Factor-faktor yang mempengaruhi kebijakan hutang pada perusahaan manufaktur yang terdaftar di bursa efek indonesia (BEI) tahun 2012-2013

Lampiran 1
Daftar Perusahaan Manufaktur Periode 2010-2013
NO

KODE

NAMA PERUSAHAAN
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ADES
ADMG
AISA
AKKU
AKPI
ALDO
ALKA
ALMI
AMFG
APLI
ARGO

ARNA
ASII
AUTO
BIMA
BRAM
BRNA
BRPT
BTON
BUDI
CEKA
CNTX
CPIN
DLTA
DPNS
DVLA
EKAD
ERTX
ESTI
ETWA
FASW

FPNI
GDST
GDYR
GGRM
GJTL
HDTX
HMSP
ICBP
IGAR

Akasha Wira International
Polychem Indonesia
Tiga Pilar Sejahtera Food
Alam Karya Unggul
Argha Karya Prima Industry
Alkindo Naratama
Alaska Industrindo
Alumindo Light Metal Industry
Asahimas Flat Glass
Asiaplast Industries

Argo Pantes
ArwanaCitramulia
Astra International
Astra Otoparts
Primarindo Asia Infrastructure
Indo Kordsa
Berlina
Barito Pacific
Beton Jaya Manunggal
Budi Starch & Sweetener
Wilmar Cahaya Indonesia
Century Textile Industry (PS)
Charoen Pokphand Indonesia
Delta Djakarta
Duta Pertiwi Nusantara
Darya-Varia Laboratoria
Ekadharma International
Eratex Djaja
Ever Shine Textile Industry
Eterindo Wahanatama

Fajar Surya Wisesa
Lotte Chemical Titan
Gunawan Dianjaya Steel
Goodyear Indonesia
Gudang Garam
Gajah Tunggal
Panasia Indo Resources
HM Sampoerna
Indofood CBP Sukses Makmur
Champion Pacific Indonesia

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KRITERIA
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IKAI
IKBI
IMAS
INAF
INCI
INDF
INDR
INDS
INKP
INRU
INTP
IPOL
JECC
JKSW
JPFA
JPRS
KAEF
KARW
KBLI
KBLM
KBRI
KDSI
KIAS
KICI
KLBF
KRAS
LION
LMSH
LPIN
MAIN
MASA
MBTO
MERK
MLBI
MLIA
MRAT
MYOR
MYRX
MYTX
NIKL
NIPS
PBRX
PICO
POLY

Intikeramik Alamasri Industri
Sumi Indo Kabel
Indomobil Sukses Internasional
Indofarma (Persero)
Indal Aluminium Industry
Intanwijaya Internasional
Indofood Sukses Makmur
Indospring
Indah Kiat Pulp & Paper
Toba Pulp Lestari
Indocement Tunggal Prakarsa
Indopoly Swakarsa Industry
Jembo Cable Company
Jakarta Kyoei Steel Works
JAPFA Comfeed Indonesia
Jaya Pari Steel
Kimia Farma (Persero)
ICTSI Jasa Prima
KMI Wire and Cable
Kabelindo Murni
Kertas Basuki Rachmat Indonesia
Kedawung Setia Industrial
Keramika Indonesia Assosiasi
Kedaung Indah Can
Kalbe Farma
Krakatau Steel (Persero)
Lion Metal Works
Lionmesh Prima
Multi Prima Sejahtera
Malindo Feedmill
Multistrada Arah Sarana
Martina Berto
Merck
Multi Bintang Indonesia
Mulia Industrindo
Mustika Ratu
Mayora Indah
Hanson International
Apac Citra Centertex
Pelat Timah Nusantara
Nipress
Pan Brothers
Pelangi Indah Canindo
Asia Pacific Fibers

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PRAS
PSDN
PTSN
PYFA
RICY
RMBA
ROTI
SCCO

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SCPI
SIAP
SIMA
SIPD
SKLT
SMCB
SMGR
SMSM
SOBI
SPMA
SRSN
SSTM
SULI
TBMS
TCID
TIRT
TKIM
TOTO
TPIA
TRST
TSPC
ULTJ

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UNIC
UNIT
UNTX
UNVR
VOKS
YPAS

Prima Alloy Steel Universal
Prasidha Aneka Niaga
Sat Nusapersada
Pyridam Farma
Ricky Putra Globalindo
Bentoel Internasional Investama
Nippon Indosari Corpindo
Supreme Cable Manufacturing &
Commerce
Merck Sharp Dohme Pharma
Sekawan Intipratama
Siwani Makmur
Sierad Produce
Sekar Laut
Holcim Indonesia
Semen Indonesia
Selamat Sempurna
Sorini Agro Asia Corporindo
Suparma
Indo Acidatama
Sunson Textile Manufacturer
SLJ Global
Tembaga Mulia Semanan
Mandom Indonesia
Tirta Mahakam Resources
Pabrik Kertas Tjiwi Kimia
Surya Toto Indonesia
Chandra Asri Petrochemical
Trias Sentosa
Tempo Scan Pacific
Ultrajaya Milk Industry &
Trading
Unggul Indah Cahaya
Nusantara Inti Corpora
Unitex
Unilever Indonesia
Voksel Electric
Yanaprima Hastapersada

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Lampiran2
Hasil Estimasi Uji housman

Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects

Test Summary
Cross-section random

Chi-Sq.
Statistic

Chi-Sq. d.f.

