Fakto-Faktor yang Mempengaruhi Struktur Modal Pada Perusahaan Sektor Property, Real Estate, dan Konstruksi di Bursa Efek Indonesia Tahun 2010-2013
Lampiran 1
Populasi dan Sampel Penelitian
No.
Perusahaan Sektor Property, Realestate, dan Konstruksi
Yang Dijadikan Sampel Penelitian
Perusahaan
Kode Emiten
IPO
1
Agung Podomoro Land, Tbk.
APLN
11/11/2010
2
Alam Sutera Reality, Tbk
ASRI
18/12/2007
3
Bekasi Asri Pemula, Tbk
BAPA
14/01/2008
4
Bumi Citra Permai Tbk
BCIP
11/12/2009
5
Bhuawannatalia Indah Permai, Tbk
BIPP
23/10/1995
6
Bukit Darmo Property, Tbk
BKDP
15/06/2007
7
Sentul City, Tbk
BKSL
28/07/1997
8
Bumi Serpong Damai, Tbk
BSDE
06/06/2008
9
Cowell Development, Tbk
COWL
19/12/2007
10
Ciputra Develompent, Tbk
CTRA
28/03/1994
11
Ciputra Property, Tbk
CTRP
07/11/2007
12
Ciputra Surya, Tbk
CTRS
15/01/1999
13
Duta Anggada Reality, Tbk
DART
08/05/1990
14
Intiland Development, Tbk
DILD
04/09/1991
15
Duta Pertiwi, Tbk
DUTI
02/11/1994
16
Bakrieland Development, Tbk
ELTY
03/10/1995
17
Fortuna Mate Indonesia, Tbk
FMII
30-06-200
18
Goa Makassar Tourism Development, Tbk
GMTD
11/12/2000
19
Perdana Gapura Prima, Tbk
GPRA
10/10/2007
20
Jaya Real Property, Tbk
JRPT
29/06/1994
21
Kawasan Industri Jababeka, Tbk
KIJA
10/01/1995
22
MNC Land, Tbk
KPIG
30/03/2000
23
Lamicitra Nusantara, Tbk
LAMI
18/07/2001
24
Eureka Prima Jakarta, Tbk
LCGP
13/07/2007
25
Lippo Cikarang, Tbk
LPCK
24/07/1997
26
Lippo Karawaci, Tbk
LPKR
28/06/1996
27
Modernland Reality, Tbk
MDLN
18/01/1993
28
Metropolitan Kentjana, Tbk
MKPI
10/07/2009
29
Metro Reality, Tbk
MTSM
08/01/1992
30
Indonesia Prima Property, Tbk
OMRE
22/08/1994
31
Plaza Indonesia Reality, Tbk
PLIN
15/06/1992
32
Pudjiati Prestige,Tbk
PUDP
18/11/1994
33
Pukowan Jati, Tbk
PWON
19/10/1989
34
Rista Bintang Mahkota Sejati, Tbk
RBMS
19/12/1997
35
Roda Vivatex, Tbk
RDTX
14/05/1990
36
Pikko Land Development, Tbk
RODA
22/10/2001
104
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Perusahaan
Kode Emiten
IPO
Kriteria 1
Kriteria 2
Sampel
37
Danayasa Arthatama, Tbk
SCDB
19/04/2002
√
√
37
38
Suryamas Dutamakmur, Tbk
SMDM
12/10/1995
√
√
38
39
Summarecon Agung, Tbk
SMRA
07/05/1990
√
√
39
40
Adhi Karya (Persero), Tbk
ADHI
18/03/2004
√
√
40
41
Pembangunan Perumahan (Persero), Tbk
PTPP
09/02/2010
√
√
41
42
Surya Semesta Internusa, Tbk
SSIA
27/03/1997
√
√
42
43
Total Bangun Persada, Tbk
TOTI
25/07/2006
√
√
43
44
Wijaya Karya (Persero), Tbk
WIKA
29/10/2007
√
√
44
Perusahaan Sektor Property, Realestate, dan Konstruksi
Yang Tidak Dijadikan Sampel Penelitian
No.
Perusahaan
Kode Emiten
IPO
1
Bekasi Fajar Industrial Estate, Tbk
BEST
10/04/2012
2
Binakarya Jaya Abadi, Tbk
BIKA
14/07/2015
3
Puradelta Lestari, Tbk
DMAS
29/05/2015
4
5
Megapolitan Development, Tbk
EMDE
12/01/2011
Gading Development, Tbk
GAMA
11/07/2012
6
Greenwood Sejahtera, Tbk
GWSA
23/12/2011
7
Mega Manunggal Property, Tbk
MMLP
12/06/2015
8
Metropolitan Land, Tbk
MTLA
20/06/2011
9
Nirvana Development, Tbk
NIRO
13/09/2012
10
PP Property, Tbk
PPRO
19/05/2015
11
Sitara Propertindo, Tbk
TARA
11/07/2014
12
Acset Indonusa, Tbk
ACST
24/06/2013
13
Duta Graha Indah, Tbk
DGIK
19/12/2015
14
Indonesia Pondasi Raya, Tbk
IDPR
10/12/2015
15
Nusa Raya Cipta, Tbk
NRCA
27/06/2013
16
Waskita Karya (Persero), Tbk
WSKT
19/12/2012
105
Universitas Sumatera Utara
Lampiran 2
Tabulasi Data Variabel Penelitian
EMITEN
APLN
ASRI
BAPA
BCIP
BIPP
BKDP
BKSL
BSDE
COWL
TAHUN
DAR
Size
ROA
Risiko Bisnis
TIE
P. AKTIVA
2010
45,34
6,88
5,07
163,95
22,53
41,82
2011
53,58
7,03
8,19
131,18
6,74
30,21
2012
58,22
7,18
7,22
184,77
3,33
28,67
2013
63,35
7,29
5,98
28,03
2,67
22,79
2010
51,69
6,66
7,20
143,38
10,62
22,41
2011
53,61
6,78
11,17
113,33
11,11
23,63
2012
56,77
7,04
12,28
102,62
9,03
45,12
2013
63,05
7,16
7,50
54,20
12,81
24,13
2010
45,07
5,13
10,65
-63,90
4,98
1,08
2011
45,43
5,17
5,13
65,83
2,72
7,92
2012
45,02
5,20
3,45
268,53
3,61
6,92
2013
47,33
5,24
3,87
88,72
2,49
9,42
2010
11,90
5,28
12,04
343,02
6,67
13,06
2011
52,95
5,38
2,28
330,56
2,39
19,29
2012
43,60
5,53
4,43
108,75
4,80
30,46
2013
47,87
5,64
9,83
140,23
13,11
20,97
2010
50,63
5,28
-1,77
4497,90
0,62
-1,93
2011
62,00
5,29
-9,21
-18049,50
-0,09
2,10
2012
52,54
5,25
-7,03
185,31
-0,01
-9,57
2013
22,62
5,75
19,57
204,75
6,48
68,22
2010
28,36
6,01
-1,26
170,76
-20,08
15,36
2011
27,48
5,99
-2,01
-34,18
-98,95
-4,20
2012
27,80
5,95
-6,33
-132,17
-3,25
-8,50
2013
30,14
5,93
-6,84
23,04
-2,75
-6,44
2010
14,34
6,68
2,15
132,12
95851,64
42,17
2011
53,15
6,72
2,96
-279,57
124,15
9,00
2012
21,74
6,79
4,04
174,31
15,31
14,04
2013
35,50
7,03
6,00
-679,49
0,47
42,30
2010
36,59
7,07
7,64
152,03
4,59
20,18
2011
65,43
7,11
9,15
79,96
6,26
8,54
2012
37,15
7,22
10,12
129,43
15,63
23,69
2013
40,57
7,35
14,53
146,72
14,64
25,76
2010
51,11
5,43
5,03
-5627,67
2,26
