BAB V PENUTUP
B. Saran
Berdasarkan hasil penelitian yang telah dikemukakan, dapat diberikan saran sebagai berikut:
1. Penelitian diharapkan dapat memberikan pemahaman dan informasi kepada pada calon nasabah dan masyarakat umum mengenai keadaan keuangan dan pengelolaan keuangan asuransi jiwa syariah sebagai alat pertimbangan untuk menjadi nasabah asuransi jiwa syariah.
2. Bagi peneliti dengan topik sejenis disarankan untuk melakukan kajian lebih lanjut dengan mengkaji variabel bebas lainnya, seperti contohnya klaim, aset, underwriting, produk domestik bruto, indeks harga konsumen, maupun asuransi jenis lain baik dalam negeri maupun luar negeri. Bagi peneliti pula disarankan untuk menambah periode waktu penelitian dan sampel yang digunakan sehingga hasil penelitian dapat menjadi lebih baik dan lebih dipercaya.
3. Bagi pemerintah diharapkan agar lebih memperhatikan produk lembaga keuangan non-bank berbasis syariah agar pasar keuangan syariah dapat tumbuh meningkat tak tertinggal jauh oleh pasar keuangan konvensional.
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KNEKS. (2020). Insight Buletin Ekonomi Syariah. Kuningan: Komite Nasional Keuangan Syariah.
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94 LAMPIRAN
DATA BULANAN VARIABEL PENELITIAN Perusahaan Tahun Laba Premi Hasil
Investasi
Inflasi Kurs Allianz 2016 5.065897569 41.37288802 41.37288802 4.14 13486 Allianz 2016 4.921352431 41.89771615 41.89771615 4.42 13395 Allianz 2016 4.815421875 42.4364974 42.4364974 4.45 13276 Allianz 2016 4.748105903 42.98923177 42.98923177 3.6 13204 Allianz 2016 4.719404514 43.55591927 43.55591927 3.33 13615 Allianz 2016 4.729317708 44.1365599 44.1365599 3.45 13180 Allianz 2016 4.777845486 44.73115365 44.73115365 3.21 13094 Allianz 2016 4.864987847 45.33970052 45.33970052 2.79 13300 Allianz 2016 4.990744792 45.96220052 45.96220052 3.07 12998 Allianz 2016 5.155116319 46.59865365 46.59865365 3.31 13051 Allianz 2016 5.358102431 47.2490599 47.2490599 3.58 13563 Allianz 2016 5.599703125 47.91341927 47.91341927 3.02 13436 Allianz 2017 7.035407504 48.95065239 48.95065239 3.49 13343 Allianz 2017 7.305755305 49.62785841 49.62785841 3.83 13347 Allianz 2017 7.566235629 50.30395795 50.30395795 3.61 13321 Allianz 2017 7.816848476 50.978951 50.978951 4.17 13327 Allianz 2017 8.057593846 51.65283758 51.65283758 4.33 13321 Allianz 2017 8.28847174 52.32561767 52.32561767 4.37 13319 Allianz 2017 8.509482157 52.99729128 52.99729128 3.88 13323 Allianz 2017 8.720625096 53.66785841 53.66785841 3.82 13351 Allianz 2017 8.921900559 54.33731906 54.33731906 3.72 13492 Allianz 2017 9.113308546 55.00567323 55.00567323 3.58 13572 Allianz 2017 9.294849055 55.67292091 55.67292091 3.3 13514 Allianz 2017 9.466522087 56.33906211 56.33906211 3.61 13548 Allianz 2018 8.276668692 56.58124826 56.58124826 3.25 13413 Allianz 2018 8.485319734 57.2629184 57.2629184 3.18 13707 Allianz 2018 8.740816262 57.96122396 57.96122396 3.4 13756 Allianz 2018 9.043158275 58.67616493 58.67616493 3.41 13877 Allianz 2018 9.392345775 59.40774132 59.40774132 3.23 13951 Allianz 2018 9.788378762 60.15595313 60.15595313 3.12 14404 Allianz 2018 10.23125723 60.92080035 60.92080035 3.18 14413 Allianz 2018 10.72098119 61.70228299 61.70228299 3.2 14711 Allianz 2018 11.25755064 62.50040104 62.50040104 2.88 14929 Allianz 2018 11.84096557 63.31515451 63.31515451 3.16 15227 Allianz 2018 12.47122598 64.1465434 64.1465434 3.23 14339 Allianz 2018 13.14833189 64.99456771 64.99456771 3.13 14481
95
Allianz 2019 14.82299605 63.83398717 63.83398717 2.82 14072 Allianz 2019 15.55390287 64.80025743 64.80025743 2.57 14062 Allianz 2019 16.29176514 65.86813821 65.86813821 2.48 14244 Allianz 2019 17.03658285 67.03762953 67.03762953 2.83 14215 Allianz 2019 17.788356 68.30873139 68.30873139 3.32 14385 Allianz 2019 18.54708459 69.68144377 69.68144377 3.28 14141 Allianz 2019 19.31276861 71.15576669 71.15576669 3.32 14026 Allianz 2019 20.08540808 72.73170014 72.73170014 3.49 14237 Allianz 2019 20.86500299 74.40924412 74.40924412 3.39 14174 Allianz 2019 21.65155334 76.18839863 76.18839863 3.13 14008 Allianz 2019 22.44505912 78.06916368 78.06916368 3 14102 Allianz 2019 23.24552035 80.05153926 80.05153926 2.72 13901 Allianz 2020 24.05293702 82.13552537 82.13552537 2.68 13662 Allianz 2020 24.86730912 84.32112201 84.32112201 2.98 14234 Allianz 2020 25.68863667 86.60832919 86.60832919 2.96 16367 Allianz 2020 26.51691966 88.99714689 88.99714689 2.67 15157 Allianz 2020 27.35215808 91.48757514 91.48757514 2.19 14733 Allianz 2020 28.19435195 94.07961391 94.07961391 1.96 14302 Allianz 2020 29.04350125 96.77326321 96.77326321 1.54 14653 Allianz 2020 29.899606 99.56852305 99.56852305 1.32 14554 Allianz 2020 30.76266618 102.4653934 102.4653934 1.42 14918 Allianz 2020 31.63268181 105.4638743 105.4638743 1.44 14690 Allianz 2020 32.50965287 108.5639658 108.5639658 1.59 14128 Allianz 2020 33.39357938 111.7656677 111.7656677 1.68 14105 BRI 2016 21.95986564 3.132683835 0.257690779 4.14 13486 BRI 2016 16.16453173 3.254064622 0.270668789 4.42 13395 BRI 2016 10.90064169 3.370048418 0.282624807 4.45 13276 BRI 2016 6.168195505 3.480635224 0.293558835 3.6 13204 BRI 2016 1.967193191 3.585825039 0.303470872 3.33 13615
BRI 2016
-1.702365258
3.685617863 0.312360918 3.45 13180
BRI 2016
-4.840479842
3.780013696 0.320228974 3.21 13094
BRI 2016
-7.447150559
3.869012539 0.327075039 2.79 13300
BRI 2016
-9.522377411
3.95261439 0.332899113 3.07 12998 BRI 2016 -11.0661604 4.030819252 0.337701196 3.31 13051
BRI 2016
-12.07849952
