Sumber: Laporan keuangan masing-masing bank; data diolah

Lam piran 1. Data observasi Islamic Bank Indonesia 2007-2012 (dalam Rp. jut a)

  2 6 1,125,264.00 40,380,074.00 973,160.00 743,598.00 6 54,229,396.00 Bank Mega Syariah

  4 5 16,701.00 9,906,412.00 302,475.00 125,327.00 5 11,200,823.00 Bank Bukopin Syariah

  5 5 15,022.00 2,327,220.00 42,363.00 57,646.00 5 2,730,027.00 Bank Panin Syariah

  6 5 12,410.00 420,757.00 14,956.00 24,446.00 5 1,016,878.00 Bank Victoria Syariah

  7 5 26,852.00 465,036.00 9,402.00 12,317.00 5 642,026.00 Bank BCA Syariah

  8 5 8,950.00 864,135.00 32,755.00 8,439.00 5 1,217,097.00 Bank Jabar Banten Syariah

  9 5 25,797.00 2,218,533.00 64,417.00 8,927.00 5 2,849,451.00 Bank BNI Syariah

  10 5 89,256.00 7,235,980.00 183,764.00 47,720.00 5 8,466,887.00 Maybank Syariah Indonesia

  11 5 54,350.00 748,968.00 18,786.00 11,300.00 5 1,692,959.00 Bank Muamalat Indonesia

  1 6 521,841.00 39,606,249.00 546,875.00 422,600.00 6 44,854,413.00 Bank Syariah Mandiri

  3 6 246,728.00 7,090,422.00 324,834.00 51,403.00 6 8,164,921.00 Bank Syariah BRI

  2 5 747,934.00 43,032,239.00 964,882.00 511,063.00 5 48,671,950.00 Bank Mega Syariah

  4 6 138,052.00 11,948,889.00 323,383.00 123,065.00 6 14,088,914.00 Bank Bukopin Syariah

  5 6 24,354.00 3,193,833.00 48,997.00 58,393.00 6 3,616,108.00 Bank Panin Syariah

  6 6 46,849.00 1,444,075.00 19,907.00 24,761.00 6 2,136,576.00 Bank Victoria Syariah

  7 6 10,394.00 646,324.00 24,086.00 13,568.00 6 939,473.00 Bank BCA Syariah

  8 6 10,961.00 1,261,824.00 39,039.00 6,767.00 6 1,602,181.00 Bank Jabar Banten Syariah

  9 6 20,843.00 3,362,073.00 78,073.00 141,149.00 6 4,275,097.00 Bank BNI Syariah

  10 6 137,744.00 9,192,601.00 317,073.00 97,474.00 6 10,645,313.00 Maybank Syariah Indonesia

  11 6 56,187.00 1,084,775.00 23,895.00 8,545.00 6 2,062,552.00

  Nama Bank Kode Bank Tahun

  3 5 72,058.00 4,928,442.00 310,735.00 61,938.00 5 5,565,724.00 Bank Syariah BRI

  Sumber: Laporan keuangan masing-masing bank; dat a diolah Profit Total Deposit Biaya Tenaga Kerja Aset Tetap Waktu Total Aset Y

  

X1

X2

  3 3 85,933.00 3,951,065.00 182,916.00 65,778.00 3 4,381,990.00 Bank Syariah BRI

  Bank Muamalat Indonesia

  1 1 212,038.00 9,013,799.00 108,973.00 69,359.00 1 10,569,078.00 Bank Syariah Mandiri

  2 1 168,183.00 11,302,641.00 207,798.00 102,793.00 1 12,885,391.00 Bank Mega Syariah

  3 1 127,727.00 2,169,461.00 23,902.00 43,957.00 1 2,561,805.00 Bank Muamalat Indonesia

  1 2 301,169.00 10,800,553.00 136,813.00 89,423.00 2 12,596,715.00 Bank Syariah Mandiri

  2 2 284,085.00 15,177,116.00 294,252.00 192,016.00 2 17,065,938.00 Bank Mega Syariah

  3 2 24,326.00 2,646,453.00 87,197.00 46,206.00 2 3,096,204.00 Bank Muamalat Indonesia

  1 3 64,761.00 14,365,659.00 201,067.00 179,376.00 3 16,027,179.00 Bank Syariah Mandiri

  2 3 418,402.00 19,699,291.00 395,188.00 224,214.00 3 22,036,534.00 Bank Mega Syariah

  4 3 10,675.00 2,151,086.00 90,176.00 68,573.00 3 3,178,386.00 Bank Bukopin Syariah

  11 4 60,434.00 526,065.00 4,611.00 5,952.00 4 1,410,475.00 Bank Muamalat Indonesia

  5 3 2,239.00 1,687,246.00 19,892.00 37,422.00 3 1,974,948.00 Bank Muamalat Indonesia

  1 4 231,077.00 18,729,450.00 253,303.00 208,561.00 4 21,400,793.00 Bank Syariah Mandiri

  2 4 568,732.00 29,440,008.00 622,679.00 365,261.00 4 32,481,873.00 Bank Mega Syariah

  3 4 86,515.00 4,047,421.00 283,033.00 68,718.00 4 4,637,730.00 Bank Syariah BRI

  4 4 18,054.00 5,762,952.00 189,999.00 92,313.00 4 6,856,386.00 Bank Bukopin Syariah

  5 4 14,919.00 1,892,871.00 40,147.00 43,994.00 4 2,193,952.00 Bank Victoria Syariah

  7 4 3,013.00 166,581.00 4,988.00 10,087.00 4 336,676.00 Bank BCA Syariah

  8 4 6,285.00 557,362.00 20,076.00 170,279.00 4 874,631.00 Bank Jabar Banten Syariah

  9 4 7,696.00 1,330,884.00 34,987.00 1,746.00 4 1,930,469.00 Bank BNI Syariah

  10 4 36,734.00 5,175,053.00 77,280.00 23,647.00 4 6,394,924.00 Bank Mega Syariah

  1 5 371,670.00 29,246,623.00 410,355.00 317,399.00 5 32,479,506.00 Bank Syariah Mandiri

  

Lampiran 2. Data input FRONTIER 4.1 Islamic Bank Indonesia 2007-2012

(dalam logaritma nat ural)

Sumber: Laporan keuangan masing-masing bank; dat a diolah

  7 5 24.013606 26.865381 22.964188 23.234246 721.748678 527.353943 539.830199 616.941659 624.196870 533.555605

  8.466887

  5

  10 5 25.214774 29.610087 25.936918 24.588616 876.757247 672.723724 604.600058 767.994401 728.071070 637.752932

  2.849451

  5

  9 5 23.973524 28.427867 24.888643 22.912346 808.143638 619.444571 524.975610 707.531052 651.349138 570.257215

  8 5 22.914919 27.484995 24.212321 22.856130 755.424942 586.236510 522.402663 665.475530 628.200606 553.399959 5 1.217097