22,27
2011
57,52
5,59
10,99
139,54
12,58
30,79
2012
36,24
6,25
4,81
147,14
10,71
78,31
2013
49,20
6,29
3,94
336,59
2,04
8,56
106
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
CTRA
CTRP
CTRS
DART
DILD
DUTI
ELTY
FMII
GMTD
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
22,67
6,97
5,14
114,13
TIE
58,00
P. AKTIVA
8,79
2011
33,64
7,06
5,37
136,81
20,47
18,63
2012
43,55
7,18
6,85
130,59
17,83
23,29
2013
51,45
7,30
8,50
117,60
14,10
25,31
2010
6,80
6,58
5,23
-50,49
39,59
4,49
2011
16,40
6,63
4,73
97,68
121,05
11,38
2012
32,78
6,77
6,34
129,46
20,84
27,29
2013
40,25
6,88
6,97
90,78
8,22
22,47
2010
35,38
6,42
4,77
135,46
31,53
13,05
2011
44,77
6,55
6,79
199,85
9,44
26,06
2012
49,99
6,65
7,43
119,97
7,24
20,31
2013
56,75
6,76
8,46
147,33
11,19
23,26
2010
71,15
6,41
2,19
-7376,43
0,50
-25,43
2011
45,33
6,61
2,43
37,21
1,15
37,57
2012
33,90
6,63
5,59
86,96
1,97
4,41
2013
38,62
6,68
5,06
-871,76
3,13
9,97
2010
61,20
6,66
9,33
120,95
7,93
53,47
2011
33,26
6,76
3,49
-167,10
3,88
19,20
2012
35,14
6,78
4,53
149,35
3,71
6,56
2013
45,58
6,88
5,36
147,07
4,88
19,06
2010
32,11
6,67
8,29
2302,69
4,24
6,22
2011
31,31
6,72
9,43
177,37
5,23
8,96
2012
21,79
6,82
10,69
108,99
13,74
21,30
2013
11,11
6,87
11,43
130,82
351,21
11,79
2010
38,58
7,23
1,32
137,46
1,72
32,06
2011
58,43
7,25
2,16
53,74
1,38
3,64
2012
39,85
7,18
-4,80
183,30
1,66
-16,23
2013
41,75
7,09
-0,29
290,85
1,59
-23,86
2010
9,82
5,54
-1,95
-154,46
-11,57
11,67
2011
29,26
5,55
0,10
2357,88
0,52
1,13
2012
29,65
5,55
1,36
257,95
3,02
0,93
2013
34,09
5,63
-0,61
202,34
4,46
17,41
2010
64,28
5,56
9,17
93,90
8,66
14,86
2011
64,40
5,69
12,01
116,18
67,66
26,31
2012
24,02
5,95
8,50
95,38
352,88
45,90
2013
69,15
6,12
8,19
154,13
348,15
31,14
107
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
GPRA
KIJA
KPIG
LAMI
LCGP
LPCK
LPKR
MDLN
MKPI
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
48,58
6,07
3,36
-356,44
TIE
2,39
P. AKTIVA
-11,69
2011
47,29
6,09
4,56
143,78
4,90
4,17
2012
46,34
6,12
5,93
-234,66
6,50
5,65
2013
19,90
6,12
9,79
-3,40
5,87
1,68
2010
49,85
6,52
2,78
99,33
0,89
4,25
2011
37,44
6,75
6,49
168,94
4,93
40,40
2012
43,83
6,85
6,47
195,70
3,00
20,92
2013
49,29
6,92
2,47
55,08
1,24
14,26
2010
6,63
6,32
8,10
371,00
3,44
0,18
2011
37,07
6,29
2,69
48,80
3,19
-7,35
2012
18,95
6,44
5,77
97,48
5,57
28,59
2013
77,17
6,87
4,65
63,62
4,34
62,93
2010
62,14
5,78
6,01
-1135,51
23,81
-0,99
2011
52,07
5,77
10,88
123,28
89,24
-2,12
2012
28,24
5,78
7,93
101,03
622,18
1,16
2013
41,41
5,79
10,17
19,75
108,63
2,15
2010
7,58
5,23
-0,16
585,13
-20,71
-6,56
2011
48,01
5,23
-0,82
-25,64
-235,32
-0,53
2012
60,09
5,24
-0,11
-794,44
-32,43
2,30
2013
21,63
6,22
-0,35
-980,61
-623,09
89,48
2010
66,24
6,22
5,10
75,48
2,78
7,13
2011
59,77
6,31
14,77
115,44
23,19
18,21
2012
26,62
6,45
16,16
275,71
103,11
27,90
2013
52,80
6,59
17,27
126,38
28,75
26,52
2010
63,93
7,26
3,96
186,11
11,21
33,20
2011
48,47
7,26
5,39
87,66
1195,03
0,57
2012
53,88
7,40
6,34
125,35
3,42
26,58
2013
54,70
7,50
6,15
267,03
3,47
20,55
2010
45,24
6,31
2,55
90,65
1,93
12,89
2011
52,96
6,40
3,89
119,56
3,22
19,53
2012
51,52
6,66
6,79
105,61
5,00
44,99
2013
51,54
6,98
26,42
208,13
20,53
52,40
2010
29,37
6,26
18,15
38,35
29,36
8,50
2011
70,39
6,33
18,72
126,06
385,81
14,98
2012
63,04
6,41
17,56
149,81
114,74
16,24
2013
32,41
6,45
16,36
66,43
20,55
10,06
108
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
MTSM
OMRE
PLIN
PUDP
PWON
RBMS
RDTX
SCDB
SMDM
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
59,09
5,04
3,19
2250,09
TIE
179,35
P. AKTIVA
11,63
2011
20,87
5,03
6,02
772,05
1029,13
-4,15
2012
18,56
5,04
5,26
-34,16
414,20
1,94
2013
55,85
4,99
0,59
97,54
36,66
-10,55
2010
46,93
5,89
16,96
170,59
19,13
2,95
2011
31,96
5,87
15,33
278,57
32,67
-3,97
2012
9,95
5,89
7,53
584,82
14,13
4,63
2013
34,54
5,91
-0,11
969,38
4,62
5,86
2010
49,82
6,65
13,62
89,72
1,11
-0,03
2011
75,72
6,63
3,09
407,59
2,96
-4,68
2012
83,49
6,60
8,51
123,54
10,10
-7,15
2013
47,67
6,62
3,26
32,17
5,31
4,28
2010
12,29
5,46
3,55
2017,58
6,97
6,75
2011
29,36
5,53
6,17
151,97
35,37
16,28
2012
59,56
5,56
5,85
-36,96
63,84
5,66
2013
24,39
5,56
7,20
1107,00
18,23
1,49
2010
60,16
6,60
9,79
130,28
3,72
11,69
2011
58,69
6,76
8,18
147,03
3,64
31,46
2012
38,57
6,88
11,91
129,96
5,89
24,07
2013
55,88
6,97
14,32
104,23
8,02
18,63
2010
6,64
5,07
1,07
1677,27
1,41
-1,60
2011
77,70
5,13
-10,27
-32077,98
-6,10
13,71
2012
7,16
5,18
2,62
176,36
62,20
11,04
2013
19,60
5,20
-8,15
447,08
10,39
3,89
2010
66,19
5,93
22,29
139,16
528,79
23,61
2011
23,46
6,03
12,33
36,13
23,69
21,24
2012
61,09
6,08
12,26
59,76
87,71
10,40
2013
25,97
6,19
14,95
183,32
40,48
22,05
2010
27,13
6,54
8,16
219,94
13,67
-9,43
2011
64,06
6,54
3,67
212,18
3,54
0,08
2012
25,35
6,55
3,12
-56,01
3,87
2,26
