Lampiran 1
Kriteria Pemilihan Sampel
Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria
Lanjutan Lampiran 1
No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel
Nama Perusahaan Kode Listing 1 2 3
37 Unggul Indah Cahaya, Tbk UNIC 06/11/1989 √ √ x 38 Alam Karya Unggul, Tbk AKKU 01/11/2004 √ √ x 39 Argha Karya Prima Industry, Tbk AKPI 18/12/1992 √ √ x 40 Asiaplast Industries, Tbk APLI 01/05/2000 √ √ x
41 Berlina, Tbk BRNA 06/11/1989 √ √ x
42 Titan Kimia Nusantara, Tbk FPNI 21/03/2002 √ √ x 43 Champion Pasific Indonesia, Tbk IGAR 05/11/1990 √ √ x 44 Impack Pratama Industri, Tbk IMPC 17/12/2014 √ x x 45 Indopoly Swakarsa Industry, Tbk IPOL 09/07/2010 √ √ x 46 Sekawan Inti Pratama, Tbk SIAP 17/10/2008 √ √ x 47 Siwani Makmur, Tbk SIMA 03/06/1994 √ √ x 48 Tunas Alfin, Tbk TPFA 12/02/2001 √ √ x 49 Trias Sentosa, Tbk TRST 02/07/1990 √ √ x 50 Yana Prima Hasta Persada, Tbk YPAS 15/03/2008 √ √ x 51 Charoen Pokphand Indonesia, Tbk CPIN 18/03/1991 √ √ √ 9 52 Japfa Comfeed Indonesia, Tbk JPFA 23/10/1989 √ √ √ 10 53 Malindo Feedmill, Tbk MAIN 10/02/2006 √ √ x
54 Siearad Produce, Tbk SIPD 27/12/1996 √ √ x 55 Sumalindo Lestari Jaya, Tbk SULI 21/03/1994 √ √ x 56 Tirta Mahakam Resources, Tbk TIRT 13/12/1999 √ √ x 57 Alkindo Natatama, Tbk ALDO 12/07/2011 √ x x 58 Dwi Aneka Jaya Kemasindo, Tbk DAJK 14/05/2014 √ x x 59 Fajar Surya Wisesa, Tbk FASW 01/12/1994 √ √ x 60 Indah Kiat Pulp & Paper, Tbk INKP 16/07/1990 √ √ x 61 Toba Pulp Lestari, Tbk INRU 18/06/1990 √ √ x 62 Kertas Basuki Rachmat Indonesia, Tbk KBRI 11/07/2008 √ √ x
63 Suparma, Tbk SPMA 16/11/1994 √ √ x
Lanjutan Lampiran 1
No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel
Lanjutan Lampiran 1
No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel
Lanjutan Lampiran 1
No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel
Nama Perusahaan Kode Listing 1 2 3
Lampiran 2
Deskriptif Statistik
DAR CR ROA PER TIE DPR
Mean 37.01104 298.1923 20.24704 20.55763 76.64613 52.93934 Median 34.52169 211.0237 16.65130 17.29265 24.35374 46.77062 Maximum 75.17807 2860.937 88.48564 168.5649 664.2831 121.4128 Minimum 4.811866 51.39035 1.084461 2.441860 0.755960 8.810573 Std. Dev. 16.25607 305.3690 14.35924 17.97783 125.2585 27.20921 Skewness 0.251867 4.834142 1.563884 4.808822 2.753136 0.610696 Kurtosis 2.103244 36.05895 6.005164 35.03522 10.92571 2.432295
Jarque-Bera 7.052792 7909.133 125.4263 7458.361 620.9059 12.09391 Probability 0.029411 0.000000 0.000000 0.000000 0.000000 0.002365
Sum 5921.766 47710.77 3239.526 3289.221 12263.38 8470.295 Sum Sq. Dev. 42017.33 14826784 32783.85 51389.17 2494660. 117714.2
2. Uji Heteroskedastisitas
Heteroskedasticity Test: White
F-statistic 1.937556 Prob. F(5,154) 0.0912 Obs*R-squared 9.469521 Prob. Chi-Square(5) 0.0917 Scaled explained SS 7.992525 Prob. Chi-Square(5) 0.1566
Test Equation:
Variable Coefficient Std. Error t-Statistic Prob.
C 0.893244 0.324960 2.748783 0.0067 LOG(DAR)^2 -0.027670 0.013025 -2.124369 0.0352 LOG(CR)^2 -0.008169 0.005527 -1.478021 0.1414 LOG(ROA)^2 -0.005704 0.007775 -0.733679 0.4643 LOG(PER)^2 0.000649 0.006417 0.101155 0.9196 LOG(TIE)^2 -0.004300 0.003226 -1.333187 0.1844
R-squared 0.059185 Mean dependent var 0.205357 Adjusted R-squared 0.028639 S.D. dependent var 0.278076 S.E. of regression 0.274065 Akaike info criterion 0.285877 Sum squared resid 11.56721 Schwarz criterion 0.401196 Log likelihood -16.87018 Hannan-Quinn criter. 0.332704 F-statistic 1.937556 Durbin-Watson stat 1.710832 Prob(F-statistic) 0.091181
4. Uji Autokorelasi
Dependent Variable: LOG(DPR) Method: Least Squares
Date: 07/03/16 Time: 01:15 Sample: 1 160
Included observations: 160
Variable Coefficient Std. Error t-Statistic Prob.
