LAMPIRAN DAFTAR SAMPEL PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI TAHUN

LAMPIRAN LAMPIRAN I DAFTAR SAMPEL PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI TAHUN 2010-2012 No Nama Bank Kode Bank 1 PT. Bank Agroniaga Tbk AGRO 2 PT. Bank Artha Graha Internasional Tbk INPC 3 PT. Bank Bukopin Tbk BBKP 4 PT. Bank Bumi Artha Tbk BNBA 5 PT. Bank ICB Bumi Putera Tbk BABP 6 PT. Bank Capital Indonesia Tbk BACA 7 PT. Bank Central Asia Tbk BBCA 8 PT. Bank Danamon Indonesia Tbk BDMN 9 PT. Bank Ekonomi Raharja Tbk BAEK 10 PT. Bank Himpunan Saudara 1906 Tbk SDRA 11 PT. Bank Internasional Indonesia Tbk BNII 12 PT. Bank Kesawan Tbk BKSW 13 PT. Bank Mandiri (Persero) Tbk BMRI 14 PT. Bank Mayapada Internasional Tbk MAYA 15 PT. Bank Mega Tbk MEGA

16 PT. Bank Negara Indonesia (Persero) Tbk BBNI 17 PT. Bank CIMB Niaga Tbk BNGA 18 PT. Bank OCBC NISP Tbk NISP 19 PT. Bank Nusantara Parahyangan Tbk BBNP 20 PT. Bank Pan Indonesia Tbk PNBN 21 PT. Bank Permata Tbk BNLI 22 PT. Bank Sinarmas Tbk BSIM 23 PT. Bank Rakyat Indonesia (Persero) Tbk BBRI 24 PT. Bank Swadesi Tbk BSWD 25 PT. Bank Tabungan Negara (Persero) Tbk BBTN 26 PT. Bank Tabungan Pensiun Nasional Tbk BTPN 27 PT. Bank Victoria International Tbk BVIC 28 PT. Bank Windu Kentjana Internasional Tbk MCOR Sumber: Bursa Efek Indonesia (BEI), data diolah oleh peneliti.

LAMPIRAN II STATISTIK DESKRIPTIF VAHU STVA VACA ROA OPM MBV Mean 2.565979 0.522247 0.371969 0.017147 0.245399 0.417865 Median 2.25189 0.56196 0.364626 0.017508 0.210999 0.354865 Maximum 5.600375 0.821441 0.886551 0.043276 1.049414 1.232773 Minimum 0.327514-2.053305 0.097367-0.146827-0.160356 0.014495 Std. Dev. 1.078438 0.346624 0.163788 0.020898 0.187047 0.296269 Sum 215.5423 43.86872 31.24543 1.440387 20.61348 35.10068 Sum Sq. Dev. 96.53134 9.972276 2.226596 0.036248 2.903877 7.285373 Observations 84 84 84 84 84 84 Cross sections 28 28 28 28 28 28

LAMPIRAN III UJI HAUSMAN Model 1 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 7.830949 3 0.0496 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. VAHU? -0.007334-0.007220 0.000002 0.9374 STVA? 0.067505 0.066041 0.000003 0.4335 VACA? -0.011397-0.001465 0.000057 0.1890 Cross-section random effects test equation: Dependent Variable: ROA? Method: Panel Least Squares Date: 03/16/14 Time: 20:09 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-statistic Prob. C 0.004950 0.003447 1.436138 0.1568 VAHU? -0.007334 0.001974-3.714449 0.0005 STVA? 0.067505 0.003962 17.03624 0.0000 VACA? -0.011397 0.010565-1.078787 0.2856 Effects Specification Cross-section fixed (dummy variables) R-squared 0.934811 Mean dependent var 0.017147 Adjusted R-squared 0.897911 S.D. dependent var 0.020898 S.E. of regression 0.006677 Akaike info criterion -6.902675

Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000 Model 2 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 5.033597 3 0.1694 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. VAHU? -0.027634 0.001824 0.001165 0.3881 STVA? 0.069786 0.144268 0.002297 0.1202 VACA? 0.171548 0.130318 0.032159 0.8182 Cross-section random effects test equation: Dependent Variable: OPM? Method: Panel Least Squares Date: 03/16/14 Time: 20:23 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-statistic Prob. C 0.216050 0.074343 2.906117 0.0053 VAHU? -0.027634 0.042582-0.648951 0.5192 STVA? 0.069786 0.085461 0.816578 0.4178 VACA? 0.171548 0.227856 0.752882 0.4549 Effects Specification Cross-section fixed (dummy variables) R-squared 0.621473 Mean dependent var 0.245399 Adjusted R-squared 0.407212 S.D. dependent var 0.187047

S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345 MODEL 3 Correlated Random Effects - Hausman Test Pool: POOL1 Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 13.144590 3 0.0043 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. VAHU? -0.055670-0.040673 0.000359 0.4284 STVA? -0.102438-0.137180 0.000429 0.0936 VACA? 0.618327 0.439397 0.009523 0.0667 Cross-section random effects test equation: Dependent Variable: MBV? Method: Panel Least Squares Date: 03/16/14 Time: 20:30 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 Variable Coefficient Std. Error t-statistic Prob. C 0.384212 0.062399 6.157293 0.0000 VAHU? -0.055670 0.035741-1.557582 0.1253 STVA? -0.102438 0.071731-1.428077 0.1591 VACA? 0.618327 0.191249 3.233096 0.0021 Effects Specification Cross-section fixed (dummy variables) R-squared 0.893707 Mean dependent var 0.417865

Adjusted R-squared 0.833542 S.D. dependent var 0.296269 S.E. of regression 0.120876 Akaike info criterion -1.110536 Sum squared resid 0.774381 Schwarz criterion -0.213449 Log likelihood 77.64251 Hannan-Quinn criter. -0.749915 F-statistic 14.85413 Durbin-Watson stat 2.088776 Prob(F-statistic) 0.000000

LAMPIRAN IV Model 1 HASIL REGRESI DATA METODE FIXED EFFECT METHOD (FEM) Dependent Variable: ROA Method: Pooled Least Squares Date: 03/14/14 Time: 17:03 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-statistic Prob. C 0.004950 0.002171 2.280668 0.0266 VAHU? -0.007334 0.001436-5.107151 0.0000 STVA? 0.067505 0.007072 9.545085 0.0000 VACA? -0.011397 0.003629-3.140227 0.0028 Fixed Effects (Cross) _AGRO C -0.003026 _INPC C -0.009485 _BBKP C -0.007143 _BNBA C -0.001076 _BABP C 0.004376 _BACA C -0.011344 _BBCA C 0.012844 _BDMN C 0.012749 _BAEK C -0.005688 _SDRA C 0.002393 _BNII C -0.007042 _BKSW C -0.002144 _BMRI C 0.007605 _MAYA C -0.006085 _MEGA C 0.000225 _BBNI C 0.001112 _BNGA C 0.000857 _NISP C -0.007480 _BBNP C -0.003527 _PNBN C 0.000867 _BNLI C -0.005932 _BSIM C -0.003559 _BBRI C 0.020510

_BSWD C 0.006137 _BBTN C -0.002050 _BTPN C 0.019775 _BVIC C -0.005932 _MCOR C -0.007937 Effects Specification Cross-section fixed (dummy variables) R-squared 0.934811 Mean dependent var 0.017147 Adjusted R-squared 0.897911 S.D. dependent var 0.020898 S.E. of regression 0.006677 Akaike info criterion -6.902675 Sum squared resid 0.002363 Schwarz criterion -6.005587 Log likelihood 320.9123 Hannan-Quinn criter. -6.542053 F-statistic 25.33383 Durbin-Watson stat 2.617050 Prob(F-statistic) 0.000000 Estimation Command: ===================== LS(CX=F) ROA? C VAHU? STVA? VACA? Estimation Equations: ===================== ROA_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO ROA_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC ROA_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP ROA_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA ROA_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP ROA_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA ROA_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA

ROA_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN ROA_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK ROA_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA ROA_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII ROA_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW ROA_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI ROA_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA ROA_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA ROA_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI ROA_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA ROA_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP ROA_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP ROA_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN ROA_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI ROA_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM

ROA_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI ROA_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD ROA_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN ROA_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN ROA_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC ROA_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR Substituted Coefficients: ===================== ROA_AGRO = -0.00302636578167 + 0.00495028729963-0.0073335788596*VAHU_AGRO + 0.0675050807213*STVA_AGRO - 0.0113969468392*VACA_AGRO ROA_INPC = -0.00948541645345 + 0.00495028729963-0.0073335788596*VAHU_INPC + 0.0675050807213*STVA_INPC - 0.0113969468392*VACA_INPC ROA_BBKP = -0.00714304455433 + 0.00495028729963-0.0073335788596*VAHU_BBKP + 0.0675050807213*STVA_BBKP - 0.0113969468392*VACA_BBKP ROA_BNBA = -0.00107560705848 + 0.00495028729963-0.0073335788596*VAHU_BNBA + 0.0675050807213*STVA_BNBA - 0.0113969468392*VACA_BNBA ROA_BABP = 0.00437610860771 + 0.00495028729963-0.0073335788596*VAHU_BABP + 0.0675050807213*STVA_BABP - 0.0113969468392*VACA_BABP ROA_BACA = -0.0113439326732 + 0.00495028729963-0.0073335788596*VAHU_BACA + 0.0675050807213*STVA_BACA - 0.0113969468392*VACA_BACA ROA_BBCA = 0.012843942162 + 0.00495028729963-0.0073335788596*VAHU_BBCA + 0.0675050807213*STVA_BBCA - 0.0113969468392*VACA_BBCA ROA_BDMN = 0.0127485473927 + 0.00495028729963-0.0073335788596*VAHU_BDMN + 0.0675050807213*STVA_BDMN - 0.0113969468392*VACA_BDMN

ROA_BAEK = -0.00568795450317 + 0.00495028729963-0.0073335788596*VAHU_BAEK + 0.0675050807213*STVA_BAEK - 0.0113969468392*VACA_BAEK ROA_SDRA = 0.00239297952687 + 0.00495028729963-0.0073335788596*VAHU_SDRA + 0.0675050807213*STVA_SDRA - 0.0113969468392*VACA_SDRA ROA_BNII = -0.00704235367486 + 0.00495028729963-0.0073335788596*VAHU_BNII + 0.0675050807213*STVA_BNII - 0.0113969468392*VACA_BNII ROA_BKSW = -0.00214448649533 + 0.00495028729963-0.0073335788596*VAHU_BKSW + 0.0675050807213*STVA_BKSW - 0.0113969468392*VACA_BKSW ROA_BMRI = 0.00760497990521 + 0.00495028729963-0.0073335788596*VAHU_BMRI + 0.0675050807213*STVA_BMRI - 0.0113969468392*VACA_BMRI ROA_MAYA = -0.00608520279025 + 0.00495028729963-0.0073335788596*VAHU_MAYA + 0.0675050807213*STVA_MAYA - 0.0113969468392*VACA_MAYA ROA_MEGA = 0.000225097411734 + 0.00495028729963-0.0073335788596*VAHU_MEGA + 0.0675050807213*STVA_MEGA - 0.0113969468392*VACA_MEGA ROA_BBNI = 0.00111181265243 + 0.00495028729963-0.0073335788596*VAHU_BBNI + 0.0675050807213*STVA_BBNI - 0.0113969468392*VACA_BBNI ROA_BNGA = 0.000856881029626 + 0.00495028729963-0.0073335788596*VAHU_BNGA + 0.0675050807213*STVA_BNGA - 0.0113969468392*VACA_BNGA ROA_NISP = -0.00748002909763 + 0.00495028729963-0.0073335788596*VAHU_NISP + 0.0675050807213*STVA_NISP - 0.0113969468392*VACA_NISP ROA_BBNP = -0.00352694739519 + 0.00495028729963-0.0073335788596*VAHU_BBNP + 0.0675050807213*STVA_BBNP - 0.0113969468392*VACA_BBNP ROA_PNBN = 0.000866511484284 + 0.00495028729963-0.0073335788596*VAHU_PNBN + 0.0675050807213*STVA_PNBN - 0.0113969468392*VACA_PNBN ROA_BNLI = -0.00593172363234 + 0.00495028729963-0.0073335788596*VAHU_BNLI + 0.0675050807213*STVA_BNLI - 0.0113969468392*VACA_BNLI ROA_BSIM = -0.00355897588005 + 0.00495028729963-0.0073335788596*VAHU_BSIM + 0.0675050807213*STVA_BSIM - 0.0113969468392*VACA_BSIM ROA_BBRI = 0.0205104923023 + 0.00495028729963-0.0073335788596*VAHU_BBRI + 0.0675050807213*STVA_BBRI - 0.0113969468392*VACA_BBRI

