Lampiran i
Daftar Populasi dan Proses Seleksi Sampel
No.
Kode
Saham
Nama Perusahaan
Kriteria
No.
Sampel
1 2 3
1
ADES
PT Akasha Wira International Tbk
√
√
√
1
2
AISA
PT Tiga Pilar Sejahtera Food Tbk
√
√
√
2
3
ALTO
PT Tri Banyan Tirta Tbk
√
x
- -
4
CEKA
PT Cahaya Kalbar Tbk
√
√
√
3
5
DAVO
PT Davamos Abadi Tbk
√
x
- -
6
DLTA
PT Delta Djakarta Tbk
√
√
√
4
7
ICBP
PT Indofood CBP Sukses Makmur Tbk
√
√
√
5
8
INDF
PT Indofood Sukses Makmur Tbk
√
√
√
6
9
MLBI
PT Multi Bintang Indonesia Tbk
√
√
√
7
10
MYOR PT Mayora Indah Tbk
√
√
√
8
11
PSDN
PT Prashida Aneka Niaga Tbk
√
x
- -
12
ROTI
PT Nippon Indosari Corporindo Tbk
√
√
√
9
13
SKBM
PT Sekar Bumi Tbk
X
- -
-
14
SKLT
PT Sekar Laut Tbk
√
√
√
10
15
STTP
PT Siantar Top Tbk
√
√
√
11
16
ULTJ
PT Ultrajaya Milk Industry and Trading
Company Tbk
Lampiran ii
Daftar Perusahaan yang Menjadi Sampel Penelitian
No
Kode
Saham
Nama Perusahaan
No
Sampel
1
ADES
PT Akasha Wira International Tbk
1
2
AISA
PT Tiga Pilar Sejahtera Food Tbk
2
3
CEKA
PT Cahaya Kalbar Tbk
3
4
DLTA
PT Delta Djakarta Tbk
4
5
ICBP
PT Indofood CBP Sukses Makmur Tbk
5
6
INDF
PT Indofood Sukses Makmur Tbk
6
7
MLBI
PT Multi Bintang Indonesia Tbk
7
8
MYOR
PT Mayora Indah Tbk
8
9
ROTI
PT Nippon Indosari Corporindo Tbk
9
10
SKLT
PT Sekar Laut Tbk
10
11
STTP
PT Siantar Top Tbk
11
12
ULTJ
PT Ultrajaya Milk Industry and Trading Company
Tbk
Daftar Variabel Penelitian
QR, CR, GPM, ROA, ROE Tahun 2010-2012
No Kode
tahun Cr qr
cash
ratio gpm Roa
roe
profit
growth
10
sklt
2010 1,93 0,91
0,11 0,20 0,02
0,04
-0,62
2011 1,74 0,96
0,16 0,21 0,03
0,05
0,24
2012 1,41 0,73
0,05 0,23 0,03
0,06
0,33
11
sttp
2010 1,71 0,85
0,05 0,17 0,07
0,10
0,04
2010 1,71 0,85
0.05 0.17 0.07
0.10
0.04
2011 1,03 0,50
0,02 0,17 0,05
0,09
0,00
2012 1,00 0,57
0,01 0,19 0,06
0,13
0,75
12
ultj
Statistic Deskriptif
Date: 05/26/14 Time: 12:30
Sample: 2010 2012
X1 X2 X3 X4 X5 X6 Y
Mean 1.720.798 1.263.979 0.258257 0.307129 0.440274 0.131233 0.993329
Median 1.708.823 1.192.005 0.196130 0.316977 0.382367 0.097565 0.939771
Maximum 1.941.607 1.414.652 0.398990 0.398695 0.570458 0.214282 2.223.133
Minimum 1.511.963 1.185.279 0.179650 0.205716 0.367999 0.081851 ‐0.182918
Std. Dev. 0.215072 0.130530 0.122157 0.096866 0.112971 0.072351 1.203.919
Skewness 0.101969 0.704996 0.692657 ‐0.184828 0.694261 0.669769 0.081565
Kurtosis 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000 1.500.000
Jarque‐Bera 0.286449 0.529759 0.521137 0.298331 0.522249 0.505545 0.284576
Probability 0.866560 0.767298 0.770613 0.861427 0.770185 0.776645 0.867371
Sum 5.162.393 3.791.936 0.774770 0.921388 1.320.823 0.393698 2.979.986
Sum Sq. Dev. 0.092512 0.034076 0.029845 0.018766 0.025525 0.010469 2.898.843
Observations 3 3 3 3 3 3 3
Lampiran v
