Lampiran: Model 1a (LEV)

Dependent Variable: LEV

Method: Panel EGLS (Cross-section weights)
Date: 08/29/15 Time: 15:30
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO1
MO1^2
MO1^3

0.364975
5.322339
-88.58238
346.9128

0.023782
1.399721
19.77968
72.63584

15.34691
3.802429
-4.478453
4.776056

0.0000
0.0002
0.0000
0.0000

Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.134257
0.112792
0.196347
6.254775
0.000554

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

0.700101
0.557054
4.664826
0.535664

Unweighted Statistics
R-squared
Sum squared resid

0.014625
4.863645

Mean dependent var

Durbin-Watson stat

0.435302
0.194376

Dependent Variable: LEV

Method: Panel EGLS (Cross-section weights)
Date: 08/22/15 Time: 21:12
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO
MO^2
MO^3
PROF
NDTS

0.466948
2.319663
-24.70365
65.16804
-1.157637
0.684735

0.016489
0.469800
8.530643
31.45927
0.165576
0.173483

28.31927
4.937555
-2.895872
2.071505
-6.991580
3.946982

0.0000
0.0000
0.0045
0.0405
0.0000
0.0001

Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Lampiran:
Model

1b

0.379149
0.353063
0.174841
14.53449
0.000000
(LEV)

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

0.619659
0.451629
3.637758
0.517962

Unweighted Statistics
R-squared
Sum squared resid

0.213990
3.879610

Mean dependent var

Durbin-Watson stat

0.435302
0.301218

Dependent Variable: VALUE

Method: Panel EGLS (Cross-section weights)
Date: 08/22/15 Time: 21:17
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO
MO^2
MO^3

15.55705
-305.5660
2535.610
-5994.561

1.989346
53.36464
523.5609
1358.141

7.820184
-5.726002
4.843010
-4.413798

0.0000
0.0000
0.0000
0.0000

Weighted Statistics
R-squared
Adjusted R-squared
S.E. of regression
Lampiran:
Model
F-statistic
Prob(F-statistic)

2a

0.222653
0.203380
21.51966
(VALUE)
11.55252
0.000001

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

22.31656
25.23109
56034.60
0.326431

Unweighted Statistics
R-squared
Sum squared resid

0.042822
69386.79

Mean dependent var

Durbin-Watson stat

14.63668
0.116554

Dependent Variable: VALUE

Method: Panel EGLS (Cross-section weights)
Date: 08/22/15 Time: 22:57
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO
MO^2
MO^3
SIZE
RISK

7.271734
52.32341
-627.4063
1952.159
4.43E-13
90.73193

0.730611
21.44465
206.9209
559.3474
4.23E-14
8.075433

9.952948
2.439928
-3.032107
3.490065
10.47923
11.23555

0.0000
0.0165
0.0031
0.0007
0.0000
0.0000

Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared
Adjusted R-squared
Lampiran:
Model
S.E. of regression
F-statistic
Prob(F-statistic)

2b

0.965141
0.954499
(VALUE)
5.461917
90.69759
0.000000

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

19.90884
21.10536
2834.091
1.370271

Unweighted Statistics
R-squared
Sum squared resid

0.946112
3906.361

Mean dependent var

Durbin-Watson stat

14.63668
1.811887

Dependent Variable: MO
Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 09/07/15 Time: 17:06
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF MO^2
MO^3 MO(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
LEV
VALUE
RISK
SIZE
TANG
MO(-1)

-0.057945
0.064929
0.000925
0.299333
-7.73E-16
0.008884
1.068462

0.015362
0.016026
0.000231
0.121151
1.22E-16
0.002045
0.012603

-3.772038
4.051537
3.996641
2.470750
-6.349280
4.344836
84.77707

0.0003
0.0001
0.0001
0.0153
0.0000
0.0000
0.0000

Weighted Statistics
R-squared
Adjusted R-squared
Lampiran:
Model
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

3a

0.965399
0.963167
(MO)
0.030883
1212.901
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

