YOSSY OKTAFIANI

NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

ANALISIS MULTIVARIAT DAN DATA KUALITATIF

Model Regresi – Data Panel

(Menggunakan Eviews 13)

Estimasi model investasi dengan kemungkinan :

1. Model dengan Semua Koefisien Konstan terhadap Waktu dan Individu / Hasil Pengujian
Model Common OLS
Dependent Variable: Y
Method: Panel Least Squares
Date: 05/31/25 Time: 09:21
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -63.30413550194308 29.61419711818381 -2.137627950854452 0.03572018203088216

X2 0.1100955417790149 0.01372966327515696 8.018808587842532 9.357464975721184e-12
X3 0.3033931606716923 0.04929572896520603 6.154552677085546 3.150330229736511e-08
R-squared 0.7565282514316188 Mean dependent var 290.915375
Adjusted R-squared 0.750204309910362 S.D. dependent var 284.8527723070233
S.E. of regression 142.3681760137959 Akaike info criterion 12.79148883549441
Sum squared resid 1560689.710695129 Schwarz criterion 12.88081483429468
Log likelihood -508.6595534197765 Hannan-Quinn criter. 12.82730218444604
F-statistic 119.6292294747984 Durbin-Watson stat 0.2187168808464705
Prob(F-statistic) 2.389296951748727e-24

2. Koefisien Slope Konstan tetapi Intersep Bervariasi Antarindividu / Hasil Pengujian

Model FEM – Crosssection
Dependent Variable: Y
Method: Panel Least Squares
Date: 05/31/25 Time: 09:32
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -73.84947314340614 37.52291276010508 -1.968116750838278 0.05280133854940603

X2 0.1079480824133018 0.01750892078028392 6.16531902610798 3.380125830526221e-08
X3 0.3461616820700251 0.02666448665041029 12.98212437420762 9.27486418804599e-21

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.9345626673914004 Mean dependent var 290.915375

Adjusted R-squared 0.9301412259989276 S.D. dependent var 284.8527723070233
S.E. of regression 75.28889625436908 Akaike info criterion 11.55258085260203
Sum squared resid 419462.9245408851 Schwarz criterion 11.73123285020257
Log likelihood -456.1032341040811 Hannan-Quinn criter. 11.6242075505053
F-statistic 211.3705881033271 Durbin-Watson stat 0.8071576773886469
Prob(F-statistic) 2.471422191225802e-42
YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

Hasil Pengujian Redundant FEM – Cross Section :

Redundant Fixed Effects Tests

Equation: EQ02

Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 67.11024760042698 (3,74) 4.59177986209308e-21

Cross-section Chi-square 105.1126386313906 3 1.235726503566921e-22

Cross-section fixed effects test equation:

Dependent Variable: Y

Method: Panel Least Squares

Date: 05/31/25 Time: 09:48

Sample: 1935 1954

Periods included: 20

Cross-sections included: 4

Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -63.30413550194308 29.61419711818381 -2.137627950854452 0.03572018203088216

X2 0.1100955417790149 0.01372966327515696 8.018808587842532 9.357464975721184e-12

X3 0.3033931606716923 0.04929572896520603 6.154552677085546 3.150330229736511e-08

R-squared 0.7565282514316188 Mean dependent var 290.915375

Adjusted R-squared 0.750204309910362 S.D. dependent var 284.8527723070233

S.E. of regression 142.3681760137959 Akaike info criterion 12.79148883549441

Sum squared resid 1560689.710695129 Schwarz criterion 12.88081483429468

Log likelihood -508.6595534197765 Hannan-Quinn criter. 12.82730218444604

F-statistic 119.6292294747984 Durbin-Watson stat 0.2187168808464705

Prob(F-statistic) 2.389296951748727e-24

Hasil Sementara 1 ( Perbandingan ) :

 YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

Berdasarkan analisis statistik, model Fixed Effect Model (FEM) menunjukkan kinerja yang
lebih baik dibandingkan dengan model Common OLS. Hal ini terlihat dari nilai F Statistik dan
Adjusted R-Squared FEM Cross Section yang lebih tinggi, serta nilai Akaike Info Criterion
(AIC) pada Common OLS yang lebih besar daripada FEM Cross Section. Lebih lanjut, hasil
Pengujian Redundant FEM – Cross Section memperkuat kesimpulan ini dengan nilai F-Cross
Section sebesar 67.11 yang signifikan. Oleh karena itu, dapat disimpulkan bahwa model FEM –
Cross Section lebih tepat untuk digunakan dalam analisis ini.

