Pengaruh Variabel Free Cash Flow, Profitabilitas, dan Kebijakan Hutang Terhadap Kebijakan Pembayaran Dividen Pada Perusahaan yang Tergabung dalam Indeks Saham LQ45

Lampiran 1 Data Keuangan Perusahaan Yang Menjadi Sampel Penelitian Perusahaan Tahun DPR FCF ROE DER

  2009 5.61 12444976 30.83 1023 2010 31.94 37275193 33.63 981 2011 20.00 18841707 26.35 781 2012 30.00 6649829 26.79 731 2013 30.00 10709354 13.69 746 Indo Tambangraya Megah (ITMG)

  50

  17.51

  49 2013 210.99 1030900

  58.97

  46 2012 45.06 3496320

  67.54

  51 2011 53.30 5255000

  38.47

  52 2010 74.10 1774020

  57.97

  2009 70.11 3127030

  Astra Agro Lestari (AALI) 2009 82.40 691404

  40.16

  30.00 -6597944 16.56 650 2011 20.00 14886761 19.72 690 2012 30.00 6014272 20.45 666 2013 30.01 -7074948 12.04 679 Bank Rakyat Indonesia (BBRI)

  7.78 -3585231 13.75 693 Bank Negara Indonesia (BBNI) 2009 34.96 14288603 17.99 1088 2010

  2009 39.84 26371180 32.11 914 2010 32.71 1353293 31.23 851 2011 35.78 -39645910 32.40 809 2012 24.08 24492092 28.30 752 2013

  44 Astra Internoasional (ASII) 2009 27.00 1654000 41.11 100 2010 13.24 2603000 42.65 110 2011 45.07 2456000 33.98 102 2012 45.03 285000 31.06 103 2013 13.34 2142000 12.83 106 Bank Sentral Asia (BBCA)

  10.16

  33 2013 13.99 286696

  37.64

  21 2012 44.75 -21034

  39.55

  19 2011 65.14 1141111

  41.10

  18 2010 64.81 1701008

  2009 22.28 20332168 36.29 1063 2010 12.47 46005755 40.65 1002 2011 20.00 15066743 37.65 843 2012 29.74 20705294 36.77 750 2013 29.74 2451101 17.93 711 Bank Mandiri (BMRI) Jasa Marga (JSMR) 2009 87.91 195115 12.28 117 2010 105.69 488437

  15.30 137 2011 78.88 1199749 14.27 132 2012 94.24 1341604 15.69 153 2013 78.61 1480216 11.39 161 Perusahaan Gas Negara (PGAS)

  39.33

  34.83

  35 2012 45.00 2183962

  34.61

  46 2013 45.00 3242086

  17.79

  44 United Tractors (UNTR) 2009 28.52 1937842

  76 2010 50.68 -440780

  39.33

  31.37

  84 2011 51.83 5075297

  28.30

  69 2012 53.57 -601113

  23.05

  56 2013 13.50 4874788

  9.40

  29 2011 50.00 -321662

  26 2010 50.00 -146457

  2009 58.11 5070901 70.30 135 2010 60.00 7817824 58.14 122 2011 55.00 8359680

  40 2010 60.00 1758776

  44.54

  80 2012 57.06 9161250

  48.76

  66 2013 48.31 4559480

  26.85

  59 Tambang Batubara Bukit Asam (PTBA) 2009 45.03 2685936

  65.98

  40.83

  45.65

  36 2011 60.03 3051561

  49.71

  41 2012 57.26 1179018

  45.99

  50 2013 58.29 809281

  19.05

  67 Semen Indonesia (SMGR) 2009 54.57 2631850

  60

Lampiran 2 Uji Akar Unit Variable Free Cash Flow (FCF)

  Null Hypothesis: Unit root (individual unit root process) Series: FCF_AALI, FCF_ASII, FCF_BBCA, FCF_BBNI, FCF_BBRI, FCF_BMRI, FCF_ITMG, FCF_JSMR, FCF_PGAS, FCF_PTBA, FCF_SMGR, FCF_UNTR Date: 09/09/14 Time: 22:22 Sample: 2009 2013 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Cross-sections included: 12 Method Statistic Prob.** ADF - Fisher Chi-square 29.3378 0.2077 ADF - Choi Z-stat -1.37075 0.0852

• Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results FCF? Series Prob. Lag Max Lag Obs FCF_AALI 0.6199

  4 FCF_ASII 0.2901

  4 FCF_BBCA 0.1774

  4 FCF_BBNI 0.1314

  4 FCF_BBRI 0.4750

  4 FCF_BMRI 0.4624

  4 FCF_ITMG 0.3969

  4 FCF_JSMR 0.5949

  4 FCF_PGAS 0.3047

  4 FCF_PTBA 0.5197

  4 FCF_SMGR 0.5851

  4 FCF_UNTR 0.0211

  4

Lampiran 3 Uji Akar Unit Variable Profitabilitas (ROE)

  Null Hypothesis: Unit root (individual unit root process) Series: ROE_AALI, ROE_ASII, ROE_BBCA, ROE_BBNI, ROE_BBRI, ROE_BMRI, ROE_ITMG, ROE_JSMR, ROE_PGAS, ROE_PTBA, ROE_SMGR, ROE_UNTR Date: 09/09/14 Time: 22:19 Sample: 2009 2013 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Cross-sections included: 12 Method Statistic Prob.** ADF - Fisher Chi-square 9.79163 0.9954 ADF - Choi Z-stat 3.72355 0.9999

• Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results ROE? Series Prob. Lag Max Lag Obs ROE_AALI 0.9979

  4 ROE_ASII 0.9756

  4 ROE_BBCA 0.9959

  4 ROE_BBNI 0.3845

  4 ROE_BBRI 0.9093

  4 ROE_BMRI 0.9074

  4 ROE_ITMG 0.4518

  4 ROE_JSMR 0.1268

  4 ROE_PGAS 0.7892

  4 ROE_PTBA 0.6007

  4 ROE_SMGR 0.9290

  4 ROE_UNTR 0.9636

  4

Lampiran 4 Uji Akar Unit Variabel Kebijakan Hutang (DER)

  Null Hypothesis: Unit root (individual unit root process) Series: DER_AALI, DER_ASII, DER_BBCA, DER_BBNI, DER_BBRI, DER_BMRI, DER_ITMG, DER_JSMR, DER_PGAS, DER_PTBA, DER_SMGR, DER_UNTR Date: 09/09/14 Time: 22:08 Sample: 2009 2013 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Cross-sections included: 12 Method Statistic Prob.** ADF - Fisher Chi-square 32.8678 0.1069 ADF - Choi Z-stat 0.78568 0.7840

• Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results DER? Series Prob. Lag Max Lag Obs DER_AALI 0.9839

  4 DER_ASII 0.0455

  4 DER_BBCA 0.8850

  4 DER_BBNI 0.0000

  4 DER_BBRI 0.7327

  4 DER_BMRI 0.6138

  4 DER_ITMG 0.3563

  4 DER_JSMR 0.6857

  4 DER_PGAS 0.6802

  4 DER_PTBA 0.9888

  4 DER_SMGR 0.7194

  4 DER_UNTR 0.7301

  4

Lampiran 5 Uji Akar Unit Variable Kebijakan Pembayaran Dividen (DPR)

  Null Hypothesis: Unit root (individual unit root process) Series: DPR_AALI, DPR_ASII, DPR_BBCA, DPR_BBNI, DPR_BBRI, DPR_BMRI, DPR_ITMG, DPR_JSMR, DPR_PGAS, DPR_PTBA, DPR_SMGR, DPR_UNTR Date: 09/09/14 Time: 22:26 Sample: 2009 2013 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Cross-sections included: 12 Method Statistic Prob.** ADF - Fisher Chi-square 35.2561 0.0647 ADF - Choi Z-stat -0.74119 0.2293

• Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results DPR? Series Prob. Lag Max Lag Obs DPR_AALI 0.9645

