Analisis Pengaruh Free Cash Flow Dan Struktur Kepemilikan Saham Terhadap Kebijakan Utang Pada Perusahaan Manufaktur Di Indonesia

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Lampiran 1

Daftar Perusahaan Manufaktur Periode 2010-2013

No. Kode Nama Perusahaan Kriteria Sampel

1 2 3 4

1 INTP Indocement Tunggal Perkasa Tbk   X 

2 SMBR Semen Baturaja Persero Tbk x x X 

3 SMCB Holcim Indonesia Tbk   X 

4 SMGR Semen Gresik   X 

5 AMFG Asahimas Flat Glass Tbk   X 

6 ARNA Arwana Citra Mulia Tbk   X 

7 IKAI Inti Keramik Alam Asri Industri Tbk   X 

8 KIAS Keramika Indonesia Asosiasi Tbk   X 

9 MLIA Mulia Industrindo Tbk   X 

10 TOTO Surya Toto Indonesia Tbk   X 

11 ALKA Alaska Industrindo Tbk   X 

12 ALMI Alumindo Light Metal Industry Tbk     1

13 BTON Beton Jaya Manunggal Tbk     2

14 CTBN Citra Turbindo Tbk   X 

15 GDST Gunawn Dianjaya Steel Tbk   X 

16 INAI Indal Aluminium Industry Tbk   X 

17 ISSP Steel Pipe Industry of Indonesia Tbk x x X 

18 ITMA Itamaraya Tbk   X 

19 JKSW Jakarta Kyoei Steel Work LTD Tbk   X 

20 JPRS Jaya Pari Steel Tbk     3

21 KRAS Krakatau Steel Tbk   X 

22 LION Lion Metal Works Tbk     4

23 LMSH Lionmesh Prima Tbk     5

24 MYRX Hanson International Tbk   X 

25 NIKL Pelat Timah Nusantara Tbk   X 

26 PICO Pelangi Indah Canindo Tbk   X 

27 TBMS Tembaga Mulia Semanan Tbk   X 

28 BRPT Barito Pasific Tbk   X 

29 BUDI Budi Acid Jaya Tbk   X 

30 DPNS Duta Pertiwi Nusantara     6

31 EKAD Ekadharma Internasional Tbk   X 

32 ETWA Eterindo Wahanatama Tbk     7

33 INCI Intan Wijaya International Tbk     8

34 SOBI Sorini Agro Asia Corporindo Tbk   X 

35 SRSN Indo Acitama Tbk   X 

36 TPIA Chandra Asri Petrochemical Tbk   X 

37 UNIC Unggul Indah Cahaya Tbk   X 

38 AKKU Alam Karya Unggul Tbk   X 

39 AKPI Argha Karya Prima Industry Tbk   X 

40 APLI Asiaplast Industries Tbk   X 

41 BRNA Berlina Tbk   X 

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43 IGAR Champion Pasific Indonesia Tbk   X 

