Descriptive Statistics
N
Minimum
Maximum
Mean
Std. Deviation
Cash Holding
Famili Control
1665
1665
.01
.00
.36
1.00
.0697
.7928
.06653
.40543
Perbedaan Cash Flow
Right dan Control Right
1665
.00
1.00
.4865
.49997
Business Group
1665
.00
1.00
.8198
.38445
KoneksiPolitik
1665
.00
1.00
.2703
.44423
KomisarisIndependen
1665
.00
.50
.0934
.09628
Board Size
1665
3.00
22.00
9.0823
3.19270
Firm Size
1665
5.80
18.07
12.8231
1.60209
Market to Book
1665
-190.50
513.26
1.7162
15.31871
Net Working Capital
1665
-27692723.00 6733020.00 -324208.4180 2102144.33066
Cash Flow
1665
-6825397.00 45824321.00 348324.1393 2142964.16873
Frequency Table
Komisaris Independen
Frequency
Percent
Valid
Percent
Cumulative
Percent
Valid 0
1623
97.48
97.48
97.48
.50
42
2.52
2.52
100.0
Total
1665
100.0
100.0
Family Control
Frequency Percent
Valid
Percent
Cumulative
Percent
Valid 0
345
20.7
20.7
20.7
1
1320
79.3
79.3
100.0
Perbedaan Cash Flow Right dan Control Right
Frequency
Percent Valid Percent
Cumulative
Percent
Valid 0
855
51.4
51.4
51.4
1
810
48.6
48.6
100.0
Total
1665
100.0
100.0
Business Group
Frequency
Percent
Valid
Percent
Cumulative Percent
Valid 0
300
18.0
18.0
18.0
1
1365
82.0
82.0
100.0
Total
1665
100.0
100.0
KoneksiPolitik
Frequency
Percent Valid Percent
Cumulative
Percent
Valid 0
1215
73.0
73.0
73.0
1
450
27.0
27.0
100.0
Hasil Analisis Pengaruh Corporate Governance Terhadap Cash
Holdings Perusahaan Selama Tahun 1993-2007
rho .11935507 (fraction of variance due to u_i)
sigma_e .02525367 sigma_u .00929703
_cons .0132526 .0116868 1.13 0.257 -.0096531 .0361584 y06 -.0010343 .0041684 -0.25 0.804 -.0092042 .0071357 y05 -.0016125 .0040847 -0.39 0.693 -.0096184 .0063935 y04 -.0014708 .0041559 -0.35 0.723 -.0096163 .0066747 y03 -.0004815 .0042049 -0.11 0.909 -.0087229 .0077598 y02 -.0004439 .0041851 -0.11 0.916 -.0086465 .0077587 y01 -.0015443 .0042589 -0.36 0.717 -.0098915 .0068029 y98 .004854 .0034818 1.39 0.163 -.0019702 .0116783 y97 .0043542 .0036318 1.20 0.231 -.0027639 .0114723 y96 .0087394 .0037429 2.33 0.020 .0014035 .0160753 y95 .0010719 .0038027 0.28 0.778 -.0063813 .0085252 y94 -.0023571 .0037099 -0.64 0.525 -.0096285 .0049142 y93 .0028264 .0039005 0.72 0.469 -.0048183 .0104712 id7 .0015882 .0056742 0.28 0.780 -.0095331 .0127095 id6 -.0074187 .0042221 -1.76 0.079 -.0156938 .0008564 id5 -.0007653 .004093 -0.19 0.852 -.0087874 .0072568 id4 -.0041798 .0039841 -1.05 0.294 -.0119885 .003629 id3 -.0100382 .0036535 -2.75 0.006 -.0171989 -.0028774 id2 -.0302989 .0120569 -2.51 0.012 -.0539299 -.0066678 id1 -.0164559 .0088124 -1.87 0.062 -.0337278 .0008161 reform -.0009406 .0039879 -0.24 0.814 -.0087567 .0068756 cf 2.25e-09 6.30e-10 3.57 0.000 1.01e-09 3.48e-09 nwc 4.92e-10 5.15e-10 0.96 0.339 -5.17e-10 1.50e-09 mtb .0000476 .0000248 1.92 0.055 -9.92e-07 .0000962 fs2 .0026143 .0009115 2.87 0.004 .0008278 .0044008 bs .0002361 .0003822 0.62 0.537 -.0005131 .0009852 bind2 -.0324849 .0132371 -2.45 0.014 -.0584292 -.0065407 dpol -.0046477 .003247 -1.43 0.152 -.0110117 .0017163 dbg2 .0018116 .0035865 0.51 0.613 -.0052179 .008841 dwed .0026396 .002879 0.92 0.359 -.0030031 .0082823 dfb .0019216 .0033295 0.58 0.564 -.0046041 .0084474 ch Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 Wald chi2(30) = 87.31 overall = 0.1022 max = 15 between = 0.2436 avg = 10.3 R-sq: within = 0.0476 Obs per group: min = 2 Group variable: kode Number of groups = 111 Random-effects GLS regression Number of obs = 1146 > y96 y97 y98 y01 y02 y03 y04 y05 y06, re
. xtreg ch dfb dwed dbg2 dpol bind2 bs fs2 mtb nwc cf reform id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 panel variable: kode (balanced)
Hasil Pengujian Family Control
rho .12670756 (fraction of variance due to u_i)
sigma_e .02525245 sigma_u .00961889
_cons .0168394 .0114889 1.47 0.143 -.0056784 .0393572 y06 -.0008074 .003814 -0.21 0.832 -.0082827 .0066679 y05 -.0014981 .0037055 -0.40 0.686 -.0087608 .0057646 y04 -.0014405 .0037512 -0.38 0.701 -.0087926 .0059117 y03 -.0004121 .0037561 -0.11 0.913 -.007774 .0069498 y02 -.0005404 .0036859 -0.15 0.883 -.0077646 .0066838 y01 -.0015873 .0036518 -0.43 0.664 -.0087446 .00557 y98 .0047803 .003392 1.41 0.159 -.0018679 .0114285 y97 .0041424 .0035404 1.17 0.242 -.0027966 .0110814 y96 .0085475 .0036648 2.33 0.020 .0013646 .0157303 y95 .0007615 .0037264 0.20 0.838 -.006542 .0080651 y94 -.0027081 .0036391 -0.74 0.457 -.0098407 .0044244 y93 .002354 .0038438 0.61 0.540 -.0051797 .0098876 id7 .002155 .0057146 0.38 0.706 -.0090455 .0133554 id6 -.0074412 .0042535 -1.75 0.080 -.0157778 .0008955 id5 -.0003748 .0040482 -0.09 0.926 -.0083092 .0075596 id4 -.0041346 .0039172 -1.06 0.291 -.0118121 .0035429 id3 -.0097 .0036967 -2.62 0.009 -.0169455 -.0024546 id2 -.0296258 .012126 -2.44 0.015 -.0533923 -.0058593 id1 -.0183551 .008702 -2.11 0.035 -.0354108 -.0012995 cf 2.22e-09 6.28e-10 3.53 0.000 9.86e-10 3.45e-09 nwc 4.47e-10 5.11e-10 0.87 0.382 -5.56e-10 1.45e-09 mtb .0000484 .0000248 1.96 0.051 -1.12e-07 .0000969 fs2 .0024372 .0008881 2.74 0.006 .0006966 .0041779 bs .0001392 .00037 0.38 0.707 -.000586 .0008644 bind2 -.0325854 .0126413 -2.58 0.010 -.0573618 -.007809 fbr -.0013518 .0030138 -0.45 0.654 -.0072588 .0045553 dfb .0032841 .0033597 0.98 0.328 -.0033007 .009869 ch Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 Wald chi2(27) = 83.83 overall = 0.0975 max = 15 between = 0.2250 avg = 10.3 R-sq: within = 0.0479 Obs per group: min = 2 Group variable: kode Number of groups = 111 Random-effects GLS regression Number of obs = 1146 > 02 y03 y04 y05 y06, re
. xtreg ch dfb fbr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y panel variable: kode (balanced)
Hasil Pengujian Perbedaan Antara
Cash Flow Rights dan Control Rights
rho .12218966 (fraction of variance due to u_i)
sigma_e .02524714 sigma_u .00941953
