[ABSTRAK
Penelitian ini juga bertujuan untuk menganalisis apakah krisis di Amerika Serikat(AS) tahun 2008 berdampak pada industri properti di Indonesia. Hal ini dilakukandengan cara menganalisis faktor financial constraints pada perusahaan sektorproperty, real estate and building construction yang terdaftar di Bursa EfekIndonesia sebelum tahun 2003 terhadap investasi yang dilakukan. Faktor financialconstraints yang digunakan dalam penelitian ini berupa arus kas investasi danmodal saham, penyaluran utang bank, pertumbuhan penjualan dan betaperusahaan. Selain itu, digunakan pula asset tangibility sebagai proksi untukmenentukan financial constraints yang dihadapi perusahaan dengan menggunakanregresi berganda. Hasil penelitian menunjukkan bahwa arus kas investasimemiliki pengaruh yang positif dan signifikan marjinal terhadap investasi yangdilakukan sebelum dan sesudah krisis di AS. Selain itu, beta perusahaan jugamempunyai pengaruh yang positif dan signifikan marjinal terhadap investasi yangdilakukan sesudah krisis. Asset tangibility tidak mempunyai pengaruh terhadapinvestasi baik yang dilakukan sebelum maupun sesudah krisis;

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ABSTRACT
The purpose of this research is to find out the effects of the United States (U.S)crisis in 2008 to the property industry in Indonesia. The research to analyze thefinancial constraints investment of the companies in the property, real estate andbuilding construction sector. The financial constraints that have been used in thisresearch are cash flow from investing, capital stock, ratio bank debt, sales growth,beta for property industry, including asset tangibility. This research uses multipleregressions of all companies in property, real estate and building constructionindustry that listed in BEI before 2003. The result shows the effect of cash flowfrom investing activity was marginally positive significant to investment activitythat made before and after U.S crisis. On the other hand, beta from company onlyshowed the effect after the crisis. Asset tangibility shows there is no effect toinvestment activity that made before and after crisis;The purpose of this research is to find out the effects of the United States (U.S)crisis in 2008 to the property industry in Indonesia. The research to analyze thefinancial constraints investment of the companies in the property, real estate andbuilding construction sector. The financial constraints that have been used in thisresearch are cash flow from investing, capital stock, ratio bank debt, sales growth,beta for property industry, including asset tangibility. This research uses multipleregressions of all companies in property, real estate and building constructionindustry that listed in BEI before 2003. The result shows the effect of cash flowfrom investing activity was marginally positive significant to investment activitythat made before and after U.S crisis. On the other hand, beta from company onlyshowed the effect after the crisis. Asset tangibility shows there is no effect toinvestment activity that made before and after crisis, The purpose of this research is to find out the effects of the United States (U.S)crisis in 2008 to the property industry in Indonesia. The research to analyze thefinancial constraints investment of the companies in the property, real estate andbuilding construction sector. The financial constraints that have been used in thisresearch are cash flow from investing, capital stock, ratio bank debt, sales growth,beta for property industry, including asset tangibility. This research uses multipleregressions of all companies in property, real estate and building constructionindustry that listed in BEI before 2003. The result shows the effect of cash flowfrom investing activity was marginally positive significant to investment activitythat made before and after U.S crisis. On the other hand, beta from company onlyshowed the effect after the crisis. Asset tangibility shows there is no effect toinvestment activity that made before and after crisis]