3. Koefisien Slope Konstan tetapi Intersep Bervariasi Antar Waktu / Hasil Pengujian Model
FEM – Time Series
Dependent Variable: Y
Method: Panel Least Squares
Date: 05/31/25 Time: 09:43
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -64.18962052702812 34.16507440567604 -1.878808158438078 0.0652990509345647

X2 0.1159173999857497 0.01816998990768495 6.379607285126932 3.200571930253161e-08
X3 0.2696593017497366 0.08334111643779685 3.235609423963041 0.00200703761696093
Effects Specification

Period fixed (dummy variables)

R-squared 0.7704437951560938 Mean dependent var 290.915375

Adjusted R-squared 0.6873286175401966 S.D. dependent var 284.8527723070233
S.E. of regression 159.2811994636208 Akaike info criterion 13.20763582280713
Sum squared resid 1471489.029149045 Schwarz criterion 13.86269314734245
Log likelihood -506.3054329122853 Hannan-Quinn criter. 13.47026704845246
F-statistic 9.269592116094259 Durbin-Watson stat 0.1677594070874952
Prob(F-statistic) 8.790974492310084e-12

Hasil Pengujian Redundant FEM – Time Series :

Redundant Fixed Effects Tests

Equation: EQ02REDUDANT

Test period fixed effects

Effects Test Statistic d.f. Prob.

Period F 0.18504848623212 (19,58) 0.9999129370579259

Period Chi-square 4.708241014982378 19 0.9996343662605612

Period fixed effects test equation:

Dependent Variable: Y

Method: Panel Least Squares

 YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

Date: 05/31/25 Time: 10:13

Sample: 1935 1954

Periods included: 20

Cross-sections included: 4

Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -63.30413550194308 29.61419711818381 -2.1376279508544520.03572018203088216

X2 0.1100955417790149 0.01372966327515696 8.018808587842532 9.357464975721184e-12

X3 0.3033931606716923 0.04929572896520603 6.154552677085546 3.150330229736511e-08

R-squared 0.7565282514316188 Mean dependent var 290.915375

Adjusted R-squared 0.750204309910362 S.D. dependent var 284.8527723070233

S.E. of regression 142.3681760137959 Akaike info criterion 12.79148883549441

Sum squared resid 1560689.710695129 Schwarz criterion 12.88081483429468

Log likelihood -508.6595534197765 Hannan-Quinn criter. 12.82730218444604

F-statistic 119.6292294747984 Durbin-Watson stat 0.2187168808464705

Prob(F-statistic) 2.389296951748727e-24

Hasil Sementara 2 ( Perbandingan ) :

Analisis menunjukkan bahwa Model Fixed Effect Model (FEM) – Cross Section lebih unggul
dibandingkan dengan FEM – Time Series. Ini didasarkan pada beberapa indikator: nilai F dan Adjusted
R-Square dari FEM – Time Series lebih kecil daripada FEM – Cross Section, dan nilai Akaike Info
Criterion (AIC) dari FEM – Time Series juga lebih besar. ebih lanjut, hasil Pengujian Redundant
FEM – Cross Section mendukung kesimpulan ini. Nilai F-Cross Section sebesar 0.18 dan tidak
signifikan (nilai p > 0.05) menunjukkan bahwa model cross-section lebih tepat. Dengan demikian, dapat
disimpulkan sementara bahwa Model FEM – Cross Section adalah pilihan yang lebih baik untuk
analisis ini.
4. Koefisien Slope Konstan, Intersep Bervariasi Antarindividu dan Antarperiode

Dependent Variable: Y
Method: Panel Least Squares
Date: 05/31/25 Time: 10:47
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80

Variable Coefficient Std. Error t-Statistic Prob.

