LAMPIRAN

LAMPIRAN 1
Daftar Nama Perusahaan Sampel
Kode
No Nama Perusahaan
Perusahaan
1 AMFG PT. Asahimas Flat Glass Tbk
2 ARNA PT. Arwana Citra Mulia Tbk
3 ASII PT. Astra Internasional Tbk
4 AUTO PT. Astra Otoparts Tbk
5 BATA PT. Sepatu Bata Tbk
6 CPIN PT. Charoen Pokphand Indoneisa Tbk
7 DLTA PT. Delta Djakarta Tbk
8 DVLA PT. Darya-Varia Laboratoria Tbk
9 EKAD PT. Ekadharma International Tbk
10 GGRM PT. Gudang Garam Tbk
11 HMSP PT. HM Sampoerna Tbk
12 ICBP PT. Indofood CBP Sukses Makmur Tbk
13 IMAS PT. Indomobil Sukses Internasional Tbk
14 INDF PT. Indofood Sukses Makmur Tbk
15 INTP PT. Indocement Tunggal Prakarsa Tbk
16 KAEF PT. Kimia Farma (Persero) Tbk
17 KLBF PT. Kalbe Farma Tbk
124
125
Kode
No Nama Perusahaan
Perusahaan
18 LMSH PT. Liomesh Prima Tbk
19 MERK PT. Merck Tbk
20 MLBI PT. Multi Bintang Indonesia Tbk
21 MYOR PT. Mayora Indah Tbk
22 ROTI PT. Nippon Indosari Corpindo Tbk
23 SCCO PT. Supreme Cable Manufacturing & Commerce Tbk
24 SKLT PT. Sekar Laut Tbk
25 SMGR PT. Semen Indonesia (Persero) Tbk
26 SMSM PT. Selamat Sempurna
27 TCID PT. Mandom Indonesia Tbk
28 TOTO PT. Surya Toto Indonesia
29 TRST PT. Trias Sentosa
30 TSPC PT. Tempo Scan Pacific Tbk
31 ULTJ PT. Ultra Jaya Milk Industry & Trading Company Tbk
32 UNVR PT. Unilever Indonesia Tbk
33 WIIM PT. Wismilak Inti Makmur Tbk

126
LAMPIRAN 2
Return On Asset
ROA = Earnings Before Interest and Taxes
Total Asset
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 14.27 10.04 6.38 1.49 2.30
2 ARNA 27.94 7.16 9.26 11.66 13.44
3 ASII 8.46 6.65 6.08 6.56 7.44
4 AUTO 2.92 2.29 2.88 2.08 1.87
5 BATA 13.40 19.48 8.20 9.41 10.90
6 CPIN 11.35 14.13 18.25 15.17 23.47
7 DLTA 36.00 21.79 24.55 24.73 26.03
8 DVLA 7.68 9.21 13.30 13.41 15.88
9 EKAD 14.51 18.23 16.97 12.73 11.55
10 GGRM 14.73 15.85 16.08 16.83 16.15
11 HMSP 47.72 36.40 37.43 37.17 0.04
12 ICBP 12.73 15.03 16.83 15.22 18.76
13 IMAS 4.30 4.17 2.23 4.39 2.92
14 INDF 8.50 8.02 10.08 9.94 9.82
15 INTP 20.78 18.30 12.09 6.50 3.87

127
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
16 KAEF 12.31 11.38 9.60 8.79 8.09
17 KLBF 21.44 18.69 19.34 18.76 17.29
18 LMSH 6.31 1.30 4.80 10.67 3.04
19 MERK 28.32 29.07 28.67 5.00 3.73
20 MLBI 51.38 44.76 60.33 54.37 65.86
21 MYOR 8.66 16.42 17.92 16.50 14.94
22 ROTI 13.94 16.76 15.17 5.64 4.42
23 SCCO 13.71 12.68 16.73 7.88 8.48
24 SKLT 8.03 8.90 5.91 6.49 7.25
25 SMGR 20.26 20.24 11.24 6.38 0.93
26 SMSM 32.36 27.16 29.70 29.58 29.70
27 TCID 13.76 10.50 10.79 9.54 7.57
28 TOTO 19.09 16.22 10.27 13.22 15.49
29 TRST 3.26 2.64 1.81 1.20 1.83
30 TSPC 12.01 11.01 10.51 8.53 8.93
31 ULTJ 12.83 18.57 20.97 18.71 16.07
32 UNVR 56.11 50.47 52.00 50.23 62.89
33 WIIM 12.16 14.95 9.93 3.60 4.16

128
LAMPIRAN 3
TOBIN’S Q
TQ = Market Value of Equity + Book Value of total Asset – Book Value of
Equity
Book Value of Total Assets

Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 1.25 0.70 0.80 0.77 0.66
2 ARNA 8.44 4.14 4.34 2.78 3.50
3 ASII 5.37 3.79 5.51 4.71 3.75
4 AUTO 4.05 0.31 0.82 0.76 -0.19
5 BATA 1.00 3.63 3.14 1.74 1.60
6 CPIN 6.63 3.70 4.25 4.04 9.48
7 DLTA 49.33 32.47 32.07 29.12 35.59
8 DVLA 4.51 2.85 3.17 3.70 3.44
9 EKAD 1.88 0.87 0.49 0.51 0.66
10 GGRM 5.11 4.37 5.07 6.56 6.08
11 HMSP 48.47 65.53 59.86 75.89 55.36
12 ICBP 11.63 10.49 12.46 11.28 10.23
13 IMAS 1.99 0.97 0.20 -0.50 0.39
14 INDF 1.86 1.09 2.00 1.57 1.37

129
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
15 INTP 6.55 5.22 3.09 4.75 4.05
16 KAEF 12.28 5.11 13.91 8.03 5.11
17 KLBF 23.33 13.93 13.85 13.23 9.95
18 LMSH 18.16 -1.06 0.02 -0.22 -0.08
19 MERK 38.35 24.12 28.22 18.96 8.54
20 MLBI 19.96 14.79 19.72 21.06 22.60
21 MYOR 5.08 6.86 8.91 10.48 12.75
22 ROTI 4.61 3.86 4.61 3.54 3.03
23 SCCO 0.99 0.51 1.85 0.48 0.33
24 SKLT 1.52 1.70 0.72 2.45 3.16
25 SMGR 4.52 2.75 1.77 1.87 2.08
26 SMSM 12.61 8.57 7.17 8.90 8.89
27 TCID 3.46 2.78 1.78 2.80 2.04
28 TOTO 0.77 -0.73 5.10 4.12 3.27
29 TRST 0.68 0.48 0.46 0.54 0.56
30 TSPC 6.67 2.40 3.34 2.52 1.36
31 ULTJ 9.45 8.41 10.31 9.04 8.45
32 UNVR 33.89 34.35 31.57 41.43 32.88
33 WIIM 2.50 0.88 0.80 -0.18 -1.22

130
LAMPIRAN 4
Net Trade Cycle (NET)
NET = (Accounts Receivables/Sales) x 365 + (Inventories/Sales) x 365 –
(Accounts Payable/ Sales) x 365
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 85 93 99 111 111
2 ARNA 70 87 102 98 73
3 ASII 35 31 29 22 24
4 AUTO 57 58 54 62 57
5 BATA 52 63 86 102 112
6 CPIN 72 72 59 48 47
7 DLTA 65 66 66 136 126
8 DVLA 179 152 156 142 160
9 EKAD 138 106 117 122 134
10 GGRM 198 189 184 171 149
11 HMSP 71 75 72 66 52
12 ICBP 35 38 42 40 43
13 IMAS 65 54 51 54 41
14 INDF 51 52 56 65 71
131
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
15 INTP 58 61 68 68 73
16 KAEF 56 58 49 74 72
17 KLBF 90 88 91 96 94
18 LMSH 70 82 105 78 65
19 MERK 111 94 115 257 230
20 MLBI 48 32 34 59 63
21 MYOR 108 101 103 103 118
22 ROTI 25 22 23 33 38
23 SCCO 67 72 39 54 69
24 SKLT 50 49 59 69 78
25 SMGR 42 29 34 48 58
26 SMSM 118 128 132 134 134
27 TCID 103 116 109 102 118
28 TOTO 129 145 162 165 162
29 TRST 90 109 106 102 99
30 TSPC 52 38 45 50 51
31 ULTJ 68 68 64 49 62
32 UNVR 6 7 13 23 27
33 WIIM 143 159 173 170 164

132
LAMPIRAN 5
NET2
NET2 = [(Accounts Receivables/Sales) x 365 + (Inventories/Sales) x 365 –
(Accounts Payable/Sales) x 365]2
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 7202 8697 9749 12291 12383
2 ARNA 4846 7572 10428 9514 5347
3 ASII 1243 950 822 495 557
4 AUTO 3271 3317 2932 3828 3304
5 BATA 2669 3959 7370 10477 12608
6 CPIN 5211 5155 3522 2291 2230
7 DLTA 4203 4377 4329 18530 15889
8 DVLA 32022 23155 24312 20274 25612
9 EKAD 18914 11158 13773 14821 17945
10 GGRM 39030 35756 33974 29103 22300
11 HMSP 5031 5648 5218 4374 2716
12 ICBP 1252 1466 1733 1573 1883
13 IMAS 4286 2903 2647 2903 1676
14 INDF 2637 2723 3081 4204 4978

133
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
15 INTP 3330 3666 4640 4679 5348
16 KAEF 3168 3314 2414 5484 5181
17 KLBF 8182 7660 8343 9276 8878
18 LMSH 4838 6676 11071 6110 4188
19 MERK 12371 8856 13215 66137 53115
20 MLBI 2277 1054 1187 3517 3963
21 MYOR 11653 10243 10528 10529 14006
22 ROTI 622 492 527 1088 1444
23 SCCO 4533 5250 1525 2864 4822
24 SKLT 2544 2447 3479 4806 6036
25 SMGR 1737 864 1153 2288 3333
26 SMSM 14007 16415 17299 18074 17937
27 TCID 10711 13555 11829 10447 13940
28 TOTO 16634 21125 26103 27071 26194
29 TRST 8169 11804 11148 10406 9873
30 TSPC 2744 1460 2052 2489 2575
31 ULTJ 458 4639 4127 2384 3904
32 UNVR 39 49 159 523 718
33 WIIM 20383 25202 29873 29050 26835