  4 DPR_ASII 0.3989

  4 DPR_BBCA 0.9585

  4 DPR_BBNI 0.2806

  4 DPR_BBRI 0.7194

  4 DPR_BMRI 0.0167

  4 DPR_ITMG 0.3731

  4 DPR_JSMR 0.1185

  4 DPR_PGAS 0.7663

  4 DPR_PTBA 0.0023

  4 DPR_SMGR 0.5179

  4 DPR_UNTR 0.4379

  4

Lampiran 6 Hasil Uji Hausman (Hausman Test)

  Correlated Random Effects - Hausman Test Pool: Untitled Test cross-section random effects Chi-Sq.

  Test Summary Statistic Chi-Sq. d.f. Prob. Cross-section random 1.917562 3 0.5897 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.

  FCF? -0.000000 0.000000 0.000000 0.3317 ROA? -0.441037 -0.307589 0.017028 0.3065 DER? 0.014944 -0.037813 0.001608 0.1883 Cross-section random effects test equation: Dependent Variable: DPR? Method: Panel Least Squares Date: 09/09/14 Time: 23:39 Sample: 2009 2013 Included observations: 5 Cross-sections included: 12 Total pool (balanced) observations: 60 Variable Coefficient Std. Error t-Statistic Prob.

  C 57.27911 15.21730 3.764078 0.0005 FCF? -1.17E-07

  3.60E-07 -0.325283 0.7465 ROA? -0.441037 0.288343 -1.529555 0.1331 DER? 0.014944 0.043451 0.343916 0.7325

  Effects Specification Cross-section fixed (dummy variables) R-squared 0.564925 Mean dependent var 47.20600 Adjusted R-squared 0.429569 S.D. dependent var 30.93580 S.E. of regression 23.36485 Akaike info criterion 9.352661 Sum squared resid 24566.23 Schwarz criterion 9.876247 Log likelihood -265.5798 Hannan-Quinn criter. 9.557464 F-statistic 4.173606 Durbin-Watson stat 1.715285 Prob(F-statistic) 0.000125

Lampiran 7 Hasil Estimasi Random Effect Model (REM)

  Dependent Variable: DPR? Method: Pooled EGLS (Cross-section random effects) Date: 09/09/14 Time: 23:33 Sample: 2009 2013 Included observations: 5 Cross-sections included: 12 Total pool (balanced) observations: 60 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-Statistic Prob.

  C 69.26495 11.77211 5.883820 0.0000 FCF?

  1.82E-09

  3.39E-07 0.005389 0.9957 ROE? -0.307589 0.257127 -1.196253 0.2366 DER? -0.037813 0.016740 -2.258829 0.0278 Random Effects (Cross) _AALI--C -2.724357 _ASII--C -19.86431 _BBCA--C -1.758644 _BBNI--C -4.776224 _BBRI--C -2.237295 _BMRI--C -4.082975 _ITMG--C 28.40722 _JSMR--C 21.86542 _PGAS--C 3.879789 _PTBA--C 1.679492 _SMGR--C -6.260258 _UNTR--C -14.12787

  Effects Specification S.D. Rho

  Cross-section random 17.87924 0.3693 Idiosyncratic random 23.36485 0.6307

  Weighted Statistics R-squared 0.111018 Mean dependent var 23.81893 Adjusted R-squared 0.063394 S.D. dependent var 23.90816 S.E. of regression 23.13794 Sum squared resid 29980.39 F-statistic 2.331126 Durbin-Watson stat 1.464469 Prob(F-statistic) 0.084013

