AnalisisFaktor-Faktor yang Mempengaruhi Pendapatan Saham Pada Perusahaan Sektor Properti yang Terdaftar di Bursa Efek Indonesia
LAMPIRAN 1
Daftar Populasi dan Sampel Penelitian
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Kode
Perusahaan
APLN
ASRI
BAPA
BCIP
BEST
BIKA
BIPP
BKDP
BKSL
BSDE
CTRA
CTRP
CTRS
COWL
SCBD
DART
DILD
DMAS
DUTI
ELTY
EMDE
FMII
GAMA
24
GMTD
25
26
27
28
29
GPRA
GWSA
JIHD
JRPT
KIJA
30
KPIG
31
LAMI
32
LCGP
No
Kriteria
1
2
Nama Perusahaan
Agung Podomoro Land Tbk. [S]
Alam Sutera Realty Tbk. [S]
Bekasi Asri Pemula Tbk. [S]
Bumi Citra Permai Tbk. [S]
Bekasi Fajar Industrial Estate Tbk. [S]
Binakarya Jaya Abadi Tbk.
Bhuwanatala Indah Permai Tbk. [S]
Bukit Darmo Property Tbk. [S]
Sentul City Tbk. [S]
Bumi Serpong Damai Tbk. [S]
Ciputra Development Tbk. [S]
Ciputra Property Tbk.
Ciputra Surya Tbk. [S]
Cowell Development Tbk. [S]
Danayasa Arthatama Tbk. [S]
Duta Anggada Realty Tbk.
Intiland Development Tbk. [S]
Puradelta Lestari Tbk. [S]
Duta Pertiwi Tbk. [S]
Bakrieland Development Tbk. [S]
Megapolitan Developments Tbk. [S]
Fortune Mate Indonesia Tbk. [S]
Gading Development Tbk. [S]
Gowa Makassar Tourism
Development Tbk. [S]
Perdana Gapuraprima Tbk. [S]
Greenwood Sejahtera Tbk.
Jakarta International Hotel & Dev.
Jaya Real Property Tbk. [S]
Kawasan Industri Jababeka Tbk. [S]
Global Land Development Tbk. [S]
(MNC Land)
Lamicitra Nusantara Tbk. [S]
Laguna Cipta Griya Tbk. [S] (Eureka
Prima Jakarta)
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
Sampel
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Universitas Sumatera Utara
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
LPCK
LPKR
MDLN
MKPI
MMLP
MTLA
MTSM
NIRO
MORE
PLIN
PPRO
PUDP
PWON
PWSI
RBMS
RDTX
RODA
SIIP
SMDM
SMRA
TARA
Lippo Cikarang Tbk.
Lippo Karawaci Tbk. [S]
Modernland Realty Ltd. Tbk.
Metropolitan Kentjana Tbk. [S]
Mega Manunggal Property Tbk. [S]
Metropolitan Land Tbk. [S]
Metro Realty Tbk. [S]
Nirvana Development Tbk. [S]
Indonesia Prima Property Tbk. [S]
Plaza Indonesia Realty Tbk. [S]
PP Properti Tbk. [S]
Pudjiadi Prestige Tbk.
Pakuwon Jati Tbk. [S]
Panca Wiratama Sakti Tbk.
Ristia Bintang Mahkotasejati Tbk. [S]
Roda Vivatex Tbk. [S]
Pikko Land Development Tbk. [S]
Suryainti Permata Tbk.
Suryamas Dutamakmur Tbk.
Summarecon Agung Tbk. [S]
Sitara Propertindo Tbk. [S]
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
15
16
17
Keterangan:
∗ Kriteria 1 = Perusahaan sektor properti yang secara konsisten terdaftar di Bursa Efek
Indonesia selama periode 2011 – 2015.
∗ Kriteria 2 = Perusahaan tersebut selalu menyajikan laporan keuangan dan memiliki
kelengkapan data selama periode 2011 - 2015.