Hasil Estimasi Regresi Linear Berganda
Dependen Variabel : Pertumbuhan Laba (Y) Periode 2010-2012
Variabel
Fixed Effects
Random Effects
C -3.223.297 1.131.561
X1? -0.195829
-0.459921
X2? 1.474.354
0.017390
X3? -2.326.834
0.796873
X4? -0.529503 -2.161.321
X5? 5.146.219 -1.314.952
Hasil Regresi Dengan
Fixed Effect Model
Dependent Variable: Y? Method: Pooled Least Squares Date: 05/26/14 Time: 12:25 Sample: 2010 2012
Included observations: 3 Cross-sections included: 12
Total pool (balanced) observations: 36
Variable Coefficient Std. Error t-Statistic Prob.
C -3.223297 3.363496 -0.958318 0.3506 X1? -0.195829 1.722377 -0.113697 0.9107 X2? 1.474354 2.522640 0.584449 0.5662 X3? -2.326834 2.884409 -0.806693 0.4304 X4? -0.529503 3.994138 -0.132570 0.8960 X5? 5.146219 6.974637 0.737848 0.4701 X6? 14.60191 10.89369 1.340401 0.1968 Fixed Effects (Cross)
_ADES--C -0.728394
Effects Specification
Cross-section fixed (dummy variables)
R-squared 0.401808 Mean dependent var 0.549681 Adjusted R-squared -0.163150 S.D. dependent var 1.302995 S.E. of regression 1.405273 Akaike info criterion 3.825193 Sum squared resid 35.54627 Schwarz criterion 4.616953 Log likelihood -50.85348 Hannan-Quinn criter. 4.101539 F-statistic 0.711217 Durbin-Watson stat 2.213297
Prob(F-statistic) 0.756478
Lampiran vii
Hasil Regresi Dengan
Random Effect Model
Sumber : Output Eviews, 2014
Dependent Variable: Y?Method: Pooled EGLS (Cross-section random effects) Date: 05/26/14 Time: 12:27
Sample: 2010 2012 Included observations: 3 Cross-sections included: 12
Total pool (balanced) observations: 36
Swamy and Arora estimator of component variances
Variable Coefficient Std. Error t-Statistic Prob.
C 1.131561 0.892411 1.267982 0.2149
X1? -0.459921 0.980895 -0.468879 0.6427 X2? 0.017390 1.271224 0.013680 0.9892 X3? 0.796873 0.986455 0.807815 0.4258 X4? -2.161321 2.867927 -0.753618 0.4572 X5? -1.314952 2.772210 -0.474334 0.6388 X6? 6.562733 8.792995 0.746359 0.4615 Random Effects (Cross)
Effects Specification
S.D. Rho
Cross-section random 0.142628 0.0102 Idiosyncratic random 1.405273 0.9898
Weighted Statistics
R-squared 0.075253 Mean dependent var 0.541379 Adjusted R-squared -0.116073 S.D. dependent var 1.297301 S.E. of regression 1.370526 Sum squared resid 54.47188 F-statistic 0.393324 Durbin-Watson stat 1.797626
Prob(F-statistic) 0.877212
Unweighted Statistics
Hasil Regrsi dengan
Haussman Test
Sumber : Output Eviews, 2014
Correlated Random Effects - Hausman Test Pool: RE
Test cross-section random effects
Test Summary
Chi-Sq.
Statistic Chi-Sq. d.f. Prob.
Lampiran ix
Hasil Perbandingan Uji Haussman
Chi Square
Hitung
(Haussman
Test)
Sign Chi-Square
Tabel
Kesimpulan
4.583596 < 12.59
H1
ditolak
Dengan demikian model yang
dipilih adalah random effect.
