Model Watson dan Wilson (2002) Variabel

LAMPIRAN Lampiran 1

Model Watson dan Wilson (2002) Variabel

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR 2010 0.18325 0.00342 0,05290 0.10006 0.15807 0.16249 2011 0.43971 0.13041 0.07985 0.18408 0.08601 0.20469 2012 0.33064 0.09782 0.11541 0.09002 0.11087 0.14335 2013 0.18187 0.06054 0.11462 0.16727 0.16145 0.11374

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT 2010 0,05666 0.35506 0.00650 0.00167 0.63776 0.01626 2011 0.09354 0.50024 0.17345 0.29196 0.33588 0.07454 2012 0.07806 0.25798 0.15094 0.09499 0.58726 0.16574 2013 -0.03488 0.16950 0.28907 0.33111 0.51267 0.20918 No.

No.

12 Perusahaan

ICBP 2010 0.49598 -0.06817 0.08996 0.12892 0.15853 0.30687 2011 -0.03188 -0.01752 0.08059 0.27152 -0,05597 0.13932 2012 0.24817 0.07059 0.16442 0.06193 0.35462 0.16624 2013 0.04080 0.16333 0.10735 0.22310 0.04408 0.19793 No.

6 Perusahaan CEKA DLTA DVLA GGRM HMSP

INDF KAEF KLBF MBTO MERK MLBI 2010 0.17069 0,05841 0.08485 0.20319 0.00875 0.14456 2011 0.13347 0.08264 0.17662 0.62601 0.33493 0.07364 2012 0.10709 0.15723 0.13818 0.12521 -0.02560 -0,05633 2013 0.31637 0.19052 0.20143 0.00373 0.22393 0.54694 No.

Lampiran 2

Variabel Jumlah Laba Ditahan per Jumlah Harta No

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR 2010 0.81488 0.84360 0.95361 0.79805 0.74909 0.54047 2011 0.75479 0.94524 0.97438 0.84855 0.69892 0.42303 2012 0.62015 0.89939 0.96990 0.78891 0.76933 0.37858 2013 0.55805 0.87387 0.93786 0.83379 0.83243 0.35500

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT 2010 0.92308 0.61337 0.77274 0.44232 1.31263 0.60301 2011 0.92773 0.55116 0.81916 0.45839 0.96160 0.61643 2012 0.91336 0.46484 0.74306 0.30375 0.87811 0.60439 2013 0.82945 0.47441 0.69122 0.12715 0.65342 0.55917 No.

INDF KAEF KLBF MBTO MERK MLBI 2010 0.41564 0.71146 0.82897 0.42228 0.83650 0.47447 2011 0.66863 0.75575 0.92655 1.20236 1.12887 0.46634 2012 0.63716 0.80342 0.91505 0.80226 0.71312 0.27019 2013 0.64684 0.78231 0.90253 0.74048 0.89953 0.85720 No.

12 Perusahaan

ICBP 2010 0.54310 0.75966 0.81750 0.77842 0.57655 0.87242 2011 0.47628 0.90406 0.75002 0.79862 0.49704 0.80155 2012 0.56282 0.85929 0.64815 0.68065 0.68684 0.78742 2013 0.51404 0.90776 0.62954 0.70867 0.79731 0.74722 No.

6 Perusahaan CEKA DLTA DVLA GGRM HMSP

Lampiran 3

Variabel Penerbitan Ekuitas per Jumlah Harta No

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR 2010 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2011 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT 2010 0.00000 0.00000 0.00000 0.00518 0.04376 0.00000 2011 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00769 0.00000 0.00000 0.00000 0.00000 No.

INDF KAEF KLBF MBTO MERK MLBI 2010 0.00000 0.00000 -0.00602 0.07765 0.00000 0.00000 2011 0.00000 0.00000 0.00000 0.10657 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 No.

12 Perusahaan

ICBP 2010 0.00000 0.00000 0.00000 0.00000 0.00000 0.01141 2011 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 No.

6 Perusahaan CEKA DLTA DVLA GGRM HMSP

Lampiran 4

Variabel Jumlah Hutang per Jumlah Harta No

INDF KAEF KLBF MBTO MERK MLBI 2010 0.26807 -0.01307 -0.04857 0.36795 0.00000 0.00000 2011 0.20526 -0.01504 0.01646 0.56740 0.00000 0.00000 2012 0.16063 0.00167 -0.01693 -0.34743 0.00000 0.03778 2013 0.34970 0.01445 0.00000 0.03582 0.00000 0.04821 No.

