REAKSI PASAR TERHADAP PENGUKURAN KINERJA PERUSAHAAN PROSPECTOR DAN DEFENDER: BUKTI TAMBAHAN UNTUK PERIODE SETELAH KRISIS
ABSTRACT: Miles and Snow
devide firm’s strategy into four types, which are prospector, defender, analyzer
and reaction, with prospector and defender as the two extremes. The objectives
of this research are to empirically examine the differences in accounting
performance between prospector and defender firms and the differences in market
reaction as well. Accounting performance are measured by earnings before tax,
discontinued operation and extraordinary items, sales growth and dividend
payout ratio. Market reaction is proxied by cumulative abnormal returns. Sample
of this research consists of 60 firms, 33 firms are categorized as prospectors
and 27 firms are categorized as defenders. Data of this research are analyzed
using Mann-Whitney U test. The results of this research show that there are no
differences in earnings before tax, discontinued operation and extraordinary
items, sales growth and market reaction between prospector firms and defender
firms. On the contrary, this research found that dividend payout ratio of
defender firms are higher than dividend payout ratio of prospector firms, as
predicted.
Keywords: Defender,
prospector, financial performance, market reaction
Penulis: Erwin Saraswati, Sari
Atmini
Kode Jurnal: jpmanajemendd090029
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