Lampiran 1 Tabel Sampel Penelitian No Kode Emiten Nama Perusahaan Tanggal IPO 1 APLN Agung Podomoro Land Tbk 11 Nov 2010 2 ASRI Alam Sutera Reality Tbk 18 Dec 2007 3 BAPA Bekasi Asri Pemula Tbk 14 Jan 2008 4 BCIP Bumi Citra Permai Tbk 11 Dec 2009 5 BIPP Bhuawanatala Indah Permai Tbk 23 Oct 1995 6 BKDP Bukit Darmo Property Tbk 15 Jun 2007 7 BKSL Sentul City Tbk 28 Jul 1997 8 BSDE Bumi Serpong Damai Tbk 6 Jun 2008 9 COWL Cowell Development Tbk 19 Dec 2007 10 CTRA Ciputra Development Tbk 28 Mar 1994 11 DART Duta Anggada Realty Tbk 8 May 1990 12 DILD Intiland Development Tbk 4 Sep 1991 13 DUTI Duta Pertiwi Tbk 2 Nov 1994 14 ELTY Bakrieland Development Tbk 30 Oct 1995 15 EMDE Megapolitan Development Tbk 12 Jan 2011 16 FMII Fortune Mate Indonesia Tbk 30 June 2000 17 GMTD Goa Makassar Tourism 11 Dec 2000 Development Tbk 18 GPRA Perdana Gapura Prima Tbk 10 Oct 2007 19 JRPT Jaya Real Property Tbk 29 Jun 1994 20 KIJA Kawasan Industri Jababeka Tbk 10 Jan 1995 21 LCGP Eureka Prima Jakarta Tbk 13 Jul 2007 22 LPCK Lippo Cikarang Tbk 24 Jul 1997 23 LPKR Lippo Karawaci Tbk 28 Jun 1996 24 MDLN Modernland Realty Tbk 18 Jan 1993 25 MKPI Metropolitan Kentjana Tbk 10 Jul 2009 26 MTLA Metropolitan Land Tbk 20 Jun 2011 27 OMRE Indonesia Prima Property Tbk 22 Aug 1994
28 PLIN Plaza Indonesia Realty Tbk 15 Jun 1992 29 PWON Pakuwon Jati Tbk 19 Oct 1989 30 RBMS Rista Bintang Mahkota Sejati Tbk 19 Dec 1997 31 RDTX Roda Vivatex Tbk 14 Mei 1990 32 RODA Pikko Land Dvelopment Tbk 22 Oct 2001 33 SCBD Dadanayasa Arthatama Tbk 19 Apr 2002 34 SMDM Suryamas Dutamakmur Tbk 12 Oct 1995 35 SMRA Summarecon Agung Tbk 7 May 1990
Lampiran 2 Hasil Pengolahan Data Tabel 4.1 Hasil Statistik Deskriptif Y KEP_BLOCK KEP_INST KEP_MANAJ KMT_AUDIT Mean 1.355435 63.44450 20.27897 1.878211 2.954286 Median 1.120229 68.31000 6.460000 0.000000 3.000000 Maximum 8.533334 95.43000 95.18000 50.53000 4.000000 Minimum 0.113383 5.190000 0.000000 0.000000 2.000000 Std. Dev. 0.925380 22.78033 28.26254 8.518327 0.318350 Skewness 3.400755-0.468559 1.350210 5.340337-0.994116 Kurtosis 23.39678 2.080242 3.524911 30.44791 9.432146 Jarque-Bera 3370.859 12.57189 55.18191 6325.264 330.4989 Probability 0.000000 0.001862 0.000000 0.000000 0.000000 Sum 237.2011 11102.79 3548.819 328.6870 517.0000 Sum Sq. Dev. 149.0012 90296.12 138986.2 12625.77 17.63429 Observations 175 175 175 175 175 Redundant Fixed Effects Tests Equation: EQ01 Test cross-section fixed effects Tabel 4.2 Hasil Uji Chow Effects Test Statistic d.f. Prob. Cross-section F 10.615706 (34,136) 0.0000 Cross-section Chi-square 226.765407 34 0.0000 Tabel 4.3 Hasil Uji Hausman Correlated Random Effects - Hausman Test Equation: EQ01 Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 1.791356 4 0.7741
Tabel 4.4 Hasil Uji Lagrange Multiplier Lagrange Multiplier Tests for Random Effects Null hypotheses: No effects Alternative hypotheses: Two-sided (Breusch-Pagan) and one-sided (all others) alternatives Test Hypothesis Cross-section Time Both Breusch-Pagan 148.1664 0.581666 148.7481 (0.0000) (0.4457) (0.0000) Dependent Variable: Y Method: Panel EGLS (Cross-section weights) Date: 07/03/18 Time: 01:00 Sample: 2012 2016 Periods included: 5 Cross-sections included: 35 Total panel (balanced) observations: 175 Linear estimation after one-step weighting matrix Tabel 4.5 Tabel Random-Effect Model Variable Coefficient Std. Error t-statistic Prob. KEP_BLOCK -0.007820 0.006159-1.269679 0.2064 KEP_INST 0.014371 0.005747 2.500549 0.0136 KEP_MANAJ -0.112753 0.127318-0.885605 0.3774 KMT_AUDIT -0.037722 0.037533-1.005020 0.3167 C 1.883355 0.404806 4.652487 0.0000 Weighted Statistics R-squared 0.831406 Mean dependent var 3.568953 Adjusted R-squared 0.784299 S.D. dependent var 2.704594 S.E. of regression 0.639233 Sum squared resid 55.57219 F-statistic 17.64922 Durbin-Watson stat 2.047458 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.594680 Mean dependent var 1.355435 Sum squared resid 60.39323 Durbin-Watson stat 1.945472
