PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN PROSPECTOR DAN DEFENDER PADA PERUSAHAAN MANUFAKTUR

Abstract

This research is meant to examine empirically the difference of accounting performance between prospector companies and defender companies. The performance of accounting company is measured by using four variables i.e.: sales growth (PP), Profit Growth (PL), dividend payout ratio (DPR), and return on investment (ROI). The selection of companies which have prospector and defender typology is done by using 3 control variables i.e. the ratio of employees to the total sales (EMPSAL), and Price to Book Value (PBV), and the capital expenditure ratio to the total asset (CAPTA). The samples are 33 companies which have been selected by using purposive sampling from the manufacturing companies which are listed in Indonesia Stock Exchange from 2011 to 2013. The selection of sample of prospector type and defender type is analyzed by using Cluster Analysis to the 3 (three) of the existing control variables. The result of the research shows that there are 31 companies which are categorized into prospector typology and 2 companies are categorized into defender typology. The average of sales growth of prospector companies is larger than the defender companies but the result is insignificant. The average of profit growth of prospector companies is larger than the defender companies and it has different significant. The average of dividend Payout Ratio and Return on Investment of the prospector companies is smaller than the defender companies and it has different significant.
Keywords: Sales Growth, Profit Growth, Dividend Payout Ratio, and Return on Investment.