Lampiran 1. Data Keuangan Perusahaan Yang Menjadi Sampel Penelitian

Transcription

1 Lampiran 1 Data Keuangan Perusahaan Yang Menjadi Sampel Penelitian Perusahaan Tahun DPR FCF ROE DER Astra Agro Lestari (AALI) Astra Internoasional (ASII) Bank Sentral Asia (BBCA) Bank Negara Indonesia (BBNI) Bank Rakyat Indonesia (BBRI) Bank Mandiri (BMRI) Indo Tambangraya Megah (ITMG)

2 Jasa Marga (JSMR) Perusahaan Gas Negara (PGAS) Tambang Batubara Bukit Asam (PTBA) Semen Indonesia (SMGR) United Tractors (UNTR)

3 Lampiran 2 Uji Akar Unit Variable Free Cash Flow (FCF) Null Hypothesis: Unit root (individual unit root process) Series: FCF_AALI, FCF_ASII, FCF_BBCA, FCF_BBNI, FCF_BBRI, FCF_BMRI, FCF_ITMG, FCF_JSMR, FCF_PGAS, FCF_PTBA, FCF_SMGR, FCF_UNTR Date: 09/09/14 Time: 22:22 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Method Statistic Prob.** ADF - Fisher Chi-square ADF - Choi Z-stat ** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results FCF? Series Prob. Lag Max Lag Obs FCF_AALI FCF_ASII FCF_BBCA FCF_BBNI FCF_BBRI FCF_BMRI FCF_ITMG FCF_JSMR FCF_PGAS FCF_PTBA FCF_SMGR FCF_UNTR

4 Lampiran 3 Uji Akar Unit Variable Profitabilitas (ROE) Null Hypothesis: Unit root (individual unit root process) Series: ROE_AALI, ROE_ASII, ROE_BBCA, ROE_BBNI, ROE_BBRI, ROE_BMRI, ROE_ITMG, ROE_JSMR, ROE_PGAS, ROE_PTBA, ROE_SMGR, ROE_UNTR Date: 09/09/14 Time: 22:19 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Method Statistic Prob.** ADF - Fisher Chi-square ADF - Choi Z-stat ** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results ROE? Series Prob. Lag Max Lag Obs ROE_AALI ROE_ASII ROE_BBCA ROE_BBNI ROE_BBRI ROE_BMRI ROE_ITMG ROE_JSMR ROE_PGAS ROE_PTBA ROE_SMGR ROE_UNTR

5 Lampiran 4 Uji Akar Unit Variabel Kebijakan Hutang (DER) Null Hypothesis: Unit root (individual unit root process) Series: DER_AALI, DER_ASII, DER_BBCA, DER_BBNI, DER_BBRI, DER_BMRI, DER_ITMG, DER_JSMR, DER_PGAS, DER_PTBA, DER_SMGR, DER_UNTR Date: 09/09/14 Time: 22:08 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Method Statistic Prob.** ADF - Fisher Chi-square ADF - Choi Z-stat ** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results DER? Series Prob. Lag Max Lag Obs DER_AALI DER_ASII DER_BBCA DER_BBNI DER_BBRI DER_BMRI DER_ITMG DER_JSMR DER_PGAS DER_PTBA DER_SMGR DER_UNTR

6 Lampiran 5 Uji Akar Unit Variable Kebijakan Pembayaran Dividen (DPR) Null Hypothesis: Unit root (individual unit root process) Series: DPR_AALI, DPR_ASII, DPR_BBCA, DPR_BBNI, DPR_BBRI, DPR_BMRI, DPR_ITMG, DPR_JSMR, DPR_PGAS, DPR_PTBA, DPR_SMGR, DPR_UNTR Date: 09/09/14 Time: 22:26 Exogenous variables: Individual effects Automatic selection of maximum lags Automatic selection of lags based on SIC: 0 Total (balanced) observations: 48 Method Statistic Prob.** ADF - Fisher Chi-square ADF - Choi Z-stat ** Probabilities for Fisher tests are computed using an asymptotic Chi -square distribution. All other tests assume asymptotic normality. Intermediate ADF test results DPR? Series Prob. Lag Max Lag Obs DPR_AALI DPR_ASII DPR_BBCA DPR_BBNI DPR_BBRI DPR_BMRI DPR_ITMG DPR_JSMR DPR_PGAS DPR_PTBA DPR_SMGR DPR_UNTR

