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D. Hypothesis Test
1. F test
Below is the result of regression calculation for F Test.
Table 4.12 Model Summary
ANOVA
Sum of Squares Df
Mean Square F
Sig. Regression
27.821 20
1.391 2.170
.049 Residual
12.179 19
.641 Total
40.000 39
Dependent Variable: IPO Predictors: CCFL NWTLFA GPS NIS OITL NWS NITL NINW NWTL
ANOVA test will bear F test around 2.170 with level of significant is 0.049 because the number of probability is 0.000 0.05 so Ha is
accepted and H0 is rejected. It means that financial ratios all together has influence of significant of affected to the initial public offering.
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2. T Test
Calculation of coefficient for banking sector as shown below:
Table 4.13 Coefficient
Model Unstandardized Coefficients
Standardized Coefficients
T Sig.
B Std. Error
Beta 1
Constant 243
272.531 892
.478 CCFL
1173.8 1588.814
.217 .739
.320 NWTLFA
2.6 .000
.003 .021
.000 GPS
157.9 147.417
1.729 1.071
.963 NIS
-358.6 447.099
-1.363 -.802
.444 OITL
-164.8 804.279
-.044 -.205
.004 NWS
-13.7 21.479
-.323 -.639
.000 NITL
294 28401.614
.465 1.038
.002 NINW
2511.1 3380.506
.259 .743
.030 NWTL
87.0 78.094
.432 1.115
.478 a. Dependent Variable: IPO
From the table above, can be seen t for CFCL is 0.739 with probability-
value is 0.320. this value is bigger than 0.05 means the influence of CFCL to initial public offering is not significance. Ratio NWTLFA for t is 0.021
with probability-value is 0.000 this value is lower than 0.05 means the influence of NWTLFA to initial public offering is significance. Ratio GPS
has t 1.071 with probability value is 0.963 this value is higher than 0.05
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means the relationship between GPS and initial public offering is not significance. Ratio NIS has t 0.802 and probability value 0.444 this value is
higher than 0.05 which means the relationship of NIS and initial public offering is not significance. Ratio OITL t -0.205 and probability value
0.004 this value is lower than 0.05 which means that OITL and initial public offering has significance relationship. Ratio NWS t -0.639 and
probability value 0.000 this value is lower than 0.05 which means between NWS and initial public offering has significance relationship. Ratio NITL t
1.038 and probability value 0.002 this value is lower than 0.05 which means between NITL and initial public offering has significance
relationship. Ratio NINW t 0.743 and the probability value is 0.030 this value is lower than 0.05 which means the relationship between NINW and
initial public offering has significance relationship. Ratio NWTL t is 1.115 and the probability value is 0.478 this value is higher than 0.05 which
means doesn’t have significance relationship between NWTL and initial public offering.
Y= 243 -
1173.8
CCFL +
2.6
NWTLFA +
157.9
GPS –
358.6
NIS -
164.8
OITL -
13.7
NWS +
294
NITL +
2511.1
NINW +
87.0
NWTL Based on regression analysis can be analyzed that:
a Dependent variable IPO will be increasing about 243 without influenced by nine independent variables.
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b Financial Ratios
CFCL not significant which means not appropriate with research hypothesis.
NWTLFA means positive significant toward IPO with coefficient for 2.6 which means in every added 1 of NWTLFA while
other variable is fixed, IPO will increase for 2.6. GPS not significant which means not appropriate with research
hypothesis. NIS not significant which means not appropriate with research
hypothesis. OITL means negative significant toward IPO with coefficient
for 164.8 which means in every added 1 NWTL while other variable fix, IPO will increase for about 164.8.
NWS negative significant toward IPO with coefficient for 13.7 which means in every added 1 NWTL while other variable fix, IPO will
increase for about 13.7. NITL means positive significant toward IPO with coefficient
for 294 which means in every added 1 NINW while other variable fix, IPO will increase for 294
NINW means positive significant toward IPO with coefficient for 2511.1 which means in every added 1 NINW while other variable
fix, IPO will increase for 2511.1.
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NWTL not significant which means not appropriate with research hypothesis.
From that regression equation CCFL, NWTLFA, GPS, NITL, NINW, and NWTL have unidirectional with initial stock price. Means if these
financial ratios getting higher, so does the initial stock price While NIS, OITL, and NWS have inverted relationship with initial stock price. Means
if these financial ratios getting higher, initial stock price would be getting lower.
3. R Square Test
Result of autocorrelation among variables calculation from banking sector sample is shown below:
Table 4.14 Model Summary
Model Summary
Multiple R R Square
Adjusted R Square
.609
a
.371 .182
Dependent Variable: IPO Predictors: CCFL NWTLFA GPS NIS OITL
NWS NITL NINW NWTL
From the calculation of coefficient correlation get a result 0.834. this things means as a whole financial ratios have unidirectional relation
because the coefficient correlation is approaching to 1. This result is
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