Pengaruh Insider Ownership dan Risiko Pasar Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2013

Lampiran 1
Daftar Perusahaan Manufaktur Periode 2010-2013
NO

KODE

NAMA PERUSAHAAN

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ADES
ADMG
AISA
AKKU
AKPI
ALDO
ALKA
ALMI
AMFG
APLI
ARGO
ARNA
ASII

AUTO
BIMA
BRAM
BRNA
BRPT
BTON
BUDI
CEKA
CNTX
CPIN
DLTA
DPNS
DVLA
EKAD
ERTX
ESTI
ETWA
FASW
FPNI
GDST

GDYR
GGRM
GJTL
HDTX
HMSP
ICBP

Akasha Wira International
Polychem Indonesia
Tiga Pilar Sejahtera Food
Alam Karya Unggul
Argha Karya Prima Industry
Alkindo Naratama
Alaska Industrindo
Alumindo Light Metal Industry
Asahimas Flat Glass
Asiaplast Industries
Argo Pantes
ArwanaCitramulia
Astra International

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Astra Otoparts

Primarindo Asia Infrastructure
Indo Kordsa
Berlina
Barito Pacific
Beton Jaya Manunggal
Budi Starch & Sweetener
Wilmar Cahaya Indonesia
Century Textile Industry (PS)
Charoen Pokphand Indonesia
Delta Djakarta
Duta Pertiwi Nusantara
Darya-Varia Laboratoria
Ekadharma International
Eratex Djaja
Ever Shine Textile Industry
Eterindo Wahanatama
Fajar Surya Wisesa
Lotte Chemical Titan
Gunawan Dianjaya Steel
Goodyear Indonesia

Gudang Garam
Gajah Tunggal
Panasia Indo Resources
HM Sampoerna
Indofood CBP Sukses Makmur

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KRITERIA
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IGAR
IKAI
IKBI
IMAS
INAF
INCI
INDF
INDR
INDS
INKP
INRU
INTP
IPOL
JECC
JKSW
JPFA
JPRS
KAEF
KARW
KBLI
KBLM
KBRI
KDSI
KIAS
KICI
KLBF
KRAS
LION
LMSH
LPIN
MAIN
MASA
MBTO
MERK
MLBI
MLIA
MRAT
MYOR
MYRX
MYTX
NIKL
NIPS
PBRX
PICO
POLY

Champion Pacific Indonesia
Intikeramik Alamasri Industri
Sumi Indo Kabel
Indomobil Sukses Internasional
Indofarma (Persero)
Indal Aluminium Industry
Intanwijaya Internasional
Indofood Sukses Makmur
Indospring
Indah Kiat Pulp & Paper
Toba Pulp Lestari
Indocement Tunggal Prakarsa
Indopoly Swakarsa Industry
Jembo Cable Company
Jakarta Kyoei Steel Works
JAPFA Comfeed Indonesia
Jaya Pari Steel
Kimia Farma (Persero)
ICTSI Jasa Prima
KMI Wire and Cable
Kabelindo Murni
Kertas Basuki Rachmat Indonesia
Kedawung Setia Industrial
Keramika Indonesia Assosiasi
Kedaung Indah Can
Kalbe Farma
Krakatau Steel (Persero)
Lion Metal Works
Lionmesh Prima
Multi Prima Sejahtera
Malindo Feedmill
Multistrada Arah Sarana
Martina Berto
Merck
Multi Bintang Indonesia
Mulia Industrindo
Mustika Ratu
Mayora Indah
Hanson International
Apac Citra Centertex
Pelat Timah Nusantara
Nipress
Pan Brothers
Pelangi Indah Canindo
Asia Pacific Fibers

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PRAS
PSDN
PTSN
PYFA
RICY
RMBA
ROTI
SCCO

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SCPI
SIAP
SIMA
SIPD
SKLT
SMCB
SMGR
SMSM
SOBI
SPMA
SRSN
SSTM
SULI
TBMS
TCID
TIRT
TKIM
TOTO
TPIA
TRST
TSPC
ULTJ
UNIC
UNIT
UNTX
UNVR
VOKS
YPAS

