Saran - Pengaruh return on asset,current ratio,debt to equity ratio,dividen,laba bersih dan div

BAB V PENUTUP

C. Saran

Penelitian ini diharapkan bisa diberi pembaharuan untuk menjadikannya lebih berkualitas lagi dengan adanya beberapa masukan mengenai hal-hal yang berkaitan tersebut, diantaranya:

1. Penelitian selanjutnya bisa menggunakan periode pengamatan yang lebih panjang sehingga bisa mendapatkan data yang valid untuk dioleh dan diteliti sehingga bisa memberikan hasil yang lebih akurat.

2. Penelitian selanjutnya diharapkan dapat menambahkan atau menggunakan variabel lain untuk mengetahui faktor apa saja yang dapat mempengaruhi harga saham secara signifikan.

3. Penelitian selanjutnya dapat menggunakan software atau tools statistik terbaru sehingga kekurangan pada software terkini tidak menjadi hambatan untuk mengetahui pengaruh variabel terhadap harga saham.

DAFTAR PUSTAKA

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Brawijaya, 2008.

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pada Perusahaan Perbankan di Bursa Efek Jakarta)”. Jurnal Ekonomi dan

Kewirausahaan, Vol.5 No.2 (2005) : h.110-122.

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LAMPIRAN

Lampiran 1: Data variabel perusahaan publik yang belum diolah

No ^Nama

Perusahaan ^Tahun ^ROA ^CR ^DER ^DIV ^LB ^DPR ^HS

1 AALI ₂₀₀₉ _21.93 _182.58 _28.39 _990,529 _1,903,088 _35.56 _22,750 2 AALI ₂₀₁₀ _22.94 _193.17 _28.51 _1,031,458 _1,660,649 _51.14 _26,200 3 AALI ₂₀₁₁ _24.48 _130.97 _31.1 _1,532,288 _2,498,565 _41.33 _21,700 4 AALI ₂₀₁₂ _20.29 _108.46 _32.61 _1,554,401 _2,520,266 _40.09 _19,100 5 AALI ₂₀₁₃ _12.72 ₁₂₀ _45.73 _1,033,802 _1,903,088 _54.32 _25,100 6 AALI ₂₀₁₄ _14.12 _116.47 _56.78 _1,015,018 _2,621,275 _48.72 _24,250 7 INTP ₂₀₀₉ _20.69 _300.55 _24.08 _952,154 _5,012,294 _20.1 _13,700 8 INTP ₂₀₁₀ _21.01 ₃₅₅ _27.17 _1,028,277 _2,746,654 _25.68 _15,950 9 INTP ₂₀₁₁ _19.84 ₃₉₈ _25.36 _1,068,163 _3,601,516 _26.88 _17,050 10 INTP ₂₀₁₂ _20.93 _402.62 _27.16 _1,078,601 _4,763,388 _28.64 _22,650 11 INTP ₂₀₁₃ _18.84 _414.81 _25.8 _1,659,004 _5,012,294 _33.1 _20,000 12 INTP ₂₀₁₄ _18.26 _493.37 _26.54 _2,050,400 _5,274,009 _62.82 _25,000 13 ITMG ₂₀₀₉ ₂₈ _197.79 _52.2 _1,491,620 _2,304,840 _44.45 _31,800 14 ITMG ₂₀₁₀ _18.73 _183.44 _51.13 _2,559,990 _3,355,510 _55.4 _50,750 15 ITMG ₂₀₁₁ _34.6 _236.59 _46.05 _2,064,230 _5,461,260 _37.8 _38,650 16 ITMG ₂₀₁₂ _28.97 _221.71 _48.76 _3,049,670 _4,320,430 _47.88 _41,350 17 ITMG ₂₀₁₃ _16.56 _199.19 _44.43 _2,690,460 _2,304,840 _33.21 _28,500 18 ITMG ₂₀₁₄ _15.31 _156.4 _45.48 _2,000,650 _2,002,180 _29.92 _15,375 19 PTBA ₂₀₀₉ _33.77 _391.23 _40.21 _1,007,494 _1,854,281 _36.94 _17,250 20 PTBA ₂₀₁₀ _23.03 _379.05 _35.83 _1,235,841 _2,727,734 _61.52 _22,950 21 PTBA ₂₀₁₁ _26.84 _403.25 _40.93 _1,281,752 _3,088,067 _41.51 _17,350 22 PTBA ₂₀₁₂ _22.86 _412.37 _49.66 _1,613,116 _2,909,421 _40.32 _15,000 23 PTBA ₂₀₁₃ _15.88 _286.59 _54.63 _1,595,063 _1,854,281 _42.37 _10,200 24 PTBA ₂₀₁₄ _13.63 _207.51 _70.83 _1,004,380 _2,019,214 _43.54 _12,500 25 SMGR ₂₀₀₉ _25.68 _357.63 _25.82 _1,605,792 _5,354,298 _48.27 _7,550 26 SMGR ₂₀₁₀ _23.35 _291.7 _28.51 _1,829,577 _3,326,487 _50.36 _9,450 27 SMGR ₂₀₁₁ _20.12 _264.65 _34.53 _1,485,260 _3,955,272 _37.55 _11,450 28 SMGR ₂₀₁₂ _18.54 _170.59 _46.32 _1,976,042 _4,926,639 _40.11 _15,700

