Analisis Pengaruh Free Cash Flow Dan Struktur Kepemilikan Saham Terhadap Kebijakan Utang Pada Perusahaan Manufaktur Di Indonesia

Lampiran 1
Daftar Perusahaan Manufaktur Periode 2010-2013
No. Kode
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2
3
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5
6
7
8
9
10
11
12
13
14
15
16
17
18

19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

39
40
41
42

INTP
SMBR
SMCB
SMGR
AMFG
ARNA
IKAI
KIAS
MLIA
TOTO
ALKA
ALMI
BTON
CTBN
GDST

INAI
ISSP
ITMA
JKSW
JPRS
KRAS
LION
LMSH
MYRX
NIKL
PICO
TBMS
BRPT
BUDI
DPNS
EKAD
ETWA
INCI
SOBI
SRSN

TPIA
UNIC
AKKU
AKPI
APLI
BRNA
FPNI

Nama Perusahaan
Indocement Tunggal Perkasa Tbk
Semen Baturaja Persero Tbk
Holcim Indonesia Tbk
Semen Gresik
Asahimas Flat Glass Tbk
Arwana Citra Mulia Tbk
Inti Keramik Alam Asri Industri Tbk
Keramika Indonesia Asosiasi Tbk
Mulia Industrindo Tbk
Surya Toto Indonesia Tbk
Alaska Industrindo Tbk

Alumindo Light Metal Industry Tbk
Beton Jaya Manunggal Tbk
Citra Turbindo Tbk
Gunawn Dianjaya Steel Tbk
Indal Aluminium Industry Tbk
Steel Pipe Industry of Indonesia Tbk
Itamaraya Tbk
Jakarta Kyoei Steel Work LTD Tbk
Jaya Pari Steel Tbk
Krakatau Steel Tbk
Lion Metal Works Tbk
Lionmesh Prima Tbk
Hanson International Tbk
Pelat Timah Nusantara Tbk
Pelangi Indah Canindo Tbk
Tembaga Mulia Semanan Tbk
Barito Pasific Tbk
Budi Acid Jaya Tbk
Duta Pertiwi Nusantara
Ekadharma Internasional Tbk

Eterindo Wahanatama Tbk
Intan Wijaya International Tbk
Sorini Agro Asia Corporindo Tbk
Indo Acitama Tbk
Chandra Asri Petrochemical Tbk
Unggul Indah Cahaya Tbk
Alam Karya Unggul Tbk
Argha Karya Prima Industry Tbk
Asiaplast Industries Tbk
Berlina Tbk
Titan Kimia Nusantara Tbk

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Kriteria
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Sampel
4

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5

6
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8

Universitas Sumatera Utara

43
44
45
46
47
48
49
50
51
52
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55
56
57
58
59

IGAR
IPOL
SIAP
SIMA
TRST
YPAS
CPIN
JPFA
MAIN
SIPD
SULI
TIRT
ALDO
FASW
INKP
INRU
KBRI

60
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67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87

SPMA
TKIM
KRAH
ASII
AUTO
BRAM
GDYR
GJTL
IMAS
INDS
LPIN
MASA
NIPS
PRAS
SMSM
ADMG
ARGO
CNTB
CNTX
ERTX
ESTI
HDTX
INDR
KARW
MYTX
PBRX
POLY
RICY

