LAMPIRAN II STATISTIK DESKRIPTIF
LAMPIRAN LAMPIRAN I
DAFTAR SAMPEL PERUSAHAAN PERBANKAN YANG
TERDAFTAR DI BEI TAHUN 2010-20128 PT. Bank Danamon Indonesia Tbk BDMN
14 PT. Bank Mayapada Internasional Tbk MAYA
13 PT. Bank Mandiri (Persero) Tbk BMRI
12 PT. Bank Kesawan Tbk BKSW
11 PT. Bank Internasional Indonesia Tbk BNII
10 PT. Bank Himpunan Saudara 1906 Tbk SDRA
9 PT. Bank Ekonomi Raharja Tbk BAEK
7 PT. Bank Central Asia Tbk BBCA
No Nama Bank Kode Bank
6 PT. Bank Capital Indonesia Tbk BACA
5 PT. Bank ICB Bumi Putera Tbk BABP
4 PT. Bank Bumi Artha Tbk BNBA
3 PT. Bank Bukopin Tbk BBKP
INPC
2 PT. Bank Artha Graha Internasional Tbk
1 PT. Bank Agroniaga Tbk AGRO
15 PT. Bank Mega Tbk MEGA
16 PT. Bank Negara Indonesia (Persero) Tbk BBNI
17 PT. Bank CIMB Niaga Tbk BNGA
18 PT. Bank OCBC NISP Tbk NISP
19 PT. Bank Nusantara Parahyangan Tbk BBNP
20 PT. Bank Pan Indonesia Tbk PNBN
21 PT. Bank Permata Tbk BNLI
22 PT. Bank Sinarmas Tbk BSIM
23 PT. Bank Rakyat Indonesia (Persero) Tbk BBRI
24 PT. Bank Swadesi Tbk BSWD
25 PT. Bank Tabungan Negara (Persero) Tbk BBTN
26 PT. Bank Tabungan Pensiun Nasional Tbk BTPN
27 PT. Bank Victoria International Tbk BVIC
28 PT. Bank Windu Kentjana Internasional Tbk MCOR
Sumber: Bursa Efek Indonesia (BEI), data diolah oleh peneliti.
LAMPIRAN II STATISTIK DESKRIPTIF
VACA ROA OPM MBV
Mean 2.565979 0.522247 0.371969 0.017147 0.245399 0.417865
Median 2.25189 0.56196 0.364626 0.017508 0.210999 0.354865
Maximum 5.600375 0.821441 0.886551 0.043276 1.049414 1.232773
Minimum 0.327514 -2.053305 0.097367 -0.146827 -0.160356 0.014495
Std. Dev. 1.078438 0.346624 0.163788 0.020898 0.187047 0.296269
Sum 215.5423 43.86872 31.24543 1.440387 20.61348 35.10068
Sum Sq. Dev. 96.53134 9.972276 2.226596 0.036248 2.903877 7.285373
Observations84
84
84
84
84
84 Cross sections
28
28
28
28
28
28
LAMPIRAN III
Model 1 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 7.830949 3 0.0496 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.
VAHU? -0.007334 -0.007220 0.000002 0.9374 STVA? 0.067505 0.066041 0.000003 0.4335
VACA? -0.011397 -0.001465 0.000057 0.1890 Cross-section random effects test equation: Dependent Variable: ROA? Method: Panel Least Squares Date: 03/16/14 Time: 20:09 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-Statistic Prob.
C 0.004950 0.003447 1.436138 0.1568
VAHU? -0.007334 0.001974 -3.714449 0.0005 STVA? 0.067505 0.003962 17.03624 0.0000
VACA? -0.011397 0.010565 -1.078787 0.2856 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.934811 Mean dependent var 0.017147 Adjusted R-squared 0.897911 S.D. dependent var 0.020898 S.E. of regression 0.006677 Akaike info criterion -6.902675
Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000
Model 2 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 5.033597 3 0.1694 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.
VAHU? -0.027634 0.001824 0.001165 0.3881 STVA? 0.069786 0.144268 0.002297 0.1202
VACA? 0.171548 0.130318 0.032159 0.8182 Cross-section random effects test equation: Dependent Variable: OPM? Method: Panel Least Squares Date: 03/16/14 Time: 20:23 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-Statistic Prob.