29 SMGR ₂₀₁₃ _17.39 _188.24 _41.23 _2,211,365 _5,354,298 _41.3 _14,150 30 SMGR ₂₀₁₄ _16.24 _220.9 _37.25 _2,426,542 _5,573,577 _71.94 _16,200 31 UNTR ₂₀₀₉ _15.64 _165.64 _75.51 _1,164,407 _4,798,778 _30.5 _14,902 32 UNTR ₂₀₁₀ _13.04 _156.59 _83.88 _1,630,170 _3,817,541 _42.09 _22,882 33 UNTR ₂₀₁₁ _12.7 _171.64 _68.85 _1,697,214 _5,899,506 _28.77 _26,350 34 UNTR ₂₀₁₂ _11.44 _194.65 _55.73 _2,463,844 _5,753,342 _42.82 _19,600 35 UNTR ₂₀₁₃ _8.37 _191.02 _60.91 _2,189,197 _4,798,778 _45.62 _19,000 36 UNTR ₂₀₁₄ _8.03 _206.04 _56.29 _1,995,622 _4,839,970 _34.22 _17,350 37 UNVR ₂₀₀₉ _40.67 _208.32 _50.55 _1,221,600 _5,352,625 _80.21 _11,050 38 UNVR ₂₀₁₀ _38.93 _170.26 ₅₇ _1,544,370 _3,044,107 _89.88 _16,500 39 UNVR ₂₀₁₁ _39.73 _136.67 _92.35 _2,232,220 _4,164,304 _108.83 _18,800 40 UNVR ₂₀₁₂ _40.38 _112.83 _101.02 _2,547,480 _4,839,145 _93.97 _21,200 41 UNVR ₂₀₁₃ _40.1 _138.64 _106.73 _2,566,320 _5,352,625 _94.65 _26,000 42 UNVR ₂₀₁₄ _40.18 _142.49 _105.53 _2,694,411 _5,738,523 ₉₈ _32,300

Lampiran 2: Output hasil pengujian data sebelum dilakukan transformasi data(LOG)

Hasil Estimasi Common Effect Model Dependent Variable: Y

Method: Panel Least Squares Date: 09/12/15 Time: 21:35 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C 13960.63 7070.937 1.974368 0.0563 X1 234.3846 193.8605 1.209037 0.2348 X2 -9.986031 15.62299 -0.639188 0.5269 X3 10.65609 84.31937 0.126378 0.9002 X4 0.008223 0.002737 3.004423 0.0049 X5 -0.001313 0.001072 -1.224913 0.2288 X6 -114.7243 100.0207 -1.147006 0.2592 R-squared 0.262654 Mean dependent var 20846.64 Adjusted R-squared 0.136252 S.D. dependent var 8716.448 S.E. of regression 8100.896 Akaike info criterion 20.98835 Sum squared resid 2.30E+09 Schwarz criterion 21.27796 Log likelihood -433.7553 Hannan-Quinn criter. 21.09450 F-statistic 2.077925 Durbin-Watson stat 0.762393 Prob(F-statistic) 0.081025

