14 MEDC Medco Energi International Tbk
Lampiran.1 Daftar Populasi dan Sampel Perusahaan Pertambangan No. Kode Nama Perusahaan Kriteria
24 HRUM Harum Energy Tbk
X
18 BORN Borneo Lumbung Energi & Metal Tbk
X
19 BRAU Berau Coal Energy Tbk
X
20 BRMS Bumi Resources Minerals Tbk
X
X
21 DEWA Darma Henwa Tbk
X
22 GEMS Golden Energy Mines Tbk
X
23 GTBO Garda Tujuh Buana Tbk
X
X
17 ARII Atlas Resources Tbk
25 INCO Vale Indonesia Tbk
26 SMRU SMR Utama Tbk
X
27 TINS Timah (Persero) Tbk
X
28 CNKO Exploitasi Energi Indonesia Tbk
X
X
29 CTTH Citatah Tbk
X
30 MITI Mitra Investindo Tbk
X
31 DKFT Central Omega Resources Tbk
X
X
16 ANTM Aneka Tambang (Persero) Tbk
1
X
2
3
1 ADRO Adaro Energy Tbk
X
X
2 ATPK ATPK Resources Tbk
X
X
3 BUMI Bumi Resources Tbk
4 BYAN Bayan Resources Tbk
5 ITMG Indo Tambangraya Megah Tbk
6 KKGI Resource Alam Indonesia Tbk
X
7 PKPK Perdana Karya Perkasa Tbk
X
X
8 PTBA Tambang Batubara Bukit Asam (Persero) Tbk
9 PTRO Petrosea Tbk
10 ARTI Ratu Prabu Energi Tbk
X
11 BIPI Benakat Petroleum Energy Tbk
X
X
12 ELSA Elnusa Tbk
X
13 ENRG Energi Mega Persada Tbk
X
14 MEDC Medco Energi International Tbk
X
15 RUIS Radiant Utama Interinsco Tbk
X
Lampiran.2 Data Variabel Penelitian Emiten Tahun Y GPM NPM EP RoE
antm 2006 -0.4769 0.48699 0.27583 0.30442 0.36266
antm 2007 2.30534 0.60069 0.42741 0.60655 0.58566
antm 2008 -0.7334 0.2764 0.14263 0.18835 0.16968
antm 2009 -0.5583 0.13752 0.06937 0.07888 1.07416
antm 2010 1.78567 0.33589 0.19251 0.38461 0.17572
antm 2011 0.14524 0.29263 0.18633 0.16899 0.17897
bumi 2006 0.8035 0.28595 0.12006 0.08949 0.61761
bumi 2007 2.5492 0.33293 0.34827 0.30324 0.70324
bumi 2008 -0.5289 0.47737 0.11002 0.19728 0.31892
bumi 2009 -0.4876 0.34284 0.05916 0.06985 0.12947
bumi 2010 0.39697 0.3295 0.0909 0.01718 0.30174
bumi 2011 -0.1915 0.39844 0.05376 0.07135 0.18285
itmg 2006 -0.7093 0.25485 0.03174 0.09061 0.18252
itmg 2007 1.44262 0.26857 0.07355 1.1136 0.72137
itmg 2008 3.13826 0.36281 0.17838 0.35307 0.38489
itmg 2009 0.42833 0.37816 0.22246 0.38085 0.4261itmg 2010 -0.3916 0.31499 0.12413 0.25452 0.28314
itmg 2011 1.67511 3.84719 2.35526 0.46243 0.5053ptba 2006 -0.5208 0.37784 0.13745 0.21525 0.21158
ptba 2007 0.56527 0.39995 0.18434 0.26938 0.27159
ptba 2008 1.24646 0.48919 0.23666 0.41787 0.42714
ptba 2009 0.59725 0.54131 0.30485 0.46568 0.33765
ptba 2010 -0.8659 0.39664 0.20524 0.05513 0.05678
ptba 2011 1.0807 0.53712 0.32868 0.10286 0.60561
tins 2006 0.93627 2.34304 0.7333 0.10036 0.12415
tins 2007 7.57372 7.16287 4.02476 0.52733 0.53128
tins 2008 -0.2478 4.19266 2.07018 0.36455 0.35135
tins 2009 -0.7663 2.48252 0.67554 0.1124 0.19147
tins 2010 2.0213 3.4939 1.72129 0.19169 0.22553
tins 2011 -0.054 3.0095 1.3677 0.19302 0.19505
hrum 2006 -0.3333 0.17785 0.00447 0.74437 0.23529
hrum 20076 0.19792 0.02235 0.14781 0.33735
hrum 2008 3.28571 0.25733 0.0463 0.22832 0.58824
hrum 2009 5.39167 0.3615 0.16663 0.5898 1.01101
hrum 2010 0.27928 0.35143 0.21871 0.35369 0.38556
hrum 2011 0.81306 0.40761 0.24381 0.49909 0.50014
inco 2006 0.91727 0.57397 0.38375 0.35091 0.30507
inco 2007 1.28503 0.7064 0.50435 0.88832 0.84602
inco 2008 -0.6937 0.38383 0.27384 0.25133 0.23625
inco 2009 -0.5257 0.32182 0.22395 0.11615 0.40777
inco 2010 22.0117 4.09949 3.07256 4.11985 2.3345inco 2011 -0.0889 0.3683 2.87542 3.42539 2.14952
Lampiran.3 Hasil Pengujian Panel Unit Root dengan Software E-views 7.0 Perubahan Laba (Y)
Panel unit root test: Summary Series: Y Date: 09/10/14 Time: 19:19 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -6.23335 0.0000
7
35 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -1.38877 0.0825
7
35 ADF - Fisher Chi-square 24.0049 0.0458
7
35 PP - Fisher Chi-square 30.8095 0.0059
7
35
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
Gross Profit Margin (GPM)
