Institutional Repository | Satya Wacana Christian University: Pengaruh Corporate Governance Terhadap Cash Holdings Perusahaan Di Indonesia Se Tahun 1993-2007
Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Cash Holding
Famili Control
1665
1665
.01
.00
.36
1.00
.0697
.7928
.06653
.40543
Perbedaan Cash Flow
Right dan Control Right
1665
.00
1.00
.4865
.49997
Business Group
1665
.00
1.00
.8198
.38445
KoneksiPolitik
1665
.00
1.00
.2703
.44423
KomisarisIndependen
1665
.00
.50
.0934
.09628
Board Size
1665
3.00
22.00
9.0823
3.19270
Firm Size
1665
5.80
18.07
12.8231
1.60209
Market to Book
1665
-190.50
513.26
1.7162
15.31871
Net Working Capital
1665
-27692723.00
6733020.00 -324208.4180
2102144.33066
Cash Flow
1665
Valid N (listwise)
1665
-6825397.00 45824321.00
348324.1393
2142964.16873
Frequency Table
Komisaris Independen
Frequency
Valid 0
.50
Total
Percent
Valid
Percent
Cumulative
Percent
1623
97.48
97.48
97.48
42
2.52
2.52
100.0
1665
100.0
100.0
Family Control
Frequency
Valid
Percent
Valid
Percent
Cumulative
Percent
0
345
20.7
20.7
20.7
1
1320
79.3
79.3
100.0
Total
1665
100.0
100.0
Perbedaan Cash Flow Right dan Control Right
Frequency
Percent
Valid Percent
Cumulative
Percent
Valid 0
855
51.4
51.4
51.4
1
810
48.6
48.6
100.0
1665
100.0
100.0
Total
Business Group
Frequency
Percent
Valid
Percent
Cumulative Percent
Valid 0
300
18.0
18.0
18.0
1
1365
82.0
82.0
100.0
Total
1665
100.0
100.0
KoneksiPolitik
Frequency
Percent
Valid Percent
Cumulative
Percent
Valid 0
1215
73.0
73.0
73.0
1
450
27.0
27.0
100.0
1665
100.0
100.0
Total
Hasil Analisis Pengaruh Corporate Governance Terhadap Cash
Holdings Perusahaan Selama Tahun 1993-2007
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dfb dwed dbg2 dpol bind2 bs fs2 mtb nwc cf reform id1 id2 id3 id4 id5 id6 id7 y93 y94 y95
> y96 y97 y98 y01 y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0476
between = 0.2436
overall = 0.1022
corr(u_i, X)
Wald chi2(30)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dfb
dwed
dbg2
dpol
bind2
bs
fs2
mtb
nwc
cf
reform
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0019216
.0026396
.0018116
-.0046477
-.0324849
.0002361
.0026143
.0000476
4.92e-10
2.25e-09
-.0009406
-.0164559
-.0302989
-.0100382
-.0041798
-.0007653
-.0074187
.0015882
.0028264
-.0023571
.0010719
.0087394
.0043542
.004854
-.0015443
-.0004439
-.0004815
-.0014708
-.0016125
-.0010343
.0132526
.0033295
.002879
.0035865
.003247
.0132371
.0003822
.0009115
.0000248
5.15e-10
6.30e-10
.0039879
.0088124
.0120569
.0036535
.0039841
.004093
.0042221
.0056742
.0039005
.0037099
.0038027
.0037429
.0036318
.0034818
.0042589
.0041851
.0042049
.0041559
.0040847
.0041684
.0116868
sigma_u
sigma_e
rho
.00929703
.02525367
.11935507
(fraction of variance due to u_i)
0.58
0.92
0.51
-1.43
-2.45
0.62
2.87
1.92
0.96
3.57
-0.24
-1.87
-2.51
-2.75
-1.05
-0.19
-1.76
0.28
0.72
-0.64
0.28
2.33
1.20
1.39
-0.36
-0.11
-0.11
-0.35
-0.39
-0.25
1.13
P>|z|
0.564
0.359
0.613
0.152
0.014
0.537
0.004
0.055
0.339
0.000
0.814
0.062
0.012
0.006
0.294
0.852
0.079
0.780
0.469
0.525
0.778
0.020
0.231
0.163
0.717
0.916
0.909
0.723
0.693
0.804
0.257
=
=
87.31
0.0000
