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Econometric Evidence of the Effects of Financiai Reforms on Firms' Financing and investment Behavior

Author

Listed:
  • Miranda Gultom-Siregar

    (Institute for Economic Faculty of Economics, University of Indonesia, Jakarta)

Abstract

Selama tahun 1980-an, Indonesia melaksanakan serangkatan langkah reformasi struktural sebagai respons terhadap memburuknya situasi ekonomi, terutama daiam pasar internasional untuk ekspor utama Indonesia: minyak bumi dan hasii-hasiinya. Deregulasi sistem perbankan 1983 melepaskan kontrol atas tingkat bunga dan menghapuskan pagu kredit. Berdasarkan data sejumlah industri manufaktur di Indonesia selama tahun 1981-1988, makalah ini mencoba menelusuri pengaruh dari reformasi keuangan atas priiaku pembiayaan dan investasi industry manufaktur Indonesia. Sifat-sifat data memungkinkan kita melakukan perbandingan antarperusahaan yang memiliki karakteristik yang berbeda-beda seperti ukuran perusahaan, status konglomerat, dan orientasi ekspor yang mempengaruhi akses ke sumber pembiayaan eksternal. Analisis atas variabei-variabei real dan finansial menunjukkan bahwa reformasi ekonomi tersebut mempunyai dampak positif terhadap kinerja perusahaan-perusahaan kecil, konglomerat dan perusahaan berorientasi ekspor. Kendati suku bunga, baik nominal maupun real, naik secara tajam imbalan real untuk modal tetap tinggi dan meningkat secara tajam bagi perusahaan-perusahaan kecil. Data menunjukkan bahwa proses pergeseran dari alokasi kredit secara administratif ke alokasi menurut pasar telah meningkatkan biaya pinjaman, tetapi pada saat yang sama memperluas akses ke sumber pembiayaan eksternal. Dilihat dari sudut investasi dan tingkat laba, reformasi tersebut berdampak neto positif.

Suggested Citation

  • Miranda Gultom-Siregar, 1992. "Econometric Evidence of the Effects of Financiai Reforms on Firms' Financing and investment Behavior," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 40, pages 365-392, Desember.
    • Handle: RePEc:lpe:efijnl:199215
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