4.103627122 0.341481289 3.58 13563
BRI 2016
-12.55939477
4.171038002 0.34423939 3.02 13436 BRI 2017 0.196637635 4.013614198 0.317769965 3.49 13343
96
BRI 2017 0.24553289 4.079438272 0.319667535 3.83 13347 BRI 2017 0.292774788 4.149072531 0.321726563 3.61 13321 BRI 2017 0.338363329 4.222516975 0.323947049 4.17 13327 BRI 2017 0.382298515 4.299771605 0.326328993 4.33 13321 BRI 2017 0.424580343 4.38083642 0.328872396 4.37 13319 BRI 2017 0.465208816 4.46571142 0.331577257 3.88 13323 BRI 2017 0.504183931 4.554396605 0.334443576 3.82 13351 BRI 2017 0.541505691 4.646891975 0.337471354 3.72 13492 BRI 2017 0.577174093 4.743197531 0.34066059 3.58 13572 BRI 2017 0.61118914 4.843313272 0.344011285 3.3 13514 BRI 2017 0.643550829 4.947239198 0.347523437 3.61 13548 BRI 2018 0.597835262 5.330699942 0.325970679 3.25 13413 BRI 2018 0.630096836 5.430677373 0.330864198 3.18 13707 BRI 2018 0.663911651 5.522896123 0.336977623 3.4 13756 BRI 2018 0.699279707 5.607356192 0.344310957 3.41 13877 BRI 2018 0.736201003 5.684057581 0.352864198 3.23 13951 BRI 2018 0.77467554 5.753000289 0.362637346 3.12 14404 BRI 2018 0.814703318 5.814184317 0.373630401 3.18 14413 BRI 2018 0.856284336 5.867609664 0.385843364 3.2 14711 BRI 2018 0.899418596 5.913276331 0.399276235 2.88 14929 BRI 2018 0.944106096 5.951184317 0.413929012 3.16 15227 BRI 2018 0.990346836 5.981333623 0.429801698 3.23 14339 BRI 2018 1.038140818 6.003724248 0.44689429 3.13 14481 BRI 2019 1.040786844 5.165735243 0.503618731 2.82 14072 BRI 2019 1.093646798 5.208382813 0.521539448 2.57 14062 BRI 2019 1.150019483 5.279046007 0.539068383 2.48 14244 BRI 2019 1.2099049 5.377724826 0.556205536 2.83 14215 BRI 2019 1.273303048 5.504419271 0.572950907 3.32 14385 BRI 2019 1.340213927 5.65912934 0.589304495 3.28 14141 BRI 2019 1.410637539 5.841855035 0.6052663 3.32 14026 BRI 2019 1.484573881 6.052596354 0.620836323 3.49 14237 BRI 2019 1.562022955 6.291353299 0.636014564 3.39 14174 BRI 2019 1.642984761 6.558125868 0.650801022 3.13 14008 BRI 2019 1.727459298 6.852914063 0.665195698 3 14102 BRI 2019 1.815446566 7.175717882 0.679198592 2.72 13901 BRI 2020 1.906946566 7.526537326 0.692809703 2.68 13662 BRI 2020 2.001959298 7.905372396 0.706029032 2.98 14234 BRI 2020 2.100484761 8.31222309 0.718856578 2.96 16367 BRI 2020 2.202522955 8.74708941 0.731292342 2.67 15157 BRI 2020 2.308073881 9.209971354 0.743336323 2.19 14733 BRI 2020 2.417137539 9.700868924 0.754988522 1.96 14302
97
BRI 2020 2.529713927 10.21978212 0.766248939 1.54 14653 BRI 2020 2.645803048 10.76671094 0.777117573 1.32 14554 BRI 2020 2.7654049 11.34165538 0.787594425 1.42 14918 BRI 2020 2.888519483 11.94461545 0.797679495 1.44 14690 BRI 2020 3.015146798 12.57559115 0.807372782 1.59 14128 BRI 2020 3.145286844 13.23458247 0.816674286 1.68 14105 Manulife 2016 3.133304688 7.508836613 1.259337577 4.14 13486 Manulife 2016 3.127563368 7.7649674 1.277071373 4.42 13395 Manulife 2016 3.143796007 8.012867863 1.298434799 4.45 13276 Manulife 2016 3.182002604 8.252538002 1.323427855 3.6 13204 Manulife 2016 3.24218316 8.483977816 1.35205054 3.33 13615 Manulife 2016 3.324337674 8.707187307 1.384302855 3.45 13180 Manulife 2016 3.428466146 8.922166474 1.420184799 3.21 13094 Manulife 2016 3.554568576 9.128915316 1.459696373 2.79 13300 Manulife 2016 3.702644965 9.327433835 1.502837577 3.07 12998 Manulife 2016 3.872695313 9.517722029 1.54960841 3.31 13051 Manulife 2016 4.064719618 9.6997799 1.600008873 3.58 13563 Manulife 2016 4.278717882 9.873607446 1.654038966 3.02 13436 Manulife 2017 5.965047743 9.629238233 1.933756944 3.49 13343 Manulife 2017 6.162139757 9.80380652 1.985729167 3.83 13347 Manulife 2017 6.320351562 9.987345872 2.032013889 3.61 13321 Manulife 2017 6.43968316 10.17985629 2.072611111 4.17 13327 Manulife 2017 6.520134549 10.38133777 2.107520833 4.33 13321 Manulife 2017 6.561705729 10.59179032 2.136743056 4.37 13319 Manulife 2017 6.564396701 10.81121393 2.160277778 3.88 13323 Manulife 2017 6.528207465 11.0396086 2.178125 3.82 13351 Manulife 2017 6.453138021 11.27697434 2.190284722 3.72 13492 Manulife 2017 6.339188368 11.52331115 2.196756944 3.58 13572 Manulife 2017 6.186358507 11.77861902 2.197541667 3.3 13514 Manulife 2017 5.994648438 12.04289796 2.192638889 3.61 13548 Manulife 2018 3.839902681 13.29816956 1.927522955 3.25 13413 Manulife 2018 3.651165992 13.53918692 1.921924576 3.18 13707 Manulife 2018 3.50428289 13.74797164 1.921318094 3.4 13756 Manulife 2018 3.399253376 13.92452373 1.925703511 3.41 13877 Manulife 2018 3.33607745 14.06884317 1.935080826 3.23 13951 Manulife 2018 3.314755112 14.18092998 1.949450039 3.12 14404 Manulife 2018 3.335286362 14.26078414 1.96881115 3.18 14413 Manulife 2018 3.3976712 14.30840567 1.993164159 3.2 14711 Manulife 2018 3.501909626 14.32379456 2.022509066 2.88 14929 Manulife 2018 3.64800164 14.30695081 2.056845872 3.16 15227 Manulife 2018 3.835947242 14.25787442 2.096174576 3.23 14339
98
