jurnal lq dan shift share(perekonomian indonesia)

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  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    1/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO

    PHLA]AD SH^EBMH >33?)>313

    'MHDOAD SHDMHKA]ADLB@A]EBD QXB]EHD]MAD

    PGEJ] PGA^H%

    Ixgaiiam Amai, Phda Saixfe1

    Xdezh~pe}ap Eplai Dhoh~e Pua~ej Gemaua}xllag Faka~}a

    phdaRjhnxedCuagbb$`bi

    ANP]^A@]

    ]gh ~hpha~`g jb~ }gep sash~ }bbk sla`h ed Pbx}g ]adoh~ado, }eih sh~ebm bj >33?)>313$ ]gh aei bj }gh p}xmu ep

    }b mh}h~iedh }gh ~hoebdal lhamedo ph`}b~ bj Pbx}g ]adoh~ado ap }gh edjb~ia}ebd adm `bdpemh~a}ebdp ed

    sladdedo h`bdbie` mhzhlbsihd}$ Ma}a xphm ed }gep p}xmu wap ph`bdma~u ma}a oa}gh~hm j~bi NSP, EdmbdhpeadNadk adm b}gh~ pbx~`hp$ Lb`a}ebd Qxb}ehd} 'LQ% adm Pgej} Pga~h a~h }bblp bj adalupep$ Lb`a}ebd Qxb}ehd}adalupep edme`a}hp6 1% `bdp}~x`}ebd, >% }~amh, gb}hl, adm ~hp}ax~ad}, 0%}~adpsb~}a}ebd adm `biixde`a}ebd, =%

    nadk, jedad`h adm `b~sb~a}h, 8% ph~ze`hp a~h naph ph`}b~p ed }gh Pbx}g ]adoh~ado @e}u$ Pgej} Pga~h adalupepedme`a}hp }ga} }gh `bish}e}ezh ph`}b~p a~h `bdp}~x`}ebd adm `biixde`a}ebd$

    Khuwb~mp6 Lb a}ebd Qxb}ehd} 'LQ%, Pgej} Pga~h, Mhzhlbsihd}, Lhamedo Ph`}b~

    SHDMAGXLXAD

    Shinadoxdad sama gakeka}dua amalag xpaga xd}xk ihd es}akad

    khphfag}h~aad ~akua}$ Me Dhoa~a Dhoa~a nh~khinado shinadoxdad lhneg

    mejbkxpkad sama shinadoxdad hkbdbie, gal ede mephnankad }h~famedua

    kh}h~nhlakadoad hkbdbie$ Shinadoxdad me nemado hkbdbie masa} ihdmxkxdo

    shd`asaead }xfxad a}ax ihdmb~bdo sh~xnagad sh~xnagad a}ax shina~xad

    nemado khgemxsad laeddua 'Vxgae~ad, >3136:3%$

    Palag pa}x edme`a}b~ khnh~gapelad shlakpadaad shinadoxdad uado masa}

    mefamekad }blak xkx~ ph`a~a iak~b amalag sh~}xinxgad hkbdbie$ Sh~}xinxgad

    hkbdbie amalag phnaoead ma~e sh~khinadoad khphfag}h~aad iapua~aka} uado

    mexkx~ mhdoad nhpa~dua sh~}xinxgad s~bmxk mbihp}e` ~hoebdal n~x}b sh~ kase}a

    'SM^N sh~ kase}a% 'Va~ep, 157?67>%$ ]edooedua }edoka} sh~}xinxgad hkbdbie

    uado me}xdfxkkad mhdoad }edooedua delae SM^N ihdxdfxkkad nagwa mah~ag

    }h~phnx} ihdoalaie khiafxad malai sh~hkbdbiead$ Akad }h}ase, ihpkesxd

    1 Iagapepwa Phihp}h~ ZEE, fx~xpad Elix Hkbdbie P}xme Shinadoxdad$ ]h~me~ema~e kbdphd}~ape hkbdbie pua~eag mad hkbdbie shinadoxdad

    1

    mailto:[email protected]:[email protected]
  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    2/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    mhiekead }hlag meoxdakad phnaoae edme`a}b~ shinadoxdad, sh~}xinxgad hkbdbie

    iapeg nh~peja} xixi mad nhlxi ihd`h~iedkad khiaisxad iapua~aka} ph`a~a

    edmezemxal$ Sh~}xinxgad hkbdbie pxa}x mah~ag masa} me`h~iedkad ma~e SM^N,

    naek a}ap mapa~ ga~oa uado nh~lakx a}axsxd a}ap mapa~ ga~oa kbdp}ad$

    SM^N a}ap mapa~ ga~oa uado nh~lakx me iada delae ma~e SM^N }h~phnx}

    iapeg meshdoa~xge blhg }edoka} edjlape$ Phmadokad SM^N a}ap mapa~ ga~oa kbdp}ad

    me iada delae SM^N pxmag }emak meshdoa~xge blhg }edoka} edjlape$

    Nad}hd phnaoae palag pa}x s~bzedpe uado mhka} mhdoad enxkb}a Faka~}a

    ihdfamekaddua pxa}x mah~ag uado ihda~ek phnaoae nagad shdhle}ead$ Mhdoad lxap

    welauag phlxap 5$::>,5>ki> S~bzedpe ede ihieleke fxilag shdmxmxk uado

    }h~oblbdo `xkxs naduak uakde phnhpa~ 13$:0>$1:: fewa, daixd feka melega} phkelap

    kbdmepe ede lhneg naek menadmedokad s~bzedpe MKE Faka~}a uado ihieleke lxap

    welauag uado lhneg kh`el 'gadua ::=,31ki>% mhdoad fxilag shdmxmxk phnaduak

    5$:3?$?7? fewa$

    Sh~}xinxgad hkbdbie s~bzedpe Nad}hd phlaia sh~ebmh >33?)>313

    ihdoalaie khdaekad 'phsh~}e uado }h~lega} sama }anhl 1$1%$

    Ma~e }anhl }h~phnx} masa} melega} nagwa sama }agxd >33? }b}al SM^N a}ap

    mapa~ ga~oa kbdp}ad uado meieleke blhg Nad}hd amalag uado }h~hdmag menadmedo

    sh~ebmh laeddua mad }agxd >313 ih~xsakad sh~ebmh mhdoad }b}al SM^N }h~}edooe

    menadmedokad mhdoad sh~ebmh phnhlxidua$ Sama }agxd >33? }b}al SM^N uado

    meieleke blhg Nad}hd amalag phnhpa~ ^s$ :8$3=:$??8,?7 fx}a me iada edmxp}~u

    shdoblagad ih~xsakad ph`}b~ }h~nhpa~ shduxinado SM^N mad ph`}b~

    sh~}ainadoad mad shdooalead ih~xsakad ph`}b~ mhdoad kbd}~enxpe }h~kh`el sama

    sh~ebmh }h~phnx}$ Mad sama }agxd >313 }b}al SM^N Nad}hd amalag phnhpa~ ^s$

    ?:$03?$333 fx}a mhdoad kbd}~enxpe }h~}edooe mepxinado blhg ph`}b~ edmxp}~u madshdoblagad phmadokad ph`}b~ mhdoad kbd}~enxpe }h~hdmag amalag ph`}b~

    sh~}ainadoad mad shdooalead$ Ede ihdxdfxkkad nagwa ma~e }agxd >33?)>313

    }hlag }h~fame shdedoka}ad sama SM^N S~bzedpe Nad}hd ihpkesxd }emak }h~fame

    sh~xnagad p}~xk}x~ hkbdbie sama s~bzedpe Nad}hd$

    >

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    3/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    ]anhl 1$1 S~bmxk Mbihp}ek ^hoebdal N~x}b A}ap Mapa~ Ga~oa Kbdp}ad >333 Ihdx~x}

