CAPITAL INVESTMENT, INTERNASIONALISASI, DAN FIRM PERFORMANCE : STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2011-2015
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Keywords:
capital investment, internationalization, foreign sales growth, firm performance
Abstract
The objective of this study is to examine the effect of capital investment to internationalization and f oreign sales growth and al so the effect of internationalization to firm performance in manufacturing company that listed in the I ndonesia Stock Exchange 2011-2015 period. The dependent variables in this study are internationalization, foreign sales growth, and ROA . Independent variables used are capital investmentandinternationalization, as well as control variables used are industry return, leverage, firm size, fixed assets ratio, market to book value, andsales growth. This study uses 2 regression analysis model, which is linear and quadratic model to test the hypothesis with a sample of 83 industrial manufacturing companies in Indonesia Stock Exchange 2011-2015 period. The numbers of observation used in this study are 415 observations. The result shows that capital investment has a s ignificant negative effect and U-shaped on internationalization of the company, capital investment has a significant positive effect on foreign sales growth of the company. Internationalization has no significant effect on firm performance.
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References
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Al-Matari, E.M., A.K. Al-Swidi, dan F.H. Bt Fadzil, 2014, The Measurements of Firm Performance’s Dimensions, Asian Journal of Finance & Accounting, Vol. 6, No. 1.
Altaf, Nufazil dan Farooq Ahmad Shah, 2015, Internationalization and firm performance of Indian firms: Does product diversity matter?, Pacific Science Review B: Humanities and Social Sciences 1, 76-84.
Bambang, Riyanto, 2001, Dasar-Dasar Pembelanjaan Perusahaan, Edisi. Keempat, Cetakan Ketujuh, BPFE Yogyakarta, Yogyakarta.
Bausch, A.and M. Krist, 2007, The effect of context-related moderators on the internationalization-performance relationship: evidence from meta-analysis, Manag. Int. Rev. 47, 319–347.
Boas, R. V. dan I.S. Gonzalez, 2007, Internationalization and Firm Performance: The S-Curve Hypothesis under the Eurozone context
Capar, N. dan M. Kotabe, 2003, T he Relationship between International Diversification and Performance in Service Firms, Journal of International Business Studies, 34, 345-355.
Caves, R. E., 1996, Multinational enterprise and economic analysis. Cambridge, MA: Harvard University Press.
Chao, M.C.H., V. Kumar, 2010, T he impact of institutional distance on t he international diversityeperformance relationship, J. World Bus, 45 (1), 93e103.
Chetty, S. dan D. B. Holm, 2000, Internationalisation of small to medium-sized manufacturing firms: a network approach. Int. Bus. Rev. 9, 77–93.
Chung, C.C., Lee, S.H., Beamish, P.W., dan Southam, C., Nam, D., 2013. Pitting real options theory against risk diversification theory: international diversification and joint ownership control in economic crisis, Journal of World Business, 48, 122–136.
Collins, J.M., 1990, A market performance comparison of US firms active in domestic, developed and developing countries, J. Int. Bus, Stud. 271e287.
Contractor FJ, Kundu S, dan Hsu C., 2003, A three-stage theory of international expansion: the link between multicolinearity and performance in the service sector. Journal of International Business Studies, 34: 5–18.
Contractor F.J., 2007, T he evolutionary or multi-stage theory of internationalization and its relationship to the regionalization of firms. In Regional Aspects of Multinationality and Performance, Rugman A (ed). Elsevier: Amsterdam, The Netherlands; 11–29.
Custódio, C. dan D. Metzger, 2014. F inancial expert CEOs: CEO’s work experience and firm’s financial policies, J. Financ. Econ, 114, 125–154.
de Jong, G., J. van Houten, 2014, The impact of MNE cultural diversity on the internationalization-performance relationship: theory and evidence from European multinational enterprises, Int. Bus. Rev. 23, 313–326.
Dunning, H. John, 1993, Multinational Enterprises and the Global Economy, England: Addison-Wesley.