Prima Alloy Steel Universal
Prasidha Aneka Niaga
Sat Nusapersada
Pyridam Farma
Ricky Putra Globalindo
Bentoel Internasional Investama
Nippon Indosari Corpindo
Supreme Cable Manufacturing &
Commerce
Merck Sharp Dohme Pharma
Sekawan Intipratama
Siwani Makmur
Sierad Produce
Sekar Laut
Holcim Indonesia
Semen Indonesia
Selamat Sempurna
Sorini Agro Asia Corporindo
Suparma
Indo Acidatama
Sunson Textile Manufacturer
SLJ Global
Tembaga Mulia Semanan
Mandom Indonesia
Tirta Mahakam Resources
Pabrik Kertas Tjiwi Kimia
Surya Toto Indonesia
Chandra Asri Petrochemical
Trias Sentosa
Tempo Scan Pacific
Ultrajaya Milk Industry & Trading
Unggul Indah Cahaya
Nusantara Inti Corpora
Unitex
Unilever Indonesia
Voksel Electric
Yanaprima Hastapersada

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Lampiran 2
Analisis Deskriptif
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis

DPR?
287.7778
105.0000
1980.000
10.00000
399.7832
2.460489
10.12820

INS?
7.360556
0.885000
71.80000
0.040000
14.10579
2.967306
13.19583

BETA?
2.231194
2.190000
4.353000
1.107000
0.932154
0.836209
2.962577

EV?
0.085242
0.016850
0.753600
0.000300
0.155230
2.804086
11.21280

PRO?
0.140875
0.153750
0.350600
0.001300
0.088618
0.301645
3.019499

Jarque-Bera
Probability

112.5409
0.000000

208.7619
0.000000

4.197577
0.122605

148.3525
0.000000

0.546509
0.760899

Sum
Sum Sq. Dev.

10360.00
5593930.

264.9800
6964.065

80.32300
30.41192

3.068700
0.843367

5.071500
0.274862

Observations
Cross sections

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9

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9

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Lampiran 3
Uji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Chi-Sq.
Statistic

Chi-Sq. d.f.

Prob.

3.157202

4

0.5319

Var(Diff.)

Prob.

-6.266886
22.690186
-111.816456 94309.623464
272614.72732
7
-346.334442 -399.833531
215497.09508
3
765.451662 1058.982551

0.2141
0.8109

Test Summary
Cross-section random

Cross-section random effects test comparisons:
Variable
INS?
BETA?
EV?
PRO?

Fixed

Random

-0.349596
-38.335503

0.9184
0.5272

Cross-section random effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 03/17/16 Time: 21:03
Sample: 2010 2013
Included observations: 4
Cross-sections included: 9
Total pool (balanced) observations: 36
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
INS?
BETA?
EV?
PRO?

297.5741
-0.349596
-38.33550
-346.3344
765.4517

755.5718
7.138876
321.2596
723.1802
851.7043

0.393840
-0.048971
-0.119329
-0.478905
0.898729

0.6973
0.9614
0.9061
0.6365
0.3781

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)

0.546874
0.310461
331.9738
2534752.
-251.9994
2.313214
0.040553

Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

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287.7778
399.7832
14.72219
15.29401
14.92177
3.407646

Lampiran 4
Redundant Fixed Effects Tests
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section fixed effects
Effects Test

Statistic

Cross-section F
Cross-section Chi-square

d.f.

Prob.

1.892969
18.211240

(8,23)
8

0.1105
0.0197

Cross-section fixed effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 03/17/16 Time: 21:15
Sample: 2010 2013
Included observations: 4
Cross-sections included: 9
Total pool (balanced) observations: 36
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
INS?
BETA?
EV?
PRO?

471.7459
-9.083703
-124.5566
-412.2424
1390.902

202.7128
4.681679
70.50937
439.2815
708.8133

2.327163
-1.940266
-1.766526
-0.938447
1.962296

0.0267
0.0615
0.0872
0.3553
0.0588

R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.248526
0.151561
368.2432
4203694.
-261.1050
2.563062
0.057890

Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

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287.7778
399.7832
14.78361
15.00354
14.86037
2.333138

Lampiran 5
Hasil Estimasi Random Effects
Dependent Variable: DPR?
Method: Pooled EGLS (Cross-section random effects)
Date: 03/16/16 Time: 15:38
Sample: 2010 2013
Included observations: 4
Cross-sections included: 9
Total pool (balanced) observations: 36
Swamy and Arora estimator of component variances
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
INS?
BETA?
EV?
PRO?
Random Effects (Cross)
_ALMI--C
_ASII--C
_AUTO--C
_DPNS--C
_GGRM--C
_LION--C
_LMSH--C
_TCID--C
_ULTJ--C

468.2881
-6.266886
-111.8165
-399.8335
1058.983

264.6268
5.317270
94.32971
500.3748
714.0750

1.769617
-1.178591
-1.185379
-0.799068
1.483013

0.0866
0.2475
0.2449
0.4303
0.1482

-165.4682
116.9018
62.24591
-148.1921
253.1399
-15.62366
-33.74169
10.97474
-80.23677
Effects Specification
S.D.

