lny x1 x2 x3 x4 x5 c lny(-1)

lny x1 x2 x3 x4 x5 c lny(-1)

log(y) log(x1) log(x2) log(x3) log(x4) log(x5) c log(y-1)

HASIL UJI ASUMSI KLASIK

HASIL UJI NORMALITAS

Hasil uji normalitas di atas menunjukkan bahwa nilai probabilitas Jarque-Bera = 0,401, yang lebih besar dari
taraf signifikan (alpha) = 0,05. Dengan demikian dapat disimpulkan bahwa data yang digunakan dalam
model fixed effect dinyatakan berdistrbusi normal.

HASIL UJI MULTIKOLINIERITAS

Variance Inflation Factors
Date: 07/15/23 Time: 14:55
Sample: 1 54
Included observations: 53

Coefficient Uncentered Centered

Variable Variance VIF VIF

X1 0.704643 10.04928 2.684312

X2 3.40E+16 2094.696 7.171143
X3 2.32E+16 12.65492 1.453683
X4 2.44E+16 5.133034 1.485795
X5 2732.743 28.04037 8.626544
C 2.18E+20 2481.840 NA
LNY(-1) 0.027773 4.156985 2.419700

Berdasarkan tabel di atas diketahui bahwa nilai VIF X1 = 2,684, X2 = 1,171, X3 = 1,453, X4 = 1,485, dan
X5 = 8,626 yang semuanya lebih kecil dari angka 10, sehingga semua variabel independen dari penelitian ini
tidak terjadi atau bebas multikolinieritas

SKOR KORELASI
Y X1 X2 X3 X4 X5
Y 1.000000 -0.363147 -0.286740 -0.734975 -0.021233 0.247400
X1 -0.363147 1.000000 -0.054934 0.234979 -0.083604 0.547730
X2 -0.286740 -0.054934 1.000000 -0.147632 -0.396887 -0.732438
X3 -0.734975 0.234979 -0.147632 1.000000 0.114324 0.110237
X4 -0.021233 -0.083604 -0.396887 0.114324 1.000000 0.075532
X5 0.247400 0.547730 -0.732438 0.110237 0.075532 1.000000
Koefisien korelasi parsial antar variabel independen dalam penelitian ini seluruhnya mempunyai nilai yang
lebih kecil atau kurang dari 0,85, sehingga disimpulkan tidak terjadi multikolinieritas.
HASIL UJI HETEROSKEDASTISITAS
Heteroskedasticity Test: White
Null hypothesis: Homoskedasticity

F-statistic 2.373573 Prob. F(27,25) 0.0165

Obs*R-squared 38.12681 Prob. Chi-Square(27) 0.0759
Scaled explained SS 36.60913 Prob. Chi-Square(27) 0.1026

Berdasarkan uji White dapat diketahui bahwa nilai probabilitas Obs*R-squared = 0,0759 yang lebih besar
dari 0,05, sehingga disimpulkan model regresi panel dalam penelitian ini tidak terjadi heteroskedastisitas.

HASIL UJI AUTOKORELASI

Breusch-Godfrey Serial Correlation LM Test:
Null hypothesis: No serial correlation at up to 2 lags

F-statistic 0.277826 Prob. F(2,44) 0.7587

Obs*R-squared 0.660960 Prob. Chi-Square(2) 0.7186

Berdasarkan uji Serial Correlation LM dapat diketahui bahwa nilai probabilitas Obs*R-squared = 0,718
yang lebih besar dari 0,05, sehingga disimpulkan model regresi panel dalam penelitian ini tidak terjadi
heteroskedastisitas.

HASIL UJI PRASYARAT PERTAMA

HASIL UJI CHOW

Redundant Fixed Effects Tests

Equation: Untitled
Test cross-section fixed effects

Effects Test Statistic d.f. Prob.

Cross-section F 509.393767 (5,43) 0.0000

Cross-section Chi-square 221.302854 5 0.0000

Ho : Common effect
Ha : Fixed effect
Nilai probabilitas Cross-section Chi-square hasil uji chow = 0,000 yang lebih kecil dari 0,05, maka Ho
ditolak, dan Ha diterima yang artinya model regresi yang dipilih adalah model fixed effect daripada
common effect.
HASIL 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 2546.968837 5 0.0000

Ho : Random effect
Ha : Fixed effect
Nilai probabilitas Cross-section random hasil uji hausman = 0,000 yang lebih kecil dari 0,05, maka Ho
ditolak, dan Ha diterima yang artinya model regresi yang dipilih adalah model fixed effect daripada random
effect

HASIL REGRESI PANEL TAHAP PERTAMA

CEM
Dependent Variable: Y
Method: Panel Least Squares
Date: 07/15/23 Time: 15:10
Sample: 2013 2021
Periods included: 9
Cross-sections included: 6
Total panel (balanced) observations: 54

Variable Coefficient Std. Error t-Statistic Prob.

