350332
H-3 304 6.608 -0,03184713 0,00716354 -0,03901068
H-2 298 6.533 -0,01973684 -0,01134988 -0,00838696
H-1 286 6.507 -0,04026846 -0,00397979 -0,03628866
BBKP
02-Dec-21 296 6.583 0,03496503 0,01167973 0,02328531
HMETD 3
H+1 296 6.538 0,00000000 -0,00683579 0,00683579
H+2 304 6.547 0,02702703 0,00137657 0,02565046
H+3 300 6.602 -0,01315789 0,00840079 -0,02155869
H+4 298 6.603 -0,00666667 0,00015147 -0,00681814
H+5 312 6.643 0,04697987 0,00605785 0,04092201
CAR HMETD 3 BBKP 0,01813376
H-5 276 5.951
H-4 276 5.939 0,00000000 -0,00201647 0,00201647
H-3 274 6.032 -0,00724638 0,01565920 -0,02290558
H-2 274 6.057 0,00000000 0,00414456 -0,00414456
H-1 272 6.098 -0,00729927 0,00676903 -0,01406830
BBYB
28-May-19 272 6.033 0,00000000 -0,01065923 0,01065923
HMETD 1
H+1 272 6.104 0,00000000 0,01176861 -0,01176861
H+2 272 6.209 0,00000000 0,01720183 -0,01720183
H+3 278 6.289 0,02205882 0,01288452 0,00917430
H+4 276 6.305 -0,00719424 0,00254412 -0,00973837
H+5 270 6.276 -0,02173913 -0,00459952 -0,01713961
CAR HMETD 1 BBYB -0,07511685
H-5 230 4.925
H-4 248 4.942 0,07826087 0,00345178 0,07480909
H-3 252 4.918 0,01612903 -0,00485633 0,02098537
H-2 258 4.879 0,02380952 -0,00793005 0,03173958
H-1 244 4.964 -0,05426357 0,01742160 -0,07168517
BBYB
25-Jun-20 236 4.896 -0,03278689 -0,01369863 -0,01908826
HMETD 2
H+1 240 4.904 0,01694915 0,00163399 0,01531517
H+2 242 4.901 0,00833333 -0,00061175 0,00894508
H+3 238 4.905 -0,01652893 0,00081616 -0,01734509
H+4 244 4.914 0,02521008 0,00183486 0,02337522
H+5 256 4.966 0,04918033 0,01058201 0,03859832
CAR HMETD 2 BBYB 0,10564931
 Lampiran 4.
Perhitungan Cummulative Abnormal Return (CAR) … lanjutan
Ticker Periode Harga Return Saham Return IHSG Cummulative Abnormal
IHSG
Code Pengamatan Saham (Ri,t) (Rm,t) Return (CAR)
H-5 442 6.043
H-4 426 6.050 -0,03619910 0,00115837 -0,03735746
H-3 420 5.999 -0,01408451 -0,00842975 -0,00565475
H-2 424 6.047 0,00952381 0,00800133 0,00152248
H-1 510 6.107 0,20283019 0,00992228 0,19290791
BBYB
11-Jun-21 476 6.095 -0,06666667 -0,00196496 -0,06470171
HMETD 3
H+1 458 6.080 -0,03781513 -0,00246103 -0,03535409
H+2 436 6.089 -0,04803493 0,00148026 -0,04951520
H+3 452 6.078 0,03669725 -0,00180654 0,03850378
H+4 440 6.068 -0,02654867 -0,00164528 -0,02490339
H+5 424 6.007 -0,03636364 -0,01005274 -0,02631090
CAR HMETD 3 BBYB -0,01086334
H-5 2.110 6.677
H-4 2.110 6.683 0,00000000 0,00089861 -0,00089861
H-3 2.220 6.699 0,05213270 0,00239413 0,04973857
H-2 2.170 6.561 -0,02252252 -0,02060009 -0,00192243
H-1 2.350 6.608 0,08294931 0,00716354 0,07578577
BBYB
30-Nov-21 2.280 6.533 -0,02978723 -0,01134988 -0,01843736
HMETD 4
H+1 2.310 6.507 0,01315789 -0,00397979 0,01713769
H+2 2.150 6.583 -0,06926407 0,01167973 -0,08094380
H+3 2.200 6.538 0,02325581 -0,00683579 0,03009160
