Model Watson dan Wilson (2002) Variabel

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Lampiran 1

Model Watson dan Wilson (2002)

Variabel

No. 1 2 3 4 5 6

Perusahaan CEKA DLTA DVLA GGRM HMSP ICBP

2010 0.49598 -0.06817 0.08996 0.12892 0.15853 0.30687 2011 -0.03188 -0.01752 0.08059 0.27152 -0,05597 0.13932 2012 0.24817 0.07059 0.16442 0.06193 0.35462 0.16624 2013 0.04080 0.16333 0.10735 0.22310 0.04408 0.19793

No. 7 8 9 10 11 12

Perusahaan INDF KAEF KLBF MBTO MERK MLBI

2010 0.17069 0,05841 0.08485 0.20319 0.00875 0.14456 2011 0.13347 0.08264 0.17662 0.62601 0.33493 0.07364 2012 0.10709 0.15723 0.13818 0.12521 -0.02560 -0,05633 2013 0.31637 0.19052 0.20143 0.00373 0.22393 0.54694

No. 13 14 15 16 17 18

Perusahaan MRAT MYOR PYFA RMBA ROTI SKLT

2010 0,05666 0.35506 0.00650 0.00167 0.63776 0.01626 2011 0.09354 0.50024 0.17345 0.29196 0.33588 0.07454 2012 0.07806 0.25798 0.15094 0.09499 0.58726 0.16574 2013 -0.03488 0.16950 0.28907 0.33111 0.51267 0.20918

No. 19 20 21 22 23 24

Perusahaan STTP SQBB TCID TSPC ULTJ UNVR

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Variabel Jumlah Laba Ditahan per Jumlah Harta

No.

1

2

3

4

5

6 Perusahaan

CEKA

DLTA

DVLA

GGRM

HMSP

ICBP

2010

0.54310

0.75966

0.81750

0.77842

0.57655

0.87242

2011

0.47628

0.90406

0.75002

0.79862

0.49704

0.80155

2012

0.56282

0.85929

0.64815

0.68065

0.68684

0.78742

2013

0.51404

0.90776

0.62954

0.70867

0.79731

0.74722

No.

7

8

9

10

11

12 Perusahaan

INDF

KAEF

KLBF

MBTO

MERK

MLBI

2010

0.41564

0.71146

0.82897

0.42228

0.83650

0.47447

2011

0.66863

0.75575

0.92655

1.20236

1.12887

0.46634

2012

0.63716

0.80342

0.91505

0.80226

0.71312

0.27019

2013

0.64684

0.78231

0.90253

0.74048

0.89953

0.85720

No.

13

14

15

16

17

18 Perusahaan

MRAT

MYOR

PYFA

RMBA

ROTI

SKLT

2010

0.92308

0.61337

0.77274

0.44232

1.31263

0.60301

2011

0.92773

0.55116

0.81916

0.45839

0.96160

0.61643

2012

0.91336

0.46484

0.74306

0.30375

0.87811

0.60439

2013

0.82945

0.47441

0.69122

0.12715

0.65342

0.55917

No.

19

20

21

22

23

24 Perusahaan

STTP

SQBB

TCID

TSPC

ULTJ

UNVR

2010

0.81488

0.84360

0.95361

0.79805

0.74909

0.54047

2011

0.75479

0.94524

0.97438

0.84855

0.69892

0.42303

2012

0.62015

0.89939

0.96990

0.78891

0.76933

0.37858

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Variabel Penerbitan Ekuitas per Jumlah Harta

No.

1

2

3

4

5

6 Perusahaan

CEKA

DLTA

DVLA

GGRM

HMSP

ICBP

2010

0.00000

0.01141

2011

0.00000

2012

0.00000

2013

0.00000

No. 7 8 9 10 11 12

2010 0.00000 0.00000 -0.00602 0.07765 0.00000 0.00000 2011 0.00000 0.00000 0.00000 0.10657 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000

No. 13 14 15 16 17 18

2010 0.00000 0.00000 0.00000 0.00518 0.04376 0.00000 2011 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2012 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 2013 0.00000 0.00769 0.00000 0.00000 0.00000 0.00000

No. 19 20 21 22 23 24

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Variabel Jumlah Hutang per Jumlah Harta

No.

1

2

3

4

5

6

Perusahaan

CEKA

DLTA

DVLA

GGRM

HMSP

ICBP

2010

0.00000

0.09855

0.00000

-0.09042

2011

0.00000

0.11321

0.00000

0.01032

2012

0.00000

0,05118

0.00000

0.09463

2013

0.00000

0.11598

0.00000

0.10587

No. 7 8 9 10 11 12

2010 0.26807 -0.01307 -0.04857 0.36795 0.00000 0.00000 2011 0.20526 -0.01504 0.01646 0.56740 0.00000 0.00000 2012 0.16063 0.00167 -0.01693 -0.34743 0.00000 0.03778 2013 0.34970 0.01445 0.00000 0.03582 0.00000 0.04821

No. 13 14 15 16 17 18

2010 0.00637 0.39256 -0.06657 -0.04368 0.12609 0.13318 2011 0.00399 0.76911 0.04185 0.10894 0,05820 0.26494 2012 0.01198 0.57622 0.08220 0.37229 0.35546 0.19279 2013 0.00644 0.43842 0.13129 0.46443 -0.10813 0.14286

No. 19 20 21 22 23 24

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Model Shyam-Sunder dan Myers

Variabel Hutang Jangka Panjang per Harta Bersih

No.

