CEM

Dependent Variable: Y_ROA

Method: Panel Least Squares
Date: 06/25/20 Time: 16:38
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

X1_DAR -18.77317 4.598294 -4.082639 0.0001

X2_DER -0.044239 0.368250 -0.120132 0.9046
C 19.55000 2.116361 9.237554 0.0000

R-squared 0.270989    Mean dependent var 8.714132

Adjusted R-squared 0.258633    S.D. dependent var 8.554429
S.E. of regression 7.365591    Akaike info criterion 6.855996
Sum squared resid 6401.727    Schwarz criterion 6.925313
Log likelihood -411.7878    Hannan-Quinn criter. 6.884149
F-statistic 21.93161    Durbin-Watson stat 0.310964
Prob(F-statistic) 0.000000

FEM

Dependent Variable: Y_ROA

Method: Panel Least Squares
Date: 06/25/20 Time: 16:38
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

X1_DAR -37.20684 14.79953 -2.514054 0.0134

X2_DER 1.239422 0.762971 1.624468 0.1072
C 26.92655 7.631156 3.528502 0.0006

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.532732    Mean dependent var 8.714132

Adjusted R-squared 0.480814    S.D. dependent var 8.554429
S.E. of regression 6.163857    Akaike info criterion 6.576499
Sum squared resid 4103.259    Schwarz criterion 6.876874
Log likelihood -384.8782    Hannan-Quinn criter. 6.698493
F-statistic 10.26092    Durbin-Watson stat 0.489051
Prob(F-statistic) 0.000000
REM

Dependent Variable: Y_ROA

Method: Panel EGLS (Cross-section random effects)
Date: 06/25/20 Time: 16:39
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

X1_DAR -25.96059 8.169193 -3.177865 0.0019

X2_DER 0.590651 0.581418 1.015880 0.3118
C 22.09573 4.089657 5.402831 0.0000

Effects Specification
S.D.   Rho  

Cross-section random 4.597579 0.3575

Idiosyncratic random 6.163857 0.6425

Weighted Statistics

R-squared 0.099103    Mean dependent var 3.265777

Adjusted R-squared 0.083833    S.D. dependent var 6.435603
S.E. of regression 6.159941    Sum squared resid 4477.494
F-statistic 6.490263    Durbin-Watson stat 0.443328
Prob(F-statistic) 0.002118

Unweighted Statistics

R-squared 0.251839    Mean dependent var 8.714132

Sum squared resid 6569.895    Durbin-Watson stat 0.302135
CHOW

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic   d.f.  Prob. 

Cross-section F 6.049693 (10,108) 0.0000

Cross-section Chi-square 53.819140 10 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Y_ROA
Method: Panel Least Squares
Date: 06/25/20 Time: 16:42
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

X1_DAR -18.77317 4.598294 -4.082639 0.0001

X2_DER -0.044239 0.368250 -0.120132 0.9046
C 19.55000 2.116361 9.237554 0.0000

R-squared 0.270989    Mean dependent var 8.714132

Adjusted R-squared 0.258633    S.D. dependent var 8.554429
S.E. of regression 7.365591    Akaike info criterion 6.855996
Sum squared resid 6401.727    Schwarz criterion 6.925313
Log likelihood -411.7878    Hannan-Quinn criter. 6.884149
F-statistic 21.93161    Durbin-Watson stat 0.310964
Prob(F-statistic) 0.000000

H0 : Common Effect
H1 : Fixed Effect
Jika Chi-Square dalam Probabilitas > 0.05 maka H0 diterima
Jika Chi-Square dalam Probabilitas < 0.05 maka H0 ditolak

1. Dan hasil nya adalah Chi-Squared untuk probabilitasnya 0.0000 berarti <
0.05 maka dapat disimpulkan bahwa Fixed Model lebih baik dibandingkan
Common model untuk data penelitian ini.
HAUSMAN

Correlated Random Effects - Hausman Test

Equation: Untitled
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. 

Cross-section random 1.850081 2 0.3965

Cross-section random effects test comparisons:

Variable Fixed   Random  Var(Diff.)  Prob. 

