Pengaruh Rasio Keuangan, Keputusan Investasi Serta Risiko Keuangan Terhadap Dividend Payout Ratio PadaPerusahaan Manufaktur Di Bursa Efek Indonesia Tahun 2010-2014
Lampiran 1
Kriteria Pemilihan Sampel
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
No
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
1
Indocemen Tunggal Prakasa, Tbk.
INTP
05/12/1989
√
√
√
2
Semen Baturaja (Persero) Tbk
SMBR
28/06/2013
√
x
x
3
Holcim Indonesia, Tbk
SMCB
10/08/1997
√
√
√
2
4
Semen Indonesia (Persero) Tbk
SMGR
08/07/1991
√
√
√
3
5
Wujaya Karya Beton
WTON
08/04/2014
√
x
x
6
Asahimas Flat Glass, Tbk
AMFG
08/11/1995
√
√
√
4
7
Arwana Citra Mulia
ARNA
07/07/2001
√
√
√
5
8
Inti Keramik Alam Asri Industri, Tbk
IKAI
08/06/1997
√
√
x
9
Keramik Indonesia Assosiasi, Tbk
KIAS
08/12/1994
√
√
x
10
Mulia Industrindo, Tbk
MLIA
17/01/1994
√
√
x
11
Surya Toto Indonesia, Tbk
TOTO
30/10/1990
√
√
√
12
Alaska Industrindo, Tbk
ALKA
12/07/1990
√
√
x
13
Alumindo Ligh Metal Industry, Tbk
ALMI
02/01/1997
√
√
√
14
Saranacentral Bajatama, Tbk
BAJA
21/12/2011
√
x
x
15
Beton Jaya Manunggal, Tbk
BTON
18/07/2001
√
√
x
16
Citra Turbindo, Tbk
CTBN
28/11/1989
√
√
x
17
Gunawan Dianjaya Steel, Tbk
GDST
23/12/2009
√
√
x
18
Indah Aluminium Industry, Tbk
INAI
05/12/1994
√
√
x
19
Steel Pipe Industry Of Indonesia, Tbk
ISSP
22/02/2013
√
x
x
20
Jakarta Kyoei Steel Work Ltd, Tbk
JKSW
06/08/1997
√
√
x
21
Jaya Pari Steel, Tbk
JPRS
08/08/1989
√
√
x
22
Krakatau Steel, Tbk
KRAS
10/11/2010
√
√
x
23
Lion Metal Works, Tbk
LION
20/08/1993
√
√
√
7
24
Lionmesh Prima, Tbk
LMSH
04/06/1990
√
√
√
8
25
Pelat Timah Nusantara, Tbk
NIKL
14/12/2009
√
√
x
26
Pelangi Indah Canindo, Tbk
PICO
23/09/1996
√
√
x
27
Tembaga Mulia Semanan, Tbk
TBMS
30/09/1993
√
√
x
28
Barito Pasific, Tbk
BRPT
01/10/1993
√
√
x
29
Budi Acid Jaya, Tbk
BUDI
08/05/1995
√
√
x
30
Duta Pertiwi Nusantara, Tbk
DPNS
08/08/1990
√
√
x
31
Ekadharma International, Tbk
EKAD
14/08/1990
√
√
x
32
Eterindo Wahanatama, Tbk
ETWA
16/05/1997
√
√
x
33
Intan Wijaya International, Tbk
INCI
24/07/1990
√
√
x
34
Sorini Agro Asia Corporindo, Tbk
SOBI
03/08/1992
√
√
x
35
Indo Acitama, Tbk
SRSN
11/01/1993
√
√
x
36
Chandra Asri Petrochemical, Tbk
TPIA
26/05/2008
√
√
x
1
6
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
Unggul Indah Cahaya, Tbk
UNIC
06/11/1989
√
√
x
38
Alam Karya Unggul, Tbk
AKKU
01/11/2004
√
√
x
39
Argha Karya Prima Industry, Tbk
AKPI
18/12/1992
√
√
x
40
Asiaplast Industries, Tbk
APLI
01/05/2000
√
√
x
41
Berlina, Tbk
BRNA
06/11/1989
√
√
x
42
Titan Kimia Nusantara, Tbk
FPNI
21/03/2002
√
√
x
43
Champion Pasific Indonesia, Tbk
IGAR
05/11/1990
√
√
x
44
Impack Pratama Industri, Tbk
IMPC
17/12/2014
√
x
x
45
Indopoly Swakarsa Industry, Tbk
IPOL
09/07/2010
√
√
x
46
Sekawan Inti Pratama, Tbk
SIAP
17/10/2008
√
√
x
47
Siwani Makmur, Tbk
SIMA
03/06/1994
√
√
x
48
Tunas Alfin, Tbk
TPFA
12/02/2001
√
√
x
49
Trias Sentosa, Tbk
TRST
02/07/1990
√
√
x
50
Yana Prima Hasta Persada, Tbk
YPAS
15/03/2008
√
√
x
51
Charoen Pokphand Indonesia, Tbk
CPIN
18/03/1991
√
√
√
9
10
37
52
Japfa Comfeed Indonesia, Tbk
JPFA
23/10/1989
√
√
√
53
Malindo Feedmill, Tbk
MAIN
10/02/2006
√
√
x
54
Siearad Produce, Tbk
SIPD
27/12/1996
√
√
x
55
Sumalindo Lestari Jaya, Tbk
SULI
21/03/1994
√
√
x
56
Tirta Mahakam Resources, Tbk
TIRT
13/12/1999
√
√
x
57
Alkindo Natatama, Tbk
ALDO
12/07/2011
√
x
x
58
Dwi Aneka Jaya Kemasindo, Tbk
DAJK
14/05/2014
√
x
x
59
Fajar Surya Wisesa, Tbk
FASW
01/12/1994
√
√
x
60
Indah Kiat Pulp & Paper, Tbk
INKP
16/07/1990
√
√
x
61
Toba Pulp Lestari, Tbk
INRU
18/06/1990
√
√
x
62
Kertas Basuki Rachmat Indonesia, Tbk
KBRI
11/07/2008
√
√
x
63
Suparma, Tbk
SPMA
16/11/1994
√
√
x
64
Pabrik Kertas Tjiwi Kimia, Tbk
TKIM
03/04/1990
√
√
x
65
Grand Kartech Tbk
KRAH
28/11/2013
√
x
x
66
Astra International Tbk
ASII
04/04/1990
√
√
