KOMPARASI KINERJA KEUANGAN ANTARA KELOMPOK PERUSAHAAN BERTIPOLOGI PROSPECTOR DAN DEFENDER PADA EMITEN SEKTOR MANUFAKTUR DI BURSA EFEK INDONESIA

• Main Author: Felicia Barlian
• Format: Article
• Language: English
• Published: Universitas Mercu Buana 2016-05-01
• Series: MIX: Jurnal Ilmiah Manajemen
• Online Access: http://publikasi.mercubuana.ac.id/index.php/Jurnal_Mix/article/view/622

Abstract. The objective of this research in to examine the difference of financing performance between prospector and defender firms. Four variable used as performance measures as follows : income growth, sales growth, return on investment, and return on sales. Life cycle theory is used to analyze the difference between from financing performance measures. Four variables are used to determine prospector and defender firms : the ratio of employees to sales, the price-to-book value ratio, the ratio of capital expenditure to market value equity, and the ratio of capital expenditures to total asset. Based on common factor analysis and the four other variables, 109 prospector and 109 defender firms are derived from manufacturing companies listed at Indonesian Stock Exchange from 2011 until 2014. Data of this research are analyzed using Mann-Whitney U Test. The results showed that each variable and proxies that are used will be shown mixed results depending on the circumstances , conditions and organizational strategies used by these companies. Keywords: prospector, defender, life cycle theory, financial performance