Strategi bisnis, leverage keuangan dan kinerja perusahaan

Krismiaji Krismiaji(1),
(1) Akademi Akuntansi YKPN, Yogyakarta, Indonesia


Penelitian ini mendiskusikan hasil riset empiris yang menginvestigasi pengaruh strategi bisnis terhadap hubungan kausalitas antara leverage keuangan dan kinerja perusahaan. Penelitian ini menggunakan sampel sebanyak 645 observasi perusahaan manufaktur yang terdaftar di bursa efek Indonesia (BEI) tahun 2010 sampai dengan tahun 2014. Kinerja perusahaan diukur menggunakan rasio nilai pasar terhadap nilai buku (market-to-book ratio), leverage keuangan diukur dengan membagi utang dengan total asset, dan strategi bersaing diukur dengan menggunakan variabel dummy, yaitu bernilai 1 untuk perusahaan yang mengadopsi strategi diferensiasi produk, dan 0 untuk perusahaan yang mengadopsi strategi kepemimpinan biaya. Penelitian ini menemukan adanya hubungan negatif antara leverage dan kinerja perusahaan dan hubungan ini lebih negatif pada perusahaan yang mengadopsi strategi diferensiasi produk. Hasil penelitian ini dapat membantu memperjelas mengapa riset terdahulu yang meneliti hubungan langsung antara leverage dan kinerja cenderung tidak konsisten dan bertentangan.



Leverage, strategi, kinerja


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