C 0.216050 0.074343 2.906117 0.0053
VAHU? -0.027634 0.042582 -0.648951 0.5192 STVA? 0.069786 0.085461 0.816578 0.4178
VACA? 0.171548 0.227856 0.752882 0.4549 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.621473 Mean dependent var 0.245399 Adjusted R-squared 0.407212 S.D. dependent var 0.187047
S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345
MODEL 3 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 13.144590 3 0.0043 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.
VAHU? -0.055670 -0.040673 0.000359 0.4284 STVA? -0.102438 -0.137180 0.000429 0.0936
VACA? 0.618327 0.439397 0.009523 0.0667 Cross-section random effects test equation: Dependent Variable: MBV? Method: Panel Least Squares Date: 03/16/14 Time: 20:30 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-Statistic Prob.
C 0.384212 0.062399 6.157293 0.0000
VAHU? -0.055670 0.035741 -1.557582 0.1253 STVA? -0.102438 0.071731 -1.428077 0.1591
VACA? 0.618327 0.191249 3.233096 0.0021 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.893707 Mean dependent var 0.417865
Adjusted R-squared 0.833542 S.D. dependent var 0.296269 S.E. of regression 0.120876 Akaike info criterion -1.110536 Sum squared resid 0.774381 Schwarz criterion -0.213449 Log likelihood 77.64251 Hannan-Quinn criter. -0.749915 F-statistic 14.85413 Durbin-Watson stat 2.088776 Prob(F-statistic) 0.000000
LAMPIRAN IV HASIL REGRESI DATA METODE FIXED EFFECT METHOD (FEM)
Model 1 Dependent Variable: ROA Method: Pooled Least Squares Date: 03/14/14 Time: 17:03 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-Statistic Prob.
C 0.004950 0.002171 2.280668 0.0266
VAHU? -0.007334 0.001436 -5.107151 0.0000 STVA? 0.067505 0.007072 9.545085 0.0000
VACA? -0.011397 0.003629 -3.140227 0.0028 Fixed Effects
(Cross) _AGRO—C -0.003026
_INPC—C -0.009485 _BBKP—C -0.007143
_BNBA—C -0.001076 _BABP—C 0.004376
_BACA—C -0.011344 _BBCA—C 0.012844
_BDMN—C 0.012749 _BAEK—C -0.005688 _SDRA—C 0.002393
_BNII—C -0.007042 _BKSW—C -0.002144
_BMRI—C 0.007605 _MAYA—C -0.006085
_MEGA—C 0.000225 _BBNI—C 0.001112
_BNGA—C 0.000857 _NISP—C -0.007480
_BBNP—C -0.003527 _PNBN—C 0.000867
_BNLI—C -0.005932 _BSIM—C -0.003559 _BBRI—C 0.020510
_BSWD—C 0.006137 _BBTN—C -0.002050
_BTPN—C 0.019775 _BVIC—C -0.005932
_MCOR—C -0.007937 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.934811 Mean dependent var 0.017147 Adjusted R-squared 0.897911 S.D. dependent var 0.020898 S.E. of regression 0.006677 Akaike info criterion -6.902675 Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000
Estimation Command: ===================== LS(CX=F) ROA? C VAHU? STVA? VACA? Estimation Equations: ===================== ROA_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO ROA_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC ROA_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP ROA_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA ROA_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP ROA_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA ROA_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA
ROA_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN ROA_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK ROA_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA ROA_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII ROA_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW ROA_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI ROA_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA ROA_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA ROA_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI ROA_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA ROA_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP ROA_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP ROA_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN ROA_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI ROA_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM
ROA_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI ROA_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD ROA_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN ROA_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN ROA_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC ROA_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR Substituted Coefficients: ===================== ROA_AGRO = -0.00302636578167 + 0.00495028729963 - 0.0073335788596*VAHU_AGRO + 0.0675050807213*STVA_AGRO - 0.0113969468392*VACA_AGRO ROA_INPC = -0.00948541645345 + 0.00495028729963 - 0.0073335788596*VAHU_INPC + 0.0675050807213*STVA_INPC - 0.0113969468392*VACA_INPC ROA_BBKP = -0.00714304455433 + 0.00495028729963 - 0.0073335788596*VAHU_BBKP + 0.0675050807213*STVA_BBKP - 0.0113969468392*VACA_BBKP ROA_BNBA = -0.00107560705848 + 0.00495028729963 - 0.0073335788596*VAHU_BNBA + 0.0675050807213*STVA_BNBA - 0.0113969468392*VACA_BNBA ROA_BABP = 0.00437610860771 + 0.00495028729963 - 0.0073335788596*VAHU_BABP + 0.0675050807213*STVA_BABP - 0.0113969468392*VACA_BABP ROA_BACA = -0.0113439326732 + 0.00495028729963 - 0.0073335788596*VAHU_BACA + 0.0675050807213*STVA_BACA - 0.0113969468392*VACA_BACA ROA_BBCA = 0.012843942162 + 0.00495028729963 - 0.0073335788596*VAHU_BBCA + 0.0675050807213*STVA_BBCA - 0.0113969468392*VACA_BBCA ROA_BDMN = 0.0127485473927 + 0.00495028729963 - 0.0073335788596*VAHU_BDMN + 0.0675050807213*STVA_BDMN - 0.0113969468392*VACA_BDMN
ROA_BAEK = -0.00568795450317 + 0.00495028729963 - 0.0073335788596*VAHU_BAEK + 0.0675050807213*STVA_BAEK - 0.0113969468392*VACA_BAEK ROA_SDRA = 0.00239297952687 + 0.00495028729963 - 0.0073335788596*VAHU_SDRA + 0.0675050807213*STVA_SDRA - 0.0113969468392*VACA_SDRA ROA_BNII = -0.00704235367486 + 0.00495028729963 - 0.0073335788596*VAHU_BNII + 0.0675050807213*STVA_BNII - 0.0113969468392*VACA_BNII ROA_BKSW = -0.00214448649533 + 0.00495028729963 - 0.0073335788596*VAHU_BKSW + 0.0675050807213*STVA_BKSW - 0.0113969468392*VACA_BKSW ROA_BMRI = 0.00760497990521 + 0.00495028729963 - 0.0073335788596*VAHU_BMRI + 0.0675050807213*STVA_BMRI - 0.0113969468392*VACA_BMRI ROA_MAYA = -0.00608520279025 + 0.00495028729963 - 0.0073335788596*VAHU_MAYA + 0.0675050807213*STVA_MAYA - 0.0113969468392*VACA_MAYA ROA_MEGA = 0.000225097411734 + 0.00495028729963 - 0.0073335788596*VAHU_MEGA + 0.0675050807213*STVA_MEGA - 0.0113969468392*VACA_MEGA ROA_BBNI = 0.00111181265243 + 0.00495028729963 - 0.0073335788596*VAHU_BBNI + 0.0675050807213*STVA_BBNI - 0.0113969468392*VACA_BBNI ROA_BNGA = 0.000856881029626 + 0.00495028729963 - 0.0073335788596*VAHU_BNGA + 0.0675050807213*STVA_BNGA - 0.0113969468392*VACA_BNGA ROA_NISP = -0.00748002909763 + 0.00495028729963 - 0.0073335788596*VAHU_NISP + 0.0675050807213*STVA_NISP - 0.0113969468392*VACA_NISP ROA_BBNP = -0.00352694739519 + 0.00495028729963 - 0.0073335788596*VAHU_BBNP + 0.0675050807213*STVA_BBNP - 0.0113969468392*VACA_BBNP ROA_PNBN = 0.000866511484284 + 0.00495028729963 - 0.0073335788596*VAHU_PNBN + 0.0675050807213*STVA_PNBN - 0.0113969468392*VACA_PNBN ROA_BNLI = -0.00593172363234 + 0.00495028729963 - 0.0073335788596*VAHU_BNLI + 0.0675050807213*STVA_BNLI - 0.0113969468392*VACA_BNLI ROA_BSIM = -0.00355897588005 + 0.00495028729963 - 0.0073335788596*VAHU_BSIM + 0.0675050807213*STVA_BSIM - 0.0113969468392*VACA_BSIM ROA_BBRI = 0.0205104923023 + 0.00495028729963 - 0.0073335788596*VAHU_BBRI + 0.0675050807213*STVA_BBRI - 0.0113969468392*VACA_BBRI