134
LAMPIRAN 6
Cash Flow
CF = Earnings Before Interest and Tax + Depreciation
Total Assets
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 69.77 65.90 53.36 46.09 39.82
2 ARNA 33.68 12.45 15.63 18.29 19.98
3 ASII 11.76 8.60 8.97 9.22 10.18
4 AUTO 5.74 5.44 6.26 5.34 4.85
5 BATA 38.73 47.57 39.18 41.48 38.09
6 CPIN 22.47 26.57 34.04 33.94 43.08
7 DLTA 68.47 54.57 54.73 52.69 51.71
8 DVLA 24.33 26.22 29.87 30.12 33.67
9 EKAD 28.54 35.34 26.97 24.52 25.46
10 GGRM 31.83 34.22 37.89 40.20 41.89
11 HMSP 47.77 36.50 37.56 37.35 48.48
12 ICBP 15.20 17.66 19.44 17.83 21.70
13 IMAS 10.88 12.18 9.29 10.46 8.12

135
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
14 INDF 11.37 10.68 13.31 10.26 12.89
15 INTP 52.93 55.00 48.81 48.51 51.70
16 KAEF 13.62 12.79 10.74 9.84 9.17
17 KLBF 36.53 34.47 35.49 35.70 34.68
18 LMSH 24.75 22.48 23.54 31.21 25.63
19 MERK 30.09 31.21 30.59 6.95 4.23
20 MLBI 84.94 81.27 101.74 88.06 108.39
21 MYOR 30.90 31.21 30.59 6.95 4.23
22 ROTI 28.18 32.00 32.54 19.27 21.51
23 SCCO 35.88 34.76 33.87 9.45 10.98
24 SKLT 32.63 35.00 26.10 27.25 27.15
25 SMGR 49.75 53.68 41.98 37.77 42.50
26 SMSM 100.68 85.34 91.01 90.82 87.10
27 TCID 46.27 40.20 43.88 44.32 45.96
28 TOTO 49.30 44.45 40.36 43.69 47.55
29 TRST 79.16 89.72 93.67 97.45 77.31
30 TSPC 14.27 13.64 13.21 11.06 11.53
31 ULTJ 47.56 52.26 51.81 46.84 44.24
32 UNVR 70.12 65.56 69.14 68.03 83.10
33 WIIM 28.17 33.76 31.19 30.72 34.36

136
LAMPIRAN 7
Cost of External Finance
EFC = Financial Expenses
Total Debt
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 4.32 4.03 0.66 1.17 3.47
2 ARNA 1.65 1.58 3.22 3.62 2.64
3 ASII 1.19 1.15 1.43 1.47 1.82
4 AUTO 2.29 4.12 3.08 1.91 1.23
5 BATA 1.25 2.50 0.40 0.50 1.18
6 CPIN 2.89 5.29 6.44 5.62 6.22
7 DLTA 3.01 5.72 7.10 6.90 4.89
8 DVLA 5.96 3.69 3.76 2.83 3.01
9 EKAD 3.36 5.28 2.78 2.32 2.27
10 GGRM 5.50 5.61 5.09 3.26 2.83
11 HMSP 0.32 2.31 0.27 0.23 0.27
12 ICBP 2.12 3.09 1.72 1.36 1.93
13 IMAS 4.49 4.21 4.27 3.94 3.73
14 INDF 3.39 5.47 4.12 3.60 4.34
15 INTP 0.50 0.70 0.29 3.27 4.09
16 KAEF 2.08 2.62 2.55 2.44 3.07

137
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
17 KLBF 1.94 0.86 1.02 1.34 1.04
18 LMSH 2.11 2.29 0.56 2.12 2.70
19 MERK 0.18 0.01 0.20 0.30 0.09
20 MLBI 4.05 4.05 5.30 1.75 1.98
21 MYOR 5.76 6.16 5.36 5.12 5.44
22 ROTI 3.94 5.95 6.20 5.29 5.57
23 SCCO 6.24 5.06 2.47 2.00 2.59
24 SKLT 3.32 3.79 3.22 4.73 4.30
25 SMGR 4.11 3.45 2.66 4.08 5.21
26 SMSM 4.48 3.26 2.29 1.56 1.51
27 TCID 0.57 0.92 0.00 0.00 0.00
28 TOTO 1.65 1.92 1.71 1.42 1.14
29 TRST 2.85 2.70 2.67 2.03 2.14
30 TSPC 0.63 0.32 0.41 1.01 1.20
31 ULTJ 0.62 0.31 0.27 0.15 0.27
32 UNVR 1.01 1.11 1.20 0.93 0.91
33 WIIM 4.14 4.69 3.38 2.50 0.48

138
LAMPIRAN 8
Dividend Payout Ratio
DPR = Dividends
Net Profit
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 7.85 10.73 14.24 -221.61 21.41
2 ARNA 44.14 118.69 41.33 31.05 55.44
3 ASII 39.48 64.36 41.12 37.94 35.38
4 AUTO 35.06 107.25 24.70 50.87 35.58
5 BATA 55.71 5.67 76.29 55.48 24.38
6 CPIN 42.97 15.95 21.44 37.23 19.97
7 DLTA 66.85 82.00 37.12 52.14 59.87
8 DVLA 30.38 74.98 26.91 75.24 58.73
9 EKAD 15.05 20.69 2.28 13.64 16.92
10 GGRM 28.90 23.83 75.96 65.54 62.95
11 HMSP 106.35 118.30 82.62 100.36 91.57
12 ICBP 43.92 42.79 41.06 55.02 51.66
13 IMAS 660.23 -322.54 -300.36 0.53 1.56
14 INDF 25.62 39.69 29.60 41.34 41.75
15 INTP 64.14 116.70 40.20 186.10 207.49

139
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
16 KAEF 20.41 23.40 20.16 16.51 12.64
17 KLBF 38.01 42.75 37.84 42.21 45.91
18 LMSH 25.94 118.76 8.96 7.24 23.82
19 MERK 77.94 147.51 29.10 78.99 108.32
20 MLBI 155.01 57.73 94.43 81.51 91.62
21 MYOR 52.65 11.30 19.94 29.90 33.45
22 ROTI 8.21 10.61 20.39 55.83 26.42
23 SCCO 22.41 26.95 13.52 3.95 4.61
24 SKLT 16.76 18.97 2.45 21.40 12.08
25 SMGR 42.83 47.75 41.40 105.92 22.91
26 SMSM 54.27 40.32 59.16 51.12 45.98
27 TCID 44.42 14.49 54.69 52.31 41.94
28 TOTO 40.96 35.79 79.30 32.70 44.08
29 TRST 22.14 6.61 -133.39 24.52 0.00
30 TSPC 58.18 49.53 42.72 48.73 32.55
31 ULTJ 12.23 6.61 0.00 10.71 16.45
32 UNVR 88.83 98.62 102.33 93.40 74.38
33 WIIM 34.08 22.55 52.52 166.13 0.00

140
LAMPIRAN 9
Interest Coverage Ratio
ICR = Earnings Before Interest and Tax
Financial Expense
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 15.42 12.09 28.12 2.94 1.05
2 ARNA 60.99 12.07 7.49 9.01 15.14
3 ASII 14.52 11.92 9.13 9.50 8.26
4 AUTO 4.31 1.90 3.39 4.02 5.20
5 BATA 23.74 24.95 67.30 59.17 33.73
6 CPIN 8.33 5.43 6.83 7.50 12.64
7 DLTA 49.97 20.95 22.33 24.50 33.86
8 DVLA 5.45 8.52 11.98 14.83 18.40
9 EKAD 12.37 13.76 38.84 32.61 33.80
10 GGRM 6.25 7.04 8.50 14.03 16.47
11 HMSP 285.60 99.97 712.76 628.10 553.60
12 ICBP 14.41 12.71 27.18 31.26 28.59
13 IMAS 1.34 1.36 0.71 1.58 1.05
14 INDF 4.71 2.76 5.26 5.84 4.52

141
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
15 INTP 278.76 190.52 308.26 133.03 57.56
16 KAEF 13.80 10.82 7.41 6.23 4.08
17 KLBF 51.22 107.02 104.63 85.65 105.51
18 LMSH 14.81 3.55 30.79 25.70 6.59
19 MERK 664.28 10860.89 659.66 57.01 65.24
20 MLBI 16.81 17.39 17.79 62.25 48.40
21 MYOR 2.49 4.92 6.49 6.36 5.33
22 ROTI 6.38 5.03 4.84 2.80 2.36
23 SCCO 4.32 5.23 13.49 12.32 10.88
24 SKLT 4.08 3.94 3.84 2.66 3.09
25 SMGR 18.16 18.78 13.68 4.13 4.96
26 SMSM 19.89 23.72 43.27 75.17 84.69
27 TCID 72.79 64.66 0.00 0.00 0.00
28 TOTO 25.51 21.74 14.66 23.28 40.64
29 TRST 2.48 2.35 1.64 1.45 1.79
30 TSPC 69.60 110.69 86.19 26.69 24.05
31 ULTJ 92.08 299.35 432.17 646.82 423.62
32 UNVR 83.42 65.87 60.79 74.37 113.02
33 WIIM 8.04 10.73 10.96 7.14 43.80

142
LAMPIRAN 10
Sales Size
Sales Size = Log (Total Sales)
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 12.56 12.56 12.57 12.60 12.65
2 ARNA 12.21 12.11 12.18 12.24 12.30
3 ASII 14.30 14.27 14.26 14.31 14.38
4 AUTO 13.09 13.07 13.11 13.13 13.19
5 BATA 12.00 12.01 12.00 11.99 12.00
6 CPIN 13.46 13.48 13.58 13.69 13.73
7 DLTA 12.32 12.20 12.22 11.89 11.95
8 DVLA 12.04 12.12 12.16 12.20 12.23
9 EKAD 11.72 11.73 11.75 11.81 11.87
10 GGRM 13.81 13.85 13.88 13.92 13.98
11 HMSP 13.91 13.95 13.98 14.00 14.02
12 ICBP 13.48 13.50 13.54 13.55 13.58
13 IMAS 13.29 13.26 13.18 13.19 13.24
14 INDF 13.80 13.81 13.82 13.85 13.87
15 INTP 13.30 13.25 13.19 13.16 13.18
16 KAEF 12.66 12.69 12.76 12.79 12.87
17 KLBF 13.24 13.25 13.29 13.30 13.32

143
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
18 LMSH 11.40 11.24 11.20 11.35 11.38
19 MERK 11.94 11.99 12.01 11.76 11.79
20 MLBI 12.48 12.43 12.51 12.53 12.56
21 MYOR 13.15 13.17 13.26 13.32 13.38
22 ROTI 12.27 12.34 12.40 12.40 12.44
23 SCCO 12.57 12.55 12.57 12.65 12.71
24 SKLT 11.83 11.87 11.92 11.96 12.02
25 SMGR 13.43 13.43 13.42 13.44 13.49
26 SMSM 12.42 12.45 12.46 12.52 12.60
27 TCID 12.36 12.36 12.40 12.43 12.42
28 TOTO 12.31 12.36 12.32 12.34 12.35
29 TRST 12.40 12.39 12.35 12.37 12.42
30 TSPC 12.88 12.91 12.96 12.98 13.00
31 ULTJ 12.59 12.64 12.67 12.69 12.74
32 UNVR 13.54 13.56 13.60 13.61 13.62
33 WIIM 12.22 12.26 12.23 12.17 12.15

