Lampiran 1. Data Keuangan Perusahaan Yang Menjadi Sampel Penelitian

Lampiran 1 Data Keuangan Perusahaan Yang Menjadi Sampel Penelitian Perusahaan Tahun DPR FCF ROE DER 2009 82.40 691404 40.16 18 2010 64.81 1701008 41.10 19 Astra Agro Lestari (AALI) 2011 65.14 1141111 39.55 21 2012 44.75-21034 37.64 33 2013 13.99 286696 10.16 44 2009 27.00 1654000 41.11 100 2010 13.24 2603000 42.65 110 Astra Internoasional (ASII) 2011 45.07 2456000 33.98 102 2012 45.03 285000 31.06 103 2013 13.34 2142000 12.83 106 2009 39.84 26371180 32.11 914 2010 32.71 1353293 31.23 851 Bank Sentral Asia (BBCA) 2011 35.78-39645910 32.40 809 2012 24.08 24492092 28.30 752 2013 7.78-3585231 13.75 693 2009 34.96 14288603 17.99 1088 2010 30.00-6597944 16.56 650 Bank Negara Indonesia (BBNI) 2011 20.00 14886761 19.72 690 2012 30.00 6014272 20.45 666 2013 30.01-7074948 12.04 679 2009 22.28 20332168 36.29 1063 2010 12.47 46005755 40.65 1002 Bank Rakyat Indonesia (BBRI) 2011 20.00 15066743 37.65 843 2012 29.74 20705294 36.77 750 2013 29.74 2451101 17.93 711 2009 5.61 12444976 30.83 1023 2010 31.94 37275193 33.63 981 Bank Mandiri (BMRI) 2011 20.00 18841707 26.35 781 2012 30.00 6649829 26.79 731 2013 30.00 10709354 13.69 746 2009 70.11 3127030 57.97 52 2010 74.10 1774020 38.47 51 Indo Tambangraya Megah (ITMG) 2011 53.30 5255000 67.54 46 2012 45.06 3496320 58.97 49 2013 210.99 1030900 17.51 50

Jasa Marga (JSMR) Perusahaan Gas Negara (PGAS) Tambang Batubara Bukit Asam (PTBA) Semen Indonesia (SMGR) United Tractors (UNTR) 2009 87.91 195115 12.28 117 2010 105.69 488437 15.30 137 2011 78.88 1199749 14.27 132 2012 94.24 1341604 15.69 153 2013 78.61 1480216 11.39 161 2009 58.11 5070901 70.30 135 2010 60.00 7817824 58.14 122 2011 55.00 8359680 44.54 80 2012 57.06 9161250 48.76 66 2013 48.31 4559480 26.85 59 2009 45.03 2685936 65.98 40 2010 60.00 1758776 40.83 36 2011 60.03 3051561 49.71 41 2012 57.26 1179018 45.99 50 2013 58.29 809281 19.05 67 2009 54.57 2631850 45.65 26 2010 50.00-146457 39.33 29 2011 50.00-321662 34.83 35 2012 45.00 2183962 34.61 46 2013 45.00 3242086 17.79 44 2009 28.52 1937842 39.33 76 2010 50.68-440780 31.37 84 2011 51.83 5075297 28.30 69 2012 53.57-601113 23.05 56 2013 13.50 4874788 9.40 60

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 29.3378 0.2077 ADF - Choi Z-stat -1.37075 0.0852 ** 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 0.6199 0 0 4 FCF_ASII 0.2901 0 0 4 FCF_BBCA 0.1774 0 0 4 FCF_BBNI 0.1314 0 0 4 FCF_BBRI 0.4750 0 0 4 FCF_BMRI 0.4624 0 0 4 FCF_ITMG 0.3969 0 0 4 FCF_JSMR 0.5949 0 0 4 FCF_PGAS 0.3047 0 0 4 FCF_PTBA 0.5197 0 0 4 FCF_SMGR 0.5851 0 0 4 FCF_UNTR 0.0211 0 0 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 9.79163 0.9954 ADF - Choi Z-stat 3.72355 0.9999 ** 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 0.9979 0 0 4 ROE_ASII 0.9756 0 0 4 ROE_BBCA 0.9959 0 0 4 ROE_BBNI 0.3845 0 0 4 ROE_BBRI 0.9093 0 0 4 ROE_BMRI 0.9074 0 0 4 ROE_ITMG 0.4518 0 0 4 ROE_JSMR 0.1268 0 0 4 ROE_PGAS 0.7892 0 0 4 ROE_PTBA 0.6007 0 0 4 ROE_SMGR 0.9290 0 0 4 ROE_UNTR 0.9636 0 0 4

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 32.8678 0.1069 ADF - Choi Z-stat 0.78568 0.7840 ** 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 0.9839 0 0 4 DER_ASII 0.0455 0 0 4 DER_BBCA 0.8850 0 0 4 DER_BBNI 0.0000 0 0 4 DER_BBRI 0.7327 0 0 4 DER_BMRI 0.6138 0 0 4 DER_ITMG 0.3563 0 0 4 DER_JSMR 0.6857 0 0 4 DER_PGAS 0.6802 0 0 4 DER_PTBA 0.9888 0 0 4 DER_SMGR 0.7194 0 0 4 DER_UNTR 0.7301 0 0 4

