PENGARUH KRISIS MONETER PADA EFISIENSI PERUSAHAAN PUBLIK DIBURSA EFEK JAKARTA

Abstract

The monetery crisis has attacted Indonesia since the mid of 1997. Sharp increase of
US dollar exchange rate and the due of international loan hurted Indonesian
economy and business painfully. It is very rational that this national problem
influence the performance of companies listed in Jakarta Stock Exchange (JSX).
Increasing the price, in rupiah, of imported material and other goods and services
from other countries that based on dollar value destortedthe ability of companies to
maintain their financial performance.
This study intent to identify and analyze the impact of monetary crisis to the
performance of companies listed in JSX. 129 manufacturing companies selected as
sample to answer the question whether the monetary crisis has already attacted the
performance of companies listed in JSX. The sample, then, sub-grouped to the four
sub-sample based on sector of businesses to explain which of the sector hurting most.
By using t-test and spearman rank correlation all the hypothesis are tested. Six
financial ratios used to represent the company performance. Those ratios are consist
of three ratio categories: profitability, liquidity and operation, and leverage.
The results of the study shown that companies listed in JSX are impacted by monetary
crisis. All means of financial ratios after crisis used in this study are worse than those
in the year before crisis. T-test results show that all indicators of ratios significantly
different except Current Ratio and Debt to Equity Ratio. The explanation that can be
provided from these findings is that the impact of crisis to those two ratios cannot be
shown in the very short time (only six months), because the liquidity, debt, and equity
of the sample are still not significantly changing from the first semester of the year of
1997. The explanation of those finding also supported by analysis of sectors of
industry. Four sectors, taken from JSX directory, shown consistently with total
sample except sector of heavy investment as: building construction, real estate, and 

other heavy investment industries. The explanation of this exception is that those
companies in sector 4 have not yet been impacted by the crisis.