X1 -0.002363 0.000458 -5.161791 0.0000

X2 285604.8 83541.24 3.418728 0.0013
X3 244590.5 73942.67 3.307840 0.0018
X4 130276.5 83105.58 1.567603 0.1235
X5 0.160904 0.023829 6.752514 0.0000
C -23090576 6667379. -3.463216 0.0011

Root MSE 1113156. R-squared 0.618624

Mean dependent var 1663259. Adjusted R-squared 0.578897
S.D. dependent var 1819442. S.E. of regression 1180681.
Akaike info criterion 30.90552 Sum squared resid 6.69E+13
Schwarz criterion 31.12652 Log likelihood -828.4490
Hannan-Quinn criter. 30.99075 F-statistic 15.57199
Durbin-Watson stat 0.099947 Prob(F-statistic) 0.000000

FEM
Dependent Variable: Y
Method: Panel Least Squares
Date: 07/15/23 Time: 15:09
Sample: 2013 2021
Periods included: 9
Cross-sections included: 6
Total panel (balanced) observations: 54

Variable Coefficient Std. Error t-Statistic Prob.

X1 0.000241 0.000328 0.733813 0.4670

X2 -56969.75 40145.93 -1.419067 0.1631
X3 74127.59 25744.48 2.879358 0.0062
X4 -30869.63 15860.23 -1.946354 0.0582
X5 -0.155457 0.041815 -3.717769 0.0006
C 9081491. 2595407. 3.499062 0.0011

Effects Specification

Cross-section fixed (dummy variables)

Root MSE 143431.0 R-squared 0.993668

Mean dependent var 1663259. Adjusted R-squared 0.992196
S.D. dependent var 1819442. S.E. of regression 160733.3
Akaike info criterion 26.99250 Sum squared resid 1.11E+12
Schwarz criterion 27.39767 Log likelihood -717.7976
Hannan-Quinn criter. 27.14876 F-statistic 674.8111
Durbin-Watson stat 1.723361 Prob(F-statistic) 0.000000

REM
Dependent Variable: Y
Method: Panel EGLS (Cross-section random effects)
Date: 07/15/23 Time: 15:11
Sample: 2013 2021
Periods included: 9
Cross-sections included: 6
Total panel (balanced) observations: 54
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

X1 -0.002363 6.23E-05 -37.91640 0.0000

X2 285604.8 11372.98 25.11257 0.0000
X3 244590.5 10066.27 24.29804 0.0000
X4 130276.5 11313.67 11.51496 0.0000
X5 0.160904 0.003244 49.60120 0.0000
C -23090576 907671.1 -25.43937 0.0000

Effects Specification
S.D. Rho

Cross-section random 0.000000 0.0000

Idiosyncratic random 160733.3 1.0000

Weighted Statistics

Root MSE 1113156. R-squared 0.618624

Mean dependent var 1663259. Adjusted R-squared 0.578897
S.D. dependent var 1819442. S.E. of regression 1180681.
Sum squared resid 6.69E+13 F-statistic 15.57199
Durbin-Watson stat 0.099947 Prob(F-statistic) 0.000000

Unweighted Statistics

R-squared 0.618624 Mean dependent var 1663259.

Sum squared resid 6.69E+13 Durbin-Watson stat 0.099947

UJI PRASYARAT REGRESI PANEL DINAMIS

HASIL UJI BIAS DATA
Untuk mengetahui data bias atau tidak digunakan kriteria yaitu jika skor koefisien Y(-1) model GMM > skor
koefisien Y(-1) CEM.

Model regresi panel dinamis Koefisien Y(-1)

CEM Least Square (LS) 0,951072
GMM (FEM) -1.345483
FEM Least Square (LS) 0,373863

Berdasarkan hasil uji bias data di atas menunjukkan bahwa skor koefisien Y(-1) model GMM = -1.345483<
skor koefisien Y(-1) CEM metode LS = 0,951072 sehingga data penelitian dinyatakan bias.

HASIL UJI ARELLANO-BOND

Arellano-Bond Serial Correlation Test
Equation: Untitled
Date: 07/15/23 Time: 15:38
Sample: 2013 2021
Included observations: 42

Test order m-Statistic rho SE(rho) Prob.

AR(1) NA 686879583278.50624 NA NA
AR(2) -0.003734 -647331518120.04512 173356754570721.34 0.9970

Hasil uji Arellano-Bond Serial Correlation menunjukkan nilai p value AR(2) = 0.9970 lebih besar dari 0,05,
maka dapat disimpulkan hasil estimasi bersifat konsisten.