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT 2010 0.00637 0.39256 -0.06657 -0.04368 0.12609 0.13318 2011 0.00399 0.76911 0.04185 0.10894 0,05820 0.26494 2012 0.01198 0.57622 0.08220 0.37229 0.35546 0.19279 2013 0.00644 0.43842 0.13129 0.46443 -0.10813 0.14286 No.

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR 2010 0.07539 0.00000 0.00000 0.01433 0.31006 0.00000 2011 0.33622 0.00000 0.00000 0.00735 0.23428 0.00000 2012 0.13285 0.00000 0.00000 -0.30666 0.10080 0.00000 2013 0.09946 0.00000 0.00000 0.01957 0,05683 0.00000

12 Perusahaan

0.00000 0.00000 0.00000 0.09855 0.00000 -0.09042

6 Perusahaan

CEKA DLTA DVLA GGRM HMSP

ICBP

2010

2011

0.00000 0.00000 0.00000 0.11321 0.00000 0.01032

2012

0.00000 0.00000 0.00000 0,05118 0.00000 0.09463

2013

0.00000 0.00000 0.00000 0.11598 0.00000 0.10587 No.

Lampiran 5

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT

2010

0.03152 0.64606 0.09992 0.72870 0.04429 0.27029

2011

0.03348 0.96070 0.13677 0.11460 0.11801 0.23917

2012

0.02835 1.07900 0.22489 1.18989 0.51437 0.24281

2013

0.02642 0.79706 0.34538 4.14368 0.90832 0.26228 No.

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR

2010

0.07044 0.03351 0.04385 0.06069 0.17517 0.06161

2011

0.90743 0.03434 0,05217 0.06296 0.12060 0.08878

2012

0.17231 0.02601 0,05952 0,05448 0.09034 0.12114

2013

0.25491 0.02277 0.07092 0,05114 0.08073 0.15843

Model Shyam-Sunder dan Myers Variabel Hutang Jangka Panjang per Harta Bersih

No.

0.12651 0.04730 0.07763 0.04087 0.06711 0.14235

6 Perusahaan

CEKA DLTA DVLA GGRM HMSP

ICBP

2010

0.50732 0.04353 0.06023 0.04406 0,05195 0.13864

2011

2012

0.03932 0.04543 0.04923 0.04139 0.07823 0.18247

2013

0.04238 0.04655 0.06546 0.04281 0.07953 0.24915 No.

12 Perusahaan

INDF KAEF KLBF MBTO MERK MLBI 2010 0.50554 0.06592 0.01973 0.42884 0,05238 0.07147 2011 0.17952 0.06550 0.01965 0.07107 0,05014 0,05784 2012 0.35442 0.06773 0.02099 0.08610 0.07885 0.07736 2013 0.39935 0.03057 0.02053 0.10362 0.07206 0.07298 No.

Lampiran 6

Variabel Defisit Pendanaan per Harta Bersih No

6 Perusahaan CEKA DLTA DVLA GGRM HMSP

ICBP 2010 -0.11599 0.41073 -0.15230 0.13579 -0.06138 0.15753 2011 0.33597 0.34995 0.10236 0.44625 0.00469 0,05417 2012 -0.43709 0.73987 -0.13859 0.03536 0.67499 0.07641 2013 0.54799 1.61978 0.10014 0.31592 -0,05211 0.18778 No.

12 Perusahaan

INDF KAEF KLBF MBTO MERK MLBI 2010 0.16186 -0.01836 -0.03390 0.56924 -0.32713 0,05756 2011 0.12381 0.86882 0.07243 0.46436 0.13046 -0.32440 2012 0.04184 0.03226 0.10971 0.10859 0.04533 -0.23076 2013 0.21043 0.02464 0.23801 -0.13140 0.03524 -0.43719 No.

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT 2010 0.03248 0.56970 0.01439 -0.11562 0.27317 -0.01262 2011 0.11007 1.52383 0.26884 0.72262 0.14430 -0,05757 2012 0,05355 0.25858 0.38547 0.50243 0.38768 0,05130 2013 -0.10684 0.23702 0.49110 2.47455 0.26860 0.03308 No.

