LAMPIRAN II STATISTIK DESKRIPTIF

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LAMPIRAN

LAMPIRAN I

DAFTAR SAMPEL PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2010-2012

No Nama Bank Kode Bank

1 PT. Bank Agroniaga Tbk AGRO

2 PT. Bank Artha Graha Internasional Tbk INPC

3 PT. Bank Bukopin Tbk BBKP

4 PT. Bank Bumi Artha Tbk BNBA

5 PT. Bank ICB Bumi Putera Tbk BABP

6 PT. Bank Capital Indonesia Tbk BACA

7 PT. Bank Central Asia Tbk BBCA

8 PT. Bank Danamon Indonesia Tbk BDMN

9 PT. Bank Ekonomi Raharja Tbk BAEK

10 PT. Bank Himpunan Saudara 1906 Tbk SDRA 11 PT. Bank Internasional Indonesia Tbk BNII

12 PT. Bank Kesawan Tbk BKSW

13 PT. Bank Mandiri (Persero) Tbk BMRI

14 PT. Bank Mayapada Internasional Tbk MAYA

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16 PT. Bank Negara Indonesia (Persero) Tbk BBNI

17 PT. Bank CIMB Niaga Tbk BNGA

18 PT. Bank OCBC NISP Tbk NISP

19 PT. Bank Nusantara Parahyangan Tbk BBNP

20 PT. Bank Pan Indonesia Tbk PNBN

21 PT. Bank Permata Tbk BNLI

22 PT. Bank Sinarmas Tbk BSIM

23 PT. Bank Rakyat Indonesia (Persero) Tbk BBRI

24 PT. Bank Swadesi Tbk BSWD

25 PT. Bank Tabungan Negara (Persero) Tbk BBTN 26 PT. Bank Tabungan Pensiun Nasional Tbk BTPN 27 PT. Bank Victoria International Tbk BVIC 28 PT. Bank Windu Kentjana Internasional Tbk MCOR

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LAMPIRAN II

STATISTIK DESKRIPTIF

VAHU STVA VACA ROA OPM MBV

Mean 2.565979 0.522247 0.371969 0.017147 0.245399 0.417865 Median 2.25189 0.56196 0.364626 0.017508 0.210999 0.354865 Maximum 5.600375 0.821441 0.886551 0.043276 1.049414 1.232773 Minimum 0.327514 -2.053305 0.097367 -0.146827 -0.160356 0.014495 Std. Dev. 1.078438 0.346624 0.163788 0.020898 0.187047 0.296269 Sum 215.5423 43.86872 31.24543 1.440387 20.61348 35.10068 Sum Sq. Dev. 96.53134 9.972276 2.226596 0.036248 2.903877 7.285373

Observations 84 84 84 84 84 84

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LAMPIRAN III

UJI HAUSMAN Model 1

Correlated Random Effects - Hausman Test Pool: POOL1

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 7.830949 3 0.0496

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

VAHU? -0.007334 -0.007220 0.000002 0.9374 STVA? 0.067505 0.066041 0.000003 0.4335 VACA? -0.011397 -0.001465 0.000057 0.1890

Cross-section random effects test equation: Dependent Variable: ROA?

Method: Panel Least Squares Date: 03/16/14 Time: 20:09 Sample: 2010 2012

Included observations: 3 Cross-sections included: 28

Total pool (balanced) observations: 84

Variable Coefficient Std. Error t-Statistic Prob.

C 0.004950 0.003447 1.436138 0.1568 VAHU? -0.007334 0.001974 -3.714449 0.0005 STVA? 0.067505 0.003962 17.03624 0.0000 VACA? -0.011397 0.010565 -1.078787 0.2856

Effects Specification

Cross-section fixed (dummy variables)

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Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000

Model 2

Test Summary

Chi-Sq.

VAHU? -0.027634 0.001824 0.001165 0.3881 STVA? 0.069786 0.144268 0.002297 0.1202 VACA? 0.171548 0.130318 0.032159 0.8182

Cross-section random effects test equation: Dependent Variable: OPM?

C 0.216050 0.074343 2.906117 0.0053 VAHU? -0.027634 0.042582 -0.648951 0.5192 STVA? 0.069786 0.085461 0.816578 0.4178 VACA? 0.171548 0.227856 0.752882 0.4549

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S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345

MODEL 3

Test Summary

Chi-Sq.

