Faktor yang Mempengaruhi Struktur Modal Perusahaan Sektor Infrastruktur, Utilitas, dan Transportasi Dengan Ukuran Perusahaan Sebagai Variabel Moderating di Bursa Efek Indonesia
Lampiran 1
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46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Return On Asset (ROA)
Periode 2011-2014
ROA
2011
2012
2013
4.733082
5.156133
6.574904
4.721999
7.156007
3.313178
-11.489999
11.034251
6.153489
-1.518459
0.549009
19.751168
2.782086
-6.408679
9.079376
-19.519640
14.714742
1.787352
1.501155
-48.431877
0.693848
2.374171
13.145386
59.858468
-43.788835
2.830793
20.560387
11.034251
3.690065
4.490097
-14.763211
-5.600549
0.204986
347.483489
3.728318
8.783803
0.955585
18.949713
5.566424
-5.098111
-10.410366
3.016780
2.190656
6.024685
2.662235
15.089354
21.074926
26.635356
0.384205
4.526150
6.477500
2.547915
-29.238317
10.255675
6.204411
2.384914
1.366918
23.419095
-12.122363
-34.675073
7.797467
-10.900363
15.006330
0.882599
16.487532
-23.938535
1.396540
5.006250
11.415763
-64.915443
2.041697
3.148169
23.826972
10.255675
5.509187
4.402014
-0.337291
-4.490021
9.864526
10.136822
5.967748
10.560517
2.456529
13.865219
5.220172
3.614504
18.598045
1.855427
1.335198
4.451567
7.822568
10.630230
13.002283
30.241420
-0.189288
3.131247
7.219984
1.059979
-24.391867
8.413316
4.363696
3.126631
-0.368373
20.487020
5.877395
-28.982547
2.564245
-15.973681
7.148897
-4.890711
15.857633
-37.464414
4.237237
3.346276
14.230130
22.174681
-16.269509
1.332677
27.276744
8.413316
5.693060
0.379188
1.823163
-2.202185
10.917934
-8.590448
4.421503
11.184419
-0.349077
6.777756
4.533096
-1.216399
32.476554
1.689085
1.043227
6.205359
4.239411
6.194652
2014
11.014036
6.020040
-0.107079
-2.946412
6.227189
4.870302
-2.330293
7.759014
3.814847
3.735653
3.735653
12.029152
6.811197
-37.837226
-1.398701
-7.765231
4.610649
-3.488926
15.221264
1.103224
1.712911
0.022548
10.316124
-5.736594
-7.787930
0.548426
24.852136
7.759014
-36.332814
-11.996033
1.166632
-1.757243
26.129943
-5.640170
7.623654
6.149810
-8.704212
5.276161
-8.088248
-0.645649
40.242044
2.369292
3.410044
3.928096
12.492632
8.818497
103
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
5.582907
1.701592
7.021534
-16.476611
-9.137899
1.536804
7.084916
-18.469377
1.209958
0.343349
8.711275
-20.010090
-11.848261
0.735793
6.072030
-24.561978
104
Universitas Sumatera Utara
Lampiran 2
No.
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46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Current Ratio (CR)
Periode 2011-2014
Current Ratio
2011
2012
2013
58.971564
89.792067
163.732629
243.300209
136.392464
99.166241
198.000282
611.819433
106.053846
314.961479
0.015275
549.921536
36.443488
32.084989
38.807914
25.632994
234.663434
55.048066
95.804227
25.555738
38.189906
383.248557
54.163071
28.255604
129.285172
22.000112
217.165799
611.819433
79.929797
115.631795
52.669878
117.493213
396.053333
48.294574
61.077325
68.023450
246.961636
139.470112
199.656408
137.095228
5.801373
425.698030
105.854770
49.022844
55.449794
90.244338
37.802230
52.240113
130.908333
123.251177
105.463530
120.357455
188.189988
911.796849
68.155915
180.041736
36.074415
419.634137
135.381558
26.754888
41.864836
28.143500
256.823045
75.426632
116.036836
30.188542
109.825151
30.531068
51.946668
92.027717
106.293539
22.023600
173.948014
911.796849
57.826534
84.402048
66.035894
85.688827
164.413519
10.825163
32.133559
86.021057
122.444722
307.037541
129.108970
184.662118
1.939758
113.472401
102.745583
145.532451
50.812758
70.572187
28.182216
542.237513
218.580634
243.671866
66.106527
91.514815
125.699441
382.288459
76.147019
746.058053
17.369460
201.008129
100.687807
8.947139
73.686548
36.362069
140.405009
53.125721
116.309737
20.962844
48.937239
62.444955
33.653481
51.337990
185.693146
24.192608
153.127299
382.288459
30.306174
83.254555
89.920204
53.349841
419.990715
2.709457
56.737039
215.926649
100.570479
230.670242
62.754378
162.004642
0.898885
84.107848
105.409923
103.776423
51.840447
51.798430
2014
33.404901
278.992422
209.564754
40.430429
34.548123
129.777632
78.541552
396.000524
84.429448
339.450228
339.450228
170.620457
92.042502
2.513241
86.436613
31.020257
195.097253
40.626751
106.216573
14.540697
40.111019
118.826965
84.792214
38.491157
105.440767
60.673955
166.954375
396.000524
22.919831
66.470228
136.474656
200.749954
2201.678993
6.736732
62.028757
245.210144
232.338901
181.696150
60.038328
209.054743
0.444114
81.080145
110.556125
131.074104
49.489622
41.286226
105
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
176.323854
40.404481
106.402051
27.874512
37.821245
116.605603
124.438045
29.138562
45.016868
106.079124
125.490500
24.025918
53.842463
111.505398
123.306327
102.433653
106
Universitas Sumatera Utara
Lampiran 3
No.
