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D. Data Analysis and Discussion
1. Descriptive Statistics
Table 4.1 Descriptive Statistics Result
N Minimum
Maximum Mean
Std. Deviation
Excess Stock Returns 77
-1.00 -0.05
-0.0953 0.10812
SIZE 77
27.19 35.61
30.8259 1.36778
BM 77
0.03 1.00
0.5306 0.26914
TURN 77
0.00 0.07
0.0052 0.00883
STDTURN 77
0.00 0.07
0.0045 0.00873
CVTURN 77
0.00 1.99
0.8553 0.30029
PRICE 77
-0.85 1.60
0.2885 0.42379
RML 77
0.03 12.48
1.6423 2.67646
STDRML 77
0.03 11.02
1.4210 2.25847
CVRML 77
0.55 6.90
0.9820 0.72919
Source: Appendix 2 2.
Normality Test Table 4.2
Normality Test Result 1
Unstandardized Residual
N 77
Normal Parameters Mean
0.0000000 Std. Deviation
0.10468867 Most Extreme
Differences Absolute
0.316 Positive
0.285 Negative
-0.316 Kolmogorov
2.773 Asymp. Sig. 2-tailed
0.000 Source: Appendix 3
Trimming is done by eliminating outlier data. Preliminary data of this study a total of 77 data, the amount of data that was trimmed are as many
as 21 data and the final data in this study were 55 data. Here is the end data after normality test which results in the following numbers:
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Table 4.3 Normality Test Result 2
Unstandardized Residual
N 56
Normal Parameters Mean
0.0000000 Std. Deviation
0.02428907 Most Extreme
Differences Absolute
0.138 Positive
0.079 Negative
-0.138 Kolmogorov
1.029 Asymp. Sig. 2-tailed
0.240 Source: Appendix 3
3. Multicollinearity test
Table 4.4 Multicollinearity Test Result 1
Variable Collinearity Statistics
Tolerance VIF
SIZE 0.211
4.750 BM
0.365 2.741
TURN 0.027
37.173 STDTURN
0.020 48.973
CVTURN 0.181
5.532 PRICE
0.794 1.260
RML 0.031
32.179 STDRML
0.029 34.787
CVRML 0.226
4.426 Source: Appendix 3
The next step proceeds to eliminate the variable STDRML and STDTURN. Multicollinearity test results that have been carried out after
removing the STDTURN and STDRML are as follows:
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Table 4.5 Multicollinearity Test Result 2
Variabel Collinearity Statistics
Tolerance VIF
SIZE 0.216
4.630 BM
0.366 2.730
TURN 0.330
3.031 CVTURN
0.258 3.869
PRICE 0.752
1.330 RML
0.271 3.688
CVRML 0.208
4.813 Source: Appendix 3
4. Heteroscedaticity Test
Table 4.6 Heteroscedaticity Test Result
Variable Unstandardized
Coefficients Standardized
Coefficients t
Sig B
Std. Error Beta
Constant 0.097
0.101 0.959
0.343 SIZE
-0.002 0.003
-0.210 -0.690
0.494 BM
0.000 0.014
0.006 0.024
0.981 TURN
0.495 1.999
0.061 0.248
0.806 CVTURN
0.006 0.013
0.130 0.464
0.645 PRICE
-0.011 0.007
-0.231 -1.413
0.165 RML
-0.008 0.008
-0.288 -1.057
0.297 CVRML
-0.014 0.015
-0.284 -0.912
0.367 Source: Appendix3
5. Autocorrelation Test
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