14 MEDC Medco Energi International Tbk

Lampiran.1 Daftar Populasi dan Sampel Perusahaan Pertambangan

No.

Kode

Nama Perusahaan

Kriteria

1

2

3

1

_ADRO

_{Adaro Energy Tbk}



X

X

2

_ATPK

_{ATPK Resources Tbk}



X

X

3

_BUMI

_{Bumi Resources Tbk}







4

BYAN

Bayan Resources Tbk







5

_ITMG

_{Indo Tambangraya Megah Tbk}







6

_KKGI

_{Resource Alam Indonesia Tbk}





X

7

_PKPK

_{Perdana Karya Perkasa Tbk}



X

X

8

_PTBA

_{Tambang Batubara Bukit Asam (Persero) Tbk}







9

PTRO

Petrosea Tbk







10

_ARTI

_{Ratu Prabu Energi Tbk}





X

11

_BIPI

_{Benakat Petroleum Energy Tbk}



X

X

12

ELSA

Elnusa Tbk





X

13

_ENRG

_{Energi Mega Persada Tbk}





X

14

_{MEDC Medco Energi International Tbk}



X



15

_RUIS

_{Radiant Utama Interinsco Tbk}





X

16

_{ANTM Aneka Tambang (Persero) Tbk}







17

ARII

Atlas Resources Tbk



X

X

18

_BORN

_{Borneo Lumbung Energi & Metal Tbk}





X

19

_BRAU

_{Berau Coal Energy Tbk}



X



20

BRMS

Bumi Resources Minerals Tbk



X

X

21

_{DEWA Darma Henwa Tbk}





X

22

_GEMS

_{Golden Energy Mines Tbk}





X

23

GTBO

Garda Tujuh Buana Tbk





X

24

_{HRUM Harum Energy Tbk}



X



25

_INCO

_{Vale Indonesia Tbk}







26

_SMRU

_{SMR Utama Tbk}





X

27

_TINS

_{Timah (Persero) Tbk}



X



28

CNKO

Exploitasi Energi Indonesia Tbk



X

X

29

_CTTH

_{Citatah Tbk}





X

30

_MITI

_{Mitra Investindo Tbk}





X

Lampiran.3 Hasil Pengujian

Panel Unit Root

dengan Software E-views 7.0

Perubahan Laba (Y)

Panel unit root test: Summary Series: Y

Date: 09/10/14 Time: 19:19 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -6.23335 0.0000 7 35

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -1.38877 0.0825 7 35 ADF - Fisher Chi-square 24.0049 0.0458 7 35 PP - Fisher Chi-square 30.8095 0.0059 7 35

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.

Gross Profit Margin

(GPM)

Panel unit root test: Summary Series: GPM

Date: 09/10/14 Time: 19:22 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -2.84215 0.0022 7 35

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -0.03118 0.4876 7 35 ADF - Fisher Chi-square 14.7217 0.3974 7 35 PP - Fisher Chi-square 17.9366 0.2097 7 35

1

st

Differencing

Gross Profit Margin

(

∆GPM

)

Panel unit root test: Summary Series: D(GPM)

Date: 09/10/14 Time: 19:25 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -5.91207 0.0000 7 28

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -2.55361 0.0053 7 28 ADF - Fisher Chi-square 26.0058 0.0258 7 28 PP - Fisher Chi-square 25.0025 0.0345 7 28

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.

Net Profit Margin

(NPM)

Panel unit root test: Summary Series: NPM

Date: 09/10/14 Time: 19:26 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -1.52464 0.0637 7 35

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat 0.65849 0.7449 7 35 ADF - Fisher Chi-square 9.62253 0.7892 7 35 PP - Fisher Chi-square 8.45760 0.8642 7 35

1

st

Differencing

Net Profit Margin

(

∆

NPM)

Panel unit root test: Summary Series: D(NPM)

Date: 09/10/14 Time: 19:28 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -5.53844 0.0000 7 28

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -3.33219 0.0004 7 28 ADF - Fisher Chi-square 30.9719 0.0056 7 28 PP - Fisher Chi-square 25.7878 0.0275 7 28

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.