20 16 12 8 4 0-1.0-0.8-0.6-0.4-0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 Series: Standardized Residuals Sample 2012 2016 Observations 175 Mean -3.72e-16 Median -0.039262 Maximum 1.106811 Minimum -0.961128 Std. Dev. 0.511053 Skewness 0.273873 Kurtosis 2.291766 Jarque-Bera 5.845153 Probability 0.053795 Gambar 4.1 Uji Normalitas Tabel 4.6 Tabel Uji Multikolinieritas KEP_BLOCK KEP_INSTI KEP_MANAJ KOMITE_AUDIT KEP_BLOCK 1.000000 0.781389 0.074812-0.069630 KEP_INSTI 0.781389 1.000000-0.249658 0.068568 KEP_MANAJ 0.074812-0.249658 1.000000 0.023577 KOMITE_AUDIT -0.069630 0.068568 0.023577 1.000000
Tabel 4.7 Tabel Koefisien determinasi (R 2 ) Dependent Variable: Y Method: Panel EGLS (Cross-section weights) Date: 07/03/18 Time: 01:00 Sample: 2012 2016 Periods included: 5 Cross-sections included: 35 Total panel (balanced) observations: 175 Linear estimation after one-step weighting matrix Variable Coefficient Std. Error t-statistic Prob. KEP_BLOCK -0.007820 0.006159-1.269679 0.2064 KEP_INST 0.014371 0.005747 2.500549 0.0136 KEP_MANAJ -0.112753 0.127318-0.885605 0.3774 KMT_AUDIT -0.037722 0.037533-1.005020 0.3167 C 1.883355 0.404806 4.652487 0.0000 Effects Specification Cross-section fixed (dummy variables) Weighted Statistics R-squared 0.831406 Mean dependent var 3.568953 Adjusted R-squared 0.784299 S.D. dependent var 2.704594 S.E. of regression 0.639233 Sum squared resid 55.57219 F-statistic 17.64922 Durbin-Watson stat 2.047458 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.594680 Mean dependent var 1.355435 Sum squared resid 60.39323 Durbin-Watson stat 1.945472
Tabel 4.8 Tabel Uji-F Dependent Variable: Y Method: Panel EGLS (Cross-section weights) Date: 07/03/18 Time: 01:00 Sample: 2012 2016 Periods included: 5 Cross-sections included: 35 Total panel (balanced) observations: 175 Linear estimation after one-step weighting matrix Variable Coefficient Std. Error t-statistic Prob. KEP_BLOCK -0.007820 0.006159-1.269679 0.2064 KEP_INST 0.014371 0.005747 2.500549 0.0136 KEP_MANAJ -0.112753 0.127318-0.885605 0.3774 KMT_AUDIT -0.037722 0.037533-1.005020 0.3167 C 1.883355 0.404806 4.652487 0.0000 Effects Specification Cross-section fixed (dummy variables) Weighted Statistics R-squared 0.831406 Mean dependent var 3.568953 Adjusted R-squared 0.784299 S.D. dependent var 2.704594 S.E. of regression 0.639233 Sum squared resid 55.57219 F-statistic 17.64922 Durbin-Watson stat 2.047458 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.594680 Mean dependent var 1.355435 Sum squared resid 60.39323 Durbin-Watson stat 1.945472
Tabel 4.9 Tabel Uji-t Dependent Variable: Y Method: Panel EGLS (Cross-section weights) Date: 07/03/18 Time: 01:00 Sample: 2012 2016 Periods included: 5 Cross-sections included: 35 Total panel (balanced) observations: 175 Linear estimation after one-step weighting matrix Variable Coefficient Std. Error t-statistic Prob. KEP_BLOCK -0.007820 0.006159-1.269679 0.2064 KEP_INST 0.014371 0.005747 2.500549 0.0136 KEP_MANAJ -0.112753 0.127318-0.885605 0.3774 KMT_AUDIT -0.037722 0.037533-1.005020 0.3167 C 1.883355 0.404806 4.652487 0.0000 Effects Specification Cross-section fixed (dummy variables) Weighted Statistics R-squared 0.831406 Mean dependent var 3.568953 Adjusted R-squared 0.784299 S.D. dependent var 2.704594 S.E. of regression 0.639233 Sum squared resid 55.57219 F-statistic 17.64922 Durbin-Watson stat 2.047458 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.594680 Mean dependent var 1.355435 Sum squared resid 60.39323 Durbin-Watson stat 1.945472