√
11
67
Astra Auto Part Tbk
AUTO
15/06/1998
√
√
√
12
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Nama Perusahaan
Kriteria
Kode
Listing
1
2
3
Sampel
68
Indo Kordsa Tbk
BRAM
05/09/1990
√
√
69
Goodyear Indonesia Tbk
GDYR
01/12/1990
√
√
√
13
70
Gajah Tunggal Tbk
GJTL
08/05/1990
√
√
√
14
71
Indomobil Sukses International Tbk
IMAS
15/09/1993
√
√
x
72
Indospring Tbk
INDS
10/08/1990
√
√
x
73
Multi Prima Sejahtera Tbk
LPIN
05/02/1990
√
√
x
74
Multistrada Arah Sarana Tbk
MASA
09/06/2005
√
√
x
75
Nippres Tbk
NIPS
24/07/1991
√
√
x
76
Prima Alloy Steel Universal, Tbk
PRAS
12/06/1990
√
√
x
77
Selamat Sempurna, Tbk
SMSM
09/09/1996
√
√
√
78
Polychem Indonesia, Tbk
ADMG
20/10/1993
√
√
x
79
Argo Pantes, Tbk
ARGO
07/01/1991
√
√
x
80
Centex, Tbk
CNTX
22/05/1979
√
√
x
81
Eratex Djaya, Tbk
ERTX
21/08/1990
√
√
x
82
Ever Shine Textile Industry, Tbk
ESTI
13/10/1992
√
√
x
83
Pan Asia Indosyntec, Tbk
HDTX
06/06/1990
√
√
x
84
Indo Rama Synthetic, Tbk
INDR
03/08/1990
√
√
x
85
Karwell Indonesia, Tbk
KARW
17/05/2001
√
√
x
86
Apac Citra Centertex Tbk
MYTX
10/10/1989
√
√
x
87
Pan Asia Filament Inti Tbk
PAFI
01/01/2000
√
√
x
88
Pan Brothers Tbk
PBRX
16/08/1990
√
√
x
89
Asia Pasific Fibers Tbk
POLY
12/03/1991
√
√
x
90
Ricky Putra Globalindo Tbk
RICY
22/01/1998
√
√
x
91
Sri Rejeki Isman Tbk
SRIL
17/06/2013
√
x
x
92
Sunson Textile Manufacturer Tbk
SSTM
20/08/1997
√
√
x
93
Tifico Fiber Indonesia Tbk
TFCO
26/02/1980
√
√
x
94
Trisula International Tbk
TRIS
28/06/2012
√
x
x
95
Nusantara Inti Corpora Tbk
UNIT
18/04/2002
√
√
x
96
Unitex Tbk
UNTX
16/06/1989
√
√
x
97
Sepatu Bata Tbk
BATA
24/03/1982
√
√
√
98
Primarindo Asia Infrastructure Tbk
BIMA
30/08/1994
√
√
x
99
Surya Intrindo Makmur Tbk
SIMM
28/03/2000
√
√
x
100
Sumi Indo Kabel Tbk
IKBI
21/01/1991
√
√
√
101
Jembo Cable Company Tbk
JECC
18/11/1992
√
√
x
102
KMI Wire and Cable Tbk
KBLI
06/06/1992
√
√
x
103
Kabelindo Murni Tbk
KBLM
01/06/1992
√
√
x
104
Supreme Cable Manufacturing
SCCO
20/07/1982
√
√
√
105
Voksel Electric Tbk
VOKS
20/12/1990
√
√
x
15
16
17
18
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Nama Perusahaan
Kode
Listing
1
2
3
106
Sat Nusa Persada Tbk
PTSN
08/11/2007
√
√
x
107
Akasha Wira International Tbk
ADES
13/06/1994
√
√
x
108
Tiga Pilar Sejahtera Food Tbk
AISA
11/06/1997
√
√
x
109
Tri Banyan Tirta Tbk
ALTO
10/07/2012
√
x
x
110
Aqua Golden Mississippi Tbk
AQUA
01/03/1990
√
√
x
Sampel
111
Cahaya Kalbar Tbk
CEKA
09/07/1996
√
√
x
112
Davomas Abadi Tbk
DAVO
22/12/1994
√
√
x
113
Delta Djakarta Tbk
DLTA
12/02/1994
√
√
√
114
Indofood CBP Sukses Makmur Tbk
ICBC
07/10/2010
√
√
x
115
Indofood Sukses Makmur Tbk
INDF
14/07/1994
√
√
√
20
116
Multi Bintang Indonesia Tbk
MLBI
17/01/1994
√
√
√
21
117
Mayora Indah Tbk
MYOR
04/07/1990
√
√
x
118
Prashida Aneka Niaga Tbk
PSDN
18/10/1994
√
√
x
119
Nippon Indosari Corporindo Tbk
ROTI
28/06/2010
√
√
√
120
Sekar Bumi Tbk
SKBM
05/01/1993
√
√
x
121
Sekar Laut Tbk
SKLT
08/09/1993
√
√
√
122
Siantar Top Tbk
STTP
16/12/1996
√
√
x
123
Ultrajaya Milk Industry and Trading Company Tbk
ULTJ
02/07/1990
√
√
x
124
Gudang Garam Tbk
GGRM
27/08/1990
√
√
√
24
125
Hanjaya Mandala Sampoerna Tbk
HMSP
15/08/1990
√
√
√
25
126
Bentoel International Investama Tbk
RMBA
05/03/1990
√
√
x
19
22
23
127
Wismilak Inti Makmur Tbk
WIIM
18/11/2012
√
x
x
128
Darya Varia Laboratoria Tbk
DVLA
11/11/1994
√
√
√
129
Indofarma Tbk
INAF
17/04/2001
√
√
x
130
Kimia Farma Tbk
KAEF
04/07/2001
√
√
√
131
Kalbe Farma Tbk
KLBF
30/07/1991
√
√
√
28
29
132
Merck Indonesia Tbk
MERK
23/07/1981
√
√
√
133
Pyridam Farma Tbk
PYFA
16/10/2001
√
√
x
134
Merck Sharp Dohme Pharma Tbk
SCPI
08/06/1990
√
√
x
135
Industri Jamu dan Farmasi Sido Muncul Tbk
SIDO
13/12/2013
√
x
x
136
Taisho Pharmaceutical Indonesia Tbk
SQBB
28/03/1983
√
√
x
137
Tempo Scan Pasific Tbk
TSPC
17/06/1994
