Faktor-faktor yang Memepengaruhi Kebijakan Dividen (Studi Kasus pada Emiten Pembentuk Indeks LQ-45 periode 2012-2014)
LAMPIRAN
Lampiran 1. Populasi Indeks LQ-45 Periode 2102-2014
No
Emiten
1
PT Adaro Energy Tbk.
2
PT Adhi Karya (Persero) Tbk.
3
PT AKR Corporindo Tbk.
4
PT Alam Sutera Reality Tbk.
5
PT Aneka Tambang (Persero) Tbk.
6
PT Astra Agro Lestari Tbk.
7
PT Astra International Tbk.
8
PT Bank Central Asia Tbk.
9
PT Bank Danamon Tbk.
10 PT Bank Mandiri (Persero) Tbk.
11 PT Bank Negara Indonesia (Persero) Tbk.
12 PT Bank Rakyat Indonesia (Persero) Tbk.
13 PT Bank Tabungan Negara (Persero) Tbk.
14 PT Bukit Asam (Persero) Tbk.
15 PT Bumi Serpong Damai Tbk.
16 PT Charoen Pokphand Indonesia Tbk.
17 PT Ciputra Development Tbk.
18 PT Express Transindo Utama Tbk.
19 PT Global Mediacom Tbk.
20 PT Gudang Garam Tbk.
22 PT Harum Energy Tbk.
22 PT Indo Tambangraya Megah Tbk.
23 PT Indocement Tunggal Prakarsa Tbk.
24 PT Indofood CBP Sukses Makmur Tbk.
25 PT Indofood Sukses Makmur Tbk.
26 PT Kalbe Farma Tbk.
27 PT Lippo Karawaci Tbk.
28 PT Matahari Department Store Tbk.
29 PT Media Nusantara Citra Tbk.
30 PT Pakuwon Jati Tbk.
31 PT Perusahaan Gas Negara (Persero) Tbk.
32 PT PP (Persero) Tbk.
33 PT PP London Sumatra Indonesia Tbk.
34 PT Surya Citra Media Tbk.
35 PT Semen Indonesia (Persero) Tbk.
36 PT Summarecon Agung Tbk.
37 PT Surya Citra Media Tbk.
38 PT Telekomunikasi Indonesia (Persero) Tbk.
39 PT Tower Bersama Infrastructure Tbk.
40 PT Unilever Indonesia Tbk.
Sumber: Hasil Penelitian, 2016 (Data Diolah)
97
Universitas Sumatera Utara
Lanjutan Lampiran 1. Populasi Indeks LQ-45 Periode 2102-2014
No
Emiten
41 PT United Tractor Tbk.
42 PT Vale Indonesia Tbk.
43 PT Waskita Karya (Persero) Tbk.
44 PT Wijaya Karya (Persero) Tbk.
45 PT XL Axiata Tbk.
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 2. Statistik Deskriptif dari DPR, ROE, TA, DER, IOS, dan QR
DPR
ROE
Mean
0.465
0.256
Maximum
2.109
1.258
Minimum
0.169
0.056
Std. Dev.
