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CHAPTER 4 RESEARCH FINDINGS AND ANALYSIS
A. Brief Introduction
This chapter will present the process of data processing through the statistical tools as well as the analysis of the findings. The data will be processed
through the statistical software Eviews 5 using the multiple regression analysis model. The model will be tested using the OLS Originally Least Squared
Method before conducting the multiple regression analysis model. To ensure that the model has the characteristic BLUE Best Linear Unbiased Estimator, before
testing the significance of the model, we conduct the classical assumption test which consists of normality test, heteroscedasticity test, multi-collinearity test,
and autocorrelation test. If the model is passing those classical assumption tests, thus we assume that the model has BLUE characteristic and we will be ready to
test the significance of the model. But if the model has not passed yet, we will do some remedial actions accordingly. After achieving a model that has BLUE
characteristic, the writer can interpret the result and make the analyses as well as compare it with the theoretical assumption.
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B. Descriptive Statistics
The descriptive statistics that will be used in this research is as follows:
CG PR
EXRATE INLATION
SBI
Mean 0.022268
0.019215 -0.000831
-0.483316 -0.011012
Median 0.003819
0.024407 -0.003781
-0.076498 -0.007476
Maximum 0.193360
0.306532 0.172425
9.000000 0.130793
Minimum -0.169444
-0.340247 -0.098840
-35.00000 -0.105425
Std. Dev. 0.067858
0.099661 0.037145
5.192304 0.036939
Skewness 0.352901
-0.521612 1.717417
-5.028711 0.705108
Kurtosis 3.747713
5.198717 10.70772
34.36123 6.116995
Jarque-Bera 2.643079
14.80669 178.0175
2711.697 29.26092
Probability 0.266724
0.609000 0.000000
0.000000 0.000000
Sum 1.336056
1.152927 -0.049875
-28.99897 -0.660716
SumSq. Dev.
0.271681 0.586010
0.081406 1590.641
0.080504 Observations
60 60
60 60
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Table 4.1
Where, CG
: Return in Consumer Goods Sector PR
: Return in Property and Real Estate Sector EXRATE
: Change in Exchange Rate Monthly INFLATION
: Change in Inflation Rate Monthly SBI
: Change in SBI Rate Monthly
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Explanation of Table 4.1: 1. The dependent variable of the stocks rate of return in consumer goods
sector has an average return of 0.022268. The maximum return of consumer goods sector during the period of observation is 0.193360, while
the minimum return is -0.169444 with the 6.785 standard deviation. In the meantime, the dependent variable of the stocks rate of return in
property and real estate sector has an average return of 0.019215. The maximum return of property and real estate sector during the period of
observation is 0.306532, while the minimum return is -0.340247with the 9.9661 standard deviation.
2. As for the independent variable, the change in exchange rate during the period of the observation has an average change of -0.000831. The
maximum change is 0.172425 and the minimum change is -0.098840 with 3.7145 standard deviation. Another variable, which is change in inflation
rate, has an average change of -0.483316. The maximum change is 9.000000 and the minimum change is -35.00000with 519.2304 standard
deviation. And as the last independent variable, which is change in SBI rate, it has the average change of -0.011012. The maximum change is
0.130793 and the minimum change is -0.105425 with 3.6939 standard deviation.
C. Normality Test
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