0.112602
0.166773
0.088702
1.400940
0.032348
0.003953

Unweighted Statistics
R-squared
Sum squared resid

0.770497
0.128235

Mean dependent var

Durbin-Watson stat

0.056954
2.028365

Dependent Variable: LEV

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 09/07/15 Time: 17:03
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF MO^2
MO^3 MO(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO
MO^2
MO^3
VALUE
PROF
NDTS
GROWTH

0.403560
4.205235
-38.32139
93.49327
0.002192
-1.785070
0.680134
0.172678

0.016182
1.305757
17.81926
54.79897
0.000391
0.209813
0.151686
0.056241

24.93919
3.220535
-2.150560
1.706114
5.606542
-8.507916
4.483832
3.070331

0.0000
0.0018
0.0341
0.0914
0.0000
0.0000
0.0000
0.0028

Weighted Statistics
R-squared
Adjusted R-squared
Lampiran:
Model
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

3b

0.481646
0.442206
(LEV)
0.172095
11.72271
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

0.638131
0.456107
2.724728
0.682279
2.778359
0.578102

Unweighted Statistics
R-squared
Sum squared resid

0.254015
2.940601

Mean dependent var

Durbin-Watson stat

0.439685
0.428835

Dependent Variable: VALUE

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 09/07/15 Time: 17:08
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF MO^2
MO^3 MO(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO
MO^2
MO^3
LEV
TANG
NDTS
RISK
GROWTH

117.5583
-1893.675
19975.69
-54946.70
-101.3295
-12.89365
86.40554
-615.0283
-1.768822

10.45090
415.8265
5327.794
15425.26
7.794137
4.992561
22.14163
96.46233
3.038961

11.24863
-4.554002
3.749336
-3.562126
-13.00073
-2.582572
3.902401
-6.375840
-0.582048

0.0000
0.0000
0.0003
0.0006
0.0000
0.0114
0.0002
0.0000
0.5620

Weighted Statistics
R-squared
Adjusted R-squared
Lampiran:
Model
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

3c

0.586374
0.550011
(VALUE)
30.60927
28.19728
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

29.72588
54.55446
85260.41
0.646533
59251.56
0.106211

Unweighted Statistics
R-squared
Sum squared resid

-0.646954
105290.1

Mean dependent var

Durbin-Watson stat

15.69830
0.284281

Dependent Variable: MANOW

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 08/26/15 Time: 14:06
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
LEV
VALUE
RISK
SIZE
TANG
MANOW(-1)

-0.842303
0.879490
0.017730
4.596862
-2.09E-14
0.199989
0.967339

0.171713
0.189995
0.003195
1.415889
3.91E-15
0.097766
0.006585

-4.905306
4.629023
5.549187
3.246627
-5.362091
2.045598
146.8994

0.0000
0.0000
0.0000
0.0016
0.0000
0.0436
0.0000

Weighted Statistics
R-squared
Adjusted R-squared
PROXY
MANOW
S.E. of regression
Lampiran:
F-statistic Model 3a
Prob(F-statistic)
Instrument rank

0.962431
0.960007
0.432341
(MANOW)
2460.019
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

-3.731795
3.169856
17.38346
1.050501
2.897120
0.021899

Unweighted Statistics
R-squared
Sum squared resid

0.829739
18.96067

Mean dependent var

Durbin-Watson stat

-1.954460
1.734323

Dependent Variable: LEV

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 08/26/15 Time: 14:07
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MANOW
MANOW^2
MANOW^3
VALUE
PROF
NDTS
GROWTH

1.858784
2.433690
1.172079
0.166864
0.001685
-1.839267
0.352427
0.108385

0.360845
0.620175
0.294995
0.041864
0.000479
0.189030
0.279218
0.104282

5.151201
3.924200
3.973210
3.985808
3.520336
-9.730050
1.262191
1.039346

0.0000
0.0002
0.0001
0.0001
0.0007
0.0000
0.2101
0.3014

Weighted Statistics

Lampiran: Model 3b (LEV)

R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

0.239661
0.181809
0.233126
13.88499
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

0.642327
0.510340
4.999972
0.860226
3.197705
0.559419

Unweighted Statistics
R-squared
Sum squared resid

-0.386875
5.466925

Mean dependent var

Durbin-Watson stat

0.439685
0.404557

Dependent Variable: VALUE

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 08/28/15 Time: 17:01
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MANOW
MANOW^2
MANOW^3
LEV
TANG
NDTS
RISK
GROWTH