144
LAMPIRAN 11
Asset Size
Asset Size = Log (Total Assets)
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 12.60 12.63 12.74 12.80 12.93
2 ARNA 12.10 12.16 12.19 12.20 12.22
3 ASII 14.37 14.39 14.42 14.47 14.54
4 AUTO 13.16 13.16 13.16 13.17 13.20
5 BATA 11.89 11.90 11.91 11.93 11.94
6 CPIN 13.32 13.39 13.38 13.39 13.44
7 DLTA 12.00 12.02 12.08 12.13 12.18
8 DVLA 12.09 12.14 12.19 12.22 12.23
9 EKAD 11.61 11.59 11.85 11.90 11.93
10 GGRM 13.77 13.80 13.80 13.82 13.84
11 HMSP 13.45 13.58 13.63 13.63 13.67
12 ICBP 13.40 13.42 13.46 13.50 13.54
13 IMAS 13.37 13.40 13.41 13.50 13.61
14 INDF 13.93 13.96 13.91 13.95 13.98
15 INTP 13.46 13.44 13.48 13.46 13.44
16 KAEF 12.48 12.54 12.66 12.78 12.96
17 KLBF 13.09 13.14 13.18 13.22 13.26

145
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
18 LMSH 11.15 11.13 11.21 11.21 11.20
19 MERK 11.85 11.81 11.87 11.93 12.10
20 MLBI 12.34 12.32 12.36 12.46 12.40
21 MYOR 13.01 13.05 13.11 13.17 13.25
22 ROTI 12.33 12.43 12.47 12.66 12.64
23 SCCO 12.21 12.25 12.39 12.60 12.62
24 SKLT 11.53 11.58 11.75 11.80 11.87
25 SMGR 13.53 13.54 13.65 13.69 13.71
26 SMSM 12.24 12.35 12.35 12.39 12.45
27 TCID 12.27 12.32 12.34 12.37 12.39
28 TOTO 12.31 12.39 12.41 12.45 12.46
29 TRST 12.51 12.53 12.52 12.52 12.63
30 TSPC 12.75 12.80 12.82 12.87 12.90
31 ULTJ 12.46 12.55 12.63 12.71 12.74
32 UNVR 13.15 13.20 13.22 13.28 13.29
33 WIIM 12.13 12.13 12.12 12.09 12.10

146
LAMPIRAN 12
Financial Leverage
FL = Total Debt
Total Asset
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 21.41 20.61 34.62 43.38 57.35
2 ARNA 27.80 37.47 38.56 35.72 33.66
3 ASII 49.08 48.45 46.57 47.12 49.42
4 AUTO 29.50 29.26 27.89 27.12 29.11
5 BATA 45.08 31.19 30.77 32.30 27.38
6 CPIN 47.18 49.14 41.52 35.96 29.86
7 DLTA 23.90 18.17 15.48 14.63 15.71
8 DVLA 23.67 29.26 29.50 31.97 28.68
9 EKAD 34.96 25.08 15.73 16.81 15.51
10 GGRM 42.93 40.15 37.15 36.81 34.68
11 HMSP 52.44 15.77 19.60 20.93 24.13
12 ICBP 41.73 38.30 35.99 35.72 33.93
13 IMAS 71.38 73.06 73.82 70.45 74.79
14 INDF 53.21 53.04 46.53 46.72 48.29
15 INTP 14.91 13.65 13.31 14.92 16.43

147
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
16 KAEF 42.87 40.13 50.76 57.80 64.52
17 KLBF 21.53 20.14 18.14 16.38 15.71
18 LMSH 20.17 15.95 27.95 19.57 17.08
19 MERK 23.46 26.20 21.68 27.34 58.97
20 MLBI 75.18 63.52 63.93 50.01 68.60
21 MYOR 60.45 54.20 51.52 50.69 51.44
22 ROTI 55.50 56.08 50.58 38.15 33.61
23 SCCO 50.82 47.98 50.19 32.04 30.12
24 SKLT 59.25 59.68 47.88 51.66 54.60
25 SMGR 27.18 31.20 30.87 37.83 36.01
26 SMSM 36.33 35.13 29.92 25.18 23.24
27 TCID 32.81 17.64 18.39 21.32 19.33
28 TOTO 45.08 38.86 40.97 40.07 33.40
29 TRST 46.14 41.71 41.28 40.73 47.78
30 TSPC 27.23 30.99 29.62 31.65 30.97
31 ULTJ 22.35 20.97 17.69 18.90 14.06
32 UNVR 66.76 69.31 71.91 72.64 61.18
33 WIIM 36.58 29.72 26.78 20.20 19.94

148
LAMPIRAN 13
Growth
Gr = Sales this year – Sales Previous Year
Sales Previous Year
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 14.17 -0.17 1.58 4.34 14.35
2 ARNA 13.55 -19.74 17.03 14.62 13.76
3 ASII 4.03 -8.68 1.69 13.79 16.09
4 AUTO 14.52 -4.34 9.24 5.80 13.33
5 BATA 11.78 1.99 -2.82 -2.53 1.86
6 CPIN 13.59 2.64 27.86 29.04 9.30
7 DLTA 5.51 -25.50 5.43 -53.14 14.88
8 DVLA 0.19 18.33 11.12 8.56 7.87
9 EKAD 25.77 0.94 6.98 13.18 14.91
10 GGRM 18.59 7.95 8.40 9.22 14.89
11 HMSP 7.55 10.38 7.18 3.79 7.72
12 ICBP 19.37 5.72 8.30 3.58 7.88
13 IMAS -3.17 -6.98 -16.85 2.44 13.80
14 INDF 14.33 7.35 4.05 5.29 4.57
15 INTP 6.981 -10.99 -13.69 -6.06 5.26
16 KAEF 3.98 7.51 19.57 5.44 21.65

149
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
17 KLBF 8.54 2.99 8.31 4.17 4.42
18 LMSH -2.79 -29.90 -9.59 42.14 6.98
19 MERK 7.13 13.93 5.22 -43.76 5.15
20 MLBI -16.10 -9.77 21.03 3.87 7.67
21 MYOR 17.90 4.58 23.83 13.44 15.58
22 ROTI 24.89 15.65 15.98 -1.22 11.06
23 SCCO -1.27 -4.60 5.93 18.64 16.21
24 SKLT 20.17 9.35 11.91 9.63 14.31
25 SMGR 10.15 -0.15 -3.02 6.43 10.33
26 SMSM 10.54 6.46 2.75 15.98 17.77
27 TCID 13.82 0.29 9.15 7.11 -2.13
28 TOTO 20.00 10.96 -9.20 5.15 2.42
29 TRST 23.35 -2.02 -8.46 4.69 11.72
30 TSPC 9.59 8.91 11.69 4.68 5.46
31 ULTJ 13.19 12.18 6.65 4.13 12.16
32 UNVR 12.21 5.72 9.78 2.87 1.45
33 WIIM 4.63 10.71 -8.35 -12.42 -4.81

150
LAMPIRAN 14
Operating Cash Flow
OCF = Operating Income Before Depreciation and Amortization – Interest
expense – Income Tax Expense
Total Assets
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
1 AMFG 65.68 62.19 51.54 45.19 37.77
2 ARNA 26.33 10.16 12.29 14.24 15.85
3 ASII 9.09 7.67 6.79 6.50 7.07
4 AUTO 4.11 3.46 4.28 3.71 3.35
5 BATA 34.71 45.57 36.30 38.39 34.98
6 CPIN 19.41 22.16 31.44 29.07 36.37
7 DLTA 75.95 58.48 55.63 53.16 54.09
8 DVLA 20.94 22.48 24.69 25.32 28.51
9 EKAD 23.45 29.07 22.60 20.81 21.95
10 GGRM 26.36 28.53 32.41 34.99 37.02
11 HMSP 35.14 26.74 27.51 27.50 2.97
12 ICBP 10.84 12.39 14.12 13.38 15.84
13 IMAS 7.31 8.28 5.89 7.11 4.96
14 INDF 7.44 5.90 8.32 8.38 7.93
15 INTP 47.59 50.25 47.86 46.98 50.72

151
Kode Tahun
No
Perusahaan 2014 2015 2016 2017 2018
16 KAEF 9.86 9.26 7.03 6.50 5.33
17 KLBF 32.27 30.93 32.07 32.54 31.95
18 LMSH 21.91 20.72 21.44 27.99 23.83
19 MERK 22.32 23.20 22.33 5.40 3.16
20 MLBI 69.19 70.19 83.49 71.34 89.22
21 MYOR 26.25 33.91 36.84 35.37 33.03
22 ROTI 23.18 24.94 26.68 16.47 18.76
23 SCCO 30.01 29.69 28.59 6.93 8.07
24 SKLT 28.57 30.80 23.76 24.12 23.78
25 SMGR 44.31 48.86 40.03 35.12 38.77
26 SMSM 92.20 78.68 83.40 83.66 79.80
27 TCID 42.95 38.58 41.20 41.91 44.04
28 TOTO 33.29 39.76 36.45 39.63 43.53
29 TRST 76.87 87.83 92.26 95.95 75.76
30 TSPC 11.37 10.71 10.46 8.23 8.78
31 ULTJ 44.48 47.38 46.69 40.80 39.80
32 UNVR 55.58 52.36 55.39 54.95 66.90
33 WIIM 23.91 28.88 28.05 29.08 32.71

152
LAMPIRAN 15
Hasil Lampiran Chow Test
Model 1
Redundant Fixed Effects Tests

Equation: PERSAMAAN_1
Test cross-section fixed effects
Effects Test Statistic d.f. Prob.
Cross-section F 4.863918 (29,107) 0.0000

Cross-section Chi-square 126.122414 29 0.0000
Cross-section fixed effects test equation:

Dependent Variable: ROA
Method: Panel Least Squares
Date: 06/03/19 Time: 15:35
Sample: 2014 2018
Periods included: 5
Cross-sections included: 30
Total panel (balanced) observations: 150
Variable Coefficient Std. Error t-Statistic Prob.
C -0.116325 0.058925 -1.974115 0.0504

NET 0.000346 0.000276 1.251169 0.2130
NET2 -1.59E-06 1.19E-06 -1.342056 0.1818
TOBINST_1 0.000503 0.000322 1.563448 0.1203
ROAT_1 0.687466 0.055682 12.34633 0.0000
OCF -0.154920 0.077606 -1.996231 0.0479
FL -0.012461 0.024102 -0.517001 0.6060
GROWTH 0.086738 0.026874 3.227601 0.0016
ASSETSIZE -0.053926 0.021222 -2.541059 0.0122
CF_FC 0.201353 0.077875 2.585604 0.0108
EFC_FC 0.280684 0.160960 1.743816 0.0835
DPR_FC -0.000378 0.001098 -0.344594 0.7309
ICR_FC 4.15E-06 3.23E-06 1.286797 0.2004
SALESSIZE_FC 0.061658 0.022582 2.730423 0.0072
R-squared 0.871461 Mean dependent var 0.132822