VAHU? -0.055670 -0.040673 0.000359 0.4284 STVA? -0.102438 -0.137180 0.000429 0.0936 VACA? 0.618327 0.439397 0.009523 0.0667

Cross-section random effects test equation: Dependent Variable: MBV?

C 0.384212 0.062399 6.157293 0.0000 VAHU? -0.055670 0.035741 -1.557582 0.1253 STVA? -0.102438 0.071731 -1.428077 0.1591 VACA? 0.618327 0.191249 3.233096 0.0021

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LAMPIRAN IV

HASIL REGRESI DATA

METODE FIXED EFFECT METHOD _(FEM)

Model 1

Dependent Variable: ROA Method: Pooled Least Squares Date: 03/14/14 Time: 17:03 Sample: 2010 2012

White cross-section standard errors & covariance (d.f. corrected)

C 0.004950 0.002171 2.280668 0.0266 VAHU? -0.007334 0.001436 -5.107151 0.0000 STVA? 0.067505 0.007072 9.545085 0.0000 VACA? -0.011397 0.003629 -3.140227 0.0028 Fixed Effects

(Cross)

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_BSWD—C 0.006137 _BBTN—C -0.002050 _BTPN—C 0.019775 _BVIC—C -0.005932 _MCOR—C -0.007937

R-squared 0.934811 Mean dependent var 0.017147 Adjusted R-squared 0.897911 S.D. dependent var 0.020898 S.E. of regression 0.006677 Akaike info criterion -6.902675 Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000

Estimation Command:

=====================

LS(CX=F) ROA? C VAHU? STVA? VACA?

Estimation Equations:

=====================

ROA_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO

ROA_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC

ROA_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP

ROA_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA

ROA_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP

ROA_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA

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ROA_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN

ROA_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK

ROA_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA

ROA_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII

ROA_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW

ROA_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI

ROA_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA

ROA_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA

ROA_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI

ROA_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA

ROA_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP

ROA_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP

ROA_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN

ROA_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI

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ROA_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI

ROA_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD

ROA_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN

ROA_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN

ROA_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC

ROA_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR

Substituted Coefficients: =====================

ROA_AGRO = -0.00302636578167 + 0.00495028729963 -

0.0073335788596*VAHU_AGRO + 0.0675050807213*STVA_AGRO - 0.0113969468392*VACA_AGRO

ROA_INPC = -0.00948541645345 + 0.00495028729963 -

0.0073335788596*VAHU_INPC + 0.0675050807213*STVA_INPC - 0.0113969468392*VACA_INPC

ROA_BBKP = -0.00714304455433 + 0.00495028729963 -

0.0073335788596*VAHU_BBKP + 0.0675050807213*STVA_BBKP - 0.0113969468392*VACA_BBKP

ROA_BNBA = -0.00107560705848 + 0.00495028729963 -

0.0073335788596*VAHU_BNBA + 0.0675050807213*STVA_BNBA - 0.0113969468392*VACA_BNBA

ROA_BABP = 0.00437610860771 + 0.00495028729963 -

0.0073335788596*VAHU_BABP + 0.0675050807213*STVA_BABP - 0.0113969468392*VACA_BABP

ROA_BACA = -0.0113439326732 + 0.00495028729963 -

0.0073335788596*VAHU_BACA + 0.0675050807213*STVA_BACA - 0.0113969468392*VACA_BACA

ROA_BBCA = 0.012843942162 + 0.00495028729963 -

0.0073335788596*VAHU_BBCA + 0.0675050807213*STVA_BBCA - 0.0113969468392*VACA_BBCA

ROA_BDMN = 0.0127485473927 + 0.00495028729963 -

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ROA_BAEK = -0.00568795450317 + 0.00495028729963 -