Cross-section random
Idiosyncratic random

195.4180
331.9738

Rho
0.2573
0.7427

Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.154089
0.044940
327.4301
1.411724
0.253234

Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat

186.3017
335.0450
3323524.
2.776441

Unweighted Statistics
R-squared
Sum squared resid

0.234887
4279986.

Mean dependent var
Durbin-Watson stat

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287.7778
2.155980

Lampiran 6
Estimation Command
Estimation Command:
=====================
LS(CX=R) DPR? INS? BETA? EV? PRO?
Estimation Equations:
=====================
DPR_ALMI = C(6) + C(1) + C(2)*INS_ALMI + C(3)*BETA_ALMI + C(4)*EV_ALMI +
C(5)*PRO_ALMI
DPR_ASII = C(7) + C(1) + C(2)*INS_ASII + C(3)*BETA_ASII + C(4)*EV_ASII + C(5)*PRO_ASII
DPR_AUTO = C(8) + C(1) + C(2)*INS_AUTO + C(3)*BETA_AUTO + C(4)*EV_AUTO +
C(5)*PRO_AUTO
DPR_DPNS = C(9) + C(1) + C(2)*INS_DPNS + C(3)*BETA_DPNS + C(4)*EV_DPNS +
C(5)*PRO_DPNS
DPR_GGRM = C(10) + C(1) + C(2)*INS_GGRM + C(3)*BETA_GGRM + C(4)*EV_GGRM +
C(5)*PRO_GGRM
DPR_LION = C(11) + C(1) + C(2)*INS_LION + C(3)*BETA_LION + C(4)*EV_LION +
C(5)*PRO_LION
DPR_LMSH = C(12) + C(1) + C(2)*INS_LMSH + C(3)*BETA_LMSH + C(4)*EV_LMSH +
C(5)*PRO_LMSH
DPR_TCID = C(13) + C(1) + C(2)*INS_TCID + C(3)*BETA_TCID + C(4)*EV_TCID +
C(5)*PRO_TCID
DPR_ULTJ = C(14) + C(1) + C(2)*INS_ULTJ + C(3)*BETA_ULTJ + C(4)*EV_ULTJ +
C(5)*PRO_ULTJ
Substituted Coefficients:
=====================
DPR_ALMI = -165.46816003 + 468.288104285 - 6.26688579057*INS_ALMI 111.816456151*BETA_ALMI - 399.833530608*EV_ALMI + 1058.98255059*PRO_ALMI
DPR_ASII = 116.901795708 + 468.288104285 - 6.26688579057*INS_ASII 111.816456151*BETA_ASII - 399.833530608*EV_ASII + 1058.98255059*PRO_ASII
DPR_AUTO = 62.2459062035 + 468.288104285 - 6.26688579057*INS_AUTO 111.816456151*BETA_AUTO - 399.833530608*EV_AUTO + 1058.98255059*PRO_AUTO
DPR_DPNS = -148.192094205 + 468.288104285 - 6.26688579057*INS_DPNS 111.816456151*BETA_DPNS - 399.833530608*EV_DPNS + 1058.98255059*PRO_DPNS
DPR_GGRM = 253.139925981 + 468.288104285 - 6.26688579057*INS_GGRM 111.816456151*BETA_GGRM - 399.833530608*EV_GGRM + 1058.98255059*PRO_GGRM
DPR_LION = -15.6236559415 + 468.288104285 - 6.26688579057*INS_LION 111.816456151*BETA_LION - 399.833530608*EV_LION + 1058.98255059*PRO_LION
DPR_LMSH = -33.7416887986 + 468.288104285 - 6.26688579057*INS_LMSH 111.816456151*BETA_LMSH - 399.833530608*EV_LMSH + 1058.98255059*PRO_LMSH
DPR_TCID = 10.9747416577 + 468.288104285 - 6.26688579057*INS_TCID 111.816456151*BETA_TCID - 399.833530608*EV_TCID + 1058.98255059*PRO_TCID

54

DPR_ULTJ = -80.2367705745 + 468.288104285 - 6.26688579057*INS_ULTJ 111.816456151*BETA_ULTJ - 399.833530608*EV_ULTJ + 1058.98255059*PRO_ULTJ

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