Analisis perbandingan kinerja keuangan perusahaan prospector dan defender (studi pada perusahaan manufaktur yang terdaftar di bursa efek indonesia periode tahun 2010-2012)

Abstract

In an increasingly competitive conditions, companies are required to develop strategies to create competitive advantage. Miles and Snow devide firm’s strategy into four types, which are prospector, defender, analyzer and reaction, with prospector and defender as the two extremes strategies.The determination of the company’s strategy both prospector and defender will have an impact on corporate performance, especially the company’s financial performance. The objectives of this research are to empirically examine the differences in financial performance between prospector and defender firms. Financial performance are measured by sales growth, income growth, dividend payout ratio, and return on investment. The definite selection between prospector and defender firms using 3 (three) control variables are employee growth to total net sales ratio (EMPSAL), price to book value ratio (PBV), and capital expenditure to total asset (CAPTA). Population of this research are the manufacturing firms listed in Indonesian Stock Exchange in 2010 to 2012 which number of population that used were 136 firms. The samples are collected using purposive sampling method. Selection of sample types prospector and defender analyzed using cluster analysis of the three variables that exist. Financial performance data in this study were analyzed using Mann-Whitney test with the help of software SPPS 17.0. The result of this research show that 38 firms become the samples, 21 firms are categorized as prospectors and 17 firm are categorized as defenders. Average sales and income growth of prospector firms are higher than defender firms, the result is significant. Dividend payout ratio and Return On Investment of prospector firms are smaller than defender firms, the result is significant.Keywords: Prospector and Defender, Sales Growth, Income Growth, Dividend Payout, Return On Investment

Does Innovation Efficiency Matter to Firm Performance the Moderating Role of Environmental Uncertainty?

“…Innovation efficiency makes the innovation projects carried out have greater benefits compared to the cost incurred. New products resulting from innovation projects can create new market niches, making the firm a market leader that helps to determine prices for these new products (Sudaryati & Amelia, 2015). This causes the firm's revenue to increase because of the rising in market share and the ability to shape prices.…”

“…When environmental uncertainty increases, firms actively seek information related to competitors' strengths and customer preferences. This encourages firms to intensively conduct research and development (R&D) to create new products that are superior to competitors and able to meet customer preferences (Sudaryati & Amelia, 2015). Innovation efficiency directs firm managers to efficiently spend cash when conducting R&D so the innovation output is in line with market needs and is ahead of competitors (K. Wang et al, 2019).…”

“…Product innovation creates a competitive advantage in the market through new products that are better than competitors so it helps companies to create market share and increase sales (Atalay et al, 2013;Evangelista & Vezzani, 2010). New products and services resulting from the innovation process generate new market share and the ability to create prices to increase firm profitability (Hoonsopon & Ruenrom, 2012;Sudaryati & Amelia, 2015). However, several studies that focus on the relationship between innovation and firm performance have not provided conclusive results (Camisón & Villar-López, 2014).…”

Environmental Uncertainty and Firm Performance: The Moderating Role of Corporate Governance

“…Market uncertainty indicates changes in the composition of market niches and their preferences (M. Wang and Fang, 2012). Environmental uncertainty that grows from changes in consumer preferences and the composition of market niche encourages company management to become more innovative in finding new ideas to develop new products or processes that are different from competitors (Sudaryati and Amelia, 2015).…”

The Effect of Environmental Commitment on Financial Performance through Green Innovation

“…In addition, the company also has a cost-leadership strategy. Increased market share and cost-leadership strategies have an impact on increasing corporate profits that can achieve better financial performance (Sudaryati and Amelia, 2015).…”