Faktor-Faktor Yang Mempengaruhi Peringkat Obligasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia
LAMPIRAN
Universitas Sumatera Utara
Lampiran 1
Daftar Sampel Perusahaan Manufaktur
No
1
2
3
4
5
6
7
8
9
Kode
INDF
GGRM
KLBF
KAEF
MYOR
AUTO
JPFA
STTP
AISA
Nama Perusahaan
Indofood Sukses Makmur Tbk.
Gudang Garam Tbk.
Kalbe Farma Tbk.
Kimia Farma Tbk.
Mayora Indah Tbk.
Astra Otoparts Tbk.
JAPFA Comfeed Indonesia Tbk.
Siantar Top Tbk.
Tiga Pilar Sejahtera Food Tbk.
Lampiran 2
Data Variabel Perusahaan Manufaktur Periode 2011-2015
NO
KODE
1
INDF
2
GGRM
3
KLBF
4
KAEF
5
MYOR
6
AUTO
7
JPFA
TAHUN
ROA
DER
CR
SIZE
GROWTH
PRODUKTIVITY
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
0.091
0.080
0.044
0.060
0.040
0.127
0.098
0.086
0.093
0.102
0.188
0.188
0.174
0.171
0.152
0.096
0.099
0.087
0.080
0.078
0.073
0.090
0.109
0.040
0.110
0.041
0.128
0.084
0.067
0.023
0.081
0.700
0.740
1.035
1.084
1.130
0.592
0.560
0.726
0.752
0.671
0.270
0.278
0.332
0.267
0.252
0.432
0.440
0.522
0.639
0.738
1.722
1.706
1.494
1.510
1.184
0.475
0.619
0.320
0.419
0.414
1.184
0.515
0.488
0.600
0.553
0.586
0.445
0.461
0.581
0.617
0.565
0.272
0.294
0.352
0.294
0.270
0.364
0.357
0.412
0.419
0.654
0.451
0.362
0.416
0.478
0.423
0.874
0.858
0.529
0.751
0.756
0.629
17.799
17.900
18.173
18.269
18.335
17.481
17.541
17.743
17.880
17.967
29.744
29.874
30.057
30.151
30.248
28.216
28.362
28.536
28.719
28.805
29.518
29.748
29.904
29.962
30.060
15.756
15.999
16.351
16.481
16.479
15.928
0.136
0.106
0.315
0.100
0.069
0.272
0.062
0.223
0.147
0.091
0.177
0.138
0.201
0.098
0.102
0.083
0.157
0.191
0.201
0.090
0.500
0.258
0.170
0.060
0.102
0.247
0.275
0.421
0.140
-0.003
0.184
0.118
0.106
0.060
0.000
0.003
0.169
0.133
0.117
0.124
0.136
0.240
0.245
0.227
0.222
0.199
0.129
0.134
0.115
0.106
0.106
0.095
0.116
0.140
0.005
0.145
0.046
0.036
0.026
0.025
0.007
0.106
BOND
RATING
17
17
17
17
17
16
16
16
16
16
16
16
16
16
16
15
15
15
15
15
15
15
15
15
15
14
14
14
14
14
13
Universitas Sumatera Utara
8
STTP
9
AISA
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.098
0.043
0.024
0.031
0.046
0.060
0.078
0.073
0.098
0.042
0.066
0.069
0.051
0.041
1.301
1.844
1.974
1.809
0.914
1.156
1.118
1.080
0.903
0.959
0.902
1.130
1.052
1.284
0.548
0.484
0.565
0.557
0.966
1.003
0.875
0.674
0.633
0.528
0.788
0.571
0.375
0.616
16.210
16.518
16.571
16.658
27.564
27.854
28.016
28.162
28.283
15.094
15.168
15.429
15.813
16.019
0.326
0.361
0.054
0.091
0.440
0.337
0.176
0.157
0.129
0.854
0.077
0.298
0.468
0.229
0.050
0.032
0.007
0.012
0.065
0.075
0.097
0.099
0.121
0.052
0.084
0.090
0.066
0.055
13
13
13
13
13
13
13
13
13
12
12
12
12
12
Lampiran 3
Hasil
3.1 Analisis Statistik Deskriptif
Bond Rating
ROA
DER
Mean
14,50000
0,085432 0,894295
Maximum
17,00000
0,188000 1,974000
Minimum
12,00000
0,023000 0,252000
Std. Deviasi
1,562645
0,041527 0,472772
Observatio
45
45
45
Sumber: Hasil Penelitian, 2017 (Data Diolah)
CR
0,549841
1,003000
0,270000
0,183701
45
Size
19,22277
30,24800
0,046000
9,121037
45
Growth
0,206386
0,854000
-0,003000
0,156367
45
Produktivity
0,097409
0,245000
0,000000
0,065090
45
3.2 Uji Asumsi Klasik
3.2.1 Uji Normalitas
14
Series: Residuals
Sample 1 45
Observations 45
12
10
8
6
4
2
0
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
1.97e-16
-0.014833
0.231507
-0.152425
0.088620
0.696363
2.985263
Jarque-Bera
Probability
3.637313
0.162244
0.25
Universitas Sumatera Utara
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2. 2 Uji Multikolinearitas
ROA
DER
CR
Firm Size
Growth
ROA
1,000000
0,414489
0,542393
0,433531
0,200486
DER
0,414489
1,000000
CR