[95% Conf. Interval]
-.0046041
-.0030031
-.0052179
-.0110117
-.0584292
-.0005131
.0008278
-9.92e-07
-5.17e-10
1.01e-09
-.0087567
-.0337278
-.0539299
-.0171989
-.0119885
-.0087874
-.0156938
-.0095331
-.0048183
-.0096285
-.0063813
.0014035
-.0027639
-.0019702
-.0098915
-.0086465
-.0087229
-.0096163
-.0096184
-.0092042
-.0096531
.0084474
.0082823
.008841
.0017163
-.0065407
.0009852
.0044008
.0000962
1.50e-09
3.48e-09
.0068756
.0008161
-.0066678
-.0028774
.003629
.0072568
.0008564
.0127095
.0104712
.0049142
.0085252
.0160753
.0114723
.0116783
.0068029
.0077587
.0077598
.0066747
.0063935
.0071357
.0361584
Hasil Pengujian Family Control
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dfb
fbr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y
> 02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0479
between = 0.2250
overall = 0.0975
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dfb
fbr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0032841
-.0013518
-.0325854
.0001392
.0024372
.0000484
4.47e-10
2.22e-09
-.0183551
-.0296258
-.0097
-.0041346
-.0003748
-.0074412
.002155
.002354
-.0027081
.0007615
.0085475
.0041424
.0047803
-.0015873
-.0005404
-.0004121
-.0014405
-.0014981
-.0008074
.0168394
.0033597
.0030138
.0126413
.00037
.0008881
.0000248
5.11e-10
6.28e-10
.008702
.012126
.0036967
.0039172
.0040482
.0042535
.0057146
.0038438
.0036391
.0037264
.0036648
.0035404
.003392
.0036518
.0036859
.0037561
.0037512
.0037055
.003814
.0114889
sigma_u
sigma_e
rho
.00961889
.02525245
.12670756
(fraction of variance due to u_i)
0.98
-0.45
-2.58
0.38
2.74
1.96
0.87
3.53
-2.11
-2.44
-2.62
-1.06
-0.09
-1.75
0.38
0.61
-0.74
0.20
2.33
1.17
1.41
-0.43
-0.15
-0.11
-0.38
-0.40
-0.21
1.47
P>|z|
0.328
0.654
0.010
0.707
0.006
0.051
0.382
0.000
0.035
0.015
0.009
0.291
0.926
0.080
0.706
0.540
0.457
0.838
0.020
0.242
0.159
0.664
0.883
0.913
0.701
0.686
0.832
0.143
=
=
83.83
0.0000
[95% Conf. Interval]
-.0033007
-.0072588
-.0573618
-.000586
.0006966
-1.12e-07
-5.56e-10
9.86e-10
-.0354108
-.0533923
-.0169455
-.0118121
-.0083092
-.0157778
-.0090455
-.0051797
-.0098407
-.006542
.0013646
-.0027966
-.0018679
-.0087446
-.0077646
-.007774
-.0087926
-.0087608
-.0082827
-.0056784
.009869
.0045553
-.007809
.0008644
.0041779
.0000969
1.45e-09
3.45e-09
-.0012995
-.0058593
-.0024546
.0035429
.0075596
.0008955
.0133554
.0098876
.0044244
.0080651
.0157303
.0110814
.0114285
.00557
.0066838
.0069498
.0059117
.0057646
.0066679
.0393572
Hasil Pengujian Perbedaan Antara
Cash Flow Rights dan Control Rights
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dwed wedr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01
> y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0482
between = 0.2239
overall = 0.0990
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
dwed
wedr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0012524
.0025147
-.0367079
.0000949
.0024405
.0000475
4.50e-10
2.21e-09
-.0191134
-.0280675
-.0101324
-.0046575
-.0003694
-.0079052
.0012376
.0027613
-.0022784
.0012144
.0090385
.0045211
.0052376
-.003063
-.001812
-.0016682
-.0027435
-.0027227
-.002126
.019127
Std. Err.