HASIL UJI SARGAN

Cross-section fixed (first differences)

Root MSE 598236.2 Mean dependent var -11684.05

S.D. dependent var 197727.8 S.E. of regression 646169.0
Sum squared resid 1.50E+13 J-statistic 1.43E-12
Instrument rank 6

Hasil uji Sargan di atas menunjukkan bahwa nilai p value J-statistic = 0.00000000000143 < 0,05 sehingga
disimpulkan instrument dinyatakan tidak valid.

HASIL UJI REGRESI PANEL DINAMIS FEM (GMM)

Dependent Variable: Y
Method: Panel Generalized Method of Moments
Transformation: First Differences
Date: 07/15/23 Time: 15:26
Sample (adjusted): 2015 2021
Periods included: 7
Cross-sections included: 6
Total panel (balanced) observations: 42
White period (period correlation) instrument weighting matrix
White period (cross-section cluster) standard errors & covariance (d.f.
corrected)
WARNING: estimated coefficient covariance matrix is of reduced rank
Standard error and t-statistic probabilities adjusted for clustering
Instrument specification: @DYN(Y,-2)
Constant added to instrument list

Variable Coefficient Std. Error t-Statistic Prob.

Y(-1) -1.345483 4.553141 -0.295507 0.7795

X1 0.009629 0.055058 0.174885 0.8680
X2 -1156085. 6004133. -0.192548 0.8549
X3 -271491.7 2001341. -0.135655 0.8974
X4 -100536.7 429105.5 -0.234294 0.8240
X5 -0.218838 1.272990 -0.171908 0.8703

Effects Specification

Cross-section fixed (first differences)

Root MSE 598236.2 Mean dependent var -11684.05

S.D. dependent var 197727.8 S.E. of regression 646169.0
Sum squared resid 1.50E+13 J-statistic 1.43E-12
Instrument rank 6

HASIL UJI PANEL COMMON EFFECT MODEL LEAST SQUARE (CEM-LS)

Dependent Variable: Y
Method: Panel Least Squares
Date: 07/15/23 Time: 15:21
Sample (adjusted): 2014 2021
Periods included: 8
Cross-sections included: 6
Total panel (balanced) observations: 48

Variable Coefficient Std. Error t-Statistic Prob.

Y(-1) 0.951072 0.023405 40.63497 0.0000

C -1002484. 1226609. -0.817281 0.4185
X1 -0.000100 9.19E-05 -1.093078 0.2807
X2 11903.13 15297.34 0.778118 0.4410
X3 27723.67 13367.66 2.073936 0.0444
X4 -11211.40 16859.73 -0.664981 0.5098
X5 0.005710 0.005407 1.056131 0.2971

Root MSE 169273.0 R-squared 0.990925

Mean dependent var 1646368. Adjusted R-squared 0.989597
S.D. dependent var 1795678. S.E. of regression 183154.0
Akaike info criterion 27.20808 Sum squared resid 1.38E+12
Schwarz criterion 27.48096 Log likelihood -645.9939
Hannan-Quinn criter. 27.31120 F-statistic 746.1246
Durbin-Watson stat 2.487507 Prob(F-statistic) 0.000000

HASIL UJI PANEL FIXED EFFECT MODEL LEAST SQUARE (FEM-LS)

Dependent Variable: Y
Method: Panel Least Squares
Date: 07/15/23 Time: 15:23
Sample (adjusted): 2014 2021
Periods included: 8
Cross-sections included: 6
Total panel (balanced) observations: 48

Variable Coefficient Std. Error t-Statistic Prob.

Y(-1) 0.373863 0.166681 2.242986 0.0311

C 4088057. 3029142. 1.349576 0.1856
X1 -0.000223 0.000384 -0.580061 0.5655
X2 -26037.55 42549.82 -0.611931 0.5444
X3 72577.01 25512.86 2.844722 0.0073
X4 -22131.79 17462.75 -1.267371 0.2132
X5 -0.053526 0.060166 -0.889645 0.3796

Effects Specification

Cross-section fixed (dummy variables)

Root MSE 132520.8 R-squared 0.994438

Mean dependent var 1646368. Adjusted R-squared 0.992738
S.D. dependent var 1795678. S.E. of regression 153021.8
Akaike info criterion 26.92687 Sum squared resid 8.43E+11
Schwarz criterion 27.39467 Log likelihood -634.2448
Hannan-Quinn criter. 27.10365 F-statistic 585.1040
Durbin-Watson stat 2.296897 Prob(F-statistic) 0.000000