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Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Fixed Asset Ratio (FAR)
Periode 2011-2014
Fixed Asset Ratio
2011
2012
2013
88.116031
87.994928
65.231924
66.087491
82.758249
89.469722
26.116725
77.076341
81.351642
80.908373
97.031770
55.913939
82.301913
92.234950
89.133250
93.538609
61.097400
87.389021
79.371980
81.895800
91.504177
41.783838
81.856291
80.554336
62.610693
95.056587
47.338509
77.076341
88.394853
62.331458
77.383573
73.989652
85.153039
90.541259
90.979388
86.874005
64.189589
81.123775
70.927927
71.321315
91.510073
59.160012
74.810624
86.593585
81.482978
72.727973
90.788113
78.109115
70.574529
76.385221
83.927140
89.339515
18.102303
69.859400
81.695083
77.229382
91.296712
49.239110
78.931603
91.504489
89.680123
94.051615
55.106047
84.954639
74.882597
79.726014
79.342749
92.255405
81.220178
76.789055
73.116852
94.227479
45.866556
69.859427
87.316543
74.719350
93.438313
60.858602
53.844621
88.955340
91.918806
84.679820
83.771600
68.127593
75.115825
68.935274
96.468634
69.830952
73.603118
69.536591
85.477460
81.440337
91.382188
84.749710
67.217635
78.299817
86.118026
85.743813
16.480000
64.340067
86.792994
65.256115
95.416277
59.191921
78.253894
94.893426
85.490421
87.304724
59.624675
86.850881
74.150261
82.783074
90.760832
88.096204
88.886005
93.105403
78.239464
93.939533
47.306223
64.340067
92.503726
72.268329
81.877564
67.882709
50.902875
96.961654
89.619341
77.239607
86.344507
69.553765
81.997534
73.234529
96.797499
74.589743
72.106056
72.076798
82.394112
87.209687
2014
93.593960
67.846054
63.699063
80.537019
85.693954
84.644197
18.665210
59.500380
88.569973
68.522714
68.522714
70.061678
67.593954
98.029666
79.107682
88.607433
53.905292
83.866849
76.037475
83.975006
91.397358
77.257422
82.967746
90.732063
80.699971
89.683847
45.666630
59.500399
88.258813
73.861237
78.844256
74.908795
39.865046
92.057398
91.297395
72.877126
64.411786
78.265956
85.986970
74.929355
97.911251
76.889657
70.572514
77.668075
81.272977
89.679327
107
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
78.607288
84.146768
83.301510
83.609885
79.572715
85.985375
82.915148
80.740898
78.897007
85.722294
79.827105
78.769076
77.634582
83.857803
83.404186
74.613831
108
Universitas Sumatera Utara
Lampiran 4
No.
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Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Growth Opportunity
Periode 2011-2014
Growth Opportunity
2011
2012
2013
12.743208
480.795179
59.299802
58.134227
32.913805
15.610250
-38.016260
11.203918
13.085627
-3.870431
-5.866241
-3.462368
-5.090073
-1.131573
14.382344
174.256213
131.180006
-1.222829
2.540273
-22.517944
-96.916530
257.222991
26.636765
-38.533107
-24.423827
4.517725
80.707270
11.203918
23.462262
31.786501
-15.936356
0.937627
190.946382
-82.113567
96.543124
40.942474
-94.772580
23.329773
8.447140
-8.117278
-30.165966
38.015220
14.213241
51.732118
-22.358614
28.393144
66.057364
35.616019
24.346831
36.471009
108.096720
58.624423
-29.910915
17.523757
15.497370
10.047026
-2.430532
22.002150
51.446889
-25.879414
13.747068
16.616231
32.593651
5.851284
8.068585
-29.480610
48.334940
35.127813
30.486838
-31.507306
50.500717
-4.491308
8.403351
17.523757
19.618615
35.197571
97.249661
22.030061
50.498465
4068.427845
58.407667
19.214852
-0.166864
41.684711
29.771294
100.583678
-31.343481
40.337612
5.120483
78.429394
53.416537
29.559856
45.174763
33.543894
25.214702
62.567694
30.743728
14.292883
-2.532160
27.242998
14.595053
27.731925
-11.976710
41.660288
18.529669
0.836317
13.599845
10.646489
33.464524
-1.275091
14.889242
-14.310429
2.998723
48.902357
29.869610
-7.446882
-2.803805
5.144291
15.292667
27.242998
-0.375795
48.847527
-32.939011
81.542880
-2.053698
22.754035
101.487653
29.617675
21.435996
0.743970
-3.032756
19.590788
-65.348322
33.386874
16.334809
19.870674
8.909435
64.571160
2014
22.844180
33.546642
0.216507
104.325139
17.708391
10.952328
-7.548349
10.764879
12.308963
57.967337
300.501746
44.380765
4.373483
-16.866249
58.168428
11.925710
10.576446
-2.322137
10.116373
-27.909305
15.425084
8.914836
43.089238
-13.769093
-18.410639
49.725871
18.423206
10.764879
-46.808404
6.397955
-14.643168
19.149180
24.254162
-0.995919
12.676732
1.018011
4.820399
1.773906
-10.804752
-10.112402
-22.507815
9.374747
-2.160129
40.908968
-2.611171
5.183595
109
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
18.809561
14.052435
14.549094
-8.921365
25.107997
46.928686
37.405393
-16.849073
20.635533
33.530711
58.073781
-15.836960
-9.325557
-7.410525
-87.964754
-7.574726
110
Universitas Sumatera Utara
Lampiran 5
No.