.002836
.0029027
.0124573
.00037
.0008844
.0000248
5.11e-10
6.26e-10
.0086704
.0120534
.0035889
.0038451
.004002
.004207
.0055614
.0038312
.0036247
.0037089
.0036418
.0035275
.0033646
.0034428
.0034759
.0035658
.0035834
.0035428
.0036423
.0110851
z
sigma_u
sigma_e
rho
.00941953
.02524714
.12218966
(fraction of variance due to u_i)
0.44
0.87
-2.95
0.26
2.76
1.92
0.88
3.52
-2.20
-2.33
-2.82
-1.21
-0.09
-1.88
0.22
0.72
-0.63
0.33
2.48
1.28
1.56
-0.89
-0.52
-0.47
-0.77
-0.77
-0.58
1.73
P>|z|
0.659
0.386
0.003
0.797
0.006
0.055
0.379
0.000
0.027
0.020
0.005
0.226
0.926
0.060
0.824
0.471
0.530
0.743
0.013
0.200
0.120
0.374
0.602
0.640
0.444
0.442
0.559
0.084
=
=
85.24
0.0000
[95% Conf. Interval]
-.004306
-.0031746
-.0611238
-.0006302
.0007072
-1.09e-06
-5.51e-10
9.79e-10
-.0361071
-.0516918
-.0171665
-.0121938
-.0082132
-.0161507
-.0096626
-.0047477
-.0093827
-.006055
.0019008
-.0023927
-.0013568
-.0098108
-.0086246
-.008657
-.0097669
-.0096664
-.0092648
-.0025994
.0068108
.008204
-.012292
.0008201
.0041739
.000096
1.45e-09
3.43e-09
-.0021198
-.0044432
-.0030984
.0028788
.0074743
.0003402
.0121378
.0102704
.0048259
.0084838
.0161763
.011435
.011832
.0036848
.0050006
.0053206
.0042798
.0042211
.0050128
.0408533
HasilPengujian Business Group
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dbg2 bgr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y
> 02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0499
between = 0.2222
overall = 0.0976
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dbg2
bgr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0005505
.00435
-.0396516
.0001178
.0022345
.0000481
3.86e-10
2.27e-09
-.0179264
-.0292712
-.0104941
-.0040304
-.0004148
-.0076125
.0012999
.0030134
-.0019362
.0015785
.0094834
.0049518
.0057841
-.004712
-.0035423
-.0031736
-.004189
-.0041693
-.0036518
.0212267
.0036909
.0032073
.0128015
.0003716
.0009024
.0000247
5.12e-10
6.30e-10
.0087161
.012143
.0036174
.0040168
.0041135
.0042818
.0056735
.0038425
.0036403
.0037272
.0036659
.0035481
.0034019
.0037617
.003784
.0038203
.0038208
.0037746
.0038941
.0113592
sigma_u
sigma_e
rho
.00964145
.0252243
.12747469
(fraction of variance due to u_i)
0.15
1.36
-3.10
0.32
2.48
1.95
0.75
3.61
-2.06
-2.41
-2.90
-1.00
-0.10
-1.78
0.23
0.78
-0.53
0.42
2.59
1.40
1.70
-1.25
-0.94
-0.83
-1.10
-1.10
-0.94
1.87
P>|z|
0.881
0.175
0.002
0.751
0.013
0.052
0.451
0.000
0.040
0.016
0.004
0.316
0.920
0.075
0.819
0.433
0.595
0.672
0.010
0.163
0.089
0.210
0.349
0.406
0.273
0.269
0.348
0.062
=
=
85.14
0.0000
[95% Conf. Interval]
-.0066835
-.0019363
-.0647422
-.0006105
.0004658
-3.67e-07
-6.18e-10
1.04e-09
-.0350097
-.0530709
-.0175842
-.0119032
-.0084771
-.0160047
-.0098199
-.0045178
-.0090711
-.0057267
.0022984
-.0020024
-.0008835
-.0120848
-.0109588
-.0106613
-.0116776
-.0115675
-.0112842
-.0010368
.0077846
.0106362
-.014561
.0008462
.0040032
.0000966
1.39e-09
3.51e-09
-.0008432
-.0054714
-.0034041
.0038424
.0076474
.0007797
.0124198
.0105445
.0051987
.0088836
.0166683
.011906
.0124517
.0026608
.0038742
.0043141
.0032996
.0032288
.0039805
.0434902
HasilPengujianKoneksiPolitik
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dpol polr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01
> y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0477
between = 0.2275
overall = 0.0983
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dpol
polr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
-.0038262
.0020232
-.0357198
.0002239
.0026403
.0000484
4.12e-10
2.14e-09
-.0160069
-.0307498
-.011032
-.0048745
-.0016125
-.0077335
.0005406
.0030495
-.0021494
.0012107
.0089757
.0045082
.0050653
-.0026425
-.0014484
-.0012964