Adjusted R-squared 0.859174 S.D. dependent var 0.087605
S.E. of regression 0.032875 Akaike info criterion -3.903495
Sum squared resid 0.146988 Schwarz criterion -3.622502
Log likelihood 306.7621 Hannan-Quinn criter. -3.789336
F-statistic 70.92650 Durbin-Watson stat 2.247989
Prob(F-statistic) 0.000000
153
Model 2

Cross-section F 6.650536 (29,107) 0.0000


Date: 06/03/19 Time: 13:49
Sample: 2014 2018
Periods included: 5
C -0.053215 0.062757 -0.847955 0.3980

NET 0.001232 0.000454 2.717193 0.0074
NET2 -6.01E-06 1.77E-06 -3.390908 0.0009
TOBINST_1 0.001814 0.000863 2.101804 0.0374
ROAT_1 0.487762 0.095965 5.082711 0.0000
OCF -0.139110 0.076010 -1.830150 0.0694
FL 0.008188 0.021661 0.378026 0.7060
GROWTH 0.100145 0.024784 4.040764 0.0001
ASSETSIZE 0.001055 0.004083 0.258363 0.7965
CF_FC 0.333378 0.096763 3.445296 0.0008
CF_NET -0.004466 0.001479 -3.020688 0.0030
CF_NET2 2.25E-05 6.77E-06 3.319976 0.0012
CF_QT_1 -0.001950 0.001858 -1.049494 0.2958
CF_ROAT_1 0.460117 0.171926 2.676243 0.0084

154
Model 3

Cross-section F 5.105205 (29,107) 0.0000


Date: 06/03/19 Time: 14:03
Sample: 2014 2018
Periods included: 5
C -0.034594 0.067367 -0.513511 0.6084

NET 0.000470 0.000440 1.067712 0.2875
NET2 -2.94E-06 1.69E-06 -1.736016 0.0848
TOBINST_1 0.001243 0.000478 2.600140 0.0103
ROAT_1 0.728465 0.087685 8.307778 0.0000
OCF 0.032577 0.017230 1.890722 0.0608
FL 0.005254 0.026069 0.201544 0.8406
GROWTH 0.102582 0.027980 3.666215 0.0004
ASSETSIZE 0.001044 0.004481 0.233043 0.8161
EFC_FC 0.074864 0.751364 0.099638 0.9208
EFC_NET -0.002148 0.013180 -0.162993 0.8708
EFC_NET2 3.39E-05 5.59E-05 0.606910 0.5449
EFC_ROAT_1 1.943595 3.315996 0.586127 0.5588
EFC_QT_1 -0.025641 0.019196 -1.335722 0.1839

155
Model 4

Cross-section F 4.235486 (29,107) 0.0000


Date: 06/03/19 Time: 14:25
Sample: 2014 2018
Periods included: 5
C -0.086695 0.063306 -1.369448 0.1731

NET -1.56E-05 0.000425 -0.036698 0.9708
NET2 4.54E-07 2.14E-06 0.211580 0.8328
TOBINST_1 0.000799 0.000788 1.014169 0.3123
ROAT_1 0.892462 0.083289 10.71529 0.0000
OCF 0.035837 0.016978 2.110824 0.0366
FL 0.017727 0.023066 0.768528 0.4435
GROWTH 0.111444 0.026816 4.155863 0.0001
ASSETSIZE 0.005268 0.004323 1.218598 0.2251
DPR_FC -0.034287 0.018936 -1.810659 0.0724
DPR_NET 0.001120 0.000482 2.322585 0.0217
DPR_NET2 -5.34E-06 2.48E-06 -2.151923 0.0332
DPR_QT_1 0.000581 0.001043 0.557337 0.5782
DPR_ROAT_1 -0.245830 0.120565 -2.038975 0.0434

156
Model 5

Cross-section F 4.429782 (29,107) 0.0000


Date: 06/03/19 Time: 14:30
Sample: 2014 2018
Periods included: 5
C -0.069241 0.064305 -1.076750 0.2835

NET 0.000470 0.000357 1.315743 0.1905
NET2 -1.88E-06 1.70E-06 -1.104165 0.2715
TOBINST_1 0.000730 0.000479 1.523776 0.1299
ROAT_1 0.793584 0.063499 12.49760 0.0000
OCF 0.026248 0.017152 1.530302 0.1283
FL 0.026231 0.025368 1.034032 0.3030
GROWTH 0.116376 0.027075 4.298220 0.0000
ASSETSIZE 0.002725 0.004510 0.604238 0.5467
ICR_FC -9.87E-06 0.000188 -0.052388 0.9583
ICR_NET 2.83E-06 4.35E-06 0.651234 0.5160
ICR_NET2 -2.11E-08 2.60E-08 -0.812910 0.4177
ICR_QT_1 5.61E-07 1.58E-06 0.355715 0.7226
ICR_ROAT_1 -0.000314 0.000464 -0.675895 0.5003

157
Model 6

Cross-section F 4.368231 (29,107) 0.0000


Date: 06/03/19 Time: 14:36
Sample: 2014 2018
Periods included: 5
C -0.652353 0.193284 -3.375109 0.0010

NET 0.011109 0.003906 2.844254 0.0051
NET2 -4.79E-05 1.66E-05 -2.880378 0.0046
TOBINST_1 -0.002635 0.004620 -0.570285 0.5694
ROAT_1 1.436492 0.815060 1.762438 0.0802
OCF 0.042891 0.016799 2.553174 0.0118
FL 0.020176 0.022022 0.916203 0.3612
GROWTH 0.093391 0.026483 3.526469 0.0006
ASSETSIZE -0.067377 0.022452 -3.001004 0.0032
SALESSIZE_FC 0.116974 0.029883 3.914361 0.0001
SALESSIZE_NET -0.000853 0.000311 -2.745527 0.0069
SALESSIZE_NET2 3.70E-06 1.34E-06 2.763830 0.0065
SALESSIZE_QT_1 0.000262 0.000363 0.721054 0.4721
SALESSIZE_ROAT_1 -0.055469 0.064374 -0.861675 0.3904

158
Model 7

Equation: PERSAMAAN 7
Cross-section F 5.034101 (29,107) 0.0000


Dependent Variable: TOBINS_Q
Date: 06/03/19 Time: 14:41
Sample: 2014 2018
Periods included: 5
C -19.51137 7.915983 -2.464807 0.0150

NET -0.020873 0.057207 -0.364867 0.7158
NET2 -5.06E-06 0.000224 -0.022614 0.9820
TOBINST_1 0.670049 0.108859 6.155231 0.0000
ROAT_1 47.74291 12.10469 3.944166 0.0001
OCF 13.60108 9.587705 1.418596 0.1583
FL -0.269269 2.732197 -0.098554 0.9216
GROWTH 6.783765 3.126118 2.170028 0.0317
ASSETSIZE 1.352465 0.514989 2.626200 0.0096
CF_FC -21.12699 12.20540 -1.730954 0.0857
CF_NET 0.189238 0.186505 1.014655 0.3121
CF_NET2 -0.000561 0.000854 -0.656974 0.5123
CF_QT_1 0.221856 0.234356 0.946662 0.3455
CF_ROAT_1 -50.94697 21.68625 -2.349275 0.0202

S.E. of regression 4.023172 Akaike info criterion 5.710704
Sum squared resid 2201.284 Schwarz criterion 5.991697
Log likelihood -414.3028 Hannan-Quinn criter. 5.824863
159
Model 8

Cross-section F 4.212445 (29,107) 0.0000


Date: 06/03/19 Time: 14:50
Sample: 2014 2018
Periods included: 5
C -22.87526 8.019198 -2.852562 0.0050

NET 0.014983 0.052369 0.286116 0.7752
NET2 -6.86E-05 0.000201 -0.340595 0.7339
TOBINST_1 0.691870 0.056915 12.15623 0.0000
ROAT_1 32.63956 10.43778 3.127058 0.0022
OCF 0.081457 2.051010 0.039716 0.9684
FL -2.011415 3.103163 -0.648182 0.5180
GROWTH 7.797584 3.330716 2.341114 0.0207
ASSETSIZE 1.491184 0.533357 2.795845 0.0059
EFC_FC 38.84875 89.44061 0.434352 0.6647
EFC_NET 0.656751 1.568932 0.418597 0.6762
EFC_NET2 -0.002994 0.006655 -0.449850 0.6535
EFC_QT_1 3.824547 2.285100 1.673689 0.0965
EFC_ROAT_1 -577.3589 394.7284 -1.462674 0.1459

160
Model 9

Cross-section F 4.763382 (29,107) 0.0000


Date: 06/03/19 Time: 14:58
Sample: 2014 2018
Periods included: 5
C -16.66467 7.564431 -2.203030 0.0293

NET 0.039342 0.050738 0.775409 0.4394
NET2 -0.000163 0.000256 -0.636171 0.5257
TOBINST_1 0.839815 0.094108 8.923958 0.0000
ROAT_1 3.175250 9.952093 0.319054 0.7502
OCF -0.547943 2.028642 -0.270103 0.7875
FL -1.054654 2.756189 -0.382649 0.7026
GROWTH 7.191953 3.204236 2.244514 0.0264
ASSETSIZE 1.111109 0.516548 2.151030 0.0332
DPR_FC -0.027749 2.262692 -0.012264 0.9902
DPR_NET -0.028618 0.057613 -0.496729 0.6202
DPR_NET2 7.30E-05 0.000297 0.246323 0.8058
DPR_QT_1 -0.174579 0.124601 -1.401107 0.1635
DPR_ROAT_1 34.28667 14.40628 2.379981 0.0187

161
Model 10

Cross-section F 3.764147 (29,107) 0.0000


Date: 06/03/19 Time: 15:05
Sample: 2014 2018
Periods included: 5
C -13.55303 7.037825 -1.925741 0.0562

NET 0.007777 0.039106 0.198863 0.8427
NET2 -1.01E-05 0.000186 -0.054149 0.9569
TOBINST_1 0.813740 0.052413 15.52562 0.0000
ROAT_1 8.073166 6.949564 1.161679 0.2474
OCF 0.251673 1.877209 0.134067 0.8935
FL -3.392999 2.776388 -1.222091 0.2238
GROWTH 7.116711 2.963223 2.401679 0.0177
ASSETSIZE 1.052906 0.493633 2.132974 0.0347
ICR_FC -0.047468 0.020616 -2.302419 0.0228
ICR_NET 0.000322 0.000476 0.674996 0.5008
ICR_NET2 -2.29E-06 2.85E-06 -0.805862 0.4217
ICR_QT_1 -0.000558 0.000173 -3.232223 0.0015
ICR_ROAT_1 0.205290 0.050810 4.040366 0.0001

