Analisis Struktur Modal Optimal Perusahaan Manufaktur Sektor Industri Barang Konsumsi di Bursa Efek Indonesia
Lampiran 1
Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Menjadi
Populasi dan Sampel Penelitian
No.
Nama Perusahaan
Kriteria 1
Kriteria 2
Kriteria 3
Sampel
1
Akasha Wira International Tbk
2
Tiga Pilar Sejahtera Food Tbk
3
Tri Banyan Tirta Tbk
4
Aqua Golden Mississippi Tbk
5
Cahaya Kalbar Tbk
-
6
Davomas Abadi Tbk
-
7
Delta Djakarta Tbk
8
Indofood CBP Sukses Makmur Tbk
9
Indofood Sukses Makmur Tbk
10
Multi Bintang Indonesia Tbk
-
11
Mayora Indah Tbk
Sampel 7
12
Prashida Aneka Niaga Tbk
Sampel 8
13
Nippon Indosari Corporindo Tbk
Sampel 9
14
Sekar Bumi Tbk
Sampel 10
15
Sekar Laut Tbk
Sampel 11
16
Siantar Top Tbk
Sampel 12
17
Ultrajaya Milk Industry Company
Tbk
-
-
Sampel 1
Sampel 2
Sampel 3
-
Sampel 4
Sampel 5
Sampel 6
Sampel 13
18
Gudang Garam Tbk
Sampel 14
19
Hanjaya Mandala Sampoerna Tbk
Sampel 15
20
Bentoel International Investama Tbk
21
Wismilak Inti Makmur Tbk
-
22
Darya Varia Laboratorium Tbk
-
Sampel 16
74
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Nama Perusahaan
Kriteria 1
Kriteria 2
Kriteria 3
Sampel
23
Indofarma Tbk
Sampel 17
24
Merck Tbk
Sampel 18
25
Kalbe Farma Tbk
Sampel 19
26
Chitose Internasional Tbk
27
Pyridam Farma Tbk
28
Merck Sharp Dohme Pharma Tbk
29
Industri Jamu dan Farmasi Muncul
Tbk
30
Taisho
Tbk
31
Tempo Scan Pasific Tbk
Sampel 22
32
Martina Berto Tbk
Sampel 23
33
Mustika Ratu Tbk
Sampel 24
34
Sara Lee Body Care Indonesia Tbk
35
Mandom Indonesia Tbk
Sampel 25
36
Unilever Indonesia Tbk
37
Kimia Farma Tbk
38
Kedawung Setia Industrial Tbk
Sampel 28
39
Kedaung Indag Can Tbk
Sampel 29
40
Langgeng Makmur Industry Tbk
Sampel 30
Pharmaceutical
Indonesia
Sampel 20
-
Sampel 21
Sampel 26
Sampel 27
Sumber :www.sahamok.com
75
Universitas Sumatera Utara
Lampiran 2
Data Debt to Equity Ratio Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
2012
0,986999
Debt to Equity Ratio (DER)
2013
2014
0,650267
0,703275
2015
0,961305
Tri Banyan Tirta Tbk
0,677207
1,483003
1,247584
1,348620
3
Delta Djakarta Tbk
0,256285
0,246553
0,309136
0,216723
4
Indofood CBP
Sukses Makmur Tbk
0,459176
0,557424
0,642529
0,661196
5
Indofood Sukses
Makmur Tbk
0,713080
0,905510
1,114348
1,205600
6
Tiga Pilar Sejahtera
Food Tbk
0,934030
1,098470
1,162880
1,193658
7
Mayora Indah Tbk
1,718615
1,436972
1,725481
1,294325
8
Prashida Aneka
Niaga Tbk
0,668939
0,680768
0,613313
0,877202
9
Nippon Indosari
Corporindo Tbk
0,650532
1,336980
1,310190
1,292024
10
Sekar Bumi Tbk
1,102059
1,319636
1,014583
1,265933
11
Sekar Laut Tbk
0,835195
1,064879
1,035362
1,155030
12
Siantar Top Tbk
1,044823
1,076557
1,056082
1,001565
13
Ultrajaya Milk
Industry Company
Tbk
0,491927
0,380517
0,389368
0,270685
14
Gudang Garam Tbk
0,592205
0,687328
2,179411
0,659310
15
Hanjaya Mandala
Sampoerna Tbk
1,108948
2,187392
1,368059
2,629820
16
Kimia Farma Tbk
0,505250
0,520604
0,599517
0,761715
Nama
Perusahaan
Akasha Wira
International Tbk
2
No.
1
76
Universitas Sumatera Utara
Lanjutan Lampiran 2
2012
0,339287
Debt to Equity Ratio (DER)
2013
2014
0,293869
0,309074
2015
0,479395
0,841583
0,430608
0,272904
1,179428
0,383851
0,319542
1,369618
0,277766
0,303146
1,416422
0,234203
0,264172
18
19
20
Nama
Perusahaan
Darya Varia
Laboratorium Tbk
Indofarma Tbk
Merck Tbk
Kalbe Farma Tbk
21
Pyridam Farma Tbk
0,517260
0,863774
0,788924
0,751089
22
Taisho
Pharmaceutical
Indonesia Tbk
0,197803
0,213615
0,286462
0,304421
23
Tempo Scan Pasific
Tbk
0,382265
0,365151
0,324938
0,364331
24
Martina Berto Tbk
0,370893
0,295009
0,324985
0,319876
25
Mustika Ratu Tbk
4,063672
0,173431
0,210958
0,271369
26
Mandom Indonesia
Tbk
0,175113
0,229896
0,386087
0,206293
27
Unilever Indonesia
Tbk
1,432984
1,420889
1,771875
1,77725
28
Kedawung Setia
Industrial Tbk
0,898219
1,010036
1,417803
1,925756
29
Kedaung Indag Can
Tbk
0,390691
0,389717
0,304338
0,366221
30
Langgeng Makmur
Industry Tbk
0,828915
0,979020
0,923139
0,964472
No.
