Pengaruh Leverage terhadap Pangsa Pasar Ketika Masa Krisis (1997-1999) dan Pasca krisis (2002-2004)

Dewi, Nirmala Shinta, Bowo Setiyono, S.E., M.Com.

2007 | Skripsi | S1 Management

This study tests the effects of leverage on market shares during and after Indonesian crisis periods. Ordinary Least Square is used to analyze the relationships between firm performance and leverage. It is found that during the crisis periods, a high leveraged firms had relatively lower sales growth and stock returns but still able to retain a higher growth in profitability than those with low leverage. This finding suggests that the decline in sales might be the result of manager preferences to cut off the activity of product lines with low profitability. Post crisis periods, high leveraged firms had relatively lower sales growth, profitability growth, and stock returns than those with low leverage. This finding suggests that the decline in sales might be the result of customer, workers, and suppliers expectation about the ability of the firms to remain in business. Keywords: leverage, market share, firm performance, manager driven, customer driven, competitor driven

Kata Kunci : Leverage, Pangsa Pasar, Pemasaran