2013
22,62
6,74
34,30
124,34
79,68
35,88
2010
14,62
6,31
0,12
1368,92
-0,10
0,72
2011
56,25
6,39
1,37
484,07
10,96
15,96
2012
19,84
6,42
2,18
-183,90
2,41
6,93
2013
27,32
6,47
1,44
234,48
3,40
10,60
109
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
SMRA
ADHI
PTPP
SSIA
TOTI
WIKA
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
64,86
6,79
5,60
53,47
TIE
3,78
P. AKTIVA
27,35
2011
69,42
6,91
6,56
117,62
5,87
24,19
2012
64,92
7,04
9,07
138,55
9,34
25,53
2013
25,90
7,14
9,66
162,03
7,92
20,37
2010
82,39
6,69
6,51
70,63
3,99
-14,24
2011
33,80
6,79
5,34
-23,15
4,74
19,39
2012
85,00
6,90
5,38
157,08
5,94
22,35
2013
84,07
6,99
7,35
170,49
7,62
19,02
2010
76,82
6,74
6,00
137,76
6,17
24,22
2011
79,44
6,84
6,04
108,14
2,97
21,48
2012
80,64
6,93
6,38
86,45
2,96
18,92
2013
84,01
7,09
6,18
107,81
3,99
31,13
2010
59,97
6,38
8,22
380,85
3,37
6,18
2011
59,12
6,47
13,11
152,55
8,08
18,90
2012
65,61
6,69
18,09
279,31
14,19
39,48
2013
55,08
6,76
15,60
15,65
7,33
16,51
2010
62,23
6,20
7,97
-73,81
174,51
18,86
2011
64,49
6,28
9,08
1490,87
253,17
16,24
2012
65,80
6,31
11,67
183,23
412,25
8,07
2013
63,21
6,35
13,03
133,60
41,82
7,29
2010
69,51
6,80
7,53
16,30
49,69
9,32
2011
73,33
6,92
7,56
121,34
41,65
24,47
2012
74,29
7,04
7,38
107,29
23,34
23,96
2013
74,38
7,10
8,07
175,08
18,99
13,10
110
Universitas Sumatera Utara
Lampiran 3
Analisis Deskriptif Variabel Penelitian
Deskriptif Statistik Variabel Firm Size
Keterangan
2010
2011
2012
2013
Maximum
7,26
7,26
7,40
7,50
Minimum
5,04
5,03
5,04
4,99
Mean
6,23
6,30
6,39
6,51
St.Deviation
0,62
0,64
0,65
0,64
42
42
42
42
Obs
Deskriptif Statistik Variabel Return on Assets
Keterangan
2010
2011
2012
2013
Maximum
22,29
18,72
18,09
34,30
Minimum
-1,95
-10,27
-7,03
-8,15
Mean
6,21
5,84
6,42
8,05
St.Deviation
5,16
5,69
5,28
7,88
42
42
42
42
Obs
Deskriptif Statistik Variabel Risiko Bisnis
Keterangan
2010
2011
2012
2013
Maximum
4497,90
2357,88
584,82
1107,00
Minimum
-7376,43
-32077,98
-794,44
-980,61
91,37
-981,10
99,23
110,44
1764,70
5682,40
193,00
344,29
42
42
42
42
Mean
St.Deviation
Obs
Deskriptif Statistik Variabel Time Interest Earned
Keterangan
2010
2011
2012
2013
Maximum
95851,64
1195,03
622,18
351,21
Minimum
-20,71
-235,32
-32,43
-623,09
Mean
2311,31
76,77
58,23
15,80
St.Deviation
14785,89
250,21
135,64
125,82
42
42
42
42
Obs
111
Universitas Sumatera Utara
Deskriptif Statistik Variabel Pertumbuhan Aktiva
Keterangan
2010
2011
2012
2013
Maximum
53,47
40,40
78,31
89,48
Minimum
-25,43
-7,35
-16,23
-23,86
Mean
10,96
13,78
17,03
19,81
St.Deviation
15,68
12,37
17,83
20,55
42
42
42
42
Obs
Deskriptif Statistik Variabel Debt to Assets Ratio
Keterangan
2010
2011
2012
2013
Maximum
82,39
83,80
85,00
84,07
Minimum
6,63
7,07
7,16
1,63
Mean
40,55
41,41
42,67
43,52
St.Deviation
21,02
19,93
19,02
18,65
42
42
42
42
Obs
112
Universitas Sumatera Utara
Lampiran 4
Uji Asumsi Klasik
a. Uji Normalitas
14
Series: Residuals
Sample 1 168
Observations 168
12
10
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-8.12e-15
0.633007
35.69892
-40.28178
17.86165
-0.042753
2.190881
Jarque-Bera
Probability
4.633895
0.098574
0
-40
-30
-20
-10
0
10
20
30
60
Quantiles of Normal
40
20
0
-20
-40
-60
-50 -40 -30 -20 -10
0
10
20
30
40
Quantiles of RESID
113
Universitas Sumatera Utara
b. Uji Heteroskedastisitas
Heteroskedasticity Test: Glejser
F-statistic
Obs*R-squared
Scaled explained SS
1.863305
9.136165
7.160520
Prob. F(5,162)
Prob. Chi-Square(5)
Prob. Chi-Square(5)
0.1035
0.1038
0.2090
Test Equation:
Dependent Variable: ARESID
Method: Least Squares
Date: 07/11/16 Time: 23:59
Sample: 1 168
Included observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
23.41844
-1.396025
0.164032
0.000460
-0.000136
-0.033913
7.680381
1.241865
0.135345
0.000259
0.000102
0.047997
3.049125
-1.124136
1.211956
1.773586
-1.340822
-0.706555
0.0027
0.2626
0.2273
0.0780
0.1819
0.4809
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.054382
0.025196
9.584032
14880.30
-615.0233
1.863305
0.103545
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
14.94900
9.707103
7.393135
7.504705
7.438415
1.484019
c. Uji Multikolonieritas
Variance Inflation Factors
Date: 07/11/16 Time: 23:59
Sample: 1 168
Included observations: 168
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
C
5.522008
0.065589
2.41E-07
3.69E-08
0.008249
211.2095
115.0951
2.714358
1.098989
1.032225
2.216613
107.8893
1.154129
1.242251
1.095431
1.025077
1.218078
NA
114
Universitas Sumatera Utara
d. Uji Autokorelasi
Dependent Variable: DAR
Method: Least Squares
Date: 06/26/16 Time: 11:10
Sample: 1 168
Included observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.549186
115
Universitas Sumatera Utara
Lampiran 5
Metode Analisis Data Panel
a. Metode Common Effect Model
Dependent Variable: DAR?