√
√
√
138
Martina Berto Tbk
BMTO
13/01/2011
√
x
x
139
Mustika Ratu Tbk
MRAT
27/07/1995
√
√
x
140
Sara Lee Body Care Indonesia Tbk
PROD
16/06/1989
√
√
x
26
27
30
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
141
Mandom Indonesia Tbk
TCID
23/09/1993
√
√
√
31
142
Unilever Indonesia Tbk
UNVR
11/01/1982
√
√
√
32
143
Chitose Internasional Tbk
CINT
27/06/2014
√
x
x
144
Kedawung Setia Industrial Tbk
KDSI
29/07/1996
√
√
x
145
Kedaung Indag Can Tbk
KICI
28/10/1993
√
√
x
146
Langgeng Makmur Industry Tbk
LMPI
17/10/1994
√
√
x
Universitas Sumatera Utara
Lampiran 2
Deskriptif Statistik
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
DAR
37.01104
34.52169
75.17807
4.811866
16.25607
0.251867
2.103244
CR
298.1923
211.0237
2860.937
51.39035
305.3690
4.834142
36.05895
ROA
20.24704
16.65130
88.48564
1.084461
14.35924
1.563884
6.005164
PER
20.55763
17.29265
168.5649
2.441860
17.97783
4.808822
35.03522
TIE
76.64613
24.35374
664.2831
0.755960
125.2585
2.753136
10.92571
DPR
52.93934
46.77062
121.4128
8.810573
27.20921
0.610696
2.432295
Jarque-Bera
Probability
7.052792
0.029411
7909.133
0.000000
125.4263
0.000000
7458.361
0.000000
620.9059
0.000000
12.09391
0.002365
Sum
Sum Sq. Dev.
5921.766
42017.33
47710.77
14826784
3239.526
32783.85
3289.221
51389.17
12263.38
2494660.
8470.295
117714.2
Observations
160
160
160
160
160
160
Universitas Sumatera Utara
Lampiran 3
Uji Asumsi Klasik
1. Uji Normalitas
a. Pendekatan Jarque-Bera
24
Series: Residuals
Sample 1 160
Observations 160
20
16
12
8
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
1.09e-15
0.014306
0.983138
-1.346752
0.454586
-0.230735
2.822151
Jarque-Bera
Probability
1.630561
0.442515
4
0
-1.4
-1.2
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
b. Pendekatan QQ-Plot
1.5
Quantiles of Normal
1.0
0.5
0.0
-0.5
-1.0
-1.5
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
Quantiles of RESID
Universitas Sumatera Utara
2. Uji Heteroskedastisitas
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
1.937556
9.469521
7.992525
Prob. F(5,154)
Prob. Chi-Square(5)
Prob. Chi-Square(5)
0.0912
0.0917
0.1566
Test Equation:
Dependent Variable: RESID^2
Method: Least Squares
Date: 07/03/16 Time: 15:56
Sample: 1 160
Included observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(DAR)^2
LOG(CR)^2
LOG(ROA)^2
LOG(PER)^2
LOG(TIE)^2
0.893244
-0.027670
-0.008169
-0.005704
0.000649
-0.004300
0.324960
0.013025
0.005527
0.007775
0.006417
0.003226
2.748783
-2.124369
-1.478021
-0.733679
0.101155
-1.333187
0.0067
0.0352
0.1414
0.4643
0.9196
0.1844
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.059185
0.028639
0.274065
11.56721
-16.87018
1.937556
0.091181
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.205357
0.278076
0.285877
0.401196
0.332704
1.710832
3. Uji Multikolonearitas
Variance Inflation Factors
Date: 07/03/16 Time: 15:57
Sample: 1 160
Included observations: 160
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
LOG(DAR)
LOG(CR)
LOG(ROA)
LOG(PER)
LOG(TIE)
C
0.024784
0.011674
0.004654
0.004295
0.001657
1.247100
232.1734
262.0351
28.56789
26.76374
16.30322
935.2169
4.853553
4.112588
2.002555
1.213064
2.780045
NA
Universitas Sumatera Utara
4. Uji Autokorelasi
Dependent Variable: LOG(DPR)
Method: Least Squares
Date: 07/03/16 Time: 01:15
Sample: 1 160
Included observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR)
LOG(CR)
LOG(ROA)
LOG(PER)
LOG(TIE)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.662700
Universitas Sumatera Utara
Lampiran 4
Metode Analisis Data Panel
1. Analisis Regresi Linear Berganda Data Panel
a. Metode Common Effects Model
Dependent Variable: LOG(DPR?)
Method: Pooled Least Squares
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.440237
b. Metode Fixed Effect Model
Dependent Variable: LOG(DPR?)