Universitas Sumatera Utara
LAMPIRAN 2
Data Keuangan Return Saham, DER, EPS, PER, dan PBV
Perusahaan Sektor Properti di Bursa Efek Indonesia Tahun 2011-2015
Nama
Perusahaan
APLN
APLN
APLN
APLN
APLN
ASRI
ASRI
ASRI
ASRI
ASRI
BAPA
BAPA
BAPA
BAPA
BAPA
BKDP
BKDP
BKDP
BKDP
BKDP
BSDE
BSDE
BSDE
BSDE
BSDE
CTRA
CTRA
CTRA
CTRA
CTRA
CTRP
CTRP
Tahun
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
Return
DER
EPS
PER
PBV
-0.15
0.02
0.04
-0.17
0.21
0.76
0.54
0.41
-0.32
-0.04
0.19
-0.02
-0.47
-0.47
-0.1
-0.04
-0.13
-0.16
-0.14
0.19
0.16
0.35
0.3
0.03
0.15
-0.18
0.55
0.51
0.04
0.16
0.28
0.5
1.15
1.39
1.73
1.8
1.71
1.16
1.31
1.71
1.66
1.83
0.83
0.82
0.9
0.77
0.74
0.38
0.38
0.43
0.39
0.38
0.55
0.59
0.68
0.52
0.63
0.51
0.77
1.06
1.04
1.01
0.2
0.49
33
41
42
42
39
31
62
45
56
30
9
7
8
11
2
-3
-8
-8
1
-4
58
85
154
208
111
33
56
64
9
84
27
52
10.48
12.43
6.81
10.55
7.58
20.21
17.29
13.33
9.94
12.25
17.62
18.87
8.03
4.7
27.49
40.83
-12.03
-8.78
109.49
-25.15
22.3
20.68
10.63
10.27
16.51
22.1
19.28
18.01
168.29
15.59
26.63
18.5
1.43
1.65
0.8
1.07
0.68
4.37
4.44
2.19
1.71
1.11
1.29
0.97
0.44
0.33
0.33
1.2
1.08
0.88
1.32
1.24
2.73
2.91
2.13
2.12
1.6
1.43
1.93
1.8
1.96
1.53
1.24
1.48
Universitas Sumatera Utara
CTRP
CTRP
CTRP
CTRS
CTRS
CTRS
CTRS
CTRS
COWL
COWL
COWL
COWL
COWL
SCBD
SCBD
SCBD
SCBD
SCBD
DART
DART
DART
DART
DART
DUTI
DUTI
DUTI
DUTI
DUTI
DILD
DILD
DILD
DILD
DILD
PWON
PWON
PWON
PWON
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
0.38
-0.15
-0.24
0.21
1.23
0.55
-0.11
0.13
-0.02
0.49
0.08
1.07
0.08
0
0.51
1.85
0.54
-0.41
0.08
2.25
0.15
-0.13
0.08
0.6
0.26
0.62
0.13
0.35
-0.62
0.08
0.31
0.16
0.16
0.22
-0.57
-0.12
0.23
0.67
0.81
0.88
0.81
1
1.31
1.03
0.91
1.3
0.57
0.64
1.73
2.02
0.34
0.34
0.29
0.41
0.47
0.83
0.51
0.63
0.58
0.67
0.46
0.28
0.24
0.28
0.32
0.5
0.54
0.84
1.01
1.16
1.42
1.41
1.27
1.02
69
64
52
101
138
202
264
298
53
14
10
34
-37
22
21
515
12
26
21
57
27
130
57
228
332
356
316
289
36
39
62
83
77
8
16
24
52
12.11
11.79
7.72
14.89
20.23
11.89
11.64
6.7
5.1
13.98
55.51
19.29
-16.63
34.24
41.61
5.83
214.6
62.68
22.49
14.8
24.12
6.12
8.48
8.75
10.9
12.21
18.1
21.44
8.84
14.99
7.25
6.94
6.78
26.08
24.19
14.88
9.86
1.12
0.95
0.48
1.52
2.5
1.9
2.01
1.09
1.2
0.86
2.29
2.37
2.53
0.96
1.09
2.32
2.17
1.42
0.61
2.94
0.7
0.77
0.44
1.04
1.3
1.33
1.7
1.68
0.87
1.52
1.15
1.33
1.14
4.16
5.92
4.11
2.99
Universitas Sumatera Utara
PWON
RBMS
RBMS
RBMS
RBMS
RBMS
BKSL
BKSL
BKSL
BKSL
BKSL
SMRA
SMRA
SMRA
SMRA
SMRA
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.13
0.11
0.46
0.02
-0.31
-0.12
0.54
0.33
0.03
-0.44
-0.3
0.21
0.42
0.02
-0.25
0.36
0.99
0.08
0.08
0.24
0.18
0.08
0.15
0.28
0.55
0.58
0.7
2.27
1.85
1.93
1.57
1.49
26
49
50
-43
9
-9
4
7
20
2
1
57
110
76
97
59
18.47
1.84
3.17
-2.08
9.47
-6.88
57.5
44
9
71.3
48.7
27.76
22.5
13.9
17.7
26.7
2.47
0.23
0.37
0.23
0.22
0.13
1.71
2
0.83
0.61
0.37
4.36
4.68
3.3
4.14
3.04
Universitas Sumatera Utara
LAMPIRAN 3
Hasil Statistik Deskriptif
RETURN?
