POPULASI PENELITIAN

No Kode Nama Perusahaan

1 DVLA DaryaVaria Laboratoria Tbk
2 KLBF PT. Kalbe Farma Tbk.
3 MERK PT. Merck Tbk
4 PYFA PT. Pyridam Farma Tbk
5 SDPC PT. Millenium Pharmacom International Tbk
6 TSPC PT. Tempo Scan Pacipic Tbk
7 KAEF PT. Kimia Farma Tbk
8 SIDO PT. Industri Jamu dan Farmasi Sido Muncul Tbk
9 SOHO PT. Soho Global Health Tbk
10 INAF PT. Indofarma Tbk
11 PEHA PT. Phapros Tbk
12 SCPI PT. Organon Pharma Indonesia Tbk
Sumber: www.idx.com, data diolah penulis (2022)

SAMPEL PENELITIAN

No Kode Nama Perusahaan

1 DVLA DaryaVaria Laboratoria Tbk
2 KLBF PT. Kalbe Farma Tbk.
3 MERK PT. Merck Tbk
4 PYFA PT. Pyridam Farma Tbk
5 SDPC PT. Millenium Pharmacom International Tbk
6 TSPC PT. Tempo Scan Pacipic Tbk
7 KAEF PT. Kimia Farma Tbk
8 SIDO PT. Industri Jamu dan Farmasi Sido Muncul Tbk
 STATISTIK DESKRIPTIF

Date: 12/21/22
Time: 19:35
Sample: 2012 2021

Y X1 X2

Mean 11.25469 312.2536 91.28049

Median 9.133000 284.7100 44.72000
Maximum 92.10000 1025.400 422.8000
Minimum 0.087000 89.77700 7.432000
Std. Dev. 11.63453 179.7346 115.2868
Skewness 4.301890 1.777774 1.910337
Kurtosis 30.25241 7.145684 5.274579

Jarque-Bera 2722.396 99.42871 65.90422

Probability 0.000000 0.000000 0.000000

Sum 900.3750 24980.29 7302.439

Sum Sq. Dev. 10693.62 2552058. 1049992.

Observations 80 80 80

UJI CEM

Dependent Variable: Y
Method: Panel Least Squares
Date: 12/21/22 Time: 20:02
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 12.03468 3.612092 3.331776 0.0013

X1 0.006109 0.008304 0.735705 0.4641
X2 -0.029444 0.012946 -2.274335 0.0257

R-squared 0.124654 Mean dependent var 11.25469

Adjusted R-squared 0.101918 S.D. dependent var 11.63453
S.E. of regression 11.02572 Akaike info criterion 7.675117
Sum squared resid 9360.618 Schwarz criterion 7.764443
Log likelihood -304.0047 Hannan-Quinn criter. 7.710930
F-statistic 5.482612 Durbin-Watson stat 1.715218
Prob(F-statistic) 0.005942
 UJI FEM

Dependent Variable: Y
Method: Panel EGLS (Cross-section weights)
Date: 12/21/22 Time: 20:04
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80
Linear estimation after one-step weighting matrix

Variable Coefficient Std. Error t-Statistic Prob.

C 15.78276 1.505253 10.48512 0.0000

X1 -0.011413 0.003549 -3.215557 0.0020
X2 -0.010565 0.009038 -1.168884 0.2464

Effects Specification

Cross-section fixed (dummy variables)

Weighted Statistics

R-squared 0.868977 Mean dependent var 27.09343

Adjusted R-squared 0.852132 S.D. dependent var 25.94185
S.E. of regression 7.831271 Sum squared resid 4293.016
F-statistic 51.58433 Durbin-Watson stat 1.062161
Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.440473 Mean dependent var 11.25469

Sum squared resid 5983.375 Durbin-Watson stat 2.415486
 UJI REM

Dependent Variable: Y
Method: Panel EGLS (Cross-section random effects)
Date: 12/21/22 Time: 20:05
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C 15.23851 4.402389 3.461417 0.0009

X1 -0.007387 0.008720 -0.847059 0.3996
X2 -0.018375 0.018599 -0.987985 0.3263

Effects Specification
S.D. Rho

Cross-section random 5.878148 0.2952

Idiosyncratic random 9.083356 0.7048

Weighted Statistics

R-squared 0.014292 Mean dependent var 4.941295

Adjusted R-squared -0.011311 S.D. dependent var 9.426677
S.E. of regression 9.479841 Sum squared resid 6919.788
F-statistic 0.558203 Durbin-Watson stat 2.150676
Prob(F-statistic) 0.574535

Unweighted Statistics

R-squared 0.043725 Mean dependent var 11.25469

Sum squared resid 10226.04 Durbin-Watson stat 1.455327
 UJI CHOW

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 6.207419 (7,70) 0.0000

Cross-section Chi-square 38.630722 7 0.0000

Cross-section fixed effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 12/21/22 Time: 20:08
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 12.03468 3.612092 3.331776 0.0013

X1 0.006109 0.008304 0.735705 0.4641
X2 -0.029444 0.012946 -2.274335 0.0257

R-squared 0.124654 Mean dependent var 11.25469

Adjusted R-squared 0.101918 S.D. dependent var 11.63453
S.E. of regression 11.02572 Akaike info criterion 7.675117
Sum squared resid 9360.618 Schwarz criterion 7.764443
Log likelihood -304.0047 Hannan-Quinn criter. 7.710930
F-statistic 5.482612 Durbin-Watson stat 1.715218
Prob(F-statistic) 0.005942
 UJI 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 8.868751 2 0.0119