0.0073335788596*VAHU_BAEK + 0.0675050807213*STVA_BAEK - 0.0113969468392*VACA_BAEK

ROA_SDRA = 0.00239297952687 + 0.00495028729963 -

0.0073335788596*VAHU_SDRA + 0.0675050807213*STVA_SDRA - 0.0113969468392*VACA_SDRA

ROA_BNII = -0.00704235367486 + 0.00495028729963 -

0.0073335788596*VAHU_BNII + 0.0675050807213*STVA_BNII - 0.0113969468392*VACA_BNII

ROA_BKSW = -0.00214448649533 + 0.00495028729963 -

0.0073335788596*VAHU_BKSW + 0.0675050807213*STVA_BKSW - 0.0113969468392*VACA_BKSW

ROA_BMRI = 0.00760497990521 + 0.00495028729963 -

0.0073335788596*VAHU_BMRI + 0.0675050807213*STVA_BMRI - 0.0113969468392*VACA_BMRI

ROA_MAYA = -0.00608520279025 + 0.00495028729963 -

0.0073335788596*VAHU_MAYA + 0.0675050807213*STVA_MAYA - 0.0113969468392*VACA_MAYA

ROA_MEGA = 0.000225097411734 + 0.00495028729963 -

0.0073335788596*VAHU_MEGA + 0.0675050807213*STVA_MEGA - 0.0113969468392*VACA_MEGA

ROA_BBNI = 0.00111181265243 + 0.00495028729963 -

0.0073335788596*VAHU_BBNI + 0.0675050807213*STVA_BBNI - 0.0113969468392*VACA_BBNI

ROA_BNGA = 0.000856881029626 + 0.00495028729963 -

0.0073335788596*VAHU_BNGA + 0.0675050807213*STVA_BNGA - 0.0113969468392*VACA_BNGA

ROA_NISP = -0.00748002909763 + 0.00495028729963 -

0.0073335788596*VAHU_NISP + 0.0675050807213*STVA_NISP - 0.0113969468392*VACA_NISP

ROA_BBNP = -0.00352694739519 + 0.00495028729963 -

0.0073335788596*VAHU_BBNP + 0.0675050807213*STVA_BBNP - 0.0113969468392*VACA_BBNP

ROA_PNBN = 0.000866511484284 + 0.00495028729963 -

0.0073335788596*VAHU_PNBN + 0.0675050807213*STVA_PNBN - 0.0113969468392*VACA_PNBN

ROA_BNLI = -0.00593172363234 + 0.00495028729963 -

0.0073335788596*VAHU_BNLI + 0.0675050807213*STVA_BNLI - 0.0113969468392*VACA_BNLI

ROA_BSIM = -0.00355897588005 + 0.00495028729963 -

0.0073335788596*VAHU_BSIM + 0.0675050807213*STVA_BSIM - 0.0113969468392*VACA_BSIM

ROA_BBRI = 0.0205104923023 + 0.00495028729963 -

(13)

ROA_BSWD = 0.00613716810735 + 0.00495028729963 -

0.0073335788596*VAHU_BSWD + 0.0675050807213*STVA_BSWD - 0.0113969468392*VACA_BSWD

ROA_BBTN = -0.00204957423612 + 0.00495028729963 -

0.0073335788596*VAHU_BBTN + 0.0675050807213*STVA_BBTN - 0.0113969468392*VACA_BBTN

ROA_BTPN = 0.0197754536655 + 0.00495028729963 -

0.0073335788596*VAHU_BTPN + 0.0675050807213*STVA_BTPN - 0.0113969468392*VACA_BTPN

ROA_BVIC = -0.00593178520347 + 0.00495028729963 -

0.0073335788596*VAHU_BVIC + 0.0675050807213*STVA_BVIC - 0.0113969468392*VACA_BVIC

ROA_MCOR = -0.0079365748182 + 0.00495028729963 -

0.0073335788596*VAHU_MCOR + 0.0675050807213*STVA_MCOR - 0.0113969468392*VACA_MCOR

Model 2

Dependent Variable: OPM Method: Pooled Least Squares Date: 03/14/14 Time: 17:15 Sample: 2010 2012

C 0.216050 0.021630 9.988431 0.0000 VAHU? -0.027634 0.002611 -10.58501 0.0000 STVA? 0.069786 0.026542 2.629236 0.0112 VACA? 0.171548 0.053042 3.234179 0.0021 Fixed Effects

(Cross)

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_BBCA—C 0.261053 _BDMN—C 0.056335 _BAEK—C 0.248054 _SDRA—C -0.077887 _BNII—C 0.162131 _BKSW—C -0.251085 _BMRI—C 0.211193 _MAYA—C -0.074300 _MEGA—C -0.015409 _BBNI—C 0.092319 _BNGA—C 0.049126 _NISP—C 0.263962 _BBNP—C -0.105142 _PNBN—C 0.066153 _BNLI—C -0.064364 _BSIM—C -0.085720 _BBRI—C 0.098800 _BSWD—C 0.129143 _BBTN—C -0.047025 _BTPN—C -0.065378 _BVIC—C 0.005036 _MCOR—C -0.107383

R-squared 0.621473 Mean dependent var 0.245399 Adjusted R-squared 0.407212 S.D. dependent var 0.187047 S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345

stimation Command:

=====================

LS(CX=F) OPM? C VAHU? STVA? VACA?

