PERAN INDUSTRY CONCENTRATION MEMODERASI PENGARUH DIVERSIFIKASI INTERNASIONAL TERHADAP KINERJA PERUSAHAAN (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017)

Abstract

This research was conducted with the aim to examine the role of industry concentration to moderate on international diversification to the company performance. International diversification is proxied by FSTS (foreign sales to total sales). Industry concentration is proxied by two measuring instruments, namely the Herfindahl Index (HHI) and Concentration Ratio (CR4) on the domestic market at the national level. Company performance is proxied by ROA. In addition, this research also uses company size, leverage, and company age as control variables. The sample used in this research is the company that has internationalization activities and is listed on the Indonesia Stock Exchange in 2015-2017. The number of samples used is 139 samples. Research data is obtained from the company's annual sample reports. Determination of this sample is done by purposive sampling method. The research hypothesis is examined by Ordinary Least Square (OLS) regression analysis. The results of this research indicate that international diversification influences company performance and industry concentration can moderate the effect on international diversification to the company performance. Firm size and leverage influences company performance, but firm age not influences company performance.