7 Lampiran 6 Hasil Uji Hausman (Hausman 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 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. FCF? ROA? DER? Cross-section random effects test equation: Dependent Variable: DPR? Method: Panel Least Squares Date: 09/09/14 Time: 23:39 Included observations: 5 Total pool (balanced) observations: 60 Variable Coefficient Std. Error t-statistic Prob. C FCF? -1.17E E ROA? DER? Effects Specification Cross-section fixed (dummy variables) R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Prob(F-statistic)

8 Lampiran 7 Hasil Estimasi Random Effect Model (REM) Dependent Variable: DPR? Method: Pooled EGLS (Cross-section random effects) Date: 09/09/14 Time: 23:33 Included observations: 5 Total pool (balanced) observations: 60 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-statistic Prob. C FCF? 1.82E E ROE? DER? Random Effects (Cross) _AALI--C _ASII--C _BBCA--C _BBNI--C _BBRI--C _BMRI--C _ITMG--C _JSMR--C _PGAS--C _PTBA--C _SMGR--C _UNTR--C Effects Specification S.D. Rho Cross-section random Idiosyncratic random Weighted Statistics R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Sum squared resid F-statistic Durbin-Watson stat Prob(F-statistic) Unweighted Statistics R-squared Mean dependent var Sum squared resid Durbin-Watson stat

9 Estimation Command: ===================== LS(CX=R) DPR? C FCF? ROE? DER? Estimation Equations: ===================== DPR_AALI = C(5) + C(1) + C(2)*FCF_AALI + C(3)*ROE_AALI + C(4)*DER_AALI DPR_ASII = C(6) + C(1) + C(2)*FCF_ASII + C(3)*ROE_ASII + C(4)*DER_ASII DPR_BBCA = C(7) + C(1) + C(2)*FCF_BBCA + C(3)*ROE_BBCA + C(4)*DER_BBCA DPR_BBNI = C(8) + C(1) + C(2)*FCF_BBNI + C(3)*ROE_BBNI + C(4)*DER_BBNI DPR_BBRI = C(9) + C(1) + C(2)*FCF_BBRI + C(3)*ROE_BBRI + C(4)*DER_BBRI DPR_BMRI = C(10) + C(1) + C(2)*FCF_BMRI + C(3)*ROE_BMRI + C(4)*DER_BMRI DPR_ITMG = C(11) + C(1) + C(2)*FCF_ITMG + C(3)*ROE_ITMG + C(4)*DER_ITMG DPR_JSMR = C(12) + C(1) + C(2)*FCF_JSMR + C(3)*ROE_JSMR + C(4)*DER_JSMR DPR_PGAS = C(13) + C(1) + C(2)*FCF_PGAS + C(3)*ROE_PGAS + C(4)*DER_PGAS DPR_PTBA = C(14) + C(1) + C(2)*FCF_PTBA + C(3)*ROE_PTBA + C(4)*DER_PTBA DPR_SMGR = C(15) + C(1) + C(2)*FCF_SMGR + C(3)*ROE_SMGR + C(4)*DER_SMGR DPR_UNTR = C(16) + C(1) + C(2)*FCF_UNTR + C(3)*ROE_UNTR + C(4)*DER_UNTR Substituted Coefficients: ===================== DPR_AALI = e-09*FCF_AALI *ROE_AALI *DER_AALI DPR_ASII = e-09*FCF_ASII *ROE_ASII *DER_ASII DPR_BBCA = e-09*FCF_BBCA *ROE_BBCA *DER_BBCA DPR_BBNI = e-09*FCF_BBNI *ROE_BBNI *DER_BBNI DPR_BBRI = e-09*FCF_BBRI *ROE_BBRI *DER_BBRI DPR_BMRI = e-09*FCF_BMRI *ROE_BMRI *DER_BMRI DPR_ITMG = e-09*FCF_ITMG *ROE_ITMG *DER_ITMG DPR_JSMR = e-09*FCF_JSMR *ROE_JSMR *DER_JSMR DPR_PGAS = e-09*FCF_PGAS *ROE_PGAS *DER_PGAS

10 DPR_PTBA = e-09*FCF_PTBA *ROE_PTBA *DER_PTBA DPR_SMGR = e-09*FCF_SMGR *ROE_SMGR *DER_SMGR DPR_UNTR = e-09*FCF_UNTR *ROE_UNTR *DER_UNTR