    Lasadoad Xpaga S~bzedpe Nad}hd >33? >313

    Pxinh~6 NSP, S~bzedpe Nad}hd ]agxd >33? >313 'meblag%Kh}$ Malai pa}xad fx}a

    &%6 Adoka Phihd}a~a

    Mhdoad menh~lakxkaddua XX Db$ >> ]agxd 1555 }hd}ado Shih~ed}ag

    Mah~ag, mad XX Db$ >8 ]agxd 1555 }hd}ado Sh~einadoad Khxadoad Ad}a~a

    Shih~ed}ag Sxpa} mad Mah~ag$ Uado sama sh~faladadddua meoad}e ihdfame XX Db$

    0> mad XX Db$ 00 ]agxd >33=, iaka shih~ed}agad mah~ag me Edmbdhpea ihieleke

    khwhdadoad uado phlxap)lxapdua malai shlakpadaad shih~ed}agad mad

    shdoa}x~ad khxadoad mah~agdua iapedo)iapedo$ Mhdoad mhiekead, sh~}xinxgad

    mah~ag mega~askad ihdfame lhneg bs}eial mad iaisx ihdox~adoe mepsa~e}ap uado

    }h~fame ad}a~a mah~ag$

    Nh~kae}ad mhdoad gal }h~phnx}, Kb}a ]adoh~ado Phla}ad ih~xsakad phnxag

    kb}a uado }h~nhd}xk ka~hda }h~famedua shihka~ad ma~e welauag phnhlxidua

    'welauag Kanxsa}hd ]adoh~ado%$

    0

    Phk}b~ >33? >337 >335 >313&

    Sh~}adead 8$>=>$083,=7 8$=37$7:1,?0 8$:=1$533,83 8$5?=$333Sh~}ainadoad*

    Shdooalead

    :5$>5>,?? ?5$181,1> 53$158,81 57$333

    Edmxp}~e

    Shdoblagad

    01$=5:$?81,?8 0>$>>8$3?8 0>$?3?$801,>: 00$??5$333

    Lep}~ek, Oap *

    Ae~ Nh~peg

    >$:>5$871,0> >$738$?5>,83 >$5>>$8=5,37 0$>73$333

    Nadoxdad 1$773$>?0,5= >$313$077,8: >$>3=$8>0,=1 >$0:3$333

    Sh~maoadoad,

    Gb}hl, *

    ^hp}b~ad

    1>$733$733,7: 1=$>3>$55:,83 18$1>?$517,>: 1:$>??$333

    Shdoadokx}ad* Kbixdekape

    8$?73$8:5,50 :$>33$:?8,01 :$7??$17?,:1 ?$?15$333

    Khxadoad,

    Sh~phwaad, *

    Fapa Sh~xpagaad

    >$107$3:1,?? >$=75$7?8,?7 >$7>>$8:3,15 0$31=$333

    Fapa fapa 0$335$35>,5: 0$073$350,85 0$:0:$?8=,73 0$73:$333

    ]b}al SM^N

    AMGK

    :8$3=:$??8,?? :7$73>$513,03 ?>$301$1>3,:1 ?:$03?$333

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    4/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Sh~}xinxgad hkbdbie me kb}a ]adoh~ado Phla}ad phlaia kx~xd wak}x

    nhnh~asa }agxd }h~akge~ ede phlalx ihdoalaie khdaekad, walaxsxd khdaekad e}x

    }emak peodejekad$ Kbdmepe }h~phnx} masa} melega} ma~e }anhl 1$>$

    ]anhl 1$>

    S~bmxk Mbihp}ek ^hoebdal N~x}b

    A$M$G Kbdp}ad >333 Ihdx~x} Lasadoad Xpaga

    ]agxd >33? ) >313 'Fx}a ^xseag%

    Phk}b~]agxd

    >33? >337 >335 >313

    Sh~}adead =?$3?5 =:$71:,18 =?$85>,5> =7$:08,5?

    Sh~}ainadoad

    *Shdooalead

    1$151 1$157,?> 1$00:,?= 1$058,=:

    Edmxp}~e Shdoblagad 737$?>= 7>>$?50,78 70:$80=,81 783$750,:>

    Lep}~ek, Oap * Ae~

    Nh~peg

    170$135 17:$0=7,:3 15=$8=:,>5 >3=$01>,=3

    Nadoxdad >57$??5 008$>0>,>5 0??$?05,?8 =>:$?>=,15

    Sh~maoadoad, Gb}hl, *

    ^hp}b~ad

    1$0>1$350 1$=58$?53,73 1$:03$=87,>= 1$?53$>80,7>

    Shdoadokx}ad *

    Kbixdekape

    =>3$5?= =:1$833,71 8>=$?>8,55 85?$=5>,5:

    Khxadoad, Sh~phwaad,

    * Fapa Sh~xpagaad

    =88$>57 810$053,=: 8?8$8?:,:8 :8:$==>,71

    Fapa fapa :0>$:80 :5?$=0=,73 ?85$088,73 73>$>:8,5?

    Kb}a ]adoh~ado

    Phla}ad

    =$1:7$533 =$8:3$83:,83 =$5=?$7::,75 8$0?7$=1?,15

    Pxinh~6 NSP Sxpa}, meblag

    S~bmxk Mbihp}ek ^hoebdal N~x}b 'SM^N% a}ap mapa~ ga~oa kbdp}ad >333

    Kb}a ]adoh~ado Phla}ad sama }agxd >33? amalag phnhpa~ ^s$=$1:7$533 fx}a,

    mhdoad fxilag shdmxmxk sh~}hdoagad }agxd >33? ihd`asae 1$3=>$:7> b~ado$

    Sh~khinadoad SM^N Kb}a ]adoh~ado Phla}ad `hdmh~xdo ihdxdfxkkad

    shdedoka}ad ma~e }agxd kh }agxd mhiekead fxoa mhdoad SM^N sh~ kase}a$

    Lafx sh~}xinxgad SM^N kb}a ]adoh~ado Phla}ad mepxinado blhg 5

    'phinelad% ph`}b~, uae}x6 sh~}adead; sh~}ainadoad mad shdooalead; edmxp}~u

    shdoblagad; lep}~ek, oap, mad ae~ iedxi; nadoxdad mad kbdp}~xkpe; sh~maoadoad,

    gb}hl, mad ~hp}b~ad; adokx}ad mad kbixdekape; nadk mad lhinaoa khxadoad

    laeddua; fapa)fapa$

    Phk}b~ Sh~}adead }h~naoe ihdfame 8 'leia% pxnph`}b~, uae}x6 '1% Pxnphk}b~

    ]adaiad Sadoad, '>% Pxnphk}b~ ]adaiad Sh~khnxdad, '0% Pxnphk}b~ Sh}h~dakad

    =

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    5/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    mad gapel)gapeldua, '=% Pxnphk}b~ Khgx}adad mad Sh~nx~xad, mad '8% Pxnphk}b~

    Sh~ekadad$

    Phk}b~ Sh~}ainadoad mad Shdooalead }h~me~e ma~e = 'hisa}%, uae}x6 '1%

    Pxnphk}b~ shdooalead }adag x~xo, '>% Pxnphk}b~ Shdooalead ]adag Lea}, '0%

    Pxnphk}b~ Shdooalead ]adag Kasx~, '=% Pxnphk}b~ Shdooalead Na}x Kale mad

    ]adag Kasx~$

    Phk}b~ Edmxp}~e mad Shdoblagad }h~me~e ma~e 0 '}eoa% pxnph`}b~, uae}x6 '1%

    Pxnphk}b~ edmxp}~u nhpa~"phmado, '>% Pxnphk}b~ edmxp}~u kh`el, mad '0% Pxnphk}b~

    edmxp}~u ~xiag }adooa$

    Phk}b~ Lep}~ek, Oap, mad Ae~ Nh~peg }h~me~e ma~e > 'mxa%, uae}x6 '1% Pxnphk}b~

    Lep}~ek, mad '>% Pxnphk}b~ Ae~ Iedxi$

    Phk}b~ Sh~maoadoad }h~me~e ma~e 0 '}eoa%, uae}x6 '1% Pxnphk}b~ Sh~maoadoad

    nhpa~ mad h`h~ad, '>% Pxnphk}b~ ~hp}b~ad mad ~xiag iakad, '0% Pxnphk}b~ gb}hl

    mad akbibmape laeddua$

    Phk}b~ Adokx}ad mad Sh~gxnxdoad }h~me~e ma~e 0 '}eoa%, uae}x6 '1%

    Pxnphk}b~ adokx}ad ma~a}, '>% Pxnphk}b~ fapa shdxdfado adokx}ad, mad '0%

    Pxnphk}b~ sbp mad }hlhkbixdekape$

    Phk}b~ Lhinaoa Khxadoad, Sh~phwaad mad fapa sh~xpagaad }h~me~e ma~e 0

    '}eoa%, uae}x6 '1% Pxnphk}b~ nadk mad lhinaoa khxadoad nxkad nadk, '>% pxnph`}b~

    phwa nadoxdad, mad '0% pxnph`}b~ sh~xpagaad$

    Nh~mapa~kad ma}a SM^N }agxd >33?)>313 uado }h~lega} sama }anhl 1$>,

    }h~lega} nagwa p}~xk}x~ hkbdbie Kb}a ]adoh~ado Phla}ad membiedape blhg phk}b~

    lasadoad xpaga sh~maoadoad, gb}hl, mad ~hp}b~ad mad edmxp}~u shdoblagad$ Phk}b~

    laed uado fxoa ihinh~ekad kbd}~enxpe `xkxs nhpa~ amalag fapa)fapa, nadk,

    sh~phwaad mad fapa sh~xpagaad, mad shdoadokx}ad mad kbixdekape$ Hisa} phk}b~laed iapedo)iapedo ihinh~ekad kbd}~enxpe me nawag 13($

    P}~xk}x~ hkbdbie }h~phnx} ihdxdfxkkad nagwa sh~hkbdbiead ]adoh~ado

    Phla}ad membiedape blhg phk}b~ }h~peh~, uae}x shdoadokx}ad mad kbixdekape;

    sh~maoadoad gb}hl mad ~hp}b~ad; fapa)fapa; mad nadk, sh~phwaad mad fapa

    sh~xpagaad mad phk}b~ phkxdmh~ 'edmxp}~e shdoblagad; lep}~ek, oap mad ae~ nh~peg;

    mad kbdp}~xkpe% ihinh~ekad kbd}~enxpe 57(, mad phk}b~ s~eih~ 'sh~}adead;