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR 2010 0.26574 -0.41584 -0.04754 0,05795 -0.09080 0.20188 2011 -0.13638 0.02511 0,05514 0.11929 -0.25159 0.29075 2012 0.40334 0.01097 -0.07238 0.07120 -0.10454 0.22961 2013 0.08034 -0.01097 0.48709 0.22668 0.08639 0.12113

Lampiran 7

Variabel Perubahan Tingkat Suku Bunga No

6 Perusahaan CEKA DLTA DVLA GGRM HMSP

ICBP

0.5875 0.5875 0.5875 0.5875 0.5875 0.5875

2010

0.24

2011

0.00375 0.00375 0.00375 0.00375 0.00375 0.00375

2012

0,0575 0,0575 0,0575 0,0575 0,0575 0,0575

2013 No.

12 Perusahaan

INDF KAEF KLBF MBTO MERK MLBI

0.5875 0.5875 0.5875 0.5875 0.5875 0.5875

2010

0.24

2011

0.00375 0.00375 0.00375 0.00375 0.00375 0.00375

2012

0,0575 0,0575 0,0575 0,0575 0,0575 0,0575

2013 No.

18 Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT

0.5875 0.5875 0.5875 0.5875 0.5875 0.5875

2010

0.24

2011

0.00375 0.00375 0.00375 0.00375 0.00375 0.00375

2012

0,0575 0,0575 0,0575 0,0575 0,0575 0,0575

2013 No.

24 Perusahaan STTP SQBB TCID TSPC ULTJ UNVR

0.5875 0.5875 0.5875 0.5875 0.5875 0.5875

2010

0.24

2011

0.00375 0.00375 0.00375 0.00375 0.00375 0.00375

2012

0.5875 0.5875 0.5875 0.5875 0.5875 0.5875

2013

Lampiran 8

Output Eviews dari uji Chow Test Model Shyam-Sunder dan Myers (1999)

Redundant Fixed Effects Tests Pool: Untitled Test cross-section fixed effects Effects Test Statistic d.f. Prob.

Cross-section F 2.288017 (23,70) 0.0043 Cross-section Chi-square 53.820555 23 0.0003 Cross-section fixed effects test equation: Dependent Variable: LTD? Method: Panel Least Squares Date: 03/19/15 Time: 01:40 Sample: 2010 2013 Included observations: 4 Cross-sections included: 24 Total pool (balanced) observations: 96 Variable Coefficient Std. Error t-Statistic Prob.

C 0.092970 0,059282 1.568283 0.1202 DEF? 0.710984 0.098698 7.203663 0.0000

I? 0.007391 0.173080 0.042701 0.9660 R-squared 0.362241 Mean dependent var 0.222311 Adjusted R-squared 0.348526 S.D. dependent var 0.475182 S.E. of regression 0.383538 Akaike info criterion 0.951996 Sum squared resid 13.68044 Schwarz criterion 1.032132 Log likelihood -42.69581 Hannan-Quinn criter. 0.984388 F-statistic 26.41159 Durbin-Watson stat 1.310853 Prob(F-statistic) 0.000000

Lampiran 9

Output Eviews dari Hausman Test Model Watson dan Wilson (2002)

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 7.132914 3 0.0678 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob.

RE? 0.304865 0.170505 0.003388 0.0210 EI? 0.335153 -0.003580 0.426485 0.6040

DEBT? 0.246627 0.294342 0.003699 0.4327 Cross-section random effects test equation: Dependent Variable: TA? Method: Panel Least Squares Date: 03/19/15 Time: 00:00 Sample: 2010 2013 Included observations: 4 Cross-sections included: 24 Total pool (balanced) observations: 96 Variable Coefficient Std. Error t-Statistic Prob.