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 35.2561 0.0647 ADF - Choi Z-stat -0.74119 0.2293 ** 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 0.9645 0 0 4 DPR_ASII 0.3989 0 0 4 DPR_BBCA 0.9585 0 0 4 DPR_BBNI 0.2806 0 0 4 DPR_BBRI 0.7194 0 0 4 DPR_BMRI 0.0167 0 0 4 DPR_ITMG 0.3731 0 0 4 DPR_JSMR 0.1185 0 0 4 DPR_PGAS 0.7663 0 0 4 DPR_PTBA 0.0023 0 0 4 DPR_SMGR 0.5179 0 0 4 DPR_UNTR 0.4379 0 0 4

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 1.917562 3 0.5897 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. FCF? -0.000000 0.000000 0.000000 0.3317 ROA? -0.441037-0.307589 0.017028 0.3065 DER? 0.014944-0.037813 0.001608 0.1883 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 57.27911 15.21730 3.764078 0.0005 FCF? -1.17E-07 3.60E-07-0.325283 0.7465 ROA? -0.441037 0.288343-1.529555 0.1331 DER? 0.014944 0.043451 0.343916 0.7325 Effects Specification Cross-section fixed (dummy variables) R-squared 0.564925 Mean dependent var 47.20600 Adjusted R-squared 0.429569 S.D. dependent var 30.93580 S.E. of regression 23.36485 Akaike info criterion 9.352661 Sum squared resid 24566.23 Schwarz criterion 9.876247 Log likelihood -265.5798 Hannan-Quinn criter. 9.557464 F-statistic 4.173606 Durbin-Watson stat 1.715285 Prob(F-statistic) 0.000125

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 69.26495 11.77211 5.883820 0.0000 FCF? 1.82E-09 3.39E-07 0.005389 0.9957 ROE? -0.307589 0.257127-1.196253 0.2366 DER? -0.037813 0.016740-2.258829 0.0278 Random Effects (Cross) _AALI--C -2.724357 _ASII--C -19.86431 _BBCA--C -1.758644 _BBNI--C -4.776224 _BBRI--C -2.237295 _BMRI--C -4.082975 _ITMG--C 28.40722 _JSMR--C 21.86542 _PGAS--C 3.879789 _PTBA--C 1.679492 _SMGR--C -6.260258 _UNTR--C -14.12787 Effects Specification S.D. Rho Cross-section random 17.87924 0.3693 Idiosyncratic random 23.36485 0.6307 Weighted Statistics R-squared 0.111018 Mean dependent var 23.81893 Adjusted R-squared 0.063394 S.D. dependent var 23.90816 S.E. of regression 23.13794 Sum squared resid 29980.39 F-statistic 2.331126 Durbin-Watson stat 1.464469 Prob(F-statistic) 0.084013 Unweighted Statistics R-squared 0.232477 Mean dependent var 47.20600 Sum squared resid 43337.71 Durbin-Watson stat 1.013098

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 = -2.72435656125 + 69.2649533865 + 1.82472085139e-09*FCF_AALI - 0.307588830201*ROE_AALI - 0.0378133678246*DER_AALI DPR_ASII = -19.8643078146 + 69.2649533865 + 1.82472085139e-09*FCF_ASII - 0.307588830201*ROE_ASII - 0.0378133678246*DER_ASII DPR_BBCA = -1.75864443738 + 69.2649533865 + 1.82472085139e-09*FCF_BBCA - 0.307588830201*ROE_BBCA - 0.0378133678246*DER_BBCA DPR_BBNI = -4.77622396431 + 69.2649533865 + 1.82472085139e-09*FCF_BBNI - 0.307588830201*ROE_BBNI - 0.0378133678246*DER_BBNI DPR_BBRI = -2.23729451456 + 69.2649533865 + 1.82472085139e-09*FCF_BBRI - 0.307588830201*ROE_BBRI - 0.0378133678246*DER_BBRI DPR_BMRI = -4.08297547311 + 69.2649533865 + 1.82472085139e-09*FCF_BMRI - 0.307588830201*ROE_BMRI - 0.0378133678246*DER_BMRI DPR_ITMG = 28.4072237753 + 69.2649533865 + 1.82472085139e-09*FCF_ITMG - 0.307588830201*ROE_ITMG - 0.0378133678246*DER_ITMG DPR_JSMR = 21.8654224297 + 69.2649533865 + 1.82472085139e-09*FCF_JSMR - 0.307588830201*ROE_JSMR - 0.0378133678246*DER_JSMR DPR_PGAS = 3.87978850751 + 69.2649533865 + 1.82472085139e-09*FCF_PGAS - 0.307588830201*ROE_PGAS - 0.0378133678246*DER_PGAS

DPR_PTBA = 1.6794918425 + 69.2649533865 + 1.82472085139e-09*FCF_PTBA - 0.307588830201*ROE_PTBA - 0.0378133678246*DER_PTBA DPR_SMGR = -6.26025822283 + 69.2649533865 + 1.82472085139e-09*FCF_SMGR - 0.307588830201*ROE_SMGR - 0.0378133678246*DER_SMGR DPR_UNTR = -14.1278655669 + 69.2649533865 + 1.82472085139e-09*FCF_UNTR - 0.307588830201*ROE_UNTR - 0.0378133678246*DER_UNTR