Pengaruh Profitabilitas, Financial Leverage, dan Dividend Payout Ratio terhadap Perilaku Perataan Laba pada Perusahaan Otomotif yang Terdaftar di Bursa Efek Indoesia
Lampiran I
Daftar Populasi dan Perusahaan Sampel
No
Perusahaan
1
Polychem Indonesia
Industries) Tbk
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa (formerly Branta Mulia) Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Hexindo Adiperkasa Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Intraco Penta Tbk
GT
√
√
√
√
√
√
√
√
√
Multi Prima Sejahtera Tbk (formerly Lippo Enterprise) √
Multistrada Arah Sarana Tbk
√
Nipress Tbk
√
Prima Alloy Steel Tbk
√
Allbond Makmur Usaha (formerly Sanex Qianjiang √
Motor International) Tbk
16
17
18
19
(formerly
1
Petrochem √
Selamat Sempurna Tbk
Sugi Samapersada Tbk
Tunas Ridean Tbk
United Tractors Tbk
√
√
√
√
Kriteria
2 3
√ √
1
√
√
√
√
√
√
√
√
√
√
√
√
√
X
√
√
√
√
√
√
√
√
√
√
√
√
√
√
2
3
4
5
6
7
8
9
10
11
12
13
14
-
√
√
√
√
√
X
√
√
15
16
17
Sampel
57
Universitas Sumatera Utara
Lampiran II
Data Laba Bersih dan Total Asset Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
Kode
Emiten
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
Laba Bersih
sebelum Pajak
Total Asset
Laba Bersih
sebelum Pajak
Total Asset
Laba Bersih
sebelum Pajak
Total Asset
41,936,548,000
5,457,285,000,000
279,027,000,000
119,495,991,000
-7,249,294,000
346,835,000,000
97,771,090,333
38,358,377,183
-5,836,886,305
17,997,762,600
-11,304,994,481
59,719,910,483
3,069,003,450
4,600,058,545
60,135,250,713
29,200,000,000
1,050,729,000,000
4,431,915,116,000
46,985,862,000,000
3,028,465,000,000
1,709,355,091,000
452,102,650,000
7,479,373,000,000
1,069,514,138,765
4,275,870,730,082
459,703,456,907
869,207,667,998
117,058,911,777
1,038,290,507,039
190,224,877,780
561,115,028,226
663,138,307,944
3,011,600,000,000
10,633,839,000,000
-266,963,936,000
3,712,097,000,000
282,058,000,000
18,313,909,000
25,396,749,000
118,401,000,000
39,428,000,000
1,247,961,945
2,171,591,250
7,065,909,337
-939,128,143
170,006,652,739
7,650,174,389
-2,761,453,528
66,174,829,417
22,211,000,000
930,372,000,000
3,987,067,222
57,929,290,000,000
3,028,160,000,000
1,528,904,206,000
454,850,967,000
7,276,025,000,000
1,204,104,000,000
4,418,691,931,106
490,604,325,073
831,846,049,822
108,745,776,153
1,433,688,362,871
220,228,504,723
593,160,244,451
716,685,940,960
2,857,847,000,000
11,247,846,000,000
57,976,636
6,519,273,000,000
454,907,000,000
39,148,712,000
42,399,174,000
90,841,000,000
49,522,000,000
1,382,852,849
9,887,928,336
9,513,887,731
18,034,504,389
29,204,495,783
6,393,947,393
2,773,564,587
80,324,965,210
189,816,000,000
1,493,037,000,000
4,161,340,040
63,519,598,000,000
3,454,254,000,000
1,554,863,136,000
579,661,339,000
8,454,693,000,000
1,383,840,000,000
4,907,499,956,145
599,273,413,629
863,817,636,457
139,252,657,007
1,799,172,358,609
288,147,591,200
542,959,754,143
830,049,538,892
3,345,245,000,000
13,002,619,000,000
58
Universitas Sumatera Utara
Data Laba Bersih dan Total Asset Perusahaan yang Diamati Tahun 2005-2010
(lanjutan)
(dalam rupiah)
No
Kode
Emiten
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2008
Laba Bersih
sebelum Pajak
-263,386,627,000
9,191,000,000,000
566,025,000,000
94,775,520,000
812,053,000
-624,788,000,000
61,293,300,000
23,046,929,947
31,827,215,353
22,943,741,774
4,763,329,650
2,974,000,000
1,550,888,421
-14,813,293,705
91,471,918,506
245,079,000,000
2,660,742,000,000
Total Asset
3,855,930,121,000
80,740,000,000,000
3,981,316,000,000
1,672,766,471,000
1,022,329,205,000
8,713,559,000,000
1,795,922,890,000
5,578,514,465,713
918,227,729,873
1,137,218,196,524
182,939,871,224
2,379,024,000,000
325,008,127,626
555,320,858,382
929,753,183,773
3,583,328,000,000
22,847,721,000,000
2009
2010
Laba Bersih
Laba Bersih
Total Asset
Total Asset
sebelum Pajak
sebelum Pajak
53,811,287,000
3,719,872,147,000
37,586,000,000
3,766,135,000,000
10,040,000,000,000 88,938,000,000,000 14,366,000,000,000 112,857,000,000,000
768,265,000,000
4,644,939,000,000 1,141,179,000,000
5,585,852,000,000
72,105,574,000
1,349,630,935,000
134,160,199,000
1,492,727,607,000
121,085,749,000
1,127,629,806,000
74,158,680,000
1,276,850,850,000
905,330,000,000
8,877,146,000,000
830,624,000,000
10,371,567,000,000
340,257,030,000
2,175,625,090,000
301,503,530,000
2,305,057,220,000
117,593,451,463
5,093,148,275,101
448,671,163,584
7,985,019,561,240
58,765,937,255
621,140,423,109
71,109,354,932
770,609,281,603
37,473,252,355
1,039,510,978,420
83,081,383,677
1,634,903,848,219
10,210,751,529
137,909,659,938
14,122,435,304
150,937,167,032
174,860,000,000
2,536,045,000,000
176,082,000,000
3,038,412,000,000
3,685,250,963
314,477,779,213
12,662,580,885
337,605,715,524
-36,216,313,566
420,714,339,156
306,000
461,969,000,000
132,850,275,038
941,651,276,002
150,420,111,988
1,067,103,249,531
310,387,000,000
1,770,692,000,000
269,004,000,000
2,100,154,000,000
3,817,541,000,000 24,404,828,000,000 3,872,931,000,000
20,480,311,000,000
59
Universitas Sumatera Utara
Lampiran III
Data Total Kewajiban dan Total Ekuitas Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
Total Kewajiban
Total Ekuitas
2,924,141,045,000
1,506,447,972,000
22,754,709,000,000 20,424,345,000,000
1,160,179,000,000
1,636,389,000,000
712,179,302,000
822,095,206,000
182,810,564,000
269,292,086,000
5,449,447,000,000
2,029,926,000,000
635,091,677,440
344,760,896,151
3,863,772,427,132
197,573,228,137
392,919,730,146
66,663,222,985
558,569,763,408
310,637,904,590
54,672,528,274
62,386,383,503
527,018,515,395
556,271,991,644
106,857,680,011
83,367,197,768
