DAFTAR PUSTAKA
Ahmadimousaabad, Aiyoub. Melati Ahmad Anuar, Saudan Sofiah. Agha Jahanzeb. 2013. Capital structure decisions and determinants: An empirical study in Iran. International research journal of applied and basic sciences. ISSN 2251-838X / Vol, 5 (7): 891-896. Alipour, Mohammad. Mir Farhad Seddigh Mohammadi. Hojjatollah Derakhshan. 2015. Determinants of capital structure: an empirical study of firms in Iran. International Journal of Law and Management. Vol. 57 No. 1 pp. 53 – 83. Boakye, Paul Kofi Oppong. Kingsley Opoku Appiah. James Konadu Afolabi. 2013. Determinants of Capital Structure: Evidence from Ghanaian Firms Research Journal of Finance and Accounting. ISSN 2222-1697 (Paper). ISSN 2222-2847 (Online) Vol 4, No.4. Bokpin, G. A. 2009. Macroeconomic development and capital structure decisions of firms: evidence from emerging market economies. Studies in economics and finance. 26(2). 129–142. Brigman, E F. Houston. 2011. Essential of financial management. Edisi 11 buku 2. Salemba Empat. Jakarta. Camara, Omar. 2012. Capital Structure Adjustment Speed and Macroeconomic Conditions: U.S MNCs and DCs. International Research Journal of Finance and Economics ISSN 1450-2887 Issue 84 (2012). Damodaran, Aswath. 2012. Investment valuation. 3rd edition. Univesity Edition. Eitemen, David K. Stonehil Arthur I. Michael H Moffett. 2010. Multinational business finance. Edisi 12, Global Edition Pearson.
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Elkhaldi, Abderrazek. Wissem Daadaa. 2015. Economic determinants of capital structure: The case of Tunisian firms. International Journal of Economics and Finance. Vol. 7, No. 9; 2015 ISSN 1916-971X E-ISSN 1916-9728. Ghozali, Imam. (2013). Aplikasi Analisis dengan Multivariate Program. Badan Penerbit Universitas Diponegoro. Gitman, Lawrence J. Chad J Zutter. 2015. Principal of managerial finance, Global edition, Edisi 14. Pearson. Handoo, Anshu. Kapil Sharma. 2014. A study on determinants of capital structure in India. IIMB Management Review 26, 170-182. Horne, James C Van. John M Wachowic. 2007. Prinsip-Prinsip Manajemen Keuangan. Buku 2 Edisi 12. Salemba Empat. Jakarta. Horne, James C Van. John M Wachowic. 2009. Fundamentals of Financial Management (Prinsip-prinsip Manajement keuangan)”. Salemba Empat. Jakarta. Kajananthan. Achchuthan S. 2013. Liquidity and Capital Structure: Special reference to Sri Lanka Telecom Plc. Advances in Management & Applied Economics, vol. 3, no.5, 2013, 89-99 ISSN: 1792-7544. Keown, Arthur J. John D Martin. Jilliam Petty. 2011. Foundation of finance. International edition. Pearson. 7th edition. Mankiw, N. Gregory, 2007. Makroekonomi. Edisi Keenam. Jakarta: Erlangga Margaretha, Farah. Aditya Rizky Ramadhan. 2010. Faktor-faktor yang mempengaruhi struktur modal pada perusahaan manufaktur di Bursa Efek Indonesia. Jurnal Bisnis dan Akuntansi Vol.12 No.2 Agustus 2010 Hal 119-130. Mekonnen, Workneh Amanuel. 2015. The determinants of capital structure evidence from: manufacturing share companies of addis ababa city. International Journal of Current Research Vol.