Earning Power of Total Investment

(EP)

Panel unit root test: Summary Series: EP

Date: 09/10/14 Time: 19:28 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -5.32109 0.0000 7 35

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -0.87790 0.1900 7 35 ADF - Fisher Chi-square 19.9704 0.1311 7 35 PP - Fisher Chi-square 19.5613 0.1446 7 35

1

st

Differencing

Earning Power of Total Investment

(

∆

EP)

Panel unit root test: Summary Series: D(EP)

Date: 09/10/14 Time: 19:29 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -11.3058 0.0000 7 28

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -3.82692 0.0001 7 28 ADF - Fisher Chi-square 33.1867 0.0027 7 28 PP - Fisher Chi-square 37.8310 0.0006 7 28

** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality.

Return on Equity

(RoE)

Panel unit root test: Summary Series: ROE

Date: 09/10/14 Time: 19:29 Sample: 2006 2011

Exogenous variables: Individual effects Automatic selection of maximum lags

Automatic lag length selection based on SIC: 0

Newey-West automatic bandwidth selection and Bartlett kernel Balanced observations for each test

Cross-

Method Statistic Prob.** sections Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t* -5.01142 0.0000 7 35

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat -1.33514 0.0909 7 35 ADF - Fisher Chi-square 23.9702 0.0462 7 35 PP - Fisher Chi-square 29.8229 0.0081 7 35

Lampiran.4 Hasil Pengujian

Causality Granger

dengan Software E-views 7.0

Variabel 1

st

Differencing

GPM dan Y

Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:32 Sample: 2006 2011

Lags: 2

Null Hypothesis: Obs F-Statistic Prob.

DGPM does not Granger Cause Y 21 0.05090 0.9505 Y does not Granger Cause DGPM 41.5444 5.E-07

Variabel 1

st

Differencing

NPM dan Y

Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:34 Sample: 2006 2011

Lags: 2

Null Hypothesis: Obs F-Statistic Prob.

DNPM does not Granger Cause Y 21 0.02246 0.9778 Y does not Granger Cause DNPM 37.9802 8.E-07

Variabel 1

st

Differencing

EP dan Y

Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:35 Sample: 2006 2011

Lags: 2

Null Hypothesis: Obs F-Statistic Prob.

DEP does not Granger Cause Y 21 2.96542 0.0803 Y does not Granger Cause DEP 101.872 8.E-10

Variabel RoE dan Y

Pairwise Granger Causality Tests Date: 09/10/14 Time: 19:36 Sample: 2006 2011

Lags: 2

Null Hypothesis: Obs F-Statistic Prob.

Lampiran.5 Hasil Estimasi dengan Pendekatan

Pooled Least Squared

Dependent Variable: Y Method: Panel Least Squares Date: 09/10/14 Time: 13:47 Sample: 2006 2011

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C -2.491134 0.637725 -3.906282 0.0004 GPM 3.574776 0.644299 5.548320 0.0000 NPM -5.601880 1.235720 -4.533291 0.0001 EP 3.327115 1.038765 3.202951 0.0028 ROE 4.193287 1.644792 2.549434 0.0151

Lampiran.6 Hasil Estimasi dengan Pendekatan

Fixed Effect Model

Dependent Variable: Y Method: Panel Least Squares Date: 09/10/14 Time: 13:49 Sample: 2006 2011

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C -3.035738 0.589919 -5.146029 0.0000 GPM 4.699656 0.660387 7.116523 0.0000 NPM -5.695634 1.115253 -5.107032 0.0000 EP 3.303255 0.950615 3.474860 0.0015 ROE 3.049363 1.495024 2.039675 0.0500

Effects Specification

Cross-section fixed (dummy variables)

Lampiran.7

Hausman Test

Correlated Random Effects - Hausman Test Equation: RANDOM

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 16.771819 4 0.0021

** WARNING: estimated cross-section random effects variance is zero.

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

GPM 4.699656 3.574776 0.116981 0.0010 NPM -5.695634 -5.601880 0.069886 0.7229 EP 3.303255 3.327115 0.074149 0.9302 ROE 3.049363 4.193287 0.155334 0.0037

Cross-section random effects test equation: Dependent Variable: Y

Method: Panel Least Squares Date: 09/10/14 Time: 19:49 Sample: 2006 2011

Periods included: 6 Cross-sections included: 7

Total panel (balanced) observations: 42

Variable Coefficient Std. Error t-Statistic Prob.

C -3.035738 0.589919 -5.146029 0.0000

Cross-section fixed (dummy variables)

Lampiran.8 Uji Normalitas (

Normality Test

)

0 2 4 6 8 10

-3 -2 -1 0 1 2 3 4 5

Series: Standardized Residuals Sample 2006 2011

Observations 42

Mean 3.17e-17 Median 0.126996 Maximum 4.779403 Minimum -3.220776 Std. Dev. 1.625708 Skewness 0.327290 Kurtosis 3.641341