Lampiran 1. Kriteria Pemilihan Sampel

Lampiran 1 Kriteria Pemilihan Sampel Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Sampel No Nama Perusahaan Kode Listing 1 2 3 1 Indocemen Tunggal Prakasa, Tbk. INTP 05/12/1989 1 2 Semen Baturaja (Persero) Tbk SMBR 28/06/2013 x x 3 Holcim Indonesia, Tbk SMCB 10/08/1997 2 4 Semen Indonesia (Persero) Tbk SMGR 08/07/1991 3 5 Wujaya Karya Beton WTON 08/04/2014 x x 6 Asahimas Flat Glass, Tbk AMFG 08/11/1995 4 7 Arwana Citra Mulia ARNA 07/07/2001 5 8 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 30/10/1990 6 12 Alaska Industrindo, Tbk ALKA 12/07/1990 x 13 Alumindo Ligh Metal Industry, Tbk ALMI 02/01/1997 14 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 20/08/1993 7 24 Lionmesh Prima, Tbk LMSH 04/06/1990 8 25 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

Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing 1 2 3 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 18/03/1991 9 52 Japfa Comfeed Indonesia, Tbk JPFA 23/10/1989 10 53 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 04/04/1990 11 67 Astra Auto Part Tbk AUTO 15/06/1998 12

Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing 1 2 3 68 Indo Kordsa Tbk BRAM 05/09/1990 Sampel 69 Goodyear Indonesia Tbk GDYR 01/12/1990 13 70 Gajah Tunggal Tbk GJTL 08/05/1990 14 71 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 09/09/1996 15 78 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 24/03/1982 16 98 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 21/01/1991 17 101 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 20/07/1982 18 105 Voksel Electric Tbk VOKS 20/12/1990 x

Lanjutan Lampiran 1 No. Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria Nama Perusahaan Kode Listing 1 2 3 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 12/02/1994 19 114 Indofood CBP Sukses Makmur Tbk ICBC 07/10/2010 x 115 Indofood Sukses Makmur Tbk INDF 14/07/1994 20 116 Multi Bintang Indonesia Tbk MLBI 17/01/1994 21 117 Mayora Indah Tbk MYOR 04/07/1990 x 118 Prashida Aneka Niaga Tbk PSDN 18/10/1994 x 119 Nippon Indosari Corporindo Tbk ROTI 28/06/2010 22 120 Sekar Bumi Tbk SKBM 05/01/1993 x 121 Sekar Laut Tbk SKLT 08/09/1993 23 122 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 27/08/1990 24 125 Hanjaya Mandala Sampoerna Tbk HMSP 15/08/1990 25 126 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 11/11/1994 26 129 Indofarma Tbk INAF 17/04/2001 x 130 Kimia Farma Tbk KAEF 04/07/2001 27 131 Kalbe Farma Tbk KLBF 30/07/1991 28 132 Merck Indonesia Tbk MERK 23/07/1981 29 133 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 17/06/1994 30 138 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

Lanjutan Lampiran 1 Daftar Perusahaan Manufaktur di Bursa Efek Indonesia Kriteria No. Sampel Nama Perusahaan Kode Listing 1 2 3 141 Mandom Indonesia Tbk TCID 23/09/1993 31 142 Unilever Indonesia Tbk UNVR 11/01/1982 32 143 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

Lampiran 2 Deskriptif Statistik DAR CR ROA PER TIE DPR Mean 37.01104 298.1923 20.24704 20.55763 76.64613 52.93934 Median 34.52169 211.0237 16.65130 17.29265 24.35374 46.77062 Maximum 75.17807 2860.937 88.48564 168.5649 664.2831 121.4128 Minimum 4.811866 51.39035 1.084461 2.441860 0.755960 8.810573 Std. Dev. 16.25607 305.3690 14.35924 17.97783 125.2585 27.20921 Skewness 0.251867 4.834142 1.563884 4.808822 2.753136 0.610696 Kurtosis 2.103244 36.05895 6.005164 35.03522 10.92571 2.432295 Jarque-Bera 7.052792 7909.133 125.4263 7458.361 620.9059 12.09391 Probability 0.029411 0.000000 0.000000 0.000000 0.000000 0.002365 Sum 5921.766 47710.77 3239.526 3289.221 12263.38 8470.295 Sum Sq. Dev. 42017.33 14826784 32783.85 51389.17 2494660. 117714.2 Observations 160 160 160 160 160 160

