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Faktor yang Mempengaruhi Struktur Modal Perusahaan Sektor Infrastruktur, Utilitas, dan Transportasi Dengan Ukuran Perusahaan Sebagai Variabel Moderating di Bursa Efek Indonesia

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(1)

Return On Asset

(ROA)

Periode 2011-2014

No.

Kode

Perusahaan

ROA

2011

2012

2013

2014

1 BALI 4.733082 21.074926 13.002283 11.014036 2 IBST 5.156133 26.635356 30.241420 6.020040 3 INDY 6.574904 0.384205 -0.189288 -0.107079

4 SUPR 4.721999 4.526150 3.131247 -2.946412

5 TBIG 7.156007 6.477500 7.219984 6.227189

6 TOWR 3.313178 2.547915 1.059979 4.870302

7 TRUB -11.489999 -29.238317 -24.391867 -2.330293 8 CMNP 11.034251 10.255675 8.413316 7.759014

9 JSMR 6.153489 6.204411 4.363696 3.814847

10 META -1.518459 2.384914 3.126631 3.735653 11 LAPD 0.549009 1.366918 -0.368373 3.735653 12 PGAS 19.751168 23.419095 20.487020 12.029152 13 RAJA 2.782086 -12.122363 5.877395 6.811197 14 BTEL -6.408679 -34.675073 -28.982547 -37.837226 15 EXCL 9.079376 7.797467 2.564245 -1.398701 16 FREN -19.519640 -10.900363 -15.973681 -7.765231 17 INVS 14.714742 15.006330 7.148897 4.610649 18 ISAT 1.787352 0.882599 -4.890711 -3.488926 19 TLKM 1.501155 16.487532 15.857633 15.221264 20 APOL -48.431877 -23.938535 -37.464414 1.103224

21 ASSA 0.693848 1.396540 4.237237 1.712911

22 BBRM 2.374171 5.006250 3.346276 0.022548

23 BIRD 13.145386 11.415763 14.230130 10.316124 24 BLTA 59.858468 -64.915443 22.174681 -5.736594 25 BULL -43.788835 2.041697 -16.269509 -7.787930

26 LRNA 2.830793 3.148169 1.332677 0.548426

27 CASS 20.560387 23.826972 27.276744 24.852136 28 CMPP 11.034251 10.255675 8.413316 7.759014 29 CPGT 3.690065 5.509187 5.693060 -36.332814 30 GIAA 4.490097 4.402014 0.379188 -11.996033 31 HITS -14.763211 -0.337291 1.823163 1.166632 32 IATA -5.600549 -4.490021 -2.202185 -1.757243 33 INDX 0.204986 9.864526 10.917934 26.129943 34 KARW 347.483489 10.136822 -8.590448 -5.640170

35 LEAD 3.728318 5.967748 4.421503 7.623654

36 MBSS 8.783803 10.560517 11.184419 6.149810 37 MIRA 0.955585 2.456529 -0.349077 -8.704212 38 NELY 18.949713 13.865219 6.777756 5.276161 39 PTIS 5.566424 5.220172 4.533096 -8.088248 40 RIGS -5.098111 3.614504 -1.216399 -0.645649 41 SAFE -10.410366 18.598045 32.476554 40.242044

42 SDMU 3.016780 1.855427 1.689085 2.369292

43 SMDR 2.190656 1.335198 1.043227 3.410044

44 TAXI 6.024685 4.451567 6.205359 3.928096

(2)

104

47 TRAM 5.582907 -9.137899 1.209958 -11.848261

48 WEHA 1.701592 1.536804 0.343349 0.735793

49 WINS 7.021534 7.084916 8.711275 6.072030

50 ZBRA -16.476611 -18.469377 -20.010090 -24.561978

(3)

Current Ratio

(CR)

Periode 2011-2014

No.

Kode

Perusahaan

Current Ratio

2011

2012

2013

2014

(4)

106

47 TRAM 176.323854 37.821245 45.016868 53.842463 48 WEHA 40.404481 116.605603 106.079124 111.505398 49 WINS 106.402051 124.438045 125.490500 123.306327 50 ZBRA 27.874512 29.138562 24.025918 102.433653

(5)

Fixed Asset Ratio

(FAR)

Periode 2011-2014

No.

Kode

Perusahaan

Fixed Asset Ratio

2011

2012

2013

2014

(6)

108

47 TRAM 78.607288 79.572715 78.897007 77.634582 48 WEHA 84.146768 85.985375 85.722294 83.857803 49 WINS 83.301510 82.915148 79.827105 83.404186 50 ZBRA 83.609885 80.740898 78.769076 74.613831

(7)

Growth Opportunity

Periode 2011-2014

No.

Kode

Perusahaan

Growth Opportunity

2011

2012

2013

2014

(8)

110

47 TRAM 18.809561 25.107997 20.635533 -9.325557 48 WEHA 14.052435 46.928686 33.530711 -7.410525 49 WINS 14.549094 37.405393 58.073781 -87.964754 50 ZBRA -8.921365 -16.849073 -15.836960 -7.574726

(9)

Non Debt Tax Shield

Periode 2011-2014

No.

Kode

Perusahaan

Non Debt Tax Shield

2011

2012

2013

2014

(10)

112

47 TRAM 3.285454 3.527668 4.995915 6.281380 48 WEHA 12.292867 9.759857 9.704370 13.724471 49 WINS 0.399701 0.406852 0.518178 5.179146 50 ZBRA 10.803177 11.470120 13.010468 10.548005

(11)

Ukuran Perusahaan

Periode 2011-2014

No.