    8

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    6/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    sh~}ainadoad mad shdooalead% gadua ihinh~ekad kbd}~enxpe kx~ado ma~e >($ Feka

    melega} kh`hdmh~xdoad phfak }agxd >33? gedooa }agxd >313, phk}b~ s~eih~

    ihdoh`el kbd}~enxpedua ph`a~a peodejekad phmadokad phk}b~ phkxdmh~ mad }h~peh~

    ihdedoka} kbd}~enxpedua$

    Feka ihinadmedokad }b}al SM^N S~bzedpe Nad}hd mad Kb}a ]adoh~ado

    Phla}ad }agxd >33? a}ap mapa~ ga~oa kbdp}ad, ke}a masa} ihlega} nagwa delae

    SM^N Kb}a ]adoh~ado Phla}ad lhneg kh el menadmedokad mhdoad delae SM^N

    S~bzedpe Nad}hd$ Gal ede ihinh~e adooasad nagwa S~bzedpe Nad}hd lhneg iakix~

    mad phfag}h~a menadmedokad mhdoad Kb}a ]adoh~ado Phla}ad$ Me iada Nad}hd

    ihieleke Edmxp}~e Shdoblagad phnaoae ph }b~ mhdoad kbd}~enxpe }h~nhpa~

    phmadokad Kb}a ]adoh~ado Phla}ad ihieleke ph`}b~ Sh~maoadoad, gb}hl mad

    ~hp}b~ad phnaoae xfxdo }binakdua$

    Nh~mapa~kad la}a~ nhlakado me a}ap iaka masa} meemhd}ekape

    sh~iapalagaddua amalag phnaoae nh~ekx}6

    1$ Phk}b~ phk}b~ asakag uado ihdfame ph`}b~ napep mad dbd napep malai

    sh~hkbdbiead Kb}a ]adoh~ado Phla}ad$

    >$ Naoaeiadakag sh~xnagad phk}b~ sh~hkbdbiead kb}a ]adoh~ado

    Phla}ad sama sh~ebmh >33?)>313$

    0$ Phk}b~ ph`}b~ hkbdbie iadakag uado sb}hdpeal xd}xk lhneg

    mekhinadokad phnaoae shdxdfado sh~}xinxgad hkbdbie me Kb}a

    ]adoh~ado Phla}ad$

    LADMAPAD ]HB^E

    ]hb~e Amai Pie}g

    Malai }hb~e klapek Amai Pie}g malai Sx~wadedopeg '>3356>=%

    ihdua}akad nagwa palag pa}x ja`}b~ uado ihdhd}xkad sh~}xinxgad hkbdbie

    amalag sh~khinadoad shdmxmxk$ Fxilag shdmxmxk uado nh~}ainag akad

    :

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    7/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    ihish~lxap sadopa sapa~, mad sh~lxapad sapa~ akad ihdedoka}kad pshpealepape

    malai sh~hkbdbiead }h~phnx}$ Lhneg ladfx}, pshpealepape akad ihdedoka}kad

    s~bmxk}eze}ap }hdaoa kh~fa phgedooa ihdedoka}kad xsag mad khxd}xdoad$ Mhdoad

    mhiekead, s~bphp sh~}xinxgad akad }h~xp nh~ladopxdo paisae phlx~xg pxinh~

    maua }h~iadjaa}kad$

    ]hb~e Mazem ^e`a~mb

    Phihd}a~a e}x Mazem ^e a~mb malai Sx~wadedopeg '>3356>=%,

    ihdohixkakad sadmadoad uado nh~nhma mhdoad Amai Pie}g$ Ihdx~x}dua,

    sh~khinadoad shdmxmxk uado nh~falad `hsa} sama akge~dua akad ihdx~xdkad

    khinale }edoka} sh~}xinxgad hkbdbie kh }a~aj uado ~hdmag$ Sbla sh~}xinxgad

    hkbdbie ihdx~x} ^e`a~mb nh~awal ma~e fxilag shdmxmxk ~hdmag mad pxinh~ maua

    alai uado ~hla}ezh ihleisag$

    ]hb~e Khudhp

    Khudhp ihlega} sh~}xinxgad malai kbdmepe fadoka shdmhk mad

    ihdua}akad nagwa shdmasa}ad }b}al ih~xsakad jxdope ma~e shkh~faad }b}al pxa}x

    Dhoa~a$ Phiaked nhpa~ zblxih shkh~faad uado megapelkad, phiaked nhpa~

    shdmasa}ad dapebdal uado mesh~blhg, mhiekead fxoa phnalekdua$ Zblxih shkh~faad

    }h~oad}xdo sama sh~ied}aad hjhk}ej$ Sh~ied}aad hjhk}ej me}hd}xkad sama }e}ek paa}

    ga~oa sh~ied}aad ao~hoa} paia mhdoad ga~oa shdawa~ad ao~hoa}$ Khudhp fxoa

    ihdua}akad xd}xk ihdfaied sh~}xinxgad hkbdbie uado p}anel shih~ed}ag sh~lx

    ihdh~askad khnefakad jep`al mad khnefakad ibdh}h~ ph~}a shdoawapad ph`a~a

    ladopxdo$

    ]hb~e Napep Hkbdbie 'H`bdbie` Naph ]ghb~u%

    Malai ibmhl napep hkbdbie medua}akad nagwa ja`}b~ shdhd}x x}aia

    sh~}xinxgad hkbdbie pxa}x mah~ag khxd}xdoad kbish}e}ej uado nh~gxnxdoadladopxdo mhdoad sh~ied}aad na~ado mad fapa ma~e lxa~ mah~ag$ Nh~mapa~kad }hb~e

    ede sh~hkbdbiead pxa}x welauag menaoe ihdfame mxa uae}x ph`}b~ napep mad ph`}b~

    dbd napep$ Phk}b~ napep amalag ph`}b~ uado ihdfame }xlado sxdooxdo

    sh~hkbdbiead mah~ag ka~hda ihisxduae khxd}xdoad kbish}e}ej uado `xkxs

    }edooe, phgedooa iaisx ihdohkpsb~ na~ado mad fapa kh lxa~ na}ap)na}ap

    sh~hkbdbiead welauag uado nh~padokx}ad$ Phmadokad ph`}b~ dbd napep

    ?

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    8/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    ih~xsakad khoea}ad)khoea}ad uado ihduhmeakad na~ado mad fapa xd}xk ihihdxge

    khnx}xgad b~ado)b~ado uado nh~}hisa} }edooal me malai na}ap)na}ap

    sh~hkbdbiead welauag }h~phnx}$ Phk}b~ dbd napep ede nh~jxdope phnaoae ph`}b~

    shdxdfado ph`}b~ napep napep a}ax ph~ze`h edmxp}~ehp 'Pfaj~eval, >337%$

    Ibmhl Ed}h~~hoebdal Ed`bih

    Sh~lxapad ma~e ibmhl napep hkpsb~ masa} melakxkad mhdoad ihiapxkkad

    xdpx~ gxnxdoad hkbdbie ad}a~ welauag uado mekhdalEd}h~~hoebdal Ed`bih Ibmhl

    uado mekhinadokad blhg Ga~~u _$ ^e`ga~mpbd '15?7%$ Nh~nhma mhdoad Ibmhl

    Napep Hkpsb~, uado ihdoapxipekad hkpsb~ phnaoae hbohdbxp za~eanlh, iaka

    malai ibmhl ed}h~~hoebdal ede, hkpsb~ meapxipekad phnaoae ja`}b~ uado nh~ama

    malai pup}hi 'hdmbohdbxp za~eanlh% uado me}hd}xkad blhg sh~khinadoad

    khoea}ad sh~maoadoad ad}a~ welauag$ Phladfx}dua, khoea}ad sh~maoadoad ad}a~

    mah~ag }h~phnx} menaoe a}ap na~ado kbdpxipe mad na~ado ibmal$ Me paisedo e}x,

    aoa~ adalepep ihdfame lhneg ~halep}ep, iaka sama ibmhl ad}a~ ~hoebd ede

    meiapxkkad sxla xdpx~ shih~ed}ag uado me}aiselkad malai nhd}xk shdh~eiaad

    mad shdohlxa~ad shih~ed}ag mah~ag ph~}a khoea}ad edzhp}ape phpxae mhdoad s~edpes

    ]hb~e Hkbdbie Khudhp 'Pfaj~eval, >337650%

    ]hb~e Ga~~bm Mbia~ malai Pep}hi ^hoebdal

    ]hb~e ede mekhinadokad blhg ^bu J$ Ga~~bm '15=7% me Edoo~ep mad Hzphu M$

    Mbia~ '158?% me Aih~eka Ph~eka}$ Nh~nhma mhdoad Khudhp uado ihlega}

    sh~hkbdbiead malai fadoka shdmhk, }hb~e ede ihlega} ma~e pepe fadoka sadfado

    uado memapa~kad nhnh~asa apxipe6

    1% Sh~hkbdbiead nh~peja} }h~}x}xs

    >% Gap~a} ihdanxdo 'ISP 9 p% amalag kbdp}ad

    0% S~bphp s~bmxkpe ihieleke kbhjhpehd uado }h}as=% ]edoka} sh~}xinxgad adoka}ad kh~fa amalag kbdp}ad mad paia mhdoad }eioka}

    sh~}xinxgad shdmxmxk$

    A}ap mapa~ apxipe)apxipe }h~phnx}, Ga~~bm)Mbia~ ihinxa} adalepep mad

    ihdueisxlkad nagwa sh~}xinxgad fadoka sadfado uado iad}as 'phlx~xg

    khdaekad s~bmxkpe masa} meph~as blhg sapa~% gadua nepa }h~`asae asanela }h~shdxge

