Lampiran 1. Kriteria Pemilihan Sampel

Transcription

1 Lampiran 1 Kriteria Pemilihan Sampel Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel No Nama Perusahaan Kode Listing Indocemen Tunggal Prakasa, Tbk. INTP 05/12/ Semen Baturaja (Persero) Tbk SMBR 28/06/2013 x x 3 Holcim Indonesia, Tbk SMCB 10/08/ Semen Indonesia (Persero) Tbk SMGR 08/07/ Wujaya Karya Beton WTON 08/04/2014 x x 6 Asahimas Flat Glass, Tbk AMFG 08/11/ Arwana Citra Mulia ARNA 07/07/ Inti Keramik Alam Asri Industri, Tbk IKAI 08/06/1997 x 9 Keramik Indonesia Assosiasi, Tbk KIAS 08/12/1994 x 10 Mulia Industrindo, Tbk MLIA 17/01/1994 x 11 Surya Toto Indonesia, Tbk TOTO 30/10/ Alaska Industrindo, Tbk ALKA 12/07/1990 x 13 Alumindo Ligh Metal Industry, Tbk ALMI 02/01/ Saranacentral Bajatama, Tbk BAJA 21/12/2011 x x 15 Beton Jaya Manunggal, Tbk BTON 18/07/2001 x 16 Citra Turbindo, Tbk CTBN 28/11/1989 x 17 Gunawan Dianjaya Steel, Tbk GDST 23/12/2009 x 18 Indah Aluminium Industry, Tbk INAI 05/12/1994 x 19 Steel Pipe Industry Of Indonesia, Tbk ISSP 22/02/2013 x x 20 Jakarta Kyoei Steel Work Ltd, Tbk JKSW 06/08/1997 x 21 Jaya Pari Steel, Tbk JPRS 08/08/1989 x 22 Krakatau Steel, Tbk KRAS 10/11/2010 x 23 Lion Metal Works, Tbk LION 20/08/ Lionmesh Prima, Tbk LMSH 04/06/ Pelat Timah Nusantara, Tbk NIKL 14/12/2009 x 26 Pelangi Indah Canindo, Tbk PICO 23/09/1996 x 27 Tembaga Mulia Semanan, Tbk TBMS 30/09/1993 x 28 Barito Pasific, Tbk BRPT 01/10/1993 x 29 Budi Acid Jaya, Tbk BUDI 08/05/1995 x 30 Duta Pertiwi Nusantara, Tbk DPNS 08/08/1990 x 31 Ekadharma International, Tbk EKAD 14/08/1990 x 32 Eterindo Wahanatama, Tbk ETWA 16/05/1997 x 33 Intan Wijaya International, Tbk INCI 24/07/1990 x 34 Sorini Agro Asia Corporindo, Tbk SOBI 03/08/1992 x 35 Indo Acitama, Tbk SRSN 11/01/1993 x 36 Chandra Asri Petrochemical, Tbk TPIA 26/05/2008 x