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Kode
Perusahaan
Non Debt Tax Shield
Periode 2011-2014
Non Debt Tax Shield
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
0.203955
0.788701
2.797678
26.760537
0.226999
5.612599
4.980712
0.308229
2.289114
53.739694
7.297082
0.622499
3.585511
10.826703
0.014793
8.547589
0.789539
0.012614
-14.422536
7.161334
10.169921
3.533256
8.540229
11.128838
12.335433
9.488354
4.220015
3.689776
9.179166
1.077015
10.797689
4.775309
0.833942
60.016701
3.210818
5.252061
0.166371
7.257588
4.781923
4.751247
11.696167
5.233498
3.833081
9.606208
13.192752
4.583618
0.135612
0.280206
0.375874
1.074318
0.179347
4.282938
2.549170
0.377111
0.455240
0.194154
7.336283
0.501178
0.234818
16.146928
0.014085
7.391355
0.829112
0.014981
12.980273
9.594097
9.208591
5.568738
9.279460
6.335875
3.370336
11.590668
4.675887
0.377111
11.046031
0.143472
0.549490
0.638637
2.796511
4.176782
3.642545
5.883949
4.348674
6.282649
3.746565
1.970027
0.012036
4.728601
0.520337
8.137872
8.146001
4.401177
0.089615
0.133489
0.343204
1.122016
0.121415
5.972611
1.783423
0.444535
0.459234
0.311019
8.284060
0.346753
0.445777
9.943882
0.014010
9.337898
1.259062
0.016430
12.332846
8.788341
11.309841
0.646463
10.013238
7.813106
4.124697
9.753075
4.931409
0.444535
14.473265
0.015380
0.811976
0.326311
3.375436
0.758251
2.876072
6.790496
4.216375
6.344737
5.146401
2.721171
0.034734
5.211703
0.457271
8.783083
9.880306
3.610925
2014
0.390841
0.143717
0.357282
0.913484
0.156036
6.288249
1.840272
0.417394
0.665140
0.202287
0.202287
0.228959
0.430467
14.594453
0.009767
6.728077
0.116296
0.015446
-12.158700
9.670373
11.356988
0.526678
9.005034
7.040952
3.781535
6.643258
0.098207
0.417394
28.526342
0.020598
0.798257
0.362100
3.686679
0.301946
0.520576
6.789506
4.538208
7.509886
6.087045
3.295530
0.044823
5.559368
0.430812
7.923007
8.996954
5.564485
111
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
3.285454
12.292867
0.399701
10.803177
3.527668
9.759857
0.406852
11.470120
4.995915
9.704370
0.518178
13.010468
6.281380
13.724471
5.179146
10.548005
112
Universitas Sumatera Utara
Lampiran 6
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
Ukuran Perusahaan
Periode 2011-2014
LnTA
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
12.517590
14.278738
16.719885
14.860918
15.744159
15.963583
15.193577
14.978222
16.880402
14.422637
13.984982
17.248738
13.677564
16.318020
17.254988
16.324832
14.769022
17.770062
11.543008
15.266081
14.167421
13.817248
14.899866
16.565838
14.580289
12.382799
13.505427
14.978222
13.961925
16.706436
14.206790
13.302978
11.512995
9.485925
13.717104
14.845587
12.913419
12.627450
17.914296
13.602081
11.010514
12.195315
15.684164
13.814666
13.815310
17.921260
13.024753
14.583395
16.937789
15.171860
16.476992
16.424953
14.838174
15.139693
17.024480
14.518374
13.960377
17.447606
14.092629
16.018544
17.383795
16.478550
15.051141
17.826927
11.620604
14.916798
14.561724
14.118299
15.165968
16.187395
14.989087
12.336846
13.586116
15.139693
14.141063
17.008003
14.886090
13.502076
11.921778
13.216049
14.177105
15.021345
12.911749
12.975885
18.174900
14.298142
10.634460
12.534196
15.734101
14.393689
14.243296
18.180233
13.397521
14.872656
17.162649
15.657785
16.745061
16.558547
14.812526
15.380621
17.160714
14.763138
13.832808
17.795868
14.262622
16.026872
17.511307
16.579720
15.339807
17.814095
11.759403
14.762359
14.591270
14.516420
15.427329
16.110008
14.960648
12.387010
13.728420
15.380621
14.137298
17.405755
14.486523
14.098397
11.901027
13.421061
14.877663
15.280764
13.105966
12.983297
18.144103
14.477048
9.574636
12.822279
15.885403
14.574932
14.328643
18.678405
2014
13.603267
15.161936
17.164812
16.372327
16.908101
16.662477
14.734042
15.482861
17.276797
15.220356
15.220356
18.163152
14.305427
15.842153
17.969797
16.692385
15.440344
17.790599
11.855770
14.435114
14.734721
14.601816
15.785627
15.961866
14.757177
12.790646
13.897514
15.482861
13.506029
17.467771
14.328193
14.273604
12.118186
13.411052
14.997016
15.290892
13.153044
13.000880
18.029760
14.370438
9.319643
12.911889
15.863565
14.917876
14.302184
18.728943
113
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
14.769267
12.478974
14.684933
10.944647
14.993274
12.863751
15.002699
10.760134
15.180877
13.152912
15.460590
10.587720
15.082983
13.075917
13.343260
10.508950
114
Universitas Sumatera Utara
Lampiran 7
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Debt to Equity Ratio (DER)
Periode 2011-2014
DER
Kode
Perusahaan
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
4.106563
1.389878
1.361693
0.683266
1.543318
4.642011
1.976995
0.048032
1.319425
0.827838
0.702590
0.802558
1.457860
1.795559
1.276474
2.761604
0.422379
1.772767
0.689936
-2.510361
6.383919
0.794913
1.950904
-5.098627
0.750446
0.823984
1.206555
0.480323
3.308045
1.386332
2.653990