Panel unit root test: Summary Series: GPM Date: 09/10/14 Time: 19:22 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -2.84215 0.0022
7
35 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -0.03118 0.4876
7
35 ADF - Fisher Chi-square 14.7217 0.3974
7
35 PP - Fisher Chi-square 17.9366 0.2097
7
35
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
st
1 Differencing Gross Profit Margin (
∆GPM)
Panel unit root test: Summary Series: D(GPM) Date: 09/10/14 Time: 19:25 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -5.91207 0.0000
7
28 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -2.55361 0.0053
7
28 ADF - Fisher Chi-square 26.0058 0.0258
7
28 PP - Fisher Chi-square 25.0025 0.0345
7
28
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
Net Profit Margin (NPM)
Panel unit root test: Summary Series: NPM Date: 09/10/14 Time: 19:26 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -1.52464 0.0637
7
35 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat 0.65849 0.7449
7
35 ADF - Fisher Chi-square 9.62253 0.7892
7
35 PP - Fisher Chi-square 8.45760 0.8642
7
35
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
st
1 Differencing Net Profit Margin ( ∆NPM)
Panel unit root test: Summary Series: D(NPM) Date: 09/10/14 Time: 19:28 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -5.53844 0.0000
7
28 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -3.33219 0.0004
7
28 ADF - Fisher Chi-square 30.9719 0.0056
7
28 PP - Fisher Chi-square 25.7878 0.0275
7
28
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
Earning Power of Total Investment (EP)
Panel unit root test: Summary Series: EP Date: 09/10/14 Time: 19:28 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -5.32109 0.0000
7
35 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -0.87790 0.1900
7
35 ADF - Fisher Chi-square 19.9704 0.1311
7
35 PP - Fisher Chi-square 19.5613 0.1446
7
35
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
st
1 Differencing Earning Power of Total Investment ( ∆EP)
Panel unit root test: Summary Series: D(EP) Date: 09/10/14 Time: 19:29 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -11.3058 0.0000
7
28 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -3.82692 0.0001
7
28 ADF - Fisher Chi-square 33.1867 0.0027
7
28 PP - Fisher Chi-square 37.8310 0.0006
7
28
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
Return on Equity (RoE)
Panel unit root test: Summary Series: ROE Date: 09/10/14 Time: 19:29 Sample: 2006 2011 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic lag length selection based on SIC: 0 Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test
Cross- Method Statistic Prob.** sections Obs Null: Unit root (assumes common unit root process) Levin, Lin & Chu t* -5.01142 0.0000
7
35 Null: Unit root (assumes individual unit root process) Im, Pesaran and Shin W-stat -1.33514 0.0909
7
35 ADF - Fisher Chi-square 23.9702 0.0462
7
35 PP - Fisher Chi-square 29.8229 0.0081
7
35
- Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.
Lampiran.4 Hasil Pengujian Causality Granger dengan Software E-views 7.0 st Variabel 1 Differencing GPM dan Y
Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:32 Sample: 2006 2011 Lags: 2 Null Hypothesis: Obs F-Statistic Prob.
DGPM does not Granger Cause Y 21 0.05090 0.9505 Y does not Granger Cause DGPM 41.5444
5.E-07
st Variabel 1 Differencing NPM dan Y
Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:34 Sample: 2006 2011 Lags: 2 Null Hypothesis: Obs F-Statistic Prob.
DNPM does not Granger Cause Y 21 0.02246 0.9778 Y does not Granger Cause DNPM 37.9802
8.E-07
st Variabel 1 Differencing EP dan Y
Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:35 Sample: 2006 2011 Lags: 2 Null Hypothesis: Obs F-Statistic Prob.