0.172235
0.130000
2.250000
-0.620000
0.445417
1.854983
9.322978
DER?
0.847529
0.740000
2.270000
0.080000
0.526036
0.700470
2.639507
EPS?
70.11765
42.00000
515.0000
-43.00000
96.65777
2.300281
8.665036
PER?
21.57859
14.80000
214.6000
-25.15000
32.51196
3.837184
20.86692
PBV?
1.700706
1.420000
5.920000
0.130000
1.182107
1.288116
4.504533
Jarque-Bera
Probability
190.3430
0.000000
7.411260
0.024585
188.6213
0.000000
1339.185
0.000000
31.52294
0.000000
Sum
Sum Sq. Dev.
14.64000
16.66528
72.04000
23.24398
5960.000
784788.8
1834.180
88790.33
144.5600
117.3798
Observations
Cross sections
85
17
85
17
85
17
85
17
85
17
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
Universitas Sumatera Utara
LAMPIRAN 4
Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: POOL
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
11.265825
4
0.0237
Random
Var(Diff.)
Prob.
-0.154204
0.001521
0.000110
0.119537
0.026334
0.000000
0.000001
0.002730
0.8907
0.6456
0.2689
0.0034
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
DER?
EPS?
PER?
PBV?
Fixed
-0.131912
0.001814
-0.000915
0.272802
Cross-section random effects test equation:
Dependent Variable: RETURN?
Method: Panel Least Squares
Date: 04/14/17 Time: 03:04
Sample: 2011 2015
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER?
EPS?
PER?
PBV?
-0.287402
-0.131912
0.001814
-0.000915
0.272802
0.215881
0.189000
0.000786
0.001646
0.067551
-1.331296
-0.697948
2.308754
-0.555872
4.038471
0.1878
0.4877
0.0242
0.5802
0.0001
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)
0.427639
0.248776
0.386057
9.538558
-27.64914
2.390875
0.004479
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.172235
0.445417
1.144686
1.748164
1.387422
2.430573
Universitas Sumatera Utara
LAMPIRAN 5
Hasil Estimasi Fixed Effect Model
Dependent Variable: RETURN?
Method: Pooled Least Squares
Date: 04/14/17 Time: 03:05
Sample: 2011 2015
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER?
EPS?
PER?
PBV?
Fixed Effects (Cross)
_APLN—C
_ASRI—C
_BAPA—C
_BKDP—C
_BSDE—C
_CTRA—C
_CTRP—C
_CTRS—C
_COWL—C
_SCBD—C
_DART—C
_DUTI—C
_DILD—C
_PWON—C
_RBMS—C
_BKSL—C
_SMRA—C
-0.287402
-0.131912
0.001814
-0.000915
0.272802
0.215881
0.189000
0.000786
0.001646
0.067551
-1.331296
-0.697948
2.308754
-0.555872
4.038471
0.1878
0.4877
0.0242
0.5802
0.0001
0.112750
-0.062194
0.037803
-0.001892
-0.271971
0.102521
0.152577
-0.021259
0.275156
0.249316
0.468399
-0.202457
-0.015237
-0.674130
0.253121
0.107697
-0.510200
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)
0.427639
0.248776
0.386057
9.538558
-27.64914
2.390875
0.004479
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.172235
0.445417
1.144686
1.748164
1.387422
2.430573
Universitas Sumatera Utara
Daftar Populasi dan Sampel Penelitian
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Kode
Perusahaan
APLN
ASRI
BAPA
BCIP
BEST
BIKA
BIPP
BKDP
BKSL
BSDE
CTRA
CTRP
CTRS
COWL
SCBD
DART
DILD
DMAS
DUTI
ELTY
EMDE
FMII
GAMA
24
GMTD
25
26
27
28
29
GPRA
GWSA
JIHD
JRPT
KIJA
30
KPIG
31
LAMI
32
LCGP
No
Kriteria
1
2
Nama Perusahaan
Agung Podomoro Land Tbk. [S]
Alam Sutera Realty Tbk. [S]
Bekasi Asri Pemula Tbk. [S]
Bumi Citra Permai Tbk. [S]
Bekasi Fajar Industrial Estate Tbk. [S]
Binakarya Jaya Abadi Tbk.