Champion Pasific Indonesia Tbk
Indopoly Swakarsa Industry tbk
Sekawan Intipratama Tbk
Siwani Makmur Tbk
Trias Sentosa Tbk
Yana Prima Hasta Persada Tbk
Charoen Pokphand Indonesia Tbk
Japfa Comfeed Indonesia Tbk
Malindo Feedmill Tbk
SiearadProduce Tbk
Sumalindo Lestari Jaya Tbk
Tirta Mahakam Resources Tbk
Alkindo Naratama Tbk
Fajar Surya Wisesa Tbk
Indah Kiat Pulp & Paper Tbk
Toba Pulp Lestari Tbk
Kertas Basuki Rachmat Indonesia
Tbk
Suparma Tbk
Pabrik Kertas Tjiwi Kimia Tbk
Grand Kartech Tbk
Astra International Tbk
Astra Auto Part Tbk
Indo Kordsa Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Indomobil Sukses International Tbk
Indospring Tbk
Multi Prima Sejahtera Tbk
Multistrada Arah Sarana Tbk
Nippres Tbk
Prima Alloy Steel Universal Tbk
Selamat Sempurna Tbk
Polychem Indonesia Tbk
Argo Pantes Tbk
Asuransi Harta Aman Pratama Tbk
Centex Tbk
Eratex Djaya Tbk
Ever Shine Textile Industry Tbk
Pan Asia Indosyntec Tbk
Indo Rama Synthetic Tbk
Karwell Indonesia Tbk
Apac Citra Centertex Tbk
Pan Brothers Tbk
Asia Pasifi8c Fibers Tbk
Ricky Putra Globalindo Tbk

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9

10
11

12
13

Universitas Sumatera Utara

88
89
90
91
92
93
94
95
96
97
98

SRIL
SSTM
TRIS
UNIT
UNTX
BIMA
IKBI
JECC
KBLI
KBLM
SCCO

Sri Rejeki Isman Tbk
Sunson Textile Manufacture Tbk
Trisula Internasional Tbk
Nusantara Inti Corpora Tbk
Unitex Tbk
Primarindo Asia Infrastrukture Tbk
Sumi Indo Kabel Tbk
Jembo Cable Company Tbk
KMI Wire and Cable Tbk
Kabelindo Murni Tbk
Supreme Cable Manufacturing and
Commerce Tbk
99 VOKS Voksel Electric Tbk
100 PTSN Sat Nusa Persada Tbk
101 ADES Akasha Wira International Tbk
102 AISA
Tiga Pilar Sejahatera Food Tbk
103 CEKA Cahaya Kalbar Tbk
104 DAVO Davomas Abadi Tbk
105 DLTA Delta Djakarta Tbk
106 ICBP
Indofood CBP Sukses Makmur Tbk
107 INDF
Indofood Sukses Makmur Tbk
108 MLBI Multi Bintang Indonesia Tbk
109 MYOR Mayora Indah Tbk
110 PSDN Prashida Aneka Niaga Tbk
111 ROTI
Nippon Indosari Corporindo Tbk
112 SKLT
Sekar Laut Tbk
113 STTP
Siantar Top Tbk
114 ALTO Tri Banyan Tirta Tbk
115 ULTJ
Ultrajaya Milk Industry and Trading
Company Tbk
116 GGRM Gudang Garam Tbk
117 HMSP Hanjaya Mandala Sampoerna Tbk
118 RMBA Bentoel International Investama Tbk
119 WIIM Wismilak Inti Makmur Tbk
120 DVLA Darya Varia Laboratria Tbk
121 INAF
Indofarma Tbk
122 KAEF Kimia Farma Tbk
123 KLBF
Kalbe Farma Tbk
124 MERK Merck Tbk
125 PYFA Pyridam Farma Tbk
126 SCPI
Schering Plough Indonesia Tbk
127 SIDO
Industri Jamu dan Farmasi Sido
Muncul Tbk
128 SQBI
Taisho Phamaceutical Indonesia Tbk
129 TSPC
Tempo Scan Pasific Tbk
130 MBTO Martina Berto Tbk

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18

Universitas Sumatera Utara

131
132
133
134
135
136

MRAT
TCID
UNVR
KDSI
KICI
LMPI

Mustika Ratu Tbk
Mandom Indonesia Tbk
Unilever Indonesia Tbk
Kedawung Setia Industrial Tbk
Kedaung Indag Can Tbk
Langgeng Makmur Industry Tbk

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19

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Universitas Sumatera Utara

Lampiran 2
Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: POOL01
Test cross-section fixed effects
Effects Test

Statistic

Cross-section F
Cross-section Chi-square

d.f.

