Lampiran 1 Daftar Perusahaan yang Menjadi Sampel Penelitian No. Nama Perusahaan 1 PT. Colorpak Indonesia 2 PT. Gudang Garam 3 PT. Sumi Indo Kabel 4 PT. Multi Bintang Indonesia 5 PT. Metrodata Electronics 6 PT. Tempo Scan Pacifik 7 PT. Tunas Ridean 8 PT. United Tractor 9 PT. Semen Gresik (Persero) 79
Lampiran 2 Daftar Rasio-Rasio Keuangan Perusahaan Sampel Penelitian PT. Colorpak Indonesia 2008 30.47 0.2 1.86 0.04 7.77 2009 29.93 0.17 0.9 0.07 14.1 2010 0 0.33 1.05 0.06 10.33 PT. Gudang Garam 2008 35.81 0.6 0.55 0.06 7.81 2009 36.19 0.35 0.48 0.10 12.69 2010 40.84 0.3 0.44 0.11 13.49 PT. Indo Sumi Kabel 2008 39.16 1.61 0.25 5.94 15.35 2009 14.92 6.28 0.14 3.33 5.11 2010 66.52 2.76 0.22 0.38 0.77 PT. Multi Bintang Indonesia 2008 142.17 1.24 1.73 0.17 23.61 2009 22.59 0.99 8.44 0.21 34.27 2010 0.1 0.46 1.41 0.25 38.95 80
PT. Metrodata Electronics 2008 6.79 7.29 2.74 0.01 2.32 2009 20.21 15.82 2.04 0.00 0.95 2010 0 3.18 1.63 0.01 3.22 PT. Tempo Scan Pacifik 2008 0.21 3.14 0.29 0.09 10.81 2009 0.44 3.28 0.34 0.08 11.03 2010 0.37 2.86 0.36 0.10 13.62 PT. Tunas Ridean 2008 95.63 2.36 2.5 0.04 6.84 2009 7.19 0.81 0.77 0.07 17.53 2010 2.59 7.81 0.73 0.04 12.81 PT. United Tractor 2008 27.51 1.24 1.05 0.10 11.65 2009 28.76 0.72 0.76 0.13 15.64 2010 36.94 0.34 0.84 0.10 13.04 PT. Semen Gresik (Persero) 2008 50.59 1.48 0.301 0.21 23.8 2009 44.56 1.02 0.2582 0.23 25.68 2010 40.49 1.01 0.2851 0.25 23.35 81
Lampiran 3 Output Eviews Statistik Deskriptif Variabel Penelitian CP? DER? NPM? ROI? DPR? Mean 3.425556 1.198679 0.451111 13.94593 30.40667 Median 1.240000 0.760000 0.100000 12.81000 28.76000 Maximum 27.60000 8.440000 5.940000 38.95000 142.1700 Minimum 0.170000 0.140000 0.000000 0.770000 0.000000 Std. Dev. 5.904403 1.620835 1.262215 9.426550 32.11511 Observations 27 27 27 27 27 Cross sections 9 9 9 9 9 Sumber : Hasil pengolahan data dengan Eviews (diolah), 2012 Hasil Regresi dengan Menggunakan Model Pooled Least Square Dependent Variable: DPR? Method: Pooled Least Squares Date: 12/12/12 Time: 15:20 Sample: 2008 2010 Included observations: 3 Cross-sections included: 9 Total pool (balanced) observations: 27 Variable Coefficient Std. Error t-statistic Prob. CP? 1.764614 1.047815 1.684089 0.1057 DER? 0.541109 4.455060 0.121459 0.9044 NPM? 1.906445 5.396366 0.353283 0.7271 ROI? 1.400245 0.536690 2.609037 0.0157 R-squared -0.039914 Mean dependent var 30.40667 Adjusted R-squared -0.175555 S.D. dependent var 32.11511 S.E. of regression 34.82018 Akaike info criterion 10.07422 Sum squared resid 27886.23 Schwarz criterion 10.26620 Log likelihood -132.0020 Hannan-Quinn criter. 10.13131 Durbin-Watson stat 1.603312 82
Hasil Regresi dengan Menggunakan Model Fixed Effect Dependent Variable: DPR? Method: Pooled Least Squares Date: 12/12/12 Time: 15:21 Sample: 2008 2010 Included observations: 3 Cross-sections included: 9 Total pool (balanced) observations: 27 Variable Coefficient Std. Error t-statistic Prob. C 113.5664 24.35950 4.662101 0.0004 CP? 1.066953 1.999653 0.533569 0.6020 DER? -2.786561 4.111615-0.677729 0.5090 NPM? 16.85270 11.94553 1.410795 0.1801 ROI? -6.530720 1.563477-4.177050 0.0009 Fixed Effects (Cross) CLPI C -21.00173 GGRM C -2.555949 SUMI C -93.41568 MLBI C 158.4371 METRODATA--C -93.94679 TSPC C -39.93096 TURI C 1.475339 UNTR C 5.087865 SMGR C 85.85079 Effects Specification Cross-section fixed (dummy variables) R-squared 0.693173 Mean dependent var 30.40667 Adjusted R-squared 0.430179 S.D. dependent var 32.11511 S.E. of regression 24.24257 Akaike info criterion 9.520281 Sum squared resid 8227.832 Schwarz criterion 10.14420 Log likelihood -115.5238 Hannan-Quinn criter. 9.705806 F-statistic 2.635697 Durbin-Watson stat 2.718826 Prob(F-statistic) 0.043445 83