Hasil Estimasi Fixed Effect Model Dependent Variable: Y

Method: Panel Least Squares Date: 09/12/15 Time: 21:36 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C -15825.96 7846.329 -2.016990 0.0530 X1 358.1679 218.1399 1.641918 0.1114 X2 1.238605 23.63603 0.052403 0.9586 X3 136.2945 85.31213 1.597599 0.1210 X4 0.001672 0.002369 0.706043 0.4858 X5 0.001677 0.001050 1.597464 0.1210 X6 249.7714 97.29832 2.567068 0.0157 Effects Specification Cross-section fixed (dummy variables)

R-squared 0.787353 Mean dependent var 20846.64 Adjusted R-squared 0.699361 S.D. dependent var 8716.448 S.E. of regression 4779.274 Akaike info criterion 20.03064 Sum squared resid 6.62E+08 Schwarz criterion 20.56849 Log likelihood -407.6434 Hannan-Quinn criter. 20.22778 F-statistic 8.948033 Durbin-Watson stat 2.028570 Prob(F-statistic) 0.000001

Hasil Estimasi Random Effect Model Dependent Variable: Y

Method: Panel EGLS (Cross-section random effects) Date: 09/12/15 Time: 21:42

Sample: 2009 2014 Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob. C 13960.63 4171.630 3.346565 0.0020 X1 234.3846 114.3716 2.049325 0.0480 X2 -9.986031 9.217072 -1.083428 0.2860 X3 10.65609 49.74577 0.214211 0.8316 X4 0.008223 0.001615 5.092514 0.0000 X5 -0.001313 0.000632 -2.076235 0.0453 X6 -114.7243 59.00905 -1.944182 0.0599 Effects Specification S.D. Rho Cross-section random 0.000000 0.0000 Idiosyncratic random 4779.274 1.0000 Weighted Statistics

R-squared 0.262654 Mean dependent var 20846.64 Adjusted R-squared 0.136252 S.D. dependent var 8716.448 S.E. of regression 8100.896 Sum squared resid 2.30E+09 F-statistic 2.077925 Durbin-Watson stat 0.762393 Prob(F-statistic) 0.081025

Unweighted Statistics

R-squared 0.262654 Mean dependent var 20846.64 Sum squared resid 2.30E+09 Durbin-Watson stat 0.762393

Hasil Uji Chow Redundant Fixed Effects Tests

Equation: Untitled

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 11.926094 (6,29) 0.0000 Cross-section Chi-square 52.223831 6 0.0000

Hasil Uji Hausman Correlated Random Effects - Hausman Test Equation: Untitled

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob. Cross-section random 71.556561 6 0.0000

Hasil Uji Normalitas

0 2 4 6 8 10 12 -10000 -5000 0 5000 10000 15000

Series: Standardized Residuals Sample 2009 2014 Observations 42 Mean -8.66e-14 Median -61.52189 Maximum 13705.85 Minimum -10071.29 Std. Dev. 4019.472 Skewness 0.607870 Kurtosis 5.121884 Jarque-Bera 10.46573 Probability 0.005338

Hasil Uji Multikolinearitas

ROA CR DER DIV LB DPR

ROA 1 -0.0455 0.33396 0.16341 0.11888 0.87719 CR -0.04546 1 -0.5608 -0.298 0.02728 -0.3251 DER 0.33396 -0.5608 1 0.43704 0.25848 0.61217 DIV 0.16341 -0.298 0.43704 1 0.4649 0.41828 LB 0.11888 0.02728 0.25848 0.4649 1 0.22173 DPR 0.67719 -0.3251 0.61217 0.41828 0.22173 1