Bhuwanatala Indah Permai Tbk. [S]
Bukit Darmo Property Tbk. [S]
Sentul City Tbk. [S]
Bumi Serpong Damai Tbk. [S]
Ciputra Development Tbk. [S]
Ciputra Property Tbk.
Ciputra Surya Tbk. [S]
Cowell Development Tbk. [S]
Danayasa Arthatama Tbk. [S]
Duta Anggada Realty Tbk.
Intiland Development Tbk. [S]
Puradelta Lestari Tbk. [S]
Duta Pertiwi Tbk. [S]
Bakrieland Development Tbk. [S]
Megapolitan Developments Tbk. [S]
Fortune Mate Indonesia Tbk. [S]
Gading Development Tbk. [S]
Gowa Makassar Tourism
Development Tbk. [S]
Perdana Gapuraprima Tbk. [S]
Greenwood Sejahtera Tbk.
Jakarta International Hotel & Dev.
Jaya Real Property Tbk. [S]
Kawasan Industri Jababeka Tbk. [S]
Global Land Development Tbk. [S]
(MNC Land)
Lamicitra Nusantara Tbk. [S]
Laguna Cipta Griya Tbk. [S] (Eureka
Prima Jakarta)
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
Sampel
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Universitas Sumatera Utara
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
LPCK
LPKR
MDLN
MKPI
MMLP
MTLA
MTSM
NIRO
MORE
PLIN
PPRO
PUDP
PWON
PWSI
RBMS
RDTX
RODA
SIIP
SMDM
SMRA
TARA
Lippo Cikarang Tbk.
Lippo Karawaci Tbk. [S]
Modernland Realty Ltd. Tbk.
Metropolitan Kentjana Tbk. [S]
Mega Manunggal Property Tbk. [S]
Metropolitan Land Tbk. [S]
Metro Realty Tbk. [S]
Nirvana Development Tbk. [S]
Indonesia Prima Property Tbk. [S]
Plaza Indonesia Realty Tbk. [S]
PP Properti Tbk. [S]
Pudjiadi Prestige Tbk.
Pakuwon Jati Tbk. [S]
Panca Wiratama Sakti Tbk.
Ristia Bintang Mahkotasejati Tbk. [S]
Roda Vivatex Tbk. [S]
Pikko Land Development Tbk. [S]
Suryainti Permata Tbk.
Suryamas Dutamakmur Tbk.
Summarecon Agung Tbk. [S]
Sitara Propertindo Tbk. [S]
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
−
15
16
17
Keterangan:
∗ Kriteria 1 = Perusahaan sektor properti yang secara konsisten terdaftar di Bursa Efek
Indonesia selama periode 2011 – 2015.
∗ Kriteria 2 = Perusahaan tersebut selalu menyajikan laporan keuangan dan memiliki
kelengkapan data selama periode 2011 - 2015.