P-value
(Haussman
Test)
Sign Alpha
Kesimpulan
0.5982 > 0.05
H1
ditolak
Bentuk persamaan yang diperoleh dari metode FEM :
Y_ADES = C(8) + C(1) + C(2)*X1_ADES + C(3)*X2_ADES + C(4)*X3_ADES + C(5)*X4_ADES + C(6)*X5_ADES + C(7)*X6_ADES
Y_AISA = C(9) + C(1) + C(2)*X1_AISA + C(3)*X2_AISA + C(4)*X3_AISA + C(5)*X4_AISA + C(6)*X5_AISA + C(7)*X6_AISA
Y_CEKA = C(10) + C(1) + C(2)*X1_CEKA + C(3)*X2_CEKA + C(4)*X3_CEKA + C(5)*X4_CEKA + C(6)*X5_CEKA + C(7)*X6_CEKA
Y_DLTA = C(11) + C(1) + C(2)*X1_DLTA + C(3)*X2_DLTA + C(4)*X3_DLTA + C(5)*X4_DLTA + C(6)*X5_DLTA + C(7)*X6_DLTA
Y_ICBP = C(12) + C(1) + C(2)*X1_ICBP + C(3)*X2_ICBP + C(4)*X3_ICBP + C(5)*X4_ICBP + C(6)*X5_ICBP + C(7)*X6_ICBP
Y_INDF = C(13) + C(1) + C(2)*X1_INDF + C(3)*X2_INDF + C(4)*X3_INDF + C(5)*X4_INDF + C(6)*X5_INDF + C(7)*X6_INDF
Y_MLBI = C(14) + C(1) + C(2)*X1_MLBI + C(3)*X2_MLBI + C(4)*X3_MLBI + C(5)*X4_MLBI + C(6)*X5_MLBI + C(7)*X6_MLBI
Y_MYOR = C(15) + C(1) + C(2)*X1_MYOR + C(3)*X2_MYOR + C(4)*X3_MYOR + C(5)*X4_MYOR + C(6)*X5_MYOR + C(7)*X6_MYOR
Y_ROTI = C(16) + C(1) + C(2)*X1_ROTI + C(3)*X2_ROTI + C(4)*X3_ROTI + C(5)*X4_ROTI + C(6)*X5_ROTI + C(7)*X6_ROTI
Y_SKLT = C(17) + C(1) + C(2)*X1_SKLT + C(3)*X2_SKLT + C(4)*X3_SKLT + C(5)*X4_SKLT + C(6)*X5_SKLT + C(7)*X6_SKLT
Y_STTP = C(18) + C(1) + C(2)*X1_STTP + C(3)*X2_STTP + C(4)*X3_STTP + C(5)*X4_STTP + C(6)*X5_STTP + C(7)*X6_STTP
Y_ULTJ = C(19) + C(1) + C(2)*X1_ULTJ + C(3)*X2_ULTJ + C(4)*X3_ULTJ + C(5)*X4_ULTJ + C(6)*X5_ULTJ + C(7)*X6_ULTJ
Substituted Coefficients: =====================
Y_ADES = -0.728394437557 - 3.22329701074 - 0.195828823615*X1_ADES + 1.47435438781*X2_ADES - 2.32683361564*X3_ADES - 0.529502739318*X4_ADES + 5.14621872522*X5_ADES + 14.6019101716*X6_ADES
Y_CEKA = 1.01753495384 - 3.22329701074 - 0.195828823615*X1_CEKA + 1.47435438781*X2_CEKA - 2.32683361564*X3_CEKA - 0.529502739318*X4_CEKA + 5.14621872522*X5_CEKA + 14.6019101716*X6_CEKA
Y_DLTA = -3.58101455572 - 3.22329701074 - 0.195828823615*X1_DLTA + 1.47435438781*X2_DLTA - 2.32683361564*X3_DLTA - 0.529502739318*X4_DLTA + 5.14621872522*X5_DLTA + 14.6019101716*X6_DLTA
Y_ICBP = 3.11737932672 - 3.22329701074 - 0.195828823615*X1_ICBP + 1.47435438781*X2_ICBP - 2.32683361564*X3_ICBP - 0.529502739318*X4_ICBP + 5.14621872522*X5_ICBP + 14.6019101716*X6_ICBP