7, Issue, 03, pp.13529-13536, March, 2015. 113
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Mokhova, Natalia. Marek Zinecker. 2013. Macroeconomic factors and corporate capital structure. Procedia - Social and Behavioral Sciences 110 (2014) 530 - 540. Muthama, Charles. Peter Mbaluka. Elizabeth Kalunda. 2013. An empirical analysis of macro-economic influences on corporate capital structure of listed companies in kenya. Journal of finance and investment analysis, vol. 2, no.2, 2013, 41-62 ISSN: 2241-0998 (print version), 2241-0996 (online). Nachrowi D Nachrowi, H. U. 2006. Pendekatan Populer dan Praktis Ekonometrika untuk Analisis Ekonomi dan Keuangan. Jakarta: Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia. Ray, Sarbapriya. 2013. Investigating capital structure determinants in listed cement companies of India. Financial and Quantitative Analysis. FQA 2013, 1(3):47-58. Riyazahmed. 2012. Determinant of capital structure: a case study of automobile manufacturing companies listed in NSE. International Journal of marketing, financial services & management research. Vol. 1 No. 4. April 2012. ISSN 2277 3622. Ross, Stephen A. Randolph W Westerfield. Bradford D Jordon. Joseph Lim. Ruth Tan. 2012. Fundamentals of corporate finance. Asia Global Edition. Mc Graw Hill. Sarlija, Natasha. Martina Harc. 2012. The impact of liquidity on the capital structure: a case study of Croatian firms, Business Systems Research. Vol. 3, No. 1, pp. 30-36. Sett, K. & Sarkhel, J. (2010). Macroeconomic variables, financial sector development and capital structure of Indian private corporate sectorduring the period 1981–2007. The IUP journal of applied finance, 16(1), 40–56. Sukirno, Sadono. (2006). Makro Ekonomi Teori Pengantar. PT Raja Grafindo Persada. Jakarta. Tandelilin, Eduardus. 2010. Portofolio dan Investasi - Teori dan Aplikasi. Yogyakarta
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Tehrani, Reza. Sara Najafzadehkhoee. 2015. Macroeconomic uncertainty and corporate capital structure: evidence from firms listed in tehran stock exchange, Iran. International Journal of Economics, Commerce and Management. Vol. III, Issue 6, June 2015. ISSN 2348 0386. Ticoalu, Rouben Meldrick Andrew. 2013. Faktor-Faktor yang mempengaruhi struktur modal pada perusahaan di sektor agriculture yang terdaftar di Bursa Efek Indonesia periode 2007 – 2011. Jurnal ilmiah mahasiswa Universitas Surabaya Vo.2 No.2. Umer, Usman Muhammed. 2014. Determinants of capital structure: empirical evidence from large taxpayer share companies in Ethiopia. International Journal of Economics and Finance; Vol. 6, No. 1; 2014 ISSN 1916-971X E-ISSN 1916-9728 Weston, J Fred. Eugene F Brigham. 2007. Dasar-dasar Manajemen Keuangan, Jilid 2. Edisi. Kesembilan. Alih Bahasa: Erlangga, Salemba Empat, Jakarta Widarjono, Agus (2007). Ekonometrika: Teori dan Aplikasi Untuk Ekonomi dan Bisnis. Edisi kedua. Yogyakarta: Ekonisia FE Universitas Islam Indonesia. Yadav, Chette Srinivas. 2014. Determinant of the capital structure and financial leverage: evidence of selected Indian companies. Asia Pacific Journal of Research Vol: I Issue XII, April 2014 ISSN: 2320-5504, E-ISSN-2347-4793. Utoyo,Indra.2014.http://www.telkom.co.id/UHI/CDInteraktif2013/ID/0031_industri.html (diakses tanggal 12 November 2015) Iqbal, Muhmmad. 2015. https://dosen.perbanas.id/regresi-data-panel-2-tahap-analisis/ (diakses tanggal 04 Desember 2015) http://web.utk.edu/~jwachowi/wacho_hp.htm (diakses tanggal 04 Desember 2015) https://id.wikipedia.org/wiki/Telekomunikasi_seluler_di_Indonesia (diakses tanggal 16 Desember 2015) http://www.idx.co.id/ (diakses tanggal 16 Desember 2015) 115 http://digilib.mercubuana.ac.id/
Lampiran 1
Lampiran 1.1. Data Variabel Independen
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Lampiran 1.2. Data Variabel Dependen
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Lampiran 2
Lampiran 2.1. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Short Term Debt to Assets Ratio Dependent Variable: STD? Method: Pooled Least Squares Date: 02/17/16 Time: 14:02 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 White cross-section standard errors & covariance (no d.f. correction)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-0.156210
0.114733
-1.361509
0.1816
ROA?
-0.558961
0.170862
-3.271421
0.0023
CR?
-0.058192
0.006828
-8.522438
0.0000
DPR?
0.093156
0.026857
3.468577
0.0013
GA?
-0.019427
0.013890
-1.398638
0.1702
INF?