ROA_BSWD = 0.00613716810735 + 0.00495028729963-0.0073335788596*VAHU_BSWD + 0.0675050807213*STVA_BSWD - 0.0113969468392*VACA_BSWD ROA_BBTN = -0.00204957423612 + 0.00495028729963-0.0073335788596*VAHU_BBTN + 0.0675050807213*STVA_BBTN - 0.0113969468392*VACA_BBTN ROA_BTPN = 0.0197754536655 + 0.00495028729963-0.0073335788596*VAHU_BTPN + 0.0675050807213*STVA_BTPN - 0.0113969468392*VACA_BTPN ROA_BVIC = -0.00593178520347 + 0.00495028729963-0.0073335788596*VAHU_BVIC + 0.0675050807213*STVA_BVIC - 0.0113969468392*VACA_BVIC ROA_MCOR = -0.0079365748182 + 0.00495028729963-0.0073335788596*VAHU_MCOR + 0.0675050807213*STVA_MCOR - 0.0113969468392*VACA_MCOR Model 2 Dependent Variable: OPM Method: Pooled Least Squares Date: 03/14/14 Time: 17:15 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-statistic Prob. C 0.216050 0.021630 9.988431 0.0000 VAHU? -0.027634 0.002611-10.58501 0.0000 STVA? 0.069786 0.026542 2.629236 0.0112 VACA? 0.171548 0.053042 3.234179 0.0021 Fixed Effects (Cross) _AGRO C -0.132428 _INPC C -0.175688 _BBKP C -0.065529 _BNBA C -0.058783 _BABP C -0.209392 _BACA C -0.107792

_BBCA C 0.261053 _BDMN C 0.056335 _BAEK C 0.248054 _SDRA C -0.077887 _BNII C 0.162131 _BKSW C -0.251085 _BMRI C 0.211193 _MAYA C -0.074300 _MEGA C -0.015409 _BBNI C 0.092319 _BNGA C 0.049126 _NISP C 0.263962 _BBNP C -0.105142 _PNBN C 0.066153 _BNLI C -0.064364 _BSIM C -0.085720 _BBRI C 0.098800 _BSWD C 0.129143 _BBTN C -0.047025 _BTPN C -0.065378 _BVIC C 0.005036 _MCOR C -0.107383 Effects Specification Cross-section fixed (dummy variables) R-squared 0.621473 Mean dependent var 0.245399 Adjusted R-squared 0.407212 S.D. dependent var 0.187047 S.E. of regression 0.144012 Akaike info criterion -0.760266 Sum squared resid 1.099196 Schwarz criterion 0.136821 Log likelihood 62.93116 Hannan-Quinn criter. -0.399644 F-statistic 2.900548 Durbin-Watson stat 3.231349 Prob(F-statistic) 0.000345 stimation Command: ===================== LS(CX=F) OPM? C VAHU? STVA? VACA? Estimation Equations: ===================== OPM_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO

OPM_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC OPM_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP OPM_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA OPM_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP OPM_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA OPM_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA OPM_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN OPM_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK OPM_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA OPM_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII OPM_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW OPM_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI OPM_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA OPM_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA OPM_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI

OPM_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA OPM_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP OPM_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP OPM_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN OPM_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI OPM_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM OPM_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI OPM_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD OPM_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN OPM_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN OPM_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC OPM_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR Substituted Coefficients: ===================== OPM_AGRO = -0.132428321834 + 0.216050101431-0.0276337859696*VAHU_AGRO + 0.0697858925365*STVA_AGRO + 0.171548359439*VACA_AGRO OPM_INPC = -0.175687798775 + 0.216050101431-0.0276337859696*VAHU_INPC + 0.0697858925365*STVA_INPC + 0.171548359439*VACA_INPC