Hasil Uji Autokorelasi Dependent Variable: Y

Method: Panel Least Squares Date: 09/12/15 Time: 21:36 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Hasil Uji Heteroskedastisitas Dependent Variable: RESABS

Method: Panel Least Squares Date: 09/13/15 Time: 09:55 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C 6479.413 4569.009 1.418122 0.1668 X1 -115.6537 127.0254 -0.910477 0.3701 X2 -4.953383 13.76354 -0.359892 0.7215 X3 -21.89527 49.67825 -0.440742 0.6627 X4 -0.001461 0.001379 -1.059156 0.2983 X5 0.000218 0.000611 0.356116 0.7243 X6 62.63767 56.65795 1.105541 0.2780 Effects Specification Cross-section fixed (dummy variables)

R-squared 0.200133 Mean dependent var 3014.214 Adjusted R-squared -0.130846 S.D. dependent var 2617.072 S.E. of regression 2783.027 Akaike info criterion 18.94914 Sum squared resid 2.25E+08 Schwarz criterion 19.48699 Log likelihood -384.9319 Hannan-Quinn criter. 19.14628 F-statistic 0.604671 Durbin-Watson stat 2.486122 Prob(F-statistic) 0.820462

Lampiran 3: Output hasil pengujian data setelah dilakukan transformasi data (LOG)

Karena data penelitian mengalami multikolinearitas, maka semua data variabel dilakukan LOG untuk mendapatkan hasil yang lebih baik.

Hasil Estimasi Common Effect Model Dependent Variable: LOGY

Method: Panel Least Squares Date: 09/12/15 Time: 21:33 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C 7.160197 3.079159 2.325375 0.0260 LOGX1 0.164123 0.179511 0.914278 0.3668 LOGX2 -0.186584 0.190003 -0.982008 0.3328 LOGX3 0.065510 0.205647 0.318555 0.7520 LOGX4 0.435397 0.228020 1.909463 0.0644 LOGX5 -0.168169 0.178482 -0.942220 0.3525 LOGX6 -0.189858 0.228575 -0.830614 0.4118 R-squared 0.180993 Mean dependent var 9.867768 Adjusted R-squared 0.040592 S.D. dependent var 0.395667 S.E. of regression 0.387553 Akaike info criterion 1.093085 Sum squared resid 5.256916 Schwarz criterion 1.382697 Log likelihood -15.95479 Hannan-Quinn criter. 1.199239 F-statistic 1.289114 Durbin-Watson stat 0.672780 Prob(F-statistic) 0.287667

Hasil Estimasi Fixed Effect Model Dependent Variable: LOGY

Method: Panel Least Squares Date: 09/12/15 Time: 21:19 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C -1.805878 3.281732 -0.550282 0.5863 LOGX1 0.377164 0.193403 1.950148 0.0609 LOGX2 0.125777 0.307729 0.408725 0.6857 LOGX3 0.572050 0.271255 2.108901 0.0437 LOGX4 0.198871 0.183597 1.083190 0.2876 LOGX5 0.205671 0.175354 1.172892 0.2504 LOGX6 0.452079 0.206591 2.188273 0.0369 Effects Specification Cross-section fixed (dummy variables)

R-squared 0.780350 Mean dependent var 9.867768 Adjusted R-squared 0.689460 S.D. dependent var 0.395667 S.E. of regression 0.220490 Akaike info criterion 0.062743 Sum squared resid 1.409856 Schwarz criterion 0.600593 Log likelihood 11.68240 Hannan-Quinn criter. 0.259886 F-statistic 8.585683 Durbin-Watson stat 1.753347 Prob(F-statistic) 0.000001