  0.642026

  5

  1.016878

  5

  5

  6 5 23.241768 26.765321 23.428378 23.919732 716.382425 548.888914 572.153600 627.068075 640.219324 560.400543

  5 5 23.432782 28.475696 24.469541 24.777587 810.865236 598.758445 613.928803 696.787205 705.559015 606.296178 5 2.730027

  11.200823

  5

  4 5 23.538734 29.924203 26.435264 25.554192 895.457946 698.823207 653.016737 791.054229 764.688842 675.531828

  5.565724

  5

  3 5 25.000737 29.226044 26.462206 24.849400 854.161650 700.248362 617.492667 773.385606 726.249650 657.569942

  11 5 24.718710 27.341962 23.656378 23.148069 747.582891 559.624208 535.833078 646.811784 632.913613 547.599454

  1.692959

  5

  6

  10.645313

  6

  10 6 25.648663 29.849420 26.482398 25.302852 890.987877 701.317397 640.234295 790.484218 755.275443 670.080181

  9 6 23.760284 28.843579 25.080910 25.673082 831.952042 629.052053 659.107135 723.423209 740.503563 643.904260 6 4.275097

  1.602181

  6

  8 6 23.117609 27.863579 24.387827 22.635324 776.379057 594.766105 512.357879 679.532154 630.701139 552.026358

  7 6 23.064495 27.194567 23.904897 23.330980 739.544461 571.444081 544.334624 650.083306 634.475891 557.724662 6 0.939473

  2.136576

  6 6 24.570196 27.998490 23.714337 23.932536 783.915448 562.369792 572.766264 663.965637 670.074863 567.544223

  1 6 26.980629 31.310008 27.027486 26.769692 980.316603 730.485005 716.616407 846.230806 838.159270 723.517477 6 44.854413

  5 6 23.915962 28.792243 24.615025 24.790462 828.993250 605.899451 614.566999 708.721776 713.772999 610.217836 6 3.616108

  14.088914

  6

  4 6 25.650896 30.111659 26.502103 25.535979 906.712033 702.361475 652.086198 798.022306 768.930688 676.757138

  8.164921

  6

  3 6 26.231552 29.589766 26.506580 24.662962 875.554250 702.598790 608.261713 784.323503 729.771285 653.730788

  54.229396

  6

  2 6 27.749039 31.329358 27.603814 27.334766 981.528645 761.970566 747.189454 864.809770 856.380671 754.543817

  48.671950

  2 5 27.340581 31.392971 27.595272 26.959759 985.518609 761.499017 726.828590 866.297554 846.346915 743.961865

  Bank Tahun LN Y LN X1 LN X2 LN X3 (LN X1)

  2 2 26.372539 30.350810 26.407702 25.980845 921.171661 697.366745 675.004283 801.495154 788.539673 686.094410

  3

  3 3 25.176834 29.005006 25.932293 24.909551 841.290389 672.483813 620.485745 752.166317 722.501691 645.961779

  2 3 26.759709 30.611604 26.702627 26.135867 937.070285 713.030312 683.083533 817.410251 800.060798 697.896314 3 22.036534

  16.027179

  3

  1 3 24.893969 30.295862 26.026904 25.912750 917.839235 677.399733 671.470612 788.507484 785.049090 674.428657

  3 2 23.914812 28.604241 25.191436 24.556375 818.202624 634.608436 603.015578 720.581909 702.416492 618.610356 2 3.096204

  17.065938

  2

  1 2 26.430937 30.010618 25.641881 25.216644 900.637220 657.506054 635.879122 769.528703 756.767074 646.602175 2 12.596715

  4 3 23.091170 28.396994 25.225029 24.951165 806.389265 636.302096 622.560620 716.315000 708.538073 629.393857 3 3.178386

  2.561805

  1

  3 1 25.573161 28.405500 23.897228 24.506478 806.872423 571.077505 600.567450 678.812706 696.118750 585.636885

  2 1 25.848319 30.056058 26.059832 25.355983 903.366594 679.114859 642.925879 783.255819 762.100887 660.772667 1 12.885391

  10.569078

  1

  1 1 26.080031 29.829778 25.414366 24.962562 889.815640 645.889998 623.129489 758.104889 744.627669 634.407680

  2 LN X1 x LN X2 LN X1 x LN X3 LN X2 x LN X3 Z1 Z2 (Rp.triliun)

  2 (LN X3)

  2

(LN X2)

  4.381990

  5 3 21.529295 28.154119 23.713583 24.345525 792.654401 562.334041 592.704568 667.635045 685.426790 577.319630

  1 5 26.641272 31.006785 26.740288 26.483425 961.420730 715.043028 701.371826 829.130382 821.165886 708.174438 5 32.479506

  4

  1.410475

  4

  11 4 24.824818 26.988691 22.251711 22.506993 728.389421 495.138624 506.564740 600.544533 607.434274 500.819097

  10 4 24.326969 29.274871 25.070701 23.886502 857.018054 628.540050 570.564982 733.941531 699.274260 598.851353 4 6.394924

  1.930469

  4

  9 4 22.763967 27.916864 24.278242 21.280593 779.351323 589.433054 452.863651 677.772403 594.087439 516.655402

  8 4 22.561432 27.046481 23.722791 25.860704 731.512122 562.770808 668.776017 641.618008 699.441036 613.488076 4 0.874631

  0.336676

  7 4 21.826202 25.838748 22.330301 23.034513 667.640873 498.642337 530.588803 576.987006 595.182973 514.367612

  3

  5 4 23.425901 28.269116 24.415814 24.507319 799.142910 596.131952 600.608689 690.213462 692.800243 598.366134 4 2.193952

  6.856386

  4

  4 4 23.616633 29.382471 25.970285 25.248451 863.329600 674.455685 637.484268 763.071134 741.861873 655.709454

  3 4 25.183584 29.029101 26.368829 24.953277 842.688705 695.315161 622.666034 765.463410 724.371199 657.988703 4 4.637730

  32.481873

  4

  2 4 27.066675 31.013376 27.157297 26.623878 961.829471 737.518779 708.830880 842.239454 825.696331 723.032562

  1 4 26.166017 30.561118 26.257852 26.063497 933.981950 689.474804 679.305897 802.469328 796.529627 684.371464 4 21.400793

  1.974948

  11 6 24.751951 27.712394 23.896935 22.868612 767.976765 571.063506 522.973422 662.241273 633.743984 546.489740 6 2.062552

Lam piran 3. Data observasi Islamic Bank M alaysia 2007-2012 (dalam RM . ribu)

X

  3 4 208,330.00 1,474,125.00 6,528.00 710.00 4 17,980,881.00 Bank Islam Malaysia Berhad

  13 4 63,795.00 3,413,946.00 3,616.00 1,323.00 4 4,071,578.00 Affin Islamic Bank Berhad

  12 4 90,625.00 12,013,575.00 59,058.00 21,547.00 4 13,111,820.00 Standard Chartered Saadiq Berhad

