Pengaruh Strategi Diversifikasi terhadap Kinerja Perusahaan dengan Moderasi Efisiensi

Abstract

This study examined the moderating effect of efficiency on the relationship between diversification and performance of non-financial service firms that are listed on the Indonesian Stock Exchange from 2013 to 2017. The purpose of this research is to obtain empirical findings of efficiency moderating effect on the relationship between diversification strategy and company performance. There have not been studies conducted in Indonesia before that apply efficiency as a moderating variable. Result of this study will also clarify previous researches that exhibit ambiguous results regarding the correlation between diversification strategy and performance. Method used in the research is multiple linear regression with related and unrelated diversification, whereas efficiency is measured with Data Envelopment Analysis. The result shows that both diversification strategy does not affect the corporate performance significantly, and efficiency does not moderate the relationship between diversification and performance as well. However, there is an indication of, so called, a crossover interaction between efficiency variable and diversification strategy. Precisely, no significant relationship between related diversification and company performance and the significant result of interaction of efficiency and related diversification indicates that related diversification can moderate the relationship between efficiency and performance. The finding suggests for further research to deepen the effect of diversification on the company performance. This study contributes the reduction of its limitation in terms of there are insufficient studies on moderating effect of diversification strategy and the applying of binary variable to measure diversification.

Keywords

• strategi diversifikasi
• kinerja perusahaan
• efisiensi
• variabel moderasi
• crossover interaction
• data envelopment analysis