Penelitian empiris ini bertujuan untuk menguji perbedaan kinerja keuangan perusahaan antara sebelum dan setelah melakukan organizational downsizing serta untuk menguji perbedaan kinerja keuangan antara perusahaan yang melakukan dan tidak melakukan organizational downsizing. Perusahaan yang diteliti adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2006-2010. Kinerja keuangan perusahaan di analisis dengan menggunakan rasio-rasio keuangan seperti rasio likuiditas (current ratio), manajemen hutang (debt to equity ratio), manajemen aktiva (inventory turnover, total assets turnover), dan profitabilitas (net profit margin, return on total equity, return on total assets, operating income per employee dan sales per employee). Data penelitian diperoleh melalui observasi tidak langsung, yaitu dengan mengumpulkan dan menganalisis data rasio laporan keuangan pada Indonesian Capital Market Directory dan laporan keuangan perusahaan tahun 2006-2010 yang dipublikasikan. Data diolah dan dianalisis dengan menggunakan dua metode statistik, yaitu statistik deskriptif dan statistik induktif atau uji hipotesis. Metode yang digunakan adalah pengujian hipotesis t test dua sampel yang berpasangan antara data sebelum dan sesudah melakukan organizational downsizing serta t test dua sampel independen antara data perusahaan yang melakukan dan yang tidak melakukan organizational downsizing. Hasil analisis menunjukkan bahwa tidak terdapat perbedaan yang signifikan antara sebelum dan sesudah dilakukannya organizational downsizing berdasarkan analisis rasio keuangan yang meliputi current ratio, debt to equity, net profit margin, inventory turnover, total asset turnover, return on equity, return on asset dan operating income per employee. Perbedaan yang cukup signifikan antara sebelum dan sesudah dilakukannya organizational downsizing hanya terjadi berdasarkan analisis rasio sales per employee. Sedangkan untuk perbandingan antara perusahaan yang melakukan dan tidak melakukan organizational downsizing, terdapat empat rasio keuangan yang menunjukkan perbedaan yang signifikan yaitu net profit margin, return on asset, operating income per employee dan sales per employee. Kelima rasio keuangan lainnya yaitu current ratio, debt to equity, inventory turnover, total asset turnover dan return on equity menunjukkan tidak adanya perbedaan yang signifikan.

The study of organizational downsizing has taken to examine the difference of financial performance before and after implementation of organizational downsizing and also to examine the difference of financial performance for companies which implement organizational downsizing and companies which not implement organizational downsizing. This research examines manufacturing companies listed in Indonesia Stock Exchange during the year 2006-2010. The analysis of financial performance is using financial ratios such as liquidity ratio (current ratio), debt management (debt to equity ratio), assets management (inventory turnover, total assets turnover), and profitability ratio (net profit margin, return on total equity, return on total assets, operating income per employee and sales per employee). Data used in this research are gathered through indirect observation by collecting and analyzing financial ratio in Indonesian Capital Market Directory and financial report for the year 2006-2010, then to be analyzed using two statistical method, descriptive and inductive statistics. The hypothesis of this research are tested by paired sample t test and independent t test. The result shows that there is no significant different of financial performance before and after implementation of organizational downsizing based on analysis of current ratio, debt to equity, net profit margin, inventory turnover, total asset turnover, return on equity, return on asset and operating income per employee. There is significant different of sales per employee ratio before and after implementation of organizational downsizing. The second result shows that there are some significant difference of financial performance for companies which implement organizational downsizing and companies which not implement organizational downsizing based on financial ratio such as net profit margin, return on asset, operating income per employee and sales per employee. Whereas the other financial ratios such as current ratio, debt to equity, inventory turnover, total asset turnover and return on equity shows that there are no significant differences.

Kata Kunci : organizational downsizing, kinerja keuangan, rasio keuangan, t test dua sampel berpasangan dan t test dua sampel independen