  11 4 522,002.00 21,686,716.00 17,176.00 1,545.00 4 23,660,885.00 RHB Islamic Bank Berhad

  10 4 31,988.00 3,720,736.00 23,598.00 7,822.00 4 4,305,378.00 Public Islamic Bank Berhad

  8 4 63,278.00 6,015,159.00 23,470.00 16,425.00 4 6,935,677.00 OCBC Al-Amin Bank Berhad

  7 4 111,423.00 8,597,594.00 8,823.00 1,977.00 4 9,962,346.00 HSBC Amanah Malaysia Berhad

  6 4 403,818.00 33,802,983.00 116,369.00 1,862.00 4 36,038,393.00 Hong Leong Islamic Bank Berhad

  5 4 204,787.00 16,237,783.00 156,781.00 101,516.00 4 16,953,922.00 CIMB Islamic Bank Berhad

  4 4 503,400.00 27,266,379.00 423,951.00 166,204.00 4 30,364,166.00 Bank Muamalat Malaysia Berhad

  1 4 46,541.00 6,903,526.00 54,467.00 2,123.00 4 7,557,275.00 Alliance Islamic Bank Berhad

  2 4 75,523.00 5,630,871.00 56,503.00 417.00 4 6,223,100.00 AmIslamic Bank Berhad

  2 5 97,145.00 5,839,433.00 62,135.00 273.00 5 6,508,221.00 AmIslamic Bank Berhad

  74.00 3 4,781,251.00 Affin Islamic Bank Berhad

  13 3 17,460.00 4,226,051.00 1,494.00

  12 3 86,594.00 9,958,802.00 54,281.00 23,083.00 3 11,205,509.00 Standard Chartered Saadiq Berhad

  11 3 459,832.00 21,124,883.00 14,406.00 464.00 3 22,730,606.00 RHB Islamic Bank Berhad

  10 3 23,850.00 4,321,500.00 13,697.00 6,543.00 3 4,872,208.00 Public Islamic Bank Berhad

  OCBC Al-Amin Bank Berhad

  3 4,792,676.00

  3 77,428.00 3,983,318.00 15,849.00 7,500.00

  8

  1 5 75,094.00 9,676,383.00 55,199.00 3,017.00 5 10,531,121.00 Alliance Islamic Bank Berhad

  4 5 492,998.00 28,689,535.00 333,893.00 199,005.00 5 32,226,504.00 Bank Muamalat Malaysia Berhad

  3 5 209,108.00 1,492,049.00 6,738.00 582.00 5 23,883,967.00 Bank Islam Malaysia Berhad

  4 6 600,303.00 33,443,453.00 385,812.00 222,240.00 6 37,450,798.00 Bank Muamalat Malaysia Berhad

  Nama Bank Kode Bank Tahun

  13 6 70,395.00 6,278,329.00 10,702.00 6,357.00 6 7,329,888.00

  12 6 208,611.00 21,889,173.00 72,265.00 13,201.00 6 25,609,662.00 Standard Chartered Saadiq Berhad

  11 6 544,748.00 26,348,169.00 16,666.00 1,327.00 6 29,299,144.00 RHB Islamic Bank Berhad

  10 6 58,961.00 6,173,724.00 34,842.00 8,025.00 6 6,959,277.00 Public Islamic Bank Berhad

  9 6 93,341.00 6,581,529.00 97,753.00 36,491.00 6 8,970,840.00 OCBC Al-Amin Bank Berhad

  8 6 165,171.00 10,403,125.00 35,864.00 27,839.00 6 12,146,179.00 Kuwait Finance House Berhad

  7 6 204,248.00 19,451,105.00 27,171.00 11,734.00 6 21,902,469.00 HSBC Amanah Malaysia Berhad

  6 6 535,492.00 46,928,627.00 83,024.00 5,490.00 6 51,225,040.00 Hong Leong Islamic Bank Berhad

  5 6 234,978.00 18,761,029.00 195,436.00 65,642.00 6 21,076,401.00 CIMB Islamic Bank Berhad

  3 6 243,594.00 2,540,165.00 8,202.00 496.00 6 29,591,645.00 Bank Islam Malaysia Berhad

  Hong Leong Islamic Bank Berhad

  2 6 74,765.00 6,190,112.00 71,042.00 146.00 6 6,825,115.00 AmIslamic Bank Berhad

  1 6 106,652.00 10,881,985.00 61,339.00 3,027.00 6 11,724,067.00 Alliance Islamic Bank Berhad

  13 5 56,355.00 5,227,912.00 7,414.00 5,662.00 5 5,950,371.00 Affin Islamic Bank Berhad

  12 5 211,026.00 20,811,963.00 62,687.00 13,780.00 5 22,650,317.00 Standard Chartered Saadiq Berhad

  11 5 605,902.00 27,209,468.00 16,903.00 1,619.00 5 29,444,820.00 RHB Islamic Bank Berhad

  10 5 21,514.00 5,053,747.00 36,751.00 6,092.00 5 5,722,697.00 Public Islamic Bank Berhad

  8 5 127,290.00 9,403,021.00 26,452.00 18,926.00 5 10,442,833.00 OCBC Al-Amin Bank Berhad

  7 5 90,059.00 10,902,380.00 12,230.00 3,268.00 5 12,178,617.00 HSBC Amanah Malaysia Berhad

  6 5 447,116.00 39,489,303.00 68,082.00 3,899.00 5 43,102,785.00 Hong Leong Islamic Bank Berhad

  5 5 123,487.00 18,170,643.00 170,256.00 81,072.00 5 20,475,398.00 CIMB Islamic Bank Berhad

  7 3 100,040.00 8,009,898.00 8,197.00 1,794.00 3 9,141,960.00 HSBC Amanah Malaysia Berhad

  Sumber: Laporan keuangan masing-masing bank; dat a diolah Profit Total Deposit Biaya Tenaga Kerja Aset Tetap Waktu Total Aset Y

  1 X

  9 1 30,461.00 5,108,709.00 69,823.00 22,482.00 1 6,303,139.00 RHB Islamic Bank Berhad

  3 2 163,742.00 10,934,444.00 4,680.00 376.00 2 13,390,798.00 Bank Islam Malaysia Berhad

  AmIslamic Bank Berhad

  2 3,171,853.00

  2 42,434.00 2,695,445.00 33,155.00 674.00

  2

  1 2 41,361.00 5,513,324.00 9,501.00 3,247.00 2 6,069,603.00 Alliance Islamic Bank Berhad

  Affin Islamic Bank Berhad

  1 8,404,436.00

  1 162,146.00 7,227,727.00 33,779.00 12,371.00

  12

  7 1 81,305.00 5,325,725.00 6,168.00 1,630.00 1 6,224,290.00 Kuwait Finance House Berhad

  2 308,267.00 20,821,611.00 212,863.00 127,474.00

  6 1 93,044.00 8,097,272.00 27,509.00 3,691.00 1 8,989,030.00 Hong Leong Islamic Bank Berhad

