Lampiran 1
Daftar Sampel Perusahaan Manufaktur
No
Kode
Nama Perusahaan
1
INDF
Indofood Sukses Makmur Tbk.
2
GGRM
Gudang Garam Tbk.
3
KLBF
Kalbe Farma Tbk.
4
KAEF
Kimia Farma Tbk.
5
MYOR
Mayora Indah Tbk.
6
AUTO
Astra Otoparts Tbk.
7
JPFA
JAPFA Comfeed Indonesia Tbk.
8
STTP
Siantar Top Tbk.
9
AISA
Tiga Pilar Sejahtera Food Tbk.
Lampiran 2
Data Variabel Perusahaan Manufaktur Periode 2011-2015
2012 0.098 1.301 0.548 16.210 0.326 0.050 13
3.1 Analisis Statistik Deskriptif
Bond Rating
ROA
DER
CR
Size
Growth
Produktivity
Mean
14,50000
0,085432
0,894295
0,549841
19,22277
0,206386
0,097409
Maximum
17,00000
0,188000
1,974000
1,003000
30,24800
0,854000
0,245000
Minimum
12,00000
0,023000
0,252000
0,270000
0,046000
-0,003000
0,000000
Std. Deviasi
1,562645
0,041527
0,472772
0,183701
9,121037
0,156367
0,065090
Observatio
45
45
45
45
45
45
45
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2 Uji Asumsi Klasik
3.2.1 Uji Normalitas
-0.15 -0.10 -0.05 0.00 0.05 0.10 0.15 0.20 0.25
Series: Residuals Skewness 0.696363 Kurtosis 2.985263
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2. 2 Uji Multikolinearitas
ROA
DER
CR
Firm Size
Growth
Produktivity
1,000000
0,583772
0,512459
0,224782
-0,124733
CR
-0,542393
0,583772
1,000000
0,686909
-0,014658
-0,403145
Firm Size
-0,433531
0,512459
0,686909
1,000000
0,060055
-0,301144
Growth
0,200486
0,224782
-0,014658
0,060055
1,000000
0,316155
Produktivity
0,778665
-0,124733
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2.3 Uji Autokorelasi
Sumber: Hasil Penelitian, 2017 (Data Diolah)
3.2.4 Uji Heteroskedastisitas
Sumber: Hasil Penelitian, 2017 (Data Diolah)
R-squared
0.108438 Mean dependent var
-4.04E-16
Adjusted R-squared
-0.127564 S.D. dependent var
0.018688
S.E. of regression
0.019844 Akaike info criterion
-4.805102
Sum squared resid
0.013389 Schwarz criterion
-4.399605
Log likelihood
115.7122 Hannan-Quinn criter.
-4.654724
F-statistic
0.459480 Durbin-Watson stat
2.072636
Prob(F-statistic)
0.891268
Heteroskedasticity Test: White
F-statistic
1.858089 Prob. F(6,38)
0.1137
Obs*R-squared
10.20751 Prob. Chi-Square(6)
0.1162
3.3 Pemilihan Model Data Panel
3.3.1 Uji Chow
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Redundant Fixed Effects Tests Pool: DATAPANEL_DEBI Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 1.885031 (8,30) 0.0998
Cross-section Chi-square 18.326110 8 0.0189
Cross-section fixed effects test equation: Dependent Variable: BOND_RATING? Method: Panel Least Squares
Date: 03/18/17 Tim e: 12:50 Sam ple: 2011 2015
Included observations: 5 Cross-sections included: 9
Total pool (balanced) observations: 45
Variable Coefficient Std. Error t-Statistic Prob. ROA? -0.356105 0.144159 -2.470225 0.0181
DER? -0.110846 0.204349 -0.542438 0.5907
CR? 0.043385 0.212638 0.204031 0.8394
FIRM_SIZE? 0.042779 0.055166 0.775449 0.4429
GROWTH? 0.319822 0.049175 6.503760 0.0000
PRODUKTIVITY? -0.685898 0.472232 -1.452460 0.1546
C 3.612554 1.195383 3.022088 0.0045
3.3.2 Uji Hausman
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Correlated Random Effects - Haus m an Tes t Pool: DATAPANEL_DEBI
Tes t cros s -s ection random effects
Tes t Sum m ary Chi-Sq. Statis tic Chi-Sq. d.f. Prob.