162
Model 11

Cross-section F 4.570357 (29,107) 0.0000


Date: 06/03/19 Time: 15:09
Sample: 2014 2018
Periods included: 5
C 1.711224 22.96374 0.074519 0.9407

NET -0.218248 0.464024 -0.470338 0.6389
NET2 0.001104 0.001977 0.558295 0.5776
TOBINST_1 -0.435504 0.548893 -0.793422 0.4289
ROAT_1 -1.721699 96.83601 -0.017780 0.9858
OCF 1.292003 1.995891 0.647332 0.5185
FL -1.066574 2.616353 -0.407657 0.6842
GROWTH 3.592613 3.146403 1.141816 0.2555
ASSETSIZE 0.357626 2.667440 0.134071 0.8935
SALESSIZE_FC -0.670075 3.550376 -0.188734 0.8506
SALESSIZE_NET 0.018847 0.036919 0.510493 0.6105
SALESSIZE_NET2 -9.54E-05 0.000159 -0.600120 0.5494
SALESSIZE_QT_1 0.091737 0.043162 2.125407 0.0354
SALESSIZE_ROAT_1 1.447097 7.648175 0.189208 0.8502

163
Model 12

Cross-section F 4.644433 (29,107) 0.0000


Date: 06/03/19 Time: 15:32
Sample: 2014 2018
Periods included: 5
C -24.64769 7.208011 -3.419486 0.0008

NET 0.038137 0.033784 1.128870 0.2609
NET2 -0.000169 0.000145 -1.168128 0.2448
TOBINST_1 0.781738 0.039370 19.85634 0.0000
ROAT_1 20.23919 6.811252 2.971435 0.0035
OCF 16.32572 9.493185 1.719730 0.0878
FL -1.328117 2.948318 -0.450466 0.6531
GROWTH 6.598422 3.287328 2.007230 0.0467
ASSETSIZE -1.512272 2.595959 -0.582548 0.5612
CF_FC -16.44836 9.526011 -1.726678 0.0865
EFC_FC 8.899022 19.68935 0.451971 0.6520
DPR_FC -0.076715 0.134270 -0.571348 0.5687
ICR_FC -0.000733 0.000395 -1.857634 0.0654
SALESSIZE_FC 3.200147 2.762335 1.158493 0.2487

164
LAMPIRAN 16
Hasil Lampiran Hausman Test
Model 1
Correlated Random Effects - Hausman Test

Test cross-section random effects
Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.
Cross-section random 116.668136 13 0.0000
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
NET 0.000127 0.000348 0.000000 0.5362

NET2 -0.000002 -0.000002 0.000000 0.6177
TOBINST_1 -0.000284 0.000540 0.000000 0.0686
ROAT_1 0.405948 0.669707 0.002302 0.0000
OCF 0.012239 -0.161454 0.003213 0.0022
FL 0.045494 -0.012605 0.000840 0.0450
GROWTH 0.073490 0.086944 0.000222 0.3661
ASSETSIZE 0.062950 -0.055875 0.001552 0.0026
CF_FC 0.426450 0.212473 0.003294 0.0002
EFC_FC 0.259980 0.288631 0.044444 0.8919
DPR_FC -0.000134 -0.000350 0.000000 0.4120
ICR_FC 0.000001 0.000004 0.000000 0.0463
SALESSIZE_FC -0.059088 0.063865 0.002503 0.0140
Cross-section random effects test equation:

Date: 06/03/19 Time: 15:36
Sample: 2014 2018
Periods included: 5
C -0.141557 0.500205 -0.282998 0.7777

NET 0.000127 0.000416 0.305303 0.7607
NET2 -2.11E-06 1.35E-06 -1.568865 0.1196
TOBINST_1 -0.000284 0.000517 -0.548984 0.5842
ROAT_1 0.405948 0.064321 6.311257 0.0000
OCF 0.012239 0.081854 0.149526 0.8814
FL 0.045494 0.034524 1.317749 0.1904
GROWTH 0.073490 0.025058 2.932774 0.0041
ASSETSIZE 0.062950 0.042748 1.472593 0.1438
CF_FC 0.426450 0.082446 5.172509 0.0000
165
EFC_FC 0.259980 0.245631 1.058416 0.2922

DPR_FC -0.000134 0.000860 -0.155805 0.8765
ICR_FC 9.80E-07 2.91E-06 0.336947 0.7368
SALESSIZE_FC -0.059088 0.053053 -1.113749 0.2679
Effects Specification
Cross-section fixed (dummy variables)

Model 2

NET 0.001757 0.001455 0.000000 0.6630

NET2 -0.000009 -0.000007 0.000000 0.3568
TOBINST_1 0.001676 0.002230 0.000000 0.4290
ROAT_1 0.028689 0.411262 0.012735 0.0007
OCF -0.004777 -0.146597 0.002566 0.0051
FL 0.035955 0.009284 0.000818 0.3510
GROWTH 0.067061 0.095903 0.000145 0.0164
ASSETSIZE 0.016096 0.001240 0.000742 0.5854
CF_FC 0.684696 0.399789 0.015557 0.0224
CF_NET -0.008506 -0.005465 0.000003 0.1001
CF_NET2 0.000042 0.000026 0.000000 0.0403
CF_QT_1 -0.006348 -0.002952 0.000003 0.0442
CF_ROAT_1 0.995487 0.572249 0.096771 0.1737

Date: 06/03/19 Time: 13:51
Sample: 2014 2018
Periods included: 5
166
C -0.321038 0.369905 -0.867894 0.3874

NET 0.001757 0.000775 2.267516 0.0254
NET2 -8.81E-06 2.46E-06 -3.584406 0.0005
TOBINST_1 0.001676 0.000941 1.781589 0.0777
ROAT_1 0.028689 0.133063 0.215609 0.8297
OCF -0.004777 0.074377 -0.064224 0.9489
FL 0.035955 0.033135 1.085111 0.2803
GROWTH 0.067061 0.021064 3.183691 0.0019
ASSETSIZE 0.016096 0.027437 0.586662 0.5587
CF_FC 0.684696 0.144129 4.750564 0.0000
CF_NET -0.008506 0.002163 -3.932667 0.0001
CF_NET2 4.16E-05 8.97E-06 4.630407 0.0000
CF_QT_1 -0.006348 0.002178 -2.914987 0.0043
CF_ROAT_1 0.995487 0.338110 2.944272 0.0040

Model 3

NET -0.000573 0.000470 0.000000 0.0354

NET2 -0.000001 -0.000003 0.000000 0.2549
TOBINST_1 0.000177 0.001265 0.000000 0.0090
ROAT_1 0.352823 0.724917 0.002566 0.0000
OCF 0.324229 0.033618 0.003146 0.0000
FL 0.040214 0.004574 0.000877 0.2289
GROWTH 0.037077 0.102315 0.000240 0.0000
ASSETSIZE 0.019241 0.001063 0.001000 0.5653
167
EFC_FC 0.284173 0.090258 0.810383 0.8294

EFC_NET -0.000254 -0.002176 0.000226 0.8983
EFC_NET2 0.000044 0.000034 0.000000 0.8663
EFC_ROAT_1 0.062419 1.938131 2.079015 0.1933
EFC_QT_1 -0.061106 -0.026281 0.000454 0.1021

Date: 06/03/19 Time: 14:05
Sample: 2014 2018
Periods included: 5
C -0.225268 0.414133 -0.543950 0.5876

NET -0.000573 0.000592 -0.967718 0.3354
NET2 -1.32E-06 1.89E-06 -0.700996 0.4848
TOBINST_1 0.000177 0.000545 0.325194 0.7457
ROAT_1 0.352823 0.081831 4.311590 0.0000
OCF 0.324229 0.057525 5.636308 0.0000
FL 0.040214 0.035312 1.138816 0.2573
GROWTH 0.037077 0.025694 1.443020 0.1519
ASSETSIZE 0.019241 0.031792 0.605217 0.5463
EFC_FC 0.284173 1.057124 0.268817 0.7886
EFC_NET -0.000254 0.017915 -0.014154 0.9887
EFC_NET2 4.38E-05 7.19E-05 0.609326 0.5436
EFC_ROAT_1 0.062419 2.824412 0.022100 0.9824
EFC_QT_1 -0.061106 0.025551 -2.391484 0.0185

Model 4


168
NET -0.000366 -0.000005 0.000000 0.4388

NET2 -0.000000 0.000000 0.000000 0.6830
TOBINST_1 -0.000460 0.000788 0.000000 0.0301
ROAT_1 0.503279 0.887250 0.005877 0.0000
OCF 0.335832 0.037579 0.002746 0.0000
FL 0.060574 0.017716 0.001074 0.1909
GROWTH 0.047272 0.110890 0.000240 0.0000
ASSETSIZE 0.005489 0.005311 0.001062 0.9956
DPR_FC -0.006487 -0.033473 0.000226 0.0723
DPR_NET 0.000485 0.001099 0.000000 0.0946
DPR_NET2 -0.000003 -0.000005 0.000000 0.2029
DPR_QT_1 0.000372 0.000612 0.000000 0.7165
DPR_ROAT_1 -0.265083 -0.246495 0.004501 0.7817

Date: 06/03/19 Time: 14:26
Sample: 2014 2018
Periods included: 5
C -0.083614 0.425739 -0.196397 0.8447

NET -0.000366 0.000572 -0.638475 0.5245
NET2 -3.34E-07 2.43E-06 -0.137349 0.8910
TOBINST_1 -0.000460 0.000842 -0.545803 0.5863
ROAT_1 0.503279 0.100657 4.999950 0.0000
OCF 0.335832 0.054102 6.207403 0.0000
FL 0.060574 0.037477 1.616329 0.1090
GROWTH 0.047272 0.025913 1.824292 0.0709
ASSETSIZE 0.005489 0.032764 0.167520 0.8673
DPR_FC -0.006487 0.021075 -0.307798 0.7588
DPR_NET 0.000485 0.000525 0.922897 0.3581
DPR_NET2 -2.94E-06 2.65E-06 -1.107143 0.2707
DPR_QT_1 0.000372 0.001047 0.355094 0.7232
DPR_ROAT_1 -0.265083 0.115187 -2.301327 0.0233