Lampiran 3 Uji Asumsi Klasik 1. Uji Normalitas a. Pendekatan Jarque-Bera 24 20 16 12 8 4 0-1.4-1.2-1.0-0.8-0.6-0.4-0.2 0.0 0.2 0.4 0.6 0.8 1.0 Series: Residuals Sample 1 160 Observations 160 Mean 1.09e-15 Median 0.014306 Maximum 0.983138 Minimum -1.346752 Std. Dev. 0.454586 Skewness -0.230735 Kurtosis 2.822151 Jarque-Bera 1.630561 Probability 0.442515 b. Pendekatan QQ-Plot 1.5 1.0 Quantiles of Normal 0.5 0.0-0.5-1.0-1.5-1.5-1.0-0.5 0.0 0.5 1.0 1.5 Quantiles of RESID

2. Uji Heteroskedastisitas Heteroskedasticity Test: White F-statistic 1.937556 Prob. F(5,154) 0.0912 Obs*R-squared 9.469521 Prob. Chi-Square(5) 0.0917 Scaled explained SS 7.992525 Prob. Chi-Square(5) 0.1566 Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 07/03/16 Time: 15:56 Sample: 1 160 Included observations: 160 Variable Coefficient Std. Error t-statistic Prob. C 0.893244 0.324960 2.748783 0.0067 LOG(DAR)^2-0.027670 0.013025-2.124369 0.0352 LOG(CR)^2-0.008169 0.005527-1.478021 0.1414 LOG(ROA)^2-0.005704 0.007775-0.733679 0.4643 LOG(PER)^2 0.000649 0.006417 0.101155 0.9196 LOG(TIE)^2-0.004300 0.003226-1.333187 0.1844 R-squared 0.059185 Mean dependent var 0.205357 Adjusted R-squared 0.028639 S.D. dependent var 0.278076 S.E. of regression 0.274065 Akaike info criterion 0.285877 Sum squared resid 11.56721 Schwarz criterion 0.401196 Log likelihood -16.87018 Hannan-Quinn criter. 0.332704 F-statistic 1.937556 Durbin-Watson stat 1.710832 Prob(F-statistic) 0.091181 3. Uji Multikolonearitas Variance Inflation Factors Date: 07/03/16 Time: 15:57 Sample: 1 160 Included observations: 160 Coefficient Uncentered Centered Variable Variance VIF VIF LOG(DAR) 0.024784 232.1734 4.853553 LOG(CR) 0.011674 262.0351 4.112588 LOG(ROA) 0.004654 28.56789 2.002555 LOG(PER) 0.004295 26.76374 1.213064 LOG(TIE) 0.001657 16.30322 2.780045 C 1.247100 935.2169 NA

4. Uji Autokorelasi Dependent Variable: LOG(DPR) Method: Least Squares Date: 07/03/16 Time: 01:15 Sample: 1 160 Included observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR) 0.146570 0.157430 0.931014 0.3533 LOG(CR) 0.127161 0.108045 1.176921 0.2410 LOG(ROA) 0.233049 0.068220 3.416120 0.0008 LOG(PER) 0.150772 0.065537 2.300553 0.0228 LOG(TIE) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791 R-squared 0.338572 Mean dependent var 3.826403 Adjusted R-squared 0.317097 S.D. dependent var 0.558953 S.E. of regression 0.461907 Akaike info criterion 1.329872 Sum squared resid 32.85714 Schwarz criterion 1.445191 Log likelihood -100.3898 Hannan-Quinn criter. 1.376699 F-statistic 15.76589 Durbin-Watson stat 1.662700 Prob(F-statistic) 0.000000

