DIVERSIFIKASI PERUSAHAAN, STABILITAS LINGKUNGAN, KEPEMILIKAN MANAJERIAL DAN PENGARUHNYA TERHADAP KINERJA: SEBUAH AGENDA PENELITIAN
Keywords:
corporate diversification, firm performance, environmental stability, managerial ownershipAbstract
Various studies and opinions are still debating whether to bring the benefits of diversification or even a negative impact on long-term competitive advantage. On one side argued that the company can increase the diversification of economies of scale. While on the other hand a lot of opinions that the strategy to focus on core competencies is the key to the company's advantage in the long run. This study provides evidence of the diversification of the company and its consequences on firm value. Diversified company as part of the internal market mechanisms can have benefits and costs on the performance of the company. The purpose of this study was to find empirical evidence of (a) the effect of corporate diversification on firm performance, (b) the effect of managerial ownership on the relationship between corporate diversification and firm performance, (c) the effect of environmental stability on the relationship between corporate diversification and firm performance.
References
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Montgomery, C. A., & Wernerfelt, B. 1988. Diversification, ricardian rents and Tobin’s Q. Rand Journal of Economics, 623-632.
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Prescott, J. E. 1986. Enviroment as moderator of the relationship between strategy and performance. Academy of Management Journal, 29 (2), 329 – 346.
Rajan, R., Servaes, H., & Zingales, L. 1999. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance, 55, 35-79.
Saunders, A., Strock, E., & Travlos, N. G. 1990. Ownership structure, deregulation, and bank risk taking. Journal of Finance, 2, 643-654.
Stultz. 1990. Managerial discretion and optimal financing policies. Journal of Financial Economics, 26, 3-27.
Visny, R. W., & Shleifer. 1986. A large shareholders and corporate control. Journal of Political Economy, 94 (3), 461 - 88.
Visny, R. W., & Shleifer. 1997. A survey of corporate governence. Journal of Finance, 52 (2), 737 – 83.
Weston, J. 1970. The nature and significance of conglomerate firms. St. John’s Law Review, 44, 66-80.
Berger, P. G., & Ofek, E. 1995. Diversification's effect on firm value. Journal of Financial Economics, 37, 39-65.
Chatterjee, S., & Wernerfelt, B. 1991. The link between resources and type of diversification: Theory and evidence. Strategic Management Journal, 12, 33-48.
Chen, S. S., & Ho, K. W. 2000. Corporate diversification, ownership structure, and firm value: The Singapore evidence. International Review of Financial Analysis, 9, 315-326.
Claessens, S., Djankov, S., Fan, J. P. H., Lang, L. H. P. 2001. The benefit and cost of internal markets: Evidence from Asia’s financial crisis. Working Paper Series. Center for Economic Institutions.
Comment, R., & Jarrell, G. A. 1995. Corporate focus and stock returns. Journal of Financial Economics, 37, 67-87.
David, J. D., Denis, D. K., & Saun, A. 1999. Agency theory and the influence of equity ownership structure on corporate diversification strategies. Strategic Management Journal, 20, 1071 - 1076.
Denis, J. D., Denis, D. K., & Saun, A. 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52, 135-160.
Grey, R. H., & Disu, A. 1998. An exploration of social reporting and MNCs in Nigeria. Social and Enviromental Accounting, 18 (2), 13 - 15.
Gribbin, J. D. 1976. The conglomerate merger. Applied Economics, 8, 19-35.
Hanazaki, M., & Liu, Q. 2003. The Asian crisis and corporate governance: Ownership structure, debt financing, and corporate diversification. Working Paper Series. Center for Economic Institutions.
Jandik, T., & Makhija, A. K. 2005. Can diversification create value? Evidence from the electric utility industry. Financial Management Journal, Spring, 61-93.
Jensen, M., & Meckling, W. 1976. The theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3, 305-60.
Jensen, M. 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76, 323– 329.
Jensen, M. 1993. The modern industrial revolution, exit, and the failure of internal control system. Journal of Finance, 48, 831-880.
Khanna, T., & Palepu, K. 2000. Is group affilitation profitable in emerging market? An analysis of diversified Indian business groups. Journal of Finance, 55, 867-891.
Lang, L. H. P., & Stulz, R. E. 1994. Tobin’s Q, corporate diversification and firm performance. Journal of Political Economy, 102 (6), 1248-1280.
Li, Mingfang, & Wong, Y. Y. 2003. Diversification and economic performance: An empirical assessment of Chinese Firms. Asian Pacific journal of Management, 20, 243-265.
Lim, E. N. K., Das, S. S., & Das, A. 2009. Diversification strategy, capital structure, and the Asian financial crisis (1997 – 1998): Evidence from Singapura firms. Strategic Management Journal, 30, 577 - 594.
Montgomery, C. A., & Wernerfelt, B. 1988. Diversification, ricardian rents and Tobin’s Q. Rand Journal of Economics, 623-632.
Montgomery, C. A. 1994. Corporate diversification. Journal of Economic Perspective. 8 (3), 162-178.
Musthapa, M., Ahmad, A. C. 2011. Agency theory and managerial ownership: Evidence from Malaysia. Managerial Auditing Journal, 26 (5), 419 - 436.
Prescott, J. E. 1986. Enviroment as moderator of the relationship between strategy and performance. Academy of Management Journal, 29 (2), 329 – 346.
Rajan, R., Servaes, H., & Zingales, L. 1999. The cost of diversity: The diversification discount and inefficient investment. Journal of Finance, 55, 35-79.
Saunders, A., Strock, E., & Travlos, N. G. 1990. Ownership structure, deregulation, and bank risk taking. Journal of Finance, 2, 643-654.
Stultz. 1990. Managerial discretion and optimal financing policies. Journal of Financial Economics, 26, 3-27.
Visny, R. W., & Shleifer. 1986. A large shareholders and corporate control. Journal of Political Economy, 94 (3), 461 - 88.
Visny, R. W., & Shleifer. 1997. A survey of corporate governence. Journal of Finance, 52 (2), 737 – 83.
Weston, J. 1970. The nature and significance of conglomerate firms. St. John’s Law Review, 44, 66-80.
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Published
2014-09-01
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Section
Articles in JBIMA (Jurnal Bisnis dan Manajemen) Vol. 2 No. 2