169
Model 5

** WARNING: estimated cross-section random effects variance is zero.
NET 0.000263 0.000470 0.000000 0.6657

NET2 -0.000003 -0.000002 0.000000 0.6524
TOBINST_1 -0.000603 0.000730 0.000000 0.0447
ROAT_1 0.364269 0.793584 0.004858 0.0000
OCF 0.343867 0.026248 0.002956 0.0000
FL 0.038252 0.026231 0.001184 0.7269
GROWTH 0.066658 0.116376 0.000270 0.0025
ASSETSIZE -0.014184 0.002725 0.001112 0.6121
ICR_FC 0.000132 -0.000010 0.000000 0.5464
ICR_NET 0.000001 0.000003 0.000000 0.7984
ICR_NET2 -0.000000 -0.000000 0.000000 0.8488
ICR_QT_1 0.000000 0.000001 0.000000 0.8528
ICR_ROAT_1 0.000006 -0.000314 0.000000 0.4661

Date: 06/03/19 Time: 14:31
Sample: 2014 2018
Periods included: 5
C 0.146759 0.436084 0.336539 0.7371

NET 0.000263 0.000551 0.477598 0.6339
NET2 -2.71E-06 2.26E-06 -1.199862 0.2328
TOBINST_1 -0.000603 0.000757 -0.796756 0.4274
ROAT_1 0.364269 0.084778 4.296753 0.0000
OCF 0.343867 0.055914 6.149898 0.0000
FL 0.038252 0.039447 0.969691 0.3344
GROWTH 0.066658 0.026338 2.530870 0.0128
ASSETSIZE -0.014184 0.033521 -0.423120 0.6731
ICR_FC 0.000132 0.000276 0.479622 0.6325
ICR_NET 1.17E-06 7.30E-06 0.160467 0.8728
ICR_NET2 -2.98E-08 4.94E-08 -0.602509 0.5481
170
ICR_QT_1 3.63E-07 1.61E-06 0.226111 0.8215

ICR_ROAT_1 5.98E-06 0.000563 0.010622 0.9915

Model 6

NET 0.023681 0.011109 0.000038 0.0419

NET2 -0.000100 -0.000048 0.000000 0.0155
TOBINST_1 -0.009486 -0.002635 0.000033 0.2301
ROAT_1 -1.116995 1.436492 0.783578 0.0039
OCF 0.338497 0.042891 0.003072 0.0000
FL 0.045081 0.020176 0.001104 0.4535
GROWTH 0.047901 0.093391 0.000250 0.0040
ASSETSIZE -0.005733 -0.067377 0.001651 0.1292
SALESSIZE_FC 0.082226 0.116974 0.004907 0.6199
SALESSIZE_NET -0.001916 -0.000853 0.000000 0.0305
SALESSIZE_NET2 0.000008 0.000004 0.000000 0.0150
SALESSIZE_QT_1 0.000774 0.000262 0.000000 0.2743
SALESSIZE_ROAT_1 0.117298 -0.055469 0.004739 0.0121

Date: 06/03/19 Time: 14:37
Sample: 2014 2018
Periods included: 5
171
C -0.981865 0.721166 -1.361496 0.1762

NET 0.023681 0.006861 3.451435 0.0008
NET2 -0.000100 2.51E-05 -3.998580 0.0001
TOBINST_1 -0.009486 0.006709 -1.413919 0.1603
ROAT_1 -1.116995 1.081763 -1.032569 0.3041
OCF 0.338497 0.056886 5.950434 0.0000
FL 0.045081 0.037228 1.210946 0.2286
GROWTH 0.047901 0.025655 1.867132 0.0646
ASSETSIZE -0.005733 0.044093 -0.130029 0.8968
SALESSIZE_FC 0.082226 0.073668 1.116164 0.2669
SALESSIZE_NET -0.001916 0.000546 -3.512130 0.0007
SALESSIZE_NET2 8.01E-06 2.05E-06 3.916235 0.0002
SALESSIZE_QT_1 0.000774 0.000544 1.422272 0.1579
SALESSIZE_ROAT_1 0.117298 0.084563 1.387108 0.1683

Model 7

NET 0.102718 -0.020873 0.009563 0.2063

NET2 -0.000447 -0.000005 0.000000 0.1341
TOBINST_1 0.288523 0.670049 0.010327 0.0002
ROAT_1 45.155028 47.742914 255.136145 0.8713
OCF 39.793551 13.601084 54.909143 0.0004
FL -8.298438 -0.269269 16.691887 0.0494
GROWTH 6.717712 6.783765 3.113839 0.9701
ASSETSIZE 0.574752 1.352465 14.053853 0.8357
172
CF_FC 1.312675 -21.126987 311.670489 0.2037

CF_NET -0.392024 0.189238 0.069515 0.0275
CF_NET2 0.001869 -0.000561 0.000001 0.0221
CF_QT_1 0.208653 0.221856 0.059901 0.9570
CF_ROAT_1 -103.543008 -50.946972 1903.057349 0.2279

Date: 06/03/19 Time: 14:41
Sample: 2014 2018
Periods included: 5
C -12.21223 50.79771 -0.240409 0.8105

NET 0.102718 0.106405 0.965348 0.3365
NET2 -0.000447 0.000337 -1.324171 0.1883
TOBINST_1 0.288523 0.129216 2.232864 0.0276
ROAT_1 45.15503 18.27302 2.471131 0.0150
OCF 39.79355 10.21396 3.895995 0.0002
FL -8.298438 4.550254 -1.823731 0.0710
GROWTH 6.717712 2.892634 2.322351 0.0221
ASSETSIZE 0.574752 3.767814 0.152542 0.8790
CF_FC 1.312675 19.79277 0.066321 0.9472
CF_NET -0.392024 0.297009 -1.319908 0.1897
CF_NET2 0.001869 0.001232 1.516746 0.1323
CF_QT_1 0.208653 0.299043 0.697737 0.4869
CF_ROAT_1 -103.5430 46.43139 -2.230022 0.0278

173
Model 8

NET 0.040526 0.014983 0.003898 0.6825

NET2 -0.000161 -0.000069 0.000000 0.6043
TOBINST_1 0.313601 0.691870 0.002756 0.0000
ROAT_1 7.121253 32.639558 40.950663 0.0001
OCF 16.013902 0.081457 49.691410 0.0238
FL -11.756330 -2.011415 13.950685 0.0091
GROWTH 6.383253 7.797584 3.827642 0.4697
ASSETSIZE 1.196056 1.491184 15.771036 0.9408
EFC_FC -27.534549 38.848752 12876.579348 0.5585
EFC_NET -0.175851 0.656751 3.600733 0.6608
EFC_NET2 0.002995 -0.002994 0.000055 0.4201
EFC_QT_1 1.091841 3.824547 7.197466 0.3084
EFC_ROAT_1 51.552769 -577.358893 33340.094736 0.0006

Date: 06/03/19 Time: 14:52
Sample: 2014 2018
Periods included: 5
C -14.41067 52.00767 -0.277087 0.7822

NET 0.040526 0.074335 0.545183 0.5868
NET2 -0.000161 0.000237 -0.681180 0.4972
TOBINST_1 0.313601 0.068397 4.585032 0.0000
ROAT_1 7.121253 10.27656 0.692961 0.4898
OCF 16.01390 7.224121 2.216727 0.0288
FL -11.75633 4.434588 -2.651054 0.0092
GROWTH 6.383253 3.226669 1.978279 0.0505
ASSETSIZE 1.196056 3.992475 0.299578 0.7651
EFC_FC -27.53455 132.7558 -0.207407 0.8361
EFC_NET -0.175851 2.249797 -0.078163 0.9378
EFC_NET2 0.002995 0.009025 0.331878 0.7406
EFC_QT_1 1.091841 3.208796 0.340265 0.7343
EFC_ROAT_1 51.55277 354.6955 0.145344 0.8847
174

Model 9

NET -0.017508 0.039342 0.002959 0.2960

NET2 0.000176 -0.000163 0.000000 0.1017
TOBINST_1 0.547400 0.839815 0.004580 0.0000
ROAT_1 -3.359528 3.175250 80.675962 0.4669
OCF 13.707538 -0.547943 36.897860 0.0189
FL -11.105363 -1.054654 14.586043 0.0085
GROWTH 5.920049 7.191953 3.292219 0.4833
ASSETSIZE 1.020387 1.111109 14.221893 0.9808
DPR_FC -3.648914 -0.027749 3.104820 0.0399
DPR_NET 0.084634 -0.028618 0.001854 0.0085
DPR_NET2 -0.000467 0.000073 0.000000 0.0111
DPR_QT_1 -0.366035 -0.174579 0.006061 0.0139
DPR_ROAT_1 20.817708 34.286668 62.464656 0.0883

Date: 06/03/19 Time: 14:59
Sample: 2014 2018
Periods included: 5
C -9.368980 49.25715 -0.190205 0.8495

175
NET -0.017508 0.066236 -0.264328 0.7920

NET2 0.000176 0.000281 0.624009 0.5339
TOBINST_1 0.547400 0.097434 5.618153 0.0000
ROAT_1 -3.359528 11.64580 -0.288476 0.7735
OCF 13.70754 6.259476 2.189886 0.0307
FL -11.10536 4.335959 -2.561224 0.0118
GROWTH 5.920049 2.998051 1.974632 0.0509
ASSETSIZE 1.020387 3.790768 0.269177 0.7883
DPR_FC -3.648914 2.438281 -1.496511 0.1375
DPR_NET 0.084634 0.060794 1.392151 0.1668
DPR_NET2 -0.000467 0.000307 -1.522831 0.1308
DPR_QT_1 -0.366035 0.121137 -3.021653 0.0031
DPR_ROAT_1 20.81771 13.32689 1.562082 0.1212

Model 10

NET -0.016233 0.007777 0.002997 0.6610

NET2 0.000216 -0.000010 0.000000 0.2861
TOBINST_1 0.362035 0.813740 0.005750 0.0000
ROAT_1 5.308476 8.073166 63.390255 0.7284
OCF 12.225428 0.251673 38.575007 0.0539
FL -13.383652 -3.392999 15.453462 0.0110
GROWTH 6.394725 7.116711 3.526493 0.7006
ASSETSIZE 0.080748 1.052906 14.508133 0.7985
ICR_FC -0.051058 -0.047468 0.000724 0.8938
ICR_NET 0.002037 0.000322 0.000001 0.0211
ICR_NET2 -0.000014 -0.000002 0.000000 0.0243
ICR_QT_1 -0.000185 -0.000558 0.000000 0.0022
176
ICR_ROAT_1 -0.041470 0.205290 0.002511 0.0000

Date: 06/03/19 Time: 15:05
Sample: 2014 2018
Periods included: 5
C 3.431694 49.81213 0.068893 0.9452