Kode

Perusahaan

LnTA

2011

2012

2013

2014

(12)

114

47 TRAM 14.769267 14.993274 15.180877 15.082983 48 WEHA 12.478974 12.863751 13.152912 13.075917 49 WINS 14.684933 15.002699 15.460590 13.343260 50 ZBRA 10.944647 10.760134 10.587720 10.508950

(13)

Debt to Equity Ratio

(DER)

Periode 2011-2014

No.

Kode

Perusahaan

DER

2011

2012

2013

2014

(14)

116

47 TRAM 0.712073 1.485420 1.297281 1.716815 48 WEHA 2.328739 3.548947 2.280745 1.945291 49 WINS 0.866273 0.910309 0.931793 0.647005 50 ZBRA 2.061004 3.802712 20.155283 0.452797

(15)

Hasil Uji

Eviews

Hasil Uji Metode

Pooled Least Square

Dependent Variable: DER

Method: Pooled Least Squares Sample: 2011 2014

Included observations: 4 Cross-sections included: 50

Total pool (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob. C 4.554930 1.045616 4.356216 0.0000 ROA -0.012707 0.006253 -2.032031 0.0435 CR -0.003485 0.000888 -3.922597 0.0001 FAR -0.033498 0.012665 -2.644951 0.0088 GO 0.010159 0.000558 18.19588 0.0000 NDTS 0.048482 0.025318 1.914951 0.0570 R-squared 0.645118

Adjusted R-squared 0.635972 F-statistic 70.53216 Prob(F-statistic) 0.000000

Hasil Uji

Fixed Effect Model

Dependent Variable: DER

Method: Pooled Least Squares Sample: 2011 2014

Included observations: 4 Cross-sections included: 50

Total pool (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob. C 1.797236 1.925236 0.933515 0.3521 ROA -0.011634 0.006992 -1.663862 0.0983 CR -0.001246 0.001030 -1.209266 0.2285 FAR 0.002670 0.023878 0.111823 0.9111 GO 0.008982 0.000545 16.48392 0.0000 NDTS -0.012895 0.029343 -0.439440 0.6610 R-squared 0.821765

(16)

118

Hasil Uji Chow

Redundant Fixed Effects Tests

Pool: LENTA

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 2.932817 (49,145) 0.0000 Cross-section Chi-square 137.736422 49 0.0000 R-squared 0.645118

Adjusted R-squared 0.635972 F-statistic 70.53216 Prob(F-statistic) 0.000000

Hasil Uji

Random Effect Model

Dependent Variable: DER

Method: Pooled EGLS (Cross-section random effects) Sample: 2011 2014

Included observations: 4 Cross-sections included: 50

Total pool (balanced) observations: 200

Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob. C 3.701152 1.155881 3.202020 0.0016 ROA -0.012424 0.005906 -2.103429 0.0367 CR -0.002633 0.000860 -3.061012 0.0025 FAR -0.022037 0.014022 -1.571651 0.1177 GO 0.009592 0.000496 19.32886 0.0000 NDTS 0.022924 0.024451 0.937557 0.3496 R-squared 0.658813

Adjusted R-squared 0.650019 F-statistic 74.92054 Prob(F-statistic) 0.000000

Hasil Uji Hausman

Correlated Random Effects - Hausman Test

Pool: LENTA

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob. Cross-section random 22.041769 5 0.0005 R-squared 0.821765

Adjusted R-squared 0.755388 F-statistic 12.38024 Prob(F-statistic) 0.000000

(17)

Dependent Variable: DER Method: Pooled Least Squares Sample: 2011 2014

Included observations: 4 Cross-sections included: 50

Total pool (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob. C 2.494760 6.831304 0.365195 0.7155 ROA -0.011928 0.007539 -1.582118 0.1158 CR -0.001243 0.001034 -1.201600 0.2315 FAR 0.002595 0.023970 0.108239 0.9140 GO 0.008983 0.000547 16.42474 0.0000 NDTS -0.013986 0.031178 -0.448589 0.6544 LNTA -0.046467 0.436501 -0.106452 0.9154 R-squared 0.821779

Adjusted R-squared 0.753709 F-statistic 12.07247 Prob(F-statistic) 0.000000

Hasil Uji

Fixed Effect Model

(Persamaan III)

Dependent Variable: DER

Method: Pooled Least Squares Sample: 2011 2014

Included observations: 4 Cross-sections included: 50

Total pool (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob. C 3.216919 18.86020 0.170567 0.8648 ROA -0.106902 0.061871 -1.727830 0.0862 CR 0.004505 0.009574 0.470501 0.6387 FAR -0.005533 0.206894 -0.026741 0.9787 GO 0.048935 0.024666 1.983881 0.0492 NDTS 0.458054 0.361751 1.266212 0.2076 LNTA -0.034261 1.300823 -0.026338 0.9790 ROA_LNTA 0.007277 0.004480 1.624233 0.1066 CR_LNTA -0.000441 0.000729 -0.605300 0.5460 FAR_LNTA -0.0000329 0.014352 -0.002295 0.9982 GO_LNTA -0.003021 0.001860 -1.623851 0.1067 NDTS_LNTA -0.033418 0.025702 -1.300192 0.1957 R-squared 0.829740

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