Manulife 2018 4.065746431 14.17656539 2.140495177 3.13 14481 Manulife 2019 6.012559799 13.75965905 2.464497878 2.82 14072 Manulife 2019 6.255779707 13.62661333 2.507276813 2.57 14062 Manulife 2019 6.470566744 13.47406356 2.543522184 2.48 14244 Manulife 2019 6.65692091 13.30200974 2.573233989 2.83 14215 Manulife 2019 6.814842207 13.11045187 2.59641223 3.32 14385 Manulife 2019 6.944330633 12.89938995 2.613056906 3.28 14141 Manulife 2019 7.045386188 12.66882398 2.623168017 3.32 14026 Manulife 2019 7.118008873 12.41875395 2.626745563 3.49 14237 Manulife 2019 7.162198688 12.14917988 2.623789545 3.39 14174 Manulife 2019 7.177955633 11.86010176 2.614299961 3.13 14008 Manulife 2019 7.165279707 11.55151958 2.598276813 3 14102 Manulife 2019 7.12417091 11.22343335 2.5757201 2.72 13901 Manulife 2020 7.054629244 10.87584307 2.546629823 2.68 13662 Manulife 2020 6.956654707 10.50874875 2.51100598 2.98 14234 Manulife 2020 6.830247299 10.12215037 2.468848573 2.96 16367 Manulife 2020 6.675407022 9.716047936 2.4201576 2.67 15157 Manulife 2020 6.492133873 9.290441454 2.364933063 2.19 14733 Manulife 2020 6.280427855 8.845330922 2.303174961 1.96 14302 Manulife 2020 6.040288966 8.380716339 2.234883295 1.54 14653 Manulife 2020 5.771717207 7.896597704 2.160058063 1.32 14554 Manulife 2020 5.474712577 7.392975019 2.078699267 1.42 14918 Manulife 2020 5.149275077 6.869848283 1.990806906 1.44 14690 Manulife 2020 4.795404707 6.327217496 1.89638098 1.59 14128 Manulife 2020 4.413101466 5.765082658 1.795421489 1.68 14105 Prudential 2016 74.48070081 183.7885156 12.89290123 4.14 13486 Prudential 2016 73.08071123 183.5096094 12.84008642 4.42 13395 Prudential 2016 71.76413484 183.2630469 12.80876235 4.45 13276 Prudential 2016 70.53097164 183.0488281 12.79892901 3.6 13204 Prudential 2016 69.38122164 182.8669531 12.81058642 3.33 13615 Prudential 2016 68.31488484 182.7174219 12.84373457 3.45 13180 Prudential 2016 67.33196123 182.6002344 12.89837346 3.21 13094 Prudential 2016 66.43245081 182.5153906 12.97450309 2.79 13300 Prudential 2016 65.61635359 182.4628906 13.07212346 3.07 12998 Prudential 2016 64.88366956 182.4427344 13.19123457 3.31 13051 Prudential 2016 64.23439873 182.4549219 13.33183642 3.58 13563 Prudential 2016 63.66854109 182.4994531 13.49392901 3.02 13436 Prudential 2017 65.4601249 181.266874 15.71049016 3.49 13343 Prudential 2017 64.96567988 181.4310349 15.83026447 3.83 13347 Prudential 2017 64.45923428 181.6824817 15.88622975 3.61 13321 Prudential 2017 63.9407881 182.0212143 15.878386 4.17 13327
99
Prudential 2017 63.41034134 182.4472328 15.80673322 4.33 13321 Prudential 2017 62.867894 182.9605372 15.67127141 4.37 13319 Prudential 2017 62.31344608 183.5611275 15.47200058 3.88 13323 Prudential 2017 61.74699759 184.2490037 15.20892072 3.82 13351 Prudential 2017 61.16854851 185.0241657 14.88203183 3.72 13492 Prudential 2017 60.57809886 185.8866136 14.49133391 3.58 13572 Prudential 2017 59.97564863 186.8363474 14.03682697 3.3 13514 Prudential 2017 59.36119782 187.8733671 13.518511 3.61 13548 Prudential 2018 57.18915201 190.7315201 9.30789892 3.25 13413 Prudential 2018 56.61555015 191.8703627 8.814209105 3.18 13707 Prudential 2018 56.09479784 193.0237423 8.408954475 3.4 13756 Prudential 2018 55.62689506 194.191659 8.092135031 3.41 13877 Prudential 2018 55.21184182 195.3741127 7.863750772 3.23 13951 Prudential 2018 54.84963812 196.5711034 7.723801698 3.12 14404 Prudential 2018 54.54028395 197.7826312 7.672287809 3.18 14413 Prudential 2018 54.28377932 199.008696 7.709209105 3.2 14711 Prudential 2018 54.08012423 200.2492978 7.834565586 2.88 14929 Prudential 2018 53.92931867 201.5044367 8.048357253 3.16 15227 Prudential 2018 53.83136265 202.7741127 8.350584105 3.23 14339 Prudential 2018 53.78625617 204.0583256 8.741246142 3.13 14481 Prudential 2019 58.12736265 203.9007321 13.10103897 2.82 14072 Prudential 2019 58.0061358 205.2751244 13.50574498 2.57 14062 Prudential 2019 57.75593904 206.7251591 13.8360598 2.48 14244 Prudential 2019 57.37677238 208.2508362 14.09198341 2.83 14215 Prudential 2019 56.8686358 209.8521557 14.27351582 3.32 14385 Prudential 2019 56.23152932 211.5291175 14.38065702 3.28 14141 Prudential 2019 55.46545293 213.2817216 14.41340702 3.32 14026 Prudential 2019 54.57040664 215.1099682 14.37176582 3.49 14237 Prudential 2019 53.54639043 217.0138571 14.25573341 3.39 14174 Prudential 2019 52.39340432 218.9933883 14.0653098 3.13 14008 Prudential 2019 51.1114483 221.0485619 13.80049498 3 14102 Prudential 2019 49.70052238 223.1793779 13.46128897 2.72 13901 Prudential 2020 48.16062654 225.3858362 13.04769174 2.68 13662 Prudential 2020 46.4917608 227.6679369 12.55970332 2.98 14234 Prudential 2020 44.69392515 230.02568 11.99732369 2.96 16367 Prudential 2020 42.7671196 232.4590654 11.36055285 2.67 15157 Prudential 2020 40.71134414 234.9680932 10.64939082 2.19 14733 Prudential 2020 38.52659877 237.5527633 9.863837577 1.96 14302 Prudential 2020 36.21288349 240.2130758 9.003893133 1.54 14653 Prudential 2020 33.7701983 242.9490307 8.069557485 1.32 14554 Prudential 2020 31.19854321 245.7606279 7.060830633 1.42 14918
100
Prudential 2020 28.49791821 248.6478675 5.977712577 1.44 14690 Prudential 2020 25.6683233 251.6107494 4.820203318 1.59 14128 Prudential 2020 22.70975849 254.6492737 3.588302855 1.68 14105 Sinarmas 2016 3.700179398 6.741401427 1.052255787 4.14 13486 Sinarmas 2016 3.673728009 6.826059992 1.097818287 4.42 13395 Sinarmas 2016 3.640561343 6.904335455 1.144457176 4.45 13276 Sinarmas 2016 3.600679398 6.976227816 1.192172454 3.6 13204 Sinarmas 2016 3.554082176 7.041737076 1.24096412 3.33 13615 Sinarmas 2016 3.500769676 7.100863233 1.290832176 3.45 13180 Sinarmas 2016 3.440741898 7.153606289 1.34177662 3.21 13094 Sinarmas 2016 3.373998843 7.199966242 1.393797454 2.79 13300 Sinarmas 2016 3.300540509 7.239943094 1.446894676 3.07 12998 Sinarmas 2016 3.220366898 7.273536844 1.501068287 3.31 13051 Sinarmas 2016 3.133478009 7.300747492 1.556318287 3.58 13563 Sinarmas 2016 3.039873843 7.321575039 1.612644676 3.02 13436 Sinarmas 2017 2.456184606 7.134098187 1.833432677 3.49 13343 Sinarmas 2017 2.369431134 7.150631752 1.88505652 3.83 13347 