LAMPIRAN

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38

LAMPIRAN

Daftar Sampel Perusahaan Sektor Manufaktur

NO KODE NAMA PERUSAHAAN

1 AKPI Argha Karya Prima Industry TBK 2 ARNA Arwana Citramulia Tbk

3 ASII Astra International Tbk 4 CINT Chitose Internasional Tbk

5 CPIN Charoen Pokphand Indonesia Tbk 6 DLTA Delta Djakarta Tbk

7 DPNS Duta Pertiwi Nusantara Tbk 8 EKAD Ekadharma International Tbk 9 HMSP Hanjaya Mandala Sampoerna Tbk 10 ICBP Indofood Cbp Sukses Makmur Tbk 11 IGAR Champion Pacific Indonesia Tbk 12 INCI Intanwijaya Internasional Tbk 13 INDF Indofood Sukses Makmur Tbk 14 INKP Indah Kiat Pulp & Paper Tbk 15 INTP Indocement Tunggal Prakarsa Tbk 16 JPFA Japfa Comfeed Indonesia Tbk 17 KBLM Kabelindo Murni Tbk

18 KINO Kino Indonesia Tbk 19 KLBF Kalbe Farma Tbk

20 MLBI Multi Bintang Indonesia Tbk 21 MYOR Mayora Indah Tbk

22 ROTI Nippon Indosari Corpindo Tbk

23 SCCO Supreme Cable Manufacturing & Commerce Tbk 24 SIDO Industri Jamu Dan Farmasi Sido Muncul Tbk 25 SKLT Sekar Laut Tbk

26 SMGR Semen Indonesia (Persero) Tbk 27 SMSM Selamat Sempurna Tbk

28 SRIL Sri Rejeki Isman Tbk 29 TBLA Tunas Baru Lampung Tbk 30 TPIA Chandra Asri Petrochemical Tbk 31 TSPC Tempo Scan Pacific Tbk

32 ULTJ Ultra Jaya Milk Industry & Trading Company Tbk

33 UNVR Unilever Indonesia Tbk

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39 Uji heterokedastisitas

Uji Multikolinearitas

Uji Autokorelasi

Heteroskedasticity Test: Glejser Null hypothesis: Homoskedasticity

F-statistic 0.167758 Prob. F(4,159) 0.9545 Obs*R-squared 0.689223 Prob. Chi-Square(4) 0.9527 Scaled explained SS 0.743292 Prob. Chi-Square(4) 0.9459

Test Equation:

Dependent Variable: ARESID Method: Least Squares Date: 07/26/22 Time: 05:39 Sample: 1 164

Included observations: 164

Variable Coefficient Std. Error t-Statistic Prob.

C 0.047274 0.049096 0.962882 0.3371

GROWTH 0.001364 0.005454 0.250096 0.8028

CR 0.000651 0.000909 0.716305 0.4749

AGE -1.26E-05 0.000160 -0.078436 0.9376 SIZE -0.000435 0.001726 -0.252166 0.8012 R-squared 0.004203 Mean dependent var 0.037548 Adjusted R-squared -0.020849 S.D. dependent var 0.031023 S.E. of regression 0.031344 Akaike info criterion -4.057556 Sum squared resid 0.156212 Schwarz criterion -3.963048 Log likelihood 337.7196 Hannan-Quinn criter. -4.019189 F-statistic 0.167758 Durbin-Watson stat 2.153376 Prob(F-statistic) 0.954518

Variance Inflation Factors Date: 07/26/22 Time: 05:28 Sample: 1 165

Included observations: 164

Coefficient Uncentered Centered

Variable Variance VIF VIF

AGE 6.39E-08 8.905671 1.011303

CR 2.05E-06 1.986822 1.022149

GROWTH 7.39E-05 5.684510 1.005966 SIZE 7.40E-06 393.7842 1.018182

C 0.005988 402.3643 NA

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40 Uji Chow

Uji Hausman

Uji Hipotesis Persamaan 1

Redundant Fixed Effects Tests Equation: Untitled

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 6.973394 (32,126) 0.0000

Cross-section Chi-square 168.170594 32 0.0000

Cross-section fixed effects test equation:

Dependent Variable: DPR Method: Panel Least Squares Date: 05/30/22 Time: 22:25 Sample: 2016 2020 Periods included: 5 Cross-sections included: 33

Total panel (balanced) observations: 165

FCF 164.8774 19.89182 8.288703 0.0000

LEV 9.290357 29.68525 0.312962 0.7547

FCF_SIZE -5.973428 0.718401 -8.314893 0.0000 LEV_SIZE -0.687728 2.037539 -0.337529 0.7362

AGE 1.359347 1.303185 1.043096 0.2985

GROWTH -22.59843 70.46026 -0.320726 0.7488

C 31.51136 55.72369 0.565493 0.5725

R-squared 0.310479 Mean dependent var 58.68356 Adjusted R-squared 0.284295 S.D. dependent var 266.8262 S.E. of regression 225.7333 Akaike info criterion 13.71808 Sum squared resid 8050969. Schwarz criterion 13.84985 Log likelihood -1124.742 Hannan-Quinn criter. 13.77157 F-statistic 11.85743 Durbin-Watson stat 1.357907 Prob(F-statistic) 0.000000

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 24.249401 6 0.0005

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

FCF 53.838311 93.107850 124.200529 0.0004 LEV -0.676051 16.313248 3329.823094 0.7684 FCF_SIZE -1.989475 -3.427663 0.186129 0.0009 LEV_SIZE 0.036084 -1.141198 15.680216 0.7662

AGE 4.560000 1.046082 74.146214 0.6832

GROWTH -18.634898 -22.042109 244.236847 0.8274

Cross-section random effects test equation:

Total panel (balanced) observations: 165

C -123.8580 379.6224 -0.326266 0.7448

FCF 53.83831 21.75457 2.474804 0.0147

LEV -0.676051 69.65091 -0.009706 0.9923

FCF_SIZE -1.989475 0.814839 -2.441556 0.0160

LEV_SIZE 0.036084 4.779648 0.007549 0.9940

AGE 4.560000 8.817534 0.517151 0.6060

GROWTH -18.63490 54.05992 -0.344708 0.7309

Effects Specification Cross-section fixed (dummy variables)

R-squared 0.751167 Mean dependent var 58.68356 Adjusted R-squared 0.676122 S.D. dependent var 266.8262 S.E. of regression 151.8514 Akaike info criterion 13.08675 Sum squared resid 2905417. Schwarz criterion 13.82088 Log likelihood -1040.657 Hannan-Quinn criter. 13.38476 F-statistic 10.00958 Durbin-Watson stat 2.515316 Prob(F-statistic) 0.000000

Dependent Variable: DPR Method: Panel Least Squares Date: 10/11/22 Time: 23:27 Sample: 2016 2020

Periods included: 5

Cross-sections included: 33

Total panel (balanced) observations: 165

Variable Coefficient Std. Error t-Statistic Prob.

C 0.223658 0.262523 0.826393 0.4056 CR -0.018364 0.020974 -0.847295 0.3736 GR -0.087638 0.112374 -0.798234 0.3962 SIZE 0.017254 0.002964 4.846392 0.0000 AGE -0.002354 0.002745 -0.854938 0.4265

Effects Specification Cross-section fixed (dummy variables)

Root MSE 0.149722 R-squared 0.564184

Mean dependent var 0.049028 Adjusted R-squared 0.569736 S.D. dependent var 0.059152 S.E. of regression 0.069990 Akaike info criterion -3.511587 Sum squared resid 0.298755 Schwarz criterion -2.184897 Log likelihood 79.20596 Hannan-Quinn

criter. -2.228860 F-statistic 2.732248

Durbin-Watson stat 2.105528 Prob(F-statistic) 0.000000

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41 Uji Hipotesis Persamaan 2

Total panel (unbalanced) observations: 164

CR -0.016538 0.019119 -0.865025 0.3888

DKI -0.023037 0.132960 -0.173261 0.8627

KA -1.621601 0.603608 -2.686512 0.0083

KI -0.038396 0.100575 -0.381766 0.7033 CR_DKI -0.029648 0.020552 -1.442580 0.1518

CR_KA 0.103788 0.055916 1.856150 0.0659

CR_KI -0.000726 0.005586 -0.129906 0.8969 GROWTH -0.087455 0.111116 -0.787059 0.4328 GROWTH_DKI 0.008671 0.094468 0.091789 0.9270 GROWTH_KA 0.410431 0.323728 1.267827 0.2074 GROWTH_KI 0.004912 0.016993 0.289040 0.7731