44 IPOL Indopoly Swakarsa Industry tbk   X 

45 SIAP Sekawan Intipratama Tbk   X 

46 SIMA Siwani Makmur Tbk   X 

47 TRST Trias Sentosa Tbk   X 

48 YPAS Yana Prima Hasta Persada Tbk     9

49 CPIN Charoen Pokphand Indonesia Tbk   X 

50 JPFA Japfa Comfeed Indonesia Tbk   X 

51 MAIN Malindo Feedmill Tbk   X 

52 SIPD SiearadProduce Tbk   X 

53 SULI Sumalindo Lestari Jaya Tbk   X 

54 TIRT Tirta Mahakam Resources Tbk   X 

55 ALDO Alkindo Naratama Tbk   X 

56 FASW Fajar Surya Wisesa Tbk   X 

57 INKP Indah Kiat Pulp & Paper Tbk   X 

58 INRU Toba Pulp Lestari Tbk   X 

59 KBRI Kertas Basuki Rachmat Indonesia Tbk

  X 

60 SPMA Suparma Tbk   X 

61 TKIM Pabrik Kertas Tjiwi Kimia Tbk   X 

62 KRAH Grand Kartech Tbk x x X 

63 ASII Astra International Tbk     10

64 AUTO Astra Auto Part Tbk     11

65 BRAM Indo Kordsa Tbk   X 

66 GDYR Goodyear Indonesia Tbk   X 

67 GJTL Gajah Tunggal Tbk   X 

68 IMAS Indomobil Sukses International Tbk   X 

69 INDS Indospring Tbk   X 

70 LPIN Multi Prima Sejahtera Tbk   X 

71 MASA Multistrada Arah Sarana Tbk   X 

72 NIPS Nippres Tbk     12

73 PRAS Prima Alloy Steel Universal Tbk     13

74 SMSM Selamat Sempurna Tbk   X 

75 ADMG Polychem Indonesia Tbk   X 

76 ARGO Argo Pantes Tbk   X 

77 CNTB Asuransi Harta Aman Pratama Tbk   X 

78 CNTX Centex Tbk   X 

79 ERTX Eratex Djaya Tbk   X 

80 ESTI Ever Shine Textile Industry Tbk   X 

81 HDTX Pan Asia Indosyntec Tbk   X 

82 INDR Indo Rama Synthetic Tbk   X 

83 KARW Karwell Indonesia Tbk   X 

84 MYTX Apac Citra Centertex Tbk   X 

85 PBRX Pan Brothers Tbk   X 

86 POLY Asia Pasifi8c Fibers Tbk   X 

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88 SRIL Sri Rejeki Isman Tbk x x X 

89 SSTM Sunson Textile Manufacture Tbk     14

90 TRIS Trisula Internasional Tbk   X 

91 UNIT Nusantara Inti Corpora Tbk   X 

92 UNTX Unitex Tbk   X 

93 BIMA Primarindo Asia Infrastrukture Tbk   X 

94 IKBI Sumi Indo Kabel Tbk   X 

95 JECC Jembo Cable Company Tbk   X 

96 KBLI KMI Wire and Cable Tbk   X 

97 KBLM Kabelindo Murni Tbk   X 

98 SCCO Supreme Cable Manufacturing and Commerce Tbk

  X 

99 VOKS Voksel Electric Tbk   X 

100 PTSN Sat Nusa Persada Tbk   X 

101 ADES Akasha Wira International Tbk   X 

102 AISA Tiga Pilar Sejahatera Food Tbk   X 

103 CEKA Cahaya Kalbar Tbk   X 

104 DAVO Davomas Abadi Tbk   X 

105 DLTA Delta Djakarta Tbk   X 

106 ICBP Indofood CBP Sukses Makmur Tbk   X 

107 INDF Indofood Sukses Makmur Tbk   X 

108 MLBI Multi Bintang Indonesia Tbk   X 

109 MYOR Mayora Indah Tbk   X 

110 PSDN Prashida Aneka Niaga Tbk   X 

111 ROTI Nippon Indosari Corporindo Tbk   X 

112 SKLT Sekar Laut Tbk   X 

113 STTP Siantar Top Tbk     15

114 ALTO Tri Banyan Tirta Tbk   X 

115 ULTJ Ultrajaya Milk Industry and Trading Company Tbk

    16

116 GGRM Gudang Garam Tbk     17

117 HMSP Hanjaya Mandala Sampoerna Tbk   X 

118 RMBA Bentoel International Investama Tbk   X 

119 WIIM Wismilak Inti Makmur Tbk   X 

120 DVLA Darya Varia Laboratria Tbk   X 

121 INAF Indofarma Tbk   X 

122 KAEF Kimia Farma Tbk   X 

123 KLBF Kalbe Farma Tbk   X 

124 MERK Merck Tbk   X 

125 PYFA Pyridam Farma Tbk     18

126 SCPI Schering Plough Indonesia Tbk   X 

127 SIDO Industri Jamu dan Farmasi Sido Muncul Tbk

X X X 

128 SQBI Taisho Phamaceutical Indonesia Tbk   X 

129 TSPC Tempo Scan Pasific Tbk   X 

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131 MRAT Mustika Ratu Tbk   X 

132 TCID Mandom Indonesia Tbk     19

133 UNVR Unilever Indonesia Tbk   X 

134 KDSI Kedawung Setia Industrial Tbk   X 

135 KICI Kedaung Indag Can Tbk     20

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Lampiran 2

Hasil Uji Chow

Redundant Fixed Effects Tests

Pool: POOL01

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 17.905742 (20,60) 0.0000

Cross-section Chi-square 163.078571 20 0.0000

Cross-section fixed effects test equation: Dependent Variable: DER?