Method: Pooled Least Squares
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
Fixed Effects (Cross)
_INTP--C
_SMCB--C
-0.323140
-0.121007
0.164853
0.129498
0.012925
4.751132
0.278069
0.225318
0.132657
0.089550
0.068869
2.154364
-1.162088
-0.537049
1.242705
1.446098
0.187673
2.205352
0.2474
0.5922
0.2163
0.1507
0.8514
0.0293
-0.277536
-0.036900
Universitas Sumatera Utara
_SMGR--C
_TOTO--C
_ARNA--C
_AMFG--C
_LION--C
_LMSH--C
_CPIN--C
_JPFA--C
_ASII--C
_AUTO--C
_GDYR--C
_SMSM--C
_GJTL--C
_IKBI--C
_SCCO--C
_BATA--C
_INDF--C
_MLBI--C
_DLTA--C
_ROTI--C
_SKLT--C
_GGRM--C
_HSMP--C
_KLBF--C
_DVLA--C
_KAEF--C
_TSPC--C
_MERK--C
_TCID--C
_UNVR--C
0.001864
0.085600
-0.354055
0.238311
-0.227550
-0.325601
-0.054922
-0.196981
0.011933
0.084952
-0.351428
0.349566
0.296088
0.135160
-0.062267
0.003818
0.270831
0.266608
0.334615
-0.395536
-0.654366
0.008397
0.653458
-0.177387
-0.185484
-0.353779
-0.232904
0.478067
0.198739
0.468692
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)
0.526176
0.387496
0.437451
23.53767
-73.70444
3.794176
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.383806
2.094939
1.672572
1.986252
Universitas Sumatera Utara
c. Metode Random Effect Model
Dependent Variable: LOG(DPR?)
Method: Pooled EGLS (Cross-section random effects)
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
Random Effects (Cross)
_INTP--C
_SMCB--C
_SMGR--C
_TOTO--C
_ARNA--C
_AMFG--C
_LION--C
_LMSH--C
_CPIN--C
_JPFA--C
_ASII--C
_AUTO--C
_GDYR--C
_SMSM--C
_GJTL--C
_IKBI--C
_SCCO--C
_BATA--C
_INDF--C
_MLBI--C
_DLTA--C
_ROTI--C
_SKLT--C
_GGRM--C
_HSMP--C
_KLBF--C
_DVLA--C
_KAEF--C
_TSPC--C
_MERK--C
_TCID--C
_UNVR--C
0.076697
0.091851
0.234974
0.157118
0.090740
1.669480
0.174935
0.122252
0.075926
0.068332
0.044614
1.255513
0.438430
0.751321
3.094760
2.299322
2.033887
1.329719
0.6617
0.4536
0.0023
0.0228
0.0437
0.1856
-0.127800
0.078858
-0.001305
-0.014674
-0.093581
0.104587
-0.036034
-0.050684
-0.073347
-0.058996
-0.017120
0.100361
-0.072572
0.120131
0.145269
0.099925
-0.003150
-0.000901
0.133819
0.028432
0.086491
-0.130774
-0.176957
0.012989
0.107883
-0.091730
-0.045714
-0.133376
-0.125441
0.081807
0.074358
0.079248
Effects Specification
S.D.
Cross-section random
0.156511
Rho
0.1135
Universitas Sumatera Utara
Idiosyncratic random
0.437451
0.8865
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.260996
0.237002
0.437795
10.87769
0.000000
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
2.987888
0.501198
29.51635
1.592133
Unweighted Statistics
R-squared
Sum squared resid
0.337398
32.91545
Mean dependent var
Durbin-Watson stat
3.826403
1.427717
Universitas Sumatera Utara
Lampiran 5
Penentuan Model Analisis Data Panel
a. Redundant Fixed Effects (Pemilihan Model Antara CEM dengan FEM)
Redundant Fixed Effects Tests
Pool: BERRY
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
1.570981
53.370681
(31,123)
31
0.0437
0.0075
Cross-section fixed effects test equation:
Dependent Variable: LOG(DPR?)
Method: Panel Least Squares
Date: 07/03/16 Time: 16:04
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.440237
Universitas Sumatera Utara
b. Hausman Test (Pemilihan Model Antara FEM dengan REM
Correlated Random Effects - Hausman Test
Pool: BERRY
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
5.242566
5
0.3870
Random
Var(Diff.)
Prob.
0.076697
0.091851
0.234974
0.157118
0.090740
0.046720
0.035823
0.011833
0.003350
0.002753
0.0643
0.2607
0.5192
0.6332
0.1380
Cross-section random effects test comparisons:
Variable
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
Fixed
-0.323140
-0.121007
0.164853
0.129498
0.012925
Cross-section random effects test equation:
Dependent Variable: LOG(DPR?)
Method: Panel Least Squares
Date: 07/03/16 Time: 16:04
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
4.751132
-0.323140
-0.121007
0.164853
0.129498
0.012925
2.154364
0.278069
0.225318
0.132657
0.089550
0.068869
2.205352
-1.162088
-0.537049
1.242705
1.446098
0.187673
0.0293
0.2474
0.5922
0.2163
0.1507
0.8514
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)
0.526176
0.387496
0.437451
23.53767
-73.70444
3.794176
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.383806
2.094939
1.672572
1.986252
Universitas Sumatera Utara
Kriteria Pemilihan Sampel
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
No
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
1
Indocemen Tunggal Prakasa, Tbk.
