Lampiran 1
Populasi dan Sampel Penelitian
Perusahaan Sektor Property, Realestate, dan Konstruksi Yang Dijadikan Sampel Penelitian
No. Perusahaan Kode Emiten IPO
1 Agung Podomoro Land, Tbk. APLN 11/11/2010
2 Alam Sutera Reality, Tbk ASRI 18/12/2007
3 Bekasi Asri Pemula, Tbk BAPA 14/01/2008
4 Bumi Citra Permai Tbk BCIP 11/12/2009
5 Bhuawannatalia Indah Permai, Tbk BIPP 23/10/1995
6 Bukit Darmo Property, Tbk BKDP 15/06/2007
7 Sentul City, Tbk BKSL 28/07/1997
8 Bumi Serpong Damai, Tbk BSDE 06/06/2008
9 Cowell Development, Tbk COWL 19/12/2007
10 Ciputra Develompent, Tbk CTRA 28/03/1994
11 Ciputra Property, Tbk CTRP 07/11/2007
12 Ciputra Surya, Tbk CTRS 15/01/1999
13 Duta Anggada Reality, Tbk DART 08/05/1990
14 Intiland Development, Tbk DILD 04/09/1991
15 Duta Pertiwi, Tbk DUTI 02/11/1994
16 Bakrieland Development, Tbk ELTY 03/10/1995
17 Fortuna Mate Indonesia, Tbk FMII 30-06-200
18 Goa Makassar Tourism Development, Tbk GMTD 11/12/2000
19 Perdana Gapura Prima, Tbk GPRA 10/10/2007
20 Jaya Real Property, Tbk JRPT 29/06/1994
21 Kawasan Industri Jababeka, Tbk KIJA 10/01/1995
22 MNC Land, Tbk KPIG 30/03/2000
23 Lamicitra Nusantara, Tbk LAMI 18/07/2001
24 Eureka Prima Jakarta, Tbk LCGP 13/07/2007
25 Lippo Cikarang, Tbk LPCK 24/07/1997
26 Lippo Karawaci, Tbk LPKR 28/06/1996
27 Modernland Reality, Tbk MDLN 18/01/1993
28 Metropolitan Kentjana, Tbk MKPI 10/07/2009
29 Metro Reality, Tbk MTSM 08/01/1992
30 Indonesia Prima Property, Tbk OMRE 22/08/1994
31 Plaza Indonesia Reality, Tbk PLIN 15/06/1992
32 Pudjiati Prestige,Tbk PUDP 18/11/1994
33 Pukowan Jati, Tbk PWON 19/10/1989
34 Rista Bintang Mahkota Sejati, Tbk RBMS 19/12/1997
35 Roda Vivatex, Tbk RDTX 14/05/1990
Lanjutan Lampiran 1
No. Perusahaan Kode Emiten IPO Kriteria 1 Kriteria 2 Sampel
37 Danayasa Arthatama, Tbk SCDB 19/04/2002 √ √ 37
38 Suryamas Dutamakmur, Tbk SMDM 12/10/1995 √ √ 38
39 Summarecon Agung, Tbk SMRA 07/05/1990 √ √ 39
40 Adhi Karya (Persero), Tbk ADHI 18/03/2004 √ √ 40
41 Pembangunan Perumahan (Persero), Tbk PTPP 09/02/2010 √ √ 41
42 Surya Semesta Internusa, Tbk SSIA 27/03/1997 √ √ 42
43 Total Bangun Persada, Tbk TOTI 25/07/2006 √ √ 43
44 Wijaya Karya (Persero), Tbk WIKA 29/10/2007 √ √ 44
Perusahaan Sektor Property, Realestate, dan Konstruksi Yang Tidak Dijadikan Sampel Penelitian
No. Perusahaan Kode Emiten IPO
1 Bekasi Fajar Industrial Estate, Tbk BEST 10/04/2012
2 Binakarya Jaya Abadi, Tbk BIKA 14/07/2015
3 Puradelta Lestari, Tbk DMAS 29/05/2015
4 Megapolitan Development, Tbk EMDE 12/01/2011
5 Gading Development, Tbk GAMA 11/07/2012
6 Greenwood Sejahtera, Tbk GWSA 23/12/2011
7 Mega Manunggal Property, Tbk MMLP 12/06/2015
8 Metropolitan Land, Tbk MTLA 20/06/2011
9 Nirvana Development, Tbk NIRO 13/09/2012
10 PP Property, Tbk PPRO 19/05/2015
11 Sitara Propertindo, Tbk TARA 11/07/2014
12 Acset Indonusa, Tbk ACST 24/06/2013
13 Duta Graha Indah, Tbk DGIK 19/12/2015