0,542393
0,583772
Firm Size
0,433531
0,512459
Growth
0,200486
Produktivity
0,778665
0,224782
-0,124733
0,583772
1,000000
0,686909
-0,403145
0,512459
0,686909
1,000000
0,014658
0,060055
0,224782
0,014658
0,403145
0,060055
1,000000
0,316155
0,301144
0,316155
1,000000
0,124733
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Produktivity
0,778665
-0,301144
3.2.3 Uji Autokorelasi
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.108438
-0.127564
0.019844
0.013389
115.7122
0.459480
0.891268
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
-4.04E-16
0.018688
-4.805102
-4.399605
-4.654724
2.072636
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2.4 Uji Heteroskedastisitas
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
1.858089
10.20751
7.225202
Prob. F(6,38)
Prob. Chi-Square(6)
Prob. Chi-Square(6)
0.1137
0.1162
0.3005
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.3 Pemilihan Model Data Panel
3.3.1 Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANEL_DEBI
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
1.885031
18.326110
d.f.
Prob.
(8,30)
8
0.0998
0.0189
Cross-section fixed effects test equation:
Dependent Variable: BOND_RATING?
Method: Panel Least Squares
Date: 03/18/17 Time: 12:50
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.3.2 Uji Hausman
Correlated Random Effects - Haus m an Tes t
Pool: DATAPANEL_DEBI
Tes t cros s -s ection random effects
Tes t Sum m ary
Chi-Sq. Statis tic
Chi-Sq. d.f.
Prob.
13.767567
6
0.0323
Cros s -s ection random
** WARNING: es tim ated cros s -s ection random effects variance is zero.
Cros s -s ection random effects tes t com paris ons :
Variable
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
Fixed
0.399699
-0.305376
0.835040
0.075624
0.240939
-0.321747
Random
Var(Diff.)
Prob.
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
0.110169
0.089234
0.231671
0.001626
0.001457
6.048692
0.0228
0.5149
0.1000
0.4153
0.0387
0.8823
Prob.
Cros s -s ection random effects tes t equation:
Dependent Variable: BOND_RATING?
Method: Panel Leas t Squares
Date: 03/18/17 Tim e: 12:51
Sam ple: 2011 2015
Included obs ervations : 5
Cros s -s ections included: 9
Total pool (balanced) obs ervations : 45
Variable
Coefficient
Std. Error
t-Statis tic
C
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
0.178101
0.399699
-0.305376
0.835040
0.075624
0.240939
-0.321747
6.684593
0.357332
0.352752
0.519408
0.064739
0.059118
2.497333
0.026644
1.118564
-0.865698
1.607677
1.168127
4.075541
-0.128836
0.9789
0.2722
0.3935
0.1184
0.2520
0.0003
0.8983
Effects Specification
Cros s -s ection fixed (dum m y variables )
R-s quared
Adjus ted R-s quared
S.E. of regres s ion
Sum s quared res id
Log likelihood
F-s tatis tic
Prob(F-s tatis tic)
0.821302
0.737909
0.261845
2.056890
5.570783
9.848617
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Wats on s tat
2.592530
0.511468
0.419076
1.021297
0.643578
2.145483
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.4 Regresi Data Panel Berganda
Dependent Variable: BOND_RATING?
Method: Pooled Least Squares
Date: 03/18/17 Time: 12:47
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.5 Nilai Statistik dari Uji F, Uji t dan Koefisien Determinasi
Dependent Variable: BOND_RATING?
Method: Pooled Least Squares
Date: 03/18/17 Time: 12:47
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Universitas Sumatera Utara
Universitas Sumatera Utara
Lampiran 1
Daftar Sampel Perusahaan Manufaktur
No
1
2
3
4
5
6
7
8
9
Kode
INDF
GGRM
KLBF
KAEF
MYOR
AUTO
JPFA
STTP
AISA
Nama Perusahaan
Indofood Sukses Makmur Tbk.
