ANALISIS KAUSALITAS STRATEGI DIVERSIFIKASI DAN KINERJA PERUSAHAAN
Authors: Novita  , Mulyani Mulyani 
Published: June 2022

Firm diversification is the level of development a firm undertakes both through the number of firms it manages and the level of its business segments (at least two business segments). Based on agency theory, companies with multi-segments are suspected of placing too large investment in their line of business with low investment opportunities. Meanwhile, according to market power theory, only conglomerate companies are able to diversify well. Previous research stated that even if conglomerate companies diversify, it may lead to firm performanceâ€™s loss. This study aims to determine the influence of diversification level, investment opportunities, firm size, leverage, and number of segments on the firm performance of manufacturing companies. The conclusion of this study shows that there is insufficient evidence that diversification level and number of segments has a negative influence on company performance. Also, there is insufficient evidence that leverage has a positive influence on company performance. Meanwhile, there is sufficient evidence that investment opportunities and firm size have a positive influence on firm performance.

Keywords: Firm Performance, Diversification Level, Investment Opportunity, Company Size, Leverage, Number of Segments.

 

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