LAMPIRAN

Lampiran 1

Data panel ROE ( Return On Assets), Debt ¿ Equity Ratio ( DER ), Current Ratio (CR) dan

Kebijakan Dividen

NAMA TAH profitabilitas LEVERAGE likuiditas KEBIJAKAN DEVIDEN

PERUSAHAAN UN (X1) / ROA % (X2) / DER % (x3) / CR % (Y) / DPR %
AALI 2013 0.68 0.46 0.12 45
  2014 1.00 0.38 0.22 45
  2015 1.43 0.33 0.27 33
  2016 0.45 0.84 0.06 45
  2017 0.48 0.57 0.19 45
AKRA 2013 2.00 1.12 0.16 45
  2014 0.81 1.36 0.03 45
  2015 0.55 1.65 0.03 33
  2016 0.32 2.15 0.06 45
  2017 0.38 1.60 0.01 45
ASSI 2013 0.02 1.19 0.06 45
  2014 0.01 2.23 0.06 46
  2015 0.01 1.08 0.03 46
  2016 0.01 0.87 0.01 45
  2017 0.01 0.96 1.38 40
ASRI 2013 0.01 0.79 0.05 15
  2014 0.05 0.01 0.12 12
  2015 0.01 0.01 0.04 26
  2016 0.00 0.02 0.01 24
  2017 0.00 0.02 0.22 26
BBCA 2013 0.03 0.00 0.18 30
  2014 0.03 0.00 0.14 25
  2015 0.02 0.00 0.12 25
  2016 0.02 0.00 0.08 35
  2017 0.02 0.00 0.09 23
BBNI 2013 0.81 0.02 0.10 20
  2014 0.23 0.03 0.26 30
  2015 0.91 0.02 0.10 30

NAMA TAH profitabilitas (X1) LEVERAGE likuiditas (x3) KEBIJAKAN DEVIDEN

PERUSAHAAN UN / ROA (X2) / DER / CR (Y) / DPR
   2017 1.00 0.01 0.09 25
BBRI 2013 0.01 0.35 0.12 30
  2014 0.01 0.96 0.04 30
  2015 0.01 0.56 0.11 29
  2016 0.01 0.91 0.07 30
  2017 0.01 0.48 0.12 37
BMRI 2013 0.05 0.01 0.10 30
  2014 0.02 0.01 0.07 28
  2015 0.02 0.01 0.04 30
  2016 0.01 0.01 0.02 45
  2017 0.01 0.01 0.04 43

Lampiran 2
Statistik Deskriptif
 ROA DER CR DPR

 Mean  0.301250  0.526250  0.126250  33.77500

 Median  0.020000  0.340000  0.085000  30.00000
 Maximum  2.000000  2.230000  1.380000  46.00000
 Minimum  0.000000  0.000000  0.010000  12.00000
 Std. Dev.  0.464406  0.634575  0.214353  9.672821
 Skewness  1.823531  1.100322  5.178195 -0.167666
 Kurtosis  6.161626  3.350939  30.80800  2.013171

 Jarque-Bera  38.82822  8.276647  1467.567  1.810464

 Probability  0.000000  0.015950  0.000000  0.404448

 Sum  12.05000  21.05000  5.050000  1351.000

 Sum Sq.
Dev.  8.411238  15.70474  1.791938  3648.975

 Observation
s  40  40  40  40

Lampiran 3
Regresi Data Panel Menggunakan Common Effect
Dependent Variable: Y
Method: Panel Least Squares
Date: 05/11/19 Time: 11:45
Sample: 2013 2017
Periods included: 5
Cross-sections included: 8
Total panel (balanced) observations: 40

Variable Coefficient Std. Error t-Statistic Prob.  

C 28.04745 1.968963 14.24478 0.0000

X1 3.044711 2.803710 1.085958 0.2847
X2 8.520893 2.051684 4.153123 0.0002
X3 2.583863 6.041312 0.427699 0.6714

R-squared 0.354936    Mean dependent var 33.77500

Adjusted R-squared 0.301181    S.D. dependent var 9.672821
S.E. of regression 8.086034    Akaike info criterion 7.112793
Sum squared resid 2353.822    Schwarz criterion 7.281681
Log likelihood -138.2559    Hannan-Quinn criter. 7.173858
F-statistic 6.602806    Durbin-Watson stat 1.037842
Prob(F-statistic) 0.001139

Lampiran 4
Regresi Data Panel Menggunaan Model Fixed effect
Dependent Variable: Y
 Method: Panel Least Squares
Date: 05/11/19 Time: 11:47
Sample: 2013 2017
Periods included: 5
Cross-sections included: 8
Total panel (balanced) observations: 40

Variable Coefficient Std. Error t-Statistic Prob.  

