(4 - DL) < DW < 4 Ada autokorelasi negatif. 2 < DW < (4 - DU) Tidak terjadi autokorelasi (-) DU < DW < 2 Tidak terjadi autokorelasi (+)

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Lampiran 3 Uji Asumsi Klasik

a. Uji Korelasi Multikol

INF SB KR FR LQ PR TA INF 1.000 0.594 -0.159 -0.042 -0.068 0.084 -0.037 SB 0.594 1.000 0.645 -0.030 0.010 -0.040 0.048 KR -0.159 0.645 1.000 0.002 0.081 -0.121 0.103 FR -0.042 -0.030 0.002 1.000 0.065 -0.248 -0.082 LQ -0.068 0.010 0.081 0.065 1.000 -0.007 -0.470 PR 0.084 -0.040 -0.121 -0.248 -0.007 1.000 0.021 TA -0.037 0.048 0.103 -0.082 -0.470 0.021 1.000

b. Uji Autokorelasi

Interval Durbin Watson

Nilai DW berdasarkan

estimasi model rergresi

Kesimpulan

(4 - DL) < DW < 4

Ada autokorelasi negatif

(4-DU) < DW < (4 - DL)

Tanpa kesimpulan

2 < DW < (4 - DU)

Tidak terjadi autokorelasi (-)

DU < DW < 2

Tidak terjadi autokorelasi (+)

DL < DW < DU

Tanpa kesimpulan

0 < DW < DL

Ada autokorelasi positif

Keterangan:

dU

: batas atas nilai DW

dL

: batas bawah nilai DW

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Kriteria

Hipotesis Nol

Jika

Ada autokorelasi negatif

1,828 < DW < (4 – 1,828)

= 1,828 < DW < 2,172

Tanpa kesimpulan

(4 – 1,828) ≤ DW ≤ (4 – 1,698)

= 2,172 ≤ DW ≤ 2,032

Tidak terjadi autokorelasi (-)

(4 – 1,698) < DW < 4

= 2,032 < DW < 4

Tidak terjadi autokorelasi (+)

1,698 ≤ DW ≤ 1,828

Tanpa kesimpulan

0 < DW < 1,698

c. Uji Heteroskedaktisitas

Variable Coefficient Std. Error t-Statistic Prob.

C 0.020311 0.048121 0.422085 0.6735 X1^2 4.853691 7.228637 0.671453 0.5028 X2^2 -5.793628 19.59450 -0.295676 0.7678 X3^2 1.69E-10 5.54E-10 0.304813 0.7609 X4^2 -5.05E-05 3.19E-05 -1.579360 0.1160 X5^2 -0.000481 0.000806 -0.596618 0.5515 X6^2 0.031371 0.014333 2.188714 0.0299 X7^2 0.025855 0.050881 0.508141 0.6120

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Lampiran 4 Analisis Deskriptif dan Regresi Data Panel

1. Analisis Regresi

Descriptive Statistics

N

Minimum Maximum

Mean

Std. Deviation

SM

190 .15

6.07 .782

.678

INF

190 .03

.08

.055

.024

SB

190 .05

.08

.065

.010

KR

190 9670.00 13795.00

12,306.00

0 1,451.178

FR

190

12.11

30.35

23.081

5.740 LQ

190 .24

8.09

2.582

1.484 PR

190 .00

2.66 .185

.267

TA

190 .05

.95

.427

.177

Valid N

(listwise)

190

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2. Analisis Regresi Data Panel

1.1 Pengaruh Variabel Makroekonomi dan Mikroekonomi terhadap

Struktur Modal Perusahaan.

a. Common Effect Model

Dependent Variable: SM Method: Panel Least Squares Date: 03/27/18 Time: 08:17 Sample: 2012 2016

Periods included: 5

Cross-sections included: 38

Total panel (balanced) observations: 190

C 1.144461 0.444150 2.576745 0.0108 INF -1.411230 4.023490 -0.350748 0.7262 SB 7.248296 12.21596 0.593346 0.5537 KR 5.59E-06 7.00E-05 0.079819 0.9365 FR -0.007230 0.006534 -1.106496 0.2700 LQ -0.239422 0.028025 -8.543224 0.0000 PR 1.263704 0.141151 8.952856 0.0000 TA -0.641347 0.235099 -2.727992 0.0070 R-squared 0.481704 Mean dependent var 0.782263 Adjusted R-squared 0.461770 S.D. dependent var 0.677872 S.E. of regression 0.497315 Akaike info criterion 1.482008 Sum squared resid 45.01270 Schwarz criterion 1.618725 Log likelihood -132.7908 Hannan-Quinn criter. 1.537390 F-statistic 24.16440 Durbin-Watson stat 0.972964 Prob(F-statistic) 0.000000