=====================

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OPM_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC

OPM_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP

OPM_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA

OPM_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP

OPM_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA

OPM_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA

OPM_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN

OPM_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK

OPM_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA

OPM_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII

OPM_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW

OPM_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI

OPM_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA

OPM_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA

(16)

OPM_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA

OPM_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP

OPM_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP

OPM_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN

OPM_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI

OPM_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM

OPM_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI

OPM_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD

OPM_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN

OPM_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN

OPM_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC

OPM_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR

OPM_AGRO = -0.132428321834 + 0.216050101431 -

0.0276337859696*VAHU_AGRO + 0.0697858925365*STVA_AGRO + 0.171548359439*VACA_AGRO

OPM_INPC = -0.175687798775 + 0.216050101431 -

(17)

OPM_BBKP = -0.0655290587429 + 0.216050101431 -

0.0276337859696*VAHU_BBKP + 0.0697858925365*STVA_BBKP + 0.171548359439*VACA_BBKP

OPM_BNBA = -0.058783395058 + 0.216050101431 -

0.0276337859696*VAHU_BNBA + 0.0697858925365*STVA_BNBA + 0.171548359439*VACA_BNBA

OPM_BABP = -0.209392065253 + 0.216050101431 -

0.0276337859696*VAHU_BABP + 0.0697858925365*STVA_BABP + 0.171548359439*VACA_BABP

OPM_BACA = -0.107791965407 + 0.216050101431 -

0.0276337859696*VAHU_BACA + 0.0697858925365*STVA_BACA + 0.171548359439*VACA_BACA

OPM_BBCA = 0.261052989048 + 0.216050101431 -

0.0276337859696*VAHU_BBCA + 0.0697858925365*STVA_BBCA + 0.171548359439*VACA_BBCA

OPM_BDMN = 0.056334674839 + 0.216050101431 -

0.0276337859696*VAHU_BDMN + 0.0697858925365*STVA_BDMN + 0.171548359439*VACA_BDMN

OPM_BAEK = 0.248054433232 + 0.216050101431 -

0.0276337859696*VAHU_BAEK + 0.0697858925365*STVA_BAEK + 0.171548359439*VACA_BAEK

OPM_SDRA = -0.0778865539423 + 0.216050101431 -

0.0276337859696*VAHU_SDRA + 0.0697858925365*STVA_SDRA + 0.171548359439*VACA_SDRA

OPM_BNII = 0.16213061139 + 0.216050101431 -

0.0276337859696*VAHU_BNII + 0.0697858925365*STVA_BNII + 0.171548359439*VACA_BNII

OPM_BKSW = -0.251085431772 + 0.216050101431 -

0.0276337859696*VAHU_BKSW + 0.0697858925365*STVA_BKSW + 0.171548359439*VACA_BKSW

OPM_BMRI = 0.211193100561 + 0.216050101431 -

0.0276337859696*VAHU_BMRI + 0.0697858925365*STVA_BMRI + 0.171548359439*VACA_BMRI

OPM_MAYA = -0.0743004835459 + 0.216050101431 -

0.0276337859696*VAHU_MAYA + 0.0697858925365*STVA_MAYA + 0.171548359439*VACA_MAYA

OPM_MEGA = -0.0154089308228 + 0.216050101431 -

0.0276337859696*VAHU_MEGA + 0.0697858925365*STVA_MEGA + 0.171548359439*VACA_MEGA

OPM_BBNI = 0.0923187626936 + 0.216050101431 -

0.0276337859696*VAHU_BBNI + 0.0697858925365*STVA_BBNI + 0.171548359439*VACA_BBNI

OPM_BNGA = 0.049126261013 + 0.216050101431 -

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OPM_NISP = 0.263962064512 + 0.216050101431 -