INTP
05/12/1989
√
√
√
2
Semen Baturaja (Persero) Tbk
SMBR
28/06/2013
√
x
x
3
Holcim Indonesia, Tbk
SMCB
10/08/1997
√
√
√
2
4
Semen Indonesia (Persero) Tbk
SMGR
08/07/1991
√
√
√
3
5
Wujaya Karya Beton
WTON
08/04/2014
√
x
x
6
Asahimas Flat Glass, Tbk
AMFG
08/11/1995
√
√
√
4
7
Arwana Citra Mulia
ARNA
07/07/2001
√
√
√
5
8
Inti Keramik Alam Asri Industri, Tbk
IKAI
08/06/1997
√
√
x
9
Keramik Indonesia Assosiasi, Tbk
KIAS
08/12/1994
√
√
x
10
Mulia Industrindo, Tbk
MLIA
17/01/1994
√
√
x
11
Surya Toto Indonesia, Tbk
TOTO
30/10/1990
√
√
√
12
Alaska Industrindo, Tbk
ALKA
12/07/1990
√
√
x
13
Alumindo Ligh Metal Industry, Tbk
ALMI
02/01/1997
√
√
√
14
Saranacentral Bajatama, Tbk
BAJA
21/12/2011
√
x
x
15
Beton Jaya Manunggal, Tbk
BTON
18/07/2001
√
√
x
16
Citra Turbindo, Tbk
CTBN
28/11/1989
√
√
x
17
Gunawan Dianjaya Steel, Tbk
GDST
23/12/2009
√
√
x
18
Indah Aluminium Industry, Tbk
INAI
05/12/1994
√
√
x
19
Steel Pipe Industry Of Indonesia, Tbk
ISSP
22/02/2013
√
x
x
20
Jakarta Kyoei Steel Work Ltd, Tbk
JKSW
06/08/1997
√
√
x
21
Jaya Pari Steel, Tbk
JPRS
08/08/1989
√
√
x
22
Krakatau Steel, Tbk
KRAS
10/11/2010
√
√
x
23
Lion Metal Works, Tbk
LION
20/08/1993
√
√
√
7
24
Lionmesh Prima, Tbk
LMSH
04/06/1990
√
√
√
8
25
Pelat Timah Nusantara, Tbk
NIKL
14/12/2009
√
√
x
26
Pelangi Indah Canindo, Tbk
PICO
23/09/1996
√
√
x
27
Tembaga Mulia Semanan, Tbk
TBMS
30/09/1993
√
√
x
28
Barito Pasific, Tbk
BRPT
01/10/1993
√
√
x
29
Budi Acid Jaya, Tbk
BUDI
08/05/1995
√
√
x
30
Duta Pertiwi Nusantara, Tbk
DPNS
08/08/1990
√
√
x
31
Ekadharma International, Tbk
EKAD
14/08/1990
√
√
x
32
Eterindo Wahanatama, Tbk
ETWA
16/05/1997
√
√
x
33
Intan Wijaya International, Tbk
INCI
24/07/1990
√
√
x
34
Sorini Agro Asia Corporindo, Tbk
SOBI
03/08/1992
√
√
x
35
Indo Acitama, Tbk
SRSN
11/01/1993
√
√
x
36
Chandra Asri Petrochemical, Tbk
TPIA
26/05/2008
√
√
x
1
6
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
Unggul Indah Cahaya, Tbk
UNIC
06/11/1989
√
√
x
38
Alam Karya Unggul, Tbk
AKKU
01/11/2004
√
√
x
39
Argha Karya Prima Industry, Tbk
AKPI
18/12/1992
√
√
x
40
Asiaplast Industries, Tbk
APLI
01/05/2000
√
√
x
41
Berlina, Tbk
BRNA
06/11/1989
√
√
x
42
Titan Kimia Nusantara, Tbk
FPNI
21/03/2002
√
√
x
43
Champion Pasific Indonesia, Tbk
IGAR
05/11/1990
√
√
x
44
Impack Pratama Industri, Tbk
IMPC
17/12/2014
√
x
x
45
Indopoly Swakarsa Industry, Tbk
IPOL
09/07/2010
√
√
x
46
Sekawan Inti Pratama, Tbk
SIAP
17/10/2008
√
√
x
47
Siwani Makmur, Tbk
SIMA
03/06/1994
√
√
x
48
Tunas Alfin, Tbk
TPFA
12/02/2001
√
√
x
49
Trias Sentosa, Tbk
TRST
02/07/1990
√
√
x
50
Yana Prima Hasta Persada, Tbk
YPAS
15/03/2008
√
√
x
51
Charoen Pokphand Indonesia, Tbk
CPIN
18/03/1991
√
√
√
9
10
37
52
Japfa Comfeed Indonesia, Tbk
JPFA
23/10/1989
√
√
√
53
Malindo Feedmill, Tbk
MAIN
10/02/2006
√
√
x
54
Siearad Produce, Tbk
SIPD
27/12/1996
√
√
x
55
Sumalindo Lestari Jaya, Tbk
SULI
21/03/1994
√
√
x
56
Tirta Mahakam Resources, Tbk
TIRT
13/12/1999
√
√
x
57
Alkindo Natatama, Tbk
ALDO
12/07/2011
√
x
x
58
Dwi Aneka Jaya Kemasindo, Tbk
DAJK
14/05/2014
√
x
x
59
Fajar Surya Wisesa, Tbk
FASW
01/12/1994
√
√
x
60
Indah Kiat Pulp & Paper, Tbk
INKP
16/07/1990
√
√
x
61
Toba Pulp Lestari, Tbk
INRU
18/06/1990
√
√
x
62
Kertas Basuki Rachmat Indonesia, Tbk
KBRI
11/07/2008
√
√
x
63
Suparma, Tbk
SPMA
16/11/1994
√
√
x
64
Pabrik Kertas Tjiwi Kimia, Tbk
TKIM
03/04/1990
√
√
x
65
Grand Kartech Tbk
KRAH
28/11/2013
√
x
x
66
Astra International Tbk
ASII
04/04/1990
√
√
√
11
67
Astra Auto Part Tbk
AUTO
15/06/1998
√
√
√
12
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Nama Perusahaan
Kriteria
Kode
Listing
1
2
3
Sampel
68
Indo Kordsa Tbk
BRAM
05/09/1990
√
√
69
Goodyear Indonesia Tbk
GDYR
01/12/1990
√
√
√
13
70
Gajah Tunggal Tbk
GJTL
08/05/1990