Universitas Sumatera Utara
LAMPIRAN 2
Data Keuangan Return Saham, DER, EPS, PER, dan PBV
Perusahaan Sektor Properti di Bursa Efek Indonesia Tahun 2011-2015
Nama
Perusahaan
APLN
APLN
APLN
APLN
APLN
ASRI
ASRI
ASRI
ASRI
ASRI
BAPA
BAPA
BAPA
BAPA
BAPA
BKDP
BKDP
BKDP
BKDP
BKDP
BSDE
BSDE
BSDE
BSDE
BSDE
CTRA
CTRA
CTRA
CTRA
CTRA
CTRP
CTRP
Tahun
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
Return
DER
EPS
PER
PBV
-0.15
0.02
0.04
-0.17
0.21
0.76
0.54
0.41
-0.32
-0.04
0.19
-0.02
-0.47
-0.47
-0.1
-0.04
-0.13
-0.16
-0.14
0.19
0.16
0.35
0.3
0.03
0.15
-0.18
0.55
0.51
0.04
0.16
0.28
0.5
1.15
1.39
1.73
1.8
1.71
1.16
1.31
1.71
1.66
1.83
0.83
0.82
0.9
0.77
0.74
0.38
0.38
0.43
0.39
0.38
0.55
0.59
0.68
0.52
0.63
0.51
0.77
1.06
1.04
1.01
0.2
0.49
33
41
42
42
39
31
62
45
56
30
9
7
8
11
2
-3
-8
-8
1
-4
58
85
154
208
111
33
56
64
9
84
27
52
10.48
12.43
6.81
10.55
7.58
20.21
17.29
13.33
9.94
12.25
17.62
18.87
8.03
4.7
27.49
40.83
-12.03
-8.78
109.49
-25.15
22.3
20.68
10.63
10.27
16.51
22.1
19.28
18.01
168.29
15.59
26.63
18.5
1.43
1.65
0.8
1.07
0.68
4.37
4.44
2.19
1.71
1.11
1.29
0.97
0.44
0.33
0.33
1.2
1.08
0.88
1.32
1.24
2.73
2.91
2.13
2.12
1.6
1.43
1.93
1.8
1.96
1.53
1.24
1.48
Universitas Sumatera Utara
CTRP
CTRP
CTRP
CTRS
CTRS
CTRS
CTRS
CTRS
COWL
COWL
COWL
COWL
COWL
SCBD
SCBD
SCBD
SCBD
SCBD
DART
DART
DART
DART
DART
DUTI
DUTI
DUTI
DUTI
DUTI
DILD
DILD
DILD
DILD
DILD
PWON
PWON
PWON
PWON
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
0.38
-0.15
-0.24
0.21
1.23
0.55
-0.11
0.13
-0.02
0.49
0.08
1.07
0.08
0
0.51
1.85
0.54
-0.41
0.08
2.25
0.15
-0.13
0.08
0.6
0.26
0.62
0.13
0.35
-0.62
0.08
0.31
0.16
0.16
0.22
-0.57
-0.12
0.23
0.67
0.81
0.88
0.81
1
1.31
1.03
0.91
1.3
0.57
0.64
1.73
2.02
0.34
0.34
0.29
0.41
0.47
0.83
0.51
0.63
0.58
0.67
0.46
0.28
0.24
0.28
0.32
0.5
0.54
0.84
1.01
1.16
1.42
1.41
1.27
1.02
69
64
52
101
138
202
264
298
53
14
10
34
-37
22
21
515
12
26
21
57
27
130
57
228
332
356
316
289
36
39
62
83
77
8
16
24
52
12.11
11.79
7.72
14.89
20.23
11.89
11.64
6.7
5.1
13.98
55.51
19.29
-16.63
34.24
41.61
5.83
214.6
62.68
22.49
14.8
24.12
6.12
8.48
8.75
10.9
12.21
18.1
21.44
8.84
14.99
7.25
6.94
6.78
26.08
24.19
14.88
9.86
1.12
0.95
0.48
1.52
2.5
1.9
2.01
1.09
1.2
0.86
2.29
2.37
2.53
0.96
1.09
2.32
2.17
1.42
0.61
2.94
0.7
0.77
0.44
1.04
1.3
1.33
1.7
1.68
0.87
1.52
1.15
1.33
1.14
4.16
5.92
4.11
2.99
Universitas Sumatera Utara
PWON
RBMS
RBMS
RBMS
RBMS
RBMS
BKSL
BKSL
BKSL
BKSL
BKSL
SMRA
SMRA
SMRA
SMRA
SMRA
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.13
0.11
0.46
0.02
-0.31
-0.12
0.54
0.33
0.03
-0.44
-0.3
0.21
0.42
0.02
-0.25
0.36
0.99
0.08
0.08
0.24
0.18
0.08
0.15
0.28
0.55
0.58
0.7
2.27
1.85
1.93
1.57
1.49
26
49
50
-43
9
-9
4
7
20
2
1
57
110
76
97
59
18.47
1.84
3.17
-2.08
9.47
-6.88
57.5
44
9
71.3
48.7
27.76
22.5
13.9
17.7
26.7
2.47
0.23
0.37
0.23
0.22
0.13
1.71
2
0.83
0.61
0.37
4.36
4.68
3.3
4.14
3.04
Universitas Sumatera Utara
LAMPIRAN 3
Hasil Statistik Deskriptif
RETURN?