    pua~a})pua~a} khpheinadoad phnaoae nh~ekx} 6

    7

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    9/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Kh}h~adoad 6

    o 9 O~bw}g '}edoka} sh~}xinxgad bx}sx}

    k 9 @ase}al'}edoka} sh~}xinxgad ibmal%

    d 9 }edoka} sh~}xinxgad adoka}ad kh~fa

    Aoa~ }h~fame khpheinadoad ad}a~a }anxdoad 'P% mad edzhp}ape 'E% ga~xp

    }h~masa} kae}ad uado paledo ihduheinadokad, samagal sh~ad k xd}xk

    ihdogapelkad }ainagad s~bmxkpe me}hd}xkad blhg z '~apeb ibmal bx}sx}%$

    ']a~eoad, >33?6=5%

    S~bmxk Mbihp}ek ~hoebdal N~x}b 'SM^N%

    Palag pa}x edmeka}b~ iak~b hkbdbie uado shd}edo xd}xk ihdoh}agxe kbdmepe

    hkbdbie me pxa}x mah~ag sama pxa}x sh~ebmh }h~}hd}x amalag S~bmxk Mbihp}ek

    ^hoebdal N~x}b 'SM^N%$ Ihdx~x} Namad Sxpa} P}a}ep}e '>3116>% SM^N

    ih~xsakad fxilag delae }ainag uado megapelkad blhg phlx~xg xde} s~bmxkpe malai

    pxa}x welauag }h~}hd}x a}ax ih~xsakad fxilag delae na~ado mad fapa akge~ uado

    megapelkad blhg phlx~xg xde} hkbdbie$

    Sh~ge}xdoad SM^N ihdooxdakad mxa ia`ai ga~oa, uae}x SM^N a}ap mapa~

    ga~oa kbdp}ad mad SM^N a}ap mapa~ ga~oa nh~lakx$ SM^N a}a mapa~ ga~oa kbdp}ad

    mege}xdo mhdoad ihdooxdakad ga~oa }h}as sama pxa}x }agxd }h~}hd}x phnaoae

    mapa~"~hjh~hdpe$ Phmadokad SM^N a}ap mapa~ ga~oa nh~lakx mege}xdo mhdoad

    ihdooxdakad ga~oa }agxd nh~falad$ SM^N a}ap mapa~ nh~lakx ihdooaina~kad

    delae }ainag na~ado mad fapa$

    Ama }eoa shdmhka}ad uado meoxdakad malai sh~ge}xdad SM^N, uae}x6

    a$ Shdmhka}ad s~bmxkpe, uae}x fxilag delae na~ado mad fapa akge~ uado megapelkadblhg phlx~xg xde} s~bmxkpe"phk}b~ malai pxa}x welauag sama pxa}x sh~ebmh

    }h~}hd}x 'neapadua pa}x }agxd%$

    n$ Shdmhka}ad shdohlxa~ad, uae}x fxilag phixa kbisbdhd sh~ied}aad akge~ me

    pxa}x welauag, malai fadoka wak}x }h~}hd}x$ Kbisbdhd sh~ied}aad akge~

    ihlesx}e6 shdohlxa~ad kbdpxipe ~xiag }adooa, shdohlxa~ad kbdpxipe lhinaoa

    5

    o 9 k9 d,

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    10/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    pwap}a de~lana, shdohlxa~ad kbdpxipe shih~ed}ag, shinhd}xkad ibmal }h}as

    mbihp}ek n~x}b, sh~xnagad edzhd}b~e"p}bk, mad hkpsb~ dh}b$

    `$ Shdmhka}ad shdmasa}ad, uae}x fxilag phixa nalap fapa uado me}h~eia blhg

    jak}b~)jak}b~ s~bmxkpe uado meoxdakad malai s~bphp s~bmxkpe me pxa}x welauag

    malai fadoka wak}x }h~}hd}x$ Kbisbdhd nalap fapa jak}b~ s~bmxkpe uado

    meiakpxm amalag6 xsag mad oafe, phwa }adag, nxdoa ibmal, mad khxd}xdoad$

    Phixa kbisbdhd }h~phnx} phnhlxi mesb}bdo safak shdogapelad mad safak

    ladopxdo laeddua$

    Adalepep Pgej})Pga~h

    Adalepep Pgej} Pga~h ih~xsakad }hkdek uado padoa} nh~oxda malai

    ihdoadalepep sh~xnagad p}~xk}x~ hkbdbie mah~ag menadmedodkad mhdoad

    sh~hkbdbiead dapebdal$ ]xfxad adalepep ede phdme~e amalag xd}xk ihdhd}xkad

    kedh~fa a}ax s~bmxk}eze}ap kh~fa sh~hkbdbiead mah~ag mhdoad ihinadmedokadua

    mhdoad mah~ag uado lhneg nhpa~ '~hoebd"dapebdal%$

    Adalepep edeihinh~ekad ma}a }hd}ado kedh~fa sh~hkbdbiead malai 0 nemado

    uado nh~gxnxdoad pa}x paia laed uae}x 'A~puam, >33>6105)1=3%6

    a$ Sh~}xinxgad hkbdbie mah~ag mexkx~ mhdoad `a~a ihdoadalepep sh~xnagad

    ao~hoa} ph`a~a phk}b~al menadmedokad mhdoad sh~xnagad sama phk}b~ uado paia

    me sh~hkbdbiead uado mefamekad a`xad$

    n$ Sh~hph~ad s~bsb~pebdal 's~bsb~}ebdal pgej}% ihdoxkx~ sh~xnagad ~hla}ej

    sh~}xinxgad a}ax shdx~xdad sama mah~ag menadmedokad mhdoad sh~hkbdbiead

    uado uado lhneg nhpa~ xd}xk mefamekad a`xad$ Mhdoad mhiekead masa} mekh}agxe

    asakag sh~hkbdbiead mah~ag }h~kbdphd}~ape sama edmxp}~e)edmxp}~e uado

    }xinxg lhneg `hsa} ma~esama sh~hkbdbiead uado mefamekad a`xad$

    Sh~hohph~ad mejh~hdpeal 'mejjh~hd}eal pgej}% meoxdakad xd}xk ihdhd}xkadphnh~asa nhpa~ maua paedo edmxp}~e mah~ag mhdoad sh~hkbdbiead uado mefamekad

    a`xad$

    P}xme Hise~ep

    Shdhle}ead ihdohdae ph`}b~ napep }hlag melakpadakad blhg nhnh~asa shdhle}e

    phnhlxidua mad sama xixidua shdhle}ead uado pxmag melakxkad ihdooxdakad

    adalepep LQ mad pgej} pga~h$ Me iada sh~nhmaad shdhle}ead ede mhdoad shdhle}ead

    13

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    11/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    phnhlxidua amalag sama sh~ebmh uado me}hle}e, lbkape shdhle}ead, mad ala} adalepep

    uado meoxdakad$

    Amasxd shdhle}ead uado melakxkad phnhlxidua phnaoae nagad ~xfxkad

    shdhle}ead ede amalag phnaoae nh~ekx}6

    Ixgaiiam Azh~~bhp Jamlad'>311% malai pk~espedua uado nh~fxmxl

    Adalepep Sb}hdpe Sh~}xinxgad Hkbdbie me S~bzedpe Laisxdo Sh~ebmh >33=)>335

    'Adalepep Lb`a}ebd Qxb}ehd}mad Pgej} Pga~h%, ihdfhlapkad }hd}ado sh~}xinxgad

    hkbdbie pxa}x ph`}b~ sh~hkbdbiead uado }h~fame me pxa}x welauag akad

    nh~maisak }h~gamas sh~}xinxgad ph`a~a Dapebdal$

    Ma}a uado mesh~oxdakad amalag ma}a phkxdmh~ nh~xsa SM^N S~bzedpe

    Laisxdo a}ap mapa~ ga~oa nh~lakx$ Gapel shdhle}eaddua ihdhixkad nagwa

    }h~masa} pxnph`}b~ xdooxlad uado masa} meefamekad kbibme}ap hkpsb~ mad fxoa

    uado ihdoalaie sh~}xinxgad `hsa}, uae}x pxnph`}b~ sh~khnxdad uado ihdfame

    sb}hdpe xdooxlad ma~e S~bzedpe Laisxdo walaxsxd iapeg me nawag ma~e Pxnphk}b~

    ]adaiad Sadoad akad pxinadoaddua }h~gamas SM^N Phk}b~ Sh~}adead }h}ase

    ihinxk}ekad nagwa Pxnphk}b~ Sh~khnxdad amalag pa}x)pa}xdua Pxnphk}b~ uado

    masa} nh~paedo mhdoad Pxnphk}b~ laeddua malai pxinadoad }h~gamas Dapebdal$

    Mad Pxnphk}b~ laeddua iapeg nh~sb}hdpe xd}xk me}edoka}kad me malai S~bzedpe

    Laisxdo phdme~e$

    Vxgae~ad U$ Uxdad'>313% malai fx~daldua uado nh~fxmxl Adalepep

    Shdhd}xad Phk}b~ Xdooxlad Sh~hkbdbiead _elauag Kb}aiamua ]adoh~ado

    Phla}ad Mhdoad Shdmhka}ad Phk}b~ Shinhd}xk SM^N, }xfxad ma~e shdhle}ead ede

    amalag shih`agad iapalag mhdoad sh~lx amadua khiaisxad me nemado hkbdbie

    me mah~ag adalepep, mhdoad sbsxlape amalag SM^N phk}b~al kb}a ]adoh~ado Phla}ad

    mad S~bsedpe Nad}hd uado mege}xdo nh~mapa~kad ga~oa kbdp}ad }agxd >333$ Ma}auado meoxdakad ih~xsakad ma}a phkxdmh~, mhdoad ihdooxdakad ih}bmh adalepep

