75

Lampiran 2 Hasil Output Eviews 10 untuk Common Effect Model (CEM)

Dependent Variable: CASH_HOLDING

Method: Panel Least Squares
Date: 11/09/18 Time: 02:36
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob.

ROA 0.111059 0.082264 1.350033 0.1786

ROE 0.010447 0.032895 0.317573 0.7512
NWC 0.138865 0.035439 3.918435 0.0001
SIZE -0.006699 0.004202 -1.594170 0.1125
LEVERAGE -0.013785 0.030013 -0.459302 0.6465
CCC -0.021128 0.004755 -4.443385 0.0000
C 0.275709 0.045061 6.118560 0.0000

R-squared 0.239562 Mean dependent var 0.108568

Adjusted R-squared 0.215921 S.D. dependent var 0.125262
S.E. of regression 0.110917 Akaike info criterion -1.525694
Sum squared resid 2.374403 Schwarz criterion -1.410253
Log likelihood 159.5694 Hannan-Quinn criter. -1.478977
F-statistic 10.13350 Durbin-Watson stat 0.359201
Prob(F-statistic) 0.000000
 76

Lampiran 3 Hasil Output Eviews 10 untuk Fixed Effect Model (FEM)

Dependent Variable: CASH_HOLDING

Method: Panel Least Squares
Date: 11/09/18 Time: 02:37
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob.

ROA -0.048352 0.062649 -0.771796 0.4414

ROE 0.046575 0.029746 1.565757 0.1195
NWC 0.125319 0.032283 3.881840 0.0002
SIZE -0.028558 0.012745 -2.240712 0.0265
LEVERAGE 0.058956 0.036791 1.602469 0.1111
CCC -0.024352 0.009561 -2.546936 0.0118
C 0.482931 0.137816 3.504166 0.0006

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.816523 Mean dependent var 0.108568

Adjusted R-squared 0.762909 S.D. dependent var 0.125262
S.E. of regression 0.060992 Akaike info criterion -2.557498
Sum squared resid 0.572892 Schwarz criterion -1.798885
Log likelihood 301.7498 Hannan-Quinn criter. -2.250499
F-statistic 15.22979 Durbin-Watson stat 1.273609
Prob(F-statistic) 0.000000
 77

Lampiran 4 Hasil Output Eviews 10 untuk Random Effect Model (REM)

Dependent Variable: CASH_HOLDING

Method: Panel EGLS (Cross-section random effects)
Date: 11/09/18 Time: 02:37
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

ROA -0.008499 0.056154 -0.151350 0.8799

ROE 0.022879 0.023229 0.984919 0.3259
NWC 0.131494 0.030083 4.371037 0.0000
SIZE -0.012359 0.006976 -1.771799 0.0780
LEVERAGE 0.025338 0.031066 0.815618 0.4157
CCC -0.020968 0.006770 -3.097242 0.0022
C 0.316023 0.074582 4.237230 0.0000

Effects Specification
S.D. Rho

Cross-section random 0.096260 0.7135

Idiosyncratic random 0.060992 0.2865

Weighted Statistics

R-squared 0.158289 Mean dependent var 0.029599

Adjusted R-squared 0.132121 S.D. dependent var 0.065719
S.E. of regression 0.061224 Sum squared resid 0.723433
F-statistic 6.049122 Durbin-Watson stat 1.003602
Prob(F-statistic) 0.000008

Unweighted Statistics

R-squared 0.204880 Mean dependent var 0.108568

Sum squared resid 2.482693 Durbin-Watson stat 0.292440
 78

Lampiran 5 Hasil Output Eviews 10 untuk Uji Chow

Redundant Fixed Effects Tests

Equation: MODEL_1
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 12.417096 (39,154) 0.0000

Cross-section Chi-square 284.360736 39 0.0000

Cross-section fixed effects test equation:

Dependent Variable: CASH_HOLDING
Method: Panel Least Squares
Date: 11/09/18 Time: 02:38
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob.