X1_DAR -37.206836 -25.960588 152.290519 0.3621

X2_DER 1.239422 0.590651 0.244078 0.1891

Cross-section random effects test equation:

Dependent Variable: Y_ROA
Method: Panel Least Squares
Date: 06/25/20 Time: 16:44
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

C 26.92655 7.631156 3.528502 0.0006

X1_DAR -37.20684 14.79953 -2.514054 0.0134
X2_DER 1.239422 0.762971 1.624468 0.1072

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.532732    Mean dependent var 8.714132

Adjusted R-squared 0.480814    S.D. dependent var 8.554429
S.E. of regression 6.163857    Akaike info criterion 6.576499
Sum squared resid 4103.259    Schwarz criterion 6.876874
Log likelihood -384.8782    Hannan-Quinn criter. 6.698493
F-statistic 10.26092    Durbin-Watson stat 0.489051
Prob(F-statistic) 0.000000

H0 : Random Effect

H1 : Fixed Effect
Jika Cross-section random dalam probabilitas > 0.05 maka H0 diterima
 Jika Cross-section random dalam probabilitas < 0.05 maka H0 ditolak
1. hasil nya adalah Cross-section random nya 0.0000 berarti < 0.05 maka dapat
disimpulkan bahwa Fixed Model lebih baik dibandingkan Common model
untuk data penelitian ini.

LM

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  45.88971  55.47835  101.3681

(0.0000) (0.0000) (0.0000)

Honda  6.774195  7.448379  10.05688

(0.0000) (0.0000) (0.0000)

King-Wu  6.774195  7.448379  10.05688

(0.0000) (0.0000) (0.0000)

Standardized Honda  8.373664  7.872436  8.018055

(0.0000) (0.0000)
(0.0000)

Standardized King-Wu  8.373664  7.872436  8.018055

(0.0000) (0.0000) (0.0000)

Gourierioux, et al.* -- --  101.3681

(< 0.01)

*Mixed chi-square asymptotic critical values:

1% 7.289
5% 4.321
10% 2.952
Dependent Variable: Z_HARGASAHAM
Method: Panel Least Squares
Date: 06/25/20 Time: 16:49
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

Y_ROA 252.5775 102.9814 2.452652 0.0156

C 7531.114 1254.978 6.000993 0.0000

R-squared 0.048118    Mean dependent var 9732.107

Adjusted R-squared 0.040119    S.D. dependent var 9849.899
S.E. of regression 9650.293    Akaike info criterion 21.20375
Sum squared resid 1.11E+10    Schwarz criterion 21.24997
Log likelihood -1280.827    Hannan-Quinn criter. 21.22252
F-statistic 6.015500    Durbin-Watson stat 0.622667
Prob(F-statistic) 0.015631

Dependent Variable: Z_HARGASAHAM

Method: Panel Least Squares
Date: 06/25/20 Time: 16:49
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

Y_ROA 371.2223 117.3965 3.162123 0.0020

C 6497.227 1241.653 5.232723 0.0000

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.439071    Mean dependent var 9732.107

Adjusted R-squared 0.382463    S.D. dependent var 9849.899
S.E. of regression 7740.396    Akaike info criterion 20.84020
Sum squared resid 6.53E+09    Schwarz criterion 21.11747
Log likelihood -1248.832    Hannan-Quinn criter. 20.95281
F-statistic 7.756403    Durbin-Watson stat 1.073971
Prob(F-statistic) 0.000000
Dependent Variable: Z_HARGASAHAM
Method: Panel EGLS (Cross-section random effects)
Date: 06/25/20 Time: 16:50
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.  

Y_ROA 345.2748 110.7248 3.118314 0.0023

C 6723.337 2235.923 3.006962 0.0032

Effects Specification
S.D.   Rho  

Cross-section random 6269.406 0.3961

Idiosyncratic random 7740.396 0.6039

Weighted Statistics

R-squared 0.075869    Mean dependent var 3395.211

Adjusted R-squared 0.068103    S.D. dependent var 7999.437
S.E. of regression 7722.239    Sum squared resid 7.10E+09
F-statistic 9.769662    Durbin-Watson stat 0.984168
Prob(F-statistic) 0.002230

Unweighted Statistics

R-squared 0.041637    Mean dependent var 9732.107

Sum squared resid 1.12E+10    Durbin-Watson stat 0.625933
Redundant Fixed Effects Tests
Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic   d.f.  Prob. 