431,560,624,263
129,554,403,963
226,164,074,590
370,521,785,104
2,333,400,000,000
678,100,000,000
6,485,918,000,000
4,105,713,000,000
2006
Total Kewajiban
Total Ekuitas
2,734,523,719,000
1,251,220,303,000
31,498,444,000,000 22,375,766,000,000
1,066,929,000,000
1,864,461,000,000
507,214,761,000
1,528,904,206,000
173,617,886,000
281,233,081,000
5,140,783,000,000
2,135,242,000,000
858,555,000,000
345,549,000,000
4,018,951,679,342
192,314,668,938
421,649,007,062
68,834,814,236
521,270,332,476
310,575,717,346
47,298,520,793
61,447,255,360
712,066,090,788
721,622,272,083
131,294,305,664
88,934,199,059
466,367,294,016
126,792,950,435
238,605,678,305
451,061,900,565
2,183,994,000,000
673,853,000,000
6,606,651,000,000
4,594,437,000,000
2007
Total Kewajiban
Total Ekuitas
2,841,379,532
1,319,130,871
31,511,736,000,000 26,962,594,000,000
1,094,734,000,000
2,261,414,000,000
462,352,034,000
894,005,659,000
280,137,084,000
299,524,255,000
6,068,879,000,000
2,385,814,000,000
1,003,049,000,000
380,791,000,000
4,505,911,554,456
166,643,158,780
520,430,167,282
78,722,742,572
543,728,031,380
320,089,605,077
61,412,812,511
77,839,844,496
511,230,617,593
1,287,941,741,016
192,819,444,747
95,328,146,453
413,393,239,121
129,566,515,022
315,575,744,877
482,203,832,914
2,488,969,000,000
856,276,000,000
7,216,432,000,000
5,733,335,000,000
60
Universitas Sumatera Utara
Data Total Kewajiban dan Total Ekuitas Perusahaan yang Diamati Tahun 2005-2010
(lanjutan)
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2008
Total Kewajiban
Total Ekuitas
2,844,074,885,000
1,011,161,814,000
40,163,000,000,000 33,080,000,000,000
1,190,886,000,000
2,652,969,000,000
480,181,057,000
998,024,806,000
725,600,897,000
296,728,308,000
7,064,134,000,000
1,649,425,000,000
1,035,732,490,000
760,190,400,000
5,098,497,333,042
286,812,501,309
809,432,268,172
108,674,957,925
808,594,720,711
328,623,475,813
100,286,847,078
82,603,174,146
1,094,227,000,000
1,284,797,000,000
201,689,883,168
123,318,244,458
440,567,637,065
114,753,221,317
341,289,214,734
546,221,696,384
2,558,698,000,000
1,024,630,000,000
11,644,916,000,000 11,131,607,000,000
2009
Total Kewajiban
Total Ekuitas
2,629,537,989,000
1,089,679,078,000
40,006,000,000,000 39,894,000,000,000
1,262,292,000,000
3,208,778,000,000
224,872,806,000
981,987,623,000
712,275,749,000
415,354,057,000
6,206,486,000,000
2,670,660,000,000
1,183,618,300,000
992,006,790,000
4,442,314,213,689
437,331,682,843
455,454,024,153
165,565,895,180
682,054,367,132
357,456,611,288
45,095,734,263
92,813,925,675
1,076,388,000,000
1,459,657,000,000
187,474,283,792
127,003,495,421
342,177,431,405
78,536,907,751
397,397,235,616
497,821,548,960
770,475,000,000
1,000,217,000,000
10,453,748,000,000 13,843,710,000,000
2010
Total Kewajiban
Total Ekuitas
2,516,787,000,000
1,249,300,000,000
54,168,000,000,000 49,310,000,000,000
1,482,705,000,000
3,860,827,000,000
283,850,592,000
1,072,556,312,000
814,612,050,000
462,238,800,000
6,844,970,000,000
3,526,597,000,000
1,133,346,900,000
1,171,710,320,000
6,377,070,785,562
1,277,322,403,505
543,188,527,716
227,300,250,112
1,198,084,207,003
412,045,570,300
44,000,806,053
106,936,360,979
1,409,277,000,000
1,629,135,000,000
189,439,039,218
148,166,676,306
326,703,000,000
135,266,000,000
498,627,884,127
519,374,643,860
886,701,000,000
1,213,453,000,000
4,343,973,000,000 16,136,338,000,000
61
Universitas Sumatera Utara
Lampiran IV
Data Jumlah Dividen yang Dibagikan Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
2008
2009
2010
130,348,000
1,497,891,000,000
46,269,000,000
16,326,164,000
9,040,283,000
1,577,000,000
36,120,000,000
9,822,517,647
887,140,282
2,598,489,000
26,003,625
0
0
59,068,030
32,466,720,000
47,400,000,000
99,772,000,000
0
1,983,694,000,000
88,683,000,000
25,360,970,000
20,059,933,000
15,781,000,000
38,640,000,000
858,000,000
8,147,781
7,128,096,581
0
3,000,000,000
0
0
29,842,033,920
26,505,000,000
441,999,000,000
0
1,821,760,000,000
69,404,000,000
13,804,220,000
24,071,672,000
13,210,000,000
14,280,000,000
7,262,050,000
0
0
26,003,625
6,118,875,000
0
0
53,313,410,100
7,393,000,000
413,200,000,000
0
3,973,000,000,000
251,205,000,000
24,875,536,000
3,608,000,000
17,332,000,000
17,640,000,000
9,012,000,000
1,852,253,751
0
26,003,625
6,119,000,000
0
0
28,793,377,200
234,360,000,000
760,456,000,000
0
4,281,000,000,000
235,866,000,000
56,082,292,000
2,460,000,000
52,272,000,000
111,475,810,000
23,390,350,000
1,818,525,374
3,859,836,480
0
0
0
0
185,808,607,500
100,440,000,000
1,165,300,000,000
0
6,394,000,000,000
506,130,000,000
56,150,646,000
9,870,750,000
59,097,000,000
121,800,000,000
0
9,062,695,469
7,125,714,674
0
6,122,000,000
0
0
129,570,197,400
50,220,000,000
1,629,228,000,000
62
Universitas Sumatera Utara
Lampiran V
Data Total Penjualan (Sales) Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
2008
2009
3,958,342,198,000
61,731,635,000,000
3,852,998,000,000
1,764,996,480,000
875,047,306,000
4,834,003,000,000
1,423,316,735,746
4,529,675,595,587
432,282,485,831
716,913,027,513
43,329,381,801
327,152,707,578
218,827,682,017
688,563,010,572
861,531,261,202
4,607,300,000,000
13,281,246,000,000
3,258,933,569,000
55,508,235,000,000
3,371,898,000,000
1,500,834,620,000
982,428,331,000
5,470,730,000,000
1,395,735,768,380
2,909,094,130,573
390,975,793,831
552,057,009,273
29,234,527,055
568,031,938,696
260,153,168,468
746,120,875,043
881,116,458,927
3,874,394,000,000
13,719,567,000,000
3,858,495,710,000
70,183,000,000,000
4,184,279,000,000
1,547,111,952,000
1,088,862,056,000
6,659,854,000,000
1,741,151,000,000
5,084,057,100,076
564,440,846,044