Sinarmas 2017 2.296243634 7.169254437 1.930901427 3.61 13321 Sinarmas 2017 2.236622106 7.189966242 1.9709674 4.17 13327 Sinarmas 2017 2.190566551 7.212767168 2.005254437 4.33 13321 Sinarmas 2017 2.158076968 7.237657215 2.033762539 4.37 13319 Sinarmas 2017 2.139153356 7.264636381 2.056491705 3.88 13323 Sinarmas 2017 2.133795718 7.293704668 2.073441937 3.82 13351 Sinarmas 2017 2.142004051 7.324862076 2.084613233 3.72 13492 Sinarmas 2017 2.163778356 7.358108603 2.090005594 3.58 13572 Sinarmas 2017 2.199118634 7.393444252 2.08961902 3.3 13514 Sinarmas 2017 2.248024884 7.43086902 2.083453511 3.61 13548 Sinarmas 2018 2.847850502 7.771223573 1.878801119 3.25 13413 Sinarmas 2018 2.9013424 7.800203897 1.869163387 3.18 13707 Sinarmas 2018 2.945853974 7.818650656 1.861832369 3.4 13756 Sinarmas 2018 2.981385224 7.82656385 1.856808063 3.41 13877 Sinarmas 2018 3.00793615 7.82394348 1.854090471 3.23 13951 Sinarmas 2018 3.025506752 7.810789545 1.853679591 3.12 14404 Sinarmas 2018 3.034097029 7.787102045 1.855575424 3.18 14413 Sinarmas 2018 3.033706983 7.75288098 1.859777971 3.2 14711 Sinarmas 2018 3.024336613 7.70812635 1.86628723 2.88 14929 Sinarmas 2018 3.005985918 7.652838156 1.875103202 3.16 15227 Sinarmas 2018 2.9786549 7.587016397 1.886225887 3.23 14339 Sinarmas 2018 2.942343557 7.510661073 1.899655285 3.13 14481 Sinarmas 2019 2.631644001 7.020977816 2.161227816 2.82 14072 Sinarmas 2019 2.588508005 6.940455826 2.168955826 2.57 14062
101
Sinarmas 2019 2.547527681 6.866300733 2.168675733 2.48 14244 Sinarmas 2019 2.508703029 6.798512539 2.160387539 2.83 14215 Sinarmas 2019 2.472034047 6.737091242 2.144091242 3.32 14385 Sinarmas 2019 2.437520737 6.682036844 2.119786844 3.28 14141 Sinarmas 2019 2.405163098 6.633349344 2.087474344 3.32 14026 Sinarmas 2019 2.37496113 6.591028742 2.047153742 3.49 14237 Sinarmas 2019 2.346914834 6.555075039 1.998825039 3.39 14174 Sinarmas 2019 2.321024209 6.525488233 1.942488233 3.13 14008 Sinarmas 2019 2.297289255 6.502268326 1.878143326 3 14102 Sinarmas 2019 2.275709973 6.485415316 1.805790316 2.72 13901 Sinarmas 2020 2.256286362 6.474929205 1.725429205 2.68 13662 Sinarmas 2020 2.239018422 6.470809992 1.637059992 2.98 14234 Sinarmas 2020 2.223906154 6.473057677 1.540682677 2.96 16367 Sinarmas 2020 2.210949556 6.481672261 1.436297261 2.67 15157 Sinarmas 2020 2.20014863 6.496653742 1.323903742 2.19 14733 Sinarmas 2020 2.191503376 6.518002122 1.203502122 1.96 14302 Sinarmas 2020 2.185013792 6.5457174 1.0750924 1.54 14653 Sinarmas 2020 2.18067988 6.579799576 0.938674576 1.32 14554 Sinarmas 2020 2.17850164 6.62024865 0.79424865 1.42 14918 Sinarmas 2020 2.17847907 6.667064622 0.641814622 1.44 14690 Sinarmas 2020 2.180612172 6.720247492 0.481372492 1.59 14128 Sinarmas 2020 2.184900945 6.779797261 0.312922261 1.68 14105
102
DATA BULANAN LABA, PREMI DAN KURS (LN)
Laba Premi Hasil Investasi Kurs
1.622531332 3.722625788 3.722625788 9.509407389 1.593583377 3.735231318 3.735231318 9.502636782 1.571823658 3.74800878 3.74800878 9.493713173 1.557745781 3.76094966 3.76094966 9.488275093 1.551682629 3.774045613 3.774045613 9.518927405 1.553780944 3.787288462 3.787288462 9.486455808 1.56398971 3.800670208 3.800670208 9.479909389 1.582064218 3.81418304 3.81418304 9.495519314 1.607585155 3.827819331 3.827819331 9.472550778 1.639989682 3.841571649 3.841571649 9.476620038 1.678609888 3.855432757 3.855432757 9.515100776 1.722713583 3.869395617 3.869395617 9.505692951 1.950955614 3.890812697 3.890812697 9.498747182 1.988662435 3.904552338 3.904552338 9.499046919 2.023695669 3.918083761 3.918083761 9.497097016 2.056281465 3.931412822 3.931412822 9.497547332 2.086614982 3.944545133 3.944545133 9.497097016 2.114865602 3.957486073 3.957486073 9.496946866 2.14118109 3.970240804 3.970240804 9.497247144 2.165690921 3.982814282 3.982814282 9.499346567 2.188508991 3.995211266 3.995211266 9.509852196 2.209735823 4.007436329 4.007436329 9.515764126 2.229460382 4.019493869 4.019493869 9.511481464 2.247761584 4.031388115 4.031388115 9.513994214 2.113440556 4.035677628 4.035677628 9.503979665 2.13833758 4.047653266 4.047653266 9.52566193 2.168003579 4.059774235 4.059774235 9.529230372
2.20200848 4.072033595 4.072033595 9.537988072 2.239895078 4.084424543 4.084424543 9.543306469 2.281195841 4.096940409 4.096940409 9.575261225 2.325447469 4.109574666 4.109574666 9.575885856 2.372202681 4.122320932 4.122320932 9.596350792 2.421039071 4.135172973 4.135172973 9.611060909 2.471565177 4.148124708 4.148124708 9.630825447 2.52342407 4.161170207 4.161170207 9.570738377 2.576294898 4.174303693 4.174303693 9.580592724 2.696179762 4.156285763 4.156285763 9.551942286 2.744311596 4.171309576 4.171309576 9.551231403
103
2.790659774 4.187654838 4.187654838 9.564091044 2.835362964 4.205254097 4.205254097 9.562053024 2.878544086 4.224037597 4.224037597 9.573941276 2.920312612 4.243934052 4.243934052 9.556833658 2.960766463 4.264871371 4.264871371 9.548668029 2.999993585 4.28677733 4.28677733 9.563599489 3.038073257 4.309580183 4.309580183 9.559164579 3.0750772 4.333209202 4.333209202 9.547383874 3.111070506 4.357595148 4.357595148 9.55407191