Cross-section F 7.597012 (10,109) 0.0000

Cross-section Chi-square 63.990416 10 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Z_HARGASAHAM
Method: Panel Least Squares
Date: 06/25/20 Time: 16:50
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

Y_ROA 252.5775 102.9814 2.452652 0.0156

C 7531.114 1254.978 6.000993 0.0000

R-squared 0.048118    Mean dependent var 9732.107

Adjusted R-squared 0.040119    S.D. dependent var 9849.899
S.E. of regression 9650.293    Akaike info criterion 21.20375
Sum squared resid 1.11E+10    Schwarz criterion 21.24997
Log likelihood -1280.827    Hannan-Quinn criter. 21.22252
F-statistic 6.015500    Durbin-Watson stat 0.622667
Prob(F-statistic) 0.015631
Correlated Random Effects - Hausman Test
Equation: Untitled
Test cross-section random effects

Chi-Sq.
Test Summary Statistic Chi-Sq. d.f. Prob. 

Cross-section random 0.442373 1 0.5060

Cross-section random effects test comparisons:

Variable Fixed   Random  Var(Diff.)  Prob. 

Y_ROA 371.222348 345.274832 1521.958100 0.5060

Cross-section random effects test equation:

Dependent Variable: Z_HARGASAHAM
Method: Panel Least Squares
Date: 06/25/20 Time: 16:51
Sample: 2009 2019
Periods included: 11
Cross-sections included: 11
Total panel (balanced) observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

C 6497.227 1241.653 5.232723 0.0000

Y_ROA 371.2223 117.3965 3.162123 0.0020

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.439071    Mean dependent var 9732.107

Adjusted R-squared 0.382463    S.D. dependent var 9849.899
S.E. of regression 7740.396    Akaike info criterion 20.84020
Sum squared resid 6.53E+09    Schwarz criterion 21.11747
Log likelihood -1248.832    Hannan-Quinn criter. 20.95281
F-statistic 7.756403    Durbin-Watson stat 1.073971
Prob(F-statistic) 0.000000
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  72.30814  2.445394  74.75353

(0.0000) (0.1179) (0.0000)

Honda  8.503419 -1.563775  4.907069

(0.0000) -- (0.0000)

King-Wu  8.503419 -1.563775  4.907069

(0.0000) -- (0.0000)

Standardized Honda  9.477292 -1.400367  2.011973

(0.0000) -- (0.0221)

Standardized King-Wu  9.477292 -1.400367  2.011973

(0.0000) -- (0.0221)

Gourierioux, et al.* -- --  72.30814

(< 0.01)

*Mixed chi-square asymptotic critical values:

1% 7.289
5% 4.321
10% 2.952

Variance Inflation Factors

Date: 06/25/20 Time: 16:59
Sample: 1 121
Included observations: 121

Coefficient Uncentered Centered

Variable Variance VIF VIF

X1_DAR  21.14430  17.91212  2.514567

X2_DER  0.135608  4.343403  2.514567
 C  4.478984  9.989637  NA

Heteroskedasticity Test: Breusch-Pagan-Godfrey

F-statistic 13.96441    Prob. F(2,118) 0.0000

Obs*R-squared 23.15778    Prob. Chi-Square(2) 0.0000
Scaled explained SS 57.37093    Prob. Chi-Square(2) 0.0000

Test Equation:
Dependent Variable: RESID^2
Method: Least Squares
Date: 06/25/20 Time: 17:00
Sample: 1 121
Included observations: 121

Variable Coefficient Std. Error t-Statistic Prob.  

C 199.8484 31.59599 6.325119 0.0000

X1_DAR -284.1189 68.64973 -4.138674 0.0001
X2_DER 6.264878 5.497743 1.139536 0.2568

R-squared 0.191387    Mean dependent var 52.90683

Adjusted R-squared 0.177681    S.D. dependent var 121.2634
S.E. of regression 109.9638    Akaike info criterion 12.26266
Sum squared resid 1426860.    Schwarz criterion 12.33198
Log likelihood -738.8910    Hannan-Quinn criter. 12.29081
F-statistic 13.96441    Durbin-Watson stat 1.472456
Prob(F-statistic) 0.000004
30
Series: Residuals
Sample 1 121
25 Observations 121

20 Mean 6.37e-16
Median -0.650678
Maximum 32.29418
15 Minimum -17.06110
Std. Dev. 7.303953
Skewness 0.923123
10
Kurtosis 6.209927

5 Jarque-Bera 69.13261
Probability 0.000000
0
-15 -10 -5 0 5 10 15 20 25 30