  5 1 65,542.00 12,408,261.00 90,597.00 44,427.00 1 13,817,425.00 CIMB Islamic Bank Berhad

  4 1 236,660.00 17,650,890.00 182,590.00 70,323.00 1 19,091,175.00 Bank Muamalat Malaysia Berhad

  3 1 115,548.00 7,344,276.00 1,418.00 461.00 1 9,508,237.00 Bank Islam Malaysia Berhad

  2 1 63,841.00 1,798,849.00 1,633.00 176.00 1 2,963,823.00 AmIslamic Bank Berhad

  1 1 57,885.00 5,787,536.00 5,633.00 273.00 1 6,267,026.00 Alliance Islamic Bank Berhad

  2 Affin Islamic Bank Berhad

  1 Z

  3 Z

  2 X

  4

  2 23,559,424.00

  3 170,523.00 25,718,929.00 97,600.00 2,625.00

  2

  6

  5 3 140,634.00 14,944,209.00 151,636.00 84,034.00 3 16,739,221.00 CIMB Islamic Bank Berhad

  Bank Muamalat Malaysia Berhad

  3 27,490,826.00

  3 233,096.00 25,219,594.00 224,561.00 126,450.00

  4

  3 3 356,610.00 14,883,790.00 6,532.00 317.00 3 17,213,427.00 Bank Islam Malaysia Berhad

  AmIslamic Bank Berhad

  3 4,881,779.00

  3 113,264.00 4,346,277.00 43,249.00 578.00

  1 3 47,005.00 5,865,789.00 42,344.00 4,159.00 3 6,525,769.00 Alliance Islamic Bank Berhad

  Bank Muamalat Malaysia Berhad

  12 2 114,421.00 8,229,041.00 46,006.00 19,434.00 2 9,369,580.00 Affin Islamic Bank Berhad

  11 2 64,435.00 14,487,150.00 2,475.00 359.00 2 16,450,593.00 RHB Islamic Bank Berhad

  9 2 38,364.00 7,225,102.00 103,758.00 43,340.00 2 9,627,090.00 Public Islamic Bank Berhad

  8 2 31,864.00 4,213,636.00 5,398.00 2,483.00 2 4,983,408.00 Kuwait Finance House Berhad

  7 2 87,550.00 6,987,081.00 9,281.00 1,854.00 2 8,120,820.00 HSBC Amanah Malaysia Berhad

  Hong Leong Islamic Bank Berhad

  2 18,654,029.00

  2 97,616.00 17,558,162.00 47,231.00 3,855.00

  6

  5 2 42,385.00 12,715,123.00 99,831.00 43,724.00 2 14,415,669.00 CIMB Islamic Bank Berhad

  3 27,330,213.00

  

Lam piran 4. Data input FRONTIER 4.1 Islamic Bank M alaysia 2007-2012

(dalam logaritma nat ural)

Sumber: Laporan keuangan masing-masing bank; dat a diolah

  2 x ln X

  2 (ln X 3 ) 2 ln X

  1 x ln X

  2

(ln X

2 )

  1 x ln X

  2 (RM.miliar)

Bank Tahun ln Y ln X 1 ln X 2 ln X 1 (ln X 1 )

  3 Z

  2 5 18.391715 22.487900 17.944820 12.517227 505.7056257 322.0165647 156.6809736 403.5413093 281.486145 224.6193867 5 6.508221

  11

  10 5 16.884214 22.343396 17.419676 15.622487 499.2273352 303.4451117 244.0620998 389.2147152 349.05941 272.1386616 5 5.722697

  8 5 18.661979 22.964297 17.090842 16.756047 527.3589302 292.0968915 280.7651176 392.4791768 384.790842 286.3749607 5 10.442833

  7 5 18.315976 23.112247 16.319403 14.999689 534.1759591 266.3228982 224.9906621 377.1780608 346.6765102 244.785958 5 12.178617

  6 5 19.918329 24.399296 18.036223 15.176231 595.3256288 325.3053552 230.3179773 440.0711478 370.2893391 273.721887 5 43.102785

  5 5 18.631646 23.623073 18.952814 18.210848 558.049583 359.2091488 331.6349924 447.7237047 430.1961985 345.1468142 5 20.475398

  4 5 20.016016 24.079798 19.626331 19.108841 579.8366842 385.192874 365.1477856 472.5980944 460.1370244 375.0364315 5 32.226504

  3 5 19.158361 21.123416 15.723274 13.274226 446.1987111 247.2213359 176.2050686 332.1292541 280.3969945 208.7142843 5 23.883967

  1 5 18.134251 22.992954 17.826455 14.919774 528.6759342 317.782512 222.5996418 409.8828691 343.0496664 265.9666771 5 10.531121

  29.444820

  13 4 17.971185 21.951135 15.100879 14.095412 481.8523122 228.0365466 198.6806519 331.4814282 309.4102964 212.8531178 4 4.071578

  12 4 18.322241 23.209303 17.894031 16.885747 538.6717503 320.19633 285.1284569 415.3079791 391.9064237 302.1540758 4 13.111820

  11 4 20.073182 23.799966 16.659024 14.250534 566.4383694 277.5230679 203.0777326 396.4841915 339.1622322 237.3999903 4 23.660885

  10 4 17.280871 22.037187 16.976673 15.872451 485.6376256 288.2074099 251.9346955 374.1181127 349.7841725 269.4613999 4 4.305378

  6.935677

  4 17.963048 22.517549 16.971234 16.614315 507.0399959 288.0227688 276.035467 382.150577 374.1136486 281.9654225 4

  8

  7 4 18.528844 22.874748 15.992873 14.497091 523.2541068 255.771971 210.1656504 365.8329321 331.6173091 231.8501297 4 9.962346

  6 4 19.816475 24.243815 18.572277 14.437162 587.7625604 344.9294631 208.431639 450.2628392 350.0118767 268.130963 4 36.038393

  5 20.222229 24.026831 16.643002 14.297319 577.2886001 276.9895049 204.4133372 399.878586 343.5192706 237.950308 5

  12

  4 4 20.036896 24.028920 19.865128 18.928727 577.389008 394.623328 358.2966872 477.3375869 454.8368595 376.0215833 4 30.364166

  8 6 18.922492 23.065372 17.395245 17.141948 532.0113891 302.5945335 293.8463975 401.2277883 395.3854197 298.188386 6 12.146179

  7.329888

  6 18.069633 22.560370 16.185941 15.665067 508.970281 261.9846925 245.3943281 365.1608174 353.4097057 253.5538554 6

  13

  25.609662

  12 6 19.155982 23.809258 18.095850 16.395803 566.880765 327.4598044 268.8223607 430.8487721 390.3719066 296.6960021 6

  11 6 20.115834 23.994665 16.628881 14.098431 575.7439303 276.5196924 198.7657655 399.0044292 338.2871311 234.4411405 6 29.299144