    uae}x AdalepepLb`a}ebd Qxb}ehd}'LQ% ph~}aAdalepep Pgej} Pga~h$

    Shdhle}ead uado melakxkad ihdueisxlkad nagwa ph`}b~ nadk; khxadoad;

    sh~xpagaad ih~xsakad ph`}b~ napep uado ihieleke edmhkp }h~nhpa~ menadmedokad

    mhdoad ph`}b~ napep laeddua mad ihinh~ekad delae pxinadoad }h~}edooe malai

    sh~khinadoad SM^N kb}a ]adoh~ado Phla}ad$ Phk}b~ napep laeddua uado }emak

    11

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    12/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    kalag shd}edo mhdoad kh}eoa ph`}b~ napep me a}ap amalag ph`}b~ sh~maoadoad, gb}hl,

    ~hp}b~ad; ph`}b~ shdoadokx}ad mad kbixdekape; mad ph`}b~ lep}~ek, oap, mad ae~

    nh~peg$ Phlaed e}x khhdai ph`}b~ }h~phnx} fxoa ih~xsakad ph`}b~ napep hkbdbie

    uado nh~sb}hdpe ihdedoka}kad sh~}xinxgad hkbdbie welauag kb}a ]adoh~ado

    Phla}ad ka~hda ihieleke delae LQ lhneg ma~e pa}x$ Gapel adalepep Pgej} Pga~h

    ihdxdfxkkad nagwa ph`}b~ uado ih~xsakad ph`}b~ kbish}e}ej, uae}x ph`}b~

    nadoxdad; mad ph`}b~ shdoadokx}ad mad kbixdekape$

    E~iad mad Ja`g~eval Na`g~e'>330%malai fx~daldua uado nh~fxmxl Adalepep

    Sb}hdpe Phk}b~al Kanxsa}hd Laga} S~bzedpe Pxia}h~a Phla}ad$ ]xfxad shdhle}ead

    amalag xd}xk ihdoh}agxe ph`}b~)phk}b~ hkbdbie uado sb}hdpeal xd}xk

    mekhinadokad oxda ihia`x sh~}xinxgad hkbdbie me Kanxsa}hd Laga};

    ihdho}agxe shdoa~xg ph`}b~)phk}b~ uado sb}hdpeal }h~phnx} }h~gamas shd`es}aad

    khphisa}ad kh~fa; ihdoh}agxe nhpa~dua delae E@B^ Kanxsa}hd Laga}$ Ma}a

    phkxdmh~ phnaoae ma}a uado meoxdakad malai shdhle}eaddua, me iada ma}a }h~phnx}

    mesh~blhg ma~e edp}adpe }h~kae} phsh~}e Namad Sxpa} P}a}ep}ek, Kad}b~ P}a}ep}ek, Nadk

    Edmbdhpea, mad pxinh~ laeddua uado nh~kae}ad mhdoad shdhle}ead$ Ma}a meadalepep

    ihlalxe ih}bmh6 1% LQ, >% Adalepep Pgej} Pga~h, 0% @bnn)Mbxolap, =% Adalepep

    E@B^$

    Mhdoad gapel adalepep 1% LQ, }h~masa} hisa} ph`}b~ uado sb}hdpeal"xdooxl

    uae}x ph`}b~ sh~}adead, ph`}b~ nadoxdad, ph`}b~ khxadoad, sh~phwaad mad fapa

    sh~xpagaad mad ph`}b~ fapa)fapa$ >% Gapel adalepep Pgej} Pga~h, ph`}b~ hkbdbie uado

    sb}hdpeal me Kanxsa}hd Laga} gadua }eoa ph`}b~ uae}x ph`}b~ edmxp}~u shdoblagad,

    ph`}b~ nadoxdad mad ph`}b~ khxadoad, sh~phwaad mad fapa)fapa sh~xpagaad$ 0%

    Gapel adalepep @bnn)Mbxolap, }h~dua}a shdedoka}ad delae s~bmxkpe ph`}b~ sh~}adead,

    ph`}b~ nadoxdad mad ph }b~ fapa)fapa ihisxduae shdoa~xg sbpe}ej }h~gamasshdedoka}ad khphisa}ad kh~fa phmadokad ph`}b~ khxadoad, sh~phwaad mad fapa

    sh~xpagaad ihisxduae shdoa~xg dhoa}ezh }h~gamas shd`es}aad khphisa}ad kh~fa$

    =% Ma~e adalepep E@B^ }h~dua}a E@B^ Kanxsa}hd Laga} ph`a~a }b}al amalag

    11,0>($

    Davhle Amdad'>33=% malai fx~daldua uado nh~fxmxl Sb}hdpe Hkbdbie

    Phk}b~al Kb}a Salhinado$ Shdhle}eaddua nh~}xfxad xd}xk ihdoadalepep ph`}b~)

    1>

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    13/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    phk}b~ hkbdbie uado sb}hdpeal mad sh~xnagad p}~xk}x~ hkbdbie }h~gamas

    sh~}xinxgad hkbdbie Salhinado$ Ma}a uado meoxdakad malai shdhle}ead ede

    amalag ma}a phkxdmh~ uado mesh~blhg ma~e edp}adpe }h~kae} sh~ebmh 1550)>33>,

    mhdoad ala} adalepep lb`a}ebd qxb}ehd}admpgej} pga~h$

    Nh~mapa~kad adalepep LQ mekh}agxe nagwa }h~masa} :'hdai% ph`}b~ napep me

    Kb}a Salhinado, uae}x ph`}b~ edmxp}~u shdoblagad, ph`}b~ sh~maoadoad, gb}hl mad

    ~hp}b~ad, ph`}b~ lep}~ek, oap mad ae~ nh~peg, ph`}b~ shdoadokx}ad mad kbixdekape,

    ph`}b~ khxadoad, ph~}a ph`}b~ fapa)fapa$ Sh~}xinxgad hkbdbie me kb}a Salhinado

    naduak me}hd}xkad blhg dapebdal pga~h$

    _ale E$ Ibdmal'>313%, mhdoad shdhle}eddua uado nh~fxmxl Ad Adalupep bj

    }gh edmxp}~eal mhzhlbsihd} sb}hdpeal bj Ialaupea6 A pgej} pga~h Ass~ba`g$ Ala}

    adalepep uado meoxdakad amalag pgej} pga~h$ Mhdoad gapel shdhle}ead uado

    ihdxdfxkkad nagwa Ialaupea ihisxduae ph`}b~ napep me welauag Klad}ad,

    ]h~hdoaddx, Sagbdo mad Fbga~ X}a~a me iada kh hisa} welauag }h~phnx}

    ihisxduae ie edmxp}~u uado xdek menadmedokad mhdoad welauag laeddua uado

    ama me Ialaupea, gal }h~phnx} memxkxdo mhdoad khkauaad alaidua uado ihleisag$

    Sama phihdadfxdo Ialaupea kaua akad ph`}b~ sh~}adead mad ph`}b~ sh~ekadad,

    phlaed e}x kbd}~enxpe ph`}b~ sa~ewepa}a ihieleke sh~adad shd}edo malai

    sh~hkbdbiead Ialaupea$

    IH]BMH SHDHLE]EAD

    Ma}a uado meoxdakad malai p}xme ede amalag ma}a phkxdmh~, kgxpxpdua

    uado nh~pxinh~ ma~e Shih~ed}ag Kb}a ]adoh~ado Phla}ad mad NSP Sxpa}$ Sh~ebmh

    ma}a uado meoxdakad phnaoae adalepep sb}hdpe hkbdbie Kb}a ]adoh~ado Phla}ad,

    uae}x }agxd >33?>313$ Ma}a phkxdmh~ ihlesx}e ma}a)ma}a S~bmxk Mbihp}ek^hoebdal N~x}b S~bzedpe Nad}hd a}ap mapa~ ga~oa kbdp}ad >333 ihdx~x} Lasadoad

    Xpaga >33? >313 mad S~bmxk Mbihp}ek ^hoebdal N~x}b Kb}a ]adoh~ado Phla}ad

    A$M$G Kbdp}ad >333 ihdx~x} Lasadoad Xpaga }agxd >33? >313$

    Malai shdhle}ead ede fxoa mesh~lxkad paishl, me iada paishl uado

    meiakpxm amalag kb}a ]adoh~ado Phla}ad mad uado ihdfame sbsxlape malai

    shdhle}ead ede s~bzedpe Nad}hd$

    10

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    14/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Lb`a}ebd Qxb}ehd}

