• Tessa V. Soetanto Faculty of Economics, Petra Christian University Siwalankerto 121–131, Surabaya 60236
  • Liem Pei Fun Faculty of Economics, Petra Christian University Siwalankerto 121–131, Surabaya 60236



Company Performance, Technical Efficiency, Property and Real Estate, DEA


This paper aimed to evaluate perfomance of property and real estate companies listed in Indonesia Stock Exchange using the DEA method. Samples were 23 companies listed from 2009–2012. Results showed that some companies are relatively efficient each year. However, only one company consistently had technical efficiency equal to 1. The main cause of inefficiency from 2009–2011 was scale inefficiency while inefficiency happened in 2012 was pure technical inefficiency. Overall the companies operate efficiently un-der constant returns to scale is showing an increase from 17.39%–39.13%.


Alam Sutera Realty Tbk. 2012. PT Alam Sutera Real-ty Tbk and Subsidiaries Consolidated Financial Statements, (, retrieved Ap-ril 8, 2013).

Amalia, T. 2012. Pengaruh Kinerja Keuangan Ter-hadap Harga Saham (Studi pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2006–2010). Unpublished Thesis. Jakarta: Universitas Guna-darma.

Bakrieland Tbk. 2012. PT Bakrieland Development Tbk and Subsidiaries Financial Report, (http:// www. idx., retrieved April 8, 2013).

Banker R. D., Charnes A., & Cooper W. W. 1984. Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Ana-lysis. Management Science, 30(9): 1078–1092.

Boussofiane, A., Dyson, G., & Thanassoulis, E. 1991. Applied Data Envelopment Analysis. European Journal of Operational Research, 52(1): 1–15.

Charnes, A., Cooper, W. W., & Rhodes, E. 1978. Measuring the Efficiency of Decision Making Units. European Journal of Operational Re-search, 2(6): 429–444.

Chen, T. H. 2009. Performance Measurement of an Enterprise and Business Units with an Applica-tion to a Taiwanese Hotel Chain. International Journal of Hospitality Management, 28(3): 415–422.

Ciputra Property Tbk. 2012. PT Ciputra Property Tbk and Subsidiaries Consolidated Financial State-ments, (, retrieved April 8, 2013).

Cooper, W. W., Seiford, L. M. & Zhu, J. 2004. Data Envelopment Analysis: History, Models and Interpretations. Boston: Kluwer Academic Publishers.

Feroz, E. H., Kim, S., & Raab, R. L. 2003. Financial Statement Analysis: A Data Envelopment Ana-lysis Approach. Journal of the Operational Research Society, 54(1): 48–58.

Finesso, G. M. 2009. Penurunan Suku Bunga KPR Tak Signifikan, (http://tekno., retri-eved April 1, 2013).

Gumus, Y. & Celikkol, H. 2011. Data Envelopment Analysis: An Augmented Method for the Analy-sis of Firm Performance. International Research Journal of Finance and Economics, 79: 137–142.

Horta, I. M., Camanho, A. S., & Da Costa, J. M. 2010. Performance Assessment of Construction Companies Integrating Key Performance Indica-tors and Data Envelopment Analysis. Journal of Construction Engineering and Management, 136(5): 581–594.

Hughes, A. & Yaisawarng, S. 2004. Sensitivity and Dimensionality Tests of DEA Efficiency Scores. European Journal of Operational Research, 154(2): 410–422.

Lin, W. C., Liu, C. F., & Chu, C. W. 2005. Perfor-mance Efficiency Evaluation of the Taiwan's Shipping Industry: An Application of Data Envelopment Analysis. Eastern Asia Society for Transportation Studies, 5: 467–476.

Lippo Karawaci Tbk. 2012. PT. Lippo Karawaci Tbk dan Entitas Anak Laporan Keuangan Konsoli-dasi, (, retrieved April 8, 2013).

Martic, M. M, Novakovic, M. S., & Baggia, A. 2009. Data Envelopment Analysis-Basic Models and Their Utilization. Organizacija, 42(2): 37–43.

Memon, M. A. & Tahir, I. M. Company Operation Performance Using DEA and Performance Matrix: Evidence from Pakistan. International Journal of Business and Behavioral Science, 2(2): 41–55.