Hasil Estimasi Random Effect Model Dependent Variable: LOGY

Method: Panel EGLS (Cross-section random effects) Date: 09/12/15 Time: 21:33

Sample: 2009 2014 Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob. C 7.160197 1.751818 4.087295 0.0002 LOGX1 0.164123 0.102129 1.607021 0.1170 LOGX2 -0.186584 0.108098 -1.726069 0.0932 LOGX3 0.065510 0.116998 0.559922 0.5791 LOGX4 0.435397 0.129727 3.356251 0.0019 LOGX5 -0.168169 0.101543 -1.656134 0.1066 LOGX6 -0.189858 0.130043 -1.459965 0.1532 Effects Specification S.D. Rho Cross-section random 0.000000 0.0000 Idiosyncratic random 0.220490 1.0000 Weighted Statistics

R-squared 0.180993 Mean dependent var 9.867768 Adjusted R-squared 0.040592 S.D. dependent var 0.395667 S.E. of regression 0.387553 Sum squared resid 5.256916 F-statistic 1.289114 Durbin-Watson stat 0.672780 Prob(F-statistic) 0.287667

Unweighted Statistics

R-squared 0.180993 Mean dependent var 9.867768 Sum squared resid 5.256916 Durbin-Watson stat 0.672780

Hasil Uji Chow Redundant Fixed Effects Tests

Equation: Untitled

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 13.188667 (6,29) 0.0000 Cross-section Chi-square 55.274390 6 0.0000

Hasil Uji Hausman Correlated Random Effects - Hausman Test Equation: Untitled

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob. Cross-section random 79.132003 6 0.0000

Hasil Uji Normalitas

0 1 2 3 4 5 6 7 -0.4 -0.3 -0.2 -0.1 0.0 0.1 0.2 0.3

Series: Standardized Residuals Sample 2009 2014 Observations 42 Mean 2.25e-17 Median -0.014109 Maximum 0.344103 Minimum -0.439723 Std. Dev. 0.185437 Skewness -0.168332 Kurtosis 2.468422 Jarque-Bera 0.692856 Probability 0.707210

Hasil Uji Multikolinearitas LOG ROA ^{LOG CR} LOG DER LOG DIV LOG LB LOG DPR LOG ROA ¹ ^0.0273 ^0.091 ^0.06498 ^0.04856 ^0.50899 LOG CR 0.0273 1 -0.602 -0.2655 0.06024 -0.3635 LOG DER ^0.091 ^-0.602 ¹ ^0.43027 ^0.19206 ^0.52187 LOG DIV 0.06498 -0.2655 0.43027 1 0.48408 0.42402 LOG LB 0.04856 0.06024 0.19206 0.48408 1 0.1594 LOG DPR ^0.50899 ^-0.3635 ^0.52187 ^0.42402 ^0.1594 ¹

Hasil Uji Autokorelasi Dependent Variable: LOGY

Method: Panel Least Squares Date: 09/12/15 Time: 21:19 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Hasil Uji Heteroskedastisitas Dependent Variable: RESABS

Method: Panel Least Squares Date: 09/13/15 Time: 09:47 Sample: 2009 2014

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob. C 0.913404 1.638675 0.557404 0.5815 LOGX1 -0.044719 0.096572 -0.463062 0.6468 LOGX2 0.002452 0.153659 0.015955 0.9874 LOGX3 -0.109226 0.135446 -0.806412 0.4266 LOGX4 -0.049169 0.091676 -0.536329 0.5958 LOGX5 0.030979 0.087560 0.353807 0.7260 LOGX6 0.003695 0.103158 0.035814 0.9717 Effects Specification Cross-section fixed (dummy variables)

R-squared 0.187192 Mean dependent var 0.152548 Adjusted R-squared -0.149142 S.D. dependent var 0.102705 S.E. of regression 0.110098 Akaike info criterion -1.326224 Sum squared resid 0.351524 Schwarz criterion -0.788373 Log likelihood 40.85069 Hannan-Quinn criter. -1.129080 F-statistic 0.556567 Durbin-Watson stat 2.810058 Prob(F-statistic) 0.858063

Dalam dokumen Pengaruh return on asset,current ratio,debt to equity ratio,dividen,laba bersih dan dividend payout ratio terhadap harga saham syariah pada perusahaan yang terdaftar di Jakarta islamic index periode 2009-2014 (Halaman 103-123)