1.898201
2.284584
-1.248425
1.388949
0.665030
0.379564
0.339725
0.420482
0.427908
-1.780373
0.136996
1.552186
3.823671
3.112233
1.701039
2.042501
0.726724
1.290639
1.256252
2.372475
2.975800
4.672106
0.383509
1.529025
0.926673
0.623195
0.659664
1.285870
4.526563
1.306807
1.876933
0.232002
1.847330
0.662770
-2.032515
1.877395
1.503259
2.698317
-1.933699
1.310670
0.651478
0.558050
0.496857
1.705145
1.258375
6.550701
3.204311
2.308785
-44.711750
1.927721
0.634216
0.321506
0.363930
0.685419
0.674666
-1.495533
0.563160
1.479997
1.595695
3.396215
1.185359
0.647913
0.322608
1.438565
1.752987
3.550081
3.263635
-16.787621
0.609092
1.610325
0.468672
0.437356
0.599858
1.293667
1.110370
1.632499
4.202223
0.474248
2.300776
0.394893
-1.620425
1.633029
1.175342
3.158375
-1.715006
1.521465
0.657788
1.242451
0.470140
1.237541
1.644041
6.533672
3.773996
0.139102
-8.988563
1.105620
0.459282
0.376921
0.338818
0.546444
0.609262
-1.181847
0.823252
1.344320
1.680844
3.968012
1.442030
2014
1.195538
0.263530
1.509967
5.927729
4.333800
2.691198
-9.874058
0.422698
1.788443
0.722802
0.722802
1.097654
1.065984
1.511136
3.563298
3.482318
0.326391
2.751407
0.635936
-1.445410
1.994101
0.691018
0.990379
-1.586574
1.316269
0.237579
1.221945
0.422698
3.100050
2.382539
6.096229
0.890225
0.033789
-6.449481
1.010558
0.386434
0.533552
0.306435
0.572427
0.522468
-1.149389
0.926003
1.132861
2.373916
2.058700
1.173957
115
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
0.712073
2.328739
0.866273
2.061004
1.485420
3.548947
0.910309
3.802712
1.297281
2.280745
0.931793
20.155283
1.716815
1.945291
0.647005
0.452797
116
Universitas Sumatera Utara
Lampiran 8
Hasil Uji Eviews
Hasil Uji Metode Pooled Least Square
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
4.554930
ROA
-0.012707
CR
-0.003485
FAR
-0.033498
GO
0.010159
NDTS
0.048482
R-squared
0.645118
Adjusted R-squared
0.635972
F-statistic
70.53216
Prob(F-statistic)
0.000000
Std. Error
1.045616
0.006253
0.000888
0.012665
0.000558
0.025318
t-Statistic
4.356216
-2.032031
-3.922597
-2.644951
18.19588
1.914951
Prob.
0.0000
0.0435
0.0001
0.0088
0.0000
0.0570
Hasil Uji Fixed Effect Model
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
1.797236
ROA
-0.011634
CR
-0.001246
FAR
0.002670
GO
0.008982
NDTS
-0.012895
R-squared
0.821765
Adjusted R-squared
0.755388
F-statistic
12.38024
Prob(F-statistic)
0.000000
Std. Error
1.925236
0.006992
0.001030
0.023878
0.000545
0.029343
t-Statistic
0.933515
-1.663862
-1.209266
0.111823
16.48392
-0.439440
Prob.
0.3521
0.0983
0.2285
0.9111
0.0000
0.6610
117
Universitas Sumatera Utara
Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: LENTA
Test cross-section fixed effects
Effects Test
Cross-section F
Cross-section Chi-square
R-squared
0.645118
Adjusted R-squared
0.635972
F-statistic
70.53216
Prob(F-statistic)
0.000000
Statistic
2.932817
137.736422
d.f.
(49,145)
49
Prob.
0.0000
0.0000
Hasil Uji Random Effect Model
Dependent Variable: DER
Method: Pooled EGLS (Cross-section random effects)
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
C
3.701152
1.155881
ROA
-0.012424
0.005906
CR
-0.002633
0.000860
FAR
-0.022037
0.014022
GO
0.009592
0.000496
NDTS
0.022924
0.024451
R-squared
0.658813
Adjusted R-squared
0.650019
F-statistic
74.92054
Prob(F-statistic)
0.000000
t-Statistic
3.202020
-2.103429
-3.061012
-1.571651
19.32886
0.937557
Prob.
0.0016
0.0367
0.0025
0.1177
0.0000
0.3496
Chi-Sq. d.f.
5
Prob.
0.0005
Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: LENTA
Test cross-section random effects
Test Summary
Cross-section random
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Chi-Sq.
Statistic
22.041769
0.821765
0.755388
12.38024
0.000000
118
Universitas Sumatera Utara
Hasil Uji Fixed Effect Model (Persamaan II)
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
2.494760
ROA
-0.011928
CR
-0.001243
FAR
0.002595
GO
0.008983
NDTS
-0.013986
LNTA
-0.046467
R-squared
0.821779
Adjusted R-squared
0.753709
F-statistic
12.07247
Prob(F-statistic)
0.000000
Std. Error
6.831304
0.007539
0.001034
0.023970
0.000547
0.031178
0.436501
t-Statistic
0.365195
-1.582118
-1.201600
0.108239
16.42474
-0.448589
-0.106452
Prob.
0.7155
0.1158
0.2315
0.9140
0.0000
0.6544
0.9154
Hasil Uji Fixed Effect Model (Persamaan III)
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
3.216919
ROA
-0.106902
CR
0.004505
FAR
-0.005533
GO
0.048935
NDTS
0.458054
LNTA
-0.034261
ROA_LNTA
0.007277
CR_LNTA
-0.000441
FAR_LNTA
-0.0000329
GO_LNTA
-0.003021
NDTS_LNTA
-0.033418
R-squared
0.829740
Adjusted R-squared
0.756247
F-statistic
11.29000
Prob(F-statistic)
0.000000
Std. Error
18.86020
0.061871
0.009574
0.206894
0.024666
0.361751
1.300823
0.004480
0.000729
0.014352
0.001860
0.025702
t-Statistic
0.170567
-1.727830
0.470501
-0.026741
1.983881
1.266212
-0.026338
1.624233
-0.605300
-0.002295
-1.623851
-1.300192
Prob.