ROA_BSWD = 0.00613716810735 + 0.00495028729963 - 0.0073335788596*VAHU_BSWD + 0.0675050807213*STVA_BSWD - 0.0113969468392*VACA_BSWD ROA_BBTN = -0.00204957423612 + 0.00495028729963 - 0.0073335788596*VAHU_BBTN + 0.0675050807213*STVA_BBTN - 0.0113969468392*VACA_BBTN ROA_BTPN = 0.0197754536655 + 0.00495028729963 - 0.0073335788596*VAHU_BTPN + 0.0675050807213*STVA_BTPN - 0.0113969468392*VACA_BTPN ROA_BVIC = -0.00593178520347 + 0.00495028729963 - 0.0073335788596*VAHU_BVIC + 0.0675050807213*STVA_BVIC - 0.0113969468392*VACA_BVIC ROA_MCOR = -0.0079365748182 + 0.00495028729963 - 0.0073335788596*VAHU_MCOR + 0.0675050807213*STVA_MCOR - 0.0113969468392*VACA_MCOR Model 2
Dependent Variable: OPM Method: Pooled Least Squares Date: 03/14/14 Time: 17:15 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-Statistic Prob.
C 0.216050 0.021630 9.988431 0.0000
VAHU? -0.027634 0.002611 -10.58501 0.0000 STVA? 0.069786 0.026542 2.629236 0.0112
VACA? 0.171548 0.053042 3.234179 0.0021 Fixed Effects
(Cross) _AGRO—C -0.132428
_INPC—C -0.175688 _BBKP—C -0.065529
_BNBA—C -0.058783 _BABP—C -0.209392
_BACA—C -0.107792
_BBCA—C 0.261053 _BDMN—C 0.056335
_BAEK—C 0.248054 _SDRA—C -0.077887
_BNII—C 0.162131 _BKSW—C -0.251085
_BMRI—C 0.211193 _MAYA—C -0.074300
_MEGA—C -0.015409 _BBNI—C 0.092319
_BNGA—C 0.049126 _NISP—C 0.263962
_BBNP—C -0.105142 _PNBN—C 0.066153
_BNLI—C -0.064364 _BSIM—C -0.085720 _BBRI—C 0.098800
_BSWD—C 0.129143 _BBTN—C -0.047025
_BTPN—C -0.065378 _BVIC—C 0.005036
_MCOR—C -0.107383 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.621473 Mean dependent var 0.245399 Adjusted R-squared 0.407212 S.D. dependent var 0.187047 S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345 stimation Command:
===================== LS(CX=F) OPM? C VAHU? STVA? VACA? Estimation Equations: ===================== OPM_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO
OPM_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC OPM_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP OPM_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA OPM_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP OPM_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA OPM_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA OPM_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN OPM_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK OPM_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA OPM_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII OPM_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW OPM_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI OPM_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA OPM_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA OPM_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI
OPM_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA OPM_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP OPM_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP OPM_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN OPM_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI OPM_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM OPM_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI OPM_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD OPM_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN OPM_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN OPM_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC OPM_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR Substituted Coefficients: ===================== OPM_AGRO = -0.132428321834 + 0.216050101431 - 0.0276337859696*VAHU_AGRO + 0.0697858925365*STVA_AGRO + 0.171548359439*VACA_AGRO OPM_INPC = -0.175687798775 + 0.216050101431 - 0.0276337859696*VAHU_INPC + 0.0697858925365*STVA_INPC + 0.171548359439*VACA_INPC