C 36.82878 2.815571 13.08040 0.0000

X1 -3.135871 3.413171 -0.918756 0.0058
X2 -2.857260 3.662353 -0.780171 0.0416
X3 -4.795797 4.486415 -1.068960 0.2939

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.768762    Mean dependent var 33.77500

Adjusted R-squared 0.689025    S.D. dependent var 9.672821
S.E. of regression 5.394058    Akaike info criterion 6.436889
Sum squared resid 843.7799    Schwarz criterion 6.901331
Log likelihood -117.7378    Hannan-Quinn criter. 6.604817
F-statistic 9.641218    Durbin-Watson stat 1.892527
Prob(F-statistic) 0.000000

Lampiran 5
Uji Chow

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic   d.f.  Prob. 

Cross-section F 7.414125 (7,29) 0.0000

Cross-section Chi-square 41.036165 7 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 05/21/19 Time: 19:38
Sample: 2013 2017
Periods included: 5
Cross-sections included: 8
Total panel (balanced) observations: 40

Variable Coefficient Std. Error t-Statistic Prob.  

C 28.04745 1.968963 14.24478 0.0000

X1 3.044711 2.803710 1.085958 0.2847
X2 8.520893 2.051684 4.153123 0.0002
X3 2.583863 6.041312 0.427699 0.6714

R-squared 0.354936    Mean dependent var 33.77500

Adjusted R-squared 0.301181    S.D. dependent var 9.672821
S.E. of regression 8.086034    Akaike info criterion 7.112793
Sum squared resid 2353.822    Schwarz criterion 7.281681
Log likelihood -138.2559    Hannan-Quinn criter. 7.173858
F-statistic 6.602806    Durbin-Watson stat 1.037842
Prob(F-statistic) 0.001139

Lampiran 6
Regresi Data Panel Menggunakan Model Random effect

Dependent Variable: Y
Method: Panel EGLS (Cross-section random effects)
Date: 05/11/19 Time: 12:00
Sample: 2013 2017
Periods included: 5
Cross-sections included: 8
Total panel (balanced) observations: 40
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

C 32.25907 3.179156 10.14705 0.0000

X1 0.344946 2.914474 0.118356 0.9064
X2 3.237844 2.718606 1.190994 0.2414
X3 -2.312043 4.365828 -0.529577 0.5997

Effects Specification
S.D.   Rho  

Cross-section random 6.628618 0.6016

Idiosyncratic random 5.394058 0.3984

Weighted Statistics

R-squared 0.047800    Mean dependent var 11.55036

Adjusted R-squared -0.031550    S.D. dependent var 5.599693
S.E. of regression 5.687341    Sum squared resid 1164.451
F-statistic 0.602397    Durbin-Watson stat 1.512210
Prob(F-statistic) 0.617679

Unweighted Statistics

R-squared 0.195868    Mean dependent var 33.77500

Sum squared resid 2934.258    Durbin-Watson stat 0.787247

Lampiran 7
Uji haussman

Correlated Random Effects - Hausman Test

Equation: Untitled
Test cross-section random effects
 Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. 

Cross-section random 7.021178 3 0.0712

Cross-section random effects test comparisons:

Variable Fixed   Random  Var(Diff.)  Prob. 

X1 -3.135871 0.344946 3.155578 0.0501

X2 -2.857260 3.237844 6.022011 0.0130
X3 -4.795797 -2.312043 1.067461 0.0162

Cross-section random effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 05/21/19 Time: 19:41
Sample: 2013 2017
Periods included: 5
Cross-sections included: 8
Total panel (balanced) observations: 40

Variable Coefficient Std. Error t-Statistic Prob.  

C 36.82878 2.815571 13.08040 0.0000

X1 -3.135871 3.413171 -0.918756 0.3658
X2 -2.857260 3.662353 -0.780171 0.4416
X3 -4.795797 4.486415 -1.068960 0.2939

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.768762    Mean dependent var 33.77500

Adjusted R-squared 0.689025    S.D. dependent var 9.672821
S.E. of regression 5.394058    Akaike info criterion 6.436889
Sum squared resid 843.7799    Schwarz criterion 6.901331
Log likelihood -117.7378    Hannan-Quinn criter. 6.604817
F-statistic 9.641218    Durbin-Watson stat 1.892527
Prob(F-statistic) 0.000001

Lampiran 8
Uji Hipotesis (t-test)

Variable Coefficient Std. Error t-Statistic Prob.  

C 36.82878 2.815571 13.08040 0.0000

X1 3.135871 3.413171 0.918756 0.0058
X2 2.857260 3.662353 0.780171 0.0416
X3 -4.795797 4.486415 -1.068960 0.2939