Lampiran 1
Daftar Populasi dan Sampel Penelitian
No. Kode
Perusahaan Populasi
NO Kode
Perusahaan Populasi
No. Kode Perusahaan
Populasi Kriteria Sampel Sampel
No. Kode
Perusahaan Populasi Kriteria Sampel
1 2 3 4
Lampiran 2
Hasil Perhitungan Struktur Modal, Kinerja Keuangan, Pertumbuhan dan
Ukuran Perusahaan tahun 2010-2015
NO
Lampiran 3. Hasil Pengujian Eviews 7
Analisis Data Statistik
Uji Normalitas
Sumber
Uji Multikolinearitas
X1 X2 X3 X4
Uji Heteroskedastisitas
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 1.699847 Prob. F(4,241) 0.1507
Obs*R-squared 6.750016 Prob. Chi-Square(4) 0.1497
Scaled explained SS 354.5737 Prob. Chi-Square(4) 0.0000
Sumber
Uji Autokorelasi
Dependent Variable: PBV_Y Method: Least Squares Date: 07/26/16 Time: 16:58 Sample: 1 246
Included observations: 246
F-statistic 16.78795 Durbin-Watson stat 1.522222
Prob(F-statistic) 0.000000
0 Sample 1 246 Observations 246
Mean -0.346382 Median -0.134554 Maximum 9.309051 Minimum -8.553129 Std. Dev. 3.004165 Skewness -0.104255 Kurtosis 3.207049
Lampiran 4. Pemilihan Model Data Panel
Common Effect Model (CEM)
Dependent Variable: Nilai_Perusahaan? Method: Pooled Least Squares
Date: 07/26/16 Time: 17:32 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 0.458396 0.792523 0.578401 0.5635 Kinerja_Keuangan? 33.25005 2.691531 12.35358 0.0000 Pertumbuhan? -9.413700 4.213842 -2.233994 0.0264
Ukuran? 0.983390 0.386892 2.541767 0.0117
C -15.83795 5.638918 -2.808686 0.0054
R-squared 0.431220 Mean dependent var 5.104187
Adjusted R-squared 0.421780 S.D. dependent var 13.69086 S.E. of regression 10.41064 Akaike info criterion 7.543649 Sum squared resid 26119.92 Schwarz criterion 7.614896 Log likelihood -922.8689 Hannan-Quinn criter. 7.572337
F-statistic 45.67850 Durbin-Watson stat 2.251157
Prob(F-statistic) 0.000000
Sumber
Fixed Effect Model (FEM)
Dependent Variable: Nilai_Perusahaan? Method: Pooled Least Squares
Date: 07/26/16 Time: 17:34 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 2.335670 1.955193 1.194598 0.2337 Kinerja_Keuangan? 11.71838 5.862850 1.998752 0.0470 Pertumbuhan? -6.498727 4.454448 -1.458930 0.1461
Ukuran? -0.345948 2.292004 -0.150937 0.8802
C 6.377087 33.76720 0.188854 0.8504
Fixed Effects (Cross)
_1--C -1.746559
_2--C 0.001369
_3--C 1.221611
_4--C -1.399757
_6--C -2.534091
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.592522 Mean dependent var 5.104187
Adjusted R-squared 0.503323 S.D. dependent var 13.69086 S.E. of regression 9.648678 Akaike info criterion 7.535346 Sum squared resid 18712.50 Schwarz criterion 8.176565 Log likelihood -881.8476 Hannan-Quinn criter. 7.793535
F-statistic 6.642685 Durbin-Watson stat 3.038108
Prob(F-statistic) 0.000000
Random Effect Model (REM)
Dependent Variable: Nilai_Perusahaan?
