Pengaruh Corporate Governance dan Financial Leverage Terhadap Nilai Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia

Lampiran i
Ukuran Dewan Direksi
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.

Kode Perusahaan
BUDI
ETWA
FASW
KBLI
KBLM
PYFA
SIPD
SMCB
VOKS
INAI
PICO

SRSN
PBRX
SIAP
GJTL
KDSI
ADMG
RICY
INDR
ADES
PSDN
BRPT
PTSN
AISA
KIAS

2011
7
4
5
5

3
3
5
8
6
5
2
5
6
2
7
3
4
3
3
2
6
5
3
3

3

2010
6
4
5
5
3
3
7
8
6
5
2
5
6
2
7
3
4

3
3
2
6
5
3
3
3

2009
6
4
5
5
3
3
7
8
6
5

2
4
6
2
8
3
4
3
3
2
6
5
3
3
4

2008
6
4
5

5
3
3
7
8
6
5
2
4
6
2
8
3
4
3
3
2
6
5
3

3
4

Universitas Sumatera Utara

Proporsi Komite Audit
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.

Kode Perusahaan
BUDI
ETWA
FASW
KBLI
KBLM
PYFA

SIPD
SMCB
VOKS
INAI
PICO
SRSN
PBRX
SIAP
GJTL
KDSI
ADMG
RICY
INDR
ADES
PSDN
BRPT
PTSN
AISA
KIAS

2011
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67

2010
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,50
0,67
0,67
0,50
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67

2009
0,67
0,67
0,67
0,67
0,67
0,67
0,75
0,67
0,67
0,67
0,67
0,50
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67

2008
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,50
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67
0,67

Universitas Sumatera Utara

Leverage

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.

Kode Perusahaan
BUDI
ETWA
FASW
KBLI
KBLM
PYFA
SIPD
SMCB
VOKS
INAI
PICO
SRSN
PBRX
SIAP
GJTL
KDSI
ADMG
RICY
INDR
ADES
PSDN
BRPT
PTSN
AISA
KIAS

2011
0,618
0,394
0,635
0,296
0,678
0,302
0,519
0,313
0,684
0,805
0,666
0,302
0,548
0,373
0,617
0,373
0,510
0,455
0,561
0,602
0,510
0,489
0,391
0,490
0,478

2010
0,592
0,432
0,597
0,271
0,315
0,232
0,395
0,415
0,657
0,795
0,692
0,373
0,811
0,343
0,660
0,430
0,668
0,449
0,490
0,692
0,533
0,509
0,433
0,695
0,721

2009
0,510
0,506
0,568
0,532
0,369
0,269
0,282
0,544
0,697
0,864
0,699
0,472
0,839
0,364
0,699
0,567
0,707
0,454
0,532
0,617
0,509
0,470
0,481
0,590
0,866

2008
0,618
0,403
0,648
0,657
0,509
0,298
0,254
0,704
0,729
0,877
0,744
0,509
0,896
0,372
0,811
0,530
0,738
0,498
0,600
0,719
0,529
0,482
0,465
0,615
0,853

Universitas Sumatera Utara

Nilai Perusahaan

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.

Kode Perusahaan
BUDI
ETWA
FASW
KBLI
KBLM
PYFA
SIPD
SMCB
VOKS
INAI
PICO
SRSN
PBRX
SIAP
GJTL
KDSI
ADMG
RICY
INDR
ADES
PSDN
BRPT
PTSN
AISA
KIAS

2011
0.841
1.174
0.886
1.170
0.949
0.755
0.955
0.663
0.985
0.951
0.898
1.135
0.599
0.740
0.767
0.870
0.547
0.954
0.799
2.469
2.219
0.859
0.742
0.594
1.557

2010
0.832
1.340
0.873
1.269
0.960
0.764
0.961
0.383
1.026
0.999
0.921
1.200
0.861
0.741
0.828
0.905
0.720
0.972
0.773
2.510
2.270
0.945
0.755
0.890
2.468

2009
0.804
1.409
0.906
2.215
0.965
0.805
1.958
1.071
1.032
1.033
0.940
1.200
0.893
0.771
0.895
0.934
0.759
0.989
0.826
3.926
2.545
0.891
0.776
0.829
2.541