14 Indonesia Pondasi Raya, Tbk IDPR 10/12/2015
15 Nusa Raya Cipta, Tbk NRCA 27/06/2013
Lampiran 2
Tabulasi Data Variabel Penelitian
Lanjutan Lampiran 2
EMITEN TAHUN DAR Size ROA Risiko Bisnis TIE P. AKTIVA
SMRA
2010 64,86 6,79 5,60 53,47 3,78 27,35
2011 69,42 6,91 6,56 117,62 5,87 24,19
2012 64,92 7,04 9,07 138,55 9,34 25,53
2013 25,90 7,14 9,66 162,03 7,92 20,37
ADHI
2010 82,39 6,69 6,51 70,63 3,99 -14,24
2011 33,80 6,79 5,34 -23,15 4,74 19,39
2012 85,00 6,90 5,38 157,08 5,94 22,35
2013 84,07 6,99 7,35 170,49 7,62 19,02
PTPP
2010 76,82 6,74 6,00 137,76 6,17 24,22
2011 79,44 6,84 6,04 108,14 2,97 21,48
2012 80,64 6,93 6,38 86,45 2,96 18,92
2013 84,01 7,09 6,18 107,81 3,99 31,13
SSIA
2010 59,97 6,38 8,22 380,85 3,37 6,18
2011 59,12 6,47 13,11 152,55 8,08 18,90
2012 65,61 6,69 18,09 279,31 14,19 39,48
2013 55,08 6,76 15,60 15,65 7,33 16,51
TOTI
2010 62,23 6,20 7,97 -73,81 174,51 18,86
2011 64,49 6,28 9,08 1490,87 253,17 16,24
2012 65,80 6,31 11,67 183,23 412,25 8,07
2013 63,21 6,35 13,03 133,60 41,82 7,29
WIKA
2010 69,51 6,80 7,53 16,30 49,69 9,32
2011 73,33 6,92 7,56 121,34 41,65 24,47
2012 74,29 7,04 7,38 107,29 23,34 23,96
Lampiran 3
Analisis Deskriptif Variabel Penelitian
Deskriptif Statistik Variabel Firm Size
Keterangan 2010 2011 2012 2013 Maximum 7,26 7,26 7,40 7,50Minimum 5,04 5,03 5,04 4,99
Mean 6,23 6,30 6,39 6,51
St.Deviation 0,62 0,64 0,65 0,64
Obs 42 42 42 42
Deskriptif Statistik Variabel Return on Assets
Keterangan 2010 2011 2012 2013 Maximum 22,29 18,72 18,09 34,30Minimum -1,95 -10,27 -7,03 -8,15
Mean 6,21 5,84 6,42 8,05
St.Deviation 5,16 5,69 5,28 7,88
Obs 42 42 42 42
Deskriptif Statistik Variabel Risiko Bisnis
Keterangan 2010 2011 2012 2013 Maximum 4497,90 2357,88 584,82 1107,00Minimum -7376,43 -32077,98 -794,44 -980,61
Mean 91,37 -981,10 99,23 110,44
St.Deviation 1764,70 5682,40 193,00 344,29
Obs 42 42 42 42
Deskriptif Statistik Variabel Time Interest Earned
Keterangan 2010 2011 2012 2013 Maximum 95851,64 1195,03 622,18 351,21Minimum -20,71 -235,32 -32,43 -623,09
Mean 2311,31 76,77 58,23 15,80
St.Deviation 14785,89 250,21 135,64 125,82
Deskriptif Statistik Variabel Pertumbuhan Aktiva
Keterangan 2010 2011 2012 2013 Maximum 53,47 40,40 78,31 89,48Minimum -25,43 -7,35 -16,23 -23,86
Mean 10,96 13,78 17,03 19,81
St.Deviation 15,68 12,37 17,83 20,55
Obs 42 42 42 42
Deskriptif Statistik Variabel Debt to Assets Ratio
Keterangan 2010 2011 2012 2013 Maximum 82,39 83,80 85,00 84,07Minimum 6,63 7,07 7,16 1,63
Mean 40,55 41,41 42,67 43,52
St.Deviation 21,02 19,93 19,02 18,65
Lampiran 4
Kurtosis 2.190881b. Uji Heteroskedastisitas
Heteroskedasticity Test: Glejser
F-statistic 1.863305 Prob. F(5,162) 0.1035
Obs*R-squared 9.136165 Prob. Chi-Square(5) 0.1038
Scaled explained SS 7.160520 Prob. Chi-Square(5) 0.2090
Test Equation:
Variable Coefficient Std. Error t-Statistic Prob.