-.0022805
-.0023617
-.0016742
.0175295
.003431
.0033733
.0124223
.0003827
.0009002
.0000248
5.11e-10
6.26e-10
.0088174
.0120298
.0035852
.0038477
.0040438
.0041942
.0055785
.0038433
.0036284
.0037113
.0036402
.0035278
.0033598
.0033716
.003432
.0035123
.0035303
.0034902
.0035775
.0113017
sigma_u
sigma_e
rho
.00937683
.02524955
.12119816
(fraction of variance due to u_i)
-1.12
0.60
-2.88
0.59
2.93
1.95
0.81
3.43
-1.82
-2.56
-3.08
-1.27
-0.40
-1.84
0.10
0.79
-0.59
0.33
2.47
1.28
1.51
-0.78
-0.42
-0.37
-0.65
-0.68
-0.47
1.55
P>|z|
0.265
0.549
0.004
0.559
0.003
0.051
0.420
0.001
0.069
0.011
0.002
0.205
0.690
0.065
0.923
0.428
0.554
0.744
0.014
0.201
0.132
0.433
0.673
0.712
0.518
0.499
0.640
0.121
=
=
84.91
0.0000
[95% Conf. Interval]
-.0105508
-.0045883
-.0600671
-.0005261
.0008759
-1.62e-07
-5.90e-10
9.18e-10
-.0332888
-.0543279
-.0180589
-.0124158
-.0095383
-.0159539
-.010393
-.0044833
-.009261
-.0060633
.001841
-.0024062
-.0015198
-.0092508
-.0081749
-.0081805
-.0091998
-.0092024
-.008686
-.0046215
.0028983
.0086346
-.0113726
.0009739
.0044047
.000097
1.41e-09
3.37e-09
.0012749
-.0071718
-.0040051
.0026667
.0063133
.0004869
.0114742
.0105822
.0049622
.0084847
.0161103
.0114226
.0116504
.0039658
.0052781
.0055876
.0046387
.0044789
.0053376
.0396804
N
Minimum
Maximum
Mean
Std. Deviation
Cash Holding
Famili Control
1665
1665
.01
.00
.36
1.00
.0697
.7928
.06653
.40543
Perbedaan Cash Flow
Right dan Control Right
1665
.00
1.00
.4865
.49997
Business Group
1665
.00
1.00
.8198
.38445
KoneksiPolitik
1665
.00
1.00
.2703
.44423
KomisarisIndependen
1665
.00
.50
.0934
.09628
Board Size
1665
3.00
22.00
9.0823
3.19270
Firm Size
1665
5.80
18.07
12.8231
1.60209
Market to Book
1665
-190.50
513.26
1.7162
15.31871
Net Working Capital
1665
-27692723.00
6733020.00 -324208.4180
2102144.33066
Cash Flow
1665
Valid N (listwise)
1665
-6825397.00 45824321.00
348324.1393
2142964.16873
Frequency Table
Komisaris Independen
Frequency
Valid 0
.50
Total
Percent
Valid
Percent
Cumulative
Percent
1623
97.48
97.48
97.48
42
2.52
2.52
100.0
1665
100.0
100.0
Family Control
Frequency
Valid
Percent
Valid
Percent
Cumulative
Percent
0
345
20.7
20.7
20.7
1
1320
79.3
79.3
100.0
Total
1665
100.0
100.0
Perbedaan Cash Flow Right dan Control Right
Frequency
Percent
Valid Percent
Cumulative
Percent
Valid 0
855
51.4
51.4
51.4
1
810
48.6
48.6
100.0
1665
100.0
100.0
Total
Business Group
Frequency
Percent
Valid
Percent
Cumulative Percent
Valid 0
300
18.0
18.0
18.0
1
1365
82.0
82.0
100.0
Total
1665
100.0
100.0
KoneksiPolitik
Frequency
Percent
Valid Percent
Cumulative
Percent
Valid 0
1215
73.0
73.0
73.0
1
450
27.0
27.0
100.0
1665
100.0
100.0
Total
Hasil Analisis Pengaruh Corporate Governance Terhadap Cash
Holdings Perusahaan Selama Tahun 1993-2007
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dfb dwed dbg2 dpol bind2 bs fs2 mtb nwc cf reform id1 id2 id3 id4 id5 id6 id7 y93 y94 y95
> y96 y97 y98 y01 y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0476
between = 0.2436
overall = 0.1022
corr(u_i, X)
Wald chi2(30)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dfb
dwed
dbg2
dpol
bind2
bs
fs2
mtb
nwc
cf
reform
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0019216
.0026396
.0018116
-.0046477
-.0324849
.0002361
.0026143
.0000476
4.92e-10
2.25e-09
-.0009406
-.0164559
-.0302989
-.0100382
-.0041798
-.0007653
-.0074187
.0015882
.0028264
-.0023571
.0010719
.0087394
.0043542
.004854
-.0015443
-.0004439
-.0004815
-.0014708
-.0016125
-.0010343
.0132526
.0033295
.002879
.0035865
.003247
.0132371
.0003822
.0009115
.0000248
5.15e-10
6.30e-10
.0039879
.0088124
.0120569
.0036535
.0039841
.004093
.0042221
.0056742
.0039005
.0037099
.0038027
.0037429