2008
0.895
1.562
0.982
2.017
0.970
0.840
2.553
1.125
1.086
1.004
0.966
1.275
0.943
0.794
1.011
0.947
0.788
0.995
0.863
3.908
3.038
0.887
0.741
0.984
3.516

Universitas Sumatera Utara

Lampiran ii
Statistik Deskriptif Variabel Penelitian

Mean
Median
Maximum
Minimum
Std. Dev.
Observations
Cross sections

Q?
1.188078
0.948000
3.926000
0.383000
0.695848
100
25

UDD?
4.370000
4.000000
8.000000
2.000000
1.721257
100
25

PKA?
0.663000
0.670000
0.750000
0.500000
0.035831
100
25

LEV?
0.532320
0.510000
0.877000
0.232000
0.157293
100
25

Universitas Sumatera Utara

Lampiran iii
Hasil Regresi dengan Menggunakan Model Pooled Least Square
Dependent Variable: Q?
Method: Pooled Least Squares
Date: 03/15/13 Time: 01:19
Sample: 2008 2011
Included observations: 4
Cross-sections included: 25
Total pool (balanced) observations: 100
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
UDD?
PKA?
LEV?

0.298282
-0.029530
0.766660
0.959101

1.331816
0.040262
1.933575
0.439892

0.223967
-0.733455
0.396499
2.180307

0.8233
0.4651
0.6926
0.0317

0.052645
0.023040
0.687785
45.41261
-102.4248
1.778242
0.156474

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

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

1.188078
0.695848
2.128497
2.232704
2.170671
0.206072

Universitas Sumatera Utara

Lampiran iv
Hasil Regresi dengan Menggunakan Model Fixed Effect
Dependent Variable: Q?
Method: Pooled Least Squares
Date: 03/15/13 Time: 01:23
Sample: 2008 2011
Included observations: 4
Cross-sections included: 25
Total pool (balanced) observations: 100
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
UDD?
PKA?
LEV?
Fixed Effects (Cross)
_BUDI--C
_ETWA--C
_FASW--C
_KBLI--C
_KBLM--C
_PYFA--C
_SIPD--C
_SMCB--C
_VOKS--C
_INAI--C
_PICO--C
_SRSN--C
_PBRX—C
_SIAP—C
_GJTL—C
_KDSI—C
_ADMG—C
_RICY—C
_INDR—C
_PSDN—C
_BRPT—C
_PTSN—C
_AISA—C

1.195609
0.252551
1.050986
0.777054

0.896064
0.094457
1.040074
0.326338

1.334290
2.673707
1.010491
2.381131

0.1867
0.0094
0.3160
0.0202

-0.698234
0.515447
-0.335114
0.555316
0.331328
0.310911
0.153915
-1.102325
-0.467194
-0.423591
0.373464
0.369769
-0.481929
0.465776
-1.068847
0.277944
-0.324809
0.350742
0.124968
1.089880
-0.254621
0.143449
0.093755
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)

0.824590
0.758147
0.222820
3.276815
22.86381
12.41046
0.000000

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

1.042530
0.453083
0.068178
0.780857
0.355821
1.525683

Universitas Sumatera Utara

Lampiran v
Hasil Regresi dengan Menggunakan Model Random Effect
Dependent Variable: Q?
Method: Pooled EGLS (Two-way random effects)
Date: 03/15/13 Time: 01:41
Sample: 2008 2011
Included observations: 4
Cross-sections included: 25
Total pool (balanced) observations: 100
Swamy and Arora estimator of component variances
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
UDD?
PKA?
LEV?
Random Effects (Cross)
_BUDI--C
_ETWA--C
_FASW--C
_KBLI--C
_KBLM--C
_PYFA--C
_SIPD--C
_SMCB--C
_VOKS--C
_INAI--C
_PICO--C
_SRSN--C
_PBRX--C
_SIAP--C
_GJTL--C
_KDSI--C
_ADMG--C
_RICY--C
_INDR--C
_ADES--C
_PSDN--C
_BRPT--C
_PTSN--C
_AISA--C
_KIAS--C
Random Effects (Period)
2008--C
2009--C
2010--C
2011--C