711,000,000,000
49,153,659,260
898,334,865,525
405,748,680,778
658,094,216,269
1,064,055,094,611
4,412,018,000,000
18,165,598,000,000
4,002,532,044,000
97,064,000,000,000
5,337,720,000,000
1,537,886,215,000
1,244,519,327,000
7,963,473,000,000
2,792,930,000,000
8,197,135,054,996
963,198,182,833
1,120,470,000,000
59,249,037,246
1,333,604,315,215
480,457,824,504
410,673,009,414
1,353,586,085,743
5,541,965,000,000
27,903,196,000,000
3,142,960,000,000
98,526,000,000,000
5,265,798,000,000
1,500,639,310,000
1,261,263,460,000
7,936,432,000,000
2,295,750,150,000
6,939,569,696,730
720,228,798,921
934,303,648,833
58,088,299,182
1,691,475,000,000
279,929,010,718
161,201,000,000
1,374,651,605,661
302,700,000,000
29,241,883,000,000
2010
3,627,172,000,000
129,991,000,000,000
6,255,109,000,000
1,805,359,612,000
1,933,713,460,000
9,853,904,000,000
3,592,783,610,000
10,935,334,616,535
1,027,120,388,110
1,532,682,624,147
59,519,384,547
2,006,840,000,000
400,894,525,220
287,200,000,000
1,561,786,956,669
324,600,000,000
37,323,872,000,000
63
Universitas Sumatera Utara
Lampiran VI
Data Rata-Rata per Dua Tahun Return On Asset (ROA) Perusahaan yang
Diamati Tahun 2005-2010
N
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005-2006
-33,474
0,090114
0,09264
0,040943
0,0199
0,031322
0,062081
0,004627
-0,00414
0,0146
-0,05261
0,088049
0,025435
0,001771
0,091509
0,008734
0,090763
20062007
-33,4718
0,083357
0,11242
0,018578
0,06449
0,013509
0,034265
0,000282
0,010463
0,009754
0,060437
0,067406
0,028464
0,000226
0,094553
0,032257
0,098771
20072008
-0,02719
0,108234
0,136933
0,040918
0,03697
-0,03048
0,034958
0,002207
0,025581
0,015595
0,077773
0,008741
0,013481
-0,01078
0,097577
0,062568
0,115641
2008-2009
-0,02692
0,113361
0,153784
0,055042
0,054088
0,015141
0,095262
0,01361
0,064636
0,028112
0,050039
0,0351
0,008245
-0,05638
0,119733
0,121843
0,136441
20092010
0,012223
0,120091
0,184848
0,071651
0,08273
0,091035
0,143598
0,039639
0,093443
0,043433
0,083802
0,063451
0,024613
-0,04304
0,141022
0,15169
0,172765
64
Universitas Sumatera Utara
Lampiran VII
Data Rata-Rata per Dua Tahun Debt to Equity Ratio (DER) Perusahaan yang
Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
2,063284 2,169732 2,483329
2
ASII
1,2609 1,288212 1,191419
3
AUTO
0,640616 0,528169 0,46649
4
BRAM
0,599024 0,42446 0,49915
5
GDYR
0,648101 0,776309 1,690306
6
GJTL
2,546071 2,475662 3,41326
7
HEXA
2,163367 2,559365 1,998292
8
IMAS
20,22697 23,96854 22,40785
9
INDS
6,00981 6,368222 7,02956
10 INTA
1,738269 1,688537 2,079613
11 LPIN
0,823048 0,779353 1,001522
12 MASA
0,967084 0,691847 0,624305
13 NIPS
1,37904
1,7495 1,829108
14 PRAS
3,504648 3,434384 3,514924
15 SMSM
0,56969 0,591716 0,639631
16 TURI
3,34107 3,073895 2,701965
17 UNTR
1,508849 1,348324 1,152396
20082009
2,612905
1,108462
0,421138
0,355064
2,080101
3,303369
1,27781
13,96709
5,099544
2,184313
0,849976
0,794549
1,555829
4,098081
0,711545
1,63375
0,900619
20092010
2,213844
1,050664
0,388713
0,246823
1,738591
2,132454
1,080207
7,57515
2,570316
2,407863
0,44867
0,801236
1,377344
3,386081
0,879163
0,750517
0,512165
65
Universitas Sumatera Utara
Lampiran VIII
Data Rata-Rata per Dua Tahun Dividend Payout Ratio (DPR) Perusahaan
yang Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
0,001554
0
0
2
ASII
0,404431 0,406914 0,355856
3
AUTO
0,240118 0,233491 0,298186
4
BRAM
0,760709 0,868701 0,307539
5
GDYR
-0,2286 0,678801 2,505399
6
GJTL
0,068916 0,139352 0,058839
7
HEXA
0,674724 0,634185 0,288077
8
IMAS
0,471797 2,96951 2,821263
9
INDS
-0,07412 0,001876 0,029099
10 INTA
0,57659 0,504401
0
11 LPIN
-0,00115 0,000721 0,003451
12 MASA
0,008823 0,113582 1,133508
13 NIPS
0
0
0
14 PRAS
0,00642
0
0
15 SMSM
0,495426 0,55734 0,48925
16 TURI
1,408308 0,616138 0,497606
17 UNTR
0,285016 0,375915 0,281279
20082009
20092010
0
0,429333
0,375408
0,520124
2,231688
0,014999
0,307709
0,294968
0,044571
0,051501
0,00273
1,028749
0
0
0,856705
0,63993
0,295527
0
0,435737
0,375263
0,598157
0,07671
0,064443
0,365799
0,099454
0,079196
0,094385
0
0,017384
0
0
1,13001
0,255142
0,36296
66
Universitas Sumatera Utara
Lampiran IX
Data Rata-Rata per Dua Tahun Perataan Laba (Income Smoothing)
Perusahaan
yang Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
-24,3087 -24,5125 -100,668
2
ASII
2,918869 1,991125 1,034539
3
AUTO
0,051008 1,72263 0,779963
4
BRAM
7,738204 9,095525 121,8119
5
GDYR
8,750656 4,598003 7,690013
6
GJTL
9,192286 0,593838 14,06544
7
HEXA
31,48056 0,434895 0,166557
8
IMAS
1,402189 0,003798 0,42612
9
INDS
4,731642 1,085629 1,342753
10 INTA
2,073186 0,481521 1,025412
11 LPIN
6,29412 8,152112 11,25063
12 MASA
5,099204 4,747614 0,671161
13 NIPS
6,478157 0,504212 3,788253
14 PRAS
-8,13352 -3,99872
-4,5203
15 SMSM
3,764252 0,944181 0,46996
16 TURI
0,170578 5,576546 0,87485
17 UNTR
2,773309 1,278194 1,211157
20082009
-20,3106
6,044501
22,76618
12,29609
206,75
1449,834
8,350197
4,603591
2,705875
2,440052
40,16491
5,349249
0,621991
-5,45594
23,97734
0,222973
8,727665
20092010
-1,8443
1,431063
3,051833
4,114144
2,008635
0,998257
0,444654
5,073548
0,981596
2,382951
23,39313
0,043156
4,336891
-18,2792
1,146072
33,80141
0,06922
67
Universitas Sumatera Utara
Lampiran X
Hasil Olah Data Variabel dengan Metode Ordinary Least Square (OLS)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 05:04
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
25.70263
1.503888
0.360453
-6.221758
22.44893
3.479141
4.650980
33.38310
1.144938
0.432258
0.077500
-0.186374
0.2556
0.6667
0.9384
0.8526
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.002547
-0.034395
162.0762
2127764.