  10 6 17.892387 22.543568 17.366334 15.898072 508.2124608 301.5895605 252.7487005 391.499135 358.3992732 276.0912341 6 6.959277

  9 6 18.351770 22.607533 18.397954 17.412576 511.100545 338.4847278 303.1978104 415.9323609 393.6553901 320.355784 6 8.970840

  7 6 19.134845 23.691170 17.117661 16.278001 561.2715226 293.0143108 264.973322 405.5374069 385.6448883 278.6413023 6 21.902469

  5 19.167492 23.758794 17.953665 16.438729 564.480283 322.3340743 270.2318053 426.5574164 390.5643685 295.1354245 5

  6 6 20.098697 24.571894 18.234640 15.518439 603.7779605 332.5021062 240.8219432 448.0596428 381.3174291 282.9731495 6 51.225040

  5 6 19.275002 23.655048 19.090744 17.999726 559.5612784 364.4564881 323.9901466 451.5924472 425.7843828 343.6281581 6 21.076401

  4 6 20.212945 24.233122 19.770861 19.219268 587.244196 390.8869353 369.3802793 479.1096785 465.7428745 379.9814802 6 37.450798

  3 6 19.311013 21.655495 15.919889 13.114331 468.9604583 253.4428526 171.985683 344.7530657 283.9973322 208.7786917 6 29.591645

  2 6 18.129860 22.546219 18.078782 11.891362 508.331992 326.8423517 141.4044879 407.6081742 268.1052498 214.9813372 6 6.825115

  1 6 18.485082 23.110375 17.931926 14.923083 534.0894098 321.5539849 222.6983939 414.4135351 344.8780274 267.5996188 6 11.724067

  5.950371

  13 5 17.847182 22.377278 15.818881 15.549288 500.7425617 250.2369854 241.7803494 353.9834871 347.9507315 245.9723272 5

  22.650317

  5 4 19.137481 23.510607 18.870360 18.435727 552.7486249 356.0905048 339.8760293 443.6536227 433.4351253 347.8888139 4 16.953922

  3 4 19.154634 21.111330 15.691611 13.473020 445.6882725 246.2266613 181.5222746 331.2707885 284.4333824 211.4133951 4 17.980881

  1 Z

  1 2 17.537849 22.430434 16.066908 14.993242 503.124349 258.1455203 224.7973072 360.3877035 336.3049195 240.8950349 2 6.069603

  6 2 18.396552 23.588785 17.670561 15.164882 556.430766 312.2487266 229.9736329 416.8270602 357.721127 267.971965 2 18.654029

  5 2 17.562305 23.266058 18.418989 17.593408 541.3094506 339.2591674 309.5279948 428.537272 409.3292426 324.0527886 2 14.415669

  23.559424

  4 2 19.546477 23.759257 19.176159 18.663423 564.5023062 367.7250864 348.3233573 455.6113029 443.4290682 357.8927726 2

  3 2 18.913803 23.115184 15.358809 12.837344 534.3117149 235.8930037 164.7974118 355.0216829 296.7375738 197.1663168 2 13.390798

  3.171853

  2 17.563460 21.714829 17.316704 13.420985 471.5338049 299.8682406 180.1228488 376.0292708 291.4344047 232.4072326 2

  2

  12 1 18.904008 22.701190 17.335350 16.330866 515.3440474 300.514355 266.6971707 393.5330786 370.7300896 283.1012685 1 8.404436

  8 2 17.276987 22.161592 15.501539 14.724978 491.1361498 240.2977136 216.824979 343.5387807 326.3289527 228.2598228 2 4.983408

  9 1 17.231958 22.354213 18.061474 16.928226 499.7108195 326.216844 286.5648202 403.7500297 378.4171523 305.748706 1 6.303139

  7 1 18.213718 22.395815 15.634885 14.304091 501.5725156 244.449635 204.6070071 350.1559915 320.3517618 223.6428139 1 6.224290

  6 1 18.348583 22.814793 17.130024 15.121408 520.514782 293.4377148 228.6569794 390.8179476 344.9917938 259.0300783 1 8.989030

  5 1 17.998202 23.241628 18.321932 17.609358 540.1732859 335.6931797 310.0894874 425.8315253 409.270152 322.6374529 1 13.817425

  4 1 19.282135 23.594052 19.022754 18.068609 556.6792919 361.8651606 326.4746483 448.8238422 426.3117123 343.7147088 1 19.091175

  3 1 18.565197 22.717187 14.164758 13.041153 516.0705884 200.6403688 170.07168 321.783457 296.2583196 184.7247807 1 9.508237

  2 1 17.971906 21.310413 14.305929 12.078239 454.133696 204.6596152 145.883864 304.8652612 257.3922655 172.790438 1 2.963823

  1 1 17.873969 22.478972 15.544153 12.517227 505.3042036 241.6206837 156.6809736 349.4165811 281.3744029 194.5696892 1 6.267026

  3 ln X

  7 2 18.287721 22.667329 16.043480 14.432856 513.8077908 257.3932459 208.307333 363.6628316 327.1542917 231.5532349 2 8.120820

  9 2 17.462630 22.700827 18.457572 17.584587 515.327555 340.6819576 309.2176843 419.0021483 399.1846605 324.5687693 2 9.627090

  2 4 18.139948 22.451530 17.849804 12.940842 504.0711982 318.6155133 167.4653787 400.7554161 290.5416908 230.9914882 4 6.223100

  27.330213

  1 4 17.655844 22.655298 17.813106 14.568341 513.2625335 317.3067301 212.2365519 403.5612174 330.0501028 259.5073916 4 7.557275

  13 3 16.675423 22.164534 14.216968 11.211820 491.2665596 202.122169 125.7049161 315.1124602 248.5047719 159.3980875 3 4.781251

  2 ln X

  11 3 19.946372 23.773717 16.483155 13.047640 565.1896424 271.6944101 170.2409052 391.8658782 310.190903 215.0662742 3 22.730606

  10 3 16.987295 22.186868 16.432687 15.693906 492.2571295 270.0332148 246.298696 364.5898726 348.1986345 257.8930567 3 4.872208

  8 3 18.164859 22.105381 16.578617 15.830414 488.6478682 274.8505405 250.6019941 366.4766441 349.9373232 262.4463631 3 4.792676

  9.141960

  7 3 18.421081 22.803944 15.919279 14.399958 520.0198557 253.4234372 207.3587997 363.0223399 328.3758412 229.2369511 3

  3 18.954381 23.970493 18.396388 14.780591 574.5845392 338.4270933 218.4658837 440.9704928 354.2980654 271.909496 3

  11 2 17.981168 23.396528 14.721751 12.791078 547.3975171 216.7299512 163.6116679 344.4378567 299.2668053 188.3070599 2 16.450593

  6

  16.739221

  3 18.761671 23.427590 18.836993 18.246732 548.8519593 354.832323 332.94323 441.3053543 427.4769516 343.7135722 3

  5

  4 3 19.266961 23.950887 19.229658 18.655358 573.6449914 369.7797446 348.0223646 460.5673658 446.8123615 358.7361441 3 27.490826