0.499841
0.010645
0.547813
0.523220

1.033451
0.063044
1.236709
0.366238

0.483662
0.168842
0.442961
1.428632

0.6297
0.8663
0.6588
0.1564

-0.379510
0.224913
-0.314658
0.496044
-0.174822
-0.241171
0.450174
-0.383079
-0.222618
-0.345121
-0.309621
0.134993
-0.284120
-0.303199
-0.417566
-0.224185
-0.525825
-0.157141
-0.353490
1.887675
1.259414
-0.267836
-0.360891
-0.370802
1.182442
0.173126
0.081655
-0.085727
-0.169054
Effects Specification
S.D.

Rho

Universitas Sumatera Utara

Cross-section random
Period random
Idiosyncratic random

0.661479
0.858599
0.278067

0.3495
0.5888
0.0618

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

0.021480
-0.009098
0.270722
0.702464
0.552847

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

0.073401
0.269499
7.035869
1.114510

Unweighted Statistics
R-squared
Sum squared resid

0.033564
46.32724

Mean dependent var
Durbin-Watson stat

1.188078
0.200158

Universitas Sumatera Utara

Lampiran vi
Hasil Regresi dengan Chow Test
Redundant Fixed Effects Tests
Pool: Untitled
Test cross-section and period fixed effects
Effects Test

Statistic

Cross-section F
Cross-section Chi-square
Period F
Period Chi-square
Cross-Section/Period F
Cross-Section/Period Chi-square

d.f.

Prob.

(24,69)
24
(3,69)
3
(27,69)
27

0.0000
0.0000
0.0007
0.0000
0.0000
0.0000

Chi-Sq. Statistic

Chi-Sq. d.f.

Prob.

1266.084282
0.001465
0.841078

3
3
3

0.0000
1.0000
0.8396

20.772962
210.722427
6.413668
24.596526
19.197223
214.147184

Hasil Regresi dengan Haussman Test
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section and period random effects
Test Summary
Cross-section random
Period random
Cross-section and period random

Cross-section random effects test comparisons:
Variable

Fixed

Random

Var(Diff.)

Prob.

UDD?
PKA?
LEV?

0.136207
1.158967
1.326425

0.010645
0.547813
0.523220

0.008410
0.152689
0.007855

0.1710
0.1178
0.0000

Universitas Sumatera Utara

Lampiran vii
Uji Heteroskedastisitas dan Multikolinearitas
Hasil regresi model Fixed Effect menggunakan White Test
Dependent Variable: Q?
Method: Pooled Least Squares
Date: 03/15/13 Time: 01:38
Sample: 2008 2011
Included observations: 4
Cross-sections included: 25
Total pool (balanced) observations: 100
White cross-section standard errors & covariance (d.f. corrected)

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
UDD?
PKA?
LEV?
Fixed Effects (Cross)
_BUDI—C
_ETWA—C
_FASW—C
_KBLI—C
_KBLM—C
_PYFA—C
_SIPD—C
_SMCB—C
_VOKS—C
_INAI—C
_PICO—C
_SRSN—C
_PBRX—C
_SIAP—C
_GJTL—C
_KDSI—C
_ADMG—C
_RICY—C
_INDR—C
_PSDN—C
_BRPT—C
_PTSN—C
_AISA—C

1.195609
0.252551
1.050986
0.777054

0.958745
0.150762
0.696415
0.051867

1.247056
1.675167
1.509137
14.98180

0.2168
0.0986
0.1360
0.0000

-0.698234
0.515447
-0.335114
0.555316
0.331328
0.310911
0.153915
-1.102325
-0.467194
-0.423591
0.373464
0.369769
-0.481929
0.465776
-1.068847
0.277944
-0.324809
0.350742
0.124968
1.089880
-0.254621
0.143449
0.093755
Effects Specification

Cross-section fixed (dummy variables)
R-squared
Adjusted R-squared
S.E. of regression

0.824590
0.758147
0.222820

Mean dependent var
S.D. dependent var
Akaike info criterion

1.042530
0.453083
0.068178

Universitas Sumatera Utara

Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

3.276815
22.86381
12.41046
0.000000

Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat

0.780857
0.355821
1.525683

Universitas Sumatera Utara