0.289
0.250
Observations
54
54
Sumber: Hasil Penelitian, 2016 (Data Diolah)
TA
17.892
20.566
15.828
1.524
54
DER
2.317
7.52
0.2
2.679
54
IOS
5.555
53.590
0.820
10.317
54
QR
1.013
4.491
0.021
0.938
54
Lampiran 3. Uji Normalitas dengan Uji Jarque-Bera
10
Series: RESID
Sample 1 54
Observations 54
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-0.021401
-0.011739
0.263080
-0.444062
0.143689
-0.277573
3.226070
Jarque-Bera
Probability
0.808412
0.667506
0
-0.4
-0.3
-0.2
-0.1
0.0
0.1
0.2
0.3
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 4. Uji Multikolinearitas dengan Matriks Korelasi
DER
IOS
DER
1.000000
-0.084782
IOS
-0.084782
1.000000
QR
-0.635298
-0.101419
ROE
-0.071016
0.859632
TA
0.848403
-0.343879
Sumber: Hasil Penelitian, 2016 (Data Diolah)
QR
-0.635298
-0.101419
1.000000
-0.015926
-0.652491
ROE
-0.071016
0.859632
-0.015926
1.000000
-0.352189
TA
0.848403
-0.343879
-0.652491
-0.352189
1.000000
98
Universitas Sumatera Utara
Lampiran 5. Uji Autokorelasi dengan Uji Durbin-Watson
Dependent Variable: DPR
Method: Least Squares
Date: 04/01/16 Time: 15:30
Sample: 1 54
Included observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
DER
IOS
QR
ROE
TA
C
-0.047312
-0.045162
-0.048046
2.069304
-0.002148
0.336302
0.024341
0.014344
0.044782
0.527700
0.052785
0.938761
-1.943670
-3.148479
-1.072883
3.921367
-0.040685
0.358240
0.0578
0.0028
0.2887
0.0003
0.9677
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.608460
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 6. Uji Heteroskedastisitas dengan Uji White
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
0.633942
14.98850
106.7120
Prob. F(20,33)
Prob. Chi-Square(20)
Prob. Chi-Square(20)
0.8574
0.7771
0.0000
Test Equation:
Dependent Variable: RESID^2
Method: Least Squares
Date: 04/01/16 Time: 15:31
Sample: 1 54
Included observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER
DER^2
DER*IOS
DER*QR
DER*ROE
DER*TA
-13.27235
-0.192135
0.002642
0.015133
0.081079
-0.053102
0.005787
30.00408
1.144592
0.024476
0.054712
0.218956
1.099106
0.064674
-0.442352
-0.167864
0.107957
0.276604
0.370298
-0.048314
0.089474
0.6611
0.8677
0.9147
0.7838
0.7135
0.9618
0.9292
99
Universitas Sumatera Utara
IOS
IOS^2
IOS*QR
IOS*ROE
IOS*TA
QR
QR^2
QR*ROE
QR*TA
ROE
ROE^2
ROE*TA
TA
TA^2
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.403815
-0.002282
-0.001157
0.050142
-0.026116
1.828726
-0.046981
0.089136
-0.105289
7.267287
-0.503736
-0.335208
1.274997
-0.029553
0.277565
-0.160275
0.228238
1.719061
16.45187
0.633942
0.857403
2.214932
0.009516
0.061468
0.388585
0.129691
3.021281
0.056514
1.627666
0.180559
34.78038
6.083939
2.041993
3.297118
0.091166
0.182315
-0.239820
-0.018827
0.129038
-0.201370
0.605282
-0.831330
0.054763
-0.583129
0.208948
-0.082798
-0.164157
0.386700
-0.324171
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.8565
0.8120
0.9851
0.8981
0.8416
0.5491
0.4118
0.9567
0.5638
0.8358
0.9345
0.8706
0.7015
0.7479
0.049449
0.211889
0.168449
0.941943
0.466755
2.721353
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 7. Common Effect Model (CEM)
Dependent Variable: DPR?
Method: Pooled Least Squares
Date: 04/01/16 Time: 16:04
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
2.069304
-0.002148
-0.047312
-0.045162
-0.048046
0.336302
0.527700
0.052785
0.024341
0.014344
0.044782
0.938761
3.921367
-0.040685
-1.943670
-3.148479
-1.072883
0.358240
0.0003
0.9677
0.0578
0.0028
0.2887
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.953150
Sumber: Hasil Penelitian, 2016 (Data Diolah)
100
Universitas Sumatera Utara
Lmpiran 8. Fixed Effect Model (FEM)
Dependent Variable: DPR?