17
Sumber : www.idx.co.id (data diolah)
77
Universitas Sumatera Utara
Lampiran 3
Data Profitabilitas Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
Profitabilitas(PROF)
2012
2013
0.167979322
0.11454139
2014
0.068334153
2015
0.036885393
2
Tri Banyan Tirta
Tbk
0.048555686
0.037370689
0.003179287
0.020398115
3
Delta Djakarta Tbk
0.300009126
0.331755259
0.289344777
0.160642378
4
Indofood CBP
Sukses Makmur Tbk
0.139058194
0.124615696
0.113925347
0.120318457
5
Indofood Sukses
Makmur Tbk
0.087733599
0.045049343
0.06255543
0.028863271
6
Kimia Farma Tbk
0.102097592
0.071426379
0.073212689
0.071352961
7
Mayora Indah Tbk
0.086350099
0.110964512
0.031623336
0.109395499
8
Prashida Aneka
Niaga Tbk
0.075128455
0.036209233
0.008626788
0.035360193
9
Nippon Indosari
Corporindo Tbk
0.127990257
0.07366884
0.08463288
0.10022891
10
Sekar Bumi Tbk
0.047994981
0.094106815
0.132552546
0.049017966
11
Sekar Laut Tbk
0.04171544
0.044460659
0.06573552
0.059784604
12
Siantar Top Tbk
0.066206675
0.07781146
0.077738831
0.076227512
13
Ultrajaya Milk
Industry Company
Tbk
0.143892665
0.137037861
0.089709284
0.152651045
14
Gudang Garam Tbk
0.09961478
0.091495924
0.095946116
0.092603107
15
Hanjaya Mandala
Sampoerna Tbk
0.436177217
0.253283266
0.394986098
0.322560983
16
Tiga Pilar Sejahtera
Tbk
Darya Varia
Laboratorium Tbk
0.068115379
0.068710057
0.049122313
0.043130995
0.138957793
0.112694323
0.076703946
0.0932371
No.
1
17
78
Universitas Sumatera Utara
Lanjutan Lampiran 3
18
Nama
Perusahaan
Indofarma Tbk
19
Merck Tbk
20
No.
2012
Profitabilitas(PROF)
2013
2014
2015
Kalbe Farma Tbk
0.026219758 0.062298863
0.062746581 0.070523565
0.189485585 0.173521839
0.033793212 0.027376183
0.082343237 0.250691104
0.165406831 0.152031221
21
Pyridam Farma Tbk
0.040896023 0.0190424
0.006038371 0.006165231
22
Taisho
Pharmaceutical
Indonesia Tbk
0.389529557 0.389869555
0.404162575 0.373276851
23
Tempo Scan Pasific
Tbk
0.14984877
0.135872436
0.120320197 0.103480488
24
Martina Berto Tbk
0.082321143 0.067320886
0.008938419 0.007530132
25
Mustika Ratu Tbk
0.062746581 0.070523565
0.082343237 0.250691104
26
Mandom Indonesia
Tbk
0.140545677 0.150913307
0.118969763 0.234370057
27
Unilever Indonesia
Tbk
0.394629087 0.409936359
0.357317623 0.350241739
28
Kedawung Setia
Industrial Tbk
0.07345074
0.062117129
0.038871601 0.012093494
29
Kedaung Indah Can
Tbk
0.034670629 0.085950935
0.071197733 0.030249252
30
Langgeng Makmur
Industry Tbk
0.006652281 0.002134018
0.001386287 0.006629251
Sumber : www.idx.co.id (data diolah)
79
Universitas Sumatera Utara
Lampiran 4
Data Aset Berwujud Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
2012
0.277073021
Aset berwujud(TANG)
2013
2014
0.242366635
0.341140696
2015
0.392205984
2
Tri Banyan Tirta Tbk
0.398828907
0.276218372
0.410437796
0.4586268
3
Delta Djakarta Tbk
0.143065519
0.121752353
0.122165203
0.112239266
4
Indofood CBP Sukses
Makmur Tbk
0.19921298
0.229819204
0.225061073
0.236607936
5
Indofood Sukses
Makmur Tbk
0.262670482
0.289617282
0.28469899
0.265985155
6
Kimia Farma Tbk
0.207373696
0.214730827
0.190335627
0.201093199
7
Mayora Indah Tbk
0.351644508
0.342068307
0.340176662
0.33875836
8
Prashida Aneka Niaga
Tbk
0.410202111
0.394462822
0.415650048
0.456611334
9
Nippon Indosari
Corporindo Tbk
0.778393128
0.645821361
0.803164977
0.660657447
10
Sekar Bumi Tbk
0.480910117
0.369109733
0.297389126
0.446770805
11
Sekar Laut Tbk
0.402487508
0.414978196
0.417271701
0.410690315
12
Siantar Top Tbk
0.558112007
0.520411792
0.511052414
0.528422362
13
Ultrajaya Milk Industry
Company Tbk
0.436184948
0.339821143
0.335898751
0.291628825
14
Gudang Garam Tbk
0.232611629
0.284585244
0.314523649
0.336622353
15
Hanjaya Mandala
Sampoerna Tbk
0.178299878
0.166766855
0.215103514
0.197116527
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.281329837
0.274525113
0.238666352
0.255803752
0.286807619
0.286018456
0.287556097
0.291981576
No.
1
18
80
Universitas Sumatera Utara
Lanjutan Lampiran 4
19
20
Nama
Perusahaan
Merck Tbk
Kalbe Farma Tbk
2012
0.098229868
0.248168876
Aset berwujud(TANG)
2013
2014
0.088611279
0.100839295
0.261642867
0.270734284
2015
0.116962448
0.286743029
21
Pyridam Farma Tbk
0.445219527
0.589643076
0.530958922
0.50637309
22
Taisho
Pharmaceutical
Indonesia Tbk
0.239855425
0.207959464
0.194299302
0.211645978
23
Tempo Scan Pasific
Tbk
0.208725145
0.205571812
0.274223633
0.26818699
24
Martina Berto Tbk
0.124922696
0.175723098
0.237712434
0.243464229
25
Mustika Ratu Tbk
0.181933937
0.175079233
0.164134193
0.146787458
26
Mandom Indonesia
Tbk
0.342480448
0.379113804
0.472181103
0.456139624
27
Unilever Indonesia
Tbk
0.479065941
0.495781541
0.464724945
0.488839721
28
Kedawung Setia
Industrial Tbk
0.294529479
0.244052109
0.404466473
0.364361171
29
Kedaung Indah Can
Tbk
0.102687757
0.087484746
0.077240662
0.076581721
30
Langgeng Makmur
Industry Tbk
0.362964428
0.339191841
0.35085587
0.324577237
No.
Sumber : www.idx.co.id (data diolah)
81
Universitas Sumatera Utara
Lampiran 5
Data Ukuran Perusahaan Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
No.