-551.0468
0.068952
0.976310
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.05993
13.17487
13.10616
2.488014
68
Universitas Sumatera Utara
Lampiran XI
Hasil Olah Data Variabel dengan Metode Fixed Effect Model (FEM)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 11:21
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Fixed Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
12.01175
-0.537465
4.258391
-2.161678
35.70891
4.434385
13.76663
47.38914
0.336380
-0.121204
0.309327
-0.045615
0.7377
0.9039
0.7581
0.9638
-63.37166
-13.41834
-7.688510
18.53531
30.34625
271.2743
-10.54739
-81.89704
-32.84825
-18.38947
2.541572
-11.10985
-15.57552
-35.37565
-7.255951
-12.15992
-13.05986
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)
0.195669
-0.039443
162.4711
1715796.
-541.9011
0.832239
0.662179
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.22120
13.79594
13.45238
3.067194
69
Universitas Sumatera Utara
Lampiran XII
Hasil Olah Data Variabel dengan Metode White Cross Section (WCS)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 11:22
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
White cross-section standard errors & covariance (d.f. corrected)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Fixed Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
12.01175
-0.537465
4.258391
-2.161678
11.72379
0.830300
4.520158
8.833183
1.024562
-0.647315
0.942089
-0.244722
0.3094
0.5197
0.3496
0.8074
-63.37166
-13.41834
-7.688510
18.53531
30.34625
271.2743
-10.54739
-81.89704
-32.84825
-18.38947
2.541572
-11.10985
-15.57552
-35.37565
-7.255951
-12.15992
-13.05986
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)
0.195669
-0.039443
162.4711
1715796.
-541.9011
0.832239
0.662179
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.22120
13.79594
13.45238
3.067194
70
Universitas Sumatera Utara
Lampiran XIII
Hasil Olah Data Variabel dengan Metode Random Effect Model (REM)
Dependent Variable: IS?
Method: Pooled EGLS (Cross-section random effects)
Date: 07/27/13 Time: 11:23
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Swamy and Arora estimator of component variances
White cross-section standard errors & covariance (d.f. corrected)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Random Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
25.19282
1.352016
0.383460
-5.365392
20.59040
0.594366
1.040431
8.753278
1.223523
2.274721
0.368559
-0.612958
0.2247
0.0256
0.7134
0.5416
S.D.
Rho
25.62304
162.4711
0.0243
0.9757
-4.677654
-2.313827
-2.019238
0.981341
2.855128
29.75483
-1.700816
-2.491249
-2.772287
-2.543942
-0.851027
-2.202031
-2.508427
-3.828022
-1.742377
-1.590577
-2.349823
Effects Specification
Cross-section random
Idiosyncratic random
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.002008
-0.034955
160.3712
0.054321
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
21.82210
157.6397
2083232.
2.540120
0.983210
Unweighted Statistics
R-squared
Sum squared resid
0.002514
2127834.
Mean dependent var
Durbin-Watson stat
23.13924
2.486876
71
Universitas Sumatera Utara
Lampiran XIV
Hasil Olah Data Variabel dengan Metode Hausman Test
Correlated Random Effects - Hausman Test
Pool: POOL1
Test cross-section random effects
Test Summary
Chi-Sq. Statistic
Chi-Sq. d.f.
Prob.
0.000000
3
1.0000
Var(Diff.)
Prob.
Cross-section random
* Cross-section test variance is invalid. Hausman statistic set to zero.
** Warning: robust standard errors may not be consistent with
assumptions of Hausman test variance calculation.
Cross-section random effects test comparisons:
Variable
Fixed
Random
ROA?
-0.537465
1.352016
0.336127
0.0011
DER?
4.258391
0.383460
19.349331
0.3784
DPR?
-2.161678
-5.365392
1.405244
0.0069
t-Statistic
Prob.
Cross-section random effects test equation:
Dependent Variable: IS?
Method: Panel Least Squares
Date: 07/29/13 Time: 13:20
Sample: 2006 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
White cross-section standard errors & covariance (d.f. corrected)
Coefficient
Std. Error
C
12.01175
11.72379
1.024562
0.3094
ROA?
-0.537465
0.830300
-0.647315
0.5197
DER?
4.258391
4.520158
0.942089
0.3496
DPR?
-2.161678
8.833183
-0.244722
0.8074
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.195669
Mean dependent var
23.13924
-0.039443
S.D. dependent var
159.3588
S.E. of regression
162.4711
Akaike info criterion
13.22120
Sum squared resid
1715796.
Schwarz criterion
13.79594
Hannan-Quinn criter.