SIZE 0.014836 0.003122 4.751732 0.0000

AGE -0.002264 0.002824 -0.801903 0.4242

C 0.222699 0.259936 0.856747 0.3933

Effects Specification Cross-section fixed (dummy variables)

R-squared 0.509614 Mean dependent var 0.041280 Adjusted R-squared 0.322603 S.D. dependent var 0.058195 S.E. of regression 0.047897 Akaike info criterion -3.007727 Sum squared resid 0.270708 Schwarz criterion -2.138253 Log likelihood 292.6337 Hannan-Quinn criter. -2.654754 F-statistic 2.725042 Durbin-Watson stat 2.135825 Prob(F-statistic) 0.000008

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42 Data Peneliti

Emiten Tahun DPR CR Growth KI DKI KA Age Size

AKPI 2016 0,105 1,129 -0,093 3 0,3 0,33 36 28,5926328

AKPI 2017 0,545 1,043 0,049 3 0,3 0,33 37 28,6409209

AKPI 2018 0,114 1,015 0,118 3 0,3 0,33 38 28,7528324

AKPI 2019 0,135 1,084 -0,096 3 0,3 0,33 39 28,6523116

AKPI 2020 0,111 1,034 -0,048 3 0,3 0,33 40 28,6034153

ARNA 2016 0,406 1,349 0,079 2 0,3 0,33 23 28,0648899

ARNA 2017 0,304 1,626 0,038 2 0,5 0,25 24 28,1018660

ARNA 2018 0,563 1,736 0,032 2 0,5 0,33 25 28,1335561

ARNA 2019 0,544 1,736 0,088 2 0,5 0,33 26 28,2183283

ARNA 2020 0,496 1,964 0,095 2 0,5 0,33 27 28,3092274

ASII 2016 0,302 1,239 0,067 1 0,3 0,33 59 33,1988120

ASII 2017 0,242 1,229 0,129 1 0,3 0,33 60 33,3201839

ASII 2018 0,243 1,126 0,166 1 0,3 0,33 61 33,4737275

ASII 2019 0,288 1,291 0,021 1 0,3 0,33 62 33,4945330

ASII 2020 0,393 1,543 -0,067 1 0,3 0,33 63 33,4246534

CINT 2016 0,414 3,145 0,043 2 0,5 0,25 38 26,7130706

CINT 2017 0,181 3,190 0,193 2 0,5 0,25 39 26,8898969

CINT 2018 0,625 2,708 0,031 2 0,5 0,25 40 26,9204877

CINT 2019 0,466 2,377 0,061 2 0,5 0,25 41 26,9799632

CINT 2020 0,282 2,494 -0,045 2 0,5 0,25 42 26,9339073

CPIN 2016 0,215 2,129 -0,029 2 0,5 0,33 44 30,8175801

CPIN 2017 0,368 2,317 0,013 2 0,3 0,33 45 30,8306160

CPIN 2018 0,201 2,894 0,127 2 0,3 0,33 46 30,9504703

CPIN 2019 0,532 2,538 0,062 2 0,3 0,33 47 31,0104173

CPIN 2020 0,346 2,526 0,062 2 0,3 0,33 48 31,0701336

DLTA 2016 0,379 7,604 0,154 1 0,4 0,33 46 27,8115049

DLTA 2017 0,516 8,638 0,119 1 0,4 0,33 47 27,9243195

DLTA 2018 0,616 7,198 0,136 1 0,4 0,33 48 28,0520427

DLTA 2019 0,989 8,050 -0,064 1 0,4 0,33 49 27,9858830

DLTA 2020 0,982 7,498 -0,141 1 0,4 0,33 50 27,8344361

DPNS 2016 0,147 5,322 0,079 2 0,3 0,33 34 26,4140629

DPNS 2017 0,282 4,457 0,042 2 0,3 0,33 35 26,4549591

DPNS 2018 0,095 7,736 0,044 2 0,5 0,33 36 26,4983918

DPNS 2019 0,385 21,705 -0,013 2 0,5 0,33 37 26,4857617

DPNS 2020 0,260 208,445 -0,003 2 0,3 0,33 38 26,4831473

EKAD 2016 0,079 4,886 0,803 2 0,5 0,33 35 27,2779235

EKAD 2017 0,148 4,519 0,134 2 0,5 0,33 36 27,4038289

