PENGARUH KEBIJAKAN DIVERSIFIKASI TERHADAP KINERJA PERUSAHAAN DENGAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Manufaktur Multinasional yang terdaftar di Bursa Efek Indonesia Tahun 2014 – 2017)

Abstract

The company should have a goal to make a profit and to be able to attract more investors to invest more in the company so that they can still compete in a healthy manner with other companies. One way to facilitate the acquisition of goals is to carry out a diversification strategy for the company, from geographical and goods segments. This strategy has been carried out by developed countries by expanding goods products abroad and producing various goods segments. With this strategy, it is expected to improve company performance and expand the opportunity for investors to be able to invest more in the company. This study aims for analyzing the effect of diversification to firm performance with investment opportunity set as moderation variable. This research uses sample from manufacturing company that listed at Indonesia Stock Exchange (IDX) in the period 2014-2017. With using purposive sampling, researcher has found 33 companies as research sample. So that with 4 year scope it has found 132 financial statements from company which has been analyzed. The analysis method of this study using multiple regression analysis. The result findings in this study indicate that the manufacture companies without moderation of investment opportunity set, geographic diversification has no significant effect with financial performance and has significatnt positive effect with market performance. Segment diversification has significant negative effect with financial performance and has significant positive effect with market performance. If there is a moderation effect of investment opportunity set, the moderation effect of investment opportunity set has no significant effect for the effect of diversification for firm performance.