    AdalepepLb`a}ebd Qxb}ehd}'LQ% meoxdakad xd}xk ihdhd}xkad ph`}b~ napep

    mad dbd napep malai sh~hkbdbiead kb}a ]adoh~ado Phla}ad$ Asanela gapel

    sh~ge}xdoadddua ihdxdfxkkad adoka lhneg ma~e pa}x 'LQ 4 1% nh~a~}e ph`}b~

    }h~phnx} ih~xsakad ph`}b~ napep$ Phnalekdua, asanela gapeldua ihdxdfxkkad adoka

    kx~ado ma~e pa}x 'LQ < 1% nh~a~}e ph`}b~ }h~phnx} nxkad ph`}b~ napep$ Xd}xk

    ihdmasa}kad edmhkp LQ masa} melakxkad mhdoad mxa `a~a, uado sh~}aia amalag

    mhdoad shdmhka}ad }hdaoa kh~fa mad uado khmxa amalag mhdoad shdmhka}ad delae

    }ainag, jb~ixlapedua masa} melega} phnaoae nh~ekx}6

    LQ 9 Le"L} 6 De"D}

    me iada Le amalag Fxilag }hdaoa kh~fa ph`}b~ e welauag ~hdmag 'malai gal

    ede kb}a ]adoh~ado Phla}ad%; L} amalag Fxilag }hdaoa kh~fa }b}al welauag ~hdmag;

    De amalag Fxilag }hdaoa kh~fa ph`}b~ e welauag }edooe ' malai gal ede s~bzedpe

    Nad}hd%; mad D} amalag fxilag }hdaoa kh~fa }b}al welauag }edooe$

    LQ 9 Pe"P} 6 Ue"U}

    me iada Pe amalag SM^N ph`}b~ e welauag ~hdmag; P} amalag SM^N }b}al

    welauag ~hdmag; Ue amalag SM^N ph`}b~ e welauag }edooe; mad U} amalag SM^N

    }b}al welauag }edooe$

    Pgej} Pga~h

    Adalepep PP meoxdakad xd}xk ihdoh}agxe s~bphp sh~}xinxgad hkbdbie

    pxa}x mah~ag malai kae}addua mhdoad sh~hkbdbiead mah~ag a`xad uae}x welauag

    uado lhneg lxap$ Xd}xk ihdoh}agxe s~bphp sh~}xinxgad hkbdbie pxa}x mah~ag

    mhdoad ihdooxdakad adalepep PP meoxdakad za~eanhl shd}edo phsh~}e }hdaoa kh~fa,

    shdmxmxk mad shdmasa}ad$

    Sh~}xinxgad SM^N }b}al 'O% masa} mex~aekad ihdfame kbisbdhd Pgej}madkbisbdhd Pga~h, uae}x6

    1% Kbisbdhd dapebdal Pga~h 'D% amalag naduakdua sh~}ainagad

    SMN phadmaedua sh~}xinxgaddua paia mhdoad lafx sh~}xinxgad SM^N

    S~bzedpe phlaia sh~ebmh uado }h~`akxs malai p}xme$

    >% Kbisbdhd s~bsb~}ebdal Pgej} 'S%, ihdoxkx~ nhpa~dua dh} pgej}

    welauag ~hdmag uado meakena}kad blhg kbisbpepe ph`}b~ ph`}b~ SM^N sama

    1=

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    15/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    welauag ~hdmag uado nh~padokx}ad nh~xnag$ Asanela SF 4 3 a~}edua welauag

    ~hdmag uado nh~padokx}ad nh~pshpealepape sama ph`}b~ ph`}b~ uado sama

    }edoka} welauag }edooe }xinxg ~hla}ezh `hsa} mad asanela SF < 3 nh~a~}e

    welauag ~hdmag uado nh~pshpealepape sama ph`}b~ ph`}b~ uado me }edoka}

    welauag }edooe sh~}xinxgaddua mhdoad laina} a}ax nagkad phmado }x~xd$

    0% Kbisbdhd mejjh~hd}eal Pgej} 'M%, ihdoxkx~ nhpa~dua dh} pgej} uado

    meakena}kad blhg ph`}b~ ph`}b~ }h~}hd}x uado }xinxg lhneg `hsa} a}ax lhneg

    laina} me welauag ~hdmag menadmedokad mhdoad }edoka} welauag }edooe uado

    mephnankad blhg ja`}b~ ja`}b~ lbkapebdal ed}h~d$ Mah~ag uado ihisxduae

    khxd}xdoad lbkapebdal, phsh~}e pxinh~ maua uado naek akad ihisxduae

    mejjh~hd}eal pgej} `bisbdhd} sbp}ej 'MF 4 3%, phnalekdua welauag ~hdmag uado

    ph`a~a lbkapebdal }emak ihdoxd}xdokad akad ihisxduae mejjh~hd}eal pgej}

    `bisbdhd} uado dhoa}ej 'MF< 3%$

    Pgej} Pga~h6

    Jb~ixlape PP masa} melega} phnaoae nh~ekx}6

    OF 9 Uf} Ufb

    9 'Df + Sf + Mf%

    Df 9 Ufb 'U}"Ub% Ufb

    'S+M%f 9 Uf} 'U}"Ub%Ufb

    9 'Of Df%

    Sf 9 e ['Ue}"Ueb% ) 'U}"Ub%YUefb

    Mf 9 } [Uef} 'Ue}"Ueb%UefbY

    9 'S + M%f Sf

    me iada Of ih~xsakad sh~}xinxgad SM^N }b}al welauag ~hdmag; Df

    ih~xsakad kbisbdhd pga~h me welauag ~hdmag; 'S+M%f ih~xsakad kbisbdhd dh}pgej} me welauag ~hdmag; Sf ih~xsakad s~bsb~}ebdal pgej} welauag ~hdmag; Mf

    ih~xsakad mejjh~hd}eal pgej} welauag ~hdmag; Uf ih~xsakad SM^N }b}al kb}a

    welauag ~hdmag; U ih~xsakad SM^N }b}al welauag }edooe; b,} ih~xsakad sh~ebmh

    awal mad sh~ebmh akge~ sh~ge}xdoad; mad E ih~xsakad pxnpk~espe ph`}b~ 'pxnph`}b~%

    sama SM^N$

    18

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    16/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    GAPEL MAD SHINAGAPAD

    Kb}a ]adoh~ado Phla}ad }h~lh}ak me naoead }eix~ S~bzedpe Nad}hd mad

    ph`a~a amiedep}~a}ej }h~me~e ma~e ? '}xfxg% kh`aia}ad$ Sh~}aia, kh`aia}ad

    Ph~sbdo$ Khmxa, kh`aia}ad Ph~sbdo X}a~a$ Kh}eoa, kh`aia}ad Ph}x$ Khhisa},

    kh`aia}ad Saixlado, Khleia, kh`aia}ad @esx}a}$ Khhdai, kh`aia}ad @esx}a}

    ]eix~$Kh}xfxg, kh`aia}ad Sbdmbk A~hd$

    Sh~hkbdbiead kb}a ]adoh~ado Phla}ad ph`a~a xixi pxmag ihdxdfxkkad

    sh~hkbdbiead uado nh~oh~ak kh a~ag dbd ao~a~ep }h~nxk}e mhdoad ~hdmagdua

    mbiedape ph`}b~ s~eih~$ Phk}b~ phkxdmh~ ihieleke kbd}~enxpe uado `xkxs }edooe,

    nagkad ph`}b~ }h~peh~ padoa} mbiedad malai ihduxinado SM^N kb}a ]adoh~ado

    Phla}ad phlaia sh~ebmh >33?)>313$

    Ma~e pxinadoad ph`}b~)phk}b~ hkbdbie kb}a ]adoh~ado Phla}ad nela melega}

    sh~khinadoaddua phlaia kx~xd wak}x >33?)>313, ph`}b~ sh~maoadoad, gb}hl, mad

    ~hp}b~ad ihieleke kbd}~enxpe }h~}edooe phmadokad ph`}b~ }h~hdmag mepxinado blhg

    sh~}ainadoad mad shdooalead$ Ph`a~a xixi, ph`}b~)phk}b~ hkbdbie uado ama

    phlaia sh~ebmh >33?)>313 me ]adoh~ado Phla}ad ihdoalaie shdedoka}ad kh`xale

    ph`}b~ sh~}adead uado sama }agxd >337 phisa} ihdoalaie shdx~xdad$

    Phk}b~ sh~}adead mad ph`}b~ sh~}ainadoad mad shdooalead ihinh~ekad

    kbd}~enxpe ~hdmag ihdooaina~kad nagwa sbla khgemxsad iapua~aka} pxmag }emak

    laoe ihdoadmalkad ph`}b~ sh~}adead, lagad uado ama lhneg meiadjaa}kad xd}xk

    ihdme~ekad ~hp}b~ad, gb}hl, a}ax sxpa} sh~nhladfaad$ Phihd}a~a ph`}b~

    sh~}ainadoad mad shdooalead ihdooaina~kad khamaad ohbo~aje uado phpxae, me

    iada fxilag pxinh~ maua xd}xk iedh~al, ieduak mad oap nxie ~hla}ezh kh`el$

    ]anhl =$1

    Gapel Sh~ge}xdoad Edmhkp Lb`a}ebd Qxb}ehd} 'LQ%

    Kb}a ]adoh~ado Phla}ad ]agxd >33?)>313

    Lasadoad Xpaga >33? >337 >335 >313^a}a)~a}a

    Sh~}adead3$1=31>1

    ?>=3$10387>

    3:53$1>>738

    7:3$118838

    0513$1>?