Method: Pooled Least Squares
Date: 04/01/16 Time: 16:05
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
Fixed Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
0.882492
0.070352
0.003540
-0.047510
0.011400
-0.792858
0.941232
0.262698
0.133022
0.035998
0.095455
4.867638
0.937592
0.267807
0.026614
-1.319767
0.119429
-0.162884
0.3557
0.7906
0.9789
0.1966
0.9057
0.8717
-0.183779
0.141996
-0.169047
-0.367995
-0.286102
-0.449850
-0.400321
-0.475246
0.016991
-0.116889
-0.070450
0.700243
-0.035873
0.253060
-0.011014
-0.006366
1.392536
0.068106
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)
0.700545
0.488028
0.206870
1.326649
23.44817
3.296423
0.001208
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
-0.016599
0.830561
0.310118
4.041330
Sumber: Hasil Penelitian, 2016 (Data Diolah)
101
Universitas Sumatera Utara
Lampiran 9. Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANEL_KHAIDIR
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
1.846798
37.773372
(17,31)
17
0.0673
0.0026
Cross-section fixed effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 04/01/16 Time: 16:06
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
2.069304
-0.002148
-0.047312
-0.045162
-0.048046
0.336302
0.527700
0.052785
0.024341
0.014344
0.044782
0.938761
3.921367
-0.040685
-1.943670
-3.148479
-1.072883
0.358240
0.0003
0.9677
0.0578
0.0028
0.2887
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.953150
Sumber: Hasil Penelitian, 2016 (Data Diolah)
102
Universitas Sumatera Utara
Lampiran 10. Random Effect Model (REM)
Dependent Variable: DPR?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/01/16 Time: 16:07
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
Random Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
1.748714
0.001951
-0.046843
-0.037115
-0.040259
0.299603
0.585707
0.065507
0.030698
0.016153
0.052855
1.159199
2.985646
0.029784
-1.525904
-2.297665
-0.761683
0.258456
0.0044
0.9764
0.1336
0.0260
0.4500
0.7972
-0.024027
-0.028234
-0.055736
0.016768
5.38E-05
0.009543
0.019851
-0.045859
-0.031902
-0.172815
-0.056860
0.263459
0.047162
0.064238
-0.031377
-0.060831
0.025390
0.061175
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
0.132065
0.206870
Rho
0.2895
0.7105
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
0.279688
0.204656
0.204342
3.727564
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.312243
0.229129
2.004276
2.592916
103
Universitas Sumatera Utara
Prob(F-statistic)
0.006242
Unweighted Statistics
R-squared
Sum squared resid
0.392111
2.693075
Mean dependent var
Durbin-Watson stat
0.465509
1.929734
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 11. Uji Hausman
Correlated Random Effects - Hausman Test
Pool: DATAPANEL_KHAIDIR
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
3.834201
5
0.5735
Random
Var(Diff.)
Prob.
1.748714
0.001951
-0.046843
-0.037115
-0.040259
0.542864
0.064719
0.016752
0.001035
0.006318
0.2397
0.7880
0.6971
0.7466
0.5157
Cross-section random effects test comparisons:
Variable
ROE?
TA?
DER?
IOS?
QR?
Fixed
0.882492
0.070352
0.003540
-0.047510
0.011400
Cross-section random effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 04/01/16 Time: 16:07
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROE?
TA?
DER?
IOS?
QR?
-0.792858
0.882492
0.070352
0.003540
-0.047510
0.011400
4.867638
0.941232
0.262698
0.133022
0.035998
0.095455
-0.162884
0.937592
0.267807
0.026614
-1.319767
0.119429
0.8717
0.3557
0.7906
0.9789
0.1966
0.9057
Effects Specification
Cross-section fixed (dummy variables)
104
Universitas Sumatera Utara
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.700545
0.488028
0.206870
1.326649
23.44817
3.296423
0.001208
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
-0.016599
0.830561
0.310118
4.041330
Sumber: Hasil Penelitian, 2016 (Data Diolah)
105
Universitas Sumatera Utara
Lampiran 1. Populasi Indeks LQ-45 Periode 2102-2014
No
Emiten
1
PT Adaro Energy Tbk.
2
PT Adhi Karya (Persero) Tbk.
3
PT AKR Corporindo Tbk.
4
PT Alam Sutera Reality Tbk.
5
PT Aneka Tambang (Persero) Tbk.
6
PT Astra Agro Lestari Tbk.