0.172235
0.130000
2.250000
-0.620000
0.445417
1.854983
9.322978
DER?
0.847529
0.740000
2.270000
0.080000
0.526036
0.700470
2.639507
EPS?
70.11765
42.00000
515.0000
-43.00000
96.65777
2.300281
8.665036
PER?
21.57859
14.80000
214.6000
-25.15000
32.51196
3.837184
20.86692
PBV?
1.700706
1.420000
5.920000
0.130000
1.182107
1.288116
4.504533
Jarque-Bera
Probability
190.3430
0.000000
7.411260
0.024585
188.6213
0.000000
1339.185
0.000000
31.52294
0.000000
Sum
Sum Sq. Dev.
14.64000
16.66528
72.04000
23.24398
5960.000
784788.8
1834.180
88790.33
144.5600
117.3798
Observations
Cross sections
85
17
85
17
85
17
85
17
85
17
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
Universitas Sumatera Utara
LAMPIRAN 4
Hasil Uji Hausman
Correlated Random Effects - Hausman Test
Pool: POOL
Test cross-section random effects
Chi-Sq.
Statistic
Chi-Sq. d.f.
Prob.
11.265825
4
0.0237
Random
Var(Diff.)
Prob.
-0.154204
0.001521
0.000110
0.119537
0.026334
0.000000
0.000001
0.002730
0.8907
0.6456
0.2689
0.0034
Test Summary
Cross-section random
Cross-section random effects test comparisons:
Variable
DER?
EPS?
PER?
PBV?
Fixed
-0.131912
0.001814
-0.000915
0.272802
Cross-section random effects test equation:
Dependent Variable: RETURN?
Method: Panel Least Squares
Date: 04/14/17 Time: 03:04
Sample: 2011 2015
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER?
EPS?
PER?
PBV?
-0.287402
-0.131912
0.001814
-0.000915
0.272802
0.215881
0.189000
0.000786
0.001646
0.067551
-1.331296
-0.697948
2.308754
-0.555872
4.038471
0.1878
0.4877
0.0242
0.5802
0.0001
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)
0.427639
0.248776
0.386057
9.538558
-27.64914
2.390875
0.004479
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.172235
0.445417
1.144686
1.748164
1.387422
2.430573
Universitas Sumatera Utara
LAMPIRAN 5
Hasil Estimasi Fixed Effect Model
Dependent Variable: RETURN?
Method: Pooled Least Squares
Date: 04/14/17 Time: 03:05
Sample: 2011 2015
Included observations: 5
Cross-sections included: 17
Total pool (balanced) observations: 85
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
DER?
EPS?
PER?
PBV?
Fixed Effects (Cross)
_APLN—C
_ASRI—C
_BAPA—C
_BKDP—C
_BSDE—C
_CTRA—C
_CTRP—C
_CTRS—C
_COWL—C
_SCBD—C
_DART—C
_DUTI—C
_DILD—C
_PWON—C
_RBMS—C
_BKSL—C
_SMRA—C
-0.287402
-0.131912
0.001814
-0.000915
0.272802
0.215881
0.189000
0.000786
0.001646
0.067551
-1.331296
-0.697948
2.308754
-0.555872
4.038471
0.1878
0.4877
0.0242
0.5802
0.0001
0.112750
-0.062194
0.037803
-0.001892
-0.271971
0.102521
0.152577
-0.021259
0.275156
0.249316
0.468399
-0.202457
-0.015237
-0.674130
0.253121
0.107697
-0.510200
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)
0.427639
0.248776
0.386057
9.538558
-27.64914
2.390875
0.004479
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
0.172235
0.445417
1.144686
1.748164
1.387422
2.430573
Universitas Sumatera Utara