3.14611244 4.382670668 4.382670668 9.539716059 3.18025711 4.408370631 4.408370631 9.522373535 3.213554054 4.434632391 4.434632391 9.563388748 3.246048741 4.461395991 4.461395991 9.703022392 3.277783007 4.488604312 4.488604312 9.62621775 3.308795432 4.516203172 4.516203172 9.597845155 3.339121672 4.54414138 4.54414138 9.568154667 3.368794749 4.57237075 4.57237075 9.592400372 3.397845303 4.600846081 4.600846081 9.585621149 3.426301818 4.629525116 4.629525116 9.610323817 3.454190821 4.658368471 4.658368471 9.594922269 3.481537057 4.687339545 4.687339545 9.555913923 3.508363647 4.716404427 4.716404427 9.554284623 3.089216498 1.141890092 -1.355994943 9.509407389 2.782819443 1.179904868 -1.306859388 9.502636782 2.388821658 1.214927112 -1.263635031 9.493713173 1.819406332 1.247214813 -1.2256772 9.488275093 0.67660775 1.276988584 -1.192469647 9.518927405 0 1.304438181 -1.163595971 9.486455808 0 1.329727633 -1.138718996 9.479909389 0 1.352999316 -1.117565659 9.495519314 0 1.374377231 -1.0999158 9.472550778 0 1.393969644 -1.08559381 9.476620038 0 1.411871247 -1.074462393 9.515100776 0 1.428164926 -1.066417961 9.505692951 -1.62639266 1.389692132 -1.146427538 9.498747182 -1.404324371 1.4059593 -1.140473777 9.499046919 -1.228351608 1.422884823 -1.134053279 9.497097016 -1.083635022 1.44043139 -1.127175207 9.497547332 -0.961553524 1.458561906 -1.119849225 9.497097016 -0.856654025 1.47723967 -1.112085458 9.496946866 -0.765268908 1.496428534 -1.103894444 9.497247144
104
-0.684814134 1.516093053 -1.095287094 9.499346567 -0.613401704 1.536198604 -1.086274649 9.509852196 -0.549611336 1.556711493 -1.076868634 9.515764126 -0.49234881 1.577599047 -1.067080818 9.511481464 -0.440754266 1.598829683 -1.05692317 9.513994214 -0.514440044 1.673482551 -1.120947843 9.503979665 -0.461881763 1.692063873 -1.106047267 9.52566193 -0.409606194 1.708902383 -1.08773875 9.529230372 -0.357704464 1.724079341 -1.066210086 9.537988072 -0.306252096 1.737665341 -1.041672006 9.543306469 -0.255310995 1.749721508 -1.014351992 9.575261225 -0.204931259 1.760300504 -0.984488202 9.575885856 -0.155152789 1.769447339 -0.952323784 9.596350792 -0.106006729 1.777200049 -0.918101784 9.611060909 -0.05751673 1.783590245 -0.882060788 9.630825447 -0.009700057 1.788643557 -0.844431345 9.570738377 0.037431438 1.792379985 -0.8054332 9.580592724 0.039977008 1.642047443 -0.685935784 9.551942286 0.089517798 1.650269407 -0.650970363 9.551231403 0.139778884 1.663745401 -0.617912845 9.564091044 0.190541761 1.68226539 -0.586617384 9.562053024 0.241614349 1.705551273 -0.556955244 9.573941276 0.292829249 1.733270054 -0.52881226 9.556833658 0.344041757 1.765048389 -0.502086752 9.548668029 0.395127782 1.800487329 -0.476687801 9.563599489 0.445981747 1.839176198 -0.452533816 9.559164579 0.496514564 1.880704871 -0.429551333 9.547383874 0.546651715 1.924673972 -0.407673998 9.55407191
0.59633148 1.97070281 -0.386841717 9.539716059 0.645503306 2.018435086 -0.366999916 9.522373535 0.69412635 2.067542578 -0.348098921 9.563388748 0.742168157 2.117727093 -0.330093416 9.703022392 0.789603501 2.168721006 -0.312941979 9.62621775 0.836413359 2.22028674 -0.296606681 9.597845155 0.882584005 2.272215461 -0.281052732 9.568154667 0.928106224 2.324325265 -0.266248176 9.592400372 0.972974629 2.376459053 -0.252163623 9.585621149 1.017187062 2.428482265 -0.238772011 9.610323817 1.060744081 2.480280587 -0.226048398 9.594922269 1.103648518 2.531757724 -0.213969782 9.555913923 1.145905092 2.582833287 -0.202514934 9.554284623
105
1.142088258 2.016080542 0.23058585 9.509407389 1.140254225 2.049622258 0.244569467 9.502636782 1.145430989 2.081048732 0.261159539 9.493713173 1.157510748 2.11052079 0.28022523 9.488275093 1.176246918 2.138179422 0.301622359 9.518927405 1.201270458 2.164148812 0.325196659 9.486455808 1.232112973 2.188538795 0.350787004 9.479909389 1.268233699 2.211446883 0.378228451 9.495519314 1.30904742 2.232959933 0.407355039 9.472550778 1.353950728 2.253155538 0.438002261 9.476620038 1.402344766 2.272103194 0.470009175 9.515100776 1.453653404 2.289865283 0.503220155 9.505692951 1.785917059 2.264804119 0.659464714 9.498747182 1.81842408 2.282770731 0.685986185 9.499046919 1.843774834 2.301318879 0.709027365 9.497097016 1.86247934 2.320410894 0.728809219 9.497547332 1.874895012 2.340009749 0.745512296 9.497097016 1.881250589 2.360079203 0.759282733 9.496946866 1.881660607 2.380583922 0.770236814 9.497247144 1.876132398 2.401489588 0.778464415 9.499346567 1.864566527 2.422762978 0.784031546 9.509852196 1.846750743 2.44437204 0.786982157 9.515764126 1.822346627 2.46628594 0.787339311 9.511481464 1.790867144 2.488475105 0.785105791 9.513994214 1.345447023 2.587626399 0.656235736 9.503979665 1.295046566 2.605588216 0.653327067 9.52566193 1.253985903 2.620891296 0.653011458 9.529230372 1.223555812 2.633651582 0.655291361 9.537988072 1.204795701 2.643962648 0.660149096 9.543306469 1.198383748 2.651898103 0.667547301 9.575261225 1.204558541 2.657513403 0.677429883 9.575885856 1.223090256 2.660847174 0.689723406 9.596350792 1.253308427 2.66192211 0.704338853 9.611060909 1.294179522 2.66074549 0.721173679 9.630825447 1.344416403 2.657309345 0.740114053 9.570738377 1.40259735 2.651590277 0.761037194 9.580592724 1.793850581 2.621741054 0.901988086 9.551942286 1.83350579 2.612024743 0.919197229 9.551231403 1.8672637 2.60076662 0.933549807 9.564091044 1.895657052 2.587915132 0.945163469 9.562053024 1.919102911 2.573409765 0.954130581 9.573941276
106
