DIVERSIFIKASI, KINERJA, DAN NILAI PERUSAHAAN

Ayuningtiyas, Mike and Nikmah, Nikmah (2012) DIVERSIFIKASI, KINERJA, DAN NILAI PERUSAHAAN. Undergraduated thesis, Fakultas Ekonomi UNIB.

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Abstract

The purpose of this study is to examine the difference about performance and value of firm with diversified strategy and firm with focused strategy. The firm performance was measured on the following attributes: liquidity ratio (current ratio), activity ratio (total asset turnover), profitability ratio (ROA, ROE, profit margin), and solvency ratio (debt ratio). As for the firm value was measured on the Tobin’s Q ratio. Sample was taken based on purposive sampling method from manufactured companies listed in Indonesia Stock Exchange in the year 2006 to 2010. The final samples consist of 56 companies, where 35 firms with diversified strategy and 21 firms with focused strategy. This study used the independent sample t-test method for testing the hypotesis. This study found there are not difference firm performance about activity ratio (total asset turnover) of firm with diversified strategy and firm with focused strategy. But liquidity ratio (current ratio), then profitability ratio that proxy with ROA, ROE, and profit margin, and solvency ratio (debt ratio) evidence difference firm performance of firm with diversified strategy and firm with focused strategy. Firm with diversified strategy more profitable then firm with focused strategy. As for the firm value test resulted that no difference of firm with diversified strategy and firm with focused strategy. It’s mean that diversified strategy not significantly effect for performance and firm value.

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