-143.0930
-475.2032
-262.8715
-42.73833
-110.1774
-11.42328
84.89041
-962.3172
41.21034

57.31867
98.18397
46.11428
6.548367
7.853116
8.103845
14.70332
117.8072
8.064730

-2.496447
-4.839926
-5.700436
-6.526563
-14.02976
-1.409612
5.773552
-8.168578
5.109946

0.0143
0.0000
0.0000
0.0000
0.0000
0.1621
0.0000
0.0000
0.0000

Weighted Statistics

Lampiran: Model 3c (VALUE)

R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

0.713752
0.688587
32.32347
76.93191
0.000000
10

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

26.77472
58.98679
95077.41
0.754230
42785.01
0.151985

Unweighted Statistics
R-squared
Sum squared resid

-0.800505
115106.6

Mean dependent var

Durbin-Watson stat

15.69830
0.517610

Dependent Variable: DER

Method: Panel EGLS (Cross-section weights)
Date: 08/31/15 Time: 00:23
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO1
MO1^2
MO1^3

0.368576
38.70380
-522.4601
1823.697

0.014645
3.449819
72.03820
312.4713

25.16807
11.21908
-7.252543
5.836366

0.0000
0.0000
0.0000
0.0000

ROBUST

Weighted Statistics

R-squared Model 4a (DER)

0.213949
Lampiran:
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.194460
1.655700
10.97799
0.000002

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

2.716856
2.357800
331.7026
0.521607

Unweighted Statistics
R-squared
Sum squared resid

0.014202
371.6058

Mean dependent var

Durbin-Watson stat

1.238135
0.078391

Dependent Variable: DER

Method: Panel EGLS (Cross-section weights)
Date: 08/31/15 Time: 00:30
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO1
MO1^2
MO1^3
PROF
NDTS

1.311471
20.27883
-337.1161
1259.325
-7.004179
1.379628

0.079556
4.863693
48.15847
141.8116
0.351138
1.975096

16.48487
4.169429
-7.000142
8.880265
-19.94709
0.698512

0.0000
0.0001
0.0000
0.0000
0.0000
0.4862

Weighted Statistics
Lampiran: Model 4b (DER)
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.631999
0.616537
1.527174
40.87370
0.000000

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

3.190438
4.629168
277.5391
0.653103

Unweighted Statistics
R-squared
Sum squared resid

0.112449
334.5709

Mean dependent var

Durbin-Watson stat

1.238135
0.094998

Dependent Variable: RETURN

Method: Panel EGLS (Cross-section weights)
Date: 08/31/15 Time: 00:27
Sample: 2010 2014
Periods included: 5
Cross-sections included: 25
Total panel (balanced) observations: 125
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO1
MO1^2
MO1^3

0.002211
-0.049664
0.545986
-1.775571

0.000169
0.010108
0.205224
0.929877

13.11876
-4.913372
2.660443
-1.909468

0.0000
0.0000
0.0089
0.0586

Weighted Statistics
Lampiran: Model 5a (RETURN)
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.109856
0.087787
0.002100
4.977705
0.002723

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

0.001702
0.002433
0.000533
1.860735

Unweighted Statistics
R-squared
Sum squared resid

0.005728
0.000564

Mean dependent var

Durbin-Watson stat

0.001144
1.570190

Dependent Variable: RETURN

Method: Panel EGLS (Cross-section weights)
Date: 08/31/15 Time: 14:22
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MO1
MO1^2
MO1^3
SIZE
RISK
RETURN(-1)

0.002219
-0.054783
0.644772
-2.165846
-2.92E-18
-0.007214
0.028258

4.86E-05
0.007905
0.180156
0.844093
1.49E-18
0.004208
0.052089

45.66961
-6.930589
3.578962
-2.565884
-1.963931
-1.714223
0.542494

0.0000
0.0000
0.0006
0.0119
0.0525
0.0898
0.5888

Weighted Statistics
Lampiran: Model 5b (RETURN)
R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)