1.93792559 2.55718002 0.960520764 9.556833658 1.952372961 2.539144171 0.964382754 9.548668029 1.962628034 2.519207746 0.965745652 9.563599489 1.968817013 2.497261668 0.964619664 9.559164579 1.971014612 2.473179973 0.960996361 9.547383874 1.969247098 2.446816994 0.954848461 9.55407191 1.963493356 2.418003856 0.946129146 9.539716059 1.953684032 2.386544098 0.934770847 9.522373535 1.939698713 2.352208124 0.920683462 9.563388748 1.921360881 2.314726128 0.903751877 9.703022392 1.898430179 2.273778945 0.883832662 9.62621775 1.870591271 2.228986071 0.860749718 9.597845155 1.837438108 2.17988974 0.834288589 9.568154667 1.798451853 2.125933393 0.80418901 9.592400372 1.752969646 2.066431996 0.770135102 9.585621149 1.700139777 2.000530228 0.731742346 9.610323817 1.638855943 1.927142022 0.688540037 9.594922269 1.567658107 1.844860565 0.639947322 9.555913923 1.484577723 1.751819492 0.585239807 9.554284623 4.310540042 5.213785725 2.556676868 9.509407389 4.291564464 5.212267033 2.552572029 9.502636782 4.273384836 5.210922535 2.550129495 9.493713173 4.256051927 5.209752938 2.549361497 9.488275093 4.239616249 5.208758856 2.550271893 9.518927405 4.224127676 5.207940817 2.55285611 9.486455808 4.209635031 5.207299252 2.557101215 9.479909389 4.196185654 5.206834502 2.562986131 9.495519314 4.183824957 5.206546813 2.570481982 9.472550778 4.172595967 5.20643634 2.579552561 9.476620038 4.162538873 5.206503139 2.590154891 9.515100776 4.15369058 5.206747176 2.602239882 9.505692951 4.181441177 5.199970388 2.754328652 9.498747182 4.173859129 5.200875609 2.76192358 9.499046919 4.166032997 5.202260557 2.76545268 9.497097016 4.157957469 5.204123242 2.764958813 9.497547332 4.149626961 5.206460996 2.760436002 9.497097016 4.141035604 5.209270486 2.75182919 9.496946866 4.132177231 5.212547732 2.739031976 9.497247144 4.123045352 5.216288124 2.721882145 9.499346567 4.113633144 5.220486442 2.700154568 9.509852196 4.103933423 5.225136884 2.67355081 9.515764126
107
4.093938624 5.230233086 2.641684374 9.511481464 4.083640778 5.235768157 2.604059931 9.513994214 4.04636423 5.250866785 2.230863386 9.503979665 4.036283685 5.256819949 2.17636509 9.52566193 4.027043078 5.262813198 2.129297147 9.529230372 4.018666808 5.268845604 2.090892606 9.537988072 4.011177456 5.274916247 2.06226369 9.543306469 4.004595589 5.281024215 2.044306691 9.575261225 3.998939584 5.287168605 2.037614851 9.575885856 3.994225459 5.293348522 2.042415602 9.596350792 3.990466729 5.29956308 2.058545429 9.611060909 3.987674276 5.3058114 2.085468003 9.630825447 3.985856246 5.312092614 2.122331489 9.570738377 3.985017973 5.318405863 2.168052759 9.580592724 4.062636511 5.317633268 2.572691537 9.551942286 4.060548795 5.32435115 2.603115149 9.551231403 4.056226185 5.331390177 2.627278213 9.564091044 4.049639559 5.338743297 2.645606083 9.562053024 4.040743973 5.346403262 2.658405779 9.573941276 4.02947762 5.35436266 2.665884041 9.556833658 4.015760357 5.362613929 2.668158817 9.548668029 3.999491733 5.371149377 2.665265575 9.563599489 3.980548389 5.379961209 2.65715917 9.559164579 3.958780712 5.389041539 2.643711468 9.547383874 3.934008509 5.398382415 2.62470446 9.55407191 3.906015444 5.407975833 2.599818082 9.539716059 3.874541811 5.417813761 2.56861124 9.522373535 3.83927511 5.42788815 2.53049354 9.563388748 3.79983759 5.438190955 2.484683599 9.703022392 3.755769574 5.448714147 2.430147079 9.62621775 3.706506779 5.459449731 2.36550269 9.597845155
3.65134888 5.47038976 2.2888753 9.568154667 3.589414953 5.481526345 2.197657054 9.592400372 3.519578707 5.492851671 2.088098646 9.585621149 3.440371402 5.504358005 1.954562698 9.610323817 3.349831039 5.516037709 1.788037983 9.594922269 3.245257675 5.527883248 1.572816109 9.555913923 3.122794721 5.539887201 1.277679348 9.554284623 1.308381304 1.90826783 0.050936228 9.509407389 1.301206953 1.920747639 0.093324835 9.502636782 1.292137885 1.932149541 0.134930442 9.493713173
108
1.281122549 1.942508343 0.175777234 9.488275093 1.268096852 1.951854883 0.215888594 9.518927405 1.252982852 1.960216359 0.255287108 9.486455808 1.235687116 1.967616606 0.293994572 9.479909389 1.216098641 1.974076337 0.332032003 9.495519314 1.194086246 1.979613346 0.369419657 9.472550778 1.169495297 1.984242672 0.406177046 9.476620038 1.142143573 1.987976739 0.442322959 9.515100776 1.111816015 1.990825474 0.477875487 9.505692951 0.898609173 1.96488585 0.60618999 9.498747182 0.862649899 1.96720071 0.633957805 9.499046919 0.831274585 1.969801665 0.657986955 9.497097016 0.80496674 1.972686477 0.678524488 9.497547332 0.784160209 1.975852674 0.695770954 9.497097016 0.769217532 1.979297565 0.709887545 9.496946866 0.760410123 1.983018245 0.721001475 9.497247144 0.757902421 1.987011602 0.729209998 9.499346567 0.761741863 1.991274325 0.734583338 9.509852196 0.771855933 1.995802916 0.737166743 9.515764126 0.788056659 2.000593696 0.736981762 9.511481464 0.810052001 2.005642813 0.734026859 9.513994214 1.0465645 2.050427626 0.630633871 9.503979665 1.065173526 2.054149874 0.625490944 9.52566193 1.080398749 2.056511989 0.621561147 9.529230372 1.092388033 2.05752357 0.618858919 9.537988072 1.101254179 2.057188709 0.617394264 9.543306469 1.107078599 2.055506053 0.617172632 9.575261225 1.109913861 2.052468781 0.61819485 9.575885856 1.109785298 2.048064514 0.62045711 9.596350792 1.106691766 2.042275143 0.623951019 9.611060909 1.100605607 2.03507658 0.628663699 9.630825447 1.091471823 2.026438417 0.634577948 9.570738377 1.079206392 2.016323488 0.641672441 9.580592724 0.967608746 1.948902498 0.770676494 9.551942286 0.95108165 1.937367453 0.774245865 9.551231403 0.935123352 1.926625494 0.77411672 9.564091044 0.919765898 1.916703844 0.770287622 9.562053024 0.905041313 1.907628265 0.762715799 9.573941276 0.890981431 1.899422858 0.751315538 9.556833658 0.877617717 1.892109857 0.735954887 9.548668029 0.864981071 1.885709443 0.71645041 9.563599489