√
√
√
14
71
Indomobil Sukses International Tbk
IMAS
15/09/1993
√
√
x
72
Indospring Tbk
INDS
10/08/1990
√
√
x
73
Multi Prima Sejahtera Tbk
LPIN
05/02/1990
√
√
x
74
Multistrada Arah Sarana Tbk
MASA
09/06/2005
√
√
x
75
Nippres Tbk
NIPS
24/07/1991
√
√
x
76
Prima Alloy Steel Universal, Tbk
PRAS
12/06/1990
√
√
x
77
Selamat Sempurna, Tbk
SMSM
09/09/1996
√
√
√
78
Polychem Indonesia, Tbk
ADMG
20/10/1993
√
√
x
79
Argo Pantes, Tbk
ARGO
07/01/1991
√
√
x
80
Centex, Tbk
CNTX
22/05/1979
√
√
x
81
Eratex Djaya, Tbk
ERTX
21/08/1990
√
√
x
82
Ever Shine Textile Industry, Tbk
ESTI
13/10/1992
√
√
x
83
Pan Asia Indosyntec, Tbk
HDTX
06/06/1990
√
√
x
84
Indo Rama Synthetic, Tbk
INDR
03/08/1990
√
√
x
85
Karwell Indonesia, Tbk
KARW
17/05/2001
√
√
x
86
Apac Citra Centertex Tbk
MYTX
10/10/1989
√
√
x
87
Pan Asia Filament Inti Tbk
PAFI
01/01/2000
√
√
x
88
Pan Brothers Tbk
PBRX
16/08/1990
√
√
x
89
Asia Pasific Fibers Tbk
POLY
12/03/1991
√
√
x
90
Ricky Putra Globalindo Tbk
RICY
22/01/1998
√
√
x
91
Sri Rejeki Isman Tbk
SRIL
17/06/2013
√
x
x
92
Sunson Textile Manufacturer Tbk
SSTM
20/08/1997
√
√
x
93
Tifico Fiber Indonesia Tbk
TFCO
26/02/1980
√
√
x
94
Trisula International Tbk
TRIS
28/06/2012
√
x
x
95
Nusantara Inti Corpora Tbk
UNIT
18/04/2002
√
√
x
96
Unitex Tbk
UNTX
16/06/1989
√
√
x
97
Sepatu Bata Tbk
BATA
24/03/1982
√
√
√
98
Primarindo Asia Infrastructure Tbk
BIMA
30/08/1994
√
√
x
99
Surya Intrindo Makmur Tbk
SIMM
28/03/2000
√
√
x
100
Sumi Indo Kabel Tbk
IKBI
21/01/1991
√
√
√
101
Jembo Cable Company Tbk
JECC
18/11/1992
√
√
x
102
KMI Wire and Cable Tbk
KBLI
06/06/1992
√
√
x
103
Kabelindo Murni Tbk
KBLM
01/06/1992
√
√
x
104
Supreme Cable Manufacturing
SCCO
20/07/1982
√
√
√
105
Voksel Electric Tbk
VOKS
20/12/1990
√
√
x
15
16
17
18
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Nama Perusahaan
Kode
Listing
1
2
3
106
Sat Nusa Persada Tbk
PTSN
08/11/2007
√
√
x
107
Akasha Wira International Tbk
ADES
13/06/1994
√
√
x
108
Tiga Pilar Sejahtera Food Tbk
AISA
11/06/1997
√
√
x
109
Tri Banyan Tirta Tbk
ALTO
10/07/2012
√
x
x
110
Aqua Golden Mississippi Tbk
AQUA
01/03/1990
√
√
x
Sampel
111
Cahaya Kalbar Tbk
CEKA
09/07/1996
√
√
x
112
Davomas Abadi Tbk
DAVO
22/12/1994
√
√
x
113
Delta Djakarta Tbk
DLTA
12/02/1994
√
√
√
114
Indofood CBP Sukses Makmur Tbk
ICBC
07/10/2010
√
√
x
115
Indofood Sukses Makmur Tbk
INDF
14/07/1994
√
√
√
20
116
Multi Bintang Indonesia Tbk
MLBI
17/01/1994
√
√
√
21
117
Mayora Indah Tbk
MYOR
04/07/1990
√
√
x
118
Prashida Aneka Niaga Tbk
PSDN
18/10/1994
√
√
x
119
Nippon Indosari Corporindo Tbk
ROTI
28/06/2010
√
√
√
120
Sekar Bumi Tbk
SKBM
05/01/1993
√
√
x
121
Sekar Laut Tbk
SKLT
08/09/1993
√
√
√
122
Siantar Top Tbk
STTP
16/12/1996
√
√
x
123
Ultrajaya Milk Industry and Trading Company Tbk
ULTJ
02/07/1990
√
√
x
124
Gudang Garam Tbk
GGRM
27/08/1990
√
√
√
24
125
Hanjaya Mandala Sampoerna Tbk
HMSP
15/08/1990
√
√
√
25
126
Bentoel International Investama Tbk
RMBA
05/03/1990
√
√
x
19
22
23
127
Wismilak Inti Makmur Tbk
WIIM
18/11/2012
√
x
x
128
Darya Varia Laboratoria Tbk
DVLA
11/11/1994
√
√
√
129
Indofarma Tbk
INAF
17/04/2001
√
√
x
130
Kimia Farma Tbk
KAEF
04/07/2001
√
√
√
131
Kalbe Farma Tbk
KLBF
30/07/1991
√
√
√
28
29
132
Merck Indonesia Tbk
MERK
23/07/1981
√
√
√
133
Pyridam Farma Tbk
PYFA
16/10/2001
√
√
x
134
Merck Sharp Dohme Pharma Tbk
SCPI
08/06/1990
√
√
x
135
Industri Jamu dan Farmasi Sido Muncul Tbk
SIDO
13/12/2013
√
x
x
136
Taisho Pharmaceutical Indonesia Tbk
SQBB
28/03/1983
√
√
x
137
Tempo Scan Pasific Tbk
TSPC
17/06/1994
√
√
√
138
Martina Berto Tbk
BMTO
13/01/2011
√
x
x
139
Mustika Ratu Tbk
MRAT
27/07/1995
√
√
x
140
Sara Lee Body Care Indonesia Tbk
PROD
16/06/1989
√
√
x
26
27
30
Universitas Sumatera Utara
Lanjutan Lampiran 1
No.
