DETERMINAN MAKROEKONOMI TERHADAP CURRENT RATIO DAN DISTRIBUTION PER UNIT PADA REAL ESTATE INVESTMENT TRUST ATAU DANA INVESTASI REAL ESTATE DI 4 NEGARA ASEAN (KAJIAN EMPIRIS PERIODE PENGAMATAN 2013 – 2016)

JOSEPHINE, SUSANNE (2016) DETERMINAN MAKROEKONOMI TERHADAP CURRENT RATIO DAN DISTRIBUTION PER UNIT PADA REAL ESTATE INVESTMENT TRUST ATAU DANA INVESTASI REAL ESTATE DI 4 NEGARA ASEAN (KAJIAN EMPIRIS PERIODE PENGAMATAN 2013 – 2016). S2 thesis, Universitas Negeri Jakarta.

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Abstract

Real Estate Investment Trusts (REITs) or Dana Investasi Real Estat (DIRE) is a derivative product in property invesment. This is a collection of fund from capital owner to invest in property assets. The fund will be professionally managed in property such as offices, residentials, retails, hotels, industrial, or logistic. To simplify, REITs or DIRE diversify the ownership in a portfolio in form of units holder. The return of this investment will be a direct distribution to the investors in the divident regular bases. This paper studies the relationship between macroeconomic determinants and Current Ratio and Distribution Per Unit as the financial performance of REITs or Dana Investasi Real Estat companies in ASEAN in the year of 2013 – 2016. The statistical analysis is using to compute all descriptive measurements, normality, reliability, and, validity of data used, to run the regression models, to test the models, and to find some statistical indicators of this research,such as the R-Squared and Adjusted R-Squared, and t tests. 4 selected countries in ASEAN to be studied in this paper are Singapore, Malaysia, Thailand, and Indonesia. Published data of the Current Ratio and the Distribution Per Unit of 2 REITs or DIRE companies in each countriesare the dependent variables. While GDP growth, Inflation rate, and Interest rate are to be the independent variables within quarter one to quarter four in the year of 2013 to 2016. Using the model tests selection between the common effect and fixed effect, this study chose to use fixed effect aftter rejecting the hyphotesis null of Chow test. The findings show that macroeconomic determinants significantly have causal effects to thefinancial performances. Furthermore, the managerial implication of this study shows that investors might consider to invest in REITs or DIRE, because ASEAN macroeconomic determinantsare supporting this promising invesment.

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