Pengaruh Strategi Bisnis Perusahaan Dan Kompetisi Pasar Ekuitas Terhadap Risiko Crash Harga Saham Dengan Overvalued Equities Sebagai Variabel Mediasi

Arianwuri, Fidya Gumilang (2017) Pengaruh Strategi Bisnis Perusahaan Dan Kompetisi Pasar Ekuitas Terhadap Risiko Crash Harga Saham Dengan Overvalued Equities Sebagai Variabel Mediasi. Magister thesis, Universitas Brawijaya.

Abstract

Penelitian ini bertujuan untuk menguji pengaruh strategi bisnis perusahaan prospector dan defender terhadap risiko crash harga saham, pengaruh kompetisi pasar ekuitas terhadap risiko crash harga saham, menguji pengaruh strategi prospector terhadap risiko crash harga saham melalui overvalued equities. Populasi penelitian ini merupakan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama tujuh tahun pengamatan (2010– 2016). Pengambilan sampel dalam penelitian ini menggunakan judgment sampling, sehingga diperoleh jumlah observasi sebesar 192 observasi. Hasil penelitian ini memberikan bukti empiris bahwa semakin tinggi perusahaan menerapkan strategi bisnis prospector akan menyebabkan semakin tinggi pula risiko crash harga saham, sedangkan strategi defender tidak mempengaruhi risiko crash harga saham. Perusahaan yang menerapkan strategi bisnis prospector akan dihadapkan dengan ketidakpastian yang lebih tinggi daripada strategi bisnis defender. Hal ini dikarenakan strategi bisnis prospector berfokus pada inovasi–inovasi produk, sedangkan strategi bisnis defender hanya berfokus pada stabilitas harga. Selain itu, strategi bisnis prospector dapat berpengaruh terhadap risiko crash harga saham melalui overvalued equities. Perusahaan yang menerapkan strategi bisnis prospector akan cenderung mengalami overvalued equities, sehingga dapat menyebabkan risiko crash harga saham di masa depan. Salah satu cara untuk mengurangi risiko crash harga saham yaitu dengan adanya kompetisi pasar ekuitas. Kompetisi pasar ekuitas yang tinggi dapat mengurangi terjadinya risiko crash harga saham, sehingga dengan adanya kompetisi pasar ekuitas yang tinggi dapat mengurangi asimetri informasi dan dapat meminimalisasi terjadinya risiko crash harga saham.

English Abstract

The purpose of this research is to examine the effect of prospector business strategy and defender business strategy on stock price crash risk, the influence of equity market competition on stock price crash risk, and the effect of prospector business strategy on stock price crash risk through overvalued equities. The population of this study is manufacturing companies, which listed on the Indonesia Stock Exchange for seven years of observation (2010-2016). Sampling in this study using judgment sampling, so obtained the number of observations for 192 observations. The results of this study provide empirical evidence that the higher the company applying prospector business strategy will lead to higher risk of stock price crashes, while the defender business strategy does not affect the risk of stock price crashes. Companies that implement prospector business strategies will be faced with higher uncertainty than defender business strategies. This is because prospector’s business strategy focuses on product innovations, while defender business strategy focuses only on price stability. In addition, the prospector's business strategy can affect the risk of stock price crashes through overvalued equities. Companies that implement prospector business strategies will tend to overvalued equities, which may lead to future stock price crashes. In other hand, to reduce the risk of stock price crashes is in the presence of equity market competition. High equity market competition can reduce the risk of stock price crash, so that with high market equity competition can reduce information asymmetry and can minimize the occurrence of risk of stock price crash.

Item Type: Thesis (Magister)
Identification Number: TES/658.401 2/ARI/p/2017/041710184
Uncontrolled Keywords: STRATEGY - PLANNING, BUSINESS PLANNING, MARKETING - COMPETITIONS, STOCK PRICE INDEXES
Subjects: 600 Technology (Applied sciences) > 658 General management > 658.4 Executive management > 658.401 Planning, policy making, control, quality management > 658.401 2 Planning and policy making
Divisions: S2/S3 > Magister Akuntansi, Fakultas Ekonomi dan Bisnis
Depositing User: Nur Cholis
Date Deposited: 02 May 2018 07:18
Last Modified: 29 Nov 2021 01:08
URI: http://repository.ub.ac.id/id/eprint/10132
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