13.45238
Durbin-Watson stat
3.067194
Adjusted R-squared
Log likelihood
-541.9011
F-statistic
0.832239
Prob(F-statistic)
0.662179
72
Universitas Sumatera Utara
Daftar Populasi dan Perusahaan Sampel
No
Perusahaan
1
Polychem Indonesia
Industries) Tbk
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Astra International Tbk
Astra Otoparts Tbk
Indo Kordsa (formerly Branta Mulia) Tbk
Goodyear Indonesia Tbk
Gajah Tunggal Tbk
Hexindo Adiperkasa Tbk
Indomobil Sukses Internasional Tbk
Indospring Tbk
Intraco Penta Tbk
GT
√
√
√
√
√
√
√
√
√
Multi Prima Sejahtera Tbk (formerly Lippo Enterprise) √
Multistrada Arah Sarana Tbk
√
Nipress Tbk
√
Prima Alloy Steel Tbk
√
Allbond Makmur Usaha (formerly Sanex Qianjiang √
Motor International) Tbk
16
17
18
19
(formerly
1
Petrochem √
Selamat Sempurna Tbk
Sugi Samapersada Tbk
Tunas Ridean Tbk
United Tractors Tbk
√
√
√
√
Kriteria
2 3
√ √
1
√
√
√
√
√
√
√
√
√
√
√
√
√
X
√
√
√
√
√
√
√
√
√
√
√
√
√
√
2
3
4
5
6
7
8
9
10
11
12
13
14
-
√
√
√
√
√
X
√
√
15
16
17
Sampel
57
Universitas Sumatera Utara
Lampiran II
Data Laba Bersih dan Total Asset Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
Kode
Emiten
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
Laba Bersih
sebelum Pajak
Total Asset
Laba Bersih
sebelum Pajak
Total Asset
Laba Bersih
sebelum Pajak
Total Asset
41,936,548,000
5,457,285,000,000
279,027,000,000
119,495,991,000
-7,249,294,000
346,835,000,000
97,771,090,333
38,358,377,183
-5,836,886,305
17,997,762,600
-11,304,994,481
59,719,910,483
3,069,003,450
4,600,058,545
60,135,250,713
29,200,000,000
1,050,729,000,000
4,431,915,116,000
46,985,862,000,000
3,028,465,000,000
1,709,355,091,000
452,102,650,000
7,479,373,000,000
1,069,514,138,765
4,275,870,730,082
459,703,456,907
869,207,667,998
117,058,911,777
1,038,290,507,039
190,224,877,780
561,115,028,226
663,138,307,944
3,011,600,000,000
10,633,839,000,000
-266,963,936,000
3,712,097,000,000
282,058,000,000
18,313,909,000
25,396,749,000
118,401,000,000
39,428,000,000
1,247,961,945
2,171,591,250
7,065,909,337
-939,128,143
170,006,652,739
7,650,174,389
-2,761,453,528
66,174,829,417
22,211,000,000
930,372,000,000
3,987,067,222
57,929,290,000,000
3,028,160,000,000
1,528,904,206,000
454,850,967,000
7,276,025,000,000
1,204,104,000,000
4,418,691,931,106
490,604,325,073
831,846,049,822
108,745,776,153
1,433,688,362,871
220,228,504,723
593,160,244,451
716,685,940,960
2,857,847,000,000
11,247,846,000,000
57,976,636
6,519,273,000,000
454,907,000,000
39,148,712,000
42,399,174,000
90,841,000,000
49,522,000,000
1,382,852,849
9,887,928,336
9,513,887,731
18,034,504,389
29,204,495,783
6,393,947,393
2,773,564,587
80,324,965,210
189,816,000,000
1,493,037,000,000
4,161,340,040
63,519,598,000,000
3,454,254,000,000
1,554,863,136,000
579,661,339,000
8,454,693,000,000
1,383,840,000,000
4,907,499,956,145
599,273,413,629
863,817,636,457
139,252,657,007
1,799,172,358,609
288,147,591,200
542,959,754,143
830,049,538,892
3,345,245,000,000
13,002,619,000,000
58
Universitas Sumatera Utara
Data Laba Bersih dan Total Asset Perusahaan yang Diamati Tahun 2005-2010
(lanjutan)
(dalam rupiah)
No
Kode
Emiten
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2008
Laba Bersih
sebelum Pajak
-263,386,627,000
9,191,000,000,000
566,025,000,000
94,775,520,000
812,053,000
-624,788,000,000
61,293,300,000
23,046,929,947
31,827,215,353
22,943,741,774
4,763,329,650
2,974,000,000
1,550,888,421
-14,813,293,705
91,471,918,506
245,079,000,000
2,660,742,000,000
Total Asset
3,855,930,121,000
80,740,000,000,000
3,981,316,000,000
1,672,766,471,000
1,022,329,205,000
8,713,559,000,000
1,795,922,890,000
5,578,514,465,713
918,227,729,873
1,137,218,196,524
182,939,871,224
2,379,024,000,000
325,008,127,626
555,320,858,382
929,753,183,773
3,583,328,000,000
22,847,721,000,000
2009
2010
Laba Bersih
Laba Bersih
Total Asset
Total Asset
sebelum Pajak
sebelum Pajak
53,811,287,000
3,719,872,147,000
37,586,000,000
3,766,135,000,000
10,040,000,000,000 88,938,000,000,000 14,366,000,000,000 112,857,000,000,000
768,265,000,000
4,644,939,000,000 1,141,179,000,000
5,585,852,000,000
72,105,574,000
1,349,630,935,000
134,160,199,000
1,492,727,607,000
121,085,749,000
1,127,629,806,000
74,158,680,000
1,276,850,850,000
905,330,000,000
8,877,146,000,000
830,624,000,000
10,371,567,000,000
340,257,030,000
2,175,625,090,000
301,503,530,000
2,305,057,220,000
117,593,451,463
5,093,148,275,101
448,671,163,584
7,985,019,561,240
58,765,937,255
621,140,423,109
71,109,354,932
770,609,281,603
37,473,252,355
1,039,510,978,420
83,081,383,677
1,634,903,848,219
10,210,751,529
137,909,659,938
14,122,435,304
150,937,167,032
174,860,000,000
2,536,045,000,000
176,082,000,000
3,038,412,000,000
3,685,250,963
314,477,779,213
12,662,580,885
337,605,715,524
-36,216,313,566
420,714,339,156
306,000
461,969,000,000
132,850,275,038
941,651,276,002
150,420,111,988
1,067,103,249,531
310,387,000,000
1,770,692,000,000
269,004,000,000
2,100,154,000,000
3,817,541,000,000 24,404,828,000,000 3,872,931,000,000
20,480,311,000,000
59
Universitas Sumatera Utara
Lampiran III
Data Total Kewajiban dan Total Ekuitas Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
Total Kewajiban
Total Ekuitas
2,924,141,045,000
1,506,447,972,000
22,754,709,000,000 20,424,345,000,000
1,160,179,000,000
1,636,389,000,000
712,179,302,000
822,095,206,000
182,810,564,000
269,292,086,000
5,449,447,000,000
2,029,926,000,000
635,091,677,440
344,760,896,151
3,863,772,427,132
197,573,228,137
392,919,730,146
66,663,222,985
558,569,763,408
310,637,904,590
54,672,528,274
62,386,383,503
527,018,515,395
556,271,991,644
106,857,680,011
83,367,197,768
431,560,624,263
129,554,403,963
226,164,074,590