NET -0.016233 0.062922 -0.257980 0.7969
NET2 0.000216 0.000258 0.836389 0.4048
TOBINST_1 0.362035 0.086476 4.186539 0.0001
ROAT_1 5.308476 9.683831 0.548179 0.5847
OCF 12.22543 6.386871 1.914150 0.0583
FL -13.38365 4.505914 -2.970242 0.0037
GROWTH 6.394725 3.008484 2.125564 0.0358
ASSETSIZE 0.080748 3.829026 0.021088 0.9832
ICR_FC -0.051058 0.031485 -1.621656 0.1078
ICR_NET 0.002037 0.000834 2.442110 0.0162
ICR_NET2 -1.39E-05 5.64E-06 -2.470610 0.0151
ICR_QT_1 -0.000185 0.000183 -1.007628 0.3159
ICR_ROAT_1 -0.041470 0.064307 -0.644879 0.5204

Model 11


177
NET 0.557747 -0.218248 0.526006 0.2846

NET2 -0.002030 0.001104 0.000006 0.2174
TOBINST_1 2.548075 -0.435504 0.448691 0.0000
ROAT_1 335.370511 -1.721699 10789.902389 0.0012
OCF 10.609593 1.292003 42.298589 0.1520
FL -8.609368 -1.066574 15.197953 0.0530
GROWTH 6.585944 3.592613 3.442417 0.1067
ASSETSIZE -3.571300 0.357626 22.731615 0.4099
SALESSIZE_FC 13.646657 -0.670075 67.573170 0.0816
SALESSIZE_NET -0.040577 0.018847 0.003326 0.3028
SALESSIZE_NET2 0.000153 -0.000095 0.000000 0.2331
SALESSIZE_QT_1 -0.186075 0.091737 0.003020 0.0000
SALESSIZE_ROAT_1 -25.857696 1.447097 65.256984 0.0007

Date: 06/03/19 Time: 15:09
Sample: 2014 2018
Periods included: 5
C -126.2740 84.62585 -1.492144 0.1386

NET 0.557747 0.805142 0.692731 0.4900
NET2 -0.002030 0.002946 -0.689227 0.4922
TOBINST_1 2.548075 0.787240 3.236721 0.0016
ROAT_1 335.3705 126.9403 2.641954 0.0095
OCF 10.60959 6.675349 1.589369 0.1149
FL -8.609368 4.368570 -1.970752 0.0513
GROWTH 6.585944 3.010498 2.187659 0.0309
ASSETSIZE -3.571300 5.174101 -0.690226 0.4915
SALESSIZE_FC 13.64666 8.644640 1.578626 0.1174
SALESSIZE_NET -0.040577 0.064028 -0.633747 0.5276
SALESSIZE_NET2 0.000153 0.000240 0.635781 0.5263
SALESSIZE_QT_1 -0.186075 0.063854 -2.914043 0.0043
SALESSIZE_ROAT_1 -25.85770 9.923080 -2.605814 0.0105

178
Model 12

NET 0.046426 0.038137 0.002021 0.8537

NET2 -0.000224 -0.000169 0.000000 0.6641
TOBINST_1 0.332417 0.781738 0.003232 0.0000
ROAT_1 6.878166 20.239191 37.431227 0.0290
OCF 33.087702 16.325719 52.183638 0.0203
FL -12.695708 -1.328117 13.413257 0.0019
GROWTH 5.672717 6.598422 3.562116 0.6238
ASSETSIZE -4.327279 -1.512272 24.271682 0.5677
CF_FC -28.564477 -16.448357 53.325326 0.0971
EFC_FC 17.946979 8.899022 708.437750 0.7339
DPR_FC -0.043096 -0.076715 0.001211 0.3339
ICR_FC -0.000568 -0.000733 0.000000 0.4234
SALESSIZE_FC 5.778144 3.200147 38.931835 0.6795

Date: 06/03/19 Time: 15:33
Sample: 2014 2018
Periods included: 5
C -13.13029 61.98791 -0.211820 0.8327

NET 0.046426 0.051604 0.899667 0.3703
NET2 -0.000224 0.000167 -1.344778 0.1815
TOBINST_1 0.332417 0.064064 5.188795 0.0000
ROAT_1 6.878166 7.971011 0.862898 0.3901
OCF 33.08770 10.14373 3.261889 0.0015
FL -12.69571 4.278392 -2.967402 0.0037
GROWTH 5.672717 3.105323 1.826772 0.0705
ASSETSIZE -4.327279 5.297525 -0.816849 0.4158
CF_FC -28.56448 10.21705 -2.795765 0.0061
EFC_FC 17.94698 30.43982 0.589589 0.5567
DPR_FC -0.043096 0.106561 -0.404424 0.6867
ICR_FC -0.000568 0.000361 -1.575977 0.1180
SALESSIZE_FC 5.778144 6.574616 0.878856 0.3814
179

180
LAMPIRAN 17
Hasil Lampiran Fixed Test
Model 1

Method: Panel EGLS (Cross-section random effects)
Date: 06/03/19 Time: 15:36
Sample: 2014 2018
Periods included: 5
Swamy and Arora estimator of component variances
C -0.119497 0.047100 -2.537103 0.0123

NET 0.000348 0.000213 1.631993 0.1050
NET2 -1.62E-06 9.12E-07 -1.774405 0.0782
TOBINST_1 0.000540 0.000250 2.157919 0.0327
ROAT_1 0.669707 0.042841 15.63243 0.0000
OCF -0.161454 0.059050 -2.734176 0.0071
FL -0.012605 0.018759 -0.671938 0.5028
GROWTH 0.086944 0.020157 4.313385 0.0000
ASSETSIZE -0.055875 0.016593 -3.367263 0.0010
CF_FC 0.212473 0.059192 3.589537 0.0005
EFC_FC 0.288631 0.126056 2.289695 0.0236
DPR_FC -0.000350 0.000818 -0.428283 0.6691
ICR_FC 4.18E-06 2.43E-06 1.722103 0.0873
SALESSIZE_FC 0.063865 0.017665 3.615337 0.0004
S.D. Rho
Cross-section random 0.004663 0.0354

Idiosyncratic random 0.024343 0.9646
Weighted Statistics

S.E. of regression 0.032315 Sum squared resid 0.142019
Unweighted Statistics

Sum squared resid 0.147195 Durbin-Watson stat 2.213416
181
Model 2

Date: 06/03/19 Time: 13:50
Sample: 2014 2018
Periods included: 5
C -0.064737 0.050705 -1.276735 0.2039

NET 0.001455 0.000345 4.219525 0.0000
NET2 -6.89E-06 1.31E-06 -5.263637 0.0000
TOBINST_1 0.002230 0.000628 3.549791 0.0005
ROAT_1 0.411262 0.070504 5.833173 0.0000
OCF -0.146597 0.054465 -2.691573 0.0080
FL 0.009284 0.016740 0.554589 0.5801
GROWTH 0.095903 0.017297 5.544487 0.0000
ASSETSIZE 0.001240 0.003325 0.372948 0.7098
CF_FC 0.399789 0.072224 5.535386 0.0000
CF_NET -0.005465 0.001122 -4.870523 0.0000
CF_NET2 2.64E-05 5.09E-06 5.184390 0.0000
CF_QT_1 -0.002952 0.001376 -2.145249 0.0337
CF_ROAT_1 0.572249 0.132467 4.319927 0.0000
S.D. Rho

Weighted Statistics


Model 3

Date: 06/03/19 Time: 14:05
Sample: 2014 2018
182
Periods included: 5
C -0.034752 0.049874 -0.696785 0.4871

NET 0.000470 0.000324 1.450156 0.1493
NET2 -2.94E-06 1.24E-06 -2.363853 0.0195
TOBINST_1 0.001265 0.000351 3.603527 0.0004
ROAT_1 0.724917 0.064267 11.27983 0.0000
OCF 0.033618 0.012764 2.633829 0.0094
FL 0.004574 0.019227 0.237879 0.8123
GROWTH 0.102315 0.020492 4.992859 0.0000
ASSETSIZE 0.001063 0.003320 0.320150 0.7493
EFC_FC 0.090258 0.554192 0.162865 0.8709
EFC_NET -0.002176 0.009726 -0.223754 0.8233
EFC_NET2 3.39E-05 4.12E-05 0.821648 0.4127
EFC_ROAT_1 1.938131 2.428640 0.798032 0.4262
EFC_QT_1 -0.026281 0.014107 -1.862926 0.0646
S.D. Rho

Weighted Statistics


Model 4

Date: 06/03/19 Time: 14:26
Sample: 2014 2018
Periods included: 5
C -0.087309 0.050181 -1.739874 0.0841

NET -4.64E-06 0.000332 -0.013953 0.9889
183
NET2 3.86E-07 1.67E-06 0.230711 0.8179

TOBINST_1 0.000788 0.000615 1.281807 0.2021
ROAT_1 0.887250 0.065226 13.60269 0.0000
OCF 0.037579 0.013443 2.795413 0.0059
FL 0.017716 0.018187 0.974081 0.3317
GROWTH 0.110890 0.020767 5.339689 0.0000
ASSETSIZE 0.005311 0.003433 1.546874 0.1242
DPR_FC -0.033473 0.014785 -2.264031 0.0252
DPR_NET 0.001099 0.000376 2.924649 0.0040
DPR_NET2 -5.25E-06 1.93E-06 -2.714286 0.0075
DPR_QT_1 0.000612 0.000812 0.753774 0.4523
DPR_ROAT_1 -0.246495 0.093635 -2.632521 0.0095
S.D. Rho

Weighted Statistics


Model 5

Date: 06/03/19 Time: 14:31
Sample: 2014 2018
Periods included: 5
C -0.069241 0.048871 -1.416796 0.1588

NET 0.000470 0.000272 1.731265 0.0857
NET2 -1.88E-06 1.29E-06 -1.452869 0.1486
TOBINST_1 0.000730 0.000364 2.004996 0.0469
ROAT_1 0.793584 0.048259 16.44445 0.0000
OCF 0.026248 0.013036 2.013583 0.0460
FL 0.026231 0.019280 1.360587 0.1759
GROWTH 0.116376 0.020577 5.655632 0.0000
ASSETSIZE 0.002725 0.003428 0.795061 0.4280
184
ICR_FC -9.87E-06 0.000143 -0.068933 0.9451

ICR_NET 2.83E-06 3.31E-06 0.856899 0.3930
ICR_NET2 -2.11E-08 1.98E-08 -1.069633 0.2867
ICR_QT_1 5.61E-07 1.20E-06 0.468053 0.6405
ICR_ROAT_1 -0.000314 0.000353 -0.889347 0.3754
S.D. Rho

Weighted Statistics


Model 6

Date: 06/03/19 Time: 14:37
Sample: 2014 2018
Periods included: 5
C -0.652353 0.147453 -4.424131 0.0000

