Pengaruh Krisis Yunani Terhadap Profitabilitas, Likuiditas, Operasi, dan Leverage Perusahaan Go Public di Indonesia
AMRI, ULIL (Adv.: Sumiyana, Drs., M.Si.), Sumiyana, Drs., M.Si.
Penelitian ini membahas kinerja tingkat profitabilitas, likuiditas, operasi,dan leverage perusahaan terhadap dampak timbulnya krisis Yunani di Eropa tahun 2010.Penelitianinimerupakan replikasi dari jurnal berjudul‘Pengaruh Krisis Moneter pada Efisiensi Perusahan Publik di Bursa Efek Jakarta’ yang ditulisoleh Machfoedz (1999) dengan metodologi penelitian yang disesuaikan dengan kebutuhan penelitian.
Penelitianini menggunakan rasio Return on Asset, Return on Equity, Current Ratio, Inventory Turnover, Total Assets to Total Liabilities dan Debt to Equity Ratio sebagai objek penelitian.Peneliti menghitung rasio keuangan dari ringkasan laporan keuangan yang tersedia di ICMD dan Indonesia Stock Exchange. Perusahaan-perusahaan yang diteliti merupakan emiten terdaftar LQ45 dan masa penelitian ialah 2 tahun sebelum krisis dan 2 tahun selama krisis. Dari proses pengambilan sampel didapatkan 26 sampel perusahaan per tahun yang sesuai dengan kriteria yang diajukan peneliti. Penelitianinimenggunakan indikator perbandingan mean dan Wilcoxon Signed Rank Test sebagai alat uji beda hipotesis.
Dari hasilanalisis, ditemukanbahwa krisis yang menimpa Yunani tidak mendetorsi dan tidak memberikan dampak signifikan terhadap tingkat likuiditas, operasi, dan leverage perusahaan-perusahaan go public di Indonesia. Sebaliknya, rasio likuiditas, operasi, leverage meningkat, kecuali rasio profitabilitas. Rasio likuiditas dan operasi yaitu Current Ratio dan Inventory Turnover serta rasio profitabilitas Return on Asset tidak berubah secara signifikan dari ketiga rasio lainnya.
This research discuss the company performance for the levels of profitability, liquidity, operations, and leverage were under influence of the Greek crisis in Europe in 2010. This research is a replication of a journal titled 'Monetary Crisis Effect on Efficiency of Public Company in the Jakarta Stock Exchange', written by Machfoedz (1999) by using research methodologies that be accorded with the needs of the research.
The discussion uses any economic parameter as the ratio of Return on Assets, Return on Equity, Current Ratio, Inventory Turnover, Total Assets to Total Liabilities an Debt to Equity Ratio as an object of research. In this
researchers the financial ratio was calculated from the actual data are found out from financial summary report published by ICMD and Indonesia Stock Exchange. Many major go public company to be samples in this research are
registered as a group of the LQ45 companies and the data was taken for the both two years before and two years during the crisis. Base on the sampling process results was obtained 26 companies sample per year that according to the criteria of the research proposal. This research used comparasion indicator for the both mean and Wilcoxon Signed Rank Test as tester tool for different hypotheses.
Base on the analysis, it was found that the crisis that attack Greece is not distortion and has no significant impact on the level of liquidity, operations, and leverage at the go public firms in Indonesia. In contrast, the ratio of liquidity, operations, and leverage increases, except the profitability ratios. Liquidity ratio Current Ratio, operation ratio Inventory Turnover and profitability ratios Return on Assets has not changed significantly from the three other ratios.
Kata Kunci : profitabilitas, likuiditas, operasi, rasio keuangan, krisis Yunani, LQ45, profitability, liquidity, operations, leverage, financial ratios, the Greek crisis