370,521,785,104
2,333,400,000,000
678,100,000,000
6,485,918,000,000
4,105,713,000,000
2006
Total Kewajiban
Total Ekuitas
2,734,523,719,000
1,251,220,303,000
31,498,444,000,000 22,375,766,000,000
1,066,929,000,000
1,864,461,000,000
507,214,761,000
1,528,904,206,000
173,617,886,000
281,233,081,000
5,140,783,000,000
2,135,242,000,000
858,555,000,000
345,549,000,000
4,018,951,679,342
192,314,668,938
421,649,007,062
68,834,814,236
521,270,332,476
310,575,717,346
47,298,520,793
61,447,255,360
712,066,090,788
721,622,272,083
131,294,305,664
88,934,199,059
466,367,294,016
126,792,950,435
238,605,678,305
451,061,900,565
2,183,994,000,000
673,853,000,000
6,606,651,000,000
4,594,437,000,000
2007
Total Kewajiban
Total Ekuitas
2,841,379,532
1,319,130,871
31,511,736,000,000 26,962,594,000,000
1,094,734,000,000
2,261,414,000,000
462,352,034,000
894,005,659,000
280,137,084,000
299,524,255,000
6,068,879,000,000
2,385,814,000,000
1,003,049,000,000
380,791,000,000
4,505,911,554,456
166,643,158,780
520,430,167,282
78,722,742,572
543,728,031,380
320,089,605,077
61,412,812,511
77,839,844,496
511,230,617,593
1,287,941,741,016
192,819,444,747
95,328,146,453
413,393,239,121
129,566,515,022
315,575,744,877
482,203,832,914
2,488,969,000,000
856,276,000,000
7,216,432,000,000
5,733,335,000,000
60
Universitas Sumatera Utara
Data Total Kewajiban dan Total Ekuitas Perusahaan yang Diamati Tahun 2005-2010
(lanjutan)
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2008
Total Kewajiban
Total Ekuitas
2,844,074,885,000
1,011,161,814,000
40,163,000,000,000 33,080,000,000,000
1,190,886,000,000
2,652,969,000,000
480,181,057,000
998,024,806,000
725,600,897,000
296,728,308,000
7,064,134,000,000
1,649,425,000,000
1,035,732,490,000
760,190,400,000
5,098,497,333,042
286,812,501,309
809,432,268,172
108,674,957,925
808,594,720,711
328,623,475,813
100,286,847,078
82,603,174,146
1,094,227,000,000
1,284,797,000,000
201,689,883,168
123,318,244,458
440,567,637,065
114,753,221,317
341,289,214,734
546,221,696,384
2,558,698,000,000
1,024,630,000,000
11,644,916,000,000 11,131,607,000,000
2009
Total Kewajiban
Total Ekuitas
2,629,537,989,000
1,089,679,078,000
40,006,000,000,000 39,894,000,000,000
1,262,292,000,000
3,208,778,000,000
224,872,806,000
981,987,623,000
712,275,749,000
415,354,057,000
6,206,486,000,000
2,670,660,000,000
1,183,618,300,000
992,006,790,000
4,442,314,213,689
437,331,682,843
455,454,024,153
165,565,895,180
682,054,367,132
357,456,611,288
45,095,734,263
92,813,925,675
1,076,388,000,000
1,459,657,000,000
187,474,283,792
127,003,495,421
342,177,431,405
78,536,907,751
397,397,235,616
497,821,548,960
770,475,000,000
1,000,217,000,000
10,453,748,000,000 13,843,710,000,000
2010
Total Kewajiban
Total Ekuitas
2,516,787,000,000
1,249,300,000,000
54,168,000,000,000 49,310,000,000,000
1,482,705,000,000
3,860,827,000,000
283,850,592,000
1,072,556,312,000
814,612,050,000
462,238,800,000
6,844,970,000,000
3,526,597,000,000
1,133,346,900,000
1,171,710,320,000
6,377,070,785,562
1,277,322,403,505
543,188,527,716
227,300,250,112
1,198,084,207,003
412,045,570,300
44,000,806,053
106,936,360,979
1,409,277,000,000
1,629,135,000,000
189,439,039,218
148,166,676,306
326,703,000,000
135,266,000,000
498,627,884,127
519,374,643,860
886,701,000,000
1,213,453,000,000
4,343,973,000,000 16,136,338,000,000
61
Universitas Sumatera Utara
Lampiran IV
Data Jumlah Dividen yang Dibagikan Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
2008
2009
2010
130,348,000
1,497,891,000,000
46,269,000,000
16,326,164,000
9,040,283,000
1,577,000,000
36,120,000,000
9,822,517,647
887,140,282
2,598,489,000
26,003,625
0
0
59,068,030
32,466,720,000
47,400,000,000
99,772,000,000
0
1,983,694,000,000
88,683,000,000
25,360,970,000
20,059,933,000
15,781,000,000
38,640,000,000
858,000,000
8,147,781
7,128,096,581
0
3,000,000,000
0
0
29,842,033,920
26,505,000,000
441,999,000,000
0
1,821,760,000,000
69,404,000,000
13,804,220,000
24,071,672,000
13,210,000,000
14,280,000,000
7,262,050,000
0
0
26,003,625
6,118,875,000
0
0
53,313,410,100
7,393,000,000
413,200,000,000
0
3,973,000,000,000
251,205,000,000
24,875,536,000
3,608,000,000
17,332,000,000
17,640,000,000
9,012,000,000
1,852,253,751
0
26,003,625
6,119,000,000
0
0
28,793,377,200
234,360,000,000
760,456,000,000
0
4,281,000,000,000
235,866,000,000
56,082,292,000
2,460,000,000
52,272,000,000
111,475,810,000
23,390,350,000
1,818,525,374
3,859,836,480
0
0
0
0
185,808,607,500
100,440,000,000
1,165,300,000,000
0
6,394,000,000,000
506,130,000,000
56,150,646,000
9,870,750,000
59,097,000,000
121,800,000,000
0
9,062,695,469
7,125,714,674
0
6,122,000,000
0
0
129,570,197,400
50,220,000,000
1,629,228,000,000
62
Universitas Sumatera Utara
Lampiran V
Data Total Penjualan (Sales) Perusahaan yang Diamati Tahun 2005-2010
(dalam rupiah)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005
2006
2007
2008
2009
3,958,342,198,000
61,731,635,000,000
3,852,998,000,000
1,764,996,480,000
875,047,306,000
4,834,003,000,000
1,423,316,735,746
4,529,675,595,587
432,282,485,831
716,913,027,513
43,329,381,801
327,152,707,578
218,827,682,017
688,563,010,572
861,531,261,202
4,607,300,000,000
13,281,246,000,000
3,258,933,569,000
55,508,235,000,000
3,371,898,000,000
1,500,834,620,000
982,428,331,000
5,470,730,000,000
1,395,735,768,380
2,909,094,130,573
390,975,793,831
552,057,009,273
29,234,527,055
568,031,938,696
260,153,168,468
746,120,875,043
881,116,458,927
3,874,394,000,000
13,719,567,000,000
3,858,495,710,000
70,183,000,000,000
4,184,279,000,000
1,547,111,952,000
1,088,862,056,000
6,659,854,000,000
1,741,151,000,000
5,084,057,100,076
564,440,846,044
711,000,000,000
49,153,659,260
898,334,865,525