1
Nama
Perusahaan
Akasha Wira
International Tbk
2012
12.84261508
Ukuran Perusahaan(SIZE)
2013
2014
13.11085137
12.96608844
2015
13.3269714
2
Tri Banyan Tirta
Tbk
26.45444332
26.95447373
27.83022542
27.80398131
3
Delta Djakarta Tbk
20.32574154
20.44320493
20.5909385
20.67415944
4
Indofood CBP
Sukses Makmur Tbk
16.6302771
16.8147711
16.98718269
17.07520578
5
Indofood Sukses
Makmur Tbk
17.86057963
18.11296999
18.27212267
18.32492773
6
Kimia Farma Tbk
28.36525268
28.47582684
28.63963757
28.78368226
7
Mayora Indah Tbk
29.6755393
29.82046944
30.00556671
30.03862647
8
Prashida Aneka
Niaga Tbk
27.26393631
27.3057324
27.18355202
27.19509457
9
Nippon Indosari
Corporindo Tbk
27.64457835
28.15161359
28.36655213
28.57155667
10
Sekar Bumi Tbk
26.20746221
26.68719027
27.1109353
27.31635871
11
Sekar Laut Tbk
26.18532911
26.38067513
26.45775964
26.60467277
12
Siantar Top Tbk
27.74757611
27.95609297
28.11203597
28.23768209
13
Ultrajaya Milk
Industry Company
Tbk
28.46827004
28.63044771
28.74207486
28.85120313
14
Gudang Garam Tbk
17.52243013
17.68186233
17.8511646
17.89881758
15
Hanjaya Mandala
Sampoerna Tbk
16.94856741
17.09391246
17.07561746
17.26771067
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
15.15593871
29.18788696
29.59316192
15.95751296
27.77838325
27.8734202
27.90518231
27.933471
18
82
Universitas Sumatera Utara
Lanjutan Lampiran 5
19
Nama
Perusahaan
Merck Tbk
2012
20.20275865
Ukuran Perusahaan(SIZE)
2013
2014
20.33793039
20.30347304
2015
20.28407884
20
Kalbe Farma Tbk
29.79953128
29.97778994
30.1174069
30.21572366
21
Pyridam Farma Tbk
25.59896249
25.84558491
25.87503387
25.86106989
22
Taisho
Pharmaceutical
Indonesia Tbk
19.67310501
19.85858981
19.87969803
19.85840964
23
Tempo Scan Pasific
Tbk
29.13840215
29.27873932
29.32048391
29.41766011
24
Martina Berto Tbk
27.09314313
27.12456387
27.1227325
27.12458786
25
Mustika Ratu Tbk
26.80248892
26.84796603
26.87690982
26.91651826
26
Mandom Indonesia
Tbk
27.86837489
28.00815544
28.18914227
28.31074897
27
Unilever Indonesia
Tbk
16.33497241
16.40629094
16.53483767
16.58714701
28
Kedawung Setia
Industrial Tbk
27.10993318
27.27682843
27.54536899
27.72084748
29
Kedaung Indah Can
Tbk
25.25511627
25.34749385
25.36994356
25.43946743
30
Langgeng Makmur
Industry Tbk
27.32167609
27.42390257
27.36330969
27.39721133
No.
Sumber : www.idx.co.id (data diolah)
83
Universitas Sumatera Utara
Lampiran 6
Data Pertumbuhan Penjualan Perusahaan Manufaktur Sektor Industri
Barang Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Pertumbuhan Penjualan (GROWTH)
2013
2014
2015
0.068293
0.091894
0.158705
Nama
Perusahaan
Akasha Wira
International Tbk
2012
0.536033
2
Tri Banyan Tirta Tbk
0.960281
0.107652
0.33364
-0.223885
3
Delta Djakarta Tbk
0.246935
0.150175
0.044599
-0.280984
4
Indofood CBP
Sukses Makmur Tbk
0.123029
0.155824
0.20698
0.057577
5
Indofood Sukses
Makmur Tbk
0.103084
0.10493
0.220798
0.014547
6
Kimia Farma Tbk
0.142181
0.0186191
0.092963
0.1288
7
Mayora Indah Tbk
0.156639
0.117721
0.229303
0.012608
8
Prashida Aneka
Niaga Tbk
-0.207426
-0.042351
-0.218373
-0.050998
9
Nippon Indosari
Corporindo Tbk
0.528545
0.234782
0.287635
0.153239
10
Sekar Bumi Tbk
0.190023
0.564208
0.316664
-0.10355
11
Sekar Laut Tbk
0.319346
0.331684
0.258365
0.086833
12
Siantar Top Tbk
0.205252
0.345279
0.263869
0.196131
13
Ultrajaya Milk
Industry Company
Tbk
0.363565
0.225352
0.139247
0.136402
14
Gudang Garam Tbk
0.164605
0.125092
0.204239
0.058561
15
Hanjaya Mandala
Sampoerna Tbk
0.263872
0.135257
0.089823
0.09917
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.726215
0.508209
0.244029
0.229384
0.009212
-0.08646
0.237093
0.003261
No.
1
18
84
Universitas Sumatera Utara
Lanjutan Lampiran 6
Pertumbuhan Penjualan (GROWTH)
2013
2014
2015
0.122826
0.107364
0.177069
19
Nama
Perusahaan
Merck Tbk
2012
0.061057
20
Kalbe Farma Tbk
0.260342
0.180078
0.11528
0.028948
21
Pyridam Farma Tbk
0.134359
0.067373
0.193122
-0.013713
22
Taisho
Pharmaceutical
Indonesia Tbk
0.097135
0.141466
0.129685
0.030392
23
Tempo Scan Pasific
Tbk
0.144096
0.037403
0.091604
0.096836
24
Martina Berto Tbk
0.106044
-0.052032
-0.098304
0.10244
25
Mustika Ratu Tbk
0.119982
-0.115542
0.034764
0.087975
26
Mandom Indonesia
Tbk
0.162071
0.109659
0.130611
-0.059554
27
Unilever Indonesia
Tbk
0.174449
0.131787
0.133102
0.05584
28
Kedawung Setia
Industrial Tbk
0.113188
0.053042
0.154092
0.065364
29
Kedaung Indah Can
Tbk
0.068868
0.075066
0.025509
-0.078955
30
Langgeng Makmur
Industry Tbk
0.319745
0.070893
-0.268044
-0.026574
No.
Sumber : www.idx.co.id (data diolah)
85
Universitas Sumatera Utara
Lampiran 7
Data Pajak Perusahaan Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
2012
-0.015592
Pajak Perusahaan (TAX)
2013
2014
-0.02123
0.247572
2015
0.248166
2
Tri Banyan Tirta Tbk
0.259783
0.254243
0.321662
0.002642
3
Delta Djakarta Tbk
0.255432
0.2334
0.239451
0.207903
4
Indofood CBP
Sukses Makmur Tbk
0.251899
0.243333
0.260794
0.2574
5
Indofood Sukses
Makmur Tbk
0.240662
0.254386
0.26204
0.196458
6
Kimia Farma Tbk
0.301379
0.266475
0.276924
0.261988
7
Mayora Indah Tbk
0.224414
0.218993
0.253275
0.265935
8
Prashida Aneka
Niaga Tbk
0.2927004
0.459243
-0.907403
-0.303383
9
Nippon Indosari
Corporindo Tbk
0.254825
0.267272
0.254413
0.249449
10
Sekar Bumi Tbk
0.253541
0.256973
0.158786
0.241715
11
Sekar Laut Tbk
0.302917
0.27588
0.257295
0.236576
12
Siantar Top Tbk
0.199868
0.193518
0.263142
0.259343
13
Ultrajaya Milk
Industry Company
Tbk
0.474201
0.253592
0.247457
0.224551
14
Gudang Garam Tbk
0.250034
0.250124
0.250715
0.251319
15
Hanjaya Mandala
Sampoerna Tbk
0.257473
0.25471
0.255971
0.254005
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.247975
0.231127
0.188563
0.204644
0.340644
0.229503
0.197535
0.13687
No.