LOG(DAR) 0.146570 0.157430 0.931014 0.3533 LOG(CR) 0.127161 0.108045 1.176921 0.2410 LOG(ROA) 0.233049 0.068220 3.416120 0.0008 LOG(PER) 0.150772 0.065537 2.300553 0.0228 LOG(TIE) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791
Lampiran 4
Metode Analisis Data Panel
1. Analisis Regresi Linear Berganda Data Panel
a. Metode
Common Effects Model
Dependent Variable: LOG(DPR?)
Total pool (balanced) observations: 160
Variable Coefficient Std. Error t-Statistic Prob.
LOG(DAR?) 0.146570 0.157430 0.931014 0.3533 LOG(CR?) 0.127161 0.108045 1.176921 0.2410 LOG(ROA?) 0.233049 0.068220 3.416120 0.0008 LOG(PER?) 0.150772 0.065537 2.300553 0.0228 LOG(TIE?) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791
R-squared 0.338572 Mean dependent var 3.826403 Adjusted R-squared 0.317097 S.D. dependent var 0.558953 S.E. of regression 0.461907 Akaike info criterion 1.329872 Sum squared resid 32.85714 Schwarz criterion 1.445191 Log likelihood -100.3898 Hannan-Quinn criter. 1.376699 F-statistic 15.76589 Durbin-Watson stat 1.440237 Prob(F-statistic) 0.000000
Total pool (balanced) observations: 160
Variable Coefficient Std. Error t-Statistic Prob.
LOG(DAR?) -0.323140 0.278069 -1.162088 0.2474 LOG(CR?) -0.121007 0.225318 -0.537049 0.5922 LOG(ROA?) 0.164853 0.132657 1.242705 0.2163 LOG(PER?) 0.129498 0.089550 1.446098 0.1507 LOG(TIE?) 0.012925 0.068869 0.187673 0.8514 C 4.751132 2.154364 2.205352 0.0293 Fixed Effects (Cross)
c. Metode
Random Effect Model
Dependent Variable: LOG(DPR?)
Method: Pooled EGLS (Cross-section random effects) Date: 07/03/16 Time: 16:03
Sample: 2010 2014 Included observations: 5 Cross-sections included: 32
Total pool (balanced) observations: 160
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
Idiosyncratic random 0.437451 0.8865
Weighted Statistics
R-squared 0.260996 Mean dependent var 2.987888 Adjusted R-squared 0.237002 S.D. dependent var 0.501198 S.E. of regression 0.437795 Sum squared resid 29.51635 F-statistic 10.87769 Durbin-Watson stat 1.592133 Prob(F-statistic) 0.000000
Unweighted Statistics
Lampiran 5
Penentuan Model Analisis Data Panel
a.
Redundant Fixed Effects
(Pemilihan Model Antara CEM dengan FEM)
Redundant Fixed Effects Tests Pool: BERRY
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 1.570981 (31,123) 0.0437 Cross-section Chi-square 53.370681 31 0.0075
Cross-section fixed effects test equation: Dependent Variable: LOG(DPR?) Method: Panel Least Squares Date: 07/03/16 Time: 16:04 Sample: 2010 2014
Included observations: 5 Cross-sections included: 32
Total pool (balanced) observations: 160
Variable Coefficient Std. Error t-Statistic Prob.
LOG(DAR?) 0.146570 0.157430 0.931014 0.3533 LOG(CR?) 0.127161 0.108045 1.176921 0.2410 LOG(ROA?) 0.233049 0.068220 3.416120 0.0008 LOG(PER?) 0.150772 0.065537 2.300553 0.0228 LOG(TIE?) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791
b.
Hausman Test
(Pemilihan Model Antara FEM dengan REM
Correlated Random Effects - Hausman Test Pool: BERRY
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Cross-section random 5.242566 5 0.3870
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
LOG(DAR?) -0.323140 0.076697 0.046720 0.0643 LOG(CR?) -0.121007 0.091851 0.035823 0.2607 LOG(ROA?) 0.164853 0.234974 0.011833 0.5192 LOG(PER?) 0.129498 0.157118 0.003350 0.6332 LOG(TIE?) 0.012925 0.090740 0.002753 0.1380
Cross-section random effects test equation: Dependent Variable: LOG(DPR?)
Total pool (balanced) observations: 160
Variable Coefficient Std. Error t-Statistic Prob.
C 4.751132 2.154364 2.205352 0.0293 LOG(DAR?) -0.323140 0.278069 -1.162088 0.2474 LOG(CR?) -0.121007 0.225318 -0.537049 0.5922 LOG(ROA?) 0.164853 0.132657 1.242705 0.2163 LOG(PER?) 0.129498 0.089550 1.446098 0.1507 LOG(TIE?) 0.012925 0.068869 0.187673 0.8514
Effects Specification
Cross-section fixed (dummy variables)