OPM_BBKP = -0.0655290587429 + 0.216050101431-0.0276337859696*VAHU_BBKP + 0.0697858925365*STVA_BBKP + 0.171548359439*VACA_BBKP OPM_BNBA = -0.058783395058 + 0.216050101431-0.0276337859696*VAHU_BNBA + 0.0697858925365*STVA_BNBA + 0.171548359439*VACA_BNBA OPM_BABP = -0.209392065253 + 0.216050101431-0.0276337859696*VAHU_BABP + 0.0697858925365*STVA_BABP + 0.171548359439*VACA_BABP OPM_BACA = -0.107791965407 + 0.216050101431-0.0276337859696*VAHU_BACA + 0.0697858925365*STVA_BACA + 0.171548359439*VACA_BACA OPM_BBCA = 0.261052989048 + 0.216050101431-0.0276337859696*VAHU_BBCA + 0.0697858925365*STVA_BBCA + 0.171548359439*VACA_BBCA OPM_BDMN = 0.056334674839 + 0.216050101431-0.0276337859696*VAHU_BDMN + 0.0697858925365*STVA_BDMN + 0.171548359439*VACA_BDMN OPM_BAEK = 0.248054433232 + 0.216050101431-0.0276337859696*VAHU_BAEK + 0.0697858925365*STVA_BAEK + 0.171548359439*VACA_BAEK OPM_SDRA = -0.0778865539423 + 0.216050101431-0.0276337859696*VAHU_SDRA + 0.0697858925365*STVA_SDRA + 0.171548359439*VACA_SDRA OPM_BNII = 0.16213061139 + 0.216050101431-0.0276337859696*VAHU_BNII + 0.0697858925365*STVA_BNII + 0.171548359439*VACA_BNII OPM_BKSW = -0.251085431772 + 0.216050101431-0.0276337859696*VAHU_BKSW + 0.0697858925365*STVA_BKSW + 0.171548359439*VACA_BKSW OPM_BMRI = 0.211193100561 + 0.216050101431-0.0276337859696*VAHU_BMRI + 0.0697858925365*STVA_BMRI + 0.171548359439*VACA_BMRI OPM_MAYA = -0.0743004835459 + 0.216050101431-0.0276337859696*VAHU_MAYA + 0.0697858925365*STVA_MAYA + 0.171548359439*VACA_MAYA OPM_MEGA = -0.0154089308228 + 0.216050101431-0.0276337859696*VAHU_MEGA + 0.0697858925365*STVA_MEGA + 0.171548359439*VACA_MEGA OPM_BBNI = 0.0923187626936 + 0.216050101431-0.0276337859696*VAHU_BBNI + 0.0697858925365*STVA_BBNI + 0.171548359439*VACA_BBNI OPM_BNGA = 0.049126261013 + 0.216050101431-0.0276337859696*VAHU_BNGA + 0.0697858925365*STVA_BNGA + 0.171548359439*VACA_BNGA

OPM_NISP = 0.263962064512 + 0.216050101431-0.0276337859696*VAHU_NISP + 0.0697858925365*STVA_NISP + 0.171548359439*VACA_NISP OPM_BBNP = -0.105141973543 + 0.216050101431-0.0276337859696*VAHU_BBNP + 0.0697858925365*STVA_BBNP + 0.171548359439*VACA_BBNP OPM_PNBN = 0.0661534426646 + 0.216050101431-0.0276337859696*VAHU_PNBN + 0.0697858925365*STVA_PNBN + 0.171548359439*VACA_PNBN OPM_BNLI = -0.0643644416162 + 0.216050101431-0.0276337859696*VAHU_BNLI + 0.0697858925365*STVA_BNLI + 0.171548359439*VACA_BNLI OPM_BSIM = -0.0857198219262 + 0.216050101431-0.0276337859696*VAHU_BSIM + 0.0697858925365*STVA_BSIM + 0.171548359439*VACA_BSIM OPM_BBRI = 0.0987997227854 + 0.216050101431-0.0276337859696*VAHU_BBRI + 0.0697858925365*STVA_BBRI + 0.171548359439*VACA_BBRI OPM_BSWD = 0.12914332185 + 0.216050101431-0.0276337859696*VAHU_BSWD + 0.0697858925365*STVA_BSWD + 0.171548359439*VACA_BSWD OPM_BBTN = -0.0470253838961 + 0.216050101431-0.0276337859696*VAHU_BBTN + 0.0697858925365*STVA_BBTN + 0.171548359439*VACA_BBTN OPM_BTPN = -0.0653775781571 + 0.216050101431-0.0276337859696*VAHU_BTPN + 0.0697858925365*STVA_BTPN + 0.171548359439*VACA_BTPN OPM_BVIC = 0.00503649077286 + 0.216050101431-0.0276337859696*VAHU_BVIC + 0.0697858925365*STVA_BVIC + 0.171548359439*VACA_BVIC OPM_MCOR = -0.10738267107 + 0.216050101431-0.0276337859696*VAHU_MCOR + 0.0697858925365*STVA_MCOR + 0.171548359439*VACA_MCOR Model 3 Dependent Variable: MBV Method: Pooled Least Squares Date: 03/14/14 Time: 17:22 Sample: 2010 2012 Included observations: 3 Cross-sections included: 28 Total pool (balanced) observations: 84 White cross-section standard errors & covariance (d.f. corrected) Variable Coefficient Std. Error t-statistic Prob.