0.8648
0.0862
0.6387
0.9787
0.0492
0.2076
0.9790
0.1066
0.5460
0.9982
0.1067
0.1957
119
Universitas Sumatera Utara
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Return On Asset (ROA)
Periode 2011-2014
ROA
2011
2012
2013
4.733082
5.156133
6.574904
4.721999
7.156007
3.313178
-11.489999
11.034251
6.153489
-1.518459
0.549009
19.751168
2.782086
-6.408679
9.079376
-19.519640
14.714742
1.787352
1.501155
-48.431877
0.693848
2.374171
13.145386
59.858468
-43.788835
2.830793
20.560387
11.034251
3.690065
4.490097
-14.763211
-5.600549
0.204986
347.483489
3.728318
8.783803
0.955585
18.949713
5.566424
-5.098111
-10.410366
3.016780
2.190656
6.024685
2.662235
15.089354
21.074926
26.635356
0.384205
4.526150
6.477500
2.547915
-29.238317
10.255675
6.204411
2.384914
1.366918
23.419095
-12.122363
-34.675073
7.797467
-10.900363
15.006330
0.882599
16.487532
-23.938535
1.396540
5.006250
11.415763
-64.915443
2.041697
3.148169
23.826972
10.255675
5.509187
4.402014
-0.337291
-4.490021
9.864526
10.136822
5.967748
10.560517
2.456529
13.865219
5.220172
3.614504
18.598045
1.855427
1.335198
4.451567
7.822568
10.630230
13.002283
30.241420
-0.189288
3.131247
7.219984
1.059979
-24.391867
8.413316
4.363696
3.126631
-0.368373
20.487020
5.877395
-28.982547
2.564245
-15.973681
7.148897
-4.890711
15.857633
-37.464414
4.237237
3.346276
14.230130
22.174681
-16.269509
1.332677
27.276744
8.413316
5.693060
0.379188
1.823163
-2.202185
10.917934
-8.590448
4.421503
11.184419
-0.349077
6.777756
4.533096
-1.216399
32.476554
1.689085
1.043227
6.205359
4.239411
6.194652
2014
11.014036
6.020040
-0.107079
-2.946412
6.227189
4.870302
-2.330293
7.759014
3.814847
3.735653
3.735653
12.029152
6.811197
-37.837226
-1.398701
-7.765231
4.610649
-3.488926
15.221264
1.103224
1.712911
0.022548
10.316124
-5.736594
-7.787930
0.548426
24.852136
7.759014
-36.332814
-11.996033
1.166632
-1.757243
26.129943
-5.640170
7.623654
6.149810
-8.704212
5.276161
-8.088248
-0.645649
40.242044
2.369292
3.410044
3.928096
12.492632
8.818497
103
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
5.582907
1.701592
7.021534
-16.476611
-9.137899
1.536804
7.084916
-18.469377
1.209958
0.343349
8.711275
-20.010090
-11.848261
0.735793
6.072030
-24.561978
104
Universitas Sumatera Utara
Lampiran 2
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Current Ratio (CR)
Periode 2011-2014
Current Ratio
2011
2012
2013
58.971564
89.792067
163.732629
243.300209
136.392464
99.166241
198.000282
611.819433
106.053846
314.961479
0.015275
549.921536
36.443488
32.084989
38.807914
25.632994
234.663434
55.048066
95.804227
25.555738
38.189906
383.248557
54.163071
28.255604
129.285172
22.000112
217.165799
611.819433
79.929797
115.631795
52.669878
117.493213
396.053333
48.294574
61.077325
68.023450
246.961636
139.470112
199.656408
137.095228
5.801373
425.698030
105.854770
49.022844
55.449794
90.244338
37.802230
52.240113
130.908333
123.251177
105.463530
120.357455
188.189988
911.796849
68.155915
180.041736
36.074415
419.634137
135.381558
26.754888
41.864836
28.143500
256.823045
75.426632
116.036836
30.188542
109.825151
30.531068
51.946668
92.027717
106.293539
22.023600
173.948014
911.796849
57.826534
84.402048
66.035894
85.688827
164.413519
10.825163
32.133559
86.021057
122.444722
307.037541
129.108970
184.662118
1.939758
113.472401
102.745583
145.532451
50.812758
70.572187
28.182216
542.237513
218.580634
243.671866
66.106527
91.514815
125.699441
382.288459
76.147019
746.058053
17.369460
201.008129
100.687807
8.947139
73.686548
36.362069
140.405009
53.125721
116.309737
20.962844
48.937239
62.444955
33.653481
51.337990
185.693146
24.192608
153.127299
382.288459
30.306174
83.254555
89.920204
53.349841
419.990715
2.709457
56.737039
215.926649
100.570479
230.670242
62.754378
162.004642
0.898885
84.107848
105.409923
103.776423
51.840447
51.798430
2014
33.404901
278.992422
209.564754
40.430429
34.548123
129.777632
78.541552
396.000524
84.429448
339.450228
339.450228
170.620457
92.042502
2.513241
86.436613
31.020257
195.097253
40.626751
106.216573
14.540697
40.111019
118.826965
84.792214
38.491157
105.440767
60.673955
166.954375
396.000524
22.919831
66.470228
136.474656
200.749954
2201.678993
6.736732
62.028757
245.210144
232.338901
181.696150
60.038328
209.054743
0.444114
81.080145
110.556125
131.074104
49.489622
41.286226
105
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
176.323854
40.404481
106.402051
27.874512
37.821245
116.605603
124.438045
29.138562
45.016868
106.079124
125.490500
24.025918
53.842463
111.505398
123.306327
102.433653
106
Universitas Sumatera Utara
Lampiran 3
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Fixed Asset Ratio (FAR)
Periode 2011-2014
Fixed Asset Ratio
2011
2012
2013
88.116031
87.994928
65.231924
66.087491
82.758249
89.469722
26.116725
77.076341
81.351642
