DIVERSIFIKASI, KINERJA, DAN NILAI PERUSAHAAN

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.