  Unweighted Statistics R-squared 0.232477 Mean dependent var 47.20600 Sum squared resid 43337.71 Durbin-Watson stat 1.013098 Estimation Command: ===================== LS(CX=R) DPR? C FCF? ROE? DER? Estimation Equations: ===================== DPR_AALI = C(5) + C(1) + C(2)*FCF_AALI + C(3)*ROE_AALI + C(4)*DER_AALI DPR_ASII = C(6) + C(1) + C(2)*FCF_ASII + C(3)*ROE_ASII + C(4)*DER_ASII DPR_BBCA = C(7) + C(1) + C(2)*FCF_BBCA + C(3)*ROE_BBCA + C(4)*DER_BBCA DPR_BBNI = C(8) + C(1) + C(2)*FCF_BBNI + C(3)*ROE_BBNI + C(4)*DER_BBNI DPR_BBRI = C(9) + C(1) + C(2)*FCF_BBRI + C(3)*ROE_BBRI + C(4)*DER_BBRI DPR_BMRI = C(10) + C(1) + C(2)*FCF_BMRI + C(3)*ROE_BMRI + C(4)*DER_BMRI DPR_ITMG = C(11) + C(1) + C(2)*FCF_ITMG + C(3)*ROE_ITMG + C(4)*DER_ITMG DPR_JSMR = C(12) + C(1) + C(2)*FCF_JSMR + C(3)*ROE_JSMR + C(4)*DER_JSMR DPR_PGAS = C(13) + C(1) + C(2)*FCF_PGAS + C(3)*ROE_PGAS + C(4)*DER_PGAS DPR_PTBA = C(14) + C(1) + C(2)*FCF_PTBA + C(3)*ROE_PTBA + C(4)*DER_PTBA DPR_SMGR = C(15) + C(1) + C(2)*FCF_SMGR + C(3)*ROE_SMGR + C(4)*DER_SMGR DPR_UNTR = C(16) + C(1) + C(2)*FCF_UNTR + C(3)*ROE_UNTR + C(4)*DER_UNTR Substituted Coefficients: =====================

• DPR_AALI = -2.72435656125 69.2649533865 1.82472085139e-09*FCF_AALI - 0.307588830201*ROE_AALI - 0.0378133678246*DER_AALI
• DPR_ASII = -19.8643078146 69.2649533865 1.82472085139e-09*FCF_ASII 0.307588830201*ROE_ASII - 0.0378133678246*DER_ASII DPR_BBCA = -1.75864443738 + 69.2649533865 + 1.82472085139e-09*FCF_BBCA - 0.307588830201*ROE_BBCA - 0.0378133678246*DER_BBCA
• DPR_BBNI = -4.77622396431 69.2649533865 1.82472085139e-09*FCF_BBNI - 0.307588830201*ROE_BBNI - 0.0378133678246*DER_BBNI
• DPR_BBRI = -2.23729451456 69.2649533865 1.82472085139e-09*FCF_BBRI - 0.307588830201*ROE_BBRI - 0.0378133678246*DER_BBRI DPR_BMRI = -4.08297547311 + 69.2649533865 + 1.82472085139e-09*FCF_BMRI - 0.307588830201*ROE_BMRI - 0.0378133678246*DER_BMRI
• DPR_ITMG = 28.4072237753 69.2649533865 1.82472085139e-09*FCF_ITMG 0.307588830201*ROE_ITMG - 0.0378133678246*DER_ITMG DPR_JSMR = 21.8654224297 + 69.2649533865 + 1.82472085139e-09*FCF_JSMR - 0.307588830201*ROE_JSMR - 0.0378133678246*DER_JSMR DPR_PGAS = 3.87978850751 + 69.2649533865 + 1.82472085139e-09*FCF_PGAS - 0.307588830201*ROE_PGAS - 0.0378133678246*DER_PGAS
• DPR_PTBA = 1.6794918425 69.2649533865 1.82472085139e-09*FCF_PTBA 0.307588830201*ROE_PTBA - 0.0378133678246*DER_PTBA DPR_SMGR = -6.26025822283 + 69.2649533865 + 1.82472085139e-09*FCF_SMGR - 0.307588830201*ROE_SMGR - 0.0378133678246*DER_SMGR DPR_UNTR = -14.1278655669 + 69.2649533865 + 1.82472085139e-09*FCF_UNTR - 0.307588830201*ROE_UNTR - 0.0378133678246*DER_UNTR