OPM_BBKP = -0.0655290587429 + 0.216050101431 - 0.0276337859696*VAHU_BBKP + 0.0697858925365*STVA_BBKP + 0.171548359439*VACA_BBKP OPM_BNBA = -0.058783395058 + 0.216050101431 - 0.0276337859696*VAHU_BNBA + 0.0697858925365*STVA_BNBA + 0.171548359439*VACA_BNBA OPM_BABP = -0.209392065253 + 0.216050101431 - 0.0276337859696*VAHU_BABP + 0.0697858925365*STVA_BABP + 0.171548359439*VACA_BABP OPM_BACA = -0.107791965407 + 0.216050101431 - 0.0276337859696*VAHU_BACA + 0.0697858925365*STVA_BACA + 0.171548359439*VACA_BACA OPM_BBCA = 0.261052989048 + 0.216050101431 - 0.0276337859696*VAHU_BBCA + 0.0697858925365*STVA_BBCA + 0.171548359439*VACA_BBCA OPM_BDMN = 0.056334674839 + 0.216050101431 - 0.0276337859696*VAHU_BDMN + 0.0697858925365*STVA_BDMN + 0.171548359439*VACA_BDMN OPM_BAEK = 0.248054433232 + 0.216050101431 - 0.0276337859696*VAHU_BAEK + 0.0697858925365*STVA_BAEK + 0.171548359439*VACA_BAEK OPM_SDRA = -0.0778865539423 + 0.216050101431 - 0.0276337859696*VAHU_SDRA + 0.0697858925365*STVA_SDRA + 0.171548359439*VACA_SDRA OPM_BNII = 0.16213061139 + 0.216050101431 - 0.0276337859696*VAHU_BNII + 0.0697858925365*STVA_BNII + 0.171548359439*VACA_BNII OPM_BKSW = -0.251085431772 + 0.216050101431 - 0.0276337859696*VAHU_BKSW + 0.0697858925365*STVA_BKSW + 0.171548359439*VACA_BKSW OPM_BMRI = 0.211193100561 + 0.216050101431 - 0.0276337859696*VAHU_BMRI + 0.0697858925365*STVA_BMRI + 0.171548359439*VACA_BMRI OPM_MAYA = -0.0743004835459 + 0.216050101431 - 0.0276337859696*VAHU_MAYA + 0.0697858925365*STVA_MAYA + 0.171548359439*VACA_MAYA OPM_MEGA = -0.0154089308228 + 0.216050101431 - 0.0276337859696*VAHU_MEGA + 0.0697858925365*STVA_MEGA + 0.171548359439*VACA_MEGA OPM_BBNI = 0.0923187626936 + 0.216050101431 - 0.0276337859696*VAHU_BBNI + 0.0697858925365*STVA_BBNI + 0.171548359439*VACA_BBNI OPM_BNGA = 0.049126261013 + 0.216050101431 - 0.0276337859696*VAHU_BNGA + 0.0697858925365*STVA_BNGA + 0.171548359439*VACA_BNGA
OPM_NISP = 0.263962064512 + 0.216050101431 - 0.0276337859696*VAHU_NISP + 0.0697858925365*STVA_NISP + 0.171548359439*VACA_NISP OPM_BBNP = -0.105141973543 + 0.216050101431 - 0.0276337859696*VAHU_BBNP + 0.0697858925365*STVA_BBNP + 0.171548359439*VACA_BBNP OPM_PNBN = 0.0661534426646 + 0.216050101431 - 0.0276337859696*VAHU_PNBN + 0.0697858925365*STVA_PNBN + 0.171548359439*VACA_PNBN OPM_BNLI = -0.0643644416162 + 0.216050101431 - 0.0276337859696*VAHU_BNLI + 0.0697858925365*STVA_BNLI + 0.171548359439*VACA_BNLI OPM_BSIM = -0.0857198219262 + 0.216050101431 - 0.0276337859696*VAHU_BSIM + 0.0697858925365*STVA_BSIM + 0.171548359439*VACA_BSIM OPM_BBRI = 0.0987997227854 + 0.216050101431 - 0.0276337859696*VAHU_BBRI + 0.0697858925365*STVA_BBRI + 0.171548359439*VACA_BBRI OPM_BSWD = 0.12914332185 + 0.216050101431 - 0.0276337859696*VAHU_BSWD + 0.0697858925365*STVA_BSWD + 0.171548359439*VACA_BSWD OPM_BBTN = -0.0470253838961 + 0.216050101431 - 0.0276337859696*VAHU_BBTN + 0.0697858925365*STVA_BBTN + 0.171548359439*VACA_BBTN OPM_BTPN = -0.0653775781571 + 0.216050101431 - 0.0276337859696*VAHU_BTPN + 0.0697858925365*STVA_BTPN + 0.171548359439*VACA_BTPN OPM_BVIC = 0.00503649077286 + 0.216050101431 - 0.0276337859696*VAHU_BVIC + 0.0697858925365*STVA_BVIC + 0.171548359439*VACA_BVIC OPM_MCOR = -0.10738267107 + 0.216050101431 - 0.0276337859696*VAHU_MCOR + 0.0697858925365*STVA_MCOR + 0.171548359439*VACA_MCOR Model 3
Dependent Variable: MBV Method: Pooled Least Squares Date: 03/14/14 Time: 17:22 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-Statistic Prob.