    Sh~}ainadoad,Shdooalead

    3$>:717137

    3$>>7=70>?:

    3$>18?8::=5

    3$>3>3>0170

    3$>>5

    1:

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    17/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Edmxp}~e Shdoblagad3$=33:>8

    ?813$078>3=

    30?3$0?>007

    ??13$08?07:

    :773$0?5

    Lep}~ek, Oap, Ae~ Nh~peg1$37:=5=

    1>01$33155>

    1=3$5:5377

    15:3$770?8>

    ?=>3$57800

    17

    Nadoxdad >$=?50>0?=1 >$818?3=1?> >$=5==73:07 >$8:80=1>5: >$81=&

    Sh~maoadoad, Gb}hl,^hp}b~ad

    1$:13>?:7=

    1$87778:>88

    1$8:530818:

    1$8:3=81337

    1$87>&

    Shdoadokx}ad,kbixdekape

    1$10:>75>7=

    1$1>>7:=1>?

    1$113?:5>57

    1$357>33817

    1$11?&

    Khxadoad,Sh~phwaad,Fapa Sh~xpagaad

    0$0>>:10>7

    0$113?=3500

    >$5:7:?1008

    0$35330:335

    0$1>0&

    Fapa)fapa laed0$>73=8:

    0800$11>5>=

    ?>00$305?15

    10:>$553:3?

    5>00$13:&

    Nh~mapa~kad sh~ge}xdoad LQ me iada gapeldua me}xdfxkkad sama }anhl =$1

    ihinh~ekad oaina~ad nagwa me kb}a ]adoh~ado Phla}ad sama }agxd >33?)>313

    ph`a~a ~a}a)~a}a ihieleke 8 phk}b~ napep a}ax masa} meka}akad ihdoalaiae

    shdx~xdad feka menadmedokad mhdoad sh~ebmh >33?)>335, me iada ]adoh~ado

    Phla}ad sama sh~ebmh >33?)>335 ihieleke : phk}b~ napep 'Vxgae~ad >3136?1%$

    Amasxd khleia ph`}b~ napep uado iapeg meieleke blhg kb}a ]adoh~ado

    Phla}ad amalag 1% ph`}b~ nadoxdad, >% ph`}b~ sh~maoadoad, gb}hl, mad ~hp}b~ad, 0%

    ph`}b~ shdoadokx}ad mad kbixdekape, =% ph`}b~ khxadoad, sh~phwaad, mad fapash~xpagaad, 8% ph`}b~ fapa)fapa laed$ Phmadokad ph`}b~ uado sama >313 pxmag }emak

    laoe ihdfame ph`}b~ napep amalag ph`}b~ lep}~ek, oap, mad ae~ nh~peg$

    Gapel }h~phnx} ihdooaina~kad nagwa ph`}b~)phk}b~ }h~phnx} ihinh~ekad

    kbd}~enxpe uado naek }h~gamas shdedoka}ad sh~}xinxgad hkbdbie kb}a ]adoh~ado

    Phla}ad, ka~hda khleia ph`}b~ }h~phnx} pxmag iaisx xd}xk ihihdxge khnx}xgad

    uado ama me welauagdua mad padoa} ihixdoked xd}xk melakxkaddua hkpsb~ kh

    welauag'mah~ag% uado laeddua$

    Feka ke}a x~x}kad nh~mapa~kad edmhkp LQ }h~nhpa~, iaka akad mekh}agxe

    nagwa ph`}b~ khxadoad, sh~phwaad, mad fapa sh~xpagaad ih~xsakad ph`}b~ napep

    uado ihieleke edmhkp }h~nhpa~ menadmedokad ph`}b~ laeddua$

    Sama x~x}ad khmxa mepxinado blhg ph`}b~ fapa)fapa laed uado ph`a~a ~a}a)

    ~a}a ihieleke edmhkp 0$13: a}ax nh~nhma phmeke} mhdoad ph }b~ khxadoad,

    sh~phwaad, mad fapa sh~xpagaad$

    1?

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    18/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Meekx}e blhg ph`}b~ nadoxdad, ph`}b~ sh~maoadoad, gb}hl, mad ~hp}b~ad, mad

    ph`}b~ shdoadokx}ad mad kbixdekape sama x~x}ad kh}eoa, khhisa}, mad khleia$

    Ihdedoka}dua nhpa~ad delae LQ sama ph`}b~ nadoxdad ma~e }agxd kh }agxd

    walax phisa} ihdoalaie shdx~xdad sama >335 ihdoedmekapekad nagwa }hlag

    }h~fame shdedoka}ad shdmasa}ad sh~ kase}a phgedooa sh~ied}aad uado }h~fame sama

    ph`}b~ }h~phnx} ihdedoka}$ Mee~edoe mhdoad sbpepe ohbo~ajep kb}a ]adoh~ado

    Phla}ad uado nh~na}apad ladopxdo mhdoad s~bzedpe Faka~}a mad kb}a Nbob~ ph~}a

    melalxe blhg falx~ lalx led}ap a~xp na~ado mad fapa ma~e Fawa ihdxfx Pxia}h~a

    a}axsxd phnalekdua$ Ihdfamekad kb}a ]adoh~ado Phla}ad phnaoae kb}a pa}hle} uado

    emhal, mad nh~maisak sama sh~}xinxgad uado `xkxs naek sama ph`}b~ ede$

    Phihd}a~a ph`}b~)phk}b~ laed uado nxkad ih~xsakad ph`}b~ napep amalag

    ph`}b~6 1% sh~}adead, >% sh~}ainadoad mad shdooalead, 0% edmxp}~u shdoblagad, =%

    lep}~ek, oap mad ae~ nh~peg ka~hda ihieleke edmhkp LQ me nawag 1$ Khdua}aad

    }h~phnx} phfalad mhdoad jak}a uado }h~fame me lasadoad, nagwa khhisa} ph`}b~

    }h~phnx} nhlxilag phshdxgdua ihdfame ph`}b~ xdooxlad kb}a ]adoh~ado Phla}ad$

    Phk}b~)phk}b~ }h~phnx} malai nh~s~bmxkpe nhlxi iaisx ihihdxge

    khnx}xgad uado ama me welauagdua, nagkad ga~xp ihdoeisb~ ma~e lxa~ welauagdua

    xd}xk shihdxgaddua$ Phk}b~ nxkad napep ede sh~lx ihdfame pb~b}ad kgxpxp aoa~

    kh mhsaddua masa} menad}x mad mekhinadokad ihdfame ph`}b~ napep$

    Xd}xk ihdoh}agxe }hd}ado sbla sh~}xinxgad hkbdbie a}ax p}~xk}x~

    hkbdbie kb}a ]adoh~ado Phla}ad naek sh~ ph`}b~ iaxsxd ph`a~a khphlx~xgad masa}

    melakxkad mhdoad adalepep pgej} pga~h$ Gapel sh~ge}xdoad pgej} pga~h masa} melega}

    sama }anhl =$>

    ]anhl =$1

    Gapel Sh~ge}xdoad Pgej} Pga~h Kb}a ]adoh~ado Phla}ad

    ]agxd >33?)>313

    17

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    19/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Delae mejjh~hd}eal pgej}'Mf% ph`}b~ sh~hkbdbiead kb}a ]adoh~ado Phla}ad

    phlaia }agxd >33?)>313 ama uado sbpe}ej mad dhoa}ezh$ Me iada delae sbpe}ej,

    nh~a~}e nagwa }h~masa} ph`}b~ hkbdbie kb}a ]adoh~ado Phla}ad }xinxg lhneg `hsa}

    feka menadmedokad mhdoad ph`}b~ uado paia sama }edoka} S~bzedpe Nad}hd$

    Phmadokad delae dhoa}ezh nh~a~}e ph`}b~ }h~phnx} }xinxg faxg lhneg laina} feka

    menadmedokad ph`}b~ uado paia sama }edoka} S~bzedpe$ Nh~mapa~kad }anhl =$>

    }h~masa} leia ph`}b~ mhdoad delae mejjh~hd}eal pgej} sbpe}ej, uae}x ph`}b~

    sh~maoadoad, gb}hl, mad ~hp}b~ad mhdoad delae phnhpa~ 0=057$15$ Lalx meekx}e blhg

    ph`}b~ nadoxdad phnhpa~ 1:378$?0, sama x~x}ad phladfx}dua me}hisa}e blhg ph`}b~

    shdoadokx}ad mad kbixdekape mhdoad delae phnhpa~ 13==?$70, ph`}b~ khxadoad,

    sh~phwaad, mad fapa sh~xpagaad fxoa ihieleke delae sbpe}ej, uae}x phnhpa~

    :15?$1>=8?:, mad ph`}b~ fapa)fapa ihieleke delae phnhpa~ 113=$?8$

    Khleia ph`}b~ }h~phnx} ih~xsakad ph`}b~)phk}b~ mhdoad sh~}xinxgad uado

    `hsa}, phgedooa nh~sb}hdpe xd}xk mekhinadokad malai ihia`x sh~}xinxgad

    kb}a ]adoh~ado Phla}ad$ Phmadokad khhisa} ph`}b~ uado laed, uae}x ph`}b~

    15

    Lasadoad Xpaga Of Df Sf Mf

    Sh~}adead 817$55 >1?>$07:>7

    )

    181?>5$7>?0

    )1878$:0873

    0

    Sh~}ainadoad,Shdooalead

    :7$18000000

    131$:?5??17

    )=1:8$:3=>==

    )7>$:070135

    =

    Edmxp}~e Shdoblagad 1=38:$8=08:8=$?1:3

    0)

    >:7=353$??=

    )8=1?$77371

    >

    Lep}~ek, Oap, Ae~ Nh~peg ?3:?$71378=$131=

    :)

    :105::$:?=7)

    ?807$:8>57

    Nadoxdad=>:=7$05::

    ? 15:35$>050)

    115>05=$::01:378$?0??