C -129.0276630316718 58.8641473577503 -2.191956714288217 0.03263369468752032

X2 0.1293069669546005 0.02742368901238818 4.715155823718258 1.692138068195492e-05
X3 0.3672492537488329 0.04165912840621102 8.81557698874178 4.173310919219572e-12
Effects Specification
 YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

Cross-section fixed (dummy variables)

Period fixed (dummy variables)

R-squared 0.9489248920477834 Mean dependent var 290.915375

Adjusted R-squared 0.926637572214089 S.D. dependent var 284.8527723070233
S.E. of regression 77.15379593997632 Akaike info criterion 11.77978517631266
Sum squared resid 327398.9525371129 Schwarz criterion 12.52416849964825
Log likelihood -446.1914070525064 Hannan-Quinn criter. 12.07822975090962
F-statistic 42.57689570251405 Durbin-Watson stat 0.7652702558228075
Prob(F-statistic) 2.439390660084894e-27

Hasil Pengujian Redundant FEM – Cross Section x Time Series :

Redundant Fixed Effects Tests

Equation: Untitled

Test cross-section and period fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 64.06552182083652 (3,55) 5.981305307621744e-18

Cross-section Chi-square 120.2280517195577 3 6.891622536702368e-26

Period F 0.8139945761117158 (19,55) 0.681591919573137

Period Chi-square 19.82365410314947 19 0.405258999316358

Cross-Section/Period F 9.417338911753346 (22,55) 9.475630869061936e-12

Cross-Section/Period Chi-square 124.9362927345401 22 2.195363995413496e-16

Hasil Sementara 3 ( Perbandingan ) :

Hasil analisis menunjukkan bahwa Model Fixed Effect Model (FEM) – Cross
Section lebih unggul dibandingkan dengan FEM – Cross Section x Time Series.
Indikator-indikator ini menguatkan kesimpulan tersebut: nilai F dan Adjusted R-Square
dari FEM – Cross Section x Time Series lebih kecil daripada FEM – Cross Section, dan
nilai Akaike Info Criterion (AIC) dari FEM – Cross Section x Time Series juga lebih
besar. Lebih lanjut, Pengujian Redundant FEM – Cross Section x Time Series
mendukung kesimpulan ini. Nilai F-Cross Section sebesar 64.06 yang signifikan, dan nilai
F Period sebesar 0.81 yang tidak signifikan (nilai P < 0.05), semuanya mengarah pada
satu kesimpulan. Oleh karena itu, dapat disimpulkan bahwa Model FEM – Cross Section
adalah pilihan yang lebih tepat untuk analisis ini.

5. Hasil Pengujian Model Random Effect Model (REM) – Cross Section

Dependent Variable: Y
Method: Panel EGLS (Cross-section random effects)
Date: 05/31/25 Time: 11:03
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80
Swamy and Arora estimator of component variances
 YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

Variable Coefficient Std. Error t-Statistic Prob.

C -73.03530688009101 84.23768771728588 -0.8670146208809564 0.3886278475365429

X2 0.1076554652136177 0.01687463183817429 6.379722310152946 1.210306717152802e-08
X3 0.3457103768585496 0.02663620810035493 12.97896365563922 4.493953171129994e-21

Effects Specification
S.D. Rho

Cross-section random 152.1582265029338 0.8033202308684471

Idiosyncratic random 75.28889625436908 0.1966797691315528

Weighted Statistics
R-squared 0.8049617464350815 Mean dependent var 31.99227038927597
Adjusted R-squared 0.7998958177710576 S.D. dependent var 167.73159808359
S.E. of regression 75.03138576888595 Sum squared resid 433487.5814807524
F-statistic 158.8971736123307 Durbin-Watson stat 0.7803835928074731
Prob(F-statistic) 4.673177531652555e-28