.0036318
.0034818
.0042589
.0041851
.0042049
.0041559
.0040847
.0041684
.0116868
sigma_u
sigma_e
rho
.00929703
.02525367
.11935507
(fraction of variance due to u_i)
0.58
0.92
0.51
-1.43
-2.45
0.62
2.87
1.92
0.96
3.57
-0.24
-1.87
-2.51
-2.75
-1.05
-0.19
-1.76
0.28
0.72
-0.64
0.28
2.33
1.20
1.39
-0.36
-0.11
-0.11
-0.35
-0.39
-0.25
1.13
P>|z|
0.564
0.359
0.613
0.152
0.014
0.537
0.004
0.055
0.339
0.000
0.814
0.062
0.012
0.006
0.294
0.852
0.079
0.780
0.469
0.525
0.778
0.020
0.231
0.163
0.717
0.916
0.909
0.723
0.693
0.804
0.257
=
=
87.31
0.0000
[95% Conf. Interval]
-.0046041
-.0030031
-.0052179
-.0110117
-.0584292
-.0005131
.0008278
-9.92e-07
-5.17e-10
1.01e-09
-.0087567
-.0337278
-.0539299
-.0171989
-.0119885
-.0087874
-.0156938
-.0095331
-.0048183
-.0096285
-.0063813
.0014035
-.0027639
-.0019702
-.0098915
-.0086465
-.0087229
-.0096163
-.0096184
-.0092042
-.0096531
.0084474
.0082823
.008841
.0017163
-.0065407
.0009852
.0044008
.0000962
1.50e-09
3.48e-09
.0068756
.0008161
-.0066678
-.0028774
.003629
.0072568
.0008564
.0127095
.0104712
.0049142
.0085252
.0160753
.0114723
.0116783
.0068029
.0077587
.0077598
.0066747
.0063935
.0071357
.0361584
Hasil Pengujian Family Control
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dfb
fbr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y
> 02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0479
between = 0.2250
overall = 0.0975
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dfb
fbr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0032841
-.0013518
-.0325854
.0001392
.0024372
.0000484
4.47e-10
2.22e-09
-.0183551
-.0296258
-.0097
-.0041346
-.0003748
-.0074412
.002155
.002354
-.0027081
.0007615
.0085475
.0041424
.0047803
-.0015873
-.0005404
-.0004121
-.0014405
-.0014981
-.0008074
.0168394
.0033597
.0030138
.0126413
.00037
.0008881
.0000248
5.11e-10
6.28e-10
.008702
.012126
.0036967
.0039172
.0040482
.0042535
.0057146
.0038438
.0036391
.0037264
.0036648
.0035404
.003392
.0036518
.0036859
.0037561
.0037512
.0037055
.003814
.0114889
sigma_u
sigma_e
rho
.00961889
.02525245
.12670756
(fraction of variance due to u_i)
0.98
-0.45
-2.58
0.38
2.74
1.96
0.87
3.53
-2.11
-2.44
-2.62
-1.06
-0.09
-1.75
0.38
0.61
-0.74
0.20
2.33
1.17
1.41
-0.43
-0.15
-0.11
-0.38
-0.40
-0.21
1.47
P>|z|
0.328
0.654
0.010
0.707
0.006
0.051
0.382
0.000
0.035
0.015
0.009
0.291
0.926
0.080
0.706
0.540
0.457
0.838
0.020
0.242
0.159
0.664
0.883
0.913
0.701
0.686
0.832
0.143
=
=
83.83
0.0000
[95% Conf. Interval]
-.0033007
-.0072588
-.0573618
-.000586
.0006966
-1.12e-07
-5.56e-10
9.86e-10
-.0354108
-.0533923
-.0169455
-.0118121
-.0083092
-.0157778
-.0090455
-.0051797
-.0098407
-.006542
.0013646
-.0027966
-.0018679
-.0087446
-.0077646
-.007774
-.0087926
-.0087608
-.0082827
-.0056784
.009869
.0045553
-.007809
.0008644
.0041779
.0000969
1.45e-09
3.45e-09
-.0012995
-.0058593
-.0024546
.0035429
.0075596
.0008955
.0133554
.0098876
.0044244
.0080651
.0157303
.0110814
.0114285
.00557
.0066838
.0069498
.0059117
.0057646
.0066679
.0393572
Hasil Pengujian Perbedaan Antara
Cash Flow Rights dan Control Rights
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dwed wedr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01
> y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0482
between = 0.2239
overall = 0.0990
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
dwed
wedr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0012524
.0025147
-.0367079
.0000949
.0024405
.0000475
4.50e-10
2.21e-09
-.0191134
-.0280675
-.0101324
-.0046575
-.0003694
-.0079052
.0012376
.0027613
-.0022784
.0012144
.0090385
.0045211
.0052376
-.003063
-.001812
-.0016682
-.0027435
-.0027227
-.002126
.019127
Std. Err.
