Super Slack-Based Model Efficiency and Stock Performance of Manufacturing Industry Listed in Indonesian Stock Exchange

This research examines the efficiency of Indonesian manufacturing industry listed in Indonesian Stock Exchange during the period of 2010-2014 using
non-parametric output oriented Super Slack-Based Model (SBM). Furthermore, resulted changes of efficiency score are regressed on stock performance to investigate the relationship. 77 companies in
manufacturing industry classified as basic, miscellaneous and consumer goods industry listed in Indonesian Stock Exchange during 2010-2014 which resulted in 308 pooled data is being analyzed.

The input variables used in this paper are salary wages and benefit, raw materials cost, and net fixed asset while the output variable is earning before tax. Result shows that on average the highest output oriented Super SBM efficiency is miscellaneous industry while basic and consumer goods industry are not efficient on average.