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia
Kriteria
Sampel
Nama Perusahaan
Kode
Listing
1
2
3
141
Mandom Indonesia Tbk
TCID
23/09/1993
√
√
√
31
142
Unilever Indonesia Tbk
UNVR
11/01/1982
√
√
√
32
143
Chitose Internasional Tbk
CINT
27/06/2014
√
x
x
144
Kedawung Setia Industrial Tbk
KDSI
29/07/1996
√
√
x
145
Kedaung Indag Can Tbk
KICI
28/10/1993
√
√
x
146
Langgeng Makmur Industry Tbk
LMPI
17/10/1994
√
√
x
Universitas Sumatera Utara
Lampiran 2
Deskriptif Statistik
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
DAR
37.01104
34.52169
75.17807
4.811866
16.25607
0.251867
2.103244
CR
298.1923
211.0237
2860.937
51.39035
305.3690
4.834142
36.05895
ROA
20.24704
16.65130
88.48564
1.084461
14.35924
1.563884
6.005164
PER
20.55763
17.29265
168.5649
2.441860
17.97783
4.808822
35.03522
TIE
76.64613
24.35374
664.2831
0.755960
125.2585
2.753136
10.92571
DPR
52.93934
46.77062
121.4128
8.810573
27.20921
0.610696
2.432295
Jarque-Bera
Probability
7.052792
0.029411
7909.133
0.000000
125.4263
0.000000
7458.361
0.000000
620.9059
0.000000
12.09391
0.002365
Sum
Sum Sq. Dev.
5921.766
42017.33
47710.77
14826784
3239.526
32783.85
3289.221
51389.17
12263.38
2494660.
8470.295
117714.2
Observations
160
160
160
160
160
160
Universitas Sumatera Utara
Lampiran 3
Uji Asumsi Klasik
1. Uji Normalitas
a. Pendekatan Jarque-Bera
24
Series: Residuals
Sample 1 160
Observations 160
20
16
12
8
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
1.09e-15
0.014306
0.983138
-1.346752
0.454586
-0.230735
2.822151
Jarque-Bera
Probability
1.630561
0.442515
4
0
-1.4
-1.2
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
b. Pendekatan QQ-Plot
1.5
Quantiles of Normal
1.0
0.5
0.0
-0.5
-1.0
-1.5
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
Quantiles of RESID
Universitas Sumatera Utara
2. Uji Heteroskedastisitas
Heteroskedasticity Test: White
F-statistic
Obs*R-squared
Scaled explained SS
1.937556
9.469521
7.992525
Prob. F(5,154)
Prob. Chi-Square(5)
Prob. Chi-Square(5)
0.0912
0.0917
0.1566
Test Equation:
Dependent Variable: RESID^2
Method: Least Squares
Date: 07/03/16 Time: 15:56
Sample: 1 160
Included observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(DAR)^2
LOG(CR)^2
LOG(ROA)^2
LOG(PER)^2
LOG(TIE)^2
0.893244
-0.027670
-0.008169
-0.005704
0.000649
-0.004300
0.324960
0.013025
0.005527
0.007775
0.006417
0.003226
2.748783
-2.124369
-1.478021
-0.733679
0.101155
-1.333187
0.0067
0.0352
0.1414
0.4643
0.9196
0.1844
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.059185
0.028639
0.274065
11.56721
-16.87018
1.937556
0.091181
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.205357
0.278076
0.285877
0.401196
0.332704
1.710832
3. Uji Multikolonearitas
Variance Inflation Factors
Date: 07/03/16 Time: 15:57
Sample: 1 160
Included observations: 160
Variable
Coefficient
Variance
Uncentered
VIF
Centered
VIF
LOG(DAR)
LOG(CR)
LOG(ROA)
LOG(PER)
LOG(TIE)
C
0.024784
0.011674
0.004654
0.004295
0.001657
1.247100
232.1734
262.0351
28.56789
26.76374
16.30322
935.2169
4.853553
4.112588
2.002555
1.213064
2.780045
NA
Universitas Sumatera Utara
4. Uji Autokorelasi
Dependent Variable: LOG(DPR)
Method: Least Squares
Date: 07/03/16 Time: 01:15
Sample: 1 160
Included observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR)
LOG(CR)
LOG(ROA)
LOG(PER)
LOG(TIE)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.662700
Universitas Sumatera Utara
Lampiran 4
Metode Analisis Data Panel
1. Analisis Regresi Linear Berganda Data Panel
a. Metode Common Effects Model
Dependent Variable: LOG(DPR?)
Method: Pooled Least Squares
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.440237
b. Metode Fixed Effect Model
Dependent Variable: LOG(DPR?)