Komponen Perhitungan Chow Test Restricted Residual Sum Square (RRSS) 27886,23 Unrestricted Residual Sum Square (URSS ) 8227,832 Jumlah data Cross Section (N) 9 Jumlah data Time Series (T) 3 Jumlah variabel penjelas (K) 5 Sumber: Output Eviews-Diolah Peneliti (2012) 84
Hasil Regresi dengan Menggunakan Model Random Effect Dependent Variable: DPR? Method: Pooled EGLS (Cross-section random effects) Date: 12/12/12 Time: 15:22 Sample: 2008 2010 Included observations: 3 Cross-sections included: 9 Total pool (balanced) observations: 27 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-statistic Prob. C 20.31755 11.55516 1.758310 0.0926 CP? 0.753312 0.940295 0.801144 0.4316 DER? -0.042017 3.154499-0.013320 0.9895 NPM? 0.586535 3.887859 0.150863 0.8815 ROI? 0.523047 0.619457 0.844364 0.4076 Random Effects (Cross) CLPI C -0.325397 GGRM C 0.602469 SUMI C 0.294644 MLBI C 0.935497 METRODATA C -1.036475 TSPC C -1.559197 TURI C 0.306405 UNTR C 0.170299 SMGR C 0.611755 Effects Specification S.D. Rho Cross-section random 3.365337 0.0189 Idiosyncratic random 24.24257 0.9811 Weighted Statistics R-squared 0.021561 Mean dependent var 29.56409 Adjusted R-squared -0.156337 S.D. dependent var 31.87266 S.E. of regression 34.27366 Sum squared resid 25843.04 F-statistic 0.121199 Durbin-Watson stat 1.541947 Prob(F-statistic) 0.973422 Unweighted Statistics R-squared 0.025157 Mean dependent var 30.40667 Sum squared resid 26141.28 Durbin-Watson stat 1.524355 85
Hasil Regresi dengan Haussman Test 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 25.973008 4 0.0000 Sumber: Output Eviews-Diolah Peneliti (2012) 2 1 0-20 -15-10 -5 0 5 10 15 20 Series: RESIDCLPI Sample 2008 2010 Observations 3 Mean 3.897055 Median 9.266114 Maximum 18.15445 Minimum -15.72940 Std. Dev. 17.56841 Skewness -0.509002 Kurtosis 1.500000 Jarque-Bera 0.410792 Probability 0.814325 86
Hasil regresi model Fixed Effect menggunakan White Test Dependent Variable: DPR? Method: Pooled Least Squares Date: 12/16/12 Time: 16:17 Sample: 2008 2010 Included observations: 3 Cross-sections included: 9 Total pool (balanced) observations: 27 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-statistic Prob. C 113.5664 28.91789 3.927204 0.0015 CP? 1.066953 1.680757 0.634805 0.5358 DER? -2.786561 3.434340-0.811382 0.4307 NPM? 16.85270 12.06274 1.397086 0.1841 ROI? -6.530720 1.972808-3.310368 0.0052 Fixed Effects (Cross) CLPI C -21.00173 GGRM C -2.555949 SUMI C -93.41568 MLBI C 158.4371 METRODATA C -93.94679 TSPC C -39.93096 TURI C 1.475339 UNTR C 5.087865 SMGR C 85.85079 Effects Specification Cross-section fixed (dummy variables) R-squared 0.693173 Mean dependent var 30.40667 Adjusted R-squared 0.430179 S.D. dependent var 32.11511 S.E. of regression 24.24257 Akaike info criterion 9.520281 Sum squared resid 8227.832 Schwarz criterion 10.14420 Log likelihood -115.5238 Hannan-Quinn criter. 9.705806 F-statistic 2.635697 Durbin-Watson stat 2.718826 Prob(F-statistic) 0.043445 87