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: 2010 2014 Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) 0.146570 0.157430 0.931014 0.3533 LOG(CR?) 0.127161 0.108045 1.176921 0.2410 LOG(ROA?) 0.233049 0.068220 3.416120 0.0008 LOG(PER?) 0.150772 0.065537 2.300553 0.0228 LOG(TIE?) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791 R-squared 0.338572 Mean dependent var 3.826403 Adjusted R-squared 0.317097 S.D. dependent var 0.558953 S.E. of regression 0.461907 Akaike info criterion 1.329872 Sum squared resid 32.85714 Schwarz criterion 1.445191 Log likelihood -100.3898 Hannan-Quinn criter. 1.376699 F-statistic 15.76589 Durbin-Watson stat 1.440237 Prob(F-statistic) 0.000000 b. Metode Fixed Effect Model Dependent Variable: LOG(DPR?) Method: Pooled Least Squares Date: 07/03/16 Time: 16:03 Sample: 2010 2014 Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) -0.323140 0.278069-1.162088 0.2474 LOG(CR?) -0.121007 0.225318-0.537049 0.5922 LOG(ROA?) 0.164853 0.132657 1.242705 0.2163 LOG(PER?) 0.129498 0.089550 1.446098 0.1507 LOG(TIE?) 0.012925 0.068869 0.187673 0.8514 C 4.751132 2.154364 2.205352 0.0293 Fixed Effects (Cross) _INTP--C -0.277536 _SMCB--C -0.036900

_SMGR--C 0.001864 _TOTO--C 0.085600 _ARNA--C -0.354055 _AMFG--C 0.238311 _LION--C -0.227550 _LMSH--C -0.325601 _CPIN--C -0.054922 _JPFA--C -0.196981 _ASII--C 0.011933 _AUTO--C 0.084952 _GDYR--C -0.351428 _SMSM--C 0.349566 _GJTL--C 0.296088 _IKBI--C 0.135160 _SCCO--C -0.062267 _BATA--C 0.003818 _INDF--C 0.270831 _MLBI--C 0.266608 _DLTA--C 0.334615 _ROTI--C -0.395536 _SKLT--C -0.654366 _GGRM--C 0.008397 _HSMP--C 0.653458 _KLBF--C -0.177387 _DVLA--C -0.185484 _KAEF--C -0.353779 _TSPC--C -0.232904 _MERK--C 0.478067 _TCID--C 0.198739 _UNVR--C 0.468692 Cross-section fixed (dummy variables) Effects Specification R-squared 0.526176 Mean dependent var 3.826403 Adjusted R-squared 0.387496 S.D. dependent var 0.558953 S.E. of regression 0.437451 Akaike info criterion 1.383806 Sum squared resid 23.53767 Schwarz criterion 2.094939 Log likelihood -73.70444 Hannan-Quinn criter. 1.672572 F-statistic 3.794176 Durbin-Watson stat 1.986252 Prob(F-statistic) 0.000000

c. Metode Random Effect Model Dependent Variable: LOG(DPR?) Method: Pooled EGLS (Cross-section random effects) Date: 07/03/16 Time: 16:03 Sample: 2010 2014 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?) 0.076697 0.174935 0.438430 0.6617 LOG(CR?) 0.091851 0.122252 0.751321 0.4536 LOG(ROA?) 0.234974 0.075926 3.094760 0.0023 LOG(PER?) 0.157118 0.068332 2.299322 0.0228 LOG(TIE?) 0.090740 0.044614 2.033887 0.0437 C 1.669480 1.255513 1.329719 0.1856 Random Effects (Cross) _INTP--C -0.127800 _SMCB--C 0.078858 _SMGR--C -0.001305 _TOTO--C -0.014674 _ARNA--C -0.093581 _AMFG--C 0.104587 _LION--C -0.036034 _LMSH--C -0.050684 _CPIN--C -0.073347 _JPFA--C -0.058996 _ASII--C -0.017120 _AUTO--C 0.100361 _GDYR--C -0.072572 _SMSM--C 0.120131 _GJTL--C 0.145269 _IKBI--C 0.099925 _SCCO--C -0.003150 _BATA--C -0.000901 _INDF--C 0.133819 _MLBI--C 0.028432 _DLTA--C 0.086491 _ROTI--C -0.130774 _SKLT--C -0.176957 _GGRM--C 0.012989 _HSMP--C 0.107883 _KLBF--C -0.091730 _DVLA--C -0.045714 _KAEF--C -0.133376 _TSPC--C -0.125441 _MERK--C 0.081807 _TCID--C 0.074358 _UNVR--C 0.079248 Effects Specification S.D. Rho Cross-section random 0.156511 0.1135