Method: Panel Least Squares Date: 04/04/16 Time: 22:37 Sample: 2010 2013

Included observations: 4 Cross-sections included: 21

Total pool (balanced) observations: 84

Variable Coefficient Std. Error t-Statistic Prob.

C -222.8670 253.8373 -0.877992 0.3826

FCF? -1.11E-06 2.51E-07 -4.432695 0.0000

MOWNS? 2.231482 2.538551 0.879038 0.3820

INST? 2.233852 2.538476 0.879997 0.3815

R-squared 0.215518 Mean dependent var 0.766429

Adjusted R-squared 0.186100 S.D. dependent var 0.670473

S.E. of regression 0.604877 Akaike info criterion 1.878863

Sum squared resid 29.27005 Schwarz criterion 1.994616

Log likelihood -74.91226 Hannan-Quinn criter. 1.925395

F-statistic 7.326054 Durbin-Watson stat 0.315446

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Lampiran 3

Hasil Uji Hausman

Correlated Random Effects - Hausman Test

Pool: POOL01

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 1.781412 3 0.6190

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

FCF? -0.098253 -0.105743 0.000316 0.6737

MOWNS? 0.666535 0.539169 0.138108 0.7318

INST? 0.691738 0.555187 0.145787 0.7206

Cross-section random effects test equation: Dependent Variable: DER?

Method: Panel Least Squares Date: 03/28/16 Time: 12:50 Sample: 2010 2013

Included observations: 4 Cross-sections included: 21

C -6841.185 13264.71 -0.515743 0.6079

FCF? 0.098253 0.032684 3.006115 0.0039

MOWNS? 0.666535 1.321428 0.504405 0.6158

INST? 0.691738 1.326923 0.521310 0.6041

Effects Specification Cross-section fixed (dummy variables)

S.E. of regression 25.85046 Akaike info criterion 9.577490

Sum squared resid 40094.77 Schwarz criterion 10.27201

Log likelihood -378.2546 Hannan-Quinn criter. 9.856681

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Lampiran 4

Hasil Estimasi Random Effect Model (REM)

Dependent Variable: DER?

Method: Pooled EGLS (Cross-section random effects) Date: 03/28/16 Time: 12:48

Sample: 2010 2013 Included observations: 4 Cross-sections included: 21

Swamy and Arora estimator of component variances

C -5483.961 12705.59 -0.431618 0.6672

FCF? 0.105743 0.027419 3.856490 0.0002

MOWNS? 0.539169 1.268095 0.425180 0.6718

INST? 0.055187 0.020803 0.436879 0.0364

Random Effects (Cross)

_ALMI--C 128.8476

_BTON--C -24.53692

_JPRS--C -24.01234

_LION--C -48.61307

_LMSH--C 19.02651

_DPNS--C -34.07972

_ETWA--C 22.25070

_INCI--C -44.67683

_YPAS--C 7.680093

_ASII--C 32.42445

_AUTO--C -22.30933

_NIPS--C 82.18322

_PRAS--C 62.44702

_SSTM--C 48.73745

_STTP--C -35.86113

_GGRM--C -9.114375

_ULTJ--C 8.020070

_PYFA--C 8.274622

_TCID--C -116.6895

_KICI--C -31.51944

_LMPI--C -28.47909

Effects Specification

S.D. Rho

Cross-section random 56.45987 0.8267

Idiosyncratic random 25.85046 0.1733

Weighted Statistics

S.E. of regression 25.65282 Sum squared resid 52645.38

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Unweighted Statistics

Sum squared resid 287197.9 Durbin-Watson stat 0.230090