Y_INDF = 1.43657013257 - 3.22329701074 - 0.195828823615*X1_INDF + 1.47435438781*X2_INDF - 2.32683361564*X3_INDF - 0.529502739318*X4_INDF + 5.14621872522*X5_INDF + 14.6019101716*X6_INDF
Y_MLBI = -5.15119730068 - 3.22329701074 - 0.195828823615*X1_MLBI + 1.47435438781*X2_MLBI - 2.32683361564*X3_MLBI - 0.529502739318*X4_MLBI + 5.14621872522*X5_MLBI + 14.6019101716*X6_MLBI
Y_MYOR = -0.0384940280407 - 3.22329701074 - 0.195828823615*X1_MYOR + 1.47435438781*X2_MYOR - 2.32683361564*X3_MYOR - 0.529502739318*X4_MYOR + 5.14621872522*X5_MYOR + 14.6019101716*X6_MYOR
Y_ROTI = -1.30462240202 - 3.22329701074 - 0.195828823615*X1_ROTI + 1.47435438781*X2_ROTI - 2.32683361564*X3_ROTI - 0.529502739318*X4_ROTI + 5.14621872522*X5_ROTI + 14.6019101716*X6_ROTI
Y_SKLT = 1.03005792545 - 3.22329701074 - 0.195828823615*X1_SKLT + 1.47435438781*X2_SKLT - 2.32683361564*X3_SKLT - 0.529502739318*X4_SKLT + 5.14621872522*X5_SKLT + 14.6019101716*X6_SKLT
Y_STTP = 1.14748199237 - 3.22329701074 - 0.195828823615*X1_STTP + 1.47435438781*X2_STTP - 2.32683361564*X3_STTP - 0.529502739318*X4_STTP + 5.14621872522*X5_STTP + 14.6019101716*X6_STTP
Bentuk persamaan yang diperoleh dari metode REM :
Y_ADES = C(8) + C(1) + C(2)*X1_ADES + C(3)*X2_ADES + C(4)*X3_ADES + C(5)*X4_ADES + C(6)*X5_ADES + C(7)*X6_ADES
Y_AISA = C(9) + C(1) + C(2)*X1_AISA + C(3)*X2_AISA + C(4)*X3_AISA + C(5)*X4_AISA + C(6)*X5_AISA + C(7)*X6_AISA
Y_CEKA = C(10) + C(1) + C(2)*X1_CEKA + C(3)*X2_CEKA + C(4)*X3_CEKA + C(5)*X4_CEKA + C(6)*X5_CEKA + C(7)*X6_CEKA
Y_DLTA = C(11) + C(1) + C(2)*X1_DLTA + C(3)*X2_DLTA + C(4)*X3_DLTA + C(5)*X4_DLTA + C(6)*X5_DLTA + C(7)*X6_DLTA
Y_ICBP = C(12) + C(1) + C(2)*X1_ICBP + C(3)*X2_ICBP + C(4)*X3_ICBP + C(5)*X4_ICBP + C(6)*X5_ICBP + C(7)*X6_ICBP
Y_INDF = C(13) + C(1) + C(2)*X1_INDF + C(3)*X2_INDF + C(4)*X3_INDF + C(5)*X4_INDF + C(6)*X5_INDF + C(7)*X6_INDF
Y_MLBI = C(14) + C(1) + C(2)*X1_MLBI + C(3)*X2_MLBI + C(4)*X3_MLBI + C(5)*X4_MLBI + C(6)*X5_MLBI + C(7)*X6_MLBI
Y_MYOR = C(15) + C(1) + C(2)*X1_MYOR + C(3)*X2_MYOR + C(4)*X3_MYOR + C(5)*X4_MYOR + C(6)*X5_MYOR + C(7)*X6_MYOR
Y_ROTI = C(16) + C(1) + C(2)*X1_ROTI + C(3)*X2_ROTI + C(4)*X3_ROTI + C(5)*X4_ROTI + C(6)*X5_ROTI + C(7)*X6_ROTI