Method: Pooled Least Squares
Date: 07/11/16 Time: 23:55
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.454913
b. Metode Fixed Effect Model
Dependent Variable: DAR?
Method: Pooled Least Squares
Date: 07/11/16 Time: 23:56
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
Fixed Effects (Cross)
_APLN--C
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
22.50321
9.977813
0.327196
0.000447
0.000185
0.110771
62.32117
0.415525
-1.438458
-3.663410
-1.240756
-0.210194
0.361084
0.6785
0.1529
0.0004
0.2171
0.8339
0.7187
7.236058
116
Universitas Sumatera Utara
_ASRI--C
_BAPA--C
_BCIP--C
_BIPP--C
_BKDP--C
_BKSL--C
_BSDE--C
_COWL--C
_CTRA--C
_CTRP--C
_CTRS--C
_DART--C
_DILD--C
_DUTI--C
_ELTY--C
_FMII--C
_GMTD--C
_GPRA--C
_KIJA--C
_KPIG--C
_LAMI--C
_LCGP--C
_LPCK--C
_LPKR--C
_MDLN--C
_MKPI--C
_MTSM--C
_OMRE--C
_PLIN--C
_PUDP--C
_PWON--C
_RBMS--C
_RDTX--C
_SCDB--C
_SMDM--C
_SMRA--C
_ADHI--C
_PTPP--C
_SSIA--C
_TOTL--C
_WIKA--C
10.46012
4.712933
-1.818721
-2.775633
-20.75999
-11.88834
-1.828573
3.285627
-10.53467
-23.06135
0.845924
-3.920099
-3.427568
-20.39082
-7.595661
-18.74044
14.17079
-4.676086
-2.604775
-11.18390
3.302408
-11.12168
9.337907
5.639897
6.129198
8.726182
-1.620623
-10.52267
17.79449
-9.832733
8.537808
-29.82382
4.488857
-8.881953
-17.94561
9.281789
23.76731
32.74554
17.47153
21.33593
25.68543
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)
0.559655
0.392251
15.03029
27335.06
-666.1064
3.343139
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.489362
9.363329
8.844060
2.725147
117
Universitas Sumatera Utara
c. Metode Random Effect Model
Dependent Variable: DAR?
Method: Pooled EGLS (Cross-section random effects)
Date: 07/11/16 Time: 23:56
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
Random Effects (Cross)
_APLN--C
_ASRI--C
_BAPA--C
_BCIP--C
_BIPP--C
_BKDP--C
_BKSL--C
_BSDE--C
_COWL--C
_CTRA--C
_CTRP--C
_CTRS--C
_DART--C
_DILD--C
_DUTI--C
_ELTY--C
_FMII--C
_GMTD--C
_GPRA--C
_KIJA--C
_KPIG--C
_LAMI--C
_LCGP--C
_LPCK--C
_LPKR--C
_MDLN--C
_MKPI--C
_MTSM--C
_OMRE--C
_PLIN--C
_PUDP--C
_PWON--C
_RBMS--C
_RDTX--C
_SCDB--C
8.727647
-0.018998
-0.001649
-0.000266
-0.041460
-9.309240
3.043120
0.265013
0.000430
0.000173
0.086033
18.94466
2.867993
-0.071686
-3.832503
-1.542952
-0.481909
-0.491391
0.0047
0.9429
0.0002
0.1248
0.6305
0.6238
2.562980
4.265675
6.408027
1.341867
2.732568
-9.027248
-7.238920
-4.539498
3.711958
-8.711127
-15.20524
-0.167942
-2.433125
-2.964659
-14.89789
-5.339379
-7.593849
9.706659
-2.180514
-2.156012
-6.904598
2.927779
-2.423508
3.875547
1.047569
2.414331
2.264644
3.427457
-6.322285
10.00211
-3.600394
2.868151
-12.42050
1.195963
-7.934270
118
Universitas Sumatera Utara
_SMDM--C
_SMRA--C
_ADHI--C
_PTPP--C
_SSIA--C
_TOTL--C
_WIKA--C
-9.904406
3.827062
13.53131
19.10292
8.317731
12.40977
14.02328
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
9.686480
15.03029
Rho
0.2935
0.7065
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.127914
0.100997
15.27484
4.752287
0.000444
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
27.89861
16.11003
37797.97
1.987931
Unweighted Statistics
R-squared
Sum squared resid
0.129092
54062.87
Mean dependent var
Durbin-Watson stat
45.51268
1.389859
119
Universitas Sumatera Utara
Lampiran 6
Pemilihan Model Data Panel
a. Redundant Fixed Effects Tests (Chow Test)
Redundant Fixed Effects Tests
Pool: TERE
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
2.801074
112.119863
(41,121)
41
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: DAR?
Method: Panel Least Squares
Date: 07/11/16 Time: 23:57
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.454913
120
Universitas Sumatera Utara
b. Hausman Test
Correlated Random Effects - Hausman Test
Pool: TERE
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
10.314556
5
0.0668
Random
Var(Diff.)
Prob.
8.727647
-0.018998
-0.001649
-0.000266
-0.041460
90.296179
0.036826
0.000000
0.000000
0.004869
0.6297
0.0186
0.9205
0.5783
0.7945
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
Fixed
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
Cross-section random effects test equation:
Dependent Variable: DAR?
Method: Panel Least Squares
Date: 07/11/16 Time: 23:57
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
22.50321
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
62.32117
9.977813
0.327196
0.000447
0.000185
0.110771
0.361084
0.415525
-1.438458
-3.663410
-1.240756
-0.210194
0.7187
0.6785
0.1529
0.0004
0.2171
0.8339
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)
0.559655
0.392251
15.03029
27335.06
-666.1064
3.343139
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.489362
9.363329
8.844060
2.725147
121
Universitas Sumatera Utara
Populasi dan Sampel Penelitian
No.
Perusahaan Sektor Property, Realestate, dan Konstruksi
Yang Dijadikan Sampel Penelitian
Perusahaan
Kode Emiten
IPO
1
Agung Podomoro Land, Tbk.