_cons .019127 .0110851 1.73 0.084 -.0025994 .0408533 y06 -.002126 .0036423 -0.58 0.559 -.0092648 .0050128 y05 -.0027227 .0035428 -0.77 0.442 -.0096664 .0042211 y04 -.0027435 .0035834 -0.77 0.444 -.0097669 .0042798 y03 -.0016682 .0035658 -0.47 0.640 -.008657 .0053206 y02 -.001812 .0034759 -0.52 0.602 -.0086246 .0050006 y01 -.003063 .0034428 -0.89 0.374 -.0098108 .0036848 y98 .0052376 .0033646 1.56 0.120 -.0013568 .011832 y97 .0045211 .0035275 1.28 0.200 -.0023927 .011435 y96 .0090385 .0036418 2.48 0.013 .0019008 .0161763 y95 .0012144 .0037089 0.33 0.743 -.006055 .0084838 y94 -.0022784 .0036247 -0.63 0.530 -.0093827 .0048259 y93 .0027613 .0038312 0.72 0.471 -.0047477 .0102704 id7 .0012376 .0055614 0.22 0.824 -.0096626 .0121378 id6 -.0079052 .004207 -1.88 0.060 -.0161507 .0003402 id5 -.0003694 .004002 -0.09 0.926 -.0082132 .0074743 id4 -.0046575 .0038451 -1.21 0.226 -.0121938 .0028788 id3 -.0101324 .0035889 -2.82 0.005 -.0171665 -.0030984 id2 -.0280675 .0120534 -2.33 0.020 -.0516918 -.0044432 id1 -.0191134 .0086704 -2.20 0.027 -.0361071 -.0021198 cf 2.21e-09 6.26e-10 3.52 0.000 9.79e-10 3.43e-09 nwc 4.50e-10 5.11e-10 0.88 0.379 -5.51e-10 1.45e-09 mtb .0000475 .0000248 1.92 0.055 -1.09e-06 .000096 fs2 .0024405 .0008844 2.76 0.006 .0007072 .0041739 bs .0000949 .00037 0.26 0.797 -.0006302 .0008201 bind2 -.0367079 .0124573 -2.95 0.003 -.0611238 -.012292 wedr .0025147 .0029027 0.87 0.386 -.0031746 .008204 dwed .0012524 .002836 0.44 0.659 -.004306 .0068108 ch Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 Wald chi2(27) = 85.24 overall = 0.0990 max = 15 between = 0.2239 avg = 10.3 R-sq: within = 0.0482 Obs per group: min = 2 Group variable: kode Number of groups = 111 Random-effects GLS regression Number of obs = 1146 > y02 y03 y04 y05 y06, re
. xtreg ch dwed wedr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 panel variable: kode (balanced)
HasilPengujian Business Group
rho .12747469 (fraction of variance due to u_i)
sigma_e .0252243 sigma_u .00964145
_cons .0212267 .0113592 1.87 0.062 -.0010368 .0434902 y06 -.0036518 .0038941 -0.94 0.348 -.0112842 .0039805 y05 -.0041693 .0037746 -1.10 0.269 -.0115675 .0032288 y04 -.004189 .0038208 -1.10 0.273 -.0116776 .0032996 y03 -.0031736 .0038203 -0.83 0.406 -.0106613 .0043141 y02 -.0035423 .003784 -0.94 0.349 -.0109588 .0038742 y01 -.004712 .0037617 -1.25 0.210 -.0120848 .0026608 y98 .0057841 .0034019 1.70 0.089 -.0008835 .0124517 y97 .0049518 .0035481 1.40 0.163 -.0020024 .011906 y96 .0094834 .0036659 2.59 0.010 .0022984 .0166683 y95 .0015785 .0037272 0.42 0.672 -.0057267 .0088836 y94 -.0019362 .0036403 -0.53 0.595 -.0090711 .0051987 y93 .0030134 .0038425 0.78 0.433 -.0045178 .0105445 id7 .0012999 .0056735 0.23 0.819 -.0098199 .0124198 id6 -.0076125 .0042818 -1.78 0.075 -.0160047 .0007797 id5 -.0004148 .0041135 -0.10 0.920 -.0084771 .0076474 id4 -.0040304 .0040168 -1.00 0.316 -.0119032 .0038424 id3 -.0104941 .0036174 -2.90 0.004 -.0175842 -.0034041 id2 -.0292712 .012143 -2.41 0.016 -.0530709 -.0054714 id1 -.0179264 .0087161 -2.06 0.040 -.0350097 -.0008432 cf 2.27e-09 6.30e-10 3.61 0.000 1.04e-09 3.51e-09 nwc 3.86e-10 5.12e-10 0.75 0.451 -6.18e-10 1.39e-09 mtb .0000481 .0000247 1.95 0.052 -3.67e-07 .0000966 fs2 .0022345 .0009024 2.48 0.013 .0004658 .0040032 bs .0001178 .0003716 0.32 0.751 -.0006105 .0008462 bind2 -.0396516 .0128015 -3.10 0.002 -.0647422 -.014561 bgr .00435 .0032073 1.36 0.175 -.0019363 .0106362 dbg2 .0005505 .0036909 0.15 0.881 -.0066835 .0077846 ch Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 Wald chi2(27) = 85.14 overall = 0.0976 max = 15 between = 0.2222 avg = 10.3 R-sq: within = 0.0499 Obs per group: min = 2 Group variable: kode Number of groups = 111 Random-effects GLS regression Number of obs = 1146 > 02 y03 y04 y05 y06, re
. xtreg ch dbg2 bgr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 y panel variable: kode (balanced)
HasilPengujianKoneksiPolitik
rho .12119816 (fraction of variance due to u_i)
sigma_e .02524955 sigma_u .00937683
_cons .0175295 .0113017 1.55 0.121 -.0046215 .0396804 y06 -.0016742 .0035775 -0.47 0.640 -.008686 .0053376 y05 -.0023617 .0034902 -0.68 0.499 -.0092024 .0044789 y04 -.0022805 .0035303 -0.65 0.518 -.0091998 .0046387 y03 -.0012964 .0035123 -0.37 0.712 -.0081805 .0055876 y02 -.0014484 .003432 -0.42 0.673 -.0081749 .0052781 y01 -.0026425 .0033716 -0.78 0.433 -.0092508 .0039658 y98 .0050653 .0033598 1.51 0.132 -.0015198 .0116504 y97 .0045082 .0035278 1.28 0.201 -.0024062 .0114226 y96 .0089757 .0036402 2.47 0.014 .001841 .0161103 y95 .0012107 .0037113 0.33 0.744 -.0060633 .0084847 y94 -.0021494 .0036284 -0.59 0.554 -.009261 .0049622 y93 .0030495 .0038433 0.79 0.428 -.0044833 .0105822 id7 .0005406 .0055785 0.10 0.923 -.010393 .0114742 id6 -.0077335 .0041942 -1.84 0.065 -.0159539 .0004869 id5 -.0016125 .0040438 -0.40 0.690 -.0095383 .0063133 id4 -.0048745 .0038477 -1.27 0.205 -.0124158 .0026667 id3 -.011032 .0035852 -3.08 0.002 -.0180589 -.0040051 id2 -.0307498 .0120298 -2.56 0.011 -.0543279 -.0071718 id1 -.0160069 .0088174 -1.82 0.069 -.0332888 .0012749 cf 2.14e-09 6.26e-10 3.43 0.001 9.18e-10 3.37e-09 nwc 4.12e-10 5.11e-10 0.81 0.420 -5.90e-10 1.41e-09 mtb .0000484 .0000248 1.95 0.051 -1.62e-07 .000097 fs2 .0026403 .0009002 2.93 0.003 .0008759 .0044047 bs .0002239 .0003827 0.59 0.559 -.0005261 .0009739 bind2 -.0357198 .0124223 -2.88 0.004 -.0600671 -.0113726 polr .0020232 .0033733 0.60 0.549 -.0045883 .0086346 dpol -.0038262 .003431 -1.12 0.265 -.0105508 .0028983 ch Coef. Std. Err. z P>|z| [95% Conf. Interval] corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 Wald chi2(27) = 84.91 overall = 0.0983 max = 15 between = 0.2275 avg = 10.3 R-sq: within = 0.0477 Obs per group: min = 2 Group variable: kode Number of groups = 111 Random-effects GLS regression Number of obs = 1146 > y02 y03 y04 y05 y06, re
. xtreg ch dpol polr bind2 bs fs2 mtb nwc cf id1 id2 id3 id4 id5 id6 id7 y93 y94 y95 y96 y97 y98 y01 panel variable: kode (balanced)