  3 3 19.692153 23.423539 15.692224 12.666657 548.6621577 246.2458857 160.4442009 367.5674074 296.6979296 198.7680164 3 17.213427

  2 3 18.545232 22.192585 17.582485 13.267329 492.5108491 309.1437672 176.0220227 390.2007935 294.4363358 233.2726113 3 4.881779

  1 3 17.665765 22.492403 17.561337 15.240785 505.9081854 308.4005675 232.2815341 394.9966727 342.8018807 267.6485698 3 6.525769

  12 2 18.555395 22.830935 17.644282 16.782535 521.2516076 311.3207007 281.6534699 402.8354698 383.1609635 296.1157807 2 9.369580

  12 3 18.276741 23.021723 17.809685 16.954607 529.9997124 317.1848732 287.4586976 410.0096238 390.3242589 301.9562064 3 11.205509

Lampiran 5. Output FRONTIER 4.1 Islamic Bank Indonesia

  Output from the program FRONTIER (Version 4.1c) instruction file = terminal data file = iupdin.txt Tech. Eff. Effects Frontier (see B&C 1993) The model is a production function The dependent variable is logged the ols estimates are : coefficient standard-error t-ratio beta 0 0.13318242E+03 0.62053918E+02 0.21462370E+01 beta 1 -0.57891873E+01 0.10807979E+02 -0.53564014E+00 beta 2 -0.63561831E+01 0.10312946E+02 -0.61633051E+00 beta 3 0.33916232E+01 0.58571723E+01 0.57905471E+00 beta 4 0.93239788E+00 0.74551051E+00 0.12506838E+01 beta 5 0.53696520E+00 0.54866351E+00 0.97867853E+00 beta 6 -0.14121466E+00 0.10967803E+00 -0.12875382E+01 beta 7 -0.13450845E+01 0.11893023E+01 -0.11309862E+01 beta 8 -0.52977777E+00 0.63456078E+00 -0.83487316E+00 beta 9 0.73730648E+00 0.74689335E+00 0.98716434E+00 sigma-squared 0.73690658E+00 log likelihood function = -0.48759642E+02 the estimates after the grid search were : beta 0 0.13395837E+03 beta 1 -0.57891873E+01 beta 2 -0.63561831E+01 beta 3 0.33916232E+01 beta 4 0.93239788E+00 beta 5 0.53696520E+00 beta 6 -0.14121466E+00 beta 7 -0.13450845E+01 beta 8 -0.52977777E+00 beta 9 0.73730648E+00 delta 0 0.00000000E+00 delta 1 0.00000000E+00 delta 2 0.00000000E+00 sigma-squared 0.11676412E+01 gamma 0.81000000E+00 iteration = 0 func evals = 20 llf = -0.47212399E+02 0.13395837E+03-0.57891873E+01-0.63561831E+01 0.33916232E+01 0.93239788E+00 0.53696520E+00-0.14121466E+00-0.13450845E+01-0.52977777E+00 0.73730648E+00 0.00000000E+00 0.00000000E+00 0.00000000E+00 0.11676412E+01 0.81000000E+00 gradient step iteration = 5 func evals = 49 llf = -0.45997798E+02 0.13396046E+03-0.57584573E+01-0.63298311E+01 0.34181759E+01 0.93162630E+00 0.53802424E+00-0.14210257E+00-0.13479596E+01-0.52667925E+00 0.73408941E+00

• 0.13662174E-02-0.11061679E-01-0.52334469E-01 0.11678989E+01 0.81405922E+00 iteration = 10 func evals = 70 llf = -0.43883228E+02

  0.13396068E+03-0.56448975E+01-0.63352072E+01 0.34652260E+01 0.79073715E+00 0.91663374E+00-0.15939459E+00-0.15342033E+01-0.14354545E-01 0.17772745E+00 0.58851793E+00 0.10032112E+00-0.10408475E+00 0.12257905E+01 0.95501904E+00 iteration = 15 func evals = 181 llf = -0.40936300E+02 0.13398633E+03-0.50969605E+01-0.64057650E+01 0.29701421E+01 0.82903025E+00 0.83928143E+00-0.20518763E+00-0.15718262E+01-0.98639357E-01 0.38828210E+00 0.10607404E+01 0.24755627E-01-0.11431883E+00 0.14355976E+01 0.99999999E+00 iteration = 16 func evals = 188 llf = -0.40936268E+02 0.13398633E+03-0.50969624E+01-0.64057646E+01 0.29701443E+01 0.82902967E+00 0.83928138E+00-0.20518746E+00-0.15718252E+01-0.98638861E-01 0.38828107E+00 0.10607391E+01 0.24755803E-01-0.11431909E+00 0.14355984E+01 0.99999999E+00 the final mle estimates are : coefficient standard-error t-ratio beta 0 0.13398633E+03 0.99889034E+00 0.13413517E+03 beta 1 -0.50969624E+01 0.75988054E+00 -0.67075838E+01 beta 2 -0.64057646E+01 0.83521290E+00 -0.76696188E+01 beta 3 0.29701443E+01 0.81466637E+00 0.36458413E+01 beta 4 0.82902967E+00 0.43218517E+00 0.19182279E+01 beta 5 0.83928138E+00 0.32520507E+00 0.25807758E+01 beta 6 -0.20518746E+00 0.94749737E-01 -0.21655729E+01 beta 7 -0.15718252E+01 0.71019330E+00 -0.22132358E+01 beta 8 -0.98638861E-01 0.38104641E+00 -0.25886312E+00 beta 9 0.38828107E+00 0.44871975E+00 0.86530864E+00 delta 0 0.10607391E+01 0.88305671E+00 0.12012129E+01 delta 1 0.24755803E-01 0.19169786E+00 0.12913969E+00 delta 2 -0.11431909E+00 0.18894267E-01 -0.60504645E+01 sigma-squared 0.14355984E+01 0.49029296E+00 0.29280421E+01 gamma 0.99999999E+00 0.89147010E-05 0.11217426E+06 log likelihood function = -0.40936300E+02 LR test of the one-sided error = 0.15646684E+02 with number of restrictions = 4 [note that this statistic has a mixed chi-square distribution] number of iterations = 16 (maximum number of iterations set at : 1000) number of cross-sections = 11 number of time periods = 6 total number of observations = 43 thus there are: 23 obsns not in the panel covariance matrix : 0.99778192E+00 -0.30392200E-01 -0.23349513E-01 -0.19876663E-01 - 0.13030291E-02 0.17845011E-02 0.59286130E-03 0.11317045E-02 0.31143139E-02 - 0.40129263E-02 0.11589584E-02 -0.22948353E-03 -0.33969556E-03 0.94635949E-03 0.32217230E-07

