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Lampiran 1
Lampiran 1.1. Data Variabel Independen
Lampiran 1.2. Data Variabel Dependen
Lampiran 2
Lampiran 2.1. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Short Term Debt to Assets Ratio
Dependent Variable: STD?
Method: Pooled Least Squares Date: 02/17/16 Time: 14:02 Sample: 2006 2014
Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C -0.156210 0.114733 -1.361509 0.1816
ROA? -0.558961 0.170862 -3.271421 0.0023
CR? -0.058192 0.006828 -8.522438 0.0000
DPR? 0.093156 0.026857 3.468577 0.0013
GA? -0.019427 0.013890 -1.398638 0.1702
INF? 0.276953 0.430369 0.643525 0.5239
SBI? 0.980603 0.593719 1.651630 0.1071
USD? 3.47E-05 1.02E-05 3.419704 0.0015
R-squared 0.661628 Mean dependent var 0.256254
Adjusted R-squared 0.597612 S.D. dependent var 0.121115
S.E. of regression 0.076828 Akaike info criterion -2.134684
Sum squared resid 0.218394 Schwarz criterion -1.813500
Log likelihood 56.03039 Hannan-Quinn criter. -2.014950
F-statistic 10.33532 Durbin-Watson stat 1.686187
Prob(F-statistic) 0.000000
Lampiran 2.2 Hasil Pengujian Model Fixed Effect Variabel Dependen: Short Term Debt to Assets Ratio
Dependent Variable: STD?
Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 14:03
Sample: 2006 2014 Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C -0.009263 0.068300 -0.135619 0.8929
ROA? -0.684562 0.156971 -4.361064 0.0001
CR? -0.044012 0.013976 -3.149181 0.0035
DPR? -0.018576 0.037239 -0.498826 0.6212
GA? -0.020432 0.014093 -1.449824 0.1565
INF? 0.099905 0.165283 0.604448 0.5497
SBI? 1.079337 0.495232 2.179457 0.0365
USD? 2.15E-05 5.95E-06 3.608293 0.0010
Fixed Effects (Cross)
TLKM--C 0.085779
ISAT--C -0.001335
EXCL--C 0.007973
BTEL--C -0.025846
FREN--C -0.066571
Effects Specification Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0.652609 Mean dependent var 0.297290
Adjusted R-squared 0.536812 S.D. dependent var 0.139327
S.E. of regression 0.073255 Sum squared resid 0.177086
F-statistic 5.635799 Durbin-Watson stat 1.947775
Prob(F-statistic) 0.000051
Unweighted Statistics
R-squared 0.702505 Mean dependent var 0.256254
Sum squared resid 0.192011 Durbin-Watson stat 1.829172
Lampiran 2.3. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Long Term Debt to Assets Ratio
Dependent Variable: LTD?
Method: Pooled Least Squares Date: 02/17/16 Time: 13:57 Sample: 2006 2014
Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C 0.400601 0.156039 2.567317 0.0144
ROA? -0.520852 0.102669 -5.073115 0.0000
CR? 0.004725 0.030163 0.156635 0.8764
DPR? -0.132747 0.043535 -3.049163 0.0042
GA? -0.029189 0.023962 -1.218106 0.2309
INF? 0.180495 0.977743 0.184604 0.8545
SBI? -0.183187 0.688447 -0.266088 0.7916
USD? 3.11E-06 1.85E-05 0.167931 0.8676
R-squared 0.533918 Mean dependent var 0.401616
Adjusted R-squared 0.445741 S.D. dependent var 0.133565
S.E. of regression 0.099438 Akaike info criterion -1.618762
Sum squared resid 0.365850 Schwarz criterion -1.297578
Log likelihood 44.42216 Hannan-Quinn criter. -1.499028
F-statistic 6.055029 Durbin-Watson stat 1.540427
Prob(F-statistic) 0.000095
Lampiran 2.4. Hasil Pengujian Model Fixed Effect Variabel Dependen: Long Term Debt to Assets Ratio
Dependent Variable: LTD?
Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 14:00
Sample: 2006 2014 Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C 0.379378 0.107824 3.518491 0.0013
ROA? -0.819236 0.160074 -5.117855 0.0000
CR? 0.041070 0.011226 3.658295 0.0009
DPR? -0.018443 0.052538 -0.351032 0.7278
GA? -0.016657 0.014286 -1.165944 0.2520
INF? 0.000386 0.943004 0.000409 0.9997
SBI? -0.375984 0.662704 -0.567349 0.5743
USD? 1.78E-06 1.55E-05 0.114388 0.9096
Fixed Effects (Cross)
TLKM--C -0.047858
ISAT--C 0.031763
EXCL--C 0.091435
BTEL--C -0.048634
FREN--C -0.026706
Effects Specification Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0.641178 Mean dependent var 0.447572
Adjusted R-squared 0.521570 S.D. dependent var 0.201862
S.E. of regression 0.090215 Sum squared resid 0.268578
F-statistic 5.360685 Durbin-Watson stat 1.866116
Prob(F-statistic) 0.000081
Unweighted Statistics
R-squared 0.637343 Mean dependent var 0.401616
Sum squared resid 0.284667 Durbin-Watson stat 1.962918
Lampiran 2.5. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Total Debt to Assets Ratio
Dependent Variable: TD?
Method: Pooled Least Squares Date: 02/17/16 Time: 13:49 Sample: 2006 2014
Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C 0.244391 0.146227 1.671305 0.1031
ROA? -1.079812 0.260073 -4.151962 0.0002
CR? -0.053467 0.034797 -1.536560 0.1329
DPR? -0.039591 0.047745 -0.829207 0.4123
GA? -0.048615 0.017592 -2.763472 0.0089
INF? 0.457449 0.665006 0.687886 0.4958
SBI? 0.797416 1.144273 0.696875 0.4902
USD? 3.78E-05 1.42E-05 2.661150 0.0115
R-squared 0.731500 Mean dependent var 0.657870
Adjusted R-squared 0.680703 S.D. dependent var 0.209800
S.E. of regression 0.118550 Akaike info criterion -1.267147
Sum squared resid 0.520005 Schwarz criterion -0.945962
Log likelihood 36.51080 Hannan-Quinn criter. -1.147412
F-statistic 14.40037 Durbin-Watson stat 1.400989
Prob(F-statistic) 0.000000
Lampiran 2.6. Hasil Pengujian Model Fixed Effect Variabel Dependen: Total Debt to Assets Ratio
Dependent Variable: TD?
Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 13:53
Sample: 2006 2014 Included observations: 9 Cross-sections included: 5
Total pool (balanced) observations: 45
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (no d.f. correction)
Variable Coefficient Std. Error t-Statistic Prob.
C 0.441079 0.094760 4.654693 0.0001
ROA? -1.500360 0.099012 -15.15327 0.0000
CR? 0.007853 0.015600 0.503399 0.6180
DPR? -0.061965 0.044099 -1.405138 0.1693
GA? -0.033785 0.018518 -1.824429 0.0772
INF? 0.121868 0.588276 0.207162 0.8372
SBI? 0.387369 0.820068 0.472362 0.6398
USD? 1.80E-05 9.24E-06 1.946656 0.0601
Fixed Effects (Cross)
TLKM--C 0.047261
ISAT--C 0.036259
EXCL--C 0.099975
BTEL--C -0.082156
FREN--C -0.101340
Effects Specification Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0.801110 Mean dependent var 0.917978
Adjusted R-squared 0.734814 S.D. dependent var 0.456996
S.E. of regression 0.108191 Sum squared resid 0.386276
F-statistic 12.08375 Durbin-Watson stat 1.494131
Prob(F-statistic) 0.000000
Unweighted Statistics
R-squared 0.769696 Mean dependent var 0.657870
Sum squared resid 0.446031 Durbin-Watson stat 1.529414
Lampiran 2.7. Hasil Uji Chow Test
Redundant Fixed Effects Tests Pool: YWAHYUDI
Test cross-section fixed effects
Variabel Dependen : short term debt to assets ratio
Effects Test Statistic d.f. Prob.
Cross-section F 1.499001 (4,33) 0.2251
Cross-section Chi-square 7.512823 4 0.1111
Variabel Dependen: long term debt to assets ratio
Effects Test Statistic d.f. Prob.
Cross-section F 2.614915 (4,33) 0.0529
Cross-section Chi-square 12.389653 4 0.0147
Variabel Dependen: total debt to assets ratio
Effects Test Statistic d.f. Prob.
Cross-section F 1.805069 (4,33) 0.1514
Cross-section Chi-square 8.903868 4 0.0635