2 Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing Sampel 37 Unggul Indah Cahaya, Tbk UNIC 06/11/1989 x 38 Alam Karya Unggul, Tbk AKKU 01/11/2004 x 39 Argha Karya Prima Industry, Tbk AKPI 18/12/1992 x 40 Asiaplast Industries, Tbk APLI 01/05/2000 x 41 Berlina, Tbk BRNA 06/11/1989 x 42 Titan Kimia Nusantara, Tbk FPNI 21/03/2002 x 43 Champion Pasific Indonesia, Tbk IGAR 05/11/1990 x 44 Impack Pratama Industri, Tbk IMPC 17/12/2014 x x 45 Indopoly Swakarsa Industry, Tbk IPOL 09/07/2010 x 46 Sekawan Inti Pratama, Tbk SIAP 17/10/2008 x 47 Siwani Makmur, Tbk SIMA 03/06/1994 x 48 Tunas Alfin, Tbk TPFA 12/02/2001 x 49 Trias Sentosa, Tbk TRST 02/07/1990 x 50 Yana Prima Hasta Persada, Tbk YPAS 15/03/2008 x 51 Charoen Pokphand Indonesia, Tbk CPIN 18/03/ Japfa Comfeed Indonesia, Tbk JPFA 23/10/ Malindo Feedmill, Tbk MAIN 10/02/2006 x 54 Siearad Produce, Tbk SIPD 27/12/1996 x 55 Sumalindo Lestari Jaya, Tbk SULI 21/03/1994 x 56 Tirta Mahakam Resources, Tbk TIRT 13/12/1999 x 57 Alkindo Natatama, Tbk ALDO 12/07/2011 x x 58 Dwi Aneka Jaya Kemasindo, Tbk DAJK 14/05/2014 x x 59 Fajar Surya Wisesa, Tbk FASW 01/12/1994 x 60 Indah Kiat Pulp & Paper, Tbk INKP 16/07/1990 x 61 Toba Pulp Lestari, Tbk INRU 18/06/1990 x 62 Kertas Basuki Rachmat Indonesia, Tbk KBRI 11/07/2008 x 63 Suparma, Tbk SPMA 16/11/1994 x 64 Pabrik Kertas Tjiwi Kimia, Tbk TKIM 03/04/1990 x 65 Grand Kartech Tbk KRAH 28/11/2013 x x 66 Astra International Tbk ASII 04/04/ Astra Auto Part Tbk AUTO 15/06/

3 Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing Indo Kordsa Tbk BRAM 05/09/1990 Sampel 69 Goodyear Indonesia Tbk GDYR 01/12/ Gajah Tunggal Tbk GJTL 08/05/ Indomobil Sukses International Tbk IMAS 15/09/1993 x 72 Indospring Tbk INDS 10/08/1990 x 73 Multi Prima Sejahtera Tbk LPIN 05/02/1990 x 74 Multistrada Arah Sarana Tbk MASA 09/06/2005 x 75 Nippres Tbk NIPS 24/07/1991 x 76 Prima Alloy Steel Universal, Tbk PRAS 12/06/1990 x 77 Selamat Sempurna, Tbk SMSM 09/09/ Polychem Indonesia, Tbk ADMG 20/10/1993 x 79 Argo Pantes, Tbk ARGO 07/01/1991 x 80 Centex, Tbk CNTX 22/05/1979 x 81 Eratex Djaya, Tbk ERTX 21/08/1990 x 82 Ever Shine Textile Industry, Tbk ESTI 13/10/1992 x 83 Pan Asia Indosyntec, Tbk HDTX 06/06/1990 x 84 Indo Rama Synthetic, Tbk INDR 03/08/1990 x 85 Karwell Indonesia, Tbk KARW 17/05/2001 x 86 Apac Citra Centertex Tbk MYTX 10/10/1989 x 87 Pan Asia Filament Inti Tbk PAFI 01/01/2000 x 88 Pan Brothers Tbk PBRX 16/08/1990 x 89 Asia Pasific Fibers Tbk POLY 12/03/1991 x 90 Ricky Putra Globalindo Tbk RICY 22/01/1998 x 91 Sri Rejeki Isman Tbk SRIL 17/06/2013 x x 92 Sunson Textile Manufacturer Tbk SSTM 20/08/1997 x 93 Tifico Fiber Indonesia Tbk TFCO 26/02/1980 x 94 Trisula International Tbk TRIS 28/06/2012 x x 95 Nusantara Inti Corpora Tbk UNIT 18/04/2002 x 96 Unitex Tbk UNTX 16/06/1989 x 97 Sepatu Bata Tbk BATA 24/03/ Primarindo Asia Infrastructure Tbk BIMA 30/08/1994 x 99 Surya Intrindo Makmur Tbk SIMM 28/03/2000 x 100 Sumi Indo Kabel Tbk IKBI 21/01/ Jembo Cable Company Tbk JECC 18/11/1992 x 102 KMI Wire and Cable Tbk KBLI 06/06/1992 x 103 Kabelindo Murni Tbk KBLM 01/06/1992 x 104 Supreme Cable Manufacturing SCCO 20/07/ Voksel Electric Tbk VOKS 20/12/1990 x