Elango, B., 2006, "An Empirical Analysis of the Internationalization-Performance Relationship Across Emerging Market Firms", Multinational Business Review, Vol. 14 Iss 1 pp. 21 – 44.
Fabling, R., L. Sanderson, 2013, Exporting and firm performance: market entry, investment and expansion, J. Int. Econ, 89, 422–431.
George, G., J. Wiklund, S.A. Zahra, 2005, Ownership and the internationalization of small firms, J. Manag, 31 (2), 210e233.
Geringer, J.M., S. Tallman, dan D.M. Olsen, 2000, Product and international diversification among Japanese multinational firms, Strategic Manag. J, 21 (1), 51e80.
Ghoshal, S., 1987, “ Global strategy: An organizing framework”, Strategic Management Journal, 21(1): 51–80.
Gitman, J. Lawrence, 2003, “Principles of Manajerial Finance”, International Edition, 10th edition, Pearson Education, Boston.
Gomes, L., & K. Ramaswamy, 1999, An empirical examination of the form of the relationship between multinationality and performance. Journal of International Business Studies, 30, 173–187.
Grant, R. M., A.P. Jammine, dan H. Thomas, 1988, “Diversity, diversification, and profitability among British manufacturing companies”. Academy of Management Journal, 31: 771–801.
Griner, E. H., dan L.A. Gordon, 1995, Journal of Internal cash flow, insider ownership, and capital expenditures: a test of the pecking order and managerial hypotheses, Journal of Business Finance & Accounting, 22(2), 179-199.
Guillen, M.F., E. Garcia-Canal, 2009. The American model of the multinational firm and the “new” multinationals from emerging economies, Academy of Management Perspectives, 23, 23–35
Guisinger, S., 2001, From OLI to OLMA: incorporating higher levels of environmental and structural complexity into the Eclectic paradigm. International Journal of the Economics of Business, v. 8, n. 2, p. 257-272
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, McGraw-Hill. Gujarati, D.N., 2008, Ekonometrika Dasar, Jakarta: Erlangga.
Gulamhussen, M. A., C. Pinheiro, & A.F. Pozzolo, 2014, I nternational diversification and risk of multinational banks: Evidence from the pre-crisis period, Journal of Financial Stability, 13, 30–43.
Hajela, A., M. Akbar, 2013, Internationalisation of small and medium software firms from India, Int. J. Technol. Learn. Innovation Dev, 2 6 (1e2), 88e101.
Hamel, G. & C. K. Prahalad, 1985, “ Do you really have a global strategy?”, Harvard Business Review, 63(4): 139–140.
Herrmann, P., D.K. Datta, 2005, R elationships between top management team characteristics and international diversification: an empirical investigation*. Br., J. Manag, 16 (1), 69e78.
Hitt, M.A., R.G. Hoskisson, dan H. Kim, 1997, International Diversification: Effects of Innovation and Firm Performance in Product-Diversified Firms, Academy of Management Journal, 40, 767-798
Hitt, M. A., R.D. Ireland, & R.E. Hoskisson, 1999, S trategic Management: Competitiveness and Globalization (3rd Ed), Cincinnati: South-Western College Publishing.
Horne R., 2001, Compliance, adherence and concordance. In: Taylor K, Harding G, editors. Pharmacy Practice. London: Taylor and Francis. 165–184.
Hsu, C.C., dan D.J. Boggs, 2003, Internationalization and performance: traditional measures and their decomposition, Multinatl. Bus. Rev, 11, 23–50.
Ibrahim, Hadiasman, 2008, Pengaruh Tingkat Suku Bunga, Peringkat Obligasi, Ukuran Perusahaan, dan DER terhadap Yield to Maturigl Obligasi Korporasi di Bursa Efek Indonesia Periode 2004-2006, Tesis, Universitas Diponegoro.
Indra, A. Zubaidi, 2006, Faktor-Faktor Fundamental Keuangan yang Mempengaruhi Resiko Saham, Jurnal Bisnis dan Manajemen, Vol 12 No. 3.
Jansson, H., S. Sandberg, 2008, Internationalization of small and medium sized enterprises in the