Pengaruh Diversifikasi terhadap Kinerja Perusahaan


  • Rafrini Amyulianthy Bina Nusantara University
  • Nuraini Sari Bina Nusantara University



diversification, excess value, internal market, firm value


For many years, the benefit and cost of corporate diversification strategy have been debatable. This research provides empirical evidence on corporate diversification and its consequences toward firm value. Corporate diversification as part of internal market mechanism can have benefit and cost on performance of the firm. The writers estimated that diversification strategy would reduce firm value especially in situation like Indonesia with less developed financial market and many companies are still suffering from monetary crises in recent years. The writers found that companies with diversified business segment have negative excess value comparing with stand alone firms. In relation with firms characteristics, it shows that tobins q and asset size positively related with firm value. This result rejects internal capital market hypothesis.

Author Biographies

Rafrini Amyulianthy, Bina Nusantara University

Accounting and Finance Department

Nuraini Sari, Bina Nusantara University

Accounting and Finance Department


Al Najjar, F.K, Riahi-Belkaoui, A. (2001). Empirical Validation Of A General Model Of Growth Opportunities. Managerial Finance, Vol no.3. Pp.72-90.

Anthony, R., and Govindarajan, V. (2000). Management Control System (10th edition). US: Irwin McGrawHill.

Berger, P., and Ofek, V. (1995). Diversification’s effect on firm value. Journal of Financial Economics 37. Pp. 39-65.

Capar, N., and Kotabe, M. (2003). The Relationship between International Diversification and Performance in Service Firms. Journal of International Business Studies, Vol. 34, No. 4 (Jul., 2003). Pp. 345-355.

Chatterjee, S., and Wernerfelt, B. (1991). The link between resources and type of diversification: Theory and evidence. Strategic Management Journal 12. Pp.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. Pp.315-326.

Christensen, H .K., and Montgomery, C.A. (1981). Corporate Economic Performance : Diversification Strategy Versus Market Structure. Strategic Management J.2. Pp. 327-343.

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. Center for Economic Institutions Working Paper Series, No.2001-15.

Comment, R., and Jarrell, G. A. (1995). Corporate focus and stock returns. Journal of Financial Economics, 37. Pp.67-87.

costs, and ownership structure. Journal of Financial Economics, 3. Pp.305-60.

Harto, P. (2005). Kebijakan diversifikasi perusahaan dan pengaruhnya Terhadap kinerja: studi empiris pada Perusahaan publik di indonesia. Simposium Nasional Akuntansi VIII. IAI

Ikatan Akuntan Indonesia. (2001). Pernyataan Standar Akuntansi Keuangan. Jakarta: Salemba Empat.

Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76. Pp.323– 329.

Jensen, M., and Meckling, W. (1976). The theory of the firm: Managerial behavior, agency

Lang, Larry, and Stulz, R. M. (1994). Tobin's q, corporate diversification and firm performance. Journal of Political Economy 102. Pp. 1248-1280.

Lins, K., and Servaes, H. (1999). International evidence on the value of corporate diversification. Journal of Finance 54. Pp. 2215-2239.

Lins, K., and Servaes, H. (2002). Is corporate diversification beneficial in emerging markets. Financial Management 31. Pp. 1-22.

Montgomery, C. A., and Wernerfelt. (1988). Diversification, Ricardian rents and Tobin’s q, Rand Journal of Economics. Pp. 623-632.

Montgomery, C.A. (1994). Corporate Diversification. Journal of Economic Perspective. Vol.8, No.3. Pp. 162-178.

Rajan, R., H. Servaes, and L. Zingales. 1999. The Cost of Diversity: The Diversification Discount and Inefficient Investment, Journal of Finance, 55. Pp. 35-79.

Rumelt, R. P. (1982). Strategy, Structure and Economic Performance, Harvard University Press, Cambridge, MA, 1974. ,"Diversification Strategy and Profitability," Strategic Management J., 3. Pp. 359-369.

Schumpeter, J. A. (1952). Aufsätze Zur Ökonomischen Theorie, edited by E. Schneider and A.Spiethoff, Tübingen: J.C.B. Mohr.

Servaes, H. (1996.) The value of diversification during the conglomerate merger wave. Journal of Finance. Pp. 1201-1225.

Stultz. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26. Pp.3-27.

Syakhroza, A. (2003). Political Games of Government Enterprises in Indonesia: A Qualitative Approach. Usahawan no. 5, tahun XXXII, Mei



Abstract 847  .
PDF downloaded 2968  .