7
PT Astra International Tbk.
8
PT Bank Central Asia Tbk.
9
PT Bank Danamon Tbk.
10 PT Bank Mandiri (Persero) Tbk.
11 PT Bank Negara Indonesia (Persero) Tbk.
12 PT Bank Rakyat Indonesia (Persero) Tbk.
13 PT Bank Tabungan Negara (Persero) Tbk.
14 PT Bukit Asam (Persero) Tbk.
15 PT Bumi Serpong Damai Tbk.
16 PT Charoen Pokphand Indonesia Tbk.
17 PT Ciputra Development Tbk.
18 PT Express Transindo Utama Tbk.
19 PT Global Mediacom Tbk.
20 PT Gudang Garam Tbk.
22 PT Harum Energy Tbk.
22 PT Indo Tambangraya Megah Tbk.
23 PT Indocement Tunggal Prakarsa Tbk.
24 PT Indofood CBP Sukses Makmur Tbk.
25 PT Indofood Sukses Makmur Tbk.
26 PT Kalbe Farma Tbk.
27 PT Lippo Karawaci Tbk.
28 PT Matahari Department Store Tbk.
29 PT Media Nusantara Citra Tbk.
30 PT Pakuwon Jati Tbk.
31 PT Perusahaan Gas Negara (Persero) Tbk.
32 PT PP (Persero) Tbk.
33 PT PP London Sumatra Indonesia Tbk.
34 PT Surya Citra Media Tbk.
35 PT Semen Indonesia (Persero) Tbk.
36 PT Summarecon Agung Tbk.
37 PT Surya Citra Media Tbk.
38 PT Telekomunikasi Indonesia (Persero) Tbk.
39 PT Tower Bersama Infrastructure Tbk.
40 PT Unilever Indonesia Tbk.
Sumber: Hasil Penelitian, 2016 (Data Diolah)
97
Universitas Sumatera Utara
Lanjutan Lampiran 1. Populasi Indeks LQ-45 Periode 2102-2014
No
Emiten
41 PT United Tractor Tbk.
42 PT Vale Indonesia Tbk.
43 PT Waskita Karya (Persero) Tbk.
44 PT Wijaya Karya (Persero) Tbk.
45 PT XL Axiata Tbk.
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 2. Statistik Deskriptif dari DPR, ROE, TA, DER, IOS, dan QR
DPR
ROE
Mean
0.465
0.256
Maximum
2.109
1.258
Minimum
0.169
0.056
Std. Dev.
0.289
0.250
Observations
54
54
Sumber: Hasil Penelitian, 2016 (Data Diolah)
TA
17.892
20.566
15.828
1.524
54
DER
2.317
7.52
0.2
2.679
54
IOS
5.555
53.590
0.820
10.317
54
QR
1.013
4.491
0.021
0.938
54
Lampiran 3. Uji Normalitas dengan Uji Jarque-Bera
10
Series: RESID
Sample 1 54
Observations 54
8
6
4
2
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
-0.021401
-0.011739
0.263080
-0.444062
0.143689
-0.277573
3.226070
Jarque-Bera
Probability
0.808412
0.667506
0
-0.4
-0.3
-0.2
-0.1
0.0
0.1
0.2
0.3
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 4. Uji Multikolinearitas dengan Matriks Korelasi
DER
IOS
DER
1.000000
-0.084782
IOS
-0.084782
1.000000
QR
-0.635298
-0.101419
ROE
-0.071016
0.859632
TA
0.848403
-0.343879
Sumber: Hasil Penelitian, 2016 (Data Diolah)
QR
-0.635298
-0.101419
1.000000
-0.015926
-0.652491
ROE
-0.071016
0.859632
-0.015926
1.000000
-0.352189
TA
0.848403
-0.343879
-0.652491
-0.352189
1.000000
98
Universitas Sumatera Utara
Lampiran 5. Uji Autokorelasi dengan Uji Durbin-Watson
Dependent Variable: DPR
Method: Least Squares
Date: 04/01/16 Time: 15:30
Sample: 1 54
Included observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
DER
IOS
QR
ROE
TA
C
-0.047312
-0.045162
-0.048046
2.069304
-0.002148
0.336302
0.024341
0.014344
0.044782
0.527700
0.052785
0.938761
-1.943670
-3.148479
-1.072883
3.921367
-0.040685
0.358240
0.0578
0.0028
0.2887
0.0003
0.9677
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.608460
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 6. Uji Heteroskedastisitas dengan Uji White
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
0.633942
14.98850
106.7120
Prob. F(20,33)
Prob. Chi-Square(20)
Prob. Chi-Square(20)
0.8574
0.7771
0.0000
Test Equation:
Dependent Variable: RESID^2
Method: Least Squares
Date: 04/01/16 Time: 15:31
Sample: 1 54
Included observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER
DER^2
DER*IOS
DER*QR
DER*ROE
DER*TA
-13.27235
-0.192135
0.002642
0.015133
0.081079
-0.053102
0.005787
30.00408
1.144592
0.024476
0.054712
0.218956
1.099106
0.064674
-0.442352
-0.167864
0.107957
0.276604
0.370298
-0.048314
0.089474
0.6611
0.8677
0.9147
0.7838
0.7135
0.9618
0.9292
99
Universitas Sumatera Utara
IOS
IOS^2
IOS*QR
IOS*ROE
IOS*TA
QR
QR^2
QR*ROE
QR*TA
ROE
ROE^2
ROE*TA
TA
TA^2
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.403815
-0.002282
-0.001157
0.050142
-0.026116
1.828726
-0.046981
0.089136
-0.105289
7.267287
-0.503736
-0.335208
1.274997
-0.029553
0.277565
-0.160275
0.228238
1.719061
16.45187
0.633942
0.857403
2.214932
0.009516
0.061468
0.388585
0.129691
3.021281
0.056514
1.627666
0.180559
34.78038
6.083939
2.041993
3.297118
0.091166
0.182315
-0.239820
-0.018827
0.129038
-0.201370
0.605282
-0.831330
0.054763
-0.583129
0.208948
-0.082798
-0.164157
0.386700
-0.324171
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.8565
0.8120
0.9851
0.8981
0.8416
0.5491
0.4118
0.9567
0.5638
0.8358
0.9345
0.8706
0.7015
0.7479
0.049449
0.211889
0.168449
0.941943
0.466755
2.721353
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 7. Common Effect Model (CEM)
Dependent Variable: DPR?
Method: Pooled Least Squares
Date: 04/01/16 Time: 16:04
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
2.069304
-0.002148
-0.047312
-0.045162
-0.048046
0.336302
0.527700
0.052785
0.024341
0.014344
0.044782
0.938761
3.921367
-0.040685
-1.943670
-3.148479
-1.072883
0.358240
0.0003
0.9677
0.0578
0.0028
0.2887
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.953150
Sumber: Hasil Penelitian, 2016 (Data Diolah)
100
Universitas Sumatera Utara
Lmpiran 8. Fixed Effect Model (FEM)
Dependent Variable: DPR?
Method: Pooled Least Squares
Date: 04/01/16 Time: 16:05
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
Fixed Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
0.882492
0.070352
0.003540
-0.047510
0.011400
-0.792858
0.941232
0.262698
0.133022
0.035998
0.095455
4.867638
0.937592
0.267807
0.026614
-1.319767
0.119429
-0.162884
0.3557
0.7906
0.9789
0.1966
0.9057
0.8717
-0.183779
0.141996
-0.169047
-0.367995
-0.286102
-0.449850
-0.400321
-0.475246
0.016991
-0.116889
-0.070450
0.700243
-0.035873
0.253060
-0.011014
-0.006366
1.392536
0.068106
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)
0.700545
0.488028
0.206870
1.326649
23.44817
3.296423
0.001208
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
-0.016599
0.830561
0.310118
4.041330
Sumber: Hasil Penelitian, 2016 (Data Diolah)
101
Universitas Sumatera Utara
Lampiran 9. Uji Chow
Redundant Fixed Effects Tests
Pool: DATAPANEL_KHAIDIR
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
1.846798
37.773372
(17,31)
17
0.0673
0.0026
Cross-section fixed effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 04/01/16 Time: 16:06
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
2.069304
-0.002148
-0.047312
-0.045162
-0.048046
0.336302
0.527700
0.052785
0.024341
0.014344
0.044782
0.938761
3.921367
-0.040685
-1.943670
-3.148479
-1.072883
0.358240
0.0003
0.9677
0.0578
0.0028
0.2887
0.7217
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.397268
0.334484
0.235860
2.670226
4.561483
6.327489
0.000138
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
0.053278
0.274277
0.138509
1.953150
Sumber: Hasil Penelitian, 2016 (Data Diolah)
102
Universitas Sumatera Utara
Lampiran 10. Random Effect Model (REM)
Dependent Variable: DPR?