EKAD 2018 0,175 5,050 0,071 2 0,5 0,33 37 27,4723389

EKAD 2019 0,283 6,917 0,135 2 0,5 0,33 38 27,5987400

EKAD 2020 0,261 8,105 0,117 2 0,5 0,33 39 27,7098136

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43

HMSP 2016 0,020 5,234 0,118 1 0,5 0,33 53 31,3807199

HMSP 2017 0,988 5,272 0,015 1 0,4 0,33 54 31,3954964

HMSP 2018 0,925 4,302 0,080 1 0,4 0,33 55 31,4726736

HMSP 2019 0,993 3,276 0,092 1 0,5 0,33 56 31,5609392

HMSP 2020 0,958 2,454 -0,024 1 0,5 0,25 57 31,5365034

ICBP 2016 0,828 2,407 -0,608 1 0,6 0,33 7 29,9729351

ICBP 2017 0,472 2,428 2,040 1 0,6 0,33 8 31,0847956

ICBP 2018 0,413 1,952 0,087 1 0,6 0,33 9 31,1681224

ICBP 2019 0,317 2,536 0,126 1 0,6 0,33 10 31,2871014

ICBP 2020 0,381 2,258 1,676 1 0,6 0,33 11 32,2714457

IGAR 2016 0,104 5,798 0,145 2 0,3 0,33 41 26,80882545

IGAR 2017 0,075 6,502 0,167 2 0,3 0,33 42 26,96358572

IGAR 2018 0,115 4,768 0,111 2 0,3 0,33 43 27,06924917

IGAR 2019 0,111 5,536 0,083 2 0,3 0,33 44 27,14909838

IGAR 2020 0,110 7,052 0,078 2 0,3 0,33 45 27,22435041

INCI 2016 0,182 5,815 0,589 3 0,3 0,33 35 26,31928261

INCI 2017 0,110 5,102 0,128 3 0,3 0,33 36 26,43959721

INCI 2018 0,071 3,036 0,288 3 0,3 0,33 37 26,69290058

INCI 2019 0,171 3,623 0,036 3 0,3 0,33 38 26,72825119

INCI 2020 0,131 3,717 0,097 3 0,3 0,33 39 26,8210385

INDF 2016 0,388 1,508 -0,105 3 0,4 0,33 26 32,03986633

INDF 2017 0,540 1,503 0,070 3 0,4 0,33 27 32,10767006

INDF 2018 0,500 1,066 0,098 3 0,4 0,33 28 32,20095572

INDF 2019 0,306 1,272 -0,004 3 0,4 0,33 29 32,19743549

INDF 2020 0,378 1,373 0,696 3 0,4 0,33 30 32,72560849

INKP 2016 0,002 1,598 -0,037 4 0,4 0,33 40 32,1635303

INKP 2017 0,002 2,093 0,113 4 0,4 0,33 41 32,2705898

INKP 2018 0,008 2,406 0,219 4 0,4 0,33 42 32,4682184

INKP 2019 0,008 2,299 -0,057 4 0,4 0,33 43 32,4092494

INKP 2020 0,004 2,258 -0,002 4 0,4 0,33 44 32,4065794

INTP 2016 0,395 4,525 0,091 2 0,4 0,33 31 31,03722528

INTP 2017 0,943 3,703 -0,043 2 0,4 0,33 32 30,99360503

INTP 2018 0,863 3,137 -0,037 2 0,4 0,33 33 30,95564561

INTP 2019 0,787 3,312 -0,003 2 0,4 0,33 34 30,95273324

INTP 2020 0,846 2,917 -0,013 2 0,4 0,33 35 30,93954282

JPFA 2016 0,079 2,071 0,122 9 0,4 0,33 45 30,58858547

JPFA 2017 0,568 2,346 0,095 9 0,5 0,33 46 30,67976653

JPFA 2018 0,267 1,734 0,177 9 0,5 0,33 47 30,84296719

JPFA 2019 0,331 1,663 0,073 9 0,5 0,33 48 30,91384385

JPFA 2020 0,253 1,955 -0,026 9 0,6 0,33 49 30,88726055

KBLM 2016 0,158 1,302 -0,023 1 0,3 0,33 37 27,18331327

KBLM 2017 0,128 1,263 0,933 1 0,3 0,33 38 27,84225308

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KBLM 2018 0,275 1,304 0,051 1 0,7 0,33 39 27,89212187