1
18
86
Universitas Sumatera Utara
Lanjutan Lampiran 7
19
Nama
Perusahaan
Merck Tbk
2012
0.301075
Pajak Perusahaan (TAX)
2013
2014
0.253672
0.254308
2015
0.24806
20
Kalbe Farma Tbk
0.233323
0.227586
0.232309
0.23891
21
Pyridam Farma Tbk
0.256408
0.283803
0.591517
0.315977
22
Taisho
Pharmaceutical
Indonesia Tbk
0.251648
0.250449
0.250468
0.250512
23
Tempo Scan Pasific
Tbk
0.178268
0.180387
0.152673
0.155
24
Martina Berto Tbk
0.233885
0.261738
0.512066
0.392065
25
Mustika Ratu Tbk
0.3140002
0.247573
0.08717
0.198017
26
Mandom Indonesia
Tbk
0.258875
0.262796
0.271229
0.015881
27
Unilever Indonesia
Tbk
0.254685
0.252005
0.25304
0.252809
28
Kedawung Setia
Industrial Tbk
0.227669
0.240382
0.225386
0.199507
29
Kedaung Indah Can
Tbk
0.21615
0.225554
0.19964
0.080007
30
Langgeng Makmur
Industry Tbk
-0.193868
0.244952
0.591059
0.279112
No.
Sumber : www.idx.co.id (data diolah)
87
Universitas Sumatera Utara
Lampiran 8
Data Hasil Penelitian Statistik Deskriptif
Tabel 4.2 Statistik Deskriptif Dari Struktur Modal, Profitabilitas,
Aset Berwujud, Ukuran Perusahaan, Pertumbuhan Penjualan,
Dan Pajak Perusahaan
STRUKTUR
MODAL?
Mean
11.41107
Median
0.775320
Maximum
1169.032
Minimum
0.173431
Std. Dev.
103.6286
Skewness
11.02449
Kurtosis
123.5857
Jarque-Bera
80144.38
Probability
0.000000
Sum
1460.616
Sum Sq.
Dev.
1363840.
Observations
128
PROF?
0.111464
0.077775
0.436177
0.001386
0.104727
1.603423
4.835519
72.81597
0.000000
14.26743
TANG?
0.307344
0.285359
0.803165
0.076582
0.140145
0.856085
4.054278
21.56282
0.000021
39.34007
SIZE?
23.94603
26.64593
30.21572
12.84262
5.069656
-0.589623
1.859756
14.35081
0.000765
3065.091
GROWTH?
0.153926
0.124061
1.500570
-0.280984
0.236126
2.984256
16.90720
1221.511
0.000000
19.70247
TAX?
0.225909
0.250286
0.591517
-0.907403
0.149862
-3.794300
29.01224
3915.858
0.000000
28.91638
1.392911
128
2.494355
128
3264.079
128
7.080948
128
2.852234
128
Sumber : Hasil Penelitian 2016 (data diolah)
Data Hasil Penelitian Uji Chow
Tabel 4.3 Hasil Dari Uji Chow
Redundant Fixed Effects Tests
Pool: DPANEL_MEY
Test cross-section fixed effects
Effects Test
Statistic
d.f.
Cross-section F
0.773565
(31,91)
Cross-section Chi-square
29.939615
31
Sumber : Hasil Penelitian 2016 (data diolah)
Prob.
0.7887
0.5204
Data Hasil Penelitian Uji Hausman
Tabel 4.4 Hasil Dari Uji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
11.443439
Chi-Sq. d.f.
5
Prob.
0.0433
Sumber : Hasil Penelitian 2016 (data diolah)
88
Universitas Sumatera Utara
Data Hasil Penelitian Pengujian Regresi Berganda Data Panel
Tabel 4.5 Pengujian Regresi Berganda Data Panel
Dependent Variable: STRUKTURMODAL
Method: Least Squares
Date: 04/23/16 Time: 06:07
Sample: 1 120
Included observations: 120
Variable
Coefficient Std. Error
t-Statistic
PROF
-0.206428
0.441341
-0.467730
TANG
1.584137
0.314506
5.036905
SIZE
-0.024190
0.009727
-2.486844
GROWTH
0.118875
0.253307
0.469292
TAX
0.007674
0.285462
0.026882
C
0.901491
0.270124
3.337321
R-squared
0.210490
Mean dependent var
Adjusted R-squared
0.175862
S.D. dependent var
S.E. of regression
0.460088
Akaike info criterion
Sum squared resid
24.13162
Schwarz criterion
Log likelihood
-74.03451
Hannan-Quinn criter.
F-statistic
6.078661
Durbin-Watson stat
Prob(F-statistic)
0.000050
Prob.
0.6409
0.0000
0.0143
0.6398
0.9786
0.0011
0.797195
0.506805
1.333908
1.473283
1.390509
1.011033
Sumber : Hasil Penelitian 2016 (data diolah)
Data Hasil Nilai Statistik dari Uji F, Uji t, dan Koefisien Determinasi
Tabel 4.6 Nilai statistik dari Uji F, Uji t dan Koefisien Determinasi
Dependent Variable: STRUKTURMODAL
Method: Least Squares
Date: 04/23/16 Time: 06:07
Sample: 1 120
Included observations: 120
Variable
Coefficient
Std. Error
t-Statistic
PROF
-0.206428
0.441341
-0.467730
TANG
1.584137
0.314506
5.036905
SIZE
-0.024190
0.009727
-2.486844
GROWTH
0.118875
0.253307
0.469292
TAX
0.007674
0.285462
0.026882
C
0.901491
0.270124
3.337321
R-squared
0.210490 Mean dependent var
Adjusted R-squared
0.175862 S.D. dependent var
S.E. of regression
0.460088 Akaike info criterion
Sum squared resid
24.13162 Schwarz criterion
Log likelihood
-74.03451 Hannan-Quinn criter.
F-statistic
6.078661 Durbin-Watson stat
Prob(F-statistic)
0.000050
Prob.
0.6409
0.0000
0.0143
0.6398
0.9786
0.0011
0.797195
0.506805
1.333908
1.473283
1.390509
1.011033
Sumber: Hasil Penelitian 2016 (data diolah)
89
Universitas Sumatera Utara
Data Hasil Penelitian Penghitungan t tabel
Tabel 4.7 Penghitungan � Tabel
Derajat
Bebas
Tingkat Signifikansi
t – Tabel
113
0,05
1.98118
114
0,05
1.980992
115
0,05
1.980808
116
0,05
1.980626
Sumber: Hasil Penelitian 2016 (data diolah)
90
Universitas Sumatera Utara
Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Menjadi
Populasi dan Sampel Penelitian
No.