405,748,680,778
658,094,216,269
1,064,055,094,611
4,412,018,000,000
18,165,598,000,000
4,002,532,044,000
97,064,000,000,000
5,337,720,000,000
1,537,886,215,000
1,244,519,327,000
7,963,473,000,000
2,792,930,000,000
8,197,135,054,996
963,198,182,833
1,120,470,000,000
59,249,037,246
1,333,604,315,215
480,457,824,504
410,673,009,414
1,353,586,085,743
5,541,965,000,000
27,903,196,000,000
3,142,960,000,000
98,526,000,000,000
5,265,798,000,000
1,500,639,310,000
1,261,263,460,000
7,936,432,000,000
2,295,750,150,000
6,939,569,696,730
720,228,798,921
934,303,648,833
58,088,299,182
1,691,475,000,000
279,929,010,718
161,201,000,000
1,374,651,605,661
302,700,000,000
29,241,883,000,000
2010
3,627,172,000,000
129,991,000,000,000
6,255,109,000,000
1,805,359,612,000
1,933,713,460,000
9,853,904,000,000
3,592,783,610,000
10,935,334,616,535
1,027,120,388,110
1,532,682,624,147
59,519,384,547
2,006,840,000,000
400,894,525,220
287,200,000,000
1,561,786,956,669
324,600,000,000
37,323,872,000,000
63
Universitas Sumatera Utara
Lampiran VI
Data Rata-Rata per Dua Tahun Return On Asset (ROA) Perusahaan yang
Diamati Tahun 2005-2010
N
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Kode
Emiten
ADMG
ASII
AUTO
BRAM
GDYR
GJTL
HEXA
IMAS
INDS
INTA
LPIN
MASA
NIPS
PRAS
SMSM
TURI
UNTR
2005-2006
-33,474
0,090114
0,09264
0,040943
0,0199
0,031322
0,062081
0,004627
-0,00414
0,0146
-0,05261
0,088049
0,025435
0,001771
0,091509
0,008734
0,090763
20062007
-33,4718
0,083357
0,11242
0,018578
0,06449
0,013509
0,034265
0,000282
0,010463
0,009754
0,060437
0,067406
0,028464
0,000226
0,094553
0,032257
0,098771
20072008
-0,02719
0,108234
0,136933
0,040918
0,03697
-0,03048
0,034958
0,002207
0,025581
0,015595
0,077773
0,008741
0,013481
-0,01078
0,097577
0,062568
0,115641
2008-2009
-0,02692
0,113361
0,153784
0,055042
0,054088
0,015141
0,095262
0,01361
0,064636
0,028112
0,050039
0,0351
0,008245
-0,05638
0,119733
0,121843
0,136441
20092010
0,012223
0,120091
0,184848
0,071651
0,08273
0,091035
0,143598
0,039639
0,093443
0,043433
0,083802
0,063451
0,024613
-0,04304
0,141022
0,15169
0,172765
64
Universitas Sumatera Utara
Lampiran VII
Data Rata-Rata per Dua Tahun Debt to Equity Ratio (DER) Perusahaan yang
Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
2,063284 2,169732 2,483329
2
ASII
1,2609 1,288212 1,191419
3
AUTO
0,640616 0,528169 0,46649
4
BRAM
0,599024 0,42446 0,49915
5
GDYR
0,648101 0,776309 1,690306
6
GJTL
2,546071 2,475662 3,41326
7
HEXA
2,163367 2,559365 1,998292
8
IMAS
20,22697 23,96854 22,40785
9
INDS
6,00981 6,368222 7,02956
10 INTA
1,738269 1,688537 2,079613
11 LPIN
0,823048 0,779353 1,001522
12 MASA
0,967084 0,691847 0,624305
13 NIPS
1,37904
1,7495 1,829108
14 PRAS
3,504648 3,434384 3,514924
15 SMSM
0,56969 0,591716 0,639631
16 TURI
3,34107 3,073895 2,701965
17 UNTR
1,508849 1,348324 1,152396
20082009
2,612905
1,108462
0,421138
0,355064
2,080101
3,303369
1,27781
13,96709
5,099544
2,184313
0,849976
0,794549
1,555829
4,098081
0,711545
1,63375
0,900619
20092010
2,213844
1,050664
0,388713
0,246823
1,738591
2,132454
1,080207
7,57515
2,570316
2,407863
0,44867
0,801236
1,377344
3,386081
0,879163
0,750517
0,512165
65
Universitas Sumatera Utara
Lampiran VIII
Data Rata-Rata per Dua Tahun Dividend Payout Ratio (DPR) Perusahaan
yang Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
0,001554
0
0
2
ASII
0,404431 0,406914 0,355856
3
AUTO
0,240118 0,233491 0,298186
4
BRAM
0,760709 0,868701 0,307539
5
GDYR
-0,2286 0,678801 2,505399
6
GJTL
0,068916 0,139352 0,058839
7
HEXA
0,674724 0,634185 0,288077
8
IMAS
0,471797 2,96951 2,821263
9
INDS
-0,07412 0,001876 0,029099
10 INTA
0,57659 0,504401
0
11 LPIN
-0,00115 0,000721 0,003451
12 MASA
0,008823 0,113582 1,133508
13 NIPS
0
0
0
14 PRAS
0,00642
0
0
15 SMSM
0,495426 0,55734 0,48925
16 TURI
1,408308 0,616138 0,497606
17 UNTR
0,285016 0,375915 0,281279
20082009
20092010
0
0,429333
0,375408
0,520124
2,231688
0,014999
0,307709
0,294968
0,044571
0,051501
0,00273
1,028749
0
0
0,856705
0,63993
0,295527
0
0,435737
0,375263
0,598157
0,07671
0,064443
0,365799
0,099454
0,079196
0,094385
0
0,017384
0
0
1,13001
0,255142
0,36296
66
Universitas Sumatera Utara
Lampiran IX
Data Rata-Rata per Dua Tahun Perataan Laba (Income Smoothing)
Perusahaan
yang Diamati Tahun 2005-2010
N
Kode
200620072005-2006
o Emiten
2007
2008
1
ADMG
-24,3087 -24,5125 -100,668
2
ASII
2,918869 1,991125 1,034539
3
AUTO
0,051008 1,72263 0,779963
4
BRAM
7,738204 9,095525 121,8119
5
GDYR
8,750656 4,598003 7,690013
6
GJTL
9,192286 0,593838 14,06544
7
HEXA
31,48056 0,434895 0,166557
8
IMAS
1,402189 0,003798 0,42612
9
INDS
4,731642 1,085629 1,342753
10 INTA
2,073186 0,481521 1,025412
11 LPIN
6,29412 8,152112 11,25063
12 MASA
5,099204 4,747614 0,671161
13 NIPS
6,478157 0,504212 3,788253
14 PRAS
-8,13352 -3,99872
-4,5203
15 SMSM
3,764252 0,944181 0,46996
16 TURI
0,170578 5,576546 0,87485
17 UNTR
2,773309 1,278194 1,211157
20082009
-20,3106
6,044501
22,76618
12,29609
206,75
1449,834
8,350197
4,603591
2,705875
2,440052
40,16491
5,349249
0,621991
-5,45594
23,97734
0,222973
8,727665
20092010
-1,8443
1,431063
3,051833
4,114144
2,008635
0,998257
0,444654
5,073548
0,981596
2,382951
23,39313
0,043156
4,336891
-18,2792
1,146072
33,80141
0,06922
67
Universitas Sumatera Utara
Lampiran X
Hasil Olah Data Variabel dengan Metode Ordinary Least Square (OLS)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 05:04
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
25.70263
1.503888
0.360453
-6.221758
22.44893
3.479141
4.650980
33.38310
1.144938
0.432258
0.077500
-0.186374
0.2556
0.6667
0.9384
0.8526
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.002547
-0.034395
162.0762
2127764.