• 0.30392200E-01 0.57741844E+00 -0.34332770E+00 -0.31146364E+00 - 0.31533331E-01 0.30336047E-02 0.49797774E-02 0.26656455E-01 0.22930999E-01 - 0.23666238E-01 0.54111120E-01 -0.13730658E-01 -0.32973150E-02 0.12165233E-01 0.79186736E-06
• 0.23349513E-01 -0.34332770E+00 0.69758060E+00 -0.30100473E+00 0.43805351E-02
• 0.30998062E-03 0.27861467E-03 -0.15384595E-01 0.18696677E-01 - 0.95741194E-02 0.29116761E-02 0.56923665E-02 0.24445938E-03 -0.11857207E-01 - 0.12696352E-06
• 0.19876663E-01 -0.31146364E+00 -0.30100473E+00 0.66368129E+00 0.26979693E-01
• 0.13652223E-01 -0.99569631E-02 -0.41627014E-02 -0.45893336E-01 0.45355730E-01
• 0.38127752E-01 0.15316427E-01 0.38941306E-02 -0.27238116E-01 - 0.70392648E-06
• 0.13030291E-02 -0.31533331E-01 0.43805351E-02 0.26979693E-01 0.18678402E+00 0.94017145E-01 0.20963812E-02 -0.29294380E+00 -0.13667525E+00 0.15106104E+00 0.24747870E-01 -0.10389315E-01 -0.12574011E-02 0.20539090E-01 - 0.15420837E-06

  0.17845011E-02 0.30336047E-02 -0.30998062E-03 -0.13652223E-01 0.94017145E-01 0.10575834E+00 0.65004929E-02 -0.19469706E+00 -0.21401119E-01 0.12284008E-01 0.26888829E-01 -0.10448499E-01 0.29955971E-03 0.11548838E-01 - 0.13696737E-06 0.59286130E-03 0.49797774E-02 0.27861467E-03 -0.99569631E-02 0.20963812E-02

  0.65004929E-02 0.89775127E-02 -0.62583525E-03 -0.41247052E-02 - 0.12636718E-01 0.66396301E-03 0.16464563E-02 -0.25397651E-03 -0.51559889E-02 - 0.11376020E-06 0.11317045E-02 0.26656455E-01 -0.15384595E-01 -0.41627014E-02 - 0.29294380E+00

• 0.19469706E+00 -0.62583525E-03 0.50437452E+00 0.16980869E+00 - 0.19290662E+00
• 0.53062570E-01 0.22986725E-01 0.11005881E-02 -0.38987823E-01 0.17175259E-06 0.31143139E-02 0.22930999E-01 0.18696677E-01 -0.45893336E-01 - 0.13667525E+00
• 0.21401119E-01 -0.41247052E-02 0.16980869E+00 0.14519637E+00 - 0.15591183E+00
• 0.62400954E-02 0.14162144E-02 0.19766510E-02 -0.90669158E-02 0.15432837E-06
• 0.40129263E-02 -0.23666238E-01 -0.95741194E-02 0.45355730E-01 0.15106104E+00 0.12284008E-01 -0.12636718E-01 -0.19290662E+00 -0.15591183E+00 0.20134941E+00 0.68521187E-02 -0.57173272E-02 -0.19381586E-02 0.22683112E-01 0.78973458E-07

  0.11589584E-02 0.54111120E-01 0.29116761E-02 -0.38127752E-01 0.24747870E-01 0.26888829E-01 0.66396301E-03 -0.53062570E-01 -0.62400954E-02 0.68521187E-02 0.77978916E+00 -0.11464139E+00 -0.71433136E-02 -0.81732526E-01 0.25343062E-05

• 0.22948353E-03 -0.13730658E-01 0.56923665E-02 0.15316427E-01 - 0.10389315E-01
• 0.10448499E-01 0.16464563E-02 0.22986725E-01 0.14162144E-02 - 0.57173272E-02

• 0.11464139E+00 0.36748071E-01 -0.60413300E-04 -0.35002911E-01 0.25225265E-06
• 0.33969556E-03 -0.32973150E-02 0.24445938E-03 0.38941306E-02 - 0.12574011E-02 0.29955971E-03 -0.25397651E-03 0.11005881E-02 0.19766510E-02 - 0.19381586E-02
• 0.71433136E-02 -0.60413300E-04 0.35699334E-03 -0.31220534E-02 0.19210641E-06 0.94635949E-03 0.12165233E-01 -0.11857207E-01 -0.27238116E-01 0.20539090E-01 0.11548838E-01 -0.51559889E-02 -0.38987823E-01 -0.90669158E-02 0.22683112E-01
• 0.81732526E-01 -0.35002911E-01 -0.31220534E-02 0.24038719E+00 - 0.24447499E-05 0.32217230E-07 0.79186736E-06 -0.12696352E-06 -0.70392648E-06 - 0.15420837E-06
• 0.13696737E-06 -0.11376020E-06 0.17175259E-06 0.15432837E-06 0.78973458E-07 0.25343062E-05 0.25225265E-06 0.19210641E-06 -0.24447499E-05 0.79471894E-10

t echnical efficiency est imat es : 4 5 0.58691067E-01 firm year ef f.-est . 5 5 0.19424702E+00 1 1 0.67804813E+00 6 5 0.28142562E+00 2 1 0.58361017E+00 7 5 0.36611880E+00 3 1 0.92444541E+00 8 5 0.17133993E+00 1 2 0.90586047E+00 9 5 0.39033899E+00 2 2 0.82543514E+00 10 5 0.44922658E+00 3 2 0.26694711E+00 11 5 0.86548146E+00 1 3 0.19769301E+00 1 6 0.50796459E+00 2 3 0.86440009E+00 2 6 0.99958696E+00 3 3 0.51850913E+00 3 6 0.85782010E+00 4 3 0.12674923E+00 4 6 0.41442493E+00 5 3 0.18600709E-01 5 6 0.22474844E+00 1 4 0.51819610E+00 6 6 0.41977944E+00 2 4 0.72052580E+00 7 6 0.19242956E+00 3 4 0.26732792E+00 8 6 0.20834929E+00 4 4 0.10761188E+00 9 6 0.33141139E+00 5 4 0.20957761E+00 10 6 0.46011583E+00 7 4 0.47471403E-01 11 6 0.79177351E+00 8 4 0.51497734E+00 9 4 0.31094579E+00 mean efficiency = 0.42749392E+00 10 4 0.19060046E+00 11 4 0.13831846E+00 1 5 0.52102704E+00 2 5 0.51800445E+00 3 5 0.22208231E+00

summary of panel of observat ions: (1 = observed, 0 = not observed) t : 1 2 3 4 5 6 n 1 1 1 1 1 1 1 6 2 1 1 1 1 1 1 6 3 1 1 1 1 1 1 6 4 0 0 1 1 1 1 4 5 0 0 1 1 1 1 4 6 0 0 0 0 1 1 2 7 0 0 0 1 1 1 3 8 0 0 0 1 1 1 3 9 0 0 0 1 1 1 3 10 0 0 0 1 1 1 3 11 0 0 0 1 1 1 3 3 3 5 10 11 11 43