Method: Pooled EGLS (Cross-section random effects)
Date: 04/01/16 Time: 16:07
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
ROE?
TA?
DER?
IOS?
QR?
C
Random Effects (Cross)
_1--C
_2--C
_3--C
_4--C
_5--C
_6--C
_7--C
_8--C
_9--C
_10--C
_11--C
_12--C
_13--C
_14--C
_15--C
_16--C
_17--C
_18--C
1.748714
0.001951
-0.046843
-0.037115
-0.040259
0.299603
0.585707
0.065507
0.030698
0.016153
0.052855
1.159199
2.985646
0.029784
-1.525904
-2.297665
-0.761683
0.258456
0.0044
0.9764
0.1336
0.0260
0.4500
0.7972
-0.024027
-0.028234
-0.055736
0.016768
5.38E-05
0.009543
0.019851
-0.045859
-0.031902
-0.172815
-0.056860
0.263459
0.047162
0.064238
-0.031377
-0.060831
0.025390
0.061175
Effects Specification
S.D.
Cross-section random
Idiosyncratic random
0.132065
0.206870
Rho
0.2895
0.7105
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
0.279688
0.204656
0.204342
3.727564
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
0.312243
0.229129
2.004276
2.592916
103
Universitas Sumatera Utara
Prob(F-statistic)
0.006242
Unweighted Statistics
R-squared
Sum squared resid
0.392111
2.693075
Mean dependent var
Durbin-Watson stat
0.465509
1.929734
Sumber: Hasil Penelitian, 2016 (Data Diolah)
Lampiran 11. Uji Hausman
Correlated Random Effects - Hausman Test
Pool: DATAPANEL_KHAIDIR
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
3.834201
5
0.5735
Random
Var(Diff.)
Prob.
1.748714
0.001951
-0.046843
-0.037115
-0.040259
0.542864
0.064719
0.016752
0.001035
0.006318
0.2397
0.7880
0.6971
0.7466
0.5157
Cross-section random effects test comparisons:
Variable
ROE?
TA?
DER?
IOS?
QR?
Fixed
0.882492
0.070352
0.003540
-0.047510
0.011400
Cross-section random effects test equation:
Dependent Variable: DPR?
Method: Panel Least Squares
Date: 04/01/16 Time: 16:07
Sample: 2012 2014
Included observations: 3
Cross-sections included: 18
Total pool (balanced) observations: 54
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
ROE?
TA?
DER?
IOS?
QR?
-0.792858
0.882492
0.070352
0.003540
-0.047510
0.011400
4.867638
0.941232
0.262698
0.133022
0.035998
0.095455
-0.162884
0.937592
0.267807
0.026614
-1.319767
0.119429
0.8717
0.3557
0.7906
0.9789
0.1966
0.9057
Effects Specification
Cross-section fixed (dummy variables)
104
Universitas Sumatera Utara
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.700545
0.488028
0.206870
1.326649
23.44817
3.296423
0.001208
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.465509
0.289117
-0.016599
0.830561
0.310118
4.041330
Sumber: Hasil Penelitian, 2016 (Data Diolah)
105
Universitas Sumatera Utara