Y_SKLT = C(17) + C(1) + C(2)*X1_SKLT + C(3)*X2_SKLT + C(4)*X3_SKLT + C(5)*X4_SKLT + C(6)*X5_SKLT + C(7)*X6_SKLT
Y_STTP = C(18) + C(1) + C(2)*X1_STTP + C(3)*X2_STTP + C(4)*X3_STTP + C(5)*X4_STTP + C(6)*X5_STTP + C(7)*X6_STTP
Y_ULTJ = C(19) + C(1) + C(2)*X1_ULTJ + C(3)*X2_ULTJ + C(4)*X3_ULTJ + C(5)*X4_ULTJ + C(6)*X5_ULTJ + C(7)*X6_ULTJ
Substituted Coefficients: =====================
Y_ADES = 0.0241891503148 + 1.13156119935 - 0.459921197365*X1_ADES + 0.0173903478652*X2_ADES + 0.796873051191*X3_ADES - 2.16132066618*X4_ADES - 1.31495217896*X5_ADES + 6.56273292115*X6_ADES
Y_CEKA = -0.0164509917409 + 1.13156119935 - 0.459921197365*X1_CEKA + 0.0173903478652*X2_CEKA + 0.796873051191*X3_CEKA - 2.16132066618*X4_CEKA - 1.31495217896*X5_CEKA + 6.56273292115*X6_CEKA
Y_DLTA = -0.0120527957184 + 1.13156119935 - 0.459921197365*X1_DLTA + 0.0173903478652*X2_DLTA + 0.796873051191*X3_DLTA - 2.16132066618*X4_DLTA - 1.31495217896*X5_DLTA + 6.56273292115*X6_DLTA
Y_ICBP = 0.041763688361 + 1.13156119935 - 0.459921197365*X1_ICBP + 0.0173903478652*X2_ICBP + 0.796873051191*X3_ICBP - 2.16132066618*X4_ICBP - 1.31495217896*X5_ICBP + 6.56273292115*X6_ICBP
Y_INDF = -0.0213398615056 + 1.13156119935 - 0.459921197365*X1_INDF + 0.0173903478652*X2_INDF + 0.796873051191*X3_INDF - 2.16132066618*X4_INDF - 1.31495217896*X5_INDF + 6.56273292115*X6_INDF
Y_MLBI = -0.0106231077499 + 1.13156119935 - 0.459921197365*X1_MLBI + 0.0173903478652*X2_MLBI + 0.796873051191*X3_MLBI - 2.16132066618*X4_MLBI - 1.31495217896*X5_MLBI + 6.56273292115*X6_MLBI
Y_MYOR = 0.0024715168242 + 1.13156119935 - 0.459921197365*X1_MYOR + 0.0173903478652*X2_MYOR + 0.796873051191*X3_MYOR - 2.16132066618*X4_MYOR - 1.31495217896*X5_MYOR + 6.56273292115*X6_MYOR
Y_ROTI = -0.0126519224211 + 1.13156119935 - 0.459921197365*X1_ROTI + 0.0173903478652*X2_ROTI + 0.796873051191*X3_ROTI - 2.16132066618*X4_ROTI - 1.31495217896*X5_ROTI + 6.56273292115*X6_ROTI
Y_SKLT = -0.00796559216008 + 1.13156119935 - 0.459921197365*X1_SKLT + 0.0173903478652*X2_SKLT + 0.796873051191*X3_SKLT - 2.16132066618*X4_SKLT - 1.31495217896*X5_SKLT + 6.56273292115*X6_SKLT
Y_STTP = -0.00725558650151 + 1.13156119935 - 0.459921197365*X1_STTP + 0.0173903478652*X2_STTP + 0.796873051191*X3_STTP - 2.16132066618*X4_STTP - 1.31495217896*X5_STTP + 6.56273292115*X6_STTP