0.0276337859696*VAHU_NISP + 0.0697858925365*STVA_NISP + 0.171548359439*VACA_NISP

OPM_BBNP = -0.105141973543 + 0.216050101431 -

0.0276337859696*VAHU_BBNP + 0.0697858925365*STVA_BBNP + 0.171548359439*VACA_BBNP

OPM_PNBN = 0.0661534426646 + 0.216050101431 -

0.0276337859696*VAHU_PNBN + 0.0697858925365*STVA_PNBN + 0.171548359439*VACA_PNBN

OPM_BNLI = -0.0643644416162 + 0.216050101431 -

0.0276337859696*VAHU_BNLI + 0.0697858925365*STVA_BNLI + 0.171548359439*VACA_BNLI

OPM_BSIM = -0.0857198219262 + 0.216050101431 -

0.0276337859696*VAHU_BSIM + 0.0697858925365*STVA_BSIM + 0.171548359439*VACA_BSIM

OPM_BBRI = 0.0987997227854 + 0.216050101431 -

0.0276337859696*VAHU_BBRI + 0.0697858925365*STVA_BBRI + 0.171548359439*VACA_BBRI

OPM_BSWD = 0.12914332185 + 0.216050101431 -

0.0276337859696*VAHU_BSWD + 0.0697858925365*STVA_BSWD + 0.171548359439*VACA_BSWD

OPM_BBTN = -0.0470253838961 + 0.216050101431 -

0.0276337859696*VAHU_BBTN + 0.0697858925365*STVA_BBTN + 0.171548359439*VACA_BBTN

OPM_BTPN = -0.0653775781571 + 0.216050101431 -

0.0276337859696*VAHU_BTPN + 0.0697858925365*STVA_BTPN + 0.171548359439*VACA_BTPN

OPM_BVIC = 0.00503649077286 + 0.216050101431 -

0.0276337859696*VAHU_BVIC + 0.0697858925365*STVA_BVIC + 0.171548359439*VACA_BVIC

OPM_MCOR = -0.10738267107 + 0.216050101431 -

0.0276337859696*VAHU_MCOR + 0.0697858925365*STVA_MCOR + 0.171548359439*VACA_MCOR

Model 3

Dependent Variable: MBV Method: Pooled Least Squares Date: 03/14/14 Time: 17:22 Sample: 2010 2012

(19)

C 0.384212 0.060375 6.363714 0.0000 VAHU? -0.055670 0.021607 -2.576461 0.0128 STVA? -0.102438 0.023691 -4.323982 0.0001 VACA? 0.618327 0.073560 8.405785 0.0000 Fixed Effects

(Cross)

_AGRO—C 0.624433 _INPC—C 0.197545 _BBKP—C -0.231027 _BNBA—C 0.102344 _BABP—C 0.286454 _BACA—C 0.464066 _BBCA—C -0.345228 _BDMN—C -0.218311 _BAEK—C -0.401169 _SDRA—C 0.000999 _BNII—C -0.070144 _BKSW—C 0.521167 _BMRI—C 0.077924 _MAYA—C -0.103604 _MEGA—C -0.127226 _BBNI—C -0.147708 _BNGA—C -0.322592 _NISP—C -0.310622 _BBNP—C -0.103915 _PNBN—C -0.042687 _BNLI—C -0.261650 _BSIM—C 0.281781 _BBRI—C -0.399100 _BSWD—C 0.237933 _BBTN—C 0.165269 _BTPN—C -0.362552 _BVIC—C 0.222064 _MCOR—C 0.265558

(20)

Estimation Command:

=====================

LS(CX=F) MBV? C VAHU? STVA? VACA?

=====================

MBV_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO

MBV_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC

MBV_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP

MBV_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA

MBV_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP

MBV_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA

MBV_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA

MBV_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN

MBV_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK

MBV_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA

MBV_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII

MBV_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW

(21)

MBV_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA

MBV_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA

MBV_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI

MBV_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA

MBV_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP

MBV_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP

MBV_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN

MBV_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI

MBV_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM

MBV_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI

MBV_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD

MBV_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN

MBV_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN

MBV_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC

(22)