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

X1 -0.013661 -0.007387 0.000013 0.0858

X2 0.032090 -0.018375 0.000525 0.0276

Cross-section random effects test equation:

Dependent Variable: Y
Method: Panel Least Squares
Date: 12/21/22 Time: 20:10
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 12.59106 4.617207 2.726986 0.0081

X1 -0.013661 0.009454 -1.444914 0.1529
X2 0.032090 0.029504 1.087667 0.2805

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.459910 Mean dependent var 11.25469

Adjusted R-squared 0.390470 S.D. dependent var 11.63453
S.E. of regression 9.083356 Akaike info criterion 7.367233
Sum squared resid 5775.514 Schwarz criterion 7.664986
Log likelihood -284.6893 Hannan-Quinn criter. 7.486611
F-statistic 6.623124 Durbin-Watson stat 2.286236
Prob(F-statistic) 0.000001
 UJI LAGRANGE MULTIPLIER
Lagrange Multiplier Tests for Random Effects
Null hypotheses: No effects
Alternative hypotheses: Two-sided (Breusch-Pagan) and one-sided
(all others) alternatives

Test Hypothesis
Cross-section Time Both

Breusch-Pagan 13.99389 0.560115 14.55401

(0.0002) (0.4542) (0.0001)

Honda 3.740841 -0.748408 2.115969

(0.0001) -- (0.0172)

King-Wu 3.740841 -0.748408 2.310605

(0.0001) -- (0.0104)

Standardized Honda 5.107433 -0.591825 -0.624169

(0.0000) -- --
Standardized King-Wu 5.107433 -0.591825 -0.361339
(0.0000) -- --
Gourierioux, et al.* -- -- 13.99389
(< 0.01)

*Mixed chi-square asymptotic critical values:

1% 7.289
5% 4.321
10% 2.952
 UJI NORMALITAS

UJI MULTIKOLONIERITAS

Variance Inflation Factors

Date: 12/21/22 Time: 22:15
Sample: 1 80
Included observations: 80

Coefficient Uncentered Centered

Variable Variance VIF VIF

C 13.04721 8.586056 NA
X1 6.90E-05 5.872124 1.447609
X2 0.000168 2.366600 1.447609
 UJI HETEROSKEDASTISITAS

Heteroskedasticity Test: Glejser

F-statistic 1.625405 Prob. F(2,77) 0.2035

Obs*R-squared 3.240649 Prob. Chi-Square(2) 0.1978
Scaled explained SS 6.499610 Prob. Chi-Square(2) 0.0388

Test Equation:
Dependent Variable: ARESID
Method: Least Squares
Date: 12/21/22 Time: 22:17
Sample: 1 80
Included observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 10.54776 3.078842 3.425886 0.0010

X1 -0.012236 0.007078 -1.728715 0.0879
X2 -0.015305 0.011035 -1.386989 0.1694

R-squared 0.040508 Mean dependent var 5.329954

Adjusted R-squared 0.015586 S.D. dependent var 9.472108
S.E. of regression 9.398001 Akaike info criterion 7.355650
Sum squared resid 6800.827 Schwarz criterion 7.444976
Log likelihood -291.2260 Hannan-Quinn criter. 7.391463
F-statistic 1.625405 Durbin-Watson stat 1.932008
Prob(F-statistic) 0.203512

UJI AUTOKORELASI

Dependent Variable: Y
Method: Least Squares
Date: 12/21/22 Time: 22:19
Sample: 1 80
Included observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 12.03468 3.612092 3.331776 0.0013

X1 0.006109 0.008304 0.735705 0.4641
X2 -0.029444 0.012946 -2.274335 0.0257

R-squared 0.124654 Mean dependent var 11.25469

Adjusted R-squared 0.101918 S.D. dependent var 11.63453
S.E. of regression 11.02572 Akaike info criterion 7.675117
Sum squared resid 9360.618 Schwarz criterion 7.764443
Log likelihood -304.0047 Hannan-Quinn criter. 7.710930
F-statistic 5.482612 Durbin-Watson stat 1.609129
Prob(F-statistic) 0.005942
 UJI REGRESI BERGANDA, UJI T, F, DAN KOEFISIEN DETERMINASI

Dependent Variable: Y
Method: Panel Least Squares
Date: 12/21/22 Time: 22:36
Sample: 2012 2021
Periods included: 10
Cross-sections included: 8
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C 12.03468 3.612092 3.331776 0.0013

X1 0.006109 0.008304 0.735705 0.4641
X2 -0.029444 0.012946 -2.274335 0.0257

R-squared 0.124654 Mean dependent var 11.25469

Adjusted R-squared 0.101918 S.D. dependent var 11.63453
S.E. of regression 11.02572 Akaike info criterion 7.675117
Sum squared resid 9360.618 Schwarz criterion 7.764443
Log likelihood -304.0047 Hannan-Quinn criter. 7.710930
F-statistic 5.482612 Durbin-Watson stat 1.715218
Prob(F-statistic) 0.005942