0.276953
0.430369
0.643525
0.5239
SBI?
0.980603
0.593719
1.651630
0.1071
USD?
3.47E-05
1.02E-05
3.419704
0.0015
R-squared
0.661628
Mean dependent var
0.256254
Adjusted R-squared
0.597612
S.D. dependent var
0.121115
S.E. of regression
0.076828
Akaike info criterion
-2.134684
Sum squared resid
0.218394
Schwarz criterion
-1.813500
Log likelihood
56.03039
Hannan-Quinn criter.
-2.014950
F-statistic
10.33532
Durbin-Watson stat
Prob(F-statistic)
0.000000
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1.686187
Lampiran 2.2 Hasil Pengujian Model Fixed Effect Variabel Dependen: Short Term Debt to Assets Ratio Dependent Variable: STD? Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 14:03 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 Linear estimation after one-step weighting matrix White cross-section standard errors & covariance (no d.f. correction) Variable
Coefficient
Std. Error
t-Statistic
Prob.
C ROA? CR? DPR? GA? INF? SBI? USD? Fixed Effects (Cross) TLKM--C ISAT--C EXCL--C BTEL--C FREN--C
-0.009263 -0.684562 -0.044012 -0.018576 -0.020432 0.099905 1.079337 2.15E-05
0.068300 0.156971 0.013976 0.037239 0.014093 0.165283 0.495232 5.95E-06
-0.135619 -4.361064 -3.149181 -0.498826 -1.449824 0.604448 2.179457 3.608293
0.8929 0.0001 0.0035 0.6212 0.1565 0.5497 0.0365 0.0010
0.085779 -0.001335 0.007973 -0.025846 -0.066571 Effects Specification
Cross-section fixed (dummy variables) Weighted Statistics R-squared Adjusted R-squared S.E. of regression F-statistic Prob(F-statistic)
0.652609 0.536812 0.073255 5.635799 0.000051
Mean dependent var S.D. dependent var Sum squared resid Durbin-Watson stat
0.297290 0.139327 0.177086 1.947775
Unweighted Statistics R-squared Sum squared resid
0.702505 0.192011
Mean dependent var Durbin-Watson stat
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0.256254 1.829172
Lampiran 2.3. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Long Term Debt to Assets Ratio Dependent Variable: LTD? Method: Pooled Least Squares Date: 02/17/16 Time: 13:57 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 White cross-section standard errors & covariance (no d.f. correction)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
0.400601
0.156039
2.567317
0.0144
ROA?
-0.520852
0.102669
-5.073115
0.0000
CR?
0.004725
0.030163
0.156635
0.8764
DPR?
-0.132747
0.043535
-3.049163
0.0042
GA?
-0.029189
0.023962
-1.218106
0.2309
INF?
0.180495
0.977743
0.184604
0.8545
SBI?
-0.183187
0.688447
-0.266088
0.7916
USD?
3.11E-06
1.85E-05
0.167931
0.8676
R-squared
0.533918
Mean dependent var
0.401616
Adjusted R-squared
0.445741
S.D. dependent var
0.133565
S.E. of regression
0.099438
Akaike info criterion
-1.618762
Sum squared resid
0.365850
Schwarz criterion
-1.297578
Log likelihood
44.42216
Hannan-Quinn criter.
-1.499028
F-statistic
6.055029
Durbin-Watson stat
Prob(F-statistic)
0.000095
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1.540427
Lampiran 2.4. Hasil Pengujian Model Fixed Effect
Variabel Dependen: Long Term Debt to Assets Ratio Dependent Variable: LTD? Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 14:00 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 Linear estimation after one-step weighting matrix White cross-section standard errors & covariance (no d.f. correction) Variable
Coefficient
Std. Error
t-Statistic
Prob.