.002836
.0029027
.0124573
.00037
.0008844
.0000248
5.11e-10
6.26e-10
.0086704
.0120534
.0035889
.0038451
.004002
.004207
.0055614
.0038312
.0036247
.0037089
.0036418
.0035275
.0033646
.0034428
.0034759
.0035658
.0035834
.0035428
.0036423
.0110851
z
sigma_u
sigma_e
rho
.00941953
.02524714
.12218966
(fraction of variance due to u_i)
0.44
0.87
-2.95
0.26
2.76
1.92
0.88
3.52
-2.20
-2.33
-2.82
-1.21
-0.09
-1.88
0.22
0.72
-0.63
0.33
2.48
1.28
1.56
-0.89
-0.52
-0.47
-0.77
-0.77
-0.58
1.73
P>|z|
0.659
0.386
0.003
0.797
0.006
0.055
0.379
0.000
0.027
0.020
0.005
0.226
0.926
0.060
0.824
0.471
0.530
0.743
0.013
0.200
0.120
0.374
0.602
0.640
0.444
0.442
0.559
0.084
=
=
85.24
0.0000
[95% Conf. Interval]
-.004306
-.0031746
-.0611238
-.0006302
.0007072
-1.09e-06
-5.51e-10
9.79e-10
-.0361071
-.0516918
-.0171665
-.0121938
-.0082132
-.0161507
-.0096626
-.0047477
-.0093827
-.006055
.0019008
-.0023927
-.0013568
-.0098108
-.0086246
-.008657
-.0097669
-.0096664
-.0092648
-.0025994
.0068108
.008204
-.012292
.0008201
.0041739
.000096
1.45e-09
3.43e-09
-.0021198
-.0044432
-.0030984
.0028788
.0074743
.0003402
.0121378
.0102704
.0048259
.0084838
.0161763
.011435
.011832
.0036848
.0050006
.0053206
.0042798
.0042211
.0050128
.0408533
HasilPengujian Business Group
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dbg2 bgr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y
> 02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0499
between = 0.2222
overall = 0.0976
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dbg2
bgr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
.0005505
.00435
-.0396516
.0001178
.0022345
.0000481
3.86e-10
2.27e-09
-.0179264
-.0292712
-.0104941
-.0040304
-.0004148
-.0076125
.0012999
.0030134
-.0019362
.0015785
.0094834
.0049518
.0057841
-.004712
-.0035423
-.0031736
-.004189
-.0041693
-.0036518
.0212267
.0036909
.0032073
.0128015
.0003716
.0009024
.0000247
5.12e-10
6.30e-10
.0087161
.012143
.0036174
.0040168
.0041135
.0042818
.0056735
.0038425
.0036403
.0037272
.0036659
.0035481
.0034019
.0037617
.003784
.0038203
.0038208
.0037746
.0038941
.0113592
sigma_u
sigma_e
rho
.00964145
.0252243
.12747469
(fraction of variance due to u_i)
0.15
1.36
-3.10
0.32
2.48
1.95
0.75
3.61
-2.06
-2.41
-2.90
-1.00
-0.10
-1.78
0.23
0.78
-0.53
0.42
2.59
1.40
1.70
-1.25
-0.94
-0.83
-1.10
-1.10
-0.94
1.87
P>|z|
0.881
0.175
0.002
0.751
0.013
0.052
0.451
0.000
0.040
0.016
0.004
0.316
0.920
0.075
0.819
0.433
0.595
0.672
0.010
0.163
0.089
0.210
0.349
0.406
0.273
0.269
0.348
0.062
=
=
85.14
0.0000
[95% Conf. Interval]
-.0066835
-.0019363
