ANALISIS PENGARUH FAKTOR-FAKTOR FUNDAMENTAL, SKALA PERUSAHAAN DAN JENIS KOMODITI TERHADAP DAYA TAHAN PERUSAHAAN INDUSTRI MANUFAKTUR PADA KRISIS FINANSIAL II DI INDONESIA

Abstract

This Thesis entitles " THE INFLUENCE ANALYSIS OF FUNDAMENTAL FACTORS, FIRM’S SIZE AND KIND OF COMMODITIES, TOWARDS CORPORATE DURABILITY OF THE MANUFACTURING COMPANIES ON THE SECOND INDONESIAN FINANCIAL CRISIS” aims to study how the influence of fundamental factors (financial leverage [DFL], operating leverage [DOL], total asset turnover [TATO], price earnings ratio [PER]), kind of commodities and the firm’s size factors either partially and simultaneously impact to the corporate durability in Indonesian financial crisis situation.

This kind of research is an explanatory research which observing the behavior and characteristics of the manufacturing companies listing on the Indonesia Stock Exchange (BEI) on the second Indonesian financial crisis periode ( 2007 – 2008 ). The analysis tools to be used in this study is “Two Groups Discriminant Analysis”. The groups are consist of : companies having operasional decreased drastically and the others are companies having operational decreased not drastically. This study did not focus on profitability level, but mainly on operasional performance level of the companies. Operational performance more easily indicated as the negative impact of financial crisis that immediately felt by the entire company.

The results showed that the fundamental factors (DFL, DOL, TATO and PER) either partially and simultaneously having significant impact on corporate durability in the financial crisis situation. The two another factors, namely : kind of commodity and firm’s size, partially and simultaneously also significantly influence to the corporate durability in the financial crisis situation.

Partially, the influence of each variable be summaried up as follows: 1. DFL and PER : positive impact means that the higher the DFL and PER, companies tend to have poor durability in the financial crisis situation. 2. DOL and TATO : negative impact means the higher the DOL and TATO, companies tend to have good durability in the financial crisis situation. 3. Commodity : negative impact means that companies engaged in agro-industrial commodities tend to have good durability in the financial crisis situation. 4. Firm’s Size : negative impact mean greater scale of the business tend to have good durability in the financial crisis situation.