MBV_AGRO = 0.624432893102 + 0.384211982442 -

0.0556697731693*VAHU_AGRO - 0.102438031614*STVA_AGRO + 0.618327023235*VACA_AGRO

MBV_INPC = 0.19754472224 + 0.384211982442 -

0.0556697731693*VAHU_INPC - 0.102438031614*STVA_INPC + 0.618327023235*VACA_INPC

MBV_BBKP = -0.231026539082 + 0.384211982442 -

0.0556697731693*VAHU_BBKP - 0.102438031614*STVA_BBKP + 0.618327023235*VACA_BBKP

MBV_BNBA = 0.102343600228 + 0.384211982442 -

0.0556697731693*VAHU_BNBA - 0.102438031614*STVA_BNBA + 0.618327023235*VACA_BNBA

MBV_BABP = 0.286454426953 + 0.384211982442 -

0.0556697731693*VAHU_BABP - 0.102438031614*STVA_BABP + 0.618327023235*VACA_BABP

MBV_BACA = 0.464066222729 + 0.384211982442 -

0.0556697731693*VAHU_BACA - 0.102438031614*STVA_BACA + 0.618327023235*VACA_BACA

MBV_BBCA = -0.345228350694 + 0.384211982442 -

0.0556697731693*VAHU_BBCA - 0.102438031614*STVA_BBCA + 0.618327023235*VACA_BBCA

MBV_BDMN = -0.218311230498 + 0.384211982442 -

0.0556697731693*VAHU_BDMN - 0.102438031614*STVA_BDMN + 0.618327023235*VACA_BDMN

MBV_BAEK = -0.401169326994 + 0.384211982442 -

0.0556697731693*VAHU_BAEK - 0.102438031614*STVA_BAEK + 0.618327023235*VACA_BAEK

MBV_SDRA = 0.000998763035202 + 0.384211982442 -

0.0556697731693*VAHU_SDRA - 0.102438031614*STVA_SDRA + 0.618327023235*VACA_SDRA

MBV_BNII = -0.0701435576012 + 0.384211982442 -

0.0556697731693*VAHU_BNII - 0.102438031614*STVA_BNII + 0.618327023235*VACA_BNII

MBV_BKSW = 0.521166730257 + 0.384211982442 -

0.0556697731693*VAHU_BKSW - 0.102438031614*STVA_BKSW + 0.618327023235*VACA_BKSW

MBV_BMRI = 0.0779240830864 + 0.384211982442 -

0.0556697731693*VAHU_BMRI - 0.102438031614*STVA_BMRI + 0.618327023235*VACA_BMRI

MBV_MAYA = -0.103603922279 + 0.384211982442 -

(23)

MBV_MEGA = -0.127225519815 + 0.384211982442 -

0.0556697731693*VAHU_MEGA - 0.102438031614*STVA_MEGA + 0.618327023235*VACA_MEGA

MBV_BBNI = -0.147708227562 + 0.384211982442 -

0.0556697731693*VAHU_BBNI - 0.102438031614*STVA_BBNI + 0.618327023235*VACA_BBNI

MBV_BNGA = -0.322591646507 + 0.384211982442 -

0.0556697731693*VAHU_BNGA - 0.102438031614*STVA_BNGA + 0.618327023235*VACA_BNGA

MBV_NISP = -0.310622349973 + 0.384211982442 -

0.0556697731693*VAHU_NISP - 0.102438031614*STVA_NISP + 0.618327023235*VACA_NISP

MBV_BBNP = -0.103915298649 + 0.384211982442 -

0.0556697731693*VAHU_BBNP - 0.102438031614*STVA_BBNP + 0.618327023235*VACA_BBNP

MBV_PNBN = -0.0426872452583 + 0.384211982442 -

0.0556697731693*VAHU_PNBN - 0.102438031614*STVA_PNBN + 0.618327023235*VACA_PNBN

MBV_BNLI = -0.261649900756 + 0.384211982442 -

0.0556697731693*VAHU_BNLI - 0.102438031614*STVA_BNLI + 0.618327023235*VACA_BNLI

MBV_BSIM = 0.281781292378 + 0.384211982442 -

0.0556697731693*VAHU_BSIM - 0.102438031614*STVA_BSIM + 0.618327023235*VACA_BSIM

MBV_BBRI = -0.39910030934 + 0.384211982442 -

0.0556697731693*VAHU_BBRI - 0.102438031614*STVA_BBRI + 0.618327023235*VACA_BBRI

MBV_BSWD = 0.2379325377 + 0.384211982442 -

0.0556697731693*VAHU_BSWD - 0.102438031614*STVA_BSWD + 0.618327023235*VACA_BSWD

MBV_BBTN = 0.165269121205 + 0.384211982442 -

0.0556697731693*VAHU_BBTN - 0.102438031614*STVA_BBTN + 0.618327023235*VACA_BBTN

MBV_BTPN = -0.362552346998 + 0.384211982442 -

0.0556697731693*VAHU_BTPN - 0.102438031614*STVA_BTPN + 0.618327023235*VACA_BTPN

MBV_BVIC = 0.222063816187 + 0.384211982442 -

0.0556697731693*VAHU_BVIC - 0.102438031614*STVA_BVIC + 0.618327023235*VACA_BVIC

MBV_MCOR = 0.265557562909 + 0.384211982442 -

(24)