Unweighted Statistics

R-squared 0.753715751115989 Mean dependent var 290.915375

Sum squared resid 1578718.251294768 Durbin-Watson stat 0.2142792711719965

6. Hasil Pengujian Model Random Effect Model (REM) – Time Series

Dependent Variable: Y
Method: Panel EGLS (Period random effects)
Date: 05/31/25 Time: 11:07
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -63.30413550194308 33.13229803322991 -1.910647291608099 0.05977262118295568

X2 0.1100955417790149 0.01536071681136598 7.167344019880051 4.001368760241011e-10
X3 0.3033931606716923 0.0551519521978753 5.501041188590607 4.751614147719323e-07

Effects Specification
S.D. Rho
Period random 0 0
Idiosyncratic random 159.2811994636208 1

Weighted Statistics

R-squared 0.7565282514316188 Mean dependent var 290.915375

Adjusted R-squared 0.750204309910362 S.D. dependent var 284.8527723070233
S.E. of regression 142.3681760137959 Sum squared resid 1560689.710695129
F-statistic 119.6292294747984 Durbin-Watson stat 0.2187168808464705
Prob(F-statistic) 2.389296951748727e-24
Unweighted Statistics

R-squared 0.7565282514316188 Mean dependent var 290.915375

Sum squared resid 1560689.710695129 Durbin-Watson stat 0.2187168808464705
 YOSSY OKTAFIANI
NIM. 12030123420063
Magister Akuntansi – 50 JS Korporat

7. Hasil Pengujian Model Random Effect Model (REM) – Cross Section x Time Series
Dependent Variable: Y
Method: Panel EGLS (Two-way random effects)
Date: 05/31/25 Time: 11:14
Sample: 1935 1954
Periods included: 20
Cross-sections included: 4
Total panel (balanced) observations: 80
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -72.99760935731416 82.3165392228279 -0.8867915250872278 0.3779525491365219

X2 0.1076422522653695 0.01680072732528467 6.406999541226445 1.07718432033332e-08
X3 0.345687392248368 0.02656530440507532 13.01273973665907 3.913739266243257e-21

Effects Specification
S.D. Rho
Cross-section random 152.1115096765553 0.7953736184043598
Period random 0 0
Idiosyncratic random 77.15379593997632 0.2046263815956403

Weighted Statistics

R-squared 0.8048711139977244 Mean dependent var 32.78471626056683

Adjusted R-squared 0.7998028312444185 S.D. dependent var 167.8285833501851
S.E. of regression 75.09221143691631 Sum squared resid 434190.696823464
F-statistic 158.8054876126901 Durbin-Watson stat 0.7790902433657556
Prob(F-statistic) 4.757516010022876e-28

Unweighted Statistics

R-squared 0.753722004371343 Mean dependent var 290.915375

Sum squared resid 1578678.167008411 Durbin-Watson stat 0.2142765654993298

8. Hasil Pengujian Hausman test

Correlated Random Effects - Hausman Test

Equation: EQ05
Test cross-section random effects

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

Cross-section random 1.474174838424771 2 0.478505574019987

Hasil Sementara 4 ( Perbandingan ) :

Penting untuk diperhatikan bahwa koefisien variabel pada model Random Effect
Model (REM), baik untuk cross section, time series, maupun cross section x time series,
menunjukkan arah yang serupa dan tingkat signifikansi yang tidak jauh berbeda (semua p-value <
0.05) jika dibandingkan dengan Fixed Effect Model (FEM). Namun, Pengujian Hausman Test
menunjukkan hasil yang tidak signifikan (p-value > 0.05) dengan nilai Chi-Square sebesar 1.47. Ini
mengindikasikan bahwa hipotesis nol (Ho) yang menyatakan bahwa nilai model REM sama dengan
nilai model FEM tidak dapat ditolak. Meskipun demikian, berdasarkan poin-poin sebelumnya yang
menunjukkan kinerja superior FEM, peneliti dapat memilih untuk tetap menggunakan Model FEM,
khususnya FEM – Cross Section, sebagai model yang paling tepat untuk analisis.