C 0.384212 0.060375 6.363714 0.0000
VAHU? -0.055670 0.021607 -2.576461 0.0128 STVA? -0.102438 0.023691 -4.323982 0.0001
VACA? 0.618327 0.073560 8.405785 0.0000 Fixed Effects
(Cross) _AGRO—C 0.624433
_INPC—C 0.197545 _BBKP—C -0.231027
_BNBA—C 0.102344 _BABP—C 0.286454
_BACA—C 0.464066 _BBCA—C -0.345228
_BDMN—C -0.218311 _BAEK—C -0.401169 _SDRA—C 0.000999
_BNII—C -0.070144 _BKSW—C 0.521167
_BMRI—C 0.077924 _MAYA—C -0.103604
_MEGA—C -0.127226 _BBNI—C -0.147708
_BNGA—C -0.322592 _NISP—C -0.310622
_BBNP—C -0.103915 _PNBN—C -0.042687
_BNLI—C -0.261650 _BSIM—C 0.281781 _BBRI—C -0.399100
_BSWD—C 0.237933 _BBTN—C 0.165269
_BTPN—C -0.362552 _BVIC—C 0.222064
_MCOR—C 0.265558 Effects Specification
Cross-section fixed (dummy variables) R-squared 0.893707 Mean dependent var 0.417865 Adjusted R-squared 0.833542 S.D. dependent var 0.296269 S.E. of regression 0.120876 Akaike info criterion -1.110536 Sum squared resid 0.774381 Schwarz criterion -0.213449 Log likelihood 77.64251 Hannan-Quinn criter. -0.749915 F-statistic 14.85413 Durbin-Watson stat 2.088776 Prob(F-statistic) 0.000000 Estimation Command: ===================== LS(CX=F) MBV? C VAHU? STVA? VACA? Estimation Equations: ===================== MBV_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO MBV_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC MBV_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP MBV_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA MBV_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP MBV_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA MBV_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA MBV_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN MBV_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK MBV_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA MBV_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII MBV_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW MBV_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI
MBV_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA MBV_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA MBV_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI MBV_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA MBV_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP MBV_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP MBV_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN MBV_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI MBV_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM MBV_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI MBV_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD MBV_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN MBV_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN MBV_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC MBV_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR
Substituted Coefficients: ===================== MBV_AGRO = 0.624432893102 + 0.384211982442 - 0.0556697731693*VAHU_AGRO - 0.102438031614*STVA_AGRO + 0.618327023235*VACA_AGRO MBV_INPC = 0.19754472224 + 0.384211982442 - 0.0556697731693*VAHU_INPC - 0.102438031614*STVA_INPC + 0.618327023235*VACA_INPC MBV_BBKP = -0.231026539082 + 0.384211982442 - 0.0556697731693*VAHU_BBKP - 0.102438031614*STVA_BBKP + 0.618327023235*VACA_BBKP MBV_BNBA = 0.102343600228 + 0.384211982442 - 0.0556697731693*VAHU_BNBA - 0.102438031614*STVA_BNBA + 0.618327023235*VACA_BNBA MBV_BABP = 0.286454426953 + 0.384211982442 - 0.0556697731693*VAHU_BABP - 0.102438031614*STVA_BABP + 0.618327023235*VACA_BABP MBV_BACA = 0.464066222729 + 0.384211982442 - 0.0556697731693*VAHU_BACA - 0.102438031614*STVA_BACA + 0.618327023235*VACA_BACA MBV_BBCA = -0.345228350694 + 0.384211982442 - 0.0556697731693*VAHU_BBCA - 0.102438031614*STVA_BBCA + 0.618327023235*VACA_BBCA MBV_BDMN = -0.218311230498 + 0.384211982442 - 0.0556697731693*VAHU_BDMN - 0.102438031614*STVA_BDMN + 0.618327023235*VACA_BDMN MBV_BAEK = -0.401169326994 + 0.384211982442 - 0.0556697731693*VAHU_BAEK - 0.102438031614*STVA_BAEK + 0.618327023235*VACA_BAEK MBV_SDRA = 0.000998763035202 + 0.384211982442 - 0.0556697731693*VAHU_SDRA - 0.102438031614*STVA_SDRA + 0.618327023235*VACA_SDRA MBV_BNII = -0.0701435576012 + 0.384211982442 - 0.0556697731693*VAHU_BNII - 0.102438031614*STVA_BNII + 0.618327023235*VACA_BNII MBV_BKSW = 0.521166730257 + 0.384211982442 - 0.0556697731693*VAHU_BKSW - 0.102438031614*STVA_BKSW + 0.618327023235*VACA_BKSW MBV_BMRI = 0.0779240830864 + 0.384211982442 - 0.0556697731693*VAHU_BMRI - 0.102438031614*STVA_BMRI + 0.618327023235*VACA_BMRI MBV_MAYA = -0.103603922279 + 0.384211982442 - 0.0556697731693*VAHU_MAYA - 0.102438031614*STVA_MAYA + 0.618327023235*VACA_MAYA
MBV_MEGA = -0.127225519815 + 0.384211982442 - 0.0556697731693*VAHU_MEGA - 0.102438031614*STVA_MEGA + 0.618327023235*VACA_MEGA MBV_BBNI = -0.147708227562 + 0.384211982442 - 0.0556697731693*VAHU_BBNI - 0.102438031614*STVA_BBNI + 0.618327023235*VACA_BBNI MBV_BNGA = -0.322591646507 + 0.384211982442 - 0.0556697731693*VAHU_BNGA - 0.102438031614*STVA_BNGA + 0.618327023235*VACA_BNGA MBV_NISP = -0.310622349973 + 0.384211982442 - 0.0556697731693*VAHU_NISP - 0.102438031614*STVA_NISP + 0.618327023235*VACA_NISP MBV_BBNP = -0.103915298649 + 0.384211982442 - 0.0556697731693*VAHU_BBNP - 0.102438031614*STVA_BBNP + 0.618327023235*VACA_BBNP MBV_PNBN = -0.0426872452583 + 0.384211982442 - 0.0556697731693*VAHU_PNBN - 0.102438031614*STVA_PNBN + 0.618327023235*VACA_PNBN MBV_BNLI = -0.261649900756 + 0.384211982442 - 0.0556697731693*VAHU_BNLI - 0.102438031614*STVA_BNLI + 0.618327023235*VACA_BNLI MBV_BSIM = 0.281781292378 + 0.384211982442 - 0.0556697731693*VAHU_BSIM - 0.102438031614*STVA_BSIM + 0.618327023235*VACA_BSIM MBV_BBRI = -0.39910030934 + 0.384211982442 - 0.0556697731693*VAHU_BBRI - 0.102438031614*STVA_BBRI + 0.618327023235*VACA_BBRI MBV_BSWD = 0.2379325377 + 0.384211982442 - 0.0556697731693*VAHU_BSWD - 0.102438031614*STVA_BSWD + 0.618327023235*VACA_BSWD MBV_BBTN = 0.165269121205 + 0.384211982442 - 0.0556697731693*VAHU_BBTN - 0.102438031614*STVA_BBTN + 0.618327023235*VACA_BBTN MBV_BTPN = -0.362552346998 + 0.384211982442 - 0.0556697731693*VAHU_BTPN - 0.102438031614*STVA_BTPN + 0.618327023235*VACA_BTPN MBV_BVIC = 0.222063816187 + 0.384211982442 - 0.0556697731693*VAHU_BVIC - 0.102438031614*STVA_BVIC + 0.618327023235*VACA_BVIC MBV_MCOR = 0.265557562909 + 0.384211982442 - 0.0556697731693*VAHU_MCOR - 0.102438031614*STVA_MCOR + 0.618327023235*VACA_MCOR