Main Article Content
Abstract
This research aim is to analyze the effect of efficiency business cycle in up and down stream condition by using real estate industries listed on Jakarta Stock Exchange. The analytical is used multivariate analysis of variance (Manova). The result shown that Wilks Lambda 0.364 and p-value 0.000.
In up stream condition shows that variable efficiency: return on asset, return on equity, current ratio, debt to equity ratio and total liabilities to total asset have higher value than in down stream condition.
In down stream condition, some assets are not used so that returns on asset to be low. Interest rate of commercial banks are high so interest expense to be big and finally real estate industries to be loss so return on equity to be low.
Current ratio is lower because long term debt has been restructurization and rescheduling due to be current liabilities. There for asset financing for realestate industries are used debt than equity so total liabilities to total asset and debt to equity to be higher.
Keywords: Business Cycle, efficiency, return on asset, return on equity, current ratio, debt to equity and total liabilities to total asset.
In up stream condition shows that variable efficiency: return on asset, return on equity, current ratio, debt to equity ratio and total liabilities to total asset have higher value than in down stream condition.
In down stream condition, some assets are not used so that returns on asset to be low. Interest rate of commercial banks are high so interest expense to be big and finally real estate industries to be loss so return on equity to be low.
Current ratio is lower because long term debt has been restructurization and rescheduling due to be current liabilities. There for asset financing for realestate industries are used debt than equity so total liabilities to total asset and debt to equity to be higher.
Keywords: Business Cycle, efficiency, return on asset, return on equity, current ratio, debt to equity and total liabilities to total asset.
Article Details
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
How to Cite
Kodrat, D. S. (2009). Dampak Business Cycle pada Efisiensi Industri Properti yang Go Public di Pasar Modal Indonesia. Jurnal Siasat Bisnis, 11(3). Retrieved from https://journal.uii.ac.id/JSB/article/view/235