Prob.

17.905742
163.078571

(20,60)
20

0.0000
0.0000

Cross-section fixed effects test equation:
Dependent Variable: DER?
Method: Panel Least Squares
Date: 04/04/16 Time: 22:37
Sample: 2010 2013
Included observations: 4
Cross-sections included: 21
Total pool (balanced) observations: 84
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
MOWNS?
INST?

-222.8670
-1.11E-06
2.231482
2.233852

253.8373
2.51E-07
2.538551
2.538476

-0.877992
-4.432695
0.879038
0.879997

0.3826
0.0000
0.3820
0.3815

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.215518
0.186100
0.604877
29.27005
-74.91226
7.326054
0.000212

Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

0.766429
0.670473
1.878863
1.994616
1.925395
0.315446

Universitas Sumatera Utara

Lampiran 3
Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: POOL01
Test cross-section random effects
Chi-Sq.
Statistic

Chi-Sq. d.f.

Prob.

1.781412

3

0.6190

Test Summary
Cross-section random

Cross-section random effects test comparisons:
Variable

Fixed

Random

Var(Diff.)

Prob.

FCF?
MOWNS?
INST?

-0.098253
0.666535
0.691738

-0.105743
0.539169
0.555187

0.000316
0.138108
0.145787

0.6737
0.7318
0.7206

Cross-section random effects test equation:
Dependent Variable: DER?
Method: Panel Least Squares
Date: 03/28/16 Time: 12:50
Sample: 2010 2013
Included observations: 4
Cross-sections included: 21
Total pool (balanced) observations: 84
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
MOWNS?
INST?

-6841.185
0.098253
0.666535
0.691738

13264.71
0.032684
1.321428
1.326923

-0.515743
3.006115
0.504405
0.521310

0.6079
0.0039
0.6158
0.6041

Effects Specification
Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.292540
0.851347
25.85046
40094.77
-378.2546
21.66726
0.000000

Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

76.64286
67.04730
9.577490
10.27201
9.856681
1.678077

Universitas Sumatera Utara

Lampiran 4
Hasil Estimasi Random Effect Model (REM)
Dependent Variable: DER?
Method: Pooled EGLS (Cross-section random effects)
Date: 03/28/16 Time: 12:48
Sample: 2010 2013
Included observations: 4
Cross-sections included: 21
Total pool (balanced) observations: 84
Swamy and Arora estimator of component variances
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
MOWNS?
INST?
Random Effects (Cross)
_ALMI--C
_BTON--C
_JPRS--C
_LION--C
_LMSH--C
_DPNS--C
_ETWA--C
_INCI--C
_YPAS--C
_ASII--C
_AUTO--C
_NIPS--C
_PRAS--C
_SSTM--C
_STTP--C
_GGRM--C
_ULTJ--C
_PYFA--C
_TCID--C
_KICI--C
_LMPI--C

-5483.961
0.105743
0.539169
0.055187

12705.59
0.027419
1.268095
0.020803

-0.431618
3.856490
0.425180
0.436879

0.6672
0.0002
0.6718
0.0364

128.8476
-24.53692
-24.01234
-48.61307
19.02651
-34.07972
22.25070
-44.67683
7.680093
32.42445
-22.30933
82.18322
62.44702
48.73745
-35.86113
-9.114375
8.020070
8.274622
-116.6895
-31.51944
-28.47909
Effects Specification
S.D.

Cross-section random
Idiosyncratic random

56.45987
25.85046

Rho
0.8267
0.1733

Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.180797
0.150077
25.65282
5.885293
0.001107

Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat

17.10322
27.82565
52645.38
1.255219

Universitas Sumatera Utara

Unweighted Statistics
R-squared
Sum squared resid

0.230266
287197.9

Mean dependent var
Durbin-Watson stat

76.64286
0.230090

Universitas Sumatera Utara