C 0.384212 0.060375 6.363714 0.0000 VAHU? -0.055670 0.021607-2.576461 0.0128 STVA? -0.102438 0.023691-4.323982 0.0001 VACA? 0.618327 0.073560 8.405785 0.0000 Fixed Effects (Cross) _AGRO C 0.624433 _INPC C 0.197545 _BBKP C -0.231027 _BNBA C 0.102344 _BABP C 0.286454 _BACA C 0.464066 _BBCA C -0.345228 _BDMN C -0.218311 _BAEK C -0.401169 _SDRA C 0.000999 _BNII C -0.070144 _BKSW C 0.521167 _BMRI C 0.077924 _MAYA C -0.103604 _MEGA C -0.127226 _BBNI C -0.147708 _BNGA C -0.322592 _NISP C -0.310622 _BBNP C -0.103915 _PNBN C -0.042687 _BNLI C -0.261650 _BSIM C 0.281781 _BBRI C -0.399100 _BSWD C 0.237933 _BBTN C 0.165269 _BTPN C -0.362552 _BVIC C 0.222064 _MCOR C 0.265558 Effects Specification Cross-section fixed (dummy variables) R-squared 0.893707 Mean dependent var 0.417865 Adjusted R-squared 0.833542 S.D. dependent var 0.296269 S.E. of regression 0.120876 Akaike info criterion -1.110536 Sum squared resid 0.774381 Schwarz criterion -0.213449 Log likelihood 77.64251 Hannan-Quinn criter. -0.749915 F-statistic 14.85413 Durbin-Watson stat 2.088776 Prob(F-statistic) 0.000000

Estimation Command: ===================== LS(CX=F) MBV? C VAHU? STVA? VACA? Estimation Equations: ===================== MBV_AGRO = C(5) + C(1) + C(2)*VAHU_AGRO + C(3)*STVA_AGRO + C(4)*VACA_AGRO MBV_INPC = C(6) + C(1) + C(2)*VAHU_INPC + C(3)*STVA_INPC + C(4)*VACA_INPC MBV_BBKP = C(7) + C(1) + C(2)*VAHU_BBKP + C(3)*STVA_BBKP + C(4)*VACA_BBKP MBV_BNBA = C(8) + C(1) + C(2)*VAHU_BNBA + C(3)*STVA_BNBA + C(4)*VACA_BNBA MBV_BABP = C(9) + C(1) + C(2)*VAHU_BABP + C(3)*STVA_BABP + C(4)*VACA_BABP MBV_BACA = C(10) + C(1) + C(2)*VAHU_BACA + C(3)*STVA_BACA + C(4)*VACA_BACA MBV_BBCA = C(11) + C(1) + C(2)*VAHU_BBCA + C(3)*STVA_BBCA + C(4)*VACA_BBCA MBV_BDMN = C(12) + C(1) + C(2)*VAHU_BDMN + C(3)*STVA_BDMN + C(4)*VACA_BDMN MBV_BAEK = C(13) + C(1) + C(2)*VAHU_BAEK + C(3)*STVA_BAEK + C(4)*VACA_BAEK MBV_SDRA = C(14) + C(1) + C(2)*VAHU_SDRA + C(3)*STVA_SDRA + C(4)*VACA_SDRA MBV_BNII = C(15) + C(1) + C(2)*VAHU_BNII + C(3)*STVA_BNII + C(4)*VACA_BNII MBV_BKSW = C(16) + C(1) + C(2)*VAHU_BKSW + C(3)*STVA_BKSW + C(4)*VACA_BKSW MBV_BMRI = C(17) + C(1) + C(2)*VAHU_BMRI + C(3)*STVA_BMRI + C(4)*VACA_BMRI