NET 0.011109 0.002980 3.728279 0.0003
NET2 -4.79E-05 1.27E-05 -3.775632 0.0002
TOBINST_1 -0.002635 0.003525 -0.747536 0.4560
ROAT_1 1.436492 0.621798 2.310223 0.0224
OCF 0.042891 0.012816 3.346728 0.0011
FL 0.020176 0.016800 1.200968 0.2319
GROWTH 0.093391 0.020204 4.622535 0.0000
ASSETSIZE -0.067377 0.017128 -3.933749 0.0001
SALESSIZE_FC 0.116974 0.022797 5.130988 0.0000
SALESSIZE_NET -0.000853 0.000237 -3.598867 0.0004
SALESSIZE_NET2 3.70E-06 1.02E-06 3.622859 0.0004
SALESSIZE_QT_1 0.000262 0.000277 0.945166 0.3463
185
SALESSIZE_ROAT_1 -0.055469 0.049110 -1.129493 0.2607
S.D. Rho

Weighted Statistics


Model 7

Date: 06/03/19 Time: 14:41
Sample: 2014 2018
Periods included: 5
C -19.51137 5.803948 -3.361741 0.0010

NET -0.020873 0.041944 -0.497640 0.6195
NET2 -5.06E-06 0.000164 -0.030843 0.9754
TOBINST_1 0.670049 0.079814 8.395095 0.0000
ROAT_1 47.74291 8.875084 5.379433 0.0000
OCF 13.60108 7.029644 1.934818 0.0551
FL -0.269269 2.003230 -0.134417 0.8933
GROWTH 6.783765 2.292050 2.959693 0.0036
ASSETSIZE 1.352465 0.377587 3.581864 0.0005
CF_FC -21.12699 8.948922 -2.360842 0.0197
CF_NET 0.189238 0.136744 1.383884 0.1687
CF_NET2 -0.000561 0.000626 -0.896044 0.3718
CF_QT_1 0.221856 0.171829 1.291149 0.1988
CF_ROAT_1 -50.94697 15.90022 -3.204168 0.0017
S.D. Rho

186
Weighted Statistics


Model 8

Date: 06/03/19 Time: 14:52
Sample: 2014 2018
Periods included: 5
C -22.87526 6.177747 -3.702848 0.0003

NET 0.014983 0.040343 0.371401 0.7109
NET2 -6.86E-05 0.000155 -0.442119 0.6591
TOBINST_1 0.691870 0.043845 15.77974 0.0000
ROAT_1 32.63956 8.040953 4.059166 0.0001
OCF 0.081457 1.580036 0.051554 0.9590
FL -2.011415 2.390582 -0.841391 0.4016
GROWTH 7.797584 2.565882 3.038949 0.0028
ASSETSIZE 1.491184 0.410882 3.629225 0.0004
EFC_FC 38.84875 68.90234 0.563823 0.5738
EFC_NET 0.656751 1.208658 0.543372 0.5878
EFC_NET2 -0.002994 0.005127 -0.583940 0.5602
EFC_QT_1 3.824547 1.760371 2.172579 0.0315
EFC_ROAT_1 -577.3589 304.0868 -1.898665 0.0597
S.D. Rho

Weighted Statistics

187

Model 9

Date: 06/03/19 Time: 14:59
Sample: 2014 2018
Periods included: 5
C -16.66467 5.634305 -2.957715 0.0037

NET 0.039342 0.037791 1.041038 0.2997
NET2 -0.000163 0.000191 -0.854102 0.3946
TOBINST_1 0.839815 0.070096 11.98101 0.0000
ROAT_1 3.175250 7.412735 0.428351 0.6691
OCF -0.547943 1.511017 -0.362631 0.7174
FL -1.054654 2.052924 -0.513732 0.6083
GROWTH 7.191953 2.386649 3.013411 0.0031
ASSETSIZE 1.111109 0.384746 2.887901 0.0045
DPR_FC -0.027749 1.685347 -0.016465 0.9869
DPR_NET -0.028618 0.042912 -0.666892 0.5060
DPR_NET2 7.30E-05 0.000221 0.330706 0.7414
DPR_QT_1 -0.174579 0.092808 -1.881081 0.0621
DPR_ROAT_1 34.28667 10.73040 3.195284 0.0017
S.D. Rho

Weighted Statistics


188
Model 10

Date: 06/03/19 Time: 15:05
Sample: 2014 2018
Periods included: 5
C -13.55303 5.582388 -2.427820 0.0165

NET 0.007777 0.031019 0.250710 0.8024
NET2 -1.01E-05 0.000147 -0.068267 0.9457
TOBINST_1 0.813740 0.041574 19.57346 0.0000
ROAT_1 8.073166 5.512379 1.464552 0.1454
OCF 0.251673 1.488998 0.169021 0.8660
FL -3.392999 2.202225 -1.540714 0.1257
GROWTH 7.116711 2.350422 3.027844 0.0029
ASSETSIZE 1.052906 0.391549 2.689082 0.0081
ICR_FC -0.047468 0.016353 -2.902704 0.0043
ICR_NET 0.000322 0.000378 0.850980 0.3963
ICR_NET2 -2.29E-06 2.26E-06 -1.015967 0.3114
ICR_QT_1 -0.000558 0.000137 -4.074927 0.0001
ICR_ROAT_1 0.205290 0.040302 5.093768 0.0000
S.D. Rho

Weighted Statistics


189
Model 11

Date: 06/03/19 Time: 15:09
Sample: 2014 2018
Periods included: 5
C 1.711224 17.30305 0.098897 0.9214

NET -0.218248 0.349639 -0.624209 0.5335
NET2 0.001104 0.001490 0.740942 0.4600
TOBINST_1 -0.435504 0.413588 -1.052990 0.2942
ROAT_1 -1.721699 72.96540 -0.023596 0.9812
OCF 1.292003 1.503893 0.859106 0.3918
FL -1.066574 1.971407 -0.541022 0.5894
GROWTH 3.592613 2.370797 1.515361 0.1320
ASSETSIZE 0.357626 2.009901 0.177932 0.8590
SALESSIZE_FC -0.670075 2.675189 -0.250478 0.8026
SALESSIZE_NET 0.018847 0.027818 0.677501 0.4992
SALESSIZE_NET2 -9.54E-05 0.000120 -0.796449 0.4272
SALESSIZE_QT_1 0.091737 0.032522 2.820733 0.0055
SALESSIZE_ROAT_1 1.447097 5.762858 0.251108 0.8021
S.D. Rho

Weighted Statistics


190
Model 12

Date: 06/03/19 Time: 15:33
Sample: 2014 2018
Periods included: 5
C -24.64769 5.407006 -4.558473 0.0000

NET 0.038137 0.025342 1.504882 0.1347
NET2 -0.000169 0.000109 -1.557216 0.1217
TOBINST_1 0.781738 0.029533 26.47023 0.0000
ROAT_1 20.23919 5.109382 3.961182 0.0001
OCF 16.32572 7.121203 2.292551 0.0234
FL -1.328117 2.211646 -0.600510 0.5492
GROWTH 6.598422 2.465951 2.675813 0.0084
ASSETSIZE -1.512272 1.947328 -0.776588 0.4388
CF_FC -16.44836 7.145827 -2.301813 0.0229
EFC_FC 8.899022 14.76974 0.602517 0.5478
DPR_FC -0.076715 0.100721 -0.761657 0.4476
ICR_FC -0.000733 0.000296 -2.476388 0.0145
SALESSIZE_FC 3.200147 2.072134 1.544373 0.1248
S.D. Rho

Weighted Statistics



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LAMPIRAN 1

Daftar Nama Perusahaan Sampel

1 AMFG PT. Asahimas Flat Glass Tbk

2 ARNA PT. Arwana Citra Mulia Tbk

3 ASII PT. Astra Internasional Tbk

4 AUTO PT. Astra Otoparts Tbk

5 BATA PT. Sepatu Bata Tbk

6 CPIN PT. Charoen Pokphand Indoneisa Tbk

7 DLTA PT. Delta Djakarta Tbk

8 DVLA PT. Darya-Varia Laboratoria Tbk

9 EKAD PT. Ekadharma International Tbk

10 GGRM PT. Gudang Garam Tbk

11 HMSP PT. HM Sampoerna Tbk

12 ICBP PT. Indofood CBP Sukses Makmur Tbk

13 IMAS PT. Indomobil Sukses Internasional Tbk

14 INDF PT. Indofood Sukses Makmur Tbk

15 INTP PT. Indocement Tunggal Prakarsa Tbk

16 KAEF PT. Kimia Farma (Persero) Tbk

17 KLBF PT. Kalbe Farma Tbk

18 LMSH PT. Liomesh Prima Tbk

19 MERK PT. Merck Tbk

20 MLBI PT. Multi Bintang Indonesia Tbk

21 MYOR PT. Mayora Indah Tbk

22 ROTI PT. Nippon Indosari Corpindo Tbk

23 SCCO PT. Supreme Cable Manufacturing & Commerce Tbk

24 SKLT PT. Sekar Laut Tbk

25 SMGR PT. Semen Indonesia (Persero) Tbk

26 SMSM PT. Selamat Sempurna

27 TCID PT. Mandom Indonesia Tbk

28 TOTO PT. Surya Toto Indonesia

29 TRST PT. Trias Sentosa

30 TSPC PT. Tempo Scan Pacific Tbk

32 UNVR PT. Unilever Indonesia Tbk

33 WIIM PT. Wismilak Inti Makmur Tbk

ROA = Earnings Before Interest and Taxes

1 AMFG 14.27 10.04 6.38 1.49 2.30

2 ARNA 27.94 7.16 9.26 11.66 13.44

3 ASII 8.46 6.65 6.08 6.56 7.44

4 AUTO 2.92 2.29 2.88 2.08 1.87

5 BATA 13.40 19.48 8.20 9.41 10.90

6 CPIN 11.35 14.13 18.25 15.17 23.47

7 DLTA 36.00 21.79 24.55 24.73 26.03

8 DVLA 7.68 9.21 13.30 13.41 15.88

9 EKAD 14.51 18.23 16.97 12.73 11.55

10 GGRM 14.73 15.85 16.08 16.83 16.15

11 HMSP 47.72 36.40 37.43 37.17 0.04

12 ICBP 12.73 15.03 16.83 15.22 18.76

13 IMAS 4.30 4.17 2.23 4.39 2.92

14 INDF 8.50 8.02 10.08 9.94 9.82

15 INTP 20.78 18.30 12.09 6.50 3.87

16 KAEF 12.31 11.38 9.60 8.79 8.09

17 KLBF 21.44 18.69 19.34 18.76 17.29

18 LMSH 6.31 1.30 4.80 10.67 3.04

19 MERK 28.32 29.07 28.67 5.00 3.73

20 MLBI 51.38 44.76 60.33 54.37 65.86

21 MYOR 8.66 16.42 17.92 16.50 14.94

22 ROTI 13.94 16.76 15.17 5.64 4.42

23 SCCO 13.71 12.68 16.73 7.88 8.48