    7Sh~maoadoad, Gb}hl,^hp}b~ad 18:07:$5= 130750$:5?

    )81=3703$:?>

    0=057$15?1=

    Shdoadokx}ad,kbixdekape

    87705$:8000 >??57$?:5

    )1:==508$8==

    13==?$70=51

    Khxadoad,Sh~phwaad,Fapa Sh~xpagaad :?3=7$>?

    ==051$>38:8

    )1?5:8:>$0=1

    :15?$1>=8?:

    Fapa)fapa laed8:80?$:8::

    ?81500$7715

    =)

    >0585?=$575113=$?87?1

    5

    Fxilag =301?>$=>5:=35$:?:

    =)

    18:>=:81$3580:37$7=8>

    >

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    20/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    sh~}adead, ph`}b~ sh~}ainadoad mad shdooalead, ph`}b~ edmpx}~e shdoblagad, mad

    ph`}b~ lep}~ek, ae~ nh~peg, mad oap ihieleke delae mejjh~hd}eal pgej} uado dhoa}ezh,

    phgedooa uado }h~fame amalag ph`}b~)phk}b~ }h~phnx} ihdoalaie sh~}xinxgad uado

    laina}$

    KHPEISXLAD

    Nh~mapa~kad gapel mad shdoaia}ad uado pxmag melakxkad, iaka shdxlep

    ihieleke khpeisxlad phnaoae nh~ekx}6

    1$ Nh~mapa~kad gapel sh~ge}xdoad LQ mekh}agxe nagwa ph`}b~ nadk, khxadoad

    mad fapa sh~xpagaad amalag ph }b~ napep mhdoad delae uado }h~}edooe

    menadmedokad ph`}b~ uado laeddua$

    >$ Phk}b~ laeddua uado fxoa masa} meka}hob~ekad phnaoae ph }b~ napep ka~hda

    ihieleke delae LQ lhneg ma~e 1 amalag ph`}b~ nadoxdad, ph`}b~ sh~maoadoad,

    gb}hl, mad ~hp}b~ad, ph`}b~ shdoadokx}ad mad kbixdekape, ph`}b~ fapa)fapa

    laed$

    0$ Phk}b~ lep}~ek, oap mad ae~ nh~peg sama }agxd >335 iapeg meka}hob~ekad ph`}b~

    napep }h}ase sama >313 pxmag masa} meka}akad }emak ihdfame ph`}b~ napep me

    kb}a ]adoh~ado Phla}ad$

    =$ Gapel adalepep Pgej} Pga~h ihdxdfxkkad ph }b~ uado `xkxs kbish}e}ej, uae}x

    1% ph`}b~ nadoxdad, >% ph`}b~ sh~maoadoad, gb}hl, mad ~hp}b~ad, 0% ph`}b~

    shdoadokx}ad mad kbixdekape, =% ph`}b~ khxadoad, sh~phwaad, mad fapa

    sh~xpagaad, 8% ph`}b~ fapa)fapa laed$

    Malai ~adoka ihia`x sh~}xinxgad hkbdbie me kb}a ]adoh~ado Phla}ad,

    mepa~adkad ke~adua ph`}b~)phk}b~ uado sh~lx ihdfame s~eb~e}ap xd}xk

    mekhinadokad amalag61$ Ph`}b~ nadoxdad, ka~hda ph`}b~ ede ihieleke delae LQ lhneg ma~e 1'pa}x% mad

    ihieleke delae mejjh~hd}eal pgej} uado sbpe}ej$ Me paisedo e}x, mhdoad

    shdohinadoad ph`}b~ ede, mega~askad masa} ihdedoka}kad lasadoad kh~fa

    naoe iapua~aka}$

    >$ Ph }b~ sh~maoadoad, gb}hl, mad ~hp}b~ad, ka~hda ph`}b~ ede ihieleke delae LQ

    lhneg ma~e 1'pa}x% mad ihieleke delae Mf uado sbpe}ej$

    >3

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    21/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    0$ Ph }b~ shdoadokx}ad mad kbixdekape, ka~hda ihieleke delae LQ 41 mad delae

    Mf uado sbpe}ej$

    =$ Ph`}b~ khxadoad, sh~phwaad, mad fapa sh~xpagaad, ka~hda ph }b~ ede

    ihieleke delae LQ41 walaxsxd delae LQ }h~xp ihdoalaie shdx~xdad mad

    delae Mf uado sbpe}ej$

    8$ Ph`}b~ fapa)fapa laed, ka~hda ihieleke delae LQ41 mad fxoa ihdoalaie

    shdx~xdad ph}eas }agxddua }h}ase delaedua iapeg `xkxs }edooe meekx}e mhdoad

    delae Mf uado fxoa sbpe}ej$

    :$ _alax kb}a ]adoh~ado Phla}ad ihieleke nhnh~asa ph`}b~ uado }h~oblbdo

    ph`}b~ napep }h}ase ph`}b~)phk}b~ uado nxkad napep }emak masa} meanaekad

    malai sh~hd`adaad, nagkad mega~askad sama iapa ihdma}ado masa}

    ihdfame ph`}b~ napep$

    ^HJH^HDPE

    Nagad Sxp}aka

    Amdad, Davhle$Sb}hdpe Hkbdbie Phk}b~al Kb}a Salhinado$ MalaiJb~mhia, zbl$

    = Db$ 1, Fxde >33=$ Gal6 ?>8)?0:

    A~puam Led`bld$ 1555$ Hkbdbie Shinaoxdad$ Ubouaka~}a6 Naoead Shdh~ne}ad

    P]EH UKSD$

    NSP$ Nad}hd Malai Adoka$ NSP Faka~}a, >311

    Jamlad, Ixgaiiam Azh~~bhp$ Adalepep Sb}hdpe Sh~}xinxgad Hkbdbie me

    S~bzedpe Laisxdo Sh~ebmh >33=)>335 Pk~espe P)1 Fx~xpad Elix Hkbdbie

    mad P}xme Shinadoxdad Jakxl}ap Hkbdbie mad Nepdep Xdezh~pe}ap Eplai

    Dhoh~e Pua~ej Gemaua}xllag Faka~}a$ >311

    Na`g~e, Ja`g~eval mad E~iad$Adalepep Sb}hdpe Phk}b~al Kanxsa}hd Laga} S~bzedpePxia}h~a Phla}ad$ MalaiKafead Hkbdbie, zbl$ > Db$ 1, >330$ Gal 6??)130

    Gaiem, Anmxl$ Nxkx Sadmxad Shdxlepad Pk~espe Jakxl}ap Hkbdbie mad Nepdep,

    XED Pua~ej Gemaua}xllag Faka~}a, >33?

    Fgedoad, I$L$ 155>$ Hkbdbie Shinadoxdad mad Sh~hd`adaad, ]h~fhiagad M$

    Ox~e}db$ Faka~}a6 ^afawale

    >1

  • 7/23/2019 Jurnal LQ Dan Shift Share(Perekonomian Indonesia)

    22/22

    ADALEPEP SB]HDPE HKBDBIE KB]A ]ADOH^ADO PHLA]AD

    SH^EBMH >33?)>313 MHDOAD SHDMHKA]AD LQ MAD PGEJ]

    PGA^H'AMAI * PHDA SAIXFE%

    Ibdmal, _ale E$ Ad Adalupep bj ]gh Edmxp}~eal Mhzhlbsihi} Sb}hd}eal bj

    Ialaupea6 A Pgej})Pga~h Ass~ba`g malaiFbx~dal bj Nxpedhpp * H`bdbie`

    ^hpha~`g Zbl$ ZEE Db$ 8, >335$ g$ =1)=:

    Pfaj~eval$ Hkbdbie ^hoebdal, ]hb~e mad Aslekape$ Samado6 Namxbph Ihmea$

    >337

    ]a~eoad, ^bnedpbd$ Hkbdbie ^hoebdal, ]hb~e mad Aslekape 'hmepe ~hzepe%$

    Faka~}a6 Nxie Akpa~a$ >33?

    Uxdad, Vxgae~ad U$Adalepep Shdhd}xad Phk}b~ Xdooxlad Sh~hkbdbiead _elauag

    Kb}aiamua ]adoh~ado Phla}ad Mhdoad Shdmhka}ad Shinhd}xk SM^N$

    Malai Peodejekad, Zbl$ E, Db$ 0, >313$ gal$ :1)?:$

    >>