MBV_MAYA = C(18) + C(1) + C(2)*VAHU_MAYA + C(3)*STVA_MAYA + C(4)*VACA_MAYA MBV_MEGA = C(19) + C(1) + C(2)*VAHU_MEGA + C(3)*STVA_MEGA + C(4)*VACA_MEGA MBV_BBNI = C(20) + C(1) + C(2)*VAHU_BBNI + C(3)*STVA_BBNI + C(4)*VACA_BBNI MBV_BNGA = C(21) + C(1) + C(2)*VAHU_BNGA + C(3)*STVA_BNGA + C(4)*VACA_BNGA MBV_NISP = C(22) + C(1) + C(2)*VAHU_NISP + C(3)*STVA_NISP + C(4)*VACA_NISP MBV_BBNP = C(23) + C(1) + C(2)*VAHU_BBNP + C(3)*STVA_BBNP + C(4)*VACA_BBNP MBV_PNBN = C(24) + C(1) + C(2)*VAHU_PNBN + C(3)*STVA_PNBN + C(4)*VACA_PNBN MBV_BNLI = C(25) + C(1) + C(2)*VAHU_BNLI + C(3)*STVA_BNLI + C(4)*VACA_BNLI MBV_BSIM = C(26) + C(1) + C(2)*VAHU_BSIM + C(3)*STVA_BSIM + C(4)*VACA_BSIM MBV_BBRI = C(27) + C(1) + C(2)*VAHU_BBRI + C(3)*STVA_BBRI + C(4)*VACA_BBRI MBV_BSWD = C(28) + C(1) + C(2)*VAHU_BSWD + C(3)*STVA_BSWD + C(4)*VACA_BSWD MBV_BBTN = C(29) + C(1) + C(2)*VAHU_BBTN + C(3)*STVA_BBTN + C(4)*VACA_BBTN MBV_BTPN = C(30) + C(1) + C(2)*VAHU_BTPN + C(3)*STVA_BTPN + C(4)*VACA_BTPN MBV_BVIC = C(31) + C(1) + C(2)*VAHU_BVIC + C(3)*STVA_BVIC + C(4)*VACA_BVIC MBV_MCOR = C(32) + C(1) + C(2)*VAHU_MCOR + C(3)*STVA_MCOR + C(4)*VACA_MCOR