ROA 0.111059 0.082264 1.350033 0.1786

ROE 0.010447 0.032895 0.317573 0.7512
NWC 0.138865 0.035439 3.918435 0.0001
SIZE -0.006699 0.004202 -1.594170 0.1125
LEVERAGE -0.013785 0.030013 -0.459302 0.6465
CCC -0.021128 0.004755 -4.443385 0.0000
C 0.275709 0.045061 6.118560 0.0000

R-squared 0.239562 Mean dependent var 0.108568

Adjusted R-squared 0.215921 S.D. dependent var 0.125262
S.E. of regression 0.110917 Akaike info criterion -1.525694
Sum squared resid 2.374403 Schwarz criterion -1.410253
Log likelihood 159.5694 Hannan-Quinn criter. -1.478977
F-statistic 10.13350 Durbin-Watson stat 0.359201
Prob(F-statistic) 0.000000
 79

Lampiran 6 Hasil Output Eviews 10 untuk Uji Hausman

Correlated Random Effects - Hausman Test
Equation: MODEL_1
Test cross-section random effects

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

Cross-section random 7.467162 6 0.2798

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

ROA -0.048352 -0.008499 0.000772 0.1514

ROE 0.046575 0.022879 0.000345 0.2022
NWC 0.125319 0.131494 0.000137 0.5981
SIZE -0.028558 -0.012359 0.000114 0.1289
LEVERAGE 0.058956 0.025338 0.000388 0.0881
CCC -0.024352 -0.020968 0.000046 0.6162

Cross-section random effects test equation:

Dependent Variable: CASH_HOLDING
Method: Panel Least Squares
Date: 11/09/18 Time: 02:38
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200

Variable Coefficient Std. Error t-Statistic Prob.

C 0.482931 0.137816 3.504166 0.0006

ROA -0.048352 0.062649 -0.771796 0.4414
ROE 0.046575 0.029746 1.565757 0.1195
NWC 0.125319 0.032283 3.881840 0.0002
SIZE -0.028558 0.012745 -2.240712 0.0265
LEVERAGE 0.058956 0.036791 1.602469 0.1111
CCC -0.024352 0.009561 -2.546936 0.0118

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.816523 Mean dependent var 0.108568

Adjusted R-squared 0.762909 S.D. dependent var 0.125262
S.E. of regression 0.060992 Akaike info criterion -2.557498
Sum squared resid 0.572892 Schwarz criterion -1.798885
Log likelihood 301.7498 Hannan-Quinn criter. -2.250499
F-statistic 15.22979 Durbin-Watson stat 1.273609
Prob(F-statistic) 0.000000
 80

Lampiran 7 Hasil Output Eviews 10 untuk Uji LM

Residual Cross-Section Dependence Test

Null hypothesis: No cross-section dependence (correlation) in residuals
Equation: MODEL_1
Periods included: 5
Cross-sections included: 40
Total panel observations: 200
Note: non-zero cross-section means detected in data
Cross-section means were removed during computation of correlations

Test Statistic d.f. Prob.

Breusch-Pagan LM 1262.298 780 0.0000

Pesaran scaled LM 12.21106 0.0000
Pesaran CD 0.368942 0.7122
 81

Lampiran 8 Hasil Output Eviews 10 untuk Analisis Korelasi

Covariance Analysis: Ordinary

Date: 11/09/18 Time: 02:41
Sample: 2013 2017
Included observations: 200

Correlation
t-Statistic
CASH_HOL
Probability DING ROA ROE NWC SIZE LEVERAGE CCC
CASH_HOLDIN
G 1.000000
-----
-----

ROA 0.237460 1.000000

3.439742 -----
0.0007 -----

ROE 0.147099 0.582665 1.000000

2.092636 10.08822 -----
0.0377 0.0000 -----

NWC 0.300221 0.247003 0.027616 1.000000

4.428787 3.586783 0.388744 -----
0.0000 0.0004 0.6979 -----

SIZE -0.182185 -0.052935 0.059815 0.061530 1.000000

-2.607207 -0.745911 0.843188 0.867444 -----
0.0098 0.4566 0.4001 0.3867 -----

LEVERAGE -0.221394 -0.180907 -0.008449 -0.572533 0.010687 1.000000

-3.194560 -2.588295 -0.118893 -9.826127 0.150389 -----
0.0016 0.0104 0.9055 0.0000 0.8806 -----

CCC -0.291794 -0.077215 -0.180973 0.176748 0.296797 -0.046245 1.000000

-4.292724 -1.089771 -2.589271 2.526844 4.373360 -0.651417 -----
0.0000 0.2771 0.0103 0.0123 0.0000 0.5155 -----
 82

