PENGARUH DIVERSIFIKASI PERUSAHAAN TERHADAP EXCESS VALUE (Studi Empiris pada Perusahaan Publik yang Terdaftar di BEI Periode 2005-2009)

Abstract

The purpose of this study was to examine the effect of corporate diversification to excess value. Corporate diversification has been a debate various parties, whether diversification can bring benefits to the company or bring a negative impact on long-term competitive advantage. In this study estimated that the diversification strategy will enhance share holder value in public companies listed in Indonesia Stock Exchange. The sample used is selected by using purposive sampling technique in the period 2005-2009 are included on the specified criteria. The selected sample of 44 companies. Pooling the data processing is done in order to obtain 220 observations. The instrument used to test the hypothesis is multiple regression analysis. There are 8proxiesused In this research include corporate diversification, leverage, earning growth, the level of investment opportunities, industry type and number of business segments, firm size and age. The results of this study indicate that no significant influence on corporate diversification, investment to opportunities set, industry type and number of business segments of the excess value so that the hypothesis is rejected In the relation of characteristics of firms, indicate leverage, earning growth, size and age of firms have a significant effect on excess value.