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APPENDIX 1.
Descriptive Statistics of the Variables Under Study D
i,t
EAT
i,t
Div
i,t
E
i,t
FA
i,t
Rp Millins Rp Millins
Rp Millins Rp millions Rp Millins
Mean 168,547
924,427 907
599,152 188,896
Minimum 2,463,664
2,126 364,482
236,673 Maximum
5,116,374 8,051,057
16,150 14,825,554
4,080,407 Standard
897,383 1,727,430
2,900 1,986,117
549,494 Deviation
WC
i,t
FAR
i,t
L A
i,t
NEF
i,t
Rp Millins percentage
Rp Millins Rp Millins
Mean 337,243
31.08 13
264,322 Minimum
1,538,147 0.91
11 176,614
Maximum 8,423,025
62.03 16
12,916,171 Standard
1,244,192 13.81
2 1,608,241
Deviation
Djo han
putro
174
APPENDIX 2. The Regression Results to Test the Hypotheses of Pecking Order Theory
Component POT Model 1
POT Model 2 POT Model 3
Random Effect Fixed Effect
Random Effect Fixed Effect
Random Effect Fixed Effect
Constant 39550.3
-360876.2 29769.79
-385181 -1912976
-3929333
EAT
i,t
0.14 0.57
0.14 0.57
0.13 0.26
`2.0625 2.4241
2.0358 2.4036
1.5604 0.9645
Expected sign -
- -
- -
-
Div
i,t
9.56 27.08
8.11 22.26
0.2539 0.5014
0.2266 0.4195
Expected sign -
- -
- FA
i,t
0.01 -0.13
0.0306 -0.3790
Expected sign +
+ WC
i,t
-0.37 -0.30
-3.9229 -1.8897
Expected sign +
+ LA
i,t
159932.2 305226.1
1.4506 1.0380
Expected sign +
+ R2
5.53 48.50
5.60 48.78
24.82 54.18
Adjusted R2 4.18
22.21 2.87
20.95 19.13
24.35
Hausman Test p value 0.0557 0.1494
0.9751
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May-August, Vol. 17, No. 2, 2015
APPENDIX 2.
Continued
Notes: Appendix 2 provides the regression results in relation to H
1
, shown under columns POT Model 1, hypothesis 2, under columns POT Model 2, and H
3
, under columns POT Model 3. The equations of POT model 1 is
-
, ,
t t
i t
i
bEAT a
D
, POT model 2 is -
-
, ,
, t
t i
t i
t i
cDiv bEAT
a D
, and POT model 3 is
- -
, 5
, 4
, 3
, 2
1 ,
t i
t i
t i
t i
t t
i
LA b
Div b
WC b
FA b
EAT b
a D
. D
i,t
, the dependent variable, is the change in debt, EAT
i,t
, earnings after tax of company i at time t, DIV
i,t
, dividend of company i at time t, FA
i,t
change in fixed assets of company
i at time t, WC
i,t
the change in working capital of company i at time t, and LA
i,t
natural logarithm of Assets of company i at time t. The table shows regressions of every equation using both random and fixed effect
models. The figures in the table are the coefficients, and the figures in the parentheses are t-statistics, with
significance at 1 percent, significance at 5 percent, significance at 10 percent. The signs - and + in the table are expected signs according the hypotheses.
Djohanputro