80.908373
97.031770
55.913939
82.301913
92.234950
89.133250
93.538609
61.097400
87.389021
79.371980
81.895800
91.504177
41.783838
81.856291
80.554336
62.610693
95.056587
47.338509
77.076341
88.394853
62.331458
77.383573
73.989652
85.153039
90.541259
90.979388
86.874005
64.189589
81.123775
70.927927
71.321315
91.510073
59.160012
74.810624
86.593585
81.482978
72.727973
90.788113
78.109115
70.574529
76.385221
83.927140
89.339515
18.102303
69.859400
81.695083
77.229382
91.296712
49.239110
78.931603
91.504489
89.680123
94.051615
55.106047
84.954639
74.882597
79.726014
79.342749
92.255405
81.220178
76.789055
73.116852
94.227479
45.866556
69.859427
87.316543
74.719350
93.438313
60.858602
53.844621
88.955340
91.918806
84.679820
83.771600
68.127593
75.115825
68.935274
96.468634
69.830952
73.603118
69.536591
85.477460
81.440337
91.382188
84.749710
67.217635
78.299817
86.118026
85.743813
16.480000
64.340067
86.792994
65.256115
95.416277
59.191921
78.253894
94.893426
85.490421
87.304724
59.624675
86.850881
74.150261
82.783074
90.760832
88.096204
88.886005
93.105403
78.239464
93.939533
47.306223
64.340067
92.503726
72.268329
81.877564
67.882709
50.902875
96.961654
89.619341
77.239607
86.344507
69.553765
81.997534
73.234529
96.797499
74.589743
72.106056
72.076798
82.394112
87.209687
2014
93.593960
67.846054
63.699063
80.537019
85.693954
84.644197
18.665210
59.500380
88.569973
68.522714
68.522714
70.061678
67.593954
98.029666
79.107682
88.607433
53.905292
83.866849
76.037475
83.975006
91.397358
77.257422
82.967746
90.732063
80.699971
89.683847
45.666630
59.500399
88.258813
73.861237
78.844256
74.908795
39.865046
92.057398
91.297395
72.877126
64.411786
78.265956
85.986970
74.929355
97.911251
76.889657
70.572514
77.668075
81.272977
89.679327
107
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
78.607288
84.146768
83.301510
83.609885
79.572715
85.985375
82.915148
80.740898
78.897007
85.722294
79.827105
78.769076
77.634582
83.857803
83.404186
74.613831
108
Universitas Sumatera Utara
Lampiran 4
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
Growth Opportunity
Periode 2011-2014
Growth Opportunity
2011
2012
2013
12.743208
480.795179
59.299802
58.134227
32.913805
15.610250
-38.016260
11.203918
13.085627
-3.870431
-5.866241
-3.462368
-5.090073
-1.131573
14.382344
174.256213
131.180006
-1.222829
2.540273
-22.517944
-96.916530
257.222991
26.636765
-38.533107
-24.423827
4.517725
80.707270
11.203918
23.462262
31.786501
-15.936356
0.937627
190.946382
-82.113567
96.543124
40.942474
-94.772580
23.329773
8.447140
-8.117278
-30.165966
38.015220
14.213241
51.732118
-22.358614
28.393144
66.057364
35.616019
24.346831
36.471009
108.096720
58.624423
-29.910915
17.523757
15.497370
10.047026
-2.430532
22.002150
51.446889
-25.879414
13.747068
16.616231
32.593651
5.851284
8.068585
-29.480610
48.334940
35.127813
30.486838
-31.507306
50.500717
-4.491308
8.403351
17.523757
19.618615
35.197571
97.249661
22.030061
50.498465
4068.427845
58.407667
19.214852
-0.166864
41.684711
29.771294
100.583678
-31.343481
40.337612
5.120483
78.429394
53.416537
29.559856
45.174763
33.543894
25.214702
62.567694
30.743728
14.292883
-2.532160
27.242998
14.595053
27.731925
-11.976710
41.660288
18.529669
0.836317
13.599845
10.646489
33.464524
-1.275091
14.889242
-14.310429
2.998723
48.902357
29.869610
-7.446882
-2.803805
5.144291
15.292667
27.242998
-0.375795
48.847527
-32.939011
81.542880
-2.053698
22.754035
101.487653
29.617675
21.435996
0.743970
-3.032756
19.590788
-65.348322
33.386874
16.334809
19.870674
8.909435
64.571160
2014
22.844180
33.546642
0.216507
104.325139
17.708391
10.952328
-7.548349
10.764879
12.308963
57.967337
300.501746
44.380765
4.373483
-16.866249
58.168428
11.925710
10.576446
-2.322137
10.116373
-27.909305
15.425084
8.914836
43.089238
-13.769093
-18.410639
49.725871
18.423206
10.764879
-46.808404
6.397955
-14.643168
19.149180
24.254162
-0.995919
12.676732
1.018011
4.820399
1.773906
-10.804752
-10.112402
-22.507815
9.374747
-2.160129
40.908968
-2.611171
5.183595
109
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
18.809561
14.052435
14.549094
-8.921365
25.107997
46.928686
37.405393
-16.849073
20.635533
33.530711
58.073781
-15.836960
-9.325557
-7.410525
-87.964754
-7.574726
110
Universitas Sumatera Utara
Lampiran 5
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
Non Debt Tax Shield
Periode 2011-2014
Non Debt Tax Shield
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
0.203955
0.788701
2.797678
26.760537
0.226999
5.612599
4.980712
0.308229
2.289114
53.739694
7.297082
0.622499
3.585511
10.826703
0.014793
8.547589
0.789539
0.012614
-14.422536
7.161334
10.169921
3.533256
8.540229
11.128838
12.335433
9.488354
4.220015
3.689776
9.179166
1.077015
10.797689
4.775309
0.833942
60.016701
3.210818
5.252061
0.166371