DEP does not Granger Cause Y 21 2.96542 0.0803 Y does not Granger Cause DEP 101.872
8.E-10
Variabel RoE dan Y
Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:36 Sample: 2006 2011 Lags: 2 Null Hypothesis: Obs F-Statistic Prob.
ROE does not Granger Cause Y 28 0.54117 0.5893 Y does not Granger Cause ROE 0.67880 0.5171
Lampiran.5 Hasil Estimasi dengan Pendekatan Pooled Least Squared
Dependent Variable: Y Method: Panel Least Squares Date: 09/10/14 Time: 13:47 Sample: 2006 2011 Periods included: 6 Cross-sections included: 7 Total panel (balanced) observations: 42 Variable Coefficient Std. Error t-Statistic Prob.
C -2.491134 0.637725 -3.906282 0.0004 GPM 3.574776 0.644299 5.548320 0.0000 NPM -5.601880 1.235720 -4.533291 0.0001
EP 3.327115 1.038765 3.202951 0.0028 ROE 4.193287 1.644792 2.549434 0.0151 R-squared 0.708817 Mean dependent var 1.440499 Adjusted R-squared 0.677338 S.D. dependent var 3.753906 S.E. of regression 2.132346 Akaike info criterion 4.463666 Sum squared resid 168.2352 Schwarz criterion 4.670531 Log likelihood -88.73698 Hannan-Quinn criter. 4.539490 F-statistic 22.51695 Durbin-Watson stat 2.528449 Prob(F-statistic) 0.000000
Lampiran.6 Hasil Estimasi dengan Pendekatan Fixed Effect Model
Dependent Variable: Y Method: Panel Least Squares Date: 09/10/14 Time: 13:49 Sample: 2006 2011 Periods included: 6 Cross-sections included: 7 Total panel (balanced) observations: 42 Variable Coefficient Std. Error t-Statistic Prob.
C -3.035738 0.589919 -5.146029 0.0000 GPM 4.699656 0.660387 7.116523 0.0000 NPM -5.695634 1.115253 -5.107032 0.0000
EP 3.303255 0.950615 3.474860 0.0015 ROE 3.049363 1.495024 2.039675 0.0500 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.812449 Mean dependent var 1.440499 Adjusted R-squared 0.751949 S.D. dependent var 3.753906 S.E. of regression 1.869621 Akaike info criterion 4.309476 Sum squared resid 108.3600 Schwarz criterion 4.764580 Log likelihood -79.49899 Hannan-Quinn criter. 4.476290 F-statistic 13.42888 Durbin-Watson stat 2.568524 Prob(F-statistic) 0.000000
Lampiran.7 Hausman Test
Correlated Random Effects - Hausman Test Equation: RANDOM Test cross-section random effects Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 16.771819 4 0.0021 ** WARNING: estimated cross-section random effects variance is zero.
Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.
GPM 4.699656 3.574776 0.116981 0.0010 NPM -5.695634 -5.601880 0.069886 0.7229
EP 3.303255 3.327115 0.074149 0.9302 ROE 3.049363 4.193287 0.155334 0.0037 Cross-section random effects test equation: Dependent Variable: Y Method: Panel Least Squares Date: 09/10/14 Time: 19:49 Sample: 2006 2011 Periods included: 6 Cross-sections included: 7 Total panel (balanced) observations: 42 Variable Coefficient Std. Error t-Statistic Prob.
C -3.035738 0.589919 -5.146029 0.0000 GPM 4.699656 0.660387 7.116523 0.0000 NPM -5.695634 1.115253 -5.107032 0.0000
EP 3.303255 0.950615 3.474860 0.0015 ROE 3.049363 1.495024 2.039675 0.0500 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.812449 Mean dependent var 1.440499 Adjusted R-squared 0.751949 S.D. dependent var 3.753906 S.E. of regression 1.869621 Akaike info criterion 4.309476 Sum squared resid 108.3600 Schwarz criterion 4.764580 Log likelihood -79.49899 Hannan-Quinn criter. 4.476290 F-statistic 13.42888 Durbin-Watson stat 2.568524 Prob(F-statistic) 0.000000
Lampiran.8 Uji Normalitas (Normality Test)
10 Series: Standardized Residuals
Sample 2006 2011 Observations 42
8 Mean 3.17e-17
6 Median 0.126996 Maximum 4.779403 Minimum -3.220776
4 Std. Dev. 1.625708 Skewness 0.327290 Kurtosis 3.641341
2 Jarque-Bera 1.469636 Probability 0.479593
- 3 -2 -1
1
2
3
4
5