APLN
11/11/2010
2
Alam Sutera Reality, Tbk
ASRI
18/12/2007
3
Bekasi Asri Pemula, Tbk
BAPA
14/01/2008
4
Bumi Citra Permai Tbk
BCIP
11/12/2009
5
Bhuawannatalia Indah Permai, Tbk
BIPP
23/10/1995
6
Bukit Darmo Property, Tbk
BKDP
15/06/2007
7
Sentul City, Tbk
BKSL
28/07/1997
8
Bumi Serpong Damai, Tbk
BSDE
06/06/2008
9
Cowell Development, Tbk
COWL
19/12/2007
10
Ciputra Develompent, Tbk
CTRA
28/03/1994
11
Ciputra Property, Tbk
CTRP
07/11/2007
12
Ciputra Surya, Tbk
CTRS
15/01/1999
13
Duta Anggada Reality, Tbk
DART
08/05/1990
14
Intiland Development, Tbk
DILD
04/09/1991
15
Duta Pertiwi, Tbk
DUTI
02/11/1994
16
Bakrieland Development, Tbk
ELTY
03/10/1995
17
Fortuna Mate Indonesia, Tbk
FMII
30-06-200
18
Goa Makassar Tourism Development, Tbk
GMTD
11/12/2000
19
Perdana Gapura Prima, Tbk
GPRA
10/10/2007
20
Jaya Real Property, Tbk
JRPT
29/06/1994
21
Kawasan Industri Jababeka, Tbk
KIJA
10/01/1995
22
MNC Land, Tbk
KPIG
30/03/2000
23
Lamicitra Nusantara, Tbk
LAMI
18/07/2001
24
Eureka Prima Jakarta, Tbk
LCGP
13/07/2007
25
Lippo Cikarang, Tbk
LPCK
24/07/1997
26
Lippo Karawaci, Tbk
LPKR
28/06/1996
27
Modernland Reality, Tbk
MDLN
18/01/1993
28
Metropolitan Kentjana, Tbk
MKPI
10/07/2009
29
Metro Reality, Tbk
MTSM
08/01/1992
30
Indonesia Prima Property, Tbk
OMRE
22/08/1994
31
Plaza Indonesia Reality, Tbk
PLIN
15/06/1992
32
Pudjiati Prestige,Tbk
PUDP
18/11/1994
33
Pukowan Jati, Tbk
PWON
19/10/1989
34
Rista Bintang Mahkota Sejati, Tbk
RBMS
19/12/1997
35
Roda Vivatex, Tbk
RDTX
14/05/1990
36
Pikko Land Development, Tbk
RODA
22/10/2001
104
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Perusahaan
Kode Emiten
IPO
Kriteria 1
Kriteria 2
Sampel
37
Danayasa Arthatama, Tbk
SCDB
19/04/2002
√
√
37
38
Suryamas Dutamakmur, Tbk
SMDM
12/10/1995
√
√
38
39
Summarecon Agung, Tbk
SMRA
07/05/1990
√
√
39
40
Adhi Karya (Persero), Tbk
ADHI
18/03/2004
√
√
40
41
Pembangunan Perumahan (Persero), Tbk
PTPP
09/02/2010
√
√
41
42
Surya Semesta Internusa, Tbk
SSIA
27/03/1997
√
√
42
43
Total Bangun Persada, Tbk
TOTI
25/07/2006
√
√
43
44
Wijaya Karya (Persero), Tbk
WIKA
29/10/2007
√
√
44
Perusahaan Sektor Property, Realestate, dan Konstruksi
Yang Tidak Dijadikan Sampel Penelitian
No.
Perusahaan
Kode Emiten
IPO
1
Bekasi Fajar Industrial Estate, Tbk
BEST
10/04/2012
2
Binakarya Jaya Abadi, Tbk
BIKA
14/07/2015
3
Puradelta Lestari, Tbk
DMAS
29/05/2015
4
5
Megapolitan Development, Tbk
EMDE
12/01/2011
Gading Development, Tbk
GAMA
11/07/2012
6
Greenwood Sejahtera, Tbk
GWSA
23/12/2011
7
Mega Manunggal Property, Tbk
MMLP
12/06/2015
8
Metropolitan Land, Tbk
MTLA
20/06/2011
9
Nirvana Development, Tbk
NIRO
13/09/2012
10
PP Property, Tbk
PPRO
19/05/2015
11
Sitara Propertindo, Tbk
TARA
11/07/2014
12
Acset Indonusa, Tbk
ACST
24/06/2013
13
Duta Graha Indah, Tbk
DGIK
19/12/2015
14
Indonesia Pondasi Raya, Tbk
IDPR
10/12/2015
15
Nusa Raya Cipta, Tbk
NRCA
27/06/2013
16
Waskita Karya (Persero), Tbk
WSKT
19/12/2012
105
Universitas Sumatera Utara
Lampiran 2
Tabulasi Data Variabel Penelitian
EMITEN
APLN
ASRI
BAPA
BCIP
BIPP
BKDP
BKSL
BSDE
COWL
TAHUN
DAR
Size
ROA
Risiko Bisnis
TIE
P. AKTIVA
2010
45,34
6,88
5,07
163,95
22,53
41,82
2011
53,58
7,03
8,19
131,18
6,74
30,21
2012
58,22
7,18
7,22
184,77
3,33
28,67
2013
63,35
7,29
5,98
28,03
2,67
22,79
2010
51,69
6,66
7,20
143,38
10,62
22,41
2011
53,61
6,78
11,17
113,33
11,11
23,63
2012
56,77
7,04
12,28
102,62
9,03
45,12
2013
63,05
7,16
7,50
54,20
12,81
24,13
2010
45,07
5,13
10,65
-63,90
4,98
1,08
2011
45,43
5,17
5,13
65,83
2,72
7,92
2012
45,02
5,20
3,45
268,53
3,61
6,92
2013
47,33
5,24
3,87
88,72
2,49
9,42
2010
11,90
5,28
12,04
343,02
6,67
13,06
2011
52,95
5,38
2,28
330,56
2,39
19,29
2012
43,60
5,53
4,43
108,75
4,80
30,46
2013
47,87
5,64
9,83
140,23
13,11
20,97
2010
50,63
5,28
-1,77
4497,90
0,62
-1,93
2011
62,00
5,29
-9,21
-18049,50
-0,09
2,10
2012
52,54
5,25
-7,03
185,31
-0,01
-9,57
2013
22,62
5,75
19,57
204,75
6,48
68,22
2010
28,36
6,01
-1,26
170,76
-20,08
15,36
2011
27,48
5,99
-2,01
-34,18
-98,95
-4,20
2012
27,80
5,95
-6,33
-132,17
-3,25
-8,50
2013
30,14
5,93
-6,84
23,04
-2,75
-6,44
2010
14,34
6,68
2,15
132,12
95851,64
42,17
2011
53,15
6,72
2,96
-279,57
124,15
9,00
2012
21,74
6,79
4,04
174,31
15,31
14,04
2013
35,50
7,03
6,00
-679,49
0,47
42,30
2010
36,59
7,07
7,64
152,03
4,59
20,18
2011
65,43
7,11
9,15
79,96
6,26
8,54
2012
37,15
7,22
10,12
129,43
15,63
23,69
2013
40,57
7,35
14,53
146,72
14,64
25,76
2010
51,11
5,43
5,03
-5627,67
2,26
22,27
2011
57,52
5,59
10,99
139,54
12,58
30,79
2012
36,24
6,25
4,81
147,14
10,71
78,31
2013
49,20
6,29
3,94
336,59
2,04
8,56
106
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
CTRA
CTRP
CTRS
DART
DILD
DUTI
ELTY
FMII
GMTD