1

2

3

4

5

6

Perusahaan

CEKA

DLTA

DVLA

GGRM

HMSP

ICBP

2010

0.50732

0.04353

0.06023

0.04406

0,05195

0.13864

2011

0.12651

0.04730

0.07763

0.04087

0.06711

0.14235

2012

0.03932

0.04543

0.04923

0.04139

0.07823

0.18247

2013

0.04238

0.04655

0.06546

0.04281

0.07953

0.24915

No. 7 8 9 10 11 12

2010 0.50554 0.06592 0.01973 0.42884 0,05238 0.07147

2011 0.17952 0.06550 0.01965 0.07107 0,05014 0,05784

2012 0.35442 0.06773 0.02099 0.08610 0.07885 0.07736

2013 0.39935 0.03057 0.02053 0.10362 0.07206 0.07298

No.

13

14

15

16

17

18

Perusahaan

MRAT

MYOR

PYFA

RMBA

ROTI

SKLT

2010

0.03152

0.64606

0.09992

0.72870

0.04429

0.27029

2011

0.03348

0.96070

0.13677

0.11460

0.11801

0.23917

2012

0.02835

1.07900

0.22489

1.18989

0.51437

0.24281

2013

0.02642

0.79706

0.34538

4.14368

0.90832

0.26228

No.

19

20

21

22

23

24

Perusahaan

STTP

SQBB

TCID

TSPC

ULTJ

UNVR

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Variabel Defisit Pendanaan per Harta Bersih

No. 1 2 3 4 5 6

2010 -0.11599 0.41073 -0.15230 0.13579 -0.06138 0.15753 2011 0.33597 0.34995 0.10236 0.44625 0.00469 0,05417 2012 -0.43709 0.73987 -0.13859 0.03536 0.67499 0.07641 2013 0.54799 1.61978 0.10014 0.31592 -0,05211 0.18778

No. 7 8 9 10 11 12

2010 0.16186 -0.01836 -0.03390 0.56924 -0.32713 0,05756 2011 0.12381 0.86882 0.07243 0.46436 0.13046 -0.32440 2012 0.04184 0.03226 0.10971 0.10859 0.04533 -0.23076 2013 0.21043 0.02464 0.23801 -0.13140 0.03524 -0.43719

No. 13 14 15 16 17 18

2010 0.03248 0.56970 0.01439 -0.11562 0.27317 -0.01262 2011 0.11007 1.52383 0.26884 0.72262 0.14430 -0,05757 2012 0,05355 0.25858 0.38547 0.50243 0.38768 0,05130 2013 -0.10684 0.23702 0.49110 2.47455 0.26860 0.03308

No. 19 20 21 22 23 24

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Variabel Perubahan Tingkat Suku Bunga

No. 1 2 3 4 5 6

2010

0.5875

2011

0.24

2012

0.00375

2013

0,0575

No. 7 8 9 10 11 12

2010

0.5875

2011

0.24

2012

0.00375

2013

0,0575

No. 13 14 15 16 17 18

2010

0.5875

2011

0.24

2012

0.00375

2013

0,0575

No. 19 20 21 22 23 24

2010

0.5875

2011

0.24

2012

0.00375

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Output Eviews dari uji

Chow Test

Model Shyam-Sunder dan Myers (1999)

Redundant Fixed Effects Tests Pool: Untitled

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 2.288017 (23,70) 0.0043 Cross-section Chi-square 53.820555 23 0.0003

Cross-section fixed effects test equation: Dependent Variable: LTD?

Method: Panel Least Squares Date: 03/19/15 Time: 01:40 Sample: 2010 2013

Included observations: 4 Cross-sections included: 24

Total pool (balanced) observations: 96

Variable Coefficient Std. Error t-Statistic Prob.

C 0.092970 0,059282 1.568283 0.1202 DEF? 0.710984 0.098698 7.203663 0.0000 I? 0.007391 0.173080 0.042701 0.9660

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Output Eviews dari

Hausman Test

Model Watson dan Wilson (2002)

Correlated Random Effects - Hausman Test Pool: Untitled

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 7.132914 3 0.0678

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

RE? 0.304865 0.170505 0.003388 0.0210 EI? 0.335153 -0.003580 0.426485 0.6040 DEBT? 0.246627 0.294342 0.003699 0.4327

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

Method: Panel Least Squares Date: 03/19/15 Time: 00:00 Sample: 2010 2013

C -0.118130 0,056962 -2.073833 0.0418 RE? 0.304865 0.079566 3.831623 0.0003 EI? 0.335153 0.657987 0.509360 0.6121 DEBT? 0.246627 0.086931 2.837044 0.0060

Effects Specification

Cross-section fixed (dummy variables)

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Output Eviews dari Model Watson dan Wilson dengan Metode

Random Effect

Dependent Variable: TA?

Method: Pooled EGLS (Cross-section random effects) Date: 03/18/15 Time: 23:39

Sample: 2010 2013 Included observations: 4 Cross-sections included: 24

Swamy and Arora estimator of component variances

C -0.012994 0.042106 -0.308593 0.7583 RE? 0.170505 0,054247 3.143159 0.0022 EI? -0.003580 0.080390 -0.044532 0.9646 DEBT? 0.294342 0.062111 4.738940 0.0000 Random Effects (Cross)

Cross-section random 0.043833 0.2187 Idiosyncratic random 0.082857 0.7813

Weighted Statistics

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Unweighted Statistics

R-squared 0.203884 Mean dependent var 0.133458 Sum squared resid 0.838997 Durbin-Watson stat 1.685232

Lampiran 11

Output Eviews dari Model Shyam-Sunder dan Myers dengan Metode

Fixed

Effect

Dependent Variable: LTD? Method: Pooled Least Squares Date: 03/19/15 Time: 01:41 Sample: 2010 2013

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