H+4 2.750 6.547 0,25000000 0,00137657 0,24862343
H+5 2.700 6.602 -0,01818182 0,00840079 -0,02658261
CAR HMETD 4 BBYB 0,29259225
H-5 204 5.975
H-4 218 6.068 0,06862745 0,01556485 0,05306260
H-3 226 6.001 0,03669725 -0,01104153 0,04773878
H-2 228 5.983 0,00884956 -0,00299950 0,01184906
H-1 218 6.014 -0,04385965 0,00518135 -0,04904100
BKSW
05-Jun-18 220 6.088 0,00917431 0,01230462 -0,00313031
HMETD 1
H+1 220 6.069 0,00000000 -0,00312089 0,00312089
H+2 210 6.106 -0,04545455 0,00609656 -0,05155110
H+3 210 5.993 0,00000000 -0,01850639 0,01850639
H+4 216 5.884 0,02857143 -0,01818789 0,04675931
H+5 216 5.822 0,00000000 -0,01053705 0,01053705
CAR HMETD 1 BKSW 0,08785167
 Lampiran 5.
Perhitungan Ukuran Perusahaan (Ln Total Asset)
No. Data Tahun Ticker Code Total Asset Ln (Total Asset)
1 AGRO 16.322.593.372.000 30,42
2 ARTO 837.226.943.492 27,45
3 BABP 10.706.094.000.000 30,00
4 BACA 16.349.473.000.000 30,43
5 BANK 1.275.648.000.000 27,87
6 2017 BBHI 2.458.823.912.630 28,53
7 BBKP 106.442.999.000.000 32,30
8 BBYB 5.004.795.018.159 29,24
9 BKSW 24.635.233.000.000 30,84
10 BTPN 95.489.850.000.000 32,19
11 NISP 153.773.957.000.000 32,67
12 AGRO 23.313.671.252.000 30,78
13 ARTO 664.673.471.410 27,22
14 BABP 10.854.855.000.000 30,02
15 BACA 18.019.614.000.000 30,52
16 BANK 661.912.000.000 27,22
17 2018 BBHI 2.264.172.563.518 28,45
18 BBKP 95.643.923.000.000 32,19
19 BBYB 4.533.729.146.622 29,14
20 BKSW 20.486.926.000.000 30,65
21 BTPN 101.919.301.000.000 32,26
22 NISP 173.582.894.000.000 32,79
23 AGRO 27.067.922.912.000 30,93
24 ARTO 1.321.057.000.000 27,91
25 BABP 10.607.879.000.000 29,99
26 BACA 18.959.622.000.000 30,57
27 BANK 715.623.000.000 27,30
28 2019 BBHI 2.527.173.168.770 28,56
29 BBKP 100.264.248.000.000 32,24
30 BBYB 5.123.734.649.117 29,26
31 BKSW 23.021.785.000.000 30,77
32 BTPN 181.631.385.000.000 32,83
33 NISP 180.706.987.000.000 32,83
34 AGRO 28.015.492.262.000 30,96
35 ARTO 2.179.873.000.000 28,41
36 BABP 11.652.904.000.000 30,09
37 BACA 20.223.558.000.000 30,64
38 BANK 721.397.000.000 27,30
39 2020 BBHI 2.586.663.487.991 28,58
40 BBKP 79.938.578.000.000 32,01
41 BBYB 5.421.324.398.438 29,32
42 BKSW 18.297.700.000.000 30,54
43 BTPN 183.165.978.000.000 32,84
44 NISP 206.297.200.000.000 32,96
45 AGRO 16.866.522.655.000 30,46
46 ARTO 12.312.422.000.000 30,14
47 BABP 14.015.360.000.000 30,27
48 BACA 22.325.883.000.000 30,74
49 BANK 2.173.162.000.000 28,41
50 2021 BBHI 4.649.357.148.732 29,17
51 BBKP 89.215.674.000.000 32,12
52 BBYB 11.337.808.684.383 30,06
53 BKSW 17.701.527.000.000 30,50
54 BTPN 191.917.794.000.000 32,89
55 NISP 214.395.608.000.000 33,00
 Lampiran 6.
Sampel Laporan Keuangan Perusahaan Perbankan Digital
 Lampiran 7.
Sampel Laporan Keuangan Perusahaan Perbankan Digital
 Lampiran 8.
Hasil Pengujian Model EViews (Tahap 1)