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0.853101629 1.880239565 0.692559527 9.559164579 0.842008558 1.875715775 0.663969746 9.547383874 0.831729843 1.872151089 0.630283696 9.55407191
0.82229208 1.869555858 0.590998344 9.539716059 0.813720259 1.867937674 0.545475834 9.522373535 0.806037565 1.867301293 0.492901945 9.563388748 0.799265178 1.86764859 0.432225615 9.703022392 0.793422087 1.868978542 0.362068455 9.62621775 0.788524917 1.871287235 0.280584753 9.597845155 0.784587781 1.874567906 0.185235741 9.568154667 0.781622141 1.878811004 0.072406611 9.592400372 0.7796367 1.884004285 -0.063286425 9.585621149 0.778637319 1.89013293 -0.230358706 9.610323817 0.778626959 1.897179676 -0.443455768 9.594922269 0.77960565 1.905124983 -0.731113896 9.555913923 0.781570494 1.913947199 -1.161800487 9.554284623
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1. Laporan Keuangan PT. Asuransi Allianz Life Indonesia
• Tahun 2016-2017
111
• Tahun 2018-2019
• Tahun 2019-2020
112 2. Laporan Keuangan BRI Life
• Tahun 2016-2017
113
• Tahun 2018- 2019
114
• Tahun 2019-2020
115
3. Laporan Keuangan PT. Asuransi Jiwa Manulife Indonesia
• Tahun 2016-2017
116
• Tahun 2018-2019
117
• Tahun 2019-2020
118
4. Laporan Keuangan PT. Prudential Life Assurance
• Tahun 2016-2017
119
• Tahun 2018-2019
\
120
• Tahun 2019-2020
121
5. Laporan Keuangan PT. Asuransi Jiwa Sinar Mas MSIG
• Tahun 2016-2017
122
• Tahun 2018-2019
123
• Tahun 2019-2020
124
RINGKASAN LAPORAN KEUANGAN PERUSAHAAN
(Dalam Jutaan Rupiah) Perusahaan Tahun Premi Hasil
Investasi
Laba
Allianz 2016 534.183 19.093 59.746
Allianz 2017 631.86 19.395 100.097
Allianz 2018 727.625 26.734 123.397
Allianz 2019 852.136 51.343 227.646
Allianz 2020 1,152.23 71.783 343.914
BRI Life 2016 44.416 3.724 -2.056
BRI Life 2017 53.346 3.974 5.223
BRI Life 2018 68.86 4.503 9.645
BRI Life 2019 70.967 7.14 16.751
BRI Life 2020 121.485 9.1 29.927
Manulife 2016 105.2 17.081 42.055
Manulife 2017 129.046 25.384 76.035
Manulife 2018 168.394 23.859 42.83
Manulife 2019 152.044 30.96 81.948
Manulife 2020 101.991 26.771 71.934
Prudential 2016 2,194.17 155.957 819.72
Prudential 2017 2,205.24 182.393 750.248
Prudential 2018 2,367.14 98.567 660.039
Prudential 2019 2,554.16 167.557 661.154
Prudential 2020 2,871.89 107.999 439.409
Sinarmas 2016 85.08 15.871 41.179
Sinarmas 2017 87.16 24.137 26.733
Sinarmas 2018 92.85 22.417 35.729
Sinarmas 2019 80.338 24.683 29.207
Sinarmas 2020 78.828 13.111 26.41
125
LAMPIRAN OUTPUT REGRESI DATA PANEL DAN ARDL
• Regresi Data Panel
1. Common Effect Model (CEM)
Dependent Variable: LABA?
Method: Pooled Least Squares Date: 12/25/21 Time: 17:03 Sample: 2016M01 2020M12 Included observations: 60 Cross-sections included: 5
Total pool (balanced) observations: 300
Variable Coefficient Std. Error t-Statistic Prob.
PREMI? 0.931028 0.040596 22.93423 0.0000
HASIL_INVESTASI? -0.022314 0.032667 -0.683083 0.4951
INFLASI? 0.002351 0.045671 0.051475 0.9590
KURS? -0.106439 0.018914 -5.627489 0.0000
R-squared 0.829750 Mean dependent var 1.845005 Adjusted R-squared 0.828025 S.D. dependent var 1.410376 S.E. of regression 0.584882 Akaike info criterion 1.778430 Sum squared resid 101.2577 Schwarz criterion 1.827813 Log likelihood -262.7644 Hannan-Quinn criter. 1.798193 Durbin-Watson stat 0.062007
2. Fixed Effect Model (FEM)
Dependent Variable: LABA?
Method: Pooled Least Squares Date: 12/25/21 Time: 17:04 Sample: 2016M01 2020M12 Included observations: 60 Cross-sections included: 5
Total pool (balanced) observations: 300
Variable Coefficient Std. Error t-Statistic Prob.
C -1.188954 7.157633 -0.166110 0.8682
PREMI? 0.243796 0.165504 1.473054 0.0418
HASIL_INVESTASI? 0.649851 0.106755 6.087290 0.0000 INFLASI? -0.055720 0.046616 -1.195295 0.2329
KURS? 0.162810 0.754680 0.215734 0.8293
Fixed Effects (Cross)
126
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.892895 Mean dependent var 1.845005 Adjusted R-squared 0.889950 S.D. dependent var 1.410376 S.E. of regression 0.467874 Akaike info criterion 1.348307 Sum squared resid 63.70179 Schwarz criterion 1.459421 Log likelihood -193.2461 Hannan-Quinn criter. 1.392775 F-statistic 303.2444 Durbin-Watson stat 0.097960 Prob(F-statistic) 0.000000
3. Random Effect Model (REM)
Dependent Variable: LABA?
Method: Pooled EGLS (Cross-section random effects) Date: 12/25/21 Time: 17:05
Sample: 2016M01 2020M12 Included observations: 60 Cross-sections included: 5
Total pool (balanced) observations: 300
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
C -1.626472 7.059414 -0.230398 0.8179
PREMI? 0.378167 0.135620 2.788420 0.0056
HASIL_INVESTASI? 0.510530 0.095487 5.346571 0.0000 INFLASI? -0.042228 0.045914 -0.919702 0.3585
KURS? 0.180826 0.738457 0.244871 0.8067
Random Effects (Cross)
Cross-section random 0.480310 0.5131
Idiosyncratic random 0.467874 0.4869
Weighted Statistics
R-squared 0.272163 Mean dependent var 0.230209 Adjusted R-squared 0.262294 S.D. dependent var 0.551023 S.E. of regression 0.473273 Sum squared resid 66.07619 F-statistic 27.57763 Durbin-Watson stat 0.092814 Prob(F-statistic) 0.000000
127
Unweighted Statistics
R-squared 0.676388 Mean dependent var 1.845005 Sum squared resid 192.4712 Durbin-Watson stat 0.031863
4. Uji Chow
Redundant Fixed Effects Tests Pool: Untitled
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 42.849139 (4,291) 0.0000
Cross-section Chi-square 138.929880 4 0.0000
5. Uji Hausman
Correlated Random Effects - Hausman Test Pool: Untitled
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section random 0.000000 4 1.0000
* Cross-section test variance is invalid. Hausman statistic set to zero.