  128

Lampiran 6. Output FRONTIER 4.1 Islamic Bank Malaysia

  Output from the program FRONTIER (Version 4.1c) instruction file = terminal data file = mupdin.txt Tech. Eff. Effects Frontier (see B&C 1993) The model is a production function The dependent variable is logged the ols estimates are : coefficient standard-error t-ratio beta 0 0.28563456E+03 0.49893378E+02 0.57248992E+01 beta 1 -0.26601261E+02 0.51236748E+01 -0.51918325E+01 beta 2 0.75135162E+01 0.30434212E+01 0.24687730E+01 beta 3 -0.47771881E+01 0.20486311E+01 -0.23318928E+01 beta 4 0.61003075E+00 0.14570644E+00 0.41867109E+01 beta 5 -0.96265786E-01 0.87947547E-01 -0.10945818E+01 beta 6 0.49019715E-01 0.40589053E-01 0.12077078E+01 beta 7 -0.17341938E+00 0.16354257E+00 -0.10603929E+01 beta 8 0.16893699E+00 0.10671729E+00 0.15830329E+01 beta 9 -0.31258393E-01 0.72289588E-01 -0.43240520E+00 sigma-squared 0.26514460E+00 log likelihood function = -0.46707066E+02 the estimates after the grid search were : beta 0 0.28613856E+03 beta 1 -0.26601261E+02 beta 2 0.75135162E+01

  129 beta 3 -0.47771881E+01 beta 4 0.61003075E+00 beta 5 -0.96265786E-01 beta 6 0.49019715E-01 beta 7 -0.17341938E+00 beta 8 0.16893699E+00 beta 9 -0.31258393E-01 delta 0 0.00000000E+00 delta 1 0.00000000E+00 delta 2 0.00000000E+00 sigma-squared 0.48073615E+00 gamma 0.83000000E+00 iteration = 0 func evals = 20 llf = -0.45512081E+02 0.28613856E+03-0.26601261E+02 0.75135162E+01-0.47771881E+01 0.61003075E+00

• 0.96265786E-01 0.49019715E-01-0.17341938E+00 0.16893699E+00-0.31258393E-01 0.00000000E+00 0.00000000E+00 0.00000000E+00 0.48073615E+00 0.83000000E+00 gradient step iteration = 5 func evals = 52 llf = -0.44100225E+02 0.28614042E+03-0.26579727E+02 0.75279230E+01-0.47658177E+01 0.62862030E+00
• 0.92488120E-01 0.62868941E-01-0.19446446E+00 0.13275983E+00-0.93022657E-02 0.28317216E-02-0.11105762E-01-0.16042896E-01 0.48900962E+00 0.82485765E+00 iteration = 10 func evals = 210 llf = -0.41212544E+02 0.28614221E+03-0.26536714E+02 0.75685969E+01-0.46934861E+01 0.65035190E+00
• 0.83010762E-01 0.28102296E-01-0.25377424E+00 0.12104383E+00 0.61561409E-01

  130 0.47582326E+00-0.13352734E+00-0.43146871E-01 0.75472106E+00 0.93411813E+00 iteration = 15 func evals = 247 llf = -0.37683503E+02 0.28589238E+03-0.27060287E+02 0.68832123E+01-0.28350503E+01 0.68104576E+00

• 0.82198613E-01 0.66138787E-01-0.21308570E+00 0.44554506E-02 0.43312667E-01 0.14836972E+01-0.21176879E+00-0.92948585E-01 0.65497059E+00 0.92923444E+00 iteration = 20 func evals = 341 llf = -0.37004199E+02 0.28557597E+03-0.26447628E+02 0.57806978E+01-0.24191202E+01 0.66003569E+00
• 0.70572813E-01 0.57560208E-01-0.18522851E+00-0.64753053E-02 0.48292637E-01 0.18307040E+01-0.22299211E+00-0.13920612E+00 0.70414171E+00 0.92571613E+00 iteration = 22 func evals = 360 llf = -0.37004152E+02 0.28557593E+03-0.26447566E+02 0.57806250E+01-0.24191294E+01 0.66003249E+00
• 0.70574199E-01 0.57560753E-01-0.18522322E+00-0.64754858E-02 0.48292426E-01 0.18307144E+01-0.22299524E+00-0.13920842E+00 0.70414492E+00 0.92571578E+00 the final mle estimates are : coefficient standard-error t-ratio beta 0 0.28557593E+03 0.11858910E+01 0.24081128E+03 beta 1 -0.26447566E+02 0.11336258E+01 -0.23330067E+02 beta 2 0.57806250E+01 0.15619112E+01 0.37009947E+01 beta 3 -0.24191294E+01 0.12026223E+01 -0.20115455E+01 beta 4 0.66003249E+00 0.60670036E-01 0.10879052E+02 beta 5 -0.70574199E-01 0.61076886E-01 -0.11554977E+01 beta 6 0.57560753E-01 0.27834307E-01 0.20679787E+01 beta 7 -0.18522322E+00 0.10712965E+00 -0.17289632E+01 beta 8 -0.64754858E-02 0.65536904E-01 -0.98806709E-01

  131 beta 9 0.48292426E-01 0.54879695E-01 0.87996892E+00 delta 0 0.18307144E+01 0.59336059E+00 0.30853320E+01 delta 1 -0.22299524E+00 0.12007616E+00 -0.18571150E+01 delta 2 -0.13920842E+00 0.59030300E-01 -0.23582536E+01 sigma-squared 0.70414492E+00 0.20704027E+00 0.34010046E+01 gamma 0.92571578E+00 0.38683180E-01 0.23930706E+02 log likelihood function = -0.37004152E+02 LR test of the one-sided error = 0.19405827E+02 with number of restrictions = 4 [note that this statistic has a mixed chi-square distribution] number of iterations = 22 (maximum number of iterations set at : 1000) number of cross-sections = 13 number of time periods = 6 total number of observations = 69 thus there are: 9 obsns not in the panel covariance matrix : 0.14063375E+01 -0.67461035E+00 0.85544824E+00 -0.12617411E+00 0.29414064E-01 0.62685602E-02 -0.20692895E-02 -0.46881916E-01 0.75856592E-02 0.11378052E-02

• 0.18486481E+00 0.25922253E-01 0.32580053E-01 -0.44538841E-01 0.17741541E-02
• 0.67461035E+00 0.12851075E+01 -0.13939709E+01 -0.30479373E+00 -0.64755600E-01
• 0.21908738E-01 0.28736067E-02 0.92945104E-01 0.91947752E-02 -0.80324488E-03 0.24122280E+00 -0.56422255E-01 -0.38942196E-01 0.68727785E-01 0.25805985E-03 0.85544824E+00 -0.13939709E+01 0.24395665E+01 -0.78465142E+00 0.62324332E-01

  132 0.66474805E-02 -0.95054700E-02 -0.12157237E+00 0.40765587E-01 0.89132197E-02