Moderate Regression Analysis (MRA)

Inflasi merupakan variabel moderasi dalam penelitian ini. Inflasi adalah variabel

yang dapat memperkuat atau memperlemah hubungan antara variabel independen terhadap

variabel dependen. Hasil pe yngujian

variabel moderasi dapat dilihat pada tabel 4.17.

Tabel 4.17
Moderate Regression Analysis
Coefficientsa

Standardized
Unstandardized Coefficients Coefficients

Model B Std. Error Beta t Sig.

1 (Constant) 3.587 2.910 1.233 .224

Ln_X1 8.087 6.051 2.657 1.337 .188

Ln_X2 .312 1.806 .133 .173 .864

Ln_Z 5.229 4.775 1.929 1.095 .279

Ln_X2Z -4.915 4.865 -3.468 -1.010 .318

Ln_X3Z -.040 .102 -.058 -.389 .699

a. Dependent Variable: Ln_Y

Excluded Variablesb

Collinearity
Statistics
Partial
Model Beta In t Sig. Correlation Tolerance

1 Ln_X3 .a . . . .000

Ln_X1Z .a . . . .000

a. Predictors in the Model: (Constant), Ln_X3Z, Ln_X1, Ln_Z, Ln_X2, Ln_X2Z

b. Dependent Variable: Ln_Y

1. Inflasi tidak dapat memoderasi DER

2. Inflasi tidak dapat memoderasi TIER

3. Variabel TIER dan Inflasi memoderasi DAR dikeluarkan.

4. Inflasi tidak berpengaruh terhadap return saham sehingga inflasi termasuk bukan

mediator.

Koefisien Regresi (R2)

Model Summary

Adjusted R Std. Error of the

Model R R Square Square Estimate

1 .411a .169 .074 1.21333

a. Predictors: (Constant), Ln_X3Z, Ln_X1, Ln_Z, Ln_X2, Ln_X2Z

Inflasi sebagai variabel moderasi melemahkan pengaruh leverage terhadap return saham.

Output ANOVA

ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 13.167 5 2.633 1.789 .135a

Residual 64.775 44 1.472

Total 77.943 49

a. Predictors: (Constant), Ln_X3Z, Ln_X1, Ln_Z, Ln_X2, Ln_X2Z

b. Dependent Variable: Ln_Y

Moderate Regression Analysis (MRA) DAR

Coefficientsa

Standardized
Unstandardized Coefficients Coefficients

Model B Std. Error Beta t Sig.

1 (Constant) 1.001 1.385 .723 .474

Ln_X1 1.652 .920 .543 1.796 .079

Ln_X2 -1.400 .624 -.596 -2.243 .030

Ln_X3 -.046 .102 -.062 -.446 .658

Ln_X1Z .377 .383 .203 .983 .331

a. Dependent Variable: Ln_Y

Excluded Variablesb

Collinearity
Statistics
Partial
Model Beta In t Sig. Correlation Tolerance

1 Ln_Z .a . . . .000

a. Predictors in the Model: (Constant), Ln_X1Z, Ln_X3, Ln_X2, Ln_X1

b. Dependent Variable: Ln_Y

1. Inflasi tidak dapat memoderasi DAR terhadap return saham

2. Variabel inflasi dikeluarkan dalam regresi

ANOVAb

Model Sum of Squares Df Mean Square F Sig.

1 Regression 11.665 4 2.916 1.980 .114a

Residual 66.278 45 1.473

Total 77.943 49

a. Predictors: (Constant), Ln_X1Z, Ln_X3, Ln_X2, Ln_X1

b. Dependent Variable: Ln_Y

 Model Summary

Adjusted R Std. Error of the

Model R R Square Square Estimate

1 .387a .150 .074 1.21360

a. Predictors: (Constant), Ln_X1Z, Ln_X3, Ln_X2, Ln_X1

Moderate Regression Analysis (MRA) DER

Coefficientsa

Standardized
Unstandardized Coefficients Coefficients

Model B Std. Error Beta t Sig.

1 (Constant) 3.587 2.910 1.233 .224

Ln_X1 8.087 6.051 2.657 1.337 .188

Ln_X2 .312 1.806 .133 .173 .864

Ln_X3 -.040 .102 -.054 -.389 .699

Ln_Z 5.189 4.778 1.914 1.086 .283

Ln_X2Z -4.915 4.865 -3.468 -1.010 .318

a. Dependent Variable: Ln_Y

1. Inflasi tidak berpengaruh terhadap return saham

2. Inflasi tidak dapat memoderasi DER terhadap return saham.

3.
ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 13.167 5 2.633 1.789 .135a

Residual 64.775 44 1.472

Total 77.943 49

a. Predictors: (Constant), Ln_X2Z, Ln_X3, Ln_Z, Ln_X2, Ln_X1

b. Dependent Variable: Ln_Y

Model Summary

Adjusted R Std. Error of the

Model R R Square Square Estimate

1 .411a .169 .074 1.21333

a. Predictors: (Constant), Ln_X2Z, Ln_X3, Ln_Z, Ln_X2, Ln_X1

Moderate Regression Analysis (MRA) TIER

Coefficientsa

Standardized
Unstandardized Coefficients Coefficients

Model B Std. Error Beta t Sig.

1 (Constant) 1.001 1.385 .723 .474

Ln_X1 2.029 .811 .667 2.501 .016

Ln_X2 -1.400 .624 -.596 -2.243 .030

Ln_Z .423 .409 .156 1.034 .307

Ln_X3Z -.046 .102 -.066 -.446 .658

a. Dependent Variable: Ln_Y

1. Inflasi sebagai variabel moderasi tidak berpengaruh terhadap return saham

2. Inflasi tidak mampu memoderasi TIER terhadap return saham

3.
ANOVAb

Model Sum of Squares df Mean Square F Sig.

1 Regression 11.665 4 2.916 1.980 .114a

Residual 66.278 45 1.473

Total 77.943 49

a. Predictors: (Constant), Ln_X3Z, Ln_X1, Ln_Z, Ln_X2

b. Dependent Variable: Ln_Y

Model Summary

Adjusted R Std. Error of the

Model R R Square Square Estimate

1 .387a .150 .074 1.21360

a. Predictors: (Constant), Ln_X3Z, Ln_X1, Ln_Z, Ln_X2

 UJI PLS

Cronbach's rho_A Composite Average

Alpha Reliability Variance
Extracted
(AVE)
Inflasi 1.000 1.000 1.000 1.000
Leverage 0.687 -0.974 0.350 0.319
Moderating 1.000 1.000 1.000 1.000
Effect 1
Return 1.000 1.000 1.000 1.000

R Square R Square Adjusted

Return 0.044 -0.014
 Cronbach's rho_A Composite Average
Alpha Reliability Variance
Extracted
(AVE)
Inflasi 1.000 1.000 1.000 1.000
Leverage 1.000 1.000 1.000 1.000
Moderating 1.000 1.000 1.000 1.000
Effect 1
Return 1.000 1.000 1.000 1.000

R Square R Square Adjusted

Return 0.036 -0.023
 Uji Hipotesis

Original Sample Standard T Statistics P

Sample (O) Mean Deviation (|O/STDEV|) Values
(M) (STDEV)
Inflasi -> Return 0.181 0.185 0.133 1.359 0.175
Leverage -> Return -0.080 -0.088 0.110 0.724 0.469
Moderating Effect 1 -> -0.003 0.010 0.131 0.021 0.983
Return

P value semua variabel besar dari 0,05 dan t statistik kecil dari 1,64 sehingga semua variabel

tidak berpengaruh.