-551.0468
0.068952
0.976310
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.05993
13.17487
13.10616
2.488014
68
Universitas Sumatera Utara
Lampiran XI
Hasil Olah Data Variabel dengan Metode Fixed Effect Model (FEM)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 11:21
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Fixed Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
12.01175
-0.537465
4.258391
-2.161678
35.70891
4.434385
13.76663
47.38914
0.336380
-0.121204
0.309327
-0.045615
0.7377
0.9039
0.7581
0.9638
-63.37166
-13.41834
-7.688510
18.53531
30.34625
271.2743
-10.54739
-81.89704
-32.84825
-18.38947
2.541572
-11.10985
-15.57552
-35.37565
-7.255951
-12.15992
-13.05986
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)
0.195669
-0.039443
162.4711
1715796.
-541.9011
0.832239
0.662179
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.22120
13.79594
13.45238
3.067194
69
Universitas Sumatera Utara
Lampiran XII
Hasil Olah Data Variabel dengan Metode White Cross Section (WCS)
Dependent Variable: IS?
Method: Pooled Least Squares
Date: 07/27/13 Time: 11:22
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
White cross-section standard errors & covariance (d.f. corrected)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Fixed Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
12.01175
-0.537465
4.258391
-2.161678
11.72379
0.830300
4.520158
8.833183
1.024562
-0.647315
0.942089
-0.244722
0.3094
0.5197
0.3496
0.8074
-63.37166
-13.41834
-7.688510
18.53531
30.34625
271.2743
-10.54739
-81.89704
-32.84825
-18.38947
2.541572
-11.10985
-15.57552
-35.37565
-7.255951
-12.15992
-13.05986
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)
0.195669
-0.039443
162.4711
1715796.
-541.9011
0.832239
0.662179
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
23.13924
159.3588
13.22120
13.79594
13.45238
3.067194
70
Universitas Sumatera Utara
Lampiran XIII
Hasil Olah Data Variabel dengan Metode Random Effect Model (REM)
Dependent Variable: IS?
Method: Pooled EGLS (Cross-section random effects)
Date: 07/27/13 Time: 11:23
Sample: 2005 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Swamy and Arora estimator of component variances
White cross-section standard errors & covariance (d.f. corrected)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROA?
DER?
DPR?
Random Effects (Cross)
_ADMG--C
_ASII--C
_AUTO--C
_BRAM--C
_GDYR--C
_GJTL--C
_HEXA--C
_IMAS--C
_INDS--C
_INTA--C
_LPIN--C
_MASA--C
_NIPS--C
_PRAS--C
_SMSM--C
_TURI--C
_UNTR--C
25.19282
1.352016
0.383460
-5.365392
20.59040
0.594366
1.040431
8.753278
1.223523
2.274721
0.368559
-0.612958
0.2247
0.0256
0.7134
0.5416
S.D.
Rho
25.62304
162.4711
0.0243
0.9757
-4.677654
-2.313827
-2.019238
0.981341
2.855128
29.75483
-1.700816
-2.491249
-2.772287
-2.543942
-0.851027
-2.202031
-2.508427
-3.828022
-1.742377
-1.590577
-2.349823
Effects Specification
Cross-section random
Idiosyncratic random
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.002008
-0.034955
160.3712
0.054321
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
21.82210
157.6397
2083232.
2.540120
0.983210
Unweighted Statistics
R-squared
Sum squared resid
0.002514
2127834.
Mean dependent var
Durbin-Watson stat
23.13924
2.486876
71
Universitas Sumatera Utara
Lampiran XIV
Hasil Olah Data Variabel dengan Metode Hausman Test
Correlated Random Effects - Hausman Test
Pool: POOL1
Test cross-section random effects
Test Summary
Chi-Sq. Statistic
Chi-Sq. d.f.
Prob.
0.000000
3
1.0000
Var(Diff.)
Prob.
Cross-section random
* Cross-section test variance is invalid. Hausman statistic set to zero.
** Warning: robust standard errors may not be consistent with
assumptions of Hausman test variance calculation.
Cross-section random effects test comparisons:
Variable
Fixed
Random
ROA?
-0.537465
1.352016
0.336127
0.0011
DER?
4.258391
0.383460
19.349331
0.3784
DPR?
-2.161678
-5.365392
1.405244
0.0069
t-Statistic
Prob.
Cross-section random effects test equation:
Dependent Variable: IS?
Method: Panel Least Squares
Date: 07/29/13 Time: 13:20
Sample: 2006 2010
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
White cross-section standard errors & covariance (d.f. corrected)
Coefficient
Std. Error
C
12.01175
11.72379
1.024562
0.3094
ROA?
-0.537465
0.830300
-0.647315
0.5197
DER?
4.258391
4.520158
0.942089
0.3496
DPR?
-2.161678
8.833183
-0.244722
0.8074
Effects Specification
Cross-section fixed (dummy variables)
R-squared
0.195669
Mean dependent var
23.13924
-0.039443
S.D. dependent var
159.3588
S.E. of regression
162.4711
Akaike info criterion
13.22120
Sum squared resid
1715796.
Schwarz criterion
13.79594
Hannan-Quinn criter.
13.45238
Durbin-Watson stat
3.067194
Adjusted R-squared
Log likelihood
-541.9011
F-statistic
0.832239
Prob(F-statistic)
0.662179
72
Universitas Sumatera Utara