Gudang Garam Tbk.
Kalbe Farma Tbk.
Kimia Farma Tbk.
Mayora Indah Tbk.
Astra Otoparts Tbk.
JAPFA Comfeed Indonesia Tbk.
Siantar Top Tbk.
Tiga Pilar Sejahtera Food Tbk.
Lampiran 2
Data Variabel Perusahaan Manufaktur Periode 2011-2015
NO
KODE
1
INDF
2
GGRM
3
KLBF
4
KAEF
5
MYOR
6
AUTO
7
JPFA
TAHUN
ROA
DER
CR
SIZE
GROWTH
PRODUKTIVITY
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
0.091
0.080
0.044
0.060
0.040
0.127
0.098
0.086
0.093
0.102
0.188
0.188
0.174
0.171
0.152
0.096
0.099
0.087
0.080
0.078
0.073
0.090
0.109
0.040
0.110
0.041
0.128
0.084
0.067
0.023
0.081
0.700
0.740
1.035
1.084
1.130
0.592
0.560
0.726
0.752
0.671
0.270
0.278
0.332
0.267
0.252
0.432
0.440
0.522
0.639
0.738
1.722
1.706
1.494
1.510
1.184
0.475
0.619
0.320
0.419
0.414
1.184
0.515
0.488
0.600
0.553
0.586
0.445
0.461
0.581
0.617
0.565
0.272
0.294
0.352
0.294
0.270
0.364
0.357
0.412
0.419
0.654
0.451
0.362
0.416
0.478
0.423
0.874
0.858
0.529
0.751
0.756
0.629
17.799
17.900
18.173
18.269
18.335
17.481
17.541
17.743
17.880
17.967
29.744
29.874
30.057
30.151
30.248
28.216
28.362
28.536
28.719
28.805
29.518
29.748
29.904
29.962
30.060
15.756
15.999
16.351
16.481
16.479
15.928
0.136
0.106
0.315
0.100
0.069
0.272
0.062
0.223
0.147
0.091
0.177
0.138
0.201
0.098
0.102
0.083
0.157
0.191
0.201
0.090
0.500
0.258
0.170
0.060
0.102
0.247
0.275
0.421
0.140
-0.003
0.184
0.118
0.106
0.060
0.000
0.003
0.169
0.133
0.117
0.124
0.136
0.240
0.245
0.227
0.222
0.199
0.129
0.134
0.115
0.106
0.106
0.095
0.116
0.140
0.005
0.145
0.046
0.036
0.026
0.025
0.007
0.106
BOND
RATING
17
17
17
17
17
16
16
16
16
16
16
16
16
16
16
15
15
15
15
15
15
15
15
15
15
14
14
14
14
14
13
Universitas Sumatera Utara
8
STTP
9
AISA
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.098
0.043
0.024
0.031
0.046
0.060
0.078
0.073
0.098
0.042
0.066
0.069
0.051
0.041
1.301
1.844
1.974
1.809
0.914
1.156
1.118
1.080
0.903
0.959
0.902
1.130
1.052
1.284
0.548
0.484
0.565
0.557
0.966
1.003
0.875
0.674
0.633
0.528
0.788
0.571
0.375
0.616
16.210
16.518
16.571
16.658
27.564
27.854
28.016
28.162
28.283
15.094
15.168
15.429
15.813
16.019
0.326
0.361
0.054
0.091
0.440
0.337
0.176
0.157
0.129
0.854
0.077
0.298
0.468
0.229
0.050
0.032
0.007
0.012
0.065
0.075
0.097
0.099
0.121
0.052
0.084
0.090
0.066
0.055
13
13
13
13
13
13
13
13
13
12
12
12
12
12
Lampiran 3
Hasil
3.1 Analisis Statistik Deskriptif
Bond Rating
ROA
DER
Mean
14,50000
0,085432 0,894295
Maximum
17,00000
0,188000 1,974000
Minimum
12,00000
0,023000 0,252000
Std. Deviasi
1,562645
0,041527 0,472772
Observatio
45
45
45
Sumber: Hasil Penelitian, 2017 (Data Diolah)
CR
0,549841
1,003000
0,270000
0,183701
45
Size
19,22277
30,24800
0,046000
9,121037
45
Growth
0,206386
0,854000
-0,003000
0,156367
45
Produktivity
0,097409
0,245000
0,000000
0,065090
45
3.2 Uji Asumsi Klasik
3.2.1 Uji Normalitas
14
Series: Residuals
Sample 1 45
Observations 45
12
10
8
6
4
2
0
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
1.97e-16
-0.014833
0.231507
-0.152425
0.088620
0.696363
2.985263
Jarque-Bera
Probability
3.637313
0.162244
0.25
Universitas Sumatera Utara
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2. 2 Uji Multikolinearitas
ROA
DER
CR
Firm Size
Growth
ROA
1,000000
0,414489
0,542393
0,433531
0,200486
DER
0,414489
1,000000
CR
0,542393
0,583772
Firm Size
0,433531
0,512459
Growth
0,200486
Produktivity
0,778665
0,224782
-0,124733
0,583772
1,000000
0,686909
-0,403145
0,512459
0,686909
1,000000
0,014658
0,060055
0,224782
0,014658
0,403145
0,060055
1,000000
0,316155
0,301144
0,316155
1,000000
0,124733
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Produktivity
0,778665
-0,301144
3.2.3 Uji Autokorelasi
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.108438
-0.127564
0.019844
0.013389
115.7122
0.459480
0.891268
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
-4.04E-16
0.018688
-4.805102
-4.399605
-4.654724
2.072636
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2.4 Uji Heteroskedastisitas
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
1.858089
10.20751
7.225202
Prob. F(6,38)
Prob. Chi-Square(6)
Prob. Chi-Square(6)
0.1137
0.1162
0.3005
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.3 Pemilihan Model Data Panel
3.3.1 Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANEL_DEBI
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
1.885031
18.326110
d.f.