7.257588
4.781923
4.751247
11.696167
5.233498
3.833081
9.606208
13.192752
4.583618
0.135612
0.280206
0.375874
1.074318
0.179347
4.282938
2.549170
0.377111
0.455240
0.194154
7.336283
0.501178
0.234818
16.146928
0.014085
7.391355
0.829112
0.014981
12.980273
9.594097
9.208591
5.568738
9.279460
6.335875
3.370336
11.590668
4.675887
0.377111
11.046031
0.143472
0.549490
0.638637
2.796511
4.176782
3.642545
5.883949
4.348674
6.282649
3.746565
1.970027
0.012036
4.728601
0.520337
8.137872
8.146001
4.401177
0.089615
0.133489
0.343204
1.122016
0.121415
5.972611
1.783423
0.444535
0.459234
0.311019
8.284060
0.346753
0.445777
9.943882
0.014010
9.337898
1.259062
0.016430
12.332846
8.788341
11.309841
0.646463
10.013238
7.813106
4.124697
9.753075
4.931409
0.444535
14.473265
0.015380
0.811976
0.326311
3.375436
0.758251
2.876072
6.790496
4.216375
6.344737
5.146401
2.721171
0.034734
5.211703
0.457271
8.783083
9.880306
3.610925
2014
0.390841
0.143717
0.357282
0.913484
0.156036
6.288249
1.840272
0.417394
0.665140
0.202287
0.202287
0.228959
0.430467
14.594453
0.009767
6.728077
0.116296
0.015446
-12.158700
9.670373
11.356988
0.526678
9.005034
7.040952
3.781535
6.643258
0.098207
0.417394
28.526342
0.020598
0.798257
0.362100
3.686679
0.301946
0.520576
6.789506
4.538208
7.509886
6.087045
3.295530
0.044823
5.559368
0.430812
7.923007
8.996954
5.564485
111
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
3.285454
12.292867
0.399701
10.803177
3.527668
9.759857
0.406852
11.470120
4.995915
9.704370
0.518178
13.010468
6.281380
13.724471
5.179146
10.548005
112
Universitas Sumatera Utara
Lampiran 6
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Kode
Perusahaan
Ukuran Perusahaan
Periode 2011-2014
LnTA
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
12.517590
14.278738
16.719885
14.860918
15.744159
15.963583
15.193577
14.978222
16.880402
14.422637
13.984982
17.248738
13.677564
16.318020
17.254988
16.324832
14.769022
17.770062
11.543008
15.266081
14.167421
13.817248
14.899866
16.565838
14.580289
12.382799
13.505427
14.978222
13.961925
16.706436
14.206790
13.302978
11.512995
9.485925
13.717104
14.845587
12.913419
12.627450
17.914296
13.602081
11.010514
12.195315
15.684164
13.814666
13.815310
17.921260
13.024753
14.583395
16.937789
15.171860
16.476992
16.424953
14.838174
15.139693
17.024480
14.518374
13.960377
17.447606
14.092629
16.018544
17.383795
16.478550
15.051141
17.826927
11.620604
14.916798
14.561724
14.118299
15.165968
16.187395
14.989087
12.336846
13.586116
15.139693
14.141063
17.008003
14.886090
13.502076
11.921778
13.216049
14.177105
15.021345
12.911749
12.975885
18.174900
14.298142
10.634460
12.534196
15.734101
14.393689
14.243296
18.180233
13.397521
14.872656
17.162649
15.657785
16.745061
16.558547
14.812526
15.380621
17.160714
14.763138
13.832808
17.795868
14.262622
16.026872
17.511307
16.579720
15.339807
17.814095
11.759403
14.762359
14.591270
14.516420
15.427329
16.110008
14.960648
12.387010
13.728420
15.380621
14.137298
17.405755
14.486523
14.098397
11.901027
13.421061
14.877663
15.280764
13.105966
12.983297
18.144103
14.477048
9.574636
12.822279
15.885403
14.574932
14.328643
18.678405
2014
13.603267
15.161936
17.164812
16.372327
16.908101
16.662477
14.734042
15.482861
17.276797
15.220356
15.220356
18.163152
14.305427
15.842153
17.969797
16.692385
15.440344
17.790599
11.855770
14.435114
14.734721
14.601816
15.785627
15.961866
14.757177
12.790646
13.897514
15.482861
13.506029
17.467771
14.328193
14.273604
12.118186
13.411052
14.997016
15.290892
13.153044
13.000880
18.029760
14.370438
9.319643
12.911889
15.863565
14.917876
14.302184
18.728943
113
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
14.769267
12.478974
14.684933
10.944647
14.993274
12.863751
15.002699
10.760134
15.180877
13.152912
15.460590
10.587720
15.082983
13.075917
13.343260
10.508950
114
Universitas Sumatera Utara
Lampiran 7
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Debt to Equity Ratio (DER)
Periode 2011-2014
DER
Kode
Perusahaan
2011
2012
2013
BALI
IBST
INDY
SUPR
TBIG
TOWR
TRUB
CMNP
JSMR
META
LAPD
PGAS
RAJA
BTEL
EXCL
FREN
INVS
ISAT
TLKM
APOL
ASSA
BBRM
BIRD
BLTA
BULL
LRNA
CASS
CMPP
CPGT
GIAA
HITS
IATA
INDX
KARW
LEAD
MBSS
MIRA
NELY
PTIS
RIGS
SAFE
SDMU
SMDR
TAXI
TMAS
TPMA
4.106563
1.389878
1.361693
0.683266
1.543318
4.642011
1.976995
0.048032
1.319425
0.827838
0.702590
0.802558
1.457860
1.795559
1.276474
2.761604
0.422379
1.772767
0.689936
-2.510361
6.383919
0.794913
1.950904
-5.098627
0.750446
0.823984
1.206555
0.480323
3.308045
1.386332
2.653990
1.898201
2.284584
-1.248425
1.388949
0.665030
0.379564
0.339725
0.420482
0.427908
-1.780373
0.136996
1.552186
3.823671
3.112233
1.701039
2.042501
0.726724
1.290639
1.256252
2.372475
2.975800
4.672106
0.383509
1.529025
0.926673
0.623195
0.659664
1.285870
4.526563
1.306807
1.876933