4 Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing Sampel 106 Sat Nusa Persada Tbk PTSN 08/11/2007 x 107 Akasha Wira International Tbk ADES 13/06/1994 x 108 Tiga Pilar Sejahtera Food Tbk AISA 11/06/1997 x 109 Tri Banyan Tirta Tbk ALTO 10/07/2012 x x 110 Aqua Golden Mississippi Tbk AQUA 01/03/1990 x 111 Cahaya Kalbar Tbk CEKA 09/07/1996 x 112 Davomas Abadi Tbk DAVO 22/12/1994 x 113 Delta Djakarta Tbk DLTA 12/02/ Indofood CBP Sukses Makmur Tbk ICBC 07/10/2010 x 115 Indofood Sukses Makmur Tbk INDF 14/07/ Multi Bintang Indonesia Tbk MLBI 17/01/ Mayora Indah Tbk MYOR 04/07/1990 x 118 Prashida Aneka Niaga Tbk PSDN 18/10/1994 x 119 Nippon Indosari Corporindo Tbk ROTI 28/06/ Sekar Bumi Tbk SKBM 05/01/1993 x 121 Sekar Laut Tbk SKLT 08/09/ Siantar Top Tbk STTP 16/12/1996 x 123 Ultrajaya Milk Industry and Trading Company Tbk ULTJ 02/07/1990 x 124 Gudang Garam Tbk GGRM 27/08/ Hanjaya Mandala Sampoerna Tbk HMSP 15/08/ Bentoel International Investama Tbk RMBA 05/03/1990 x 127 Wismilak Inti Makmur Tbk WIIM 18/11/2012 x x 128 Darya Varia Laboratoria Tbk DVLA 11/11/ Indofarma Tbk INAF 17/04/2001 x 130 Kimia Farma Tbk KAEF 04/07/ Kalbe Farma Tbk KLBF 30/07/ Merck Indonesia Tbk MERK 23/07/ Pyridam Farma Tbk PYFA 16/10/2001 x 134 Merck Sharp Dohme Pharma Tbk SCPI 08/06/1990 x 135 Industri Jamu dan Farmasi Sido Muncul Tbk SIDO 13/12/2013 x x 136 Taisho Pharmaceutical Indonesia Tbk SQBB 28/03/1983 x 137 Tempo Scan Pasific Tbk TSPC 17/06/ Martina Berto Tbk BMTO 13/01/2011 x x 139 Mustika Ratu Tbk MRAT 27/07/1995 x 140 Sara Lee Body Care Indonesia Tbk PROD 16/06/1989 x

5 Lanjutan Lampiran 1 Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria No. Sampel Nama Perusahaan Kode Listing Mandom Indonesia Tbk TCID 23/09/ Unilever Indonesia Tbk UNVR 11/01/ Chitose Internasional Tbk CINT 27/06/2014 x x 144 Kedawung Setia Industrial Tbk KDSI 29/07/1996 x 145 Kedaung Indag Can Tbk KICI 28/10/1993 x 146 Langgeng Makmur Industry Tbk LMPI 17/10/1994 x

6 Lampiran 2 Deskriptif Statistik DAR CR ROA PER TIE DPR Mean Median Maximum Minimum Std. Dev Skewness Kurtosis Jarque-Bera Probability Sum Sum Sq. Dev Observations

7 Lampiran 3 Uji Asumsi Klasik 1. Uji Normalitas a. Pendekatan Jarque-Bera Series: Residuals Sample Observations 160 Mean 1.09e-15 Median Maximum Minimum Std. Dev Skewness Kurtosis Jarque-Bera Probability b. Pendekatan QQ-Plot Quantiles of Normal Quantiles of RESID