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
22,67
6,97
5,14
114,13
TIE
58,00
P. AKTIVA
8,79
2011
33,64
7,06
5,37
136,81
20,47
18,63
2012
43,55
7,18
6,85
130,59
17,83
23,29
2013
51,45
7,30
8,50
117,60
14,10
25,31
2010
6,80
6,58
5,23
-50,49
39,59
4,49
2011
16,40
6,63
4,73
97,68
121,05
11,38
2012
32,78
6,77
6,34
129,46
20,84
27,29
2013
40,25
6,88
6,97
90,78
8,22
22,47
2010
35,38
6,42
4,77
135,46
31,53
13,05
2011
44,77
6,55
6,79
199,85
9,44
26,06
2012
49,99
6,65
7,43
119,97
7,24
20,31
2013
56,75
6,76
8,46
147,33
11,19
23,26
2010
71,15
6,41
2,19
-7376,43
0,50
-25,43
2011
45,33
6,61
2,43
37,21
1,15
37,57
2012
33,90
6,63
5,59
86,96
1,97
4,41
2013
38,62
6,68
5,06
-871,76
3,13
9,97
2010
61,20
6,66
9,33
120,95
7,93
53,47
2011
33,26
6,76
3,49
-167,10
3,88
19,20
2012
35,14
6,78
4,53
149,35
3,71
6,56
2013
45,58
6,88
5,36
147,07
4,88
19,06
2010
32,11
6,67
8,29
2302,69
4,24
6,22
2011
31,31
6,72
9,43
177,37
5,23
8,96
2012
21,79
6,82
10,69
108,99
13,74
21,30
2013
11,11
6,87
11,43
130,82
351,21
11,79
2010
38,58
7,23
1,32
137,46
1,72
32,06
2011
58,43
7,25
2,16
53,74
1,38
3,64
2012
39,85
7,18
-4,80
183,30
1,66
-16,23
2013
41,75
7,09
-0,29
290,85
1,59
-23,86
2010
9,82
5,54
-1,95
-154,46
-11,57
11,67
2011
29,26
5,55
0,10
2357,88
0,52
1,13
2012
29,65
5,55
1,36
257,95
3,02
0,93
2013
34,09
5,63
-0,61
202,34
4,46
17,41
2010
64,28
5,56
9,17
93,90
8,66
14,86
2011
64,40
5,69
12,01
116,18
67,66
26,31
2012
24,02
5,95
8,50
95,38
352,88
45,90
2013
69,15
6,12
8,19
154,13
348,15
31,14
107
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
GPRA
KIJA
KPIG
LAMI
LCGP
LPCK
LPKR
MDLN
MKPI
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
48,58
6,07
3,36
-356,44
TIE
2,39
P. AKTIVA
-11,69
2011
47,29
6,09
4,56
143,78
4,90
4,17
2012
46,34
6,12
5,93
-234,66
6,50
5,65
2013
19,90
6,12
9,79
-3,40
5,87
1,68
2010
49,85
6,52
2,78
99,33
0,89
4,25
2011
37,44
6,75
6,49
168,94
4,93
40,40
2012
43,83
6,85
6,47
195,70
3,00
20,92
2013
49,29
6,92
2,47
55,08
1,24
14,26
2010
6,63
6,32
8,10
371,00
3,44
0,18
2011
37,07
6,29
2,69
48,80
3,19
-7,35
2012
18,95
6,44
5,77
97,48
5,57
28,59
2013
77,17
6,87
4,65
63,62
4,34
62,93
2010
62,14
5,78
6,01
-1135,51
23,81
-0,99
2011
52,07
5,77
10,88
123,28
89,24
-2,12
2012
28,24
5,78
7,93
101,03
622,18
1,16
2013
41,41
5,79
10,17
19,75
108,63
2,15
2010
7,58
5,23
-0,16
585,13
-20,71
-6,56
2011
48,01
5,23
-0,82
-25,64
-235,32
-0,53
2012
60,09
5,24
-0,11
-794,44
-32,43
2,30
2013
21,63
6,22
-0,35
-980,61
-623,09
89,48
2010
66,24
6,22
5,10
75,48
2,78
7,13
2011
59,77
6,31
14,77
115,44
23,19
18,21
2012
26,62
6,45
16,16
275,71
103,11
27,90
2013
52,80
6,59
17,27
126,38
28,75
26,52
2010
63,93
7,26
3,96
186,11
11,21
33,20
2011
48,47
7,26
5,39
87,66
1195,03
0,57
2012
53,88
7,40
6,34
125,35
3,42
26,58
2013
54,70
7,50
6,15
267,03
3,47
20,55
2010
45,24
6,31
2,55
90,65
1,93
12,89
2011
52,96
6,40
3,89
119,56
3,22
19,53
2012
51,52
6,66
6,79
105,61
5,00
44,99
2013
51,54
6,98
26,42
208,13
20,53
52,40
2010
29,37
6,26
18,15
38,35
29,36
8,50
2011
70,39
6,33
18,72
126,06
385,81
14,98
2012
63,04
6,41
17,56
149,81
114,74
16,24
2013
32,41
6,45
16,36
66,43
20,55
10,06
108
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
MTSM
OMRE
PLIN
PUDP
PWON
RBMS
RDTX
SCDB
SMDM
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
59,09
5,04
3,19
2250,09
TIE
179,35
P. AKTIVA
11,63
2011
20,87
5,03
6,02
772,05
1029,13
-4,15
2012
18,56
5,04
5,26
-34,16
414,20
1,94
2013
55,85
4,99
0,59
97,54
36,66
-10,55
2010
46,93
5,89
16,96
170,59
19,13
2,95
2011
31,96
5,87
15,33
278,57
32,67
-3,97
2012
9,95
5,89
7,53
584,82
14,13
4,63
2013
34,54
5,91
-0,11
969,38
4,62
5,86
2010
49,82
6,65
13,62
89,72
1,11
-0,03
2011
75,72
6,63
3,09
407,59
2,96
-4,68
2012
83,49
6,60
8,51
123,54
10,10
-7,15
2013
47,67
6,62
3,26
32,17
5,31
4,28
2010
12,29
5,46
3,55
2017,58
6,97
6,75
2011
29,36
5,53
6,17
151,97
35,37
16,28
2012
59,56
5,56
5,85
-36,96
63,84
5,66
2013
24,39
5,56
7,20
1107,00
18,23
1,49
2010
60,16
6,60
9,79
130,28
3,72
11,69
2011
58,69
6,76
8,18
147,03
3,64
31,46
2012
38,57
6,88
11,91
129,96
5,89
24,07
2013
55,88
6,97
14,32
104,23
8,02
18,63
2010
6,64
5,07
1,07
1677,27
1,41
-1,60
2011
77,70
5,13
-10,27
-32077,98
-6,10
13,71
2012
7,16
5,18
2,62
176,36
62,20
11,04
2013
19,60
5,20
-8,15
447,08
10,39
3,89
2010
66,19
5,93
22,29
139,16
528,79
23,61
2011
23,46
6,03
12,33
36,13
23,69
21,24
2012
61,09
6,08
12,26
59,76
87,71
10,40
2013
25,97
6,19
14,95
183,32
40,48
22,05
2010
27,13
6,54
8,16
219,94
13,67
-9,43
2011
64,06
6,54
3,67
212,18
3,54
0,08
2012
25,35
6,55
3,12
-56,01
3,87
2,26
2013
22,62
6,74
34,30
124,34
79,68
35,88
2010
14,62
6,31
0,12
1368,92
-0,10
0,72
2011
56,25
6,39
1,37
484,07
10,96
15,96
2012
19,84
6,42
2,18
-183,90
2,41
6,93