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b. Fixed Effect Model

Periods included: 5

C 0.202288 0.423994 0.477100 0.6340 INF -2.022990 2.102911 -0.961995 0.3377 SB 10.20922 6.377481 1.600823 0.1116 KR -1.50E-05 3.69E-05 -0.406493 0.6850 FR 0.005445 0.014590 0.373196 0.7095 LQ -0.082413 0.024730 -3.332490 0.0011 PR 1.893017 0.109337 17.31356 0.0000 TA -0.121626 0.321453 -0.378364 0.7057 Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.887849 Mean dependent var 0.782263 Adjusted R-squared 0.853816 S.D. dependent var 0.677872 S.E. of regression 0.259177 Akaike info criterion 0.340785 Sum squared resid 9.740066 Schwarz criterion 1.109817 Log likelihood 12.62542 Hannan-Quinn criter. 0.652309 F-statistic 26.08853 Durbin-Watson stat 2.246884 Prob(F-statistic) 0.000000

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Uji Fixed Sur

Periods included: 5

Cross-section SUR (PCSE) standard errors & covariance (d.f. corrected)

C 0.202288 0.397946 0.508329 0.6120 INF -2.022990 0.768870 -2.631120 0.0094 SB 10.20922 2.240762 4.556135 0.0000 KR -1.50E-05 1.26E-05 -1.186798 0.2372 FR 0.005445 0.017148 0.317518 0.7513 LQ -0.082413 0.018501 -4.454422 0.0000 PR 1.893017 0.165377 11.44666 0.0000 TA -0.121626 0.232848 -0.522340 0.6022 Effects Specification

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Uji White test Fixed

Dependent Variable: RESID^2 Method: Panel Least Squares Date: 04/10/18 Time: 15:16 Sample: 2012 2016

Periods included: 5

C 0.020311 0.048121 0.422085 0.6735 INF^2 4.853691 7.228637 0.671453 0.5028 SB^2 -5.793628 19.59450 -0.295676 0.7678 KR^2 1.69E-10 5.54E-10 0.304813 0.7609 FR^2 -5.05E-05 3.19E-05 -1.579360 0.1160 LQ^2 -0.000481 0.000806 -0.596618 0.5515 PR^2 0.031371 0.014333 2.188714 0.0299 TA^2 0.025855 0.050881 0.508141 0.6120

R-squared 0.060904 Mean dependent var 0.014551 Adjusted R-squared 0.024784 S.D. dependent var 0.110368 S.E. of regression 0.108992 Akaike info criterion -1.553895 Sum squared resid 2.162017 Schwarz criterion -1.417178 Log likelihood 155.6200 Hannan-Quinn criter. -1.498513 F-statistic 1.686186 Durbin-Watson stat 2.228725 Prob(F-statistic) 0.114801

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c. Random Effect Model

Dependent Variable: SM

Method: Panel EGLS (Cross-section random effects) Date: 03/27/18 Time: 09:47

Sample: 2012 2016 Periods included: 5

Swamy and Arora estimator of component variances

C 0.439267 0.324706 1.352814 0.1778 INF -1.965546 2.100557 -0.935726 0.3507 SB 9.671730 6.373303 1.517538 0.1309 KR -1.11E-05 3.68E-05 -0.301487 0.7634 FR 3.65E-05 0.009074 0.004020 0.9968 LQ -0.115314 0.022792 -5.059492 0.0000 PR 1.795169 0.103754 17.30209 0.0000 TA -0.181241 0.254348 -0.712570 0.4770 Effects Specification S.D. Rho Cross-section random 0.376044 0.6780 Idiosyncratic random 0.259177 0.3220 Weighted Statistics

R-squared 0.617227 Mean dependent var 0.230419 Adjusted R-squared 0.602505 S.D. dependent var 0.435688 S.E. of regression 0.274689 Sum squared resid 13.73265 F-statistic 41.92532 Durbin-Watson stat 1.661335 Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.381789 Mean dependent var 0.782263 Sum squared resid 53.69004 Durbin-Watson stat 0.681735

d. Uji Chow

Redundant Fixed Effects Tests Equation: Untitled

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 14.191956 (37,145) 0.0000

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e. Uji Hausman

Correlated Random Effects - Hausman Test Equation: Untitled

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

Cross-section random 0.000000 7 1.0000

* Cross-section test variance is invalid. Hausman statistic set to zero.