Substituted Coefficients: ===================== MBV_AGRO = 0.624432893102 + 0.384211982442-0.0556697731693*VAHU_AGRO - 0.102438031614*STVA_AGRO + 0.618327023235*VACA_AGRO MBV_INPC = 0.19754472224 + 0.384211982442-0.0556697731693*VAHU_INPC - 0.102438031614*STVA_INPC + 0.618327023235*VACA_INPC MBV_BBKP = -0.231026539082 + 0.384211982442-0.0556697731693*VAHU_BBKP - 0.102438031614*STVA_BBKP + 0.618327023235*VACA_BBKP MBV_BNBA = 0.102343600228 + 0.384211982442-0.0556697731693*VAHU_BNBA - 0.102438031614*STVA_BNBA + 0.618327023235*VACA_BNBA MBV_BABP = 0.286454426953 + 0.384211982442-0.0556697731693*VAHU_BABP - 0.102438031614*STVA_BABP + 0.618327023235*VACA_BABP MBV_BACA = 0.464066222729 + 0.384211982442-0.0556697731693*VAHU_BACA - 0.102438031614*STVA_BACA + 0.618327023235*VACA_BACA MBV_BBCA = -0.345228350694 + 0.384211982442-0.0556697731693*VAHU_BBCA - 0.102438031614*STVA_BBCA + 0.618327023235*VACA_BBCA MBV_BDMN = -0.218311230498 + 0.384211982442-0.0556697731693*VAHU_BDMN - 0.102438031614*STVA_BDMN + 0.618327023235*VACA_BDMN MBV_BAEK = -0.401169326994 + 0.384211982442-0.0556697731693*VAHU_BAEK - 0.102438031614*STVA_BAEK + 0.618327023235*VACA_BAEK MBV_SDRA = 0.000998763035202 + 0.384211982442-0.0556697731693*VAHU_SDRA - 0.102438031614*STVA_SDRA + 0.618327023235*VACA_SDRA MBV_BNII = -0.0701435576012 + 0.384211982442-0.0556697731693*VAHU_BNII - 0.102438031614*STVA_BNII + 0.618327023235*VACA_BNII MBV_BKSW = 0.521166730257 + 0.384211982442-0.0556697731693*VAHU_BKSW - 0.102438031614*STVA_BKSW + 0.618327023235*VACA_BKSW MBV_BMRI = 0.0779240830864 + 0.384211982442-0.0556697731693*VAHU_BMRI - 0.102438031614*STVA_BMRI + 0.618327023235*VACA_BMRI MBV_MAYA = -0.103603922279 + 0.384211982442-0.0556697731693*VAHU_MAYA - 0.102438031614*STVA_MAYA + 0.618327023235*VACA_MAYA

MBV_MEGA = -0.127225519815 + 0.384211982442-0.0556697731693*VAHU_MEGA - 0.102438031614*STVA_MEGA + 0.618327023235*VACA_MEGA MBV_BBNI = -0.147708227562 + 0.384211982442-0.0556697731693*VAHU_BBNI - 0.102438031614*STVA_BBNI + 0.618327023235*VACA_BBNI MBV_BNGA = -0.322591646507 + 0.384211982442-0.0556697731693*VAHU_BNGA - 0.102438031614*STVA_BNGA + 0.618327023235*VACA_BNGA MBV_NISP = -0.310622349973 + 0.384211982442-0.0556697731693*VAHU_NISP - 0.102438031614*STVA_NISP + 0.618327023235*VACA_NISP MBV_BBNP = -0.103915298649 + 0.384211982442-0.0556697731693*VAHU_BBNP - 0.102438031614*STVA_BBNP + 0.618327023235*VACA_BBNP MBV_PNBN = -0.0426872452583 + 0.384211982442-0.0556697731693*VAHU_PNBN - 0.102438031614*STVA_PNBN + 0.618327023235*VACA_PNBN MBV_BNLI = -0.261649900756 + 0.384211982442-0.0556697731693*VAHU_BNLI - 0.102438031614*STVA_BNLI + 0.618327023235*VACA_BNLI MBV_BSIM = 0.281781292378 + 0.384211982442-0.0556697731693*VAHU_BSIM - 0.102438031614*STVA_BSIM + 0.618327023235*VACA_BSIM MBV_BBRI = -0.39910030934 + 0.384211982442-0.0556697731693*VAHU_BBRI - 0.102438031614*STVA_BBRI + 0.618327023235*VACA_BBRI MBV_BSWD = 0.2379325377 + 0.384211982442-0.0556697731693*VAHU_BSWD - 0.102438031614*STVA_BSWD + 0.618327023235*VACA_BSWD MBV_BBTN = 0.165269121205 + 0.384211982442-0.0556697731693*VAHU_BBTN - 0.102438031614*STVA_BBTN + 0.618327023235*VACA_BBTN MBV_BTPN = -0.362552346998 + 0.384211982442-0.0556697731693*VAHU_BTPN - 0.102438031614*STVA_BTPN + 0.618327023235*VACA_BTPN MBV_BVIC = 0.222063816187 + 0.384211982442-0.0556697731693*VAHU_BVIC - 0.102438031614*STVA_BVIC + 0.618327023235*VACA_BVIC MBV_MCOR = 0.265557562909 + 0.384211982442-0.0556697731693*VAHU_MCOR - 0.102438031614*STVA_MCOR + 0.618327023235*VACA_MCOR