Idiosyncratic random 0.437451 0.8865 Weighted Statistics R-squared 0.260996 Mean dependent var 2.987888 Adjusted R-squared 0.237002 S.D. dependent var 0.501198 S.E. of regression 0.437795 Sum squared resid 29.51635 F-statistic 10.87769 Durbin-Watson stat 1.592133 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.337398 Mean dependent var 3.826403 Sum squared resid 32.91545 Durbin-Watson stat 1.427717

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 1.570981 (31,123) 0.0437 Cross-section Chi-square 53.370681 31 0.0075 Cross-section fixed effects test equation: Dependent Variable: LOG(DPR?) Method: Panel Least Squares Date: 07/03/16 Time: 16:04 Sample: 2010 2014 Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. LOG(DAR?) 0.146570 0.157430 0.931014 0.3533 LOG(CR?) 0.127161 0.108045 1.176921 0.2410 LOG(ROA?) 0.233049 0.068220 3.416120 0.0008 LOG(PER?) 0.150772 0.065537 2.300553 0.0228 LOG(TIE?) 0.103993 0.040706 2.554705 0.0116 C 1.212923 1.116736 1.086132 0.2791 R-squared 0.338572 Mean dependent var 3.826403 Adjusted R-squared 0.317097 S.D. dependent var 0.558953 S.E. of regression 0.461907 Akaike info criterion 1.329872 Sum squared resid 32.85714 Schwarz criterion 1.445191 Log likelihood -100.3898 Hannan-Quinn criter. 1.376699 F-statistic 15.76589 Durbin-Watson stat 1.440237 Prob(F-statistic) 0.000000

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 5.242566 5 0.3870 Cross-section random effects test comparisons: Variable Fixed Random Var(Diff.) Prob. LOG(DAR?) -0.323140 0.076697 0.046720 0.0643 LOG(CR?) -0.121007 0.091851 0.035823 0.2607 LOG(ROA?) 0.164853 0.234974 0.011833 0.5192 LOG(PER?) 0.129498 0.157118 0.003350 0.6332 LOG(TIE?) 0.012925 0.090740 0.002753 0.1380 Cross-section random effects test equation: Dependent Variable: LOG(DPR?) Method: Panel Least Squares Date: 07/03/16 Time: 16:04 Sample: 2010 2014 Included observations: 5 Cross-sections included: 32 Total pool (balanced) observations: 160 Variable Coefficient Std. Error t-statistic Prob. C 4.751132 2.154364 2.205352 0.0293 LOG(DAR?) -0.323140 0.278069-1.162088 0.2474 LOG(CR?) -0.121007 0.225318-0.537049 0.5922 LOG(ROA?) 0.164853 0.132657 1.242705 0.2163 LOG(PER?) 0.129498 0.089550 1.446098 0.1507 LOG(TIE?) 0.012925 0.068869 0.187673 0.8514 Cross-section fixed (dummy variables) Effects Specification R-squared 0.526176 Mean dependent var 3.826403 Adjusted R-squared 0.387496 S.D. dependent var 0.558953 S.E. of regression 0.437451 Akaike info criterion 1.383806 Sum squared resid 23.53767 Schwarz criterion 2.094939 Log likelihood -73.70444 Hannan-Quinn criter. 1.672572 F-statistic 3.794176 Durbin-Watson stat 1.986252 Prob(F-statistic) 0.000000