KBLM 2019 0,290 1,364 -0,011 1 0,7 0,33 40 27,88134189

KBLM 2020 0,631 1,907 -0,201 1 0,5 0,33 41 27,65743214

KINO 2016 0,294 1,537 0,023 3 0,3 0,33 17 28,8202369

KINO 2017 0,325 1,654 -0,014 3 0,3 0,33 18 28,80585195

KINO 2018 0,257 1,503 0,110 3 0,5 0,33 19 28,90977598

KINO 2019 0,088 1,347 0,307 3 0,5 0,33 20 29,17768215

KINO 2020 0,400 1,194 0,119 3 0,5 0,33 21 29,29026946

KLBF 2016 0,387 4,131 0,112 2 0,4 0,33 49 30,35402621

KLBF 2017 0,429 4,509 0,091 2 0,4 0,33 50 30,44140161

KLBF 2018 0,477 4,658 0,092 2 0,3 0,33 51 30,52948263

KLBF 2019 0,486 4,355 0,117 2 0,4 0,33 52 30,6399029

KLBF 2020 0,343 4,116 0,113 2 0,4 0,33 53 30,74739014

MLBI 2016 0,738 0,680 0,083 1 0,6 0,33 87 28,45301787

MLBI 2017 0,152 0,745 0,103 1 0,5 0,33 88 28,55133494

MLBI 2018 0,838 0,778 0,151 1 0,5 0,33 89 28,69210494

MLBI 2019 0,937 0,732 0,003 1 0,5 0,33 90 28,69467958

MLBI 2020 0,346 0,889 0,004 1 0,5 0,33 91 28,69828893

MYOR 2016 0,492 2,250 0,139 3 0,4 0,33 39 30,18998505

MYOR 2017 0,296 2,386 0,154 3 0,4 0,33 40 30,33344551

MYOR 2018 0,351 2,655 0,179 3 0,2 0,33 41 30,49844868

MYOR 2019 0,326 3,440 0,082 3 0,2 0,33 42 30,57745383

MYOR 2020 0,326 3,694 0,039 3 0,2 0,33 43 30,61556607

ROTI 2016 0,192 2,962 0,079 3 0,3 0,33 21 28,70248173

ROTI 2017 0,496 2,259 0,562 3 0,3 0,33 22 29,14825025

ROTI 2018 0,208 3,571 -0,036 3 0,3 0,33 23 29,11121793

ROTI 2019 0,200 1,693 0,066 3 0,3 0,33 24 29,17476439

ROTI 2020 0,715 3,830 -0,049 3 0,3 0,33 25 29,12441199

SCCO 2016 0,136 1,689 0,382 2 0,3 0,33 44 28,52708281

SCCO 2017 0,229 1,742 0,639 2 0,3 0,33 45 29,0208703

SCCO 2018 0,273 1,908 0,038 2 0,3 0,33 46 29,05778456

SCCO 2019 0,228 2,095 0,057 2 0,3 0,33 47 29,11277465

SCCO 2020 0,432 4,400 -0,149 3 0,3 0,33 48 28,95108481

SIDO 2016 0,769 8,318 0,068 3 0,3 0,33 41 28,72549619

SIDO 2017 0,724 7,812 0,057 3 0,3 0,33 42 28,78102273

SIDO 2018 0,650 4,190 0,057 3 0,4 0,33 43 28,83628149

SIDO 2019 0,774 4,198 0,060 3 0,4 0,33 44 28,89427119

SIDO 2020 0,860 3,664 0,088 3 0,5 0,33 45 28,97896854

SKLT 2016 0,200 1,315 0,507 4 0,3 0,33 40 27,0658096

SKLT 2017 0,149 1,263 0,120 4 0,3 0,33 41 27,17891117

SKLT 2018 0,150 1,224 0,174 4 0,3 0,33 42 27,33972415

SKLT 2019 0,138 1,290 0,058 4 0,3 0,33 43 27,39636852