Prob.

0.019226

3

0.7748

Cross-section random effects test comparisons:
Variable

Fixed

Random

Var(Diff.)

Prob.

FCF?
DPR?
ROE?

0.000150
0.000204
0.007356

0.000012
0.000218
-0.001727

0.000000
0.000000
0.000111

0.5334
0.9635
0.3882

Cross-section random effects test equation:
Dependent Variable: DER?
Method: Panel Least Squares
Date: 10/11/15 Time: 20:54
Sample: 2012 2013
Included observations: 2
Cross-sections included: 35
Total pool (balanced) observations: 70
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
DPR?
ROE?

85.95741
0.000150
0.000204
0.007356

34.55414
0.000287
0.000451
0.014618

2.487616
0.521516
0.451973
0.503243

0.0183
0.6056
0.6543
0.6182

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)

0.533944
-0.004933
177.2931
1005851.
-434.3754
0.990846
0.513970

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

65

108.0857
176.8574
13.49644
14.71705
13.98128
3.888889

Lampiran 3
Redundant Fixed Effects
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test

Statistic

Cross-section F
Cross-section Chi-square

d.f.

Prob.

1.061514
52.858114

(34,32)
34

0.4339
0.0206

Cross-section fixed effects test equation:
Dependent Variable: DER?
Method: Panel Least Squares
Date: 10/28/15 Time: 17:25
Sample: 2012 2013
Included observations: 2
Cross-sections included: 35
Total pool (balanced) observations: 70
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
DPR?
ROE?

108.7529
6.71E-06
0.000224
-0.002224

27.47796
0.000181
0.000314
0.009983

3.957823
0.037170
0.711794
-0.222754

0.0002
0.9705
0.4791
0.8244

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

0.008300
-0.036778
180.0803
2140307.
-460.8045
0.184118
0.906834

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

66

108.0857
176.8574
13.28013
13.40861
13.33116
1.867453

Lampiran 4
Data Deskritif
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis

DER?
108.0857
43.00000
1012.000
2.000000
176.8574
3.477958
16.58589

FCF?
49468.84
4647.000
713749.0
20.00000
120328.0
3.559676
16.74901

DPR?
12097.79
77.50000
696457.0
5.000000
83487.86
8.040289
66.38268

ROE?
1666.171
876.5000
13746.00
1.000000
2623.374
3.373526
14.90599

Jarque-Bera
Probability

679.4701
0.578358

699.1848
0.538290

12471.52
0.642937

546.2195
0.090641

Sum
Sum Sq. Dev.

7566.000
2158219.

3462819.
9.99E+11

846845.0
4.81E+11

116632.0
4.75E+08

Observations
Cross sections

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35

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35

70
35

70
35

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Lampiran 5
Hasil Estimasi Random Efek Model (REM)
Dependent Variable: DER?
Method: Pooled EGLS (Cross-section random effects)
Date: 10/11/15 Time: 21:12
Sample: 2012 2013
Included observations: 2
Cross-sections included: 35
Total pool (balanced) observations: 70
Swamy and Arora estimator of component variances
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
FCF?
DPR?
ROE?
Random Effects (Cross)
_INTP—C
_UNVR—C
_SMCB—C
_SMGR—C
_AMFG--C
_ARNA--C
_UNIC--C
_KIAS--C
_MLIA--C
_TOTO--C
_ALKA--C
_ALMI--C
_BTON--C
_TSPC--C
_TKIM--C
_TCID--C
_SMSM--C
_MLBI--C
_JKSW--C
_JPRS--C
_KRAS--C
_LION--C
_MERK--C
_MYRX--C
_NIKL--C
_PICO--C
_TBMS--C
_BRPT--C
_MAIN--C
_DPNS--C
_EKAD--C
_TRST--C
_INCI--C
_ASII--C

107.7104
1.23E-05
0.000218
-0.001727

24.63139
0.000151
5.50E-05
0.003761

4.372893
0.082028
3.973043
-0.459198

0.0000
0.9349
0.0002
0.6476

1.659178
-7.029583
-7.109185
-7.209641
-9.119749
-9.859349
-8.273024
2.560398
-1.012996
-10.25246
-10.23343
9.461017
8.042683
45.40306
-1.268833
-7.374912
-5.260347
-8.258595
1.625348
-8.376135
-4.266486
16.87914
8.966138
7.055363
0.993065
-6.889938
-2.991809
-4.804007
-9.537489
-10.55513
55.45581
3.695180
-8.716732
-8.945724

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_SRSN--C

-4.450831
Effects Specification
S.D.

Cross-section random
Idiosyncratic random

44.61439
177.2931

Rho
0.0596
0.9404

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

0.208314
0.136763
174.7351
0.184432
0.906622

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

101.8297
171.6091
2015134.
1.979676

Unweighted Statistics
R-squared
Sum squared resid

0.208244
2140428.

Mean dependent var
Durbin-Watson stat

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108.0857
1.863792

Lampiran 6
F tabel untuk Prob 0,05

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