Analisis Diversifikasi Perusahaan Terhadap Kinerja Perusahaan pada Beberapa Perusahaan yang Terdaftar di Bursa Efek Indonesia

Penulis

  • Berta Lestari Universitas Islam Kalimantan Muhammad Arsyad Al Banjari
  • Aris Setia Noor Universitas Islam Kalimantan Muhammad Arsyad Al Banjari

DOI:

https://doi.org/10.36982/jiegmk.v10i1.719

Abstrak

ABSTRACT

Companies that diversify both low and high have asset sizes that can be used as collateral to facilitate obtaining external funds where high levels of debt pose risks and affect performance. In addition, sales growth that arises due to the success of product development or production as a result of company investment, also affects performance. The purpose of this study was to analyze the company's diversification of the company's performance. In this study the samples used were several companies listed on the Indonesia Stock Exchange (IDX). The sample used in this study is companies that do high diversification except companies in the fields of finance, property, and media that publish financial reports in full and recorded as well as status of Domestic Capital Investors instead of Foreign Investment with a total sample of 100 more companies. Samples were taken using the purposive sampling method. The analytical method used is a multiple linear regression analysis model carried out with the help of the SPSS for windows computer program, Lisrel. Based on the results of the study there are not significant differences between the performance of lowly diversified firms and highly diversified firms of 0.1711 where the Market Value Added average of highly diversified firms is lower than lowly diversified firms. The group of highly diversified firms has lower performance due to several things such as management inefficiency, increased costs due to the complexity of coordination and less responsible actions in carrying out diversification strategies.

Keywords : Company Diversification, Company Performance

ABSTRAK

Perusahaan yang melakukan diversifikasi baik rendah maupun tinggi memiliki ukuran aset yang dapat dijadikan jaminan untuk mempermudah dalam memperoleh dana eksternal di mana tingkat utang yang tinggi menimbulkan risiko dan mempengaruhi kinerja. Selain itu, pertumbuhan penjualan yang timbul karena adanya keberhasilan pengembangan produk atau produksi sebagai hasil investasi perusahaan, juga mempengaruhi kinerja. Tujuan dari penelitian ini adalah untuk menganalisis diversifikasi tinggi perusahaan terhadap kinerja perusahaan.Dalam penelitian ini sampel yang digunakan adalah beberapa perusahaan yang terdaftar di Bursa Efek Indonesia (BEI). Sampel yang digunakan dalam penelitian ini  yaitu perusahaan – perusahaan yang melakukan diversifikasi tinggi kecuali perusahaan bidang keuangan, properti, dan media yang menerbitkan laporan keuangan secara lengkap dan yang tercatat serta berstatus Penanman Modal Dalam Negeri bukan Penanaman Modal Asing dengan sampel total 100 lebih perusahaan . Sampel diambil dengan menggunakan metode purposive sampling. Metode analisis yang digunakan adalah model analisis regresi linear berganda yang dilakukan dengan bantuan program komputer SPSS  for windows, Lisrel . Berdasarkan hasil penelitian terdapat perbedaan yang tidak signifikan antara kinerja lowly diversified firms dan highly diversified firms sebesar 0,1711 dimana rata – rata Market Value Added highly diversified firms lebih rendah dibandingkan dengan lowly diversified firms. Kelompok highly diversified firms mempunyai kinerja yang lebih rendah dikarenakan beberapa hal seperti inefesiensi pengelolaan, peningkatan biaya akibat kompleksitas koordinasi dan tindakan yang kurang bertanggung jawab dalam menjalankan strategi diversifikasi.

Kata Kunci : Diversifikasi Perusahaan, Kinerja Perusahaan

Biografi Penulis

Berta Lestari, Universitas Islam Kalimantan Muhammad Arsyad Al Banjari

Program Studi Manajemen

Aris Setia Noor, Universitas Islam Kalimantan Muhammad Arsyad Al Banjari

Program Studi Manajemen

Referensi

Alonso, Eduardo Jose Marendez. 2010. The Effect of Firm Diversification on Capital Structure : Evidence From Spanish Firms. Journal of Economic Literature. EFMA Annual Meeting. Athens (GREECE).

Barret, Christopher B. & Thomas Reardon. 2010. Asset, Activity, and Income Diversification Among African Agriculturalistis : Some Practical Issues. Working Paper. (March).

Brigham, E. F. & Gapenski, L. C. 2013. Intermediate Financial Management. The Dryden Press.

Dergibson Siagian, & Sugiharto. 2013. Metode Statistika Untuk Bisnis dan Ekonomi. Jakarta : PT. Gramedia Pustaka Utama.

Fauver, Larry., Joel Houston, & Andy Naranjo. 2010. Capital Market Development, Integration, Legal Systems, and The Value of Corporate Diversification : A Cross-Country Analysis. Working Papers (June).

Fleming, Grant., Barry Oliver & Steven Skourakis. 2013. The Market Value of Diversified Firms in Australia. The Australian National Univercity Working Paper Series in Finance. 01-04.

Goolds, M. & K. Luchs. 2013. Why Diversify ? Four Decades of Management Thingking. Academy of Management Excecutive. August : 7 -25

Gonenc, Halit., Ozgur B. Kan, & Ece C. Karadagli 2011. Corporate Diversification and Internal Capital Market : Evidence from the Turkish Business Groups. European Financial Management (EFM) Journal.

Lamount, Owen A., & Christopher Polk. 2011. Does Diversification Destroy Value? Evidence from Industry Shocks. NBER Working papers. No. 7803 (July).

Levy, Haim. & Marshall Sarnat. 2011. Capital Investment & Financial Decisions. 5th edition. UK : Prentice Hall International.

Matsusaka, John. G, & Vikram Nanda. 2010. Internal Capital Market and Corporate Refocusing. Working Papers 01-6 (April).

Pandya, Anil M. & Naredar V. Rao. 2013. Diversification and Firm Performance : An Empirical Evaluation. Journal of Financial and Strategic Decisions. Volume 11 No. 2.

Penman, Stephen H. 2013. Financial Statement Analysis and Security Valuation. Singapore : Mc.Graw-Hill.

Schulze, William S., & Richard N. Diro. 2013. The Impact of Distribution of Ownership on the use of Financial Leverage in Family Firms.

Sekaran, U. 2016. Research Methods for Business: A Skill Building Approach, 2nd edition, John Wiley & Sons, Inc.

Simon, Robert. 2010. Performance Measurement and Control Systems for Implementing Strategy : Text and Cases. New Jersey : Prentice Hall.

Weston, J. Fred & Eugene B. Brigham. 2013. Dasar-dasar Manajemen Keuangan. Terjemahan Afonso Sirait. Jakarta : Penerbit Erlangga.

Unduhan

Diterbitkan

2019-07-30

Cara Mengutip

Lestari, B., & Noor, A. S. (2019). Analisis Diversifikasi Perusahaan Terhadap Kinerja Perusahaan pada Beberapa Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Ekonomi Global Masa Kini, 10(1), 13–20. https://doi.org/10.36982/jiegmk.v10i1.719

Terbitan

Vol 10 No 1

Bagian

Articles

Lisensi

Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and 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.

 

LP2M Indo Global Mandiri University has the right to multiply and distribute the article and every author is not allowed to publish the same article that has been published in this journal.