0.171808
0.118377
0.001360
3.215476
0.006487

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat

0.000945
0.001561
0.000172
2.146418

Unweighted Statistics
R-squared
Sum squared resid

0.056894
0.000175

Mean dependent var

Durbin-Watson stat

0.000709
2.436892

Dependent Variable: MANOW

Method: Panel Two-Stage EGLS (Cross-section random effects)
Date: 08/31/15 Time: 15:16
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Swamy and Arora estimator of component variances
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1) RETURN(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
DER
RETURN
RISK
SIZE
TANG
MANOW(-1)

-1.427427
0.176398
543.5856
4.959988
2.14E-15
1.043540
0.916340

0.307286
0.051800
112.4674
1.734690
2.12E-15
0.271619
0.030411

-4.645267
3.405361
4.833271
2.859294
1.007415
3.841925
30.13234

0.0000
0.0010
0.0000
0.0052
0.3163
0.0002
0.0000

Effects Specification
S.D.
Cross-section random
Idiosyncratic random

0.000000
0.266199

Rho
0.0000
1.0000

Weighted Statistics

Lampiran: Model 6a (MANOW)

R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

0.429821
0.393035
0.826291
206.9722
0.000000
11

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

-1.954460
1.060600
63.49643
2.173359
7.758790
0.028169

Unweighted Statistics
R-squared
Sum squared resid

0.429821
63.49643

Mean dependent var

Durbin-Watson stat

-1.954460
2.173359

Dependent Variable: DER

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 08/31/15 Time: 15:50
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
White cross-section standard errors & covariance (d.f. corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1) RETURN(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MANOW
MANOW^2
MANOW^3
RETURN
PROF
RISK
TANG
RETURN(-1)

5.394917
5.224823
2.520685
0.357352
193.6720
-9.360833
-10.65682
-1.265883
2.731963

1.677046
2.691409
1.402968
0.215650
74.84220
1.894861
1.706294
0.522832
15.58679

3.216916
1.941297
1.796681
1.657093
2.587738
-4.940115
-6.245593
-2.421204
0.175274

0.0018
0.0553
0.0757
0.1000
0.0112
0.0000
0.0000
0.0175
0.8613

Weighted Statistics

Lampiran: Model 6b (DER)

R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

0.259581
0.194490
1.208485
9.305650
0.000000
11

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

2.040593
1.661574
132.8996
0.772561
98.72644
0.415081

Unweighted Statistics
R-squared
Sum squared resid

0.180663
243.8365

Mean dependent var

Durbin-Watson stat

1.250385
0.170587

Dependent Variable: RETURN

Method: Panel Two-Stage EGLS (Cross-section weights)
Date: 08/31/15 Time: 15:28
Sample (adjusted): 2011 2014
Periods included: 4
Cross-sections included: 25
Total panel (balanced) observations: 100
Linear estimation after one-step weighting matrix
Instrument specification: C RISK NDTS TANG GROWTH SIZE PROF
MANOW^2 MANOW^3 MANOW(-1) RETURN(-1)
Constant added to instrument list
Variable

Coefficient

Std. Error

t-Statistic

Prob.

C
MANOW
MANOW^2
MANOW^3
DER
NDTS
SIZE
RETURN(-1)

0.004620
0.005860
0.002846
0.000416
-0.000312
-0.006302
-4.03E-18
0.038813

0.001122
0.001840
0.000965
0.000153
0.000152
0.002258
5.27E-18
0.022833

4.117954
3.184211
2.947655
2.716010
-2.050891
-2.790880
-0.764932
1.699859

0.0001
0.0020
0.0041
0.0079
0.0431
0.0064
0.4463
0.0925

Weighted Statistics

Lampiran: Model 6c (RETURN)

R-squared
Adjusted R-squared
S.E. of regression
F-statistic
Prob(F-statistic)
Instrument rank

0.135173
0.069371
0.001503
5.174778
0.000054
11

Mean dependent var

S.D. dependent var
Sum squared resid
Durbin-Watson stat
Second-Stage SSR
Prob(J-statistic)

0.000951
0.001589
0.000208
2.126503
0.000172
0.952970

Unweighted Statistics
R-squared
Sum squared resid

-0.197697
0.000222

Mean dependent var

Durbin-Watson stat

0.000709
2.008592