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 0.858397 (10,41) 0.5777

Cross-section Chi-square 10.455258 10 0.4015

Cross-section fixed effects test equation:

Dependent Variable: ROA
Method: Panel Least Squares
Date: 01/10/23 Time: 15:52
Sample: 2017 2021
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55

Variable Coefficient Std. Error t-Statistic Prob.

C -0.168266 0.107745 -1.561713 0.1245

MVBVA 0.000155 6.74E-06 23.03869 0.0000
CAR -0.091765 0.117680 -0.779787 0.4391
SIZE 0.005149 0.003547 1.451987 0.1526

R-squared 0.924812 Mean dependent var 0.009649

Adjusted R-squared 0.920389 S.D. dependent var 0.158134
S.E. of regression 0.044618 Akaike info criterion -3.311404
Sum squared resid 0.101530 Schwarz criterion -3.165416
Log likelihood 95.06360 Hannan-Quinn criter. -3.254949
F-statistic 209.1002 Durbin-Watson stat 1.700268
Prob(F-statistic) 0.000000
 Lampiran 9.
Hasil Uji Simultan EViews (Tahap 1)

Dependent Variable: ROA

Method: Panel Least Squares
Date: 01/10/23 Time: 16:18
Sample: 2017 2021
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55

Variable Coefficient Std. Error t-Statistic Prob.

C -0.168266 0.107745 -1.561713 0.1245

MVBVA 0.000155 6.74E-06 23.03869 0.0000
CAR -0.091765 0.117680 -0.779787 0.4391
SIZE 0.005149 0.003547 1.451987 0.1526

R-squared 0.924812 Mean dependent var 0.009649

Adjusted R-squared 0.920389 S.D. dependent var 0.158134
S.E. of regression 0.044618 Akaike info criterion -3.311404
Sum squared resid 0.101530 Schwarz criterion -3.165416
Log likelihood 95.06360 Hannan-Quinn criter. -3.254949
F-statistic 209.1002 Durbin-Watson stat 1.700268
Prob(F-statistic) 0.000000
 Lampiran 10.
Hasil Pengujian Model EViews (Tahap 2)

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 3.640186 (10,40) 0.0016

Cross-section Chi-square 35.592014 10 0.0001

Cross-section fixed effects test equation:

Dependent Variable: PBV
Method: Panel Least Squares
Date: 01/10/23 Time: 16:16
Sample: 2017 2021
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55

Variable Coefficient Std. Error t-Statistic Prob.

C 25.39166 23.99610 1.058158 0.2951

MVBVA 0.007212 0.004951 1.456524 0.1515
CAR -100.4186 25.75595 -3.898849 0.0003
SIZE -0.708298 0.787405 -0.899535 0.3727
ROA -50.42885 30.46607 -1.655246 0.1041

R-squared 0.284017 Mean dependent var 4.868402

Adjusted R-squared 0.226738 S.D. dependent var 11.03952
S.E. of regression 9.707635 Akaike info criterion 7.470210
Sum squared resid 4711.909 Schwarz criterion 7.652695
Log likelihood -200.4308 Hannan-Quinn criter. 7.540779
F-statistic 4.958506 Durbin-Watson stat 1.156922
Prob(F-statistic) 0.001910
 Lampiran 11.
Hasil Uji Simultan EViews (Tahap 2)

Dependent Variable: PBV

Method: Panel Least Squares
Date: 01/10/23 Time: 16:22
Sample: 2017 2021
Periods included: 5
Cross-sections included: 11
Total panel (balanced) observations: 55

Variable Coefficient Std. Error t-Statistic Prob.

C -402.6368 80.19437 -5.020761 0.0000

MVBVA 0.018291 0.004934 3.707377 0.0006
CAR -101.3164 23.22599 -4.362199 0.0001
SIZE 13.41120 2.644380 5.071586 0.0000
ROA -43.04079 27.10368 -1.588005 0.1202

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.625149 Mean dependent var 4.868402

Adjusted R-squared 0.493951 S.D. dependent var 11.03952
S.E. of regression 7.853197 Akaike info criterion 7.186719
Sum squared resid 2466.908 Schwarz criterion 7.734174
Log likelihood -182.6348 Hannan-Quinn criter. 7.398424
F-statistic 4.764927 Durbin-Watson stat 1.487108
Prob(F-statistic) 0.000049