Nama Perusahaan
Kriteria 1
Kriteria 2
Kriteria 3
Sampel
1
Akasha Wira International Tbk
2
Tiga Pilar Sejahtera Food Tbk
3
Tri Banyan Tirta Tbk
4
Aqua Golden Mississippi Tbk
5
Cahaya Kalbar Tbk
-
6
Davomas Abadi Tbk
-
7
Delta Djakarta Tbk
8
Indofood CBP Sukses Makmur Tbk
9
Indofood Sukses Makmur Tbk
10
Multi Bintang Indonesia Tbk
-
11
Mayora Indah Tbk
Sampel 7
12
Prashida Aneka Niaga Tbk
Sampel 8
13
Nippon Indosari Corporindo Tbk
Sampel 9
14
Sekar Bumi Tbk
Sampel 10
15
Sekar Laut Tbk
Sampel 11
16
Siantar Top Tbk
Sampel 12
17
Ultrajaya Milk Industry Company
Tbk
-
-
Sampel 1
Sampel 2
Sampel 3
-
Sampel 4
Sampel 5
Sampel 6
Sampel 13
18
Gudang Garam Tbk
Sampel 14
19
Hanjaya Mandala Sampoerna Tbk
Sampel 15
20
Bentoel International Investama Tbk
21
Wismilak Inti Makmur Tbk
-
22
Darya Varia Laboratorium Tbk
-
Sampel 16
74
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Nama Perusahaan
Kriteria 1
Kriteria 2
Kriteria 3
Sampel
23
Indofarma Tbk
Sampel 17
24
Merck Tbk
Sampel 18
25
Kalbe Farma Tbk
Sampel 19
26
Chitose Internasional Tbk
27
Pyridam Farma Tbk
28
Merck Sharp Dohme Pharma Tbk
29
Industri Jamu dan Farmasi Muncul
Tbk
30
Taisho
Tbk
31
Tempo Scan Pasific Tbk
Sampel 22
32
Martina Berto Tbk
Sampel 23
33
Mustika Ratu Tbk
Sampel 24
34
Sara Lee Body Care Indonesia Tbk
35
Mandom Indonesia Tbk
Sampel 25
36
Unilever Indonesia Tbk
37
Kimia Farma Tbk
38
Kedawung Setia Industrial Tbk
Sampel 28
39
Kedaung Indag Can Tbk
Sampel 29
40
Langgeng Makmur Industry Tbk
Sampel 30
Pharmaceutical
Indonesia
Sampel 20
-
Sampel 21
Sampel 26
Sampel 27
Sumber :www.sahamok.com
75
Universitas Sumatera Utara
Lampiran 2
Data Debt to Equity Ratio Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
2012
0,986999
Debt to Equity Ratio (DER)
2013
2014
0,650267
0,703275
2015
0,961305
Tri Banyan Tirta Tbk
0,677207
1,483003
1,247584
1,348620
3
Delta Djakarta Tbk
0,256285
0,246553
0,309136
0,216723
4
Indofood CBP
Sukses Makmur Tbk
0,459176
0,557424
0,642529
0,661196
5
Indofood Sukses
Makmur Tbk
0,713080
0,905510
1,114348
1,205600
6
Tiga Pilar Sejahtera
Food Tbk
0,934030
1,098470
1,162880
1,193658
7
Mayora Indah Tbk
1,718615
1,436972
1,725481
1,294325
8
Prashida Aneka
Niaga Tbk
0,668939
0,680768
0,613313
0,877202
9
Nippon Indosari
Corporindo Tbk
0,650532
1,336980
1,310190
1,292024
10
Sekar Bumi Tbk
1,102059
1,319636
1,014583
1,265933
11
Sekar Laut Tbk
0,835195
1,064879
1,035362
1,155030
12
Siantar Top Tbk
1,044823
1,076557
1,056082
1,001565
13
Ultrajaya Milk
Industry Company
Tbk
0,491927
0,380517
0,389368
0,270685
14
Gudang Garam Tbk
0,592205
0,687328
2,179411
0,659310
15
Hanjaya Mandala
Sampoerna Tbk
1,108948
2,187392
1,368059
2,629820
16
Kimia Farma Tbk
0,505250
0,520604
0,599517
0,761715
Nama
Perusahaan
Akasha Wira
International Tbk
2
No.
1
76
Universitas Sumatera Utara
Lanjutan Lampiran 2
2012
0,339287
Debt to Equity Ratio (DER)
2013
2014
0,293869
0,309074
2015
0,479395
0,841583
0,430608
0,272904
1,179428
0,383851
0,319542
1,369618
0,277766
0,303146
1,416422
0,234203
0,264172
18
19
20
Nama
Perusahaan
Darya Varia
Laboratorium Tbk
Indofarma Tbk
Merck Tbk
Kalbe Farma Tbk
21
Pyridam Farma Tbk
0,517260
0,863774
0,788924
0,751089
22
Taisho
Pharmaceutical
Indonesia Tbk
0,197803
0,213615
0,286462
0,304421
23
Tempo Scan Pasific
Tbk
0,382265
0,365151
0,324938
0,364331
24
Martina Berto Tbk
0,370893
0,295009
0,324985
0,319876
25
Mustika Ratu Tbk
4,063672
0,173431
0,210958
0,271369
26
Mandom Indonesia
Tbk
0,175113
0,229896
0,386087
0,206293
27
Unilever Indonesia
Tbk
1,432984
1,420889
1,771875
1,77725
28
Kedawung Setia
Industrial Tbk
0,898219
1,010036
1,417803
1,925756
29
Kedaung Indag Can
Tbk
0,390691
0,389717
0,304338
0,366221
30
Langgeng Makmur
Industry Tbk
0,828915
0,979020
0,923139
0,964472
No.
17
Sumber : www.idx.co.id (data diolah)
77
Universitas Sumatera Utara
Lampiran 3
Data Profitabilitas Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
Profitabilitas(PROF)
2012
2013
0.167979322
0.11454139
2014
0.068334153
2015
0.036885393
2
Tri Banyan Tirta
Tbk
0.048555686
0.037370689
0.003179287
0.020398115
3
Delta Djakarta Tbk
0.300009126
0.331755259
0.289344777
0.160642378
4
Indofood CBP
Sukses Makmur Tbk
0.139058194
0.124615696
0.113925347
0.120318457
5
Indofood Sukses
Makmur Tbk
0.087733599
0.045049343
0.06255543
0.028863271
6
Kimia Farma Tbk
0.102097592
0.071426379
0.073212689
0.071352961
7
Mayora Indah Tbk
0.086350099
0.110964512
0.031623336
0.109395499
8
Prashida Aneka
Niaga Tbk
0.075128455
0.036209233
0.008626788
0.035360193
9
Nippon Indosari
Corporindo Tbk
0.127990257
0.07366884
0.08463288
0.10022891
10
Sekar Bumi Tbk
0.047994981
0.094106815
0.132552546
0.049017966
11
Sekar Laut Tbk
0.04171544
0.044460659
0.06573552
0.059784604
12
Siantar Top Tbk
0.066206675
0.07781146
0.077738831
0.076227512
13
Ultrajaya Milk
Industry Company
Tbk
0.143892665
0.137037861
0.089709284
0.152651045
14
Gudang Garam Tbk
0.09961478
0.091495924
0.095946116
0.092603107
15
Hanjaya Mandala
Sampoerna Tbk
0.436177217
0.253283266
0.394986098
0.322560983
16
Tiga Pilar Sejahtera
Tbk
Darya Varia
Laboratorium Tbk
0.068115379
0.068710057
0.049122313
0.043130995
0.138957793
0.112694323
0.076703946
0.0932371
No.