Lampiran 9 Hasil Output Eviews 10 untuk Analisis Deskriptif Statistik

CASH_HOLDING ROA ROE NWC SIZE LEVERAGE CCC

Mean 0.125262 0.124011 0.305515 0.281792 23.32448 0.469428 1106.825
Median 0.072391 0.025200 0.043550 0.134620 22.17204 0.430403 215.0420
Maximum 0.579730 0.423300 0.920190 1.011728 31.04404 2.009356 5971.324
Minimum 0.000196 -0.721300 -2.179000 -1.453090 13.97964 0.007416 0.086870
Std. Dev. 0.108568 0.014464 0.229284 0.147152 4.363778 0.321196 677.3294
Skewness 1.873405 -1.845280 -2.379093 -1.068784 0.044160 2.066214 2.824439
Kurtosis 6.604712 13.41422 20.36416 8.617320 1.930829 9.879116 11.02636

Jarque-Bera 225.2711 1017.301 2701.288 301.0290 9.591059 536.6600 802.7687

Probability 0.000000 0.000000 0.000000 0.000000 0.008267 0.000000 0.000000

Sum 21.71369 2.892800 5.856718 29.43038 4664.895 93.88570 135465.9

Sum Sq. Dev. 3.122413 3.060364 18.57460 15.80198 3789.468 20.53021 2.44E+08

Observations 200 200 200 200 200 200 200

 83

Lampiran 10 Hasil Output Eviews 10 untuk Uji Normalitas

8
Series: Standardized Residuals
7 Sample 2013 2017
Observations 200
6

5 Mean 2.07e-16
Median 0.068719
4
Maximum 1.093100
3 Minimum -0.981315
Std. Dev. 0.571280
2 Skewness 0.044153
Kurtosis 1.868272
1

0 Jarque-Bera 3.543665
-1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 Probability 0.170021
 84

Lampiran 11 Hasil Output Eviews 10 untuk Uji Heteroskedastisitas

Dependent Variable: RES_2

Method: Panel EGLS (Cross-section random effects)
Date: 12/06/18 Time: 20:35
Sample: 2013 2017
Periods included: 5
Cross-sections included: 40
Total panel (balanced) observations: 200
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

ROA -0.000145 0.008199 -0.017657 0.9859

ROE 0.002026 0.003245 0.624139 0.5333
NWC 0.014983 0.004253 1.523374 0.0785
SIZE -0.000648 0.000730 -0.887889 0.3757
LEVERAGE 0.001278 0.004037 0.316453 0.7520
CCC -0.001440 0.000773 -1.861203 0.0642
C 0.016582 0.007725 2.146548 0.0331

Effects Specification
S.D. Rho

Cross-section random 0.008226 0.4278

Idiosyncratic random 0.009514 0.5722

Weighted Statistics

R-squared 0.095794 Mean dependent var 0.002315

Adjusted R-squared 0.067684 S.D. dependent var 0.009804
S.E. of regression 0.009466 Sum squared resid 0.017294
F-statistic 3.407826 Durbin-Watson stat 1.194891
Prob(F-statistic) 0.003217

Unweighted Statistics

R-squared 0.093098 Mean dependent var 0.005038

Sum squared resid 0.028839 Durbin-Watson stat 0.716529
 85

Lampiran 12 Tabel Distribusi t

 86

DAFTAR RIWAYAT HIDUP

Nama Lengkap : RIZKY MAULANA

Tempat/Tanggal Lahir : Lhokseumawe, 11 September 1996
Jenis Kelamin : Laki-Laki
Agama : Islam
Kebangsaan : Indonesia
Status : Belum Kawin
Alamat : Desa Alue Awe, Kecamatan Muara Dua, Kota
Lhokseumawe
Pekerjaan : Mahasiswa
Email : rizkymaulana11109@gmail.com

Nama Orang Tua

1. Ayah : Alm. Idris Amat
2. Ibu : Isnani

Pekerjaan
1 Ayah : -
2 Ibu : Pegawai Negeri Sipil (PNS)
Alamat Orang Tua : Desa Alue Awe, Kecamatan Muara Dua, Kota
Lhokseumawe

Pendidikan yang telah ditempuh:

1. TK Swasta Bayangkari, tamat tahun 2002
2. SD Negeri 2 Lhokseumawe, tamat tahun 2008
3. SMP Negeri 5 Lhokseumawe, tamat tahun 2011
4. SMK Negeri 2 Lhokseumawe, tamat tahun 2014
5. FEB Universitas Malikussaleh, tamat tahun 2019

Karya tulis:
1. DETERMINASI CASH HOLDING PADA PERUSAHAAN
PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
“Skripsi”

Lhokseumawe, 16 Januari 2019

Penulis,

RIZKY MAULANA
NIM. 140410080