0.232002
1.847330
0.662770
-2.032515
1.877395
1.503259
2.698317
-1.933699
1.310670
0.651478
0.558050
0.496857
1.705145
1.258375
6.550701
3.204311
2.308785
-44.711750
1.927721
0.634216
0.321506
0.363930
0.685419
0.674666
-1.495533
0.563160
1.479997
1.595695
3.396215
1.185359
0.647913
0.322608
1.438565
1.752987
3.550081
3.263635
-16.787621
0.609092
1.610325
0.468672
0.437356
0.599858
1.293667
1.110370
1.632499
4.202223
0.474248
2.300776
0.394893
-1.620425
1.633029
1.175342
3.158375
-1.715006
1.521465
0.657788
1.242451
0.470140
1.237541
1.644041
6.533672
3.773996
0.139102
-8.988563
1.105620
0.459282
0.376921
0.338818
0.546444
0.609262
-1.181847
0.823252
1.344320
1.680844
3.968012
1.442030
2014
1.195538
0.263530
1.509967
5.927729
4.333800
2.691198
-9.874058
0.422698
1.788443
0.722802
0.722802
1.097654
1.065984
1.511136
3.563298
3.482318
0.326391
2.751407
0.635936
-1.445410
1.994101
0.691018
0.990379
-1.586574
1.316269
0.237579
1.221945
0.422698
3.100050
2.382539
6.096229
0.890225
0.033789
-6.449481
1.010558
0.386434
0.533552
0.306435
0.572427
0.522468
-1.149389
0.926003
1.132861
2.373916
2.058700
1.173957
115
Universitas Sumatera Utara
47
48
49
50
TRAM
WEHA
WINS
ZBRA
0.712073
2.328739
0.866273
2.061004
1.485420
3.548947
0.910309
3.802712
1.297281
2.280745
0.931793
20.155283
1.716815
1.945291
0.647005
0.452797
116
Universitas Sumatera Utara
Lampiran 8
Hasil Uji Eviews
Hasil Uji Metode Pooled Least Square
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
4.554930
ROA
-0.012707
CR
-0.003485
FAR
-0.033498
GO
0.010159
NDTS
0.048482
R-squared
0.645118
Adjusted R-squared
0.635972
F-statistic
70.53216
Prob(F-statistic)
0.000000
Std. Error
1.045616
0.006253
0.000888
0.012665
0.000558
0.025318
t-Statistic
4.356216
-2.032031
-3.922597
-2.644951
18.19588
1.914951
Prob.
0.0000
0.0435
0.0001
0.0088
0.0000
0.0570
Hasil Uji Fixed Effect Model
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
1.797236
ROA
-0.011634
CR
-0.001246
FAR
0.002670
GO
0.008982
NDTS
-0.012895
R-squared
0.821765
Adjusted R-squared
0.755388
F-statistic
12.38024
Prob(F-statistic)
0.000000
Std. Error
1.925236
0.006992
0.001030
0.023878
0.000545
0.029343
t-Statistic
0.933515
-1.663862
-1.209266
0.111823
16.48392
-0.439440
Prob.
0.3521
0.0983
0.2285
0.9111
0.0000
0.6610
117
Universitas Sumatera Utara
Hasil Uji Chow
Redundant Fixed Effects Tests
Pool: LENTA
Test cross-section fixed effects
Effects Test
Cross-section F
Cross-section Chi-square
R-squared
0.645118
Adjusted R-squared
0.635972
F-statistic
70.53216
Prob(F-statistic)
0.000000
Statistic
2.932817
137.736422
d.f.
(49,145)
49
Prob.
0.0000
0.0000
Hasil Uji Random Effect Model
Dependent Variable: DER
Method: Pooled EGLS (Cross-section random effects)
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
C
3.701152
1.155881
ROA
-0.012424
0.005906
CR
-0.002633
0.000860
FAR
-0.022037
0.014022
GO
0.009592
0.000496
NDTS
0.022924
0.024451
R-squared
0.658813
Adjusted R-squared
0.650019
F-statistic
74.92054
Prob(F-statistic)
0.000000
t-Statistic
3.202020
-2.103429
-3.061012
-1.571651
19.32886
0.937557
Prob.
0.0016
0.0367
0.0025
0.1177
0.0000
0.3496
Chi-Sq. d.f.
5
Prob.
0.0005
Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: LENTA
Test cross-section random effects
Test Summary
Cross-section random
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Chi-Sq.
Statistic
22.041769
0.821765
0.755388
12.38024
0.000000
118
Universitas Sumatera Utara
Hasil Uji Fixed Effect Model (Persamaan II)
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
2.494760
ROA
-0.011928
CR
-0.001243
FAR
0.002595
GO
0.008983
NDTS
-0.013986
LNTA
-0.046467
R-squared
0.821779
Adjusted R-squared
0.753709
F-statistic
12.07247
Prob(F-statistic)
0.000000
Std. Error
6.831304
0.007539
0.001034
0.023970
0.000547
0.031178
0.436501
t-Statistic
0.365195
-1.582118
-1.201600
0.108239
16.42474
-0.448589
-0.106452
Prob.
0.7155
0.1158
0.2315
0.9140
0.0000
0.6544
0.9154
Hasil Uji Fixed Effect Model (Persamaan III)
Dependent Variable: DER
Method: Pooled Least Squares
Sample: 2011 2014
Included observations: 4
Cross-sections included: 50
Total pool (balanced) observations: 200
Variable
Coefficient
C
3.216919
ROA
-0.106902
CR
0.004505
FAR
-0.005533
GO
0.048935
NDTS
0.458054
LNTA
-0.034261
ROA_LNTA
0.007277
CR_LNTA
-0.000441
FAR_LNTA
-0.0000329
GO_LNTA
-0.003021
NDTS_LNTA
-0.033418
R-squared
0.829740
Adjusted R-squared
0.756247
F-statistic
11.29000
Prob(F-statistic)
0.000000
Std. Error
18.86020
0.061871
0.009574
0.206894
0.024666
0.361751
1.300823
0.004480
0.000729
0.014352
0.001860
0.025702
t-Statistic
0.170567
-1.727830
0.470501
-0.026741
1.983881
1.266212
-0.026338
1.624233
-0.605300
-0.002295
-1.623851
-1.300192
Prob.
0.8648
0.0862
0.6387
0.9787
0.0492
0.2076
0.9790
0.1066
0.5460
0.9982
0.1067
0.1957
119
Universitas Sumatera Utara