1
17
78
Universitas Sumatera Utara
Lanjutan Lampiran 3
18
Nama
Perusahaan
Indofarma Tbk
19
Merck Tbk
20
No.
2012
Profitabilitas(PROF)
2013
2014
2015
Kalbe Farma Tbk
0.026219758 0.062298863
0.062746581 0.070523565
0.189485585 0.173521839
0.033793212 0.027376183
0.082343237 0.250691104
0.165406831 0.152031221
21
Pyridam Farma Tbk
0.040896023 0.0190424
0.006038371 0.006165231
22
Taisho
Pharmaceutical
Indonesia Tbk
0.389529557 0.389869555
0.404162575 0.373276851
23
Tempo Scan Pasific
Tbk
0.14984877
0.135872436
0.120320197 0.103480488
24
Martina Berto Tbk
0.082321143 0.067320886
0.008938419 0.007530132
25
Mustika Ratu Tbk
0.062746581 0.070523565
0.082343237 0.250691104
26
Mandom Indonesia
Tbk
0.140545677 0.150913307
0.118969763 0.234370057
27
Unilever Indonesia
Tbk
0.394629087 0.409936359
0.357317623 0.350241739
28
Kedawung Setia
Industrial Tbk
0.07345074
0.062117129
0.038871601 0.012093494
29
Kedaung Indah Can
Tbk
0.034670629 0.085950935
0.071197733 0.030249252
30
Langgeng Makmur
Industry Tbk
0.006652281 0.002134018
0.001386287 0.006629251
Sumber : www.idx.co.id (data diolah)
79
Universitas Sumatera Utara
Lampiran 4
Data Aset Berwujud Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
2012
0.277073021
Aset berwujud(TANG)
2013
2014
0.242366635
0.341140696
2015
0.392205984
2
Tri Banyan Tirta Tbk
0.398828907
0.276218372
0.410437796
0.4586268
3
Delta Djakarta Tbk
0.143065519
0.121752353
0.122165203
0.112239266
4
Indofood CBP Sukses
Makmur Tbk
0.19921298
0.229819204
0.225061073
0.236607936
5
Indofood Sukses
Makmur Tbk
0.262670482
0.289617282
0.28469899
0.265985155
6
Kimia Farma Tbk
0.207373696
0.214730827
0.190335627
0.201093199
7
Mayora Indah Tbk
0.351644508
0.342068307
0.340176662
0.33875836
8
Prashida Aneka Niaga
Tbk
0.410202111
0.394462822
0.415650048
0.456611334
9
Nippon Indosari
Corporindo Tbk
0.778393128
0.645821361
0.803164977
0.660657447
10
Sekar Bumi Tbk
0.480910117
0.369109733
0.297389126
0.446770805
11
Sekar Laut Tbk
0.402487508
0.414978196
0.417271701
0.410690315
12
Siantar Top Tbk
0.558112007
0.520411792
0.511052414
0.528422362
13
Ultrajaya Milk Industry
Company Tbk
0.436184948
0.339821143
0.335898751
0.291628825
14
Gudang Garam Tbk
0.232611629
0.284585244
0.314523649
0.336622353
15
Hanjaya Mandala
Sampoerna Tbk
0.178299878
0.166766855
0.215103514
0.197116527
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.281329837
0.274525113
0.238666352
0.255803752
0.286807619
0.286018456
0.287556097
0.291981576
No.
1
18
80
Universitas Sumatera Utara
Lanjutan Lampiran 4
19
20
Nama
Perusahaan
Merck Tbk
Kalbe Farma Tbk
2012
0.098229868
0.248168876
Aset berwujud(TANG)
2013
2014
0.088611279
0.100839295
0.261642867
0.270734284
2015
0.116962448
0.286743029
21
Pyridam Farma Tbk
0.445219527
0.589643076
0.530958922
0.50637309
22
Taisho
Pharmaceutical
Indonesia Tbk
0.239855425
0.207959464
0.194299302
0.211645978
23
Tempo Scan Pasific
Tbk
0.208725145
0.205571812
0.274223633
0.26818699
24
Martina Berto Tbk
0.124922696
0.175723098
0.237712434
0.243464229
25
Mustika Ratu Tbk
0.181933937
0.175079233
0.164134193
0.146787458
26
Mandom Indonesia
Tbk
0.342480448
0.379113804
0.472181103
0.456139624
27
Unilever Indonesia
Tbk
0.479065941
0.495781541
0.464724945
0.488839721
28
Kedawung Setia
Industrial Tbk
0.294529479
0.244052109
0.404466473
0.364361171
29
Kedaung Indah Can
Tbk
0.102687757
0.087484746
0.077240662
0.076581721
30
Langgeng Makmur
Industry Tbk
0.362964428
0.339191841
0.35085587
0.324577237
No.
Sumber : www.idx.co.id (data diolah)
81
Universitas Sumatera Utara
Lampiran 5
Data Ukuran Perusahaan Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
No.