-.0647422
-.0006105
.0004658
-3.67e-07
-6.18e-10
1.04e-09
-.0350097
-.0530709
-.0175842
-.0119032
-.0084771
-.0160047
-.0098199
-.0045178
-.0090711
-.0057267
.0022984
-.0020024
-.0008835
-.0120848
-.0109588
-.0106613
-.0116776
-.0115675
-.0112842
-.0010368
.0077846
.0106362
-.014561
.0008462
.0040032
.0000966
1.39e-09
3.51e-09
-.0008432
-.0054714
-.0034041
.0038424
.0076474
.0007797
.0124198
.0105445
.0051987
.0088836
.0166683
.011906
.0124517
.0026608
.0038742
.0043141
.0032996
.0032288
.0039805
.0434902
HasilPengujianKoneksiPolitik
. xtset kode
panel variable:
kode (balanced)
. xtreg ch dpol polr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01
> y02 y03 y04 y05 y06, re
Random-effects GLS regression
Group variable: kode
Number of obs
Number of groups
=
=
1146
111
R-sq:
Obs per group: min =
avg =
max =
2
10.3
15
within
= 0.0477
between = 0.2275
overall = 0.0983
corr(u_i, X)
Wald chi2(27)
Prob > chi2
= 0 (assumed)
ch
Coef.
Std. Err.
z
dpol
polr
bind2
bs
fs2
mtb
nwc
cf
id1
id2
id3
id4
id5
id6
id7
y93
y94
y95
y96
y97
y98
y01
y02
y03
y04
y05
y06
_cons
-.0038262
.0020232
-.0357198
.0002239
.0026403
.0000484
4.12e-10
2.14e-09
-.0160069
-.0307498
-.011032
-.0048745
-.0016125
-.0077335
.0005406
.0030495
-.0021494
.0012107
.0089757
.0045082
.0050653
-.0026425
-.0014484
-.0012964
-.0022805
-.0023617
-.0016742
.0175295
.003431
.0033733
.0124223
.0003827
.0009002
.0000248
5.11e-10
6.26e-10
.0088174
.0120298
.0035852
.0038477
.0040438
.0041942
.0055785
.0038433
.0036284
.0037113
.0036402
.0035278
.0033598
.0033716
.003432
.0035123
.0035303
.0034902
.0035775
.0113017
sigma_u
sigma_e
rho
.00937683
.02524955
.12119816
(fraction of variance due to u_i)
-1.12
0.60
-2.88
0.59
2.93
1.95
0.81
3.43
-1.82
-2.56
-3.08
-1.27
-0.40
-1.84
0.10
0.79
-0.59
0.33
2.47
1.28
1.51
-0.78
-0.42
-0.37
-0.65
-0.68
-0.47
1.55
P>|z|
0.265
0.549
0.004
0.559
0.003
0.051
0.420
0.001
0.069
0.011
0.002
0.205
0.690
0.065
0.923
0.428
0.554
0.744
0.014
0.201
0.132
0.433
0.673
0.712
0.518
0.499
0.640
0.121
=
=
84.91
0.0000
[95% Conf. Interval]
-.0105508
-.0045883
-.0600671
-.0005261
.0008759
-1.62e-07
-5.90e-10
9.18e-10
-.0332888
-.0543279
-.0180589
-.0124158
-.0095383
-.0159539
-.010393
-.0044833
-.009261
-.0060633
.001841
-.0024062
-.0015198
-.0092508
-.0081749
-.0081805
-.0091998
-.0092024
-.008686
-.0046215
.0028983
.0086346
-.0113726
.0009739
.0044047
.000097
1.41e-09
3.37e-09
.0012749
-.0071718
-.0040051
.0026667
.0063133
.0004869
.0114742
.0105822
.0049622
.0084847
.0161103
.0114226
.0116504
.0039658
.0052781
.0055876
.0046387
.0044789
.0053376
.0396804