2.2 Pengaruh Variabel Makroekonomi terhadap Struktur Modal

Perusahaan.

a. Common Effect Model

Periods included: 5

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

C 0.821332 0.095651 8.586715 0.0000

INF 0.866321 1.543441 0.561292 0.5753

SB 6.136552 2.532509 2.423112 0.0163

KR -3.95E-05 1.32E-05 -2.994567 0.0031 R-squared 0.010695 Mean dependent var 0.782263 Adjusted R-squared -0.005261 S.D. dependent var 0.677872 S.E. of regression 0.679653 Akaike info criterion 2.086359 Sum squared resid 85.91864 Schwarz criterion 2.154717 Log likelihood -194.2041 Hannan-Quinn criter. 2.114050 F-statistic 0.670275 Durbin-Watson stat 1.062405 Prob(F-statistic) 0.571288

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b. Fixed Effect Model

Periods included: 5

C 0.821332 0.106870 7.685352 0.0000

INF 0.866321 1.724461 0.502372 0.6161

SB 6.136552 2.829530 2.168753 0.0317

KR -3.95E-05 1.47E-05 -2.680222 0.0082 Effects Specification

R-squared 0.653354 Mean dependent var 0.782263 Adjusted R-squared 0.560294 S.D. dependent var 0.677872 S.E. of regression 0.449499 Akaike info criterion 1.427135 Sum squared resid 30.10537 Schwarz criterion 2.127809 Log likelihood -94.57786 Hannan-Quinn criter. 1.710968 F-statistic 7.020823 Durbin-Watson stat 2.616590 Prob(F-statistic) 0.000000

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Uji Fixed White Test

Periods included: 5

C 0.821332 0.106870 7.685352 0.0000

INF 0.866321 1.724461 0.502372 0.6161

SB 6.136552 2.829530 2.168753 0.0317

KR -3.95E-05 1.47E-05 -2.680222 0.0082 Effects Specification

R-squared 0.653354 Mean dependent var 0.782263 Adjusted R-squared 0.560294 S.D. dependent var 0.677872 S.E. of regression 0.449499 Akaike info criterion 1.427135 Sum squared resid 30.10537 Schwarz criterion 2.127809 Log likelihood -94.57786 Hannan-Quinn criter. 1.710968 F-statistic 7.020823 Durbin-Watson stat 2.616590 Prob(F-statistic) 0.000000

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c. Random Effect Model

C 0.821332 0.060268 13.62805 0.0000 INF 0.866321 1.543441 0.561292 0.5753 SB 6.136552 2.532509 2.423112 0.0163 KR -3.95E-05 1.32E-05 -2.994567 0.0031 Effects Specification S.D. Rho Cross-section random 0.511159 0.5639 Idiosyncratic random 0.449499 0.4361 Weighted Statistics

d. Uji Chow

Cross-section F 7.465831 (37,149) 0.0000

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e. Uji Hausman

Test Summary

Chi-Sq.

Cross-section random 0.000000 3 1.0000

2.1 Pengaruh Variabel Mikroekonomi terhadap Struktur Modal Perusahaan.

a. Common Effect Model

Periods included: 5

White cross-section standard errors & covariance (d.f. corrected) WARNING: estimated coefficient covariance matrix is of reduced rank

C 1.585216 0.147114 10.77545 0.0000

FR -0.007646 0.002235 -3.421291 0.0008 LQ -0.233900 0.021084 -11.09381 0.0000

PR 1.235705 0.330820 3.735279 0.0002

TA -0.587997 0.186562 -3.151748 0.0019 R-squared 0.472097 Mean dependent var 0.782263 Adjusted R-squared 0.460683 S.D. dependent var 0.677872 S.E. of regression 0.497817 Akaike info criterion 1.468796 Sum squared resid 45.84708 Schwarz criterion 1.554244 Log likelihood -134.5356 Hannan-Quinn criter. 1.503410 F-statistic 41.36075 Durbin-Watson stat 0.998945 Prob(F-statistic) 0.000000

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b. Fixed Effect Model

Periods included: 5

C 0.559332 0.536304 1.042938 0.2987 FR 0.001683 0.018755 0.089723 0.9286 LQ -0.074419 0.021833 -3.408552 0.0008 PR 1.849997 0.259337 7.133570 0.0000 TA 0.079483 0.155559 0.510951 0.6101 Effects Specification Cross-section fixed (dummy variables)

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Uji Fixed White Test

Periods included: 5

C 0.559332 0.536304 1.042938 0.2987 FR 0.001683 0.018755 0.089723 0.9286 LQ -0.074419 0.021833 -3.408552 0.0008 PR 1.849997 0.259337 7.133570 0.0000 TA 0.079483 0.155559 0.510951 0.6101 Effects Specification Cross-section fixed (dummy variables)

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c. Random Effect Model

C 0.791623 0.424265 1.865871 0.0636 FR -0.001587 0.009845 -0.161252 0.8721 LQ -0.107912 0.018928 -5.701038 0.0000 PR 1.745102 0.232403 7.508965 0.0000 TA -0.039728 0.244809 -0.162281 0.8713 Effects Specification S.D. Rho Cross-section random 0.375011 0.6644 Idiosyncratic random 0.266555 0.3356 Weighted Statistics

d. Uji Chow

Cross-section F 13.439566 (37,148) 0.0000

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Uji Chow Sur

Cross-section F 14.191956 (37,145) 0.0000

Cross-section Chi-square 290.832384 37 0.0000

e. Uji Hausman

Test Summary

Chi-Sq.