C 23.41844 7.680381 3.049125 0.0027
SIZE -1.396025 1.241865 -1.124136 0.2626
ROA 0.164032 0.135345 1.211956 0.2273
RISIKO_BISNIS 0.000460 0.000259 1.773586 0.0780
TIE -0.000136 0.000102 -1.340822 0.1819
P_AKTIVA -0.033913 0.047997 -0.706555 0.4809
R-squared 0.054382 Mean dependent var 14.94900
Adjusted R-squared 0.025196 S.D. dependent var 9.707103
S.E. of regression 9.584032 Akaike info criterion 7.393135
Sum squared resid 14880.30 Schwarz criterion 7.504705
Log likelihood -615.0233 Hannan-Quinn criter. 7.438415
F-statistic 1.863305 Durbin-Watson stat 1.484019
Prob(F-statistic) 0.103545
c. Uji Multikolonieritas
Variance Inflation Factors Date: 07/11/16 Time: 23:59 Sample: 1 168
Included observations: 168
Coefficient Uncentered Centered
Variable Variance VIF VIF
SIZE 5.522008 115.0951 1.154129
ROA 0.065589 2.714358 1.242251
RISIKO_BISNIS 2.41E-07 1.098989 1.095431
TIE 3.69E-08 1.032225 1.025077
P_AKTIVA 0.008249 2.216613 1.218078
d. Uji Autokorelasi
Dependent Variable: DAR Method: Least Squares Date: 06/26/16 Time: 11:10 Sample: 1 168
Included observations: 168
Variable Coefficient Std. Error t-Statistic Prob.
SIZE 8.354828 2.349895 3.555404 0.0005
ROA 0.286008 0.256104 1.116765 0.2657
RISIKO_BISNIS -0.001609 0.000491 -3.278222 0.0013
TIE -0.000335 0.000192 -1.742694 0.0833
P_AKTIVA -0.006743 0.090821 -0.074241 0.9409
C -9.447089 14.53305 -0.650042 0.5166
R-squared 0.141712 Mean dependent var 45.51268
Adjusted R-squared 0.115222 S.D. dependent var 19.27992
S.E. of regression 18.13520 Akaike info criterion 8.668647
Sum squared resid 53279.43 Schwarz criterion 8.780217
Log likelihood -722.1664 Hannan-Quinn criter. 8.713928
F-statistic 5.349586 Durbin-Watson stat 1.549186
Lampiran 5
Metode Analisis Data Panel
a. Metode Common Effect Model
Dependent Variable: DAR? Method: Pooled Least Squares Date: 07/11/16 Time: 23:55 Sample: 2010 2013
Included observations: 4 Cross-sections included: 42
Total pool (balanced) observations: 168
Variable Coefficient Std. Error t-Statistic Prob.
SIZE? 8.354828 2.349895 3.555404 0.0005
ROA? 0.286008 0.256104 1.116765 0.2657
RISIKO_BISNIS? -0.001609 0.000491 -3.278222 0.0013
TIE? -0.000335 0.000192 -1.742694 0.0833
P_AKTIVA? -0.006743 0.090821 -0.074241 0.9409
C -9.447089 14.53305 -0.650042 0.5166
R-squared 0.141712 Mean dependent var 45.51268
Adjusted R-squared 0.115222 S.D. dependent var 19.27992
S.E. of regression 18.13520 Akaike info criterion 8.668647
Sum squared resid 53279.43 Schwarz criterion 8.780217
Log likelihood -722.1664 Hannan-Quinn criter. 8.713928
F-statistic 5.349586 Durbin-Watson stat 1.454913
Prob(F-statistic) 0.000140
b. Metode Fixed Effect Model
Dependent Variable: DAR? Method: Pooled Least Squares Date: 07/11/16 Time: 23:56 Sample: 2010 2013
Included observations: 4 Cross-sections included: 42
Total pool (balanced) observations: 168
Variable Coefficient Std. Error t-Statistic Prob.
SIZE? 4.146036 9.977813 0.415525 0.6785
ROA? -0.470658 0.327196 -1.438458 0.1529
RISIKO_BISNIS? -0.001637 0.000447 -3.663410 0.0004
TIE? -0.000230 0.000185 -1.240756 0.2171
P_AKTIVA? -0.023283 0.110771 -0.210194 0.8339
C 22.50321 62.32117 0.361084 0.7187
Fixed Effects (Cross)
_ASRI--C 10.46012
Cross-section fixed (dummy variables)
R-squared 0.559655 Mean dependent var 45.51268
Adjusted R-squared 0.392251 S.D. dependent var 19.27992
S.E. of regression 15.03029 Akaike info criterion 8.489362
Sum squared resid 27335.06 Schwarz criterion 9.363329
Log likelihood -666.1064 Hannan-Quinn criter. 8.844060
F-statistic 3.343139 Durbin-Watson stat 2.725147
c. Metode Random Effect Model
Dependent Variable: DAR?