1
Nama
Perusahaan
Akasha Wira
International Tbk
2012
12.84261508
Ukuran Perusahaan(SIZE)
2013
2014
13.11085137
12.96608844
2015
13.3269714
2
Tri Banyan Tirta
Tbk
26.45444332
26.95447373
27.83022542
27.80398131
3
Delta Djakarta Tbk
20.32574154
20.44320493
20.5909385
20.67415944
4
Indofood CBP
Sukses Makmur Tbk
16.6302771
16.8147711
16.98718269
17.07520578
5
Indofood Sukses
Makmur Tbk
17.86057963
18.11296999
18.27212267
18.32492773
6
Kimia Farma Tbk
28.36525268
28.47582684
28.63963757
28.78368226
7
Mayora Indah Tbk
29.6755393
29.82046944
30.00556671
30.03862647
8
Prashida Aneka
Niaga Tbk
27.26393631
27.3057324
27.18355202
27.19509457
9
Nippon Indosari
Corporindo Tbk
27.64457835
28.15161359
28.36655213
28.57155667
10
Sekar Bumi Tbk
26.20746221
26.68719027
27.1109353
27.31635871
11
Sekar Laut Tbk
26.18532911
26.38067513
26.45775964
26.60467277
12
Siantar Top Tbk
27.74757611
27.95609297
28.11203597
28.23768209
13
Ultrajaya Milk
Industry Company
Tbk
28.46827004
28.63044771
28.74207486
28.85120313
14
Gudang Garam Tbk
17.52243013
17.68186233
17.8511646
17.89881758
15
Hanjaya Mandala
Sampoerna Tbk
16.94856741
17.09391246
17.07561746
17.26771067
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
15.15593871
29.18788696
29.59316192
15.95751296
27.77838325
27.8734202
27.90518231
27.933471
18
82
Universitas Sumatera Utara
Lanjutan Lampiran 5
19
Nama
Perusahaan
Merck Tbk
2012
20.20275865
Ukuran Perusahaan(SIZE)
2013
2014
20.33793039
20.30347304
2015
20.28407884
20
Kalbe Farma Tbk
29.79953128
29.97778994
30.1174069
30.21572366
21
Pyridam Farma Tbk
25.59896249
25.84558491
25.87503387
25.86106989
22
Taisho
Pharmaceutical
Indonesia Tbk
19.67310501
19.85858981
19.87969803
19.85840964
23
Tempo Scan Pasific
Tbk
29.13840215
29.27873932
29.32048391
29.41766011
24
Martina Berto Tbk
27.09314313
27.12456387
27.1227325
27.12458786
25
Mustika Ratu Tbk
26.80248892
26.84796603
26.87690982
26.91651826
26
Mandom Indonesia
Tbk
27.86837489
28.00815544
28.18914227
28.31074897
27
Unilever Indonesia
Tbk
16.33497241
16.40629094
16.53483767
16.58714701
28
Kedawung Setia
Industrial Tbk
27.10993318
27.27682843
27.54536899
27.72084748
29
Kedaung Indah Can
Tbk
25.25511627
25.34749385
25.36994356
25.43946743
30
Langgeng Makmur
Industry Tbk
27.32167609
27.42390257
27.36330969
27.39721133
No.
Sumber : www.idx.co.id (data diolah)
83
Universitas Sumatera Utara
Lampiran 6
Data Pertumbuhan Penjualan Perusahaan Manufaktur Sektor Industri
Barang Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Pertumbuhan Penjualan (GROWTH)
2013
2014
2015
0.068293
0.091894
0.158705
Nama
Perusahaan
Akasha Wira
International Tbk
2012
0.536033
2
Tri Banyan Tirta Tbk
0.960281
0.107652
0.33364
-0.223885
3
Delta Djakarta Tbk
0.246935
0.150175
0.044599
-0.280984
4
Indofood CBP
Sukses Makmur Tbk
0.123029
0.155824
0.20698
0.057577
5
Indofood Sukses
Makmur Tbk
0.103084
0.10493
0.220798
0.014547
6
Kimia Farma Tbk
0.142181
0.0186191
0.092963
0.1288
7
Mayora Indah Tbk
0.156639
0.117721
0.229303
0.012608
8
Prashida Aneka
Niaga Tbk
-0.207426
-0.042351
-0.218373
-0.050998
9
Nippon Indosari
Corporindo Tbk
0.528545
0.234782
0.287635
0.153239
10
Sekar Bumi Tbk
0.190023
0.564208
0.316664
-0.10355
11
Sekar Laut Tbk
0.319346
0.331684
0.258365
0.086833
12
Siantar Top Tbk
0.205252
0.345279
0.263869
0.196131
13
Ultrajaya Milk
Industry Company
Tbk
0.363565
0.225352
0.139247
0.136402
14
Gudang Garam Tbk
0.164605
0.125092
0.204239
0.058561
15
Hanjaya Mandala
Sampoerna Tbk
0.263872
0.135257
0.089823
0.09917
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.726215
0.508209
0.244029
0.229384
0.009212
-0.08646
0.237093
0.003261
No.
1
18
84
Universitas Sumatera Utara
Lanjutan Lampiran 6
Pertumbuhan Penjualan (GROWTH)
2013
2014
2015
0.122826
0.107364
0.177069
19
Nama
Perusahaan
Merck Tbk
2012
0.061057
20
Kalbe Farma Tbk
0.260342
0.180078
0.11528
0.028948
21
Pyridam Farma Tbk
0.134359
0.067373
0.193122
-0.013713
22
Taisho
Pharmaceutical
Indonesia Tbk
0.097135
0.141466
0.129685
0.030392
23
Tempo Scan Pasific
Tbk
0.144096
0.037403
0.091604
0.096836
24
Martina Berto Tbk
0.106044
-0.052032
-0.098304
0.10244
25
Mustika Ratu Tbk
0.119982
-0.115542
0.034764
0.087975
26
Mandom Indonesia
Tbk
0.162071
0.109659
0.130611
-0.059554
27
Unilever Indonesia
Tbk
0.174449
0.131787
0.133102
0.05584
28
Kedawung Setia
Industrial Tbk
0.113188
0.053042
0.154092
0.065364
29
Kedaung Indah Can
Tbk
0.068868
0.075066
0.025509
-0.078955
30
Langgeng Makmur
Industry Tbk
0.319745
0.070893
-0.268044
-0.026574
No.
Sumber : www.idx.co.id (data diolah)
85
Universitas Sumatera Utara
Lampiran 7
Data Pajak Perusahaan Perusahaan Manufaktur Sektor Industri Barang
Konsumsi di BEI Periode per September 2012 hingga
per September 2015
Nama
Perusahaan
Akasha Wira
International Tbk
2012
-0.015592
Pajak Perusahaan (TAX)
2013
2014
-0.02123
0.247572
2015
0.248166
2
Tri Banyan Tirta Tbk
0.259783
0.254243
0.321662
0.002642
3
Delta Djakarta Tbk
0.255432
0.2334
0.239451
0.207903
4
Indofood CBP
Sukses Makmur Tbk
0.251899
0.243333
0.260794
0.2574
5
Indofood Sukses
Makmur Tbk
0.240662
0.254386
0.26204
0.196458
6
Kimia Farma Tbk
0.301379
0.266475
0.276924
0.261988
7
Mayora Indah Tbk
0.224414
0.218993
0.253275
0.265935
8
Prashida Aneka
Niaga Tbk
0.2927004
0.459243
-0.907403
-0.303383
9
Nippon Indosari
Corporindo Tbk
0.254825
0.267272
0.254413
0.249449
10
Sekar Bumi Tbk
0.253541
0.256973
0.158786
0.241715
11
Sekar Laut Tbk
0.302917
0.27588
0.257295
0.236576
12
Siantar Top Tbk
0.199868
0.193518
0.263142
0.259343
13
Ultrajaya Milk
Industry Company
Tbk
0.474201
0.253592
0.247457
0.224551
14
Gudang Garam Tbk
0.250034
0.250124
0.250715
0.251319
15
Hanjaya Mandala
Sampoerna Tbk
0.257473
0.25471
0.255971
0.254005
17
Tiga Pilar Sejahtera
Tbk
Indofarma Tbk
0.247975
0.231127
0.188563
0.204644
0.340644
0.229503
0.197535
0.13687
No.