Prob.
(8,30)
8
0.0998
0.0189
Cross-section fixed effects test equation:
Dependent Variable: BOND_RATING?
Method: Panel Least Squares
Date: 03/18/17 Time: 12:50
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.3.2 Uji Hausman
Correlated Random Effects - Haus m an Tes t
Pool: DATAPANEL_DEBI
Tes t cros s -s ection random effects
Tes t Sum m ary
Chi-Sq. Statis tic
Chi-Sq. d.f.
Prob.
13.767567
6
0.0323
Cros s -s ection random
** WARNING: es tim ated cros s -s ection random effects variance is zero.
Cros s -s ection random effects tes t com paris ons :
Variable
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
Fixed
0.399699
-0.305376
0.835040
0.075624
0.240939
-0.321747
Random
Var(Diff.)
Prob.
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
0.110169
0.089234
0.231671
0.001626
0.001457
6.048692
0.0228
0.5149
0.1000
0.4153
0.0387
0.8823
Prob.
Cros s -s ection random effects tes t equation:
Dependent Variable: BOND_RATING?
Method: Panel Leas t Squares
Date: 03/18/17 Tim e: 12:51
Sam ple: 2011 2015
Included obs ervations : 5
Cros s -s ections included: 9
Total pool (balanced) obs ervations : 45
Variable
Coefficient
Std. Error
t-Statis tic
C
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
0.178101
0.399699
-0.305376
0.835040
0.075624
0.240939
-0.321747
6.684593
0.357332
0.352752
0.519408
0.064739
0.059118
2.497333
0.026644
1.118564
-0.865698
1.607677
1.168127
4.075541
-0.128836
0.9789
0.2722
0.3935
0.1184
0.2520
0.0003
0.8983
Effects Specification
Cros s -s ection fixed (dum m y variables )
R-s quared
Adjus ted R-s quared
S.E. of regres s ion
Sum s quared res id
Log likelihood
F-s tatis tic
Prob(F-s tatis tic)
0.821302
0.737909
0.261845
2.056890
5.570783
9.848617
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Wats on s tat
2.592530
0.511468
0.419076
1.021297
0.643578
2.145483
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.4 Regresi Data Panel Berganda
Dependent Variable: BOND_RATING?
Method: Pooled Least Squares
Date: 03/18/17 Time: 12:47
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Prob.
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Universitas Sumatera Utara
3.5 Nilai Statistik dari Uji F, Uji t dan Koefisien Determinasi
Dependent Variable: BOND_RATING?
Method: Pooled Least Squares
Date: 03/18/17 Time: 12:47
Sample: 2011 2015
Included observations: 5
Cross-sections included: 9
Total pool (balanced) observations: 45
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROA?
DER?
CR?
FIRM_SIZE?
GROWTH?
PRODUKTIVITY?
C
-0.356105
-0.110846
0.043385
0.042779
0.319822
-0.685898
3.612554
0.144159
0.204349
0.212638
0.055166
0.049175
0.472232
1.195383
-2.470225
-0.542438
0.204031
0.775449
6.503760
-1.452460
3.022088
0.0181
0.5907
0.8394
0.4429
0.0000
0.1546
0.0045
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.731474
0.689076
0.285198
3.090837
-3.592272
17.25225
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
2.592530
0.511468
0.470768
0.751804
0.575535
1.859948
Universitas Sumatera Utara