Analisis Pengaruh Likuiditas terhadap Keputusan Investasi Aktiva Tetap pada Industri Barang Konsumsi yang Terdaftar di Bursa Efek Jakarta sebelum dan Sesudah Krisis Ekonomi

Abstract

The economic crisis experienced by Indonesia negatively affected many companies, the exchange rate of rupiahs for US Dollars, for example, decreased by 350 %. The inflation rate dramatically increased while interest rate climbed to their highest levels in recent years. All of these concequences significantly affected many companies, as well as families causing sharp income decline for many of them. The decline in income made many companies more selective in their investment decisions particularly in the areas of credit, inventory, share and fixed assets. These types of investment, in tum were influenced by the company's liquidity. The subject of this study involves a sample of 30 Consumer Goods Companies registereg on the Jakarta Stock Exchange using multiple linear regression theory an analysis is made of each liquidity, as measured by Cash Flow proportionate to Net Fixed Assets; Net Working Capital proportionate to Total Activity; and Quick Ratio (defined as Current Assets minus Inventory divided by Current Liabilities) on an company's fixed assets investments before the crisis (1994 - 1996) and after the crisis ( 1998 - 2000). Before the economic crisis the study results show that liquidity as measured by Cash Flow proportionate to Net Fixed Assets, and Net Working Capital proportionate to total activity, influenced Fixed Assets lnvestements positively and significantly. On the other hand the Quick Ratio that negatively and unsignificantly affected fixed assets investments before and after the crisis. Furthermore, the Chow test indicated that the influence of liquidity on fixed assets investments differend between the period before the crisis and the period after the crisis.