Method: Pooled EGLS (Cross-section random effects) Date: 07/26/16 Time: 17:35
Sample: 2010 2015 Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 0.650236 0.919024 0.707529 0.4799 Kinerja_Keuangan? 30.73971 3.075317 9.995624 0.0000 Pertumbuhan? -8.753646 4.102973 -2.133488 0.0339
Ukuran? 1.034517 0.465053 2.224515 0.0270
C -16.29731 6.808107 -2.393809 0.0174
Random Effects (Cross)
_36—C 0.114086
Effects Specification
S.D. Rho
Cross-section random 3.372043 0.1088
Idiosyncratic random 9.648678 0.8912
Weighted Statistics
R-squared 0.324033 Mean dependent var 3.877474
Adjusted R-squared 0.312814 S.D. dependent var 11.90357 S.E. of regression 9.867667 Sum squared resid 23466.38
F-statistic 28.88162 Durbin-Watson stat 2.486726
Prob(F-statistic) 0.000000
Unweighted Statistics
R-squared 0.429097 Mean dependent var 5.104187
Sum squared resid 26217.42 Durbin-Watson stat 2.225789
Sumber
Uji Chow
Redundant Fixed Effects Tests Pool: DATAPANEL
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 1.989167 (40,201) 0.0011
Cross-section Chi-square 82.042615 40 0.0001
Cross-section fixed effects test equation: Dependent Variable: Nilai_Perusahaan? Method: Panel Least Squares
Date: 07/26/16 Time: 17:35 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Pertumbuhan? -9.413700 4.213842 -2.233994 0.0264
Ukuran? 0.983390 0.386892 2.541767 0.0117
C -15.83795 5.638918 -2.808686 0.0054
R-squared 0.431220 Mean dependent var 5.104187
Adjusted R-squared 0.421780 S.D. dependent var 13.69086 S.E. of regression 10.41064 Akaike info criterion 7.543649 Sum squared resid 26119.92 Schwarz criterion 7.614896 Log likelihood -922.8689 Hannan-Quinn criter. 7.572337
F-statistic 45.67850 Durbin-Watson stat 2.251157
Prob(F-statistic) 0.000000
Sumber
Uji Hausman
Correlated Random Effects - Hausman Test Pool: DATAPANEL
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section random 15.063729 4 0.0046
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
Struktur_Modal? 2.335670 0.650236 2.978176 0.3287 Kinerja_Keuangan? 11.718382 30.739709 24.915441 0.0001 Pertumbuhan? -6.498727 -8.753646 3.007714 0.1935
Ukuran? -0.345948 1.034517 5.037010 0.5385
Cross-section random effects test equation: Dependent Variable: Nilai_Perusahaan? Method: Panel Least Squares
Date: 07/26/16 Time: 17:36 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 6.377087 33.76720 0.188854 0.8504 Kinerja_Keuangan? 2.335670 1.955193 1.194598 0.2337
Pertumbuhan? 11.71838 5.862850 1.998752 0.0470
Ukuran? -6.498727 4.454448 -1.458930 0.1461
Struktur_Modal? -0.345948 2.292004 -0.150937 0.8802
Cross-section fixed (dummy variables)
R-squared 0.592522 Mean dependent var 5.104187
Adjusted R-squared 0.503323 S.D. dependent var 13.69086 S.E. of regression 9.648678 Akaike info criterion 7.535346 Sum squared resid 18712.50 Schwarz criterion 8.176565 Log likelihood -881.8476 Hannan-Quinn criter. 7.793535
F-statistic 6.642685 Durbin-Watson stat 3.038108
Prob(F-statistic) 0.000000
Sumber
Lampiran 5. Pengujian Hipotesis
Analisis Regresi Data Panel
Dependent Variable: Nilai_Perusahaan? Method: Pooled Least Squares
Date: 07/26/16 Time: 17:34 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 2.335670 1.955193 1.194598 0.2337 Kinerja_Keuangan? 11.71838 5.862850 1.998752 0.0470 Pertumbuhan? -6.498727 4.454448 -1.458930 0.1461
Ukuran? -0.345948 2.292004 -0.150937 0.8802
C 6.377087 33.76720 0.188854 0.8504
Sumber
Uji F (Simultan), Uji t (parsial), Koefisien Determinasi
Dependent Variable: Nilai_Perusahaan? Method: Pooled Least Squares
Date: 07/26/16 Time: 17:34 Sample: 2010 2015
Included observations: 6 Cross-sections included: 41
Total pool (balanced) observations: 246
Variable Coefficient Std. Error t-Statistic Prob.
Struktur_Modal? 2.335670 1.955193 1.194598 0.2337 Kinerja_Keuangan? 11.71838 5.862850 1.998752 0.0470 Pertumbuhan? -6.498727 4.454448 -1.458930 0.1461
Ukuran? -0.345948 2.292004 -0.150937 0.8802
R-squared 0.592522 Adjusted R-squared 0.503323 S.E. of regression 9.648678 Sum squared resid 18712.50 Log likelihood -881.8476
F-statistic 6.642685
Prob(F-statistic) 0.000000