2013
27,32
6,47
1,44
234,48
3,40
10,60
109
Universitas Sumatera Utara
Lanjutan Lampiran 2
EMITEN
SMRA
ADHI
PTPP
SSIA
TOTI
WIKA
TAHUN
DAR
Size
ROA
Risiko Bisnis
2010
64,86
6,79
5,60
53,47
TIE
3,78
P. AKTIVA
27,35
2011
69,42
6,91
6,56
117,62
5,87
24,19
2012
64,92
7,04
9,07
138,55
9,34
25,53
2013
25,90
7,14
9,66
162,03
7,92
20,37
2010
82,39
6,69
6,51
70,63
3,99
-14,24
2011
33,80
6,79
5,34
-23,15
4,74
19,39
2012
85,00
6,90
5,38
157,08
5,94
22,35
2013
84,07
6,99
7,35
170,49
7,62
19,02
2010
76,82
6,74
6,00
137,76
6,17
24,22
2011
79,44
6,84
6,04
108,14
2,97
21,48
2012
80,64
6,93
6,38
86,45
2,96
18,92
2013
84,01
7,09
6,18
107,81
3,99
31,13
2010
59,97
6,38
8,22
380,85
3,37
6,18
2011
59,12
6,47
13,11
152,55
8,08
18,90
2012
65,61
6,69
18,09
279,31
14,19
39,48
2013
55,08
6,76
15,60
15,65
7,33
16,51
2010
62,23
6,20
7,97
-73,81
174,51
18,86
2011
64,49
6,28
9,08
1490,87
253,17
16,24
2012
65,80
6,31
11,67
183,23
412,25
8,07
2013
63,21
6,35
13,03
133,60
41,82
7,29
2010
69,51
6,80
7,53
16,30
49,69
9,32
2011
73,33
6,92
7,56
121,34
41,65
24,47
2012
74,29
7,04
7,38
107,29
23,34
23,96
2013
74,38
7,10
8,07
175,08
18,99
13,10
110
Universitas Sumatera Utara
Lampiran 3
Analisis Deskriptif Variabel Penelitian
Deskriptif Statistik Variabel Firm Size
Keterangan
2010
2011
2012
2013
Maximum
7,26
7,26
7,40
7,50
Minimum
5,04
5,03
5,04
4,99
Mean
6,23
6,30
6,39
6,51
St.Deviation
0,62
0,64
0,65
0,64
42
42
42
42
Obs
Deskriptif Statistik Variabel Return on Assets
Keterangan
2010
2011
2012
2013
Maximum
22,29
18,72
18,09
34,30
Minimum
-1,95
-10,27
-7,03
-8,15
Mean
6,21
5,84
6,42
8,05
St.Deviation
5,16
5,69
5,28
7,88
42
42
42
42
Obs
Deskriptif Statistik Variabel Risiko Bisnis
Keterangan
2010
2011
2012
2013
Maximum
4497,90
2357,88
584,82
1107,00
Minimum
-7376,43
-32077,98
-794,44
-980,61
91,37
-981,10
99,23
110,44
1764,70
5682,40
193,00
344,29
42
42
42
42
Mean
St.Deviation
Obs
Deskriptif Statistik Variabel Time Interest Earned
Keterangan
2010
2011
2012
2013
Maximum
95851,64
1195,03
622,18
351,21
Minimum
-20,71
-235,32
-32,43
-623,09
Mean
2311,31
76,77
58,23
15,80
St.Deviation
14785,89
250,21
135,64
125,82
42
42
42
42
Obs
111
Universitas Sumatera Utara
Deskriptif Statistik Variabel Pertumbuhan Aktiva
Keterangan
2010
2011
2012
2013
Maximum
53,47
40,40
78,31
89,48
Minimum
-25,43
-7,35
-16,23
-23,86
Mean
10,96
13,78
17,03
19,81
St.Deviation
15,68
12,37
17,83
20,55
42
42
42
42
Obs
Deskriptif Statistik Variabel Debt to Assets Ratio
Keterangan
2010
2011
2012
2013
Maximum
82,39
83,80
85,00
84,07
Minimum
6,63
7,07
7,16
1,63
Mean
40,55
41,41
42,67
43,52
St.Deviation
21,02
19,93
19,02
18,65
42
42
42
42
Obs
112
Universitas Sumatera Utara
Lampiran 4
Uji Asumsi Klasik
a. Uji Normalitas
14
Series: Residuals
Sample 1 168
Observations 168
12
10
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-8.12e-15
0.633007
35.69892
-40.28178
17.86165
-0.042753
2.190881
Jarque-Bera
Probability
4.633895
0.098574
0
-40
-30
-20
-10
0
10
20
30
60
Quantiles of Normal
40
20
0
-20
-40
-60
-50 -40 -30 -20 -10
0
10
20
30
40
Quantiles of RESID
113
Universitas Sumatera Utara
b. Uji Heteroskedastisitas
Heteroskedasticity Test: Glejser
F-statistic
Obs*R-squared
Scaled explained SS
1.863305
9.136165
7.160520
Prob. F(5,162)
Prob. Chi-Square(5)
Prob. Chi-Square(5)
0.1035
0.1038
0.2090
Test Equation:
Dependent Variable: ARESID
Method: Least Squares
Date: 07/11/16 Time: 23:59
Sample: 1 168
Included observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
23.41844
-1.396025
0.164032
0.000460
-0.000136
-0.033913
7.680381
1.241865
0.135345
0.000259
0.000102
0.047997
3.049125
-1.124136
1.211956
1.773586
-1.340822
-0.706555
0.0027
0.2626
0.2273
0.0780
0.1819
0.4809
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.054382
0.025196
9.584032
14880.30
-615.0233
1.863305
0.103545
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
14.94900
9.707103
7.393135
7.504705
7.438415
1.484019
c. Uji Multikolonieritas
Variance Inflation Factors
Date: 07/11/16 Time: 23:59
Sample: 1 168
Included observations: 168
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
C
5.522008
0.065589
2.41E-07
3.69E-08
0.008249
211.2095
115.0951
2.714358
1.098989
1.032225
2.216613
107.8893
1.154129
1.242251
1.095431
1.025077
1.218078
NA
114
Universitas Sumatera Utara
d. Uji Autokorelasi
Dependent Variable: DAR
Method: Least Squares
Date: 06/26/16 Time: 11:10
Sample: 1 168
Included observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE
ROA
RISIKO_BISNIS
TIE
P_AKTIVA
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.549186
115
Universitas Sumatera Utara
Lampiran 5
Metode Analisis Data Panel
a. Metode Common Effect Model
Dependent Variable: DAR?