1
18
86
Universitas Sumatera Utara
Lanjutan Lampiran 7
19
Nama
Perusahaan
Merck Tbk
2012
0.301075
Pajak Perusahaan (TAX)
2013
2014
0.253672
0.254308
2015
0.24806
20
Kalbe Farma Tbk
0.233323
0.227586
0.232309
0.23891
21
Pyridam Farma Tbk
0.256408
0.283803
0.591517
0.315977
22
Taisho
Pharmaceutical
Indonesia Tbk
0.251648
0.250449
0.250468
0.250512
23
Tempo Scan Pasific
Tbk
0.178268
0.180387
0.152673
0.155
24
Martina Berto Tbk
0.233885
0.261738
0.512066
0.392065
25
Mustika Ratu Tbk
0.3140002
0.247573
0.08717
0.198017
26
Mandom Indonesia
Tbk
0.258875
0.262796
0.271229
0.015881
27
Unilever Indonesia
Tbk
0.254685
0.252005
0.25304
0.252809
28
Kedawung Setia
Industrial Tbk
0.227669
0.240382
0.225386
0.199507
29
Kedaung Indah Can
Tbk
0.21615
0.225554
0.19964
0.080007
30
Langgeng Makmur
Industry Tbk
-0.193868
0.244952
0.591059
0.279112
No.
Sumber : www.idx.co.id (data diolah)
87
Universitas Sumatera Utara
Lampiran 8
Data Hasil Penelitian Statistik Deskriptif
Tabel 4.2 Statistik Deskriptif Dari Struktur Modal, Profitabilitas,
Aset Berwujud, Ukuran Perusahaan, Pertumbuhan Penjualan,
Dan Pajak Perusahaan
STRUKTUR
MODAL?
Mean
11.41107
Median
0.775320
Maximum
1169.032
Minimum
0.173431
Std. Dev.
103.6286
Skewness
11.02449
Kurtosis
123.5857
Jarque-Bera
80144.38
Probability
0.000000
Sum
1460.616
Sum Sq.
Dev.
1363840.
Observations
128
PROF?
0.111464
0.077775
0.436177
0.001386
0.104727
1.603423
4.835519
72.81597
0.000000
14.26743
TANG?
0.307344
0.285359
0.803165
0.076582
0.140145
0.856085
4.054278
21.56282
0.000021
39.34007
SIZE?
23.94603
26.64593
30.21572
12.84262
5.069656
-0.589623
1.859756
14.35081
0.000765
3065.091
GROWTH?
0.153926
0.124061
1.500570
-0.280984
0.236126
2.984256
16.90720
1221.511
0.000000
19.70247
TAX?
0.225909
0.250286
0.591517
-0.907403
0.149862
-3.794300
29.01224
3915.858
0.000000
28.91638
1.392911
128
2.494355
128
3264.079
128
7.080948
128
2.852234
128
Sumber : Hasil Penelitian 2016 (data diolah)
Data Hasil Penelitian Uji Chow
Tabel 4.3 Hasil Dari Uji Chow
Redundant Fixed Effects Tests
Pool: DPANEL_MEY
Test cross-section fixed effects
Effects Test
Statistic
d.f.
Cross-section F
0.773565
(31,91)
Cross-section Chi-square
29.939615
31
Sumber : Hasil Penelitian 2016 (data diolah)
Prob.
0.7887
0.5204
Data Hasil Penelitian Uji Hausman
Tabel 4.4 Hasil Dari Uji Hausman
Correlated Random Effects - Hausman Test
Pool: Untitled
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
11.443439
Chi-Sq. d.f.
5
Prob.
0.0433
Sumber : Hasil Penelitian 2016 (data diolah)
88
Universitas Sumatera Utara
Data Hasil Penelitian Pengujian Regresi Berganda Data Panel
Tabel 4.5 Pengujian Regresi Berganda Data Panel
Dependent Variable: STRUKTURMODAL
Method: Least Squares
Date: 04/23/16 Time: 06:07
Sample: 1 120
Included observations: 120
Variable
Coefficient Std. Error
t-Statistic
PROF
-0.206428
0.441341
-0.467730
TANG
1.584137
0.314506
5.036905
SIZE
-0.024190
0.009727
-2.486844
GROWTH
0.118875
0.253307
0.469292
TAX
0.007674
0.285462
0.026882
C
0.901491
0.270124
3.337321
R-squared
0.210490
Mean dependent var
Adjusted R-squared
0.175862
S.D. dependent var
S.E. of regression
0.460088
Akaike info criterion
Sum squared resid
24.13162
Schwarz criterion
Log likelihood
-74.03451
Hannan-Quinn criter.
F-statistic
6.078661
Durbin-Watson stat
Prob(F-statistic)
0.000050
Prob.
0.6409
0.0000
0.0143
0.6398
0.9786
0.0011
0.797195
0.506805
1.333908
1.473283
1.390509
1.011033
Sumber : Hasil Penelitian 2016 (data diolah)
Data Hasil Nilai Statistik dari Uji F, Uji t, dan Koefisien Determinasi
Tabel 4.6 Nilai statistik dari Uji F, Uji t dan Koefisien Determinasi
Dependent Variable: STRUKTURMODAL
Method: Least Squares
Date: 04/23/16 Time: 06:07
Sample: 1 120
Included observations: 120
Variable
Coefficient
Std. Error
t-Statistic
PROF
-0.206428
0.441341
-0.467730
TANG
1.584137
0.314506
5.036905
SIZE
-0.024190
0.009727
-2.486844
GROWTH
0.118875
0.253307
0.469292
TAX
0.007674
0.285462
0.026882
C
0.901491
0.270124
3.337321
R-squared
0.210490 Mean dependent var
Adjusted R-squared
0.175862 S.D. dependent var
S.E. of regression
0.460088 Akaike info criterion
Sum squared resid
24.13162 Schwarz criterion
Log likelihood
-74.03451 Hannan-Quinn criter.
F-statistic
6.078661 Durbin-Watson stat
Prob(F-statistic)
0.000050
Prob.
0.6409
0.0000
0.0143
0.6398
0.9786
0.0011
0.797195
0.506805
1.333908
1.473283
1.390509
1.011033
Sumber: Hasil Penelitian 2016 (data diolah)
89
Universitas Sumatera Utara
Data Hasil Penelitian Penghitungan t tabel
Tabel 4.7 Penghitungan � Tabel
Derajat
Bebas
Tingkat Signifikansi
t – Tabel
113
0,05
1.98118
114
0,05
1.980992
115
0,05
1.980808
116
0,05
1.980626
Sumber: Hasil Penelitian 2016 (data diolah)
90
Universitas Sumatera Utara