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45

SKLT 2020 0,243 1,537 -0,021 4 0,3 0,33 44 27,37466075

SMGR 2016 0,400 1,273 0,159 3 0,3 0,25 63 31,42035423

SMGR 2017 0,897 1,568 0,107 3 0,3 0,25 64 31,5220963

SMGR 2018 0,262 1,967 0,037 3 0,3 0,25 65 31,55859923

SMGR 2019 0,515 1,361 0,572 3 0,3 0,25 66 32,01063318

SMGR 2020 0,086 1,353 -0,023 3 0,3 0,25 67 31,98780999

SMSM 2016 0,443 2,860 0,016 1 0,3 0,33 40 28,44405578

SMSM 2017 0,575 3,739 0,084 1 0,3 0,33 41 28,52438748

SMSM 2018 0,124 3,943 0,146 1 0,5 0,33 42 28,66107008

SMSM 2019 0,180 4,637 0,109 1 0,5 0,33 43 28,76467263

SMSM 2020 0,224 5,761 0,086 1 0,5 0,33 44 28,84757228

SRIL 2016 0,002 3,540 0,190 3 0,3 0,33 38 30,1808092

SRIL 2017 0,002 3,682 0,263 2 0,3 0,33 39 30,4143352

SRIL 2018 0,001 3,085 0,214 2 0,3 0,33 40 30,6096699

SRIL 2019 0,002 4,902 0,109 2 0,5 0,33 41 30,7131481

SRIL 2020 0,007 2,890 0,185 2 0,3 0,33 42 30,8832115

TBLA 2016 0,035 1,104 0,356 1 0,3 0,33 43 30,1644658

TBLA 2017 0,113 1,109 0,113 1 0,3 0,33 44 30,2718259

TBLA 2018 0,212 1,879 0,165 1 0,3 0,33 45 30,4246321

TBLA 2019 0,201 1,627 0,063 1 0,3 0,33 46 30,4853628

TBLA 2020 0,195 1,491 0,119 1 0,3 0,33 47 30,5979059

TPIA 2016 0,018 1,526 0,126 4 0,5 0,25 32 30,9908649

TPIA 2017 0,188 2,434 0,407 3 0,4 0,25 33 31,3323183

TPIA 2018 0,028 2,052 0,130 3 0,4 0,33 34 31,4538797

TPIA 2019 0,011 1,772 0,055 3 0,4 0,33 35 31,5076673

TPIA 2020 0,001 1,739 0,560 3 0,4 0,33 36 31,9521917

TSPC 2016 0,420 2,652 0,048 1 0,5 0,33 46 29,51593805

TSPC 2017 0,413 2,521 0,129 1 0,6 0,33 47 29,63720629

TSPC 2018 0,351 2,516 0,059 1 0,6 0,33 48 29,69407601

TSPC 2019 0,325 2,781 0,064 1 0,4 0,33 49 29,75600584

TSPC 2020 0,286 2,959 0,087 1 0,6 0,33 50 29,83980722

ULTJ 2016 0,426 4,844 0,198 3 0,3 0,33 45 29,07539569

ULTJ 2017 0,164 4,192 0,224 3 0,3 0,33 46 29,27716504

ULTJ 2018 0,200 4,398 0,071 3 0,3 0,33 47 29,34587632

ULTJ 2019 0,135 4,444 0,189 3 0,5 0,33 48 29,51936601

ULTJ 2020 0,850 2,403 0,325 3 0,5 0,33 49 29,80054511

UNVR 2016 0,506 0,606 0,065 1 0,2 0,33 83 30,44916233

UNVR 2017 0,501 0,634 0,129 1 0,2 0,33 84 30,57052229

UNVR 2018 0,424 0,732 0,075 1 0,2 0,33 85 30,64296472

UNVR 2019 0,800 0,653 0,016 1 0,2 0,33 86 30,65870597

UNVR 2020 0,569 0,661 -0,006 1 0,2 0,33 87 30,65313394