Method: Pooled Least Squares
Date: 07/11/16 Time: 23:55
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.454913
b. Metode Fixed Effect Model
Dependent Variable: DAR?
Method: Pooled Least Squares
Date: 07/11/16 Time: 23:56
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
Fixed Effects (Cross)
_APLN--C
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
22.50321
9.977813
0.327196
0.000447
0.000185
0.110771
62.32117
0.415525
-1.438458
-3.663410
-1.240756
-0.210194
0.361084
0.6785
0.1529
0.0004
0.2171
0.8339
0.7187
7.236058
116
Universitas Sumatera Utara
_ASRI--C
_BAPA--C
_BCIP--C
_BIPP--C
_BKDP--C
_BKSL--C
_BSDE--C
_COWL--C
_CTRA--C
_CTRP--C
_CTRS--C
_DART--C
_DILD--C
_DUTI--C
_ELTY--C
_FMII--C
_GMTD--C
_GPRA--C
_KIJA--C
_KPIG--C
_LAMI--C
_LCGP--C
_LPCK--C
_LPKR--C
_MDLN--C
_MKPI--C
_MTSM--C
_OMRE--C
_PLIN--C
_PUDP--C
_PWON--C
_RBMS--C
_RDTX--C
_SCDB--C
_SMDM--C
_SMRA--C
_ADHI--C
_PTPP--C
_SSIA--C
_TOTL--C
_WIKA--C
10.46012
4.712933
-1.818721
-2.775633
-20.75999
-11.88834
-1.828573
3.285627
-10.53467
-23.06135
0.845924
-3.920099
-3.427568
-20.39082
-7.595661
-18.74044
14.17079
-4.676086
-2.604775
-11.18390
3.302408
-11.12168
9.337907
5.639897
6.129198
8.726182
-1.620623
-10.52267
17.79449
-9.832733
8.537808
-29.82382
4.488857
-8.881953
-17.94561
9.281789
23.76731
32.74554
17.47153
21.33593
25.68543
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)
0.559655
0.392251
15.03029
27335.06
-666.1064
3.343139
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.489362
9.363329
8.844060
2.725147
117
Universitas Sumatera Utara
c. Metode Random Effect Model
Dependent Variable: DAR?
Method: Pooled EGLS (Cross-section random effects)
Date: 07/11/16 Time: 23:56
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
Random Effects (Cross)
_APLN--C
_ASRI--C
_BAPA--C
_BCIP--C
_BIPP--C
_BKDP--C
_BKSL--C
_BSDE--C
_COWL--C
_CTRA--C
_CTRP--C
_CTRS--C
_DART--C
_DILD--C
_DUTI--C
_ELTY--C
_FMII--C
_GMTD--C
_GPRA--C
_KIJA--C
_KPIG--C
_LAMI--C
_LCGP--C
_LPCK--C
_LPKR--C
_MDLN--C
_MKPI--C
_MTSM--C
_OMRE--C
_PLIN--C
_PUDP--C
_PWON--C
_RBMS--C
_RDTX--C
_SCDB--C
8.727647
-0.018998
-0.001649
-0.000266
-0.041460
-9.309240
3.043120
0.265013
0.000430
0.000173
0.086033
18.94466
2.867993
-0.071686
-3.832503
-1.542952
-0.481909
-0.491391
0.0047
0.9429
0.0002
0.1248
0.6305
0.6238
2.562980
4.265675
6.408027
1.341867
2.732568
-9.027248
-7.238920
-4.539498
3.711958
-8.711127
-15.20524
-0.167942
-2.433125
-2.964659
-14.89789
-5.339379
-7.593849
9.706659
-2.180514
-2.156012
-6.904598
2.927779
-2.423508
3.875547
1.047569
2.414331
2.264644
3.427457
-6.322285
10.00211
-3.600394
2.868151
-12.42050
1.195963
-7.934270
118
Universitas Sumatera Utara
_SMDM--C
_SMRA--C
_ADHI--C
_PTPP--C
_SSIA--C
_TOTL--C
_WIKA--C
-9.904406
3.827062
13.53131
19.10292
8.317731
12.40977
14.02328
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
9.686480
15.03029
Rho
0.2935
0.7065
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.127914
0.100997
15.27484
4.752287
0.000444
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
27.89861
16.11003
37797.97
1.987931
Unweighted Statistics
R-squared
Sum squared resid
0.129092
54062.87
Mean dependent var
Durbin-Watson stat
45.51268
1.389859
119
Universitas Sumatera Utara
Lampiran 6
Pemilihan Model Data Panel
a. Redundant Fixed Effects Tests (Chow Test)
Redundant Fixed Effects Tests
Pool: TERE
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
2.801074
112.119863
(41,121)
41
0.0000
0.0000
Cross-section fixed effects test equation:
Dependent Variable: DAR?
Method: Panel Least Squares
Date: 07/11/16 Time: 23:57
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
C
8.354828
0.286008
-0.001609
-0.000335
-0.006743
-9.447089
2.349895
0.256104
0.000491
0.000192
0.090821
14.53305
3.555404
1.116765
-3.278222
-1.742694
-0.074241
-0.650042
0.0005
0.2657
0.0013
0.0833
0.9409
0.5166
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.141712
0.115222
18.13520
53279.43
-722.1664
5.349586
0.000140
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.668647
8.780217
8.713928
1.454913
120
Universitas Sumatera Utara
b. Hausman Test
Correlated Random Effects - Hausman Test
Pool: TERE
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
10.314556
5
0.0668
Random
Var(Diff.)
Prob.
8.727647
-0.018998
-0.001649
-0.000266
-0.041460
90.296179
0.036826
0.000000
0.000000
0.004869
0.6297
0.0186
0.9205
0.5783
0.7945
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
Fixed
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
Cross-section random effects test equation:
Dependent Variable: DAR?
Method: Panel Least Squares
Date: 07/11/16 Time: 23:57
Sample: 2010 2013
Included observations: 4
Cross-sections included: 42
Total pool (balanced) observations: 168
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
SIZE?
ROA?
RISIKO_BISNIS?
TIE?
P_AKTIVA?
22.50321
4.146036
-0.470658
-0.001637
-0.000230
-0.023283
62.32117
9.977813
0.327196
0.000447
0.000185
0.110771
0.361084
0.415525
-1.438458
-3.663410
-1.240756
-0.210194
0.7187
0.6785
0.1529
0.0004
0.2171
0.8339
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)
0.559655
0.392251
15.03029
27335.06
-666.1064
3.343139
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
45.51268
19.27992
8.489362
9.363329
8.844060
2.725147
121
Universitas Sumatera Utara