Method: Pooled EGLS (Cross-section random effects) Date: 07/11/16 Time: 23:56
Sample: 2010 2013 Included observations: 4 Cross-sections included: 42
Total pool (balanced) observations: 168
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
SIZE? 8.727647 3.043120 2.867993 0.0047
ROA? -0.018998 0.265013 -0.071686 0.9429
RISIKO_BISNIS? -0.001649 0.000430 -3.832503 0.0002
TIE? -0.000266 0.000173 -1.542952 0.1248
P_AKTIVA? -0.041460 0.086033 -0.481909 0.6305
_SMDM--C -9.904406
_SMRA--C 3.827062
_ADHI--C 13.53131
_PTPP--C 19.10292
_SSIA--C 8.317731
_TOTL--C 12.40977
_WIKA--C 14.02328
Effects Specification
S.D. Rho
Cross-section random 9.686480 0.2935
Idiosyncratic random 15.03029 0.7065
Weighted Statistics
R-squared 0.127914 Mean dependent var 27.89861
Adjusted R-squared 0.100997 S.D. dependent var 16.11003
S.E. of regression 15.27484 Sum squared resid 37797.97
F-statistic 4.752287 Durbin-Watson stat 1.987931
Prob(F-statistic) 0.000444
Unweighted Statistics
R-squared 0.129092 Mean dependent var 45.51268
Lampiran 6
Pemilihan Model Data Panel
a. Redundant Fixed Effects Tests (Chow Test)
Redundant Fixed Effects Tests Pool: TERE
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 2.801074 (41,121) 0.0000
Cross-section Chi-square 112.119863 41 0.0000
Cross-section fixed effects test equation: Dependent Variable: DAR?
Method: Panel Least Squares Date: 07/11/16 Time: 23:57 Sample: 2010 2013
Included observations: 4 Cross-sections included: 42
Total pool (balanced) observations: 168
Variable Coefficient Std. Error t-Statistic Prob.
SIZE? 8.354828 2.349895 3.555404 0.0005
ROA? 0.286008 0.256104 1.116765 0.2657
RISIKO_BISNIS? -0.001609 0.000491 -3.278222 0.0013
TIE? -0.000335 0.000192 -1.742694 0.0833
P_AKTIVA? -0.006743 0.090821 -0.074241 0.9409
C -9.447089 14.53305 -0.650042 0.5166
R-squared 0.141712 Mean dependent var 45.51268
Adjusted R-squared 0.115222 S.D. dependent var 19.27992
S.E. of regression 18.13520 Akaike info criterion 8.668647
Sum squared resid 53279.43 Schwarz criterion 8.780217
Log likelihood -722.1664 Hannan-Quinn criter. 8.713928
F-statistic 5.349586 Durbin-Watson stat 1.454913
b. Hausman Test
Correlated Random Effects - Hausman Test Pool: TERE
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section random 10.314556 5 0.0668
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
SIZE? 4.146036 8.727647 90.296179 0.6297
ROA? -0.470658 -0.018998 0.036826 0.0186
RISIKO_BISNIS? -0.001637 -0.001649 0.000000 0.9205
TIE? -0.000230 -0.000266 0.000000 0.5783
P_AKTIVA? -0.023283 -0.041460 0.004869 0.7945
Cross-section random effects test equation: Dependent Variable: DAR?
Method: Panel Least Squares Date: 07/11/16 Time: 23:57 Sample: 2010 2013
Included observations: 4 Cross-sections included: 42
Total pool (balanced) observations: 168
Variable Coefficient Std. Error t-Statistic Prob.
C 22.50321 62.32117 0.361084 0.7187
SIZE? 4.146036 9.977813 0.415525 0.6785
ROA? -0.470658 0.327196 -1.438458 0.1529
RISIKO_BISNIS? -0.001637 0.000447 -3.663410 0.0004
TIE? -0.000230 0.000185 -1.240756 0.2171
P_AKTIVA? -0.023283 0.110771 -0.210194 0.8339
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.559655 Mean dependent var 45.51268
Adjusted R-squared 0.392251 S.D. dependent var 19.27992
S.E. of regression 15.03029 Akaike info criterion 8.489362
Sum squared resid 27335.06 Schwarz criterion 9.363329
Log likelihood -666.1064 Hannan-Quinn criter. 8.844060
F-statistic 3.343139 Durbin-Watson stat 2.725147