Method: Pooled Least Squares
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
Fixed Effects (Cross)
_INTP--C
_SMCB--C
-0.323140
-0.121007
0.164853
0.129498
0.012925
4.751132
0.278069
0.225318
0.132657
0.089550
0.068869
2.154364
-1.162088
-0.537049
1.242705
1.446098
0.187673
2.205352
0.2474
0.5922
0.2163
0.1507
0.8514
0.0293
-0.277536
-0.036900
Universitas Sumatera Utara
_SMGR--C
_TOTO--C
_ARNA--C
_AMFG--C
_LION--C
_LMSH--C
_CPIN--C
_JPFA--C
_ASII--C
_AUTO--C
_GDYR--C
_SMSM--C
_GJTL--C
_IKBI--C
_SCCO--C
_BATA--C
_INDF--C
_MLBI--C
_DLTA--C
_ROTI--C
_SKLT--C
_GGRM--C
_HSMP--C
_KLBF--C
_DVLA--C
_KAEF--C
_TSPC--C
_MERK--C
_TCID--C
_UNVR--C
0.001864
0.085600
-0.354055
0.238311
-0.227550
-0.325601
-0.054922
-0.196981
0.011933
0.084952
-0.351428
0.349566
0.296088
0.135160
-0.062267
0.003818
0.270831
0.266608
0.334615
-0.395536
-0.654366
0.008397
0.653458
-0.177387
-0.185484
-0.353779
-0.232904
0.478067
0.198739
0.468692
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)
0.526176
0.387496
0.437451
23.53767
-73.70444
3.794176
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.383806
2.094939
1.672572
1.986252
Universitas Sumatera Utara
c. Metode Random Effect Model
Dependent Variable: LOG(DPR?)
Method: Pooled EGLS (Cross-section random effects)
Date: 07/03/16 Time: 16:03
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Swamy and Arora estimator of component variances
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
Random Effects (Cross)
_INTP--C
_SMCB--C
_SMGR--C
_TOTO--C
_ARNA--C
_AMFG--C
_LION--C
_LMSH--C
_CPIN--C
_JPFA--C
_ASII--C
_AUTO--C
_GDYR--C
_SMSM--C
_GJTL--C
_IKBI--C
_SCCO--C
_BATA--C
_INDF--C
_MLBI--C
_DLTA--C
_ROTI--C
_SKLT--C
_GGRM--C
_HSMP--C
_KLBF--C
_DVLA--C
_KAEF--C
_TSPC--C
_MERK--C
_TCID--C
_UNVR--C
0.076697
0.091851
0.234974
0.157118
0.090740
1.669480
0.174935
0.122252
0.075926
0.068332
0.044614
1.255513
0.438430
0.751321
3.094760
2.299322
2.033887
1.329719
0.6617
0.4536
0.0023
0.0228
0.0437
0.1856
-0.127800
0.078858
-0.001305
-0.014674
-0.093581
0.104587
-0.036034
-0.050684
-0.073347
-0.058996
-0.017120
0.100361
-0.072572
0.120131
0.145269
0.099925
-0.003150
-0.000901
0.133819
0.028432
0.086491
-0.130774
-0.176957
0.012989
0.107883
-0.091730
-0.045714
-0.133376
-0.125441
0.081807
0.074358
0.079248
Effects Specification
S.D.
Cross-section random
0.156511
Rho
0.1135
Universitas Sumatera Utara
Idiosyncratic random
0.437451
0.8865
Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
0.260996
0.237002
0.437795
10.87769
0.000000
Mean dependent var
S.D. dependent var
Sum squared resid
Durbin-Watson stat
2.987888
0.501198
29.51635
1.592133
Unweighted Statistics
R-squared
Sum squared resid
0.337398
32.91545
Mean dependent var
Durbin-Watson stat
3.826403
1.427717
Universitas Sumatera Utara
Lampiran 5
Penentuan Model Analisis Data Panel
a. Redundant Fixed Effects (Pemilihan Model Antara CEM dengan FEM)
Redundant Fixed Effects Tests
Pool: BERRY
Test cross-section fixed effects
Effects Test
Statistic
Cross-section F
Cross-section Chi-square
d.f.
Prob.
1.570981
53.370681
(31,123)
31
0.0437
0.0075
Cross-section fixed effects test equation:
Dependent Variable: LOG(DPR?)
Method: Panel Least Squares
Date: 07/03/16 Time: 16:04
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
C
0.146570
0.127161
0.233049
0.150772
0.103993
1.212923
0.157430
0.108045
0.068220
0.065537
0.040706
1.116736
0.931014
1.176921
3.416120
2.300553
2.554705
1.086132
0.3533
0.2410
0.0008
0.0228
0.0116
0.2791
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
0.338572
0.317097
0.461907
32.85714
-100.3898
15.76589
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.329872
1.445191
1.376699
1.440237
Universitas Sumatera Utara
b. Hausman Test (Pemilihan Model Antara FEM dengan REM
Correlated Random Effects - Hausman Test
Pool: BERRY
Test cross-section random effects
Test Summary
Cross-section random
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
5.242566
5
0.3870
Random
Var(Diff.)
Prob.
0.076697
0.091851
0.234974
0.157118
0.090740
0.046720
0.035823
0.011833
0.003350
0.002753
0.0643
0.2607
0.5192
0.6332
0.1380
Cross-section random effects test comparisons:
Variable
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
Fixed
-0.323140
-0.121007
0.164853
0.129498
0.012925
Cross-section random effects test equation:
Dependent Variable: LOG(DPR?)
Method: Panel Least Squares
Date: 07/03/16 Time: 16:04
Sample: 2010 2014
Included observations: 5
Cross-sections included: 32
Total pool (balanced) observations: 160
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
LOG(DAR?)
LOG(CR?)
LOG(ROA?)
LOG(PER?)
LOG(TIE?)
4.751132
-0.323140
-0.121007
0.164853
0.129498
0.012925
2.154364
0.278069
0.225318
0.132657
0.089550
0.068869
2.205352
-1.162088
-0.537049
1.242705
1.446098
0.187673
0.0293
0.2474
0.5922
0.2163
0.1507
0.8514
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)
0.526176
0.387496
0.437451
23.53767
-73.70444
3.794176
0.000000
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
3.826403
0.558953
1.383806
2.094939
1.672572
1.986252
Universitas Sumatera Utara