C -0.118130 0,056962 -2.073833 0.0418 RE? 0.304865 0.079566 3.831623 0.0003

EI? 0.335153 0.657987 0.509360 0.6121 DEBT? 0.246627 0.086931 2.837044 0.0060

Effects Specification Cross-section fixed (dummy variables) R-squared 0.550502 Mean dependent var 0.133458 Adjusted R-squared 0.381125 S.D. dependent var 0.105325 S.E. of regression 0.082857 Akaike info criterion -1.911132 Sum squared resid 0.473709 Schwarz criterion -1.189909 Log likelihood 118.7343 Hannan-Quinn criter. -1.619602 F-statistic 3.250171 Durbin-Watson stat 2.670827 Prob(F-statistic) 0.000050

Lampiran 10

Output Eviews dari Model Watson dan Wilson dengan Metode Random Effect

_PYFA--C -0.001310 _RMBA--C 0.016188

Weighted Statistics R-squared 0.225373 Mean dependent var 0.091672 Adjusted R-squared 0.200113 S.D. dependent var 0.094702 S.E. of regression 0.084698 Sum squared resid 0.659987 F-statistic 8.922264 Durbin-Watson stat 2.142323

S.D. Rho Cross-section random 0.043833 0.2187 Idiosyncratic random 0.082857 0.7813

_UNVR--C 0.039589 Effects Specification

_TSPC--C 0.006771 _ULTJ--C -0.029068

_SQBB--C -0.038348 _TCID--C -0.035820

_ROTI--C 0.082650 _SKLT--C -0.022416 _STTP--C 0.033879

Dependent Variable: TA? Method: Pooled EGLS (Cross-section random effects) Date: 03/18/15 Time: 23:39 Sample: 2010 2013 Included observations: 4 Cross-sections included: 24 Total pool (balanced) observations: 96 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-Statistic Prob.

C -0.012994 0.042106 -0.308593 0.7583 RE? 0.170505 0,054247 3.143159 0.0022

_MERK--C -0.018729 _MLBI--C 0.021495

_KLBF--C -0.003360 _MBTO-C -0.000282

_ICBP--C 0.017742 _INDF--C -0.005379 _KAEF-C -0.003524

_GGRM--C 0.000414 _HMSP--C -0.000341

_DLTA--C -0,055150 _DVLA--C -0.005003

Random Effects (Cross) _CEKA--C 0,052243

EI? -0.003580 0.080390 -0.044532 0.9646 DEBT? 0.294342 0.062111 4.738940 0.0000

_MRAT--C -0,052000 _MYOR--C -0.000238

Lampiran 11 Output Eviews dari Model Shyam-Sunder dan Myers dengan Metode Fixed

Effect

0.013794 _DLTA

Prob(F-statistic) 0.000030 Unweighted Statistics

R-squared 0.203884 Mean dependent var 0.133458 Sum squared resid 0.838997 Durbin-Watson stat 1.685232

Dependent Variable: LTD? Method: Pooled Least Squares Date: 03/19/15 Time: 01:41 Sample: 2010 2013 Included observations: 4 Cross-sections included: 24 Total pool (balanced) observations: 96 Variable Coefficient Std. Error t-Statistic Prob.

C 0.121090 0,054475 2.222850 0.0295 DEF? 0.590600 0.113699 5.194419 0.0000

I? -0.021856 0.151811 -0.143969 0.8859 Fixed Effects (Cross)

_CEKA —C

0.531248 _DVLA

—C

0.040046 _GGRM

—C

0.211756 _HMSP
0.130627 _ICBP--C -0.008347 _INDF--C 0.164046

—C

_KAEF--C -0.192776 _KLBF--C -0.153039

_MBTO--C -0.093070 _MERK--C -0.035735

_MLBI--C 0.091700 _MRAT--C -0.099471

_MYOR--C 0.372186 _PYFA--C -0.085739

_RMBA--C 0.898809 _ROTI--C 0.121474 _SKLT--C 0.135308 _STTP--C 0.144523

_SQBB--C -0.029385 _TCID--C -0.121973

_TSPC--C -0.129068 _ULTJ--C 0,053709

_UNVR--C -0.133268 Effects Specification

Cross-section fixed (dummy variables)

—C R-squared 0.635936 Mean dependent var 0.222311 Adjusted R-squared 0.505913 S.D. dependent var 0.475182 S.E. of regression 0.334012 Akaike info criterion 0.870532 Sum squared resid 7.809465 Schwarz criterion 1.565043 Log likelihood -15.78553 Hannan-Quinn criter. 1.151265 F-statistic 4.890959 Durbin-Watson stat 2.088423 Prob(F-statistic) 0.000000

Model Watson dan Wilson (2002) Variabel

LAMPIRAN Lampiran 1