128
• Autoregressive Distributed Lag (ARDL) 1. Uji Stasioneritas
a. Laba
Null Hypothesis: D(LABA) has a unit root Exogenous: None
Lag Length: 0 (Automatic - based on SIC, maxlag=15)
t-Statistic Prob.*
Augmented Dickey-Fuller test statistic -15.36855 0.0000 Test critical values: 1% level -2.572745
5% level -1.941892
10% level -1.615988
b. Premi
Null Hypothesis: D(PREMI) has a unit root Exogenous: None
Lag Length: 0 (Automatic - based on SIC, maxlag=15)
t-Statistic Prob.*
Augmented Dickey-Fuller test statistic -17.49104 0.0000 Test critical values: 1% level -2.572745
5% level -1.941892
10% level -1.615988
c. Hasil Investasi
Null Hypothesis: HASIL_INVESTASI has a unit root Exogenous: None
Lag Length: 0 (Automatic - based on SIC, maxlag=15)
t-Statistic Prob.*
Augmented Dickey-Fuller test statistic -1.911593 0.0535 Test critical values: 1% level -2.572719
5% level -1.941888
10% level -1.615990
129 d. Inflasi
Null Hypothesis: D(INFLASI) has a unit root Exogenous: None
Lag Length: 0 (Automatic - based on SIC, maxlag=15)
t-Statistic Prob.*
Augmented Dickey-Fuller test statistic -15.16726 0.0000 Test critical values: 1% level -2.572745
5% level -1.941892
10% level -1.615988
e. Kurs
Null Hypothesis: D(KURS) has a unit root Exogenous: None
Lag Length: 2 (Automatic - based on SIC, maxlag=15)
t-Statistic Prob.*
Augmented Dickey-Fuller test statistic -13.39165 0.0000 Test critical values: 1% level -2.572798
5% level -1.941899
10% level -1.615983
2. Uji Johansen Cointegration
Date: 12/30/21 Time: 06:53 Sample (adjusted): 7 300
Included observations: 294 after adjustments Trend assumption: Linear deterministic trend Series: DY DX1 X2 DX3 DX4
Lags interval (in first differences): 1 to 4
Unrestricted Cointegration Rank Test (Trace)
Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.247692 132.9381 69.81889 0.0000
At most 1 * 0.079849 49.26287 47.85613 0.0366 At most 2 0.051355 24.79698 29.79707 0.1688 At most 3 0.022396 9.297259 15.49471 0.3386 At most 4 0.008933 2.638011 3.841466 0.1043
130 3. Uji ARDL
Dependent Variable: DY Method: ARDL
Date: 01/04/22 Time: 13:04 Sample (adjusted): 5 300
Included observations: 296 after adjustments Maximum dependent lags: 4 (Automatic selection) Model selection method: Akaike info criterion (AIC)
Dynamic regressors (4 lags, automatic): DX1 X2 DX3 DX4 Fixed regressors: C
Number of models evalulated: 2500 Selected Model: ARDL(2, 2, 3, 1, 3)
Note: final equation sample is larger than selection sample
Variable Coefficient Std. Error t-Statistic Prob.*
DLABA(-1) 1.129555 0.054831 20.60074 0.0000
DLABA(-2) -0.202086 0.052874 -3.822055 0.0002
DPREMI 0.742195 0.039588 18.74777 0.0000
DPREMI(-1) -0.858351 0.066363 -12.93414 0.0000 DPREMI(-2) 0.170292 0.054975 3.097596 0.0021 HASIL_INVESTASI 0.017548 0.022252 0.788631 0.4310 HASIL_INVESTASI(-1) -0.284832 0.043636 -6.527504 0.0000 HASIL_INVESTASI(-2) 0.383335 0.053872 7.115710 0.0000 HASIL_INVESTASI(-3) -0.099046 0.040617 -2.438523 0.0154
DINFLASI 0.137369 0.023568 5.828694 0.0000
DINFLASI(-1) -0.118816 0.023302 -5.098929 0.0000
DKURS -0.294730 0.318755 -0.924628 0.3560
DKURS(-1) 0.574809 0.398243 1.443365 0.1500
DKURS(-2) -0.489375 0.400790 -1.221026 0.2231
DKURS(-3) 0.891505 0.328798 2.711404 0.0071
C -6.623611 2.778475 -2.383902 0.0178
R-squared 0.990238 Mean dependent var 1.851121 Adjusted R-squared 0.989715 S.D. dependent var 1.418318 S.E. of regression 0.143836 Akaike info criterion -0.987743 Sum squared resid 5.792888 Schwarz criterion -0.788264 Log likelihood 162.1860 Hannan-Quinn criter. -0.907876 F-statistic 1893.567 Durbin-Watson stat 2.041906 Prob(F-statistic) 0.000000
*Note: p-values and any subsequent tests do not account for model selection.
4. Uji Jangka Pendek
ARDL Error Correction Regression Dependent Variable: D(DY) Selected Model: ARDL(2, 2, 3, 1, 3) Case 2: Restricted Constant and No Trend
131
Date: 12/30/21 Time: 06:40 Sample: 1 300
Included observations: 296
ECM Regression
Case 2: Restricted Constant and No Trend
Variable Coefficient Std. Error t-Statistic Prob.
D(DY(-1)) 0.202086 0.051240 3.943876 0.0001
D(DPREMI) 0.742195 0.038667 19.19452 0.0000
D(DPREMI(-1)) -0.170292 0.053401 -3.188915 0.0016 D(HASIL_INVESTASI) 0.017548 0.021700 0.808676 0.4194 D(HASIL_INVESTASI(-1)) -0.284290 0.036465 -7.796139 0.0000 D(HASIL_INVESTASI(-2)) 0.099046 0.040024 2.474651 0.0139 D(DINFLASI) 0.137369 0.021676 6.337363 0.0000 D(DKURS) -0.294730 0.303375 -0.971503 0.3321 D(DKURS(-1)) -0.402130 0.315446 -1.274800 0.2034 D(DKURS(-2)) -0.891505 0.312225 -2.855328 0.0046 CointEq(-1)* -0.072531 0.012505 -5.800003 0.0000
R-squared 0.669920 Mean dependent var -0.002676
Adjusted R-squared 0.658338 S.D. dependent var 0.243908 S.E. of regression 0.142569 Akaike info criterion -1.021527 Sum squared resid 5.792888 Schwarz criterion -0.884385 Log likelihood 162.1860 Hannan-Quinn criter. -0.966618 Durbin-Watson stat 2.041906
5. Uji Jangka Panjang
Levels Equation
Case 2: Restricted Constant and No Trend
Variable Coefficient Std. Error t-Statistic Prob.
DPREMI 0.746384 0.146201 5.105183 0.0000
HASIL_INVESTASI 0.234464 0.125575 1.867123 0.0629
DINFLASI 0.255798 0.235005 1.088481 0.2773
DKURS 9.405745 4.343139 2.165656 0.0312
C -91.32086 41.90938 -2.179007 0.0302
EC = DY - (0.7464*DX1 + 0.2345*X2 + 0.2558*DX3 + 9.4057*DX4 -91.3209 )
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