Mohammadi, A. & Ranaei, H. 2011. The Application of DEA based Malmquist Productivity Index in Organizational Performance Analysis. Interna-tional Journal of Finance and Economics, 62(6): 67–76.

Nanka-Bruce, D. 2006. Corporate Ownership and Technical Efficiency Analysis in The Spanish Real Estate Sector. Corporate Ownership & Control, 4(2): 100–113.

Nugroho, B. W. 2012. Analisis Kinerja Keuangan dengan Menggunakan Metode Economic Value Added pada Industri Properti. Unpublished Thesis. Yogyakarta: Universitas Gajah Mada.

Orme, C. & Smith, P. 1996. The Potential for Endo-geneity Bias in Data Envelopment Analysis. Journal of the Operational Research Society, 47(1): 73–83.

Pakuwon Jati Tbk. 2012. PT. Pakuwon Jati Tbk and Subsidiaries Consolidated Financial Statements, (, retrieved April 8, 2013).

Pasiouras, F., Sifodaskalakis, E., & Zopounidis, C. 2007. Estimating and Analysing The Cost Ef-ficiency of Greek Cooperative Banks: An Ap-plication of Two Stage Data Envelopment Analysis. University of Bath School of Manage-ment Working Paper Series No. 2007/12.

Property and Bank. 2012. Saatnya Belanja Mumpung Bunga Murah, (, retri-eved May 9, 2013).

Saad, W. & Moussawi, C. E. 2009. Evaluating the Productive Efficiency of Lebanese Commercial Banks: Parametric and Non-Parametric Approa-ches. International Management Review, 5(1): 5–19.

Saham Properti Incaran Investor. 2012. Jawa Pos, 7.

Saskia, F. R. 2013. Analisis Pengaruh Kinerja Perusahaan dan Kinerja Pasar Terhadap Harga Saham pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek In-donesia. Unpublished Thesis. Sumatera Utara: University of Sumatra Utara.

Septyo, L. B. 2013. Modal Intelektual dan Kinerja Perusahaan (Bukti Empiris di Indonesia). Jurnal Ilmiah Universitas Bakrie, 1(2).

Sigala, M. 2004. Using Data Envelopment Analysis for Measuring and Benchmarking Productivity in the Hotel Sector. Journal of Travel and Tourism Marketing, 16 (3): 39–60.

Soetanto, T. V. & Ricky, S. 2011. Technical Effi-ciency of Indonesian Commercial Banks: An Application of Two-Stage DEA. Jurnal Manajemen dan Kewirausahaan, 13(2): 108–116.

Suzuki, Y. & Sastrosuwito, S. 2011. Efficiency and Productivity Change of the Indonesian Commer-cial Banks. IPEDR, 7: 10–14.

Wagner, J. M. & Shimshak, D. G. 2007. Stepwise Selection of Variables in Data Envelopment Analysis: Procedures and Managerial Perspec-tives. European Journal of Operational Research, 180(1): 57–67.

Yu, Y. S. & Han, H. T. 2012. Evaluating Technical Efficiency of Taiwan Public Listed Companies: An Application of Data Envelopment Analysis. Interdisciplinary Journal of Research in Busi-ness, 1(12): 16–23.

Zhao, X., Wang, S., & Lai, K. K. 2011. Mutual Funds Performance Evaluation Based on Endogenous Benchmarks. Expert Systems with Applications, 38(4): 3663–3670.

Zheng, X., Zhao, K. W., & Hui, E. C. M. 2011. Efficiency Assessment of Listed Real Estate Companies: An empirical study of China. Inter-national Journal of Strategic Property Manage-ment, 15(2): 91–104.

Zhu, J., 2000. Multifactor Performance Measure Mo-del with an Application to Fortune 500 com-panies. European Journal of Operational Re-search, 123(1):105–124.

________. 2009. Quantitative Models for Perfor-mance Evaluation and Benchmarking: Data En-velopment Analysis with Spreadsheets. United States: Springer.

Zohdi, M., Marjani, A. B., Najafabadi, A. M., Alvani, J., & Dalvand, M. R. 2012. Data Envelopment Analysis (DEA) Based Performance Evaluation System for Investment Companies: Case Study of Tehran Stock Exchange. African Journal of Business Management, 6(16): 5573–5577.