8 2. Uji Heteroskedastisitas Heteroskedasticity Test: White F-statistic Prob. F(5,154) Obs*R-squared Prob. Chi-Square(5) Scaled explained SS Prob. Chi-Square(5) Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 07/03/16 Time: 15:56 Sample: Included observations: 160 Variable Coefficient Std. Error t-statistic Prob. C LOG(DAR)^ LOG(CR)^ LOG(ROA)^ LOG(PER)^ LOG(TIE)^ 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) Uji Multikolonearitas Variance Inflation Factors Date: 07/03/16 Time: 15:57 Sample: Included observations: 160 Coefficient Uncentered Centered Variable Variance VIF VIF LOG(DAR) LOG(CR) LOG(ROA) LOG(PER) LOG(TIE) C NA

9 4. Uji Autokorelasi Dependent Variable: LOG(DPR) Method: Least Squares Date: 07/03/16 Time: 01:15 Sample: Included observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR) LOG(CR) LOG(ROA) LOG(PER) LOG(TIE) C 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)

10 Lampiran 4 Metode Analisis Data Panel 1. Analisis Regresi Linear Berganda Data Panel a. Metode Common Effects Model Dependent Variable: LOG(DPR?) Method: Pooled Least Squares Date: 07/03/16 Time: 16:03 Sample: Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) C 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) b. Metode Fixed Effect Model Dependent Variable: LOG(DPR?) Method: Pooled Least Squares Date: 07/03/16 Time: 16:03 Sample: Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) C Fixed Effects (Cross) _INTP--C _SMCB--C

11 _SMGR--C _TOTO--C _ARNA--C _AMFG--C _LION--C _LMSH--C _CPIN--C _JPFA--C _ASII--C _AUTO--C _GDYR--C _SMSM--C _GJTL--C _IKBI--C _SCCO--C _BATA--C _INDF--C _MLBI--C _DLTA--C _ROTI--C _SKLT--C _GGRM--C _HSMP--C _KLBF--C _DVLA--C _KAEF--C _TSPC--C _MERK--C _TCID--C _UNVR--C Cross-section fixed (dummy variables) Effects Specification 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)

12 c. Metode Random Effect Model Dependent Variable: LOG(DPR?) Method: Pooled EGLS (Cross-section random effects) Date: 07/03/16 Time: 16:03 Sample: Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) C Random Effects (Cross) _INTP--C _SMCB--C _SMGR--C _TOTO--C _ARNA--C _AMFG--C _LION--C _LMSH--C _CPIN--C _JPFA--C _ASII--C _AUTO--C _GDYR--C _SMSM--C _GJTL--C _IKBI--C _SCCO--C _BATA--C _INDF--C _MLBI--C _DLTA--C _ROTI--C _SKLT--C _GGRM--C _HSMP--C _KLBF--C _DVLA--C _KAEF--C _TSPC--C _MERK--C _TCID--C _UNVR--C Effects Specification S.D. Rho Cross-section random

13 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

14 Lampiran 5 Penentuan Model Analisis Data Panel a. Redundant Fixed Effects (Pemilihan Model Antara CEM dengan FEM) Redundant Fixed Effects Tests Pool: BERRY Test cross-section fixed effects Effects Test Statistic d.f. Prob. Cross-section F (31,123) Cross-section Chi-square Cross-section fixed effects test equation: Dependent Variable: LOG(DPR?) Method: Panel Least Squares Date: 07/03/16 Time: 16:04 Sample: Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) C 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)

15 b. Hausman Test (Pemilihan Model Antara FEM dengan REM Correlated Random Effects - Hausman Test Pool: BERRY 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. LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) Cross-section random effects test equation: Dependent Variable: LOG(DPR?) Method: Panel Least Squares Date: 07/03/16 Time: 16:04 Sample: Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. C LOG(DAR?) LOG(CR?) LOG(ROA?) LOG(PER?) LOG(TIE?) Cross-section fixed (dummy variables) Effects Specification 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)