C ROA? CR? DPR? GA? INF? SBI? USD? Fixed Effects (Cross) TLKM--C ISAT--C EXCL--C BTEL--C FREN--C
0.379378 -0.819236 0.041070 -0.018443 -0.016657 0.000386 -0.375984 1.78E-06
0.107824 0.160074 0.011226 0.052538 0.014286 0.943004 0.662704 1.55E-05
3.518491 -5.117855 3.658295 -0.351032 -1.165944 0.000409 -0.567349 0.114388
0.0013 0.0000 0.0009 0.7278 0.2520 0.9997 0.5743 0.9096
-0.047858 0.031763 0.091435 -0.048634 -0.026706 Effects Specification
Cross-section fixed (dummy variables) Weighted Statistics R-squared Adjusted R-squared S.E. of regression F-statistic Prob(F-statistic)
0.641178 0.521570 0.090215 5.360685 0.000081
Mean dependent var S.D. dependent var Sum squared resid Durbin-Watson stat
0.447572 0.201862 0.268578 1.866116
Unweighted Statistics R-squared Sum squared resid
0.637343 0.284667
Mean dependent var Durbin-Watson stat
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0.401616 1.962918
Lampiran 2.5. Hasil Pengujian Model Pooled Least Squares Variabel Dependen: Total Debt to Assets Ratio Dependent Variable: TD? Method: Pooled Least Squares Date: 02/17/16 Time: 13:49 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 White cross-section standard errors & covariance (no d.f. correction)
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
0.244391
0.146227
1.671305
0.1031
ROA?
-1.079812
0.260073
-4.151962
0.0002
CR?
-0.053467
0.034797
-1.536560
0.1329
DPR?
-0.039591
0.047745
-0.829207
0.4123
GA?
-0.048615
0.017592
-2.763472
0.0089
INF?
0.457449
0.665006
0.687886
0.4958
SBI?
0.797416
1.144273
0.696875
0.4902
USD?
3.78E-05
1.42E-05
2.661150
0.0115
R-squared
0.731500
Mean dependent var
0.657870
Adjusted R-squared
0.680703
S.D. dependent var
0.209800
S.E. of regression
0.118550
Akaike info criterion
-1.267147
Sum squared resid
0.520005
Schwarz criterion
-0.945962
Log likelihood
36.51080
Hannan-Quinn criter.
-1.147412
F-statistic
14.40037
Durbin-Watson stat
Prob(F-statistic)
0.000000
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1.400989
Lampiran 2.6. Hasil Pengujian Model Fixed Effect Variabel Dependen: Total Debt to Assets Ratio Dependent Variable: TD? Method: Pooled EGLS (Cross-section weights) Date: 02/17/16 Time: 13:53 Sample: 2006 2014 Included observations: 9 Cross-sections included: 5 Total pool (balanced) observations: 45 Linear estimation after one-step weighting matrix White cross-section standard errors & covariance (no d.f. correction) Variable
Coefficient
Std. Error
t-Statistic
Prob.
C ROA? CR? DPR? GA? INF? SBI? USD? Fixed Effects (Cross) TLKM--C ISAT--C EXCL--C BTEL--C FREN--C
0.441079 -1.500360 0.007853 -0.061965 -0.033785 0.121868 0.387369 1.80E-05
0.094760 0.099012 0.015600 0.044099 0.018518 0.588276 0.820068 9.24E-06
4.654693 -15.15327 0.503399 -1.405138 -1.824429 0.207162 0.472362 1.946656
0.0001 0.0000 0.6180 0.1693 0.0772 0.8372 0.6398 0.0601
0.047261 0.036259 0.099975 -0.082156 -0.101340 Effects Specification
Cross-section fixed (dummy variables) Weighted Statistics R-squared Adjusted R-squared S.E. of regression F-statistic Prob(F-statistic)
0.801110 0.734814 0.108191 12.08375 0.000000
Mean dependent var S.D. dependent var Sum squared resid Durbin-Watson stat
0.917978 0.456996 0.386276 1.494131
Unweighted Statistics R-squared Sum squared resid
0.769696 0.446031
Mean dependent var Durbin-Watson stat
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0.657870 1.529414
Lampiran 2.7. Hasil Uji Chow Test
Redundant Fixed Effects Tests Pool: YWAHYUDI Test cross-section fixed effects Variabel Dependen : short term debt to assets ratio
Effects Test
Statistic
d.f.
Prob.
Cross-section F
1.499001
(4,33)
0.2251
Cross-section Chi-square
7.512823
4
0.1111
Effects Test
Statistic
d.f.
Prob.
Cross-section F
2.614915
(4,33)
0.0529
12.389653
4
0.0147
Effects Test
Statistic
d.f.
Prob.
Cross-section F
1.805069
(4,33)
0.1514
Cross-section Chi-square
8.903868
4
0.0635
Variabel Dependen: long term debt to assets ratio
Cross-section Chi-square
Variabel Dependen: total debt to assets ratio
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