Cros s -s ection random 13.767567 6 0.0323
** WARNING: es tim ated cros s -s ection random effects variance is zero. Cros s -s ection random effects tes t com paris ons :
Variable Fixed Random Var(Diff.) Prob.
ROA? 0.399699 -0.356105 0.110169 0.0228
DER? -0.305376 -0.110846 0.089234 0.5149
CR? 0.835040 0.043385 0.231671 0.1000
FIRM_SIZE? 0.075624 0.042779 0.001626 0.4153
GROWTH? 0.240939 0.319822 0.001457 0.0387
PRODUKTIVITY? -0.321747 -0.685898 6.048692 0.8823
Cros s -s ection random effects tes t equation: Dependent Variable: BOND_RATING? Method: Panel Leas t Squares
Date: 03/18/17 Tim e: 12:51 Sam ple: 2011 2015
Included obs ervations : 5 Cros s -s ections included: 9
Total pool (balanced) obs ervations : 45
Variable Coefficient Std. Error t-Statis tic Prob.
C 0.178101 6.684593 0.026644 0.9789
ROA? 0.399699 0.357332 1.118564 0.2722
DER? -0.305376 0.352752 -0.865698 0.3935
CR? 0.835040 0.519408 1.607677 0.1184
FIRM_SIZE? 0.075624 0.064739 1.168127 0.2520
GROWTH? 0.240939 0.059118 4.075541 0.0003
PRODUKTIVITY? -0.321747 2.497333 -0.128836 0.8983
Effects Specification Cros s -s ection fixed (dum m y variables )
R-s quared 0.821302 Mean dependent var 2.592530
Adjus ted R-s quared 0.737909 S.D. dependent var 0.511468
S.E. of regres s ion 0.261845 Akaike info criterion 0.419076
Sum s quared res id 2.056890 Schwarz criterion 1.021297
Log likelihood 5.570783 Hannan-Quinn criter. 0.643578
F-s tatis tic 9.848617 Durbin-Wats on s tat 2.145483
3.4 Regresi Data Panel Berganda
Sumber: Hasil Penelitian, 2017 (Data Diolah)
Dependent Variable: BOND_RATING? Method: Pooled Leas t Squares
Date: 03/18/17 Tim e: 12:47 Sam ple: 2011 2015
Included obs ervations : 5 Cros s -s ections included: 9
Total pool (balanced) obs ervations : 45
Variable Coefficient Std. Error t-Statis tic Prob.
ROA? -0.356105 0.144159 -2.470225 0.0181
DER? -0.110846 0.204349 -0.542438 0.5907
CR? 0.043385 0.212638 0.204031 0.8394
FIRM_SIZE? 0.042779 0.055166 0.775449 0.4429
GROWTH? 0.319822 0.049175 6.503760 0.0000
PRODUKTIVITY? -0.685898 0.472232 -1.452460 0.1546
C 3.612554 1.195383 3.022088 0.0045
3.5 Nilai Statistik dari Uji F, Uji t dan Koefisien Determinasi
Dependent Variable: BOND_RATING? Method: Pooled Least Squares
Date: 03/18/17 Time: 12:47 Sample: 2011 2015
Included observations: 5 Cross-sections included: 9
Total pool (balanced) observations: 45
Variable Coefficient Std. Error t-Statistic Prob. ROA? -0.356105 0.144159 -2.470225 0.0181 DER? -0.110846 0.204349 -0.542438 0.5907
CR? 0.043385 0.212638 0.204031 0.8394
FIRM_SIZE? 0.042779 0.055166 0.775449 0.4429
GROWTH? 0.319822 0.049175 6.503760 0.0000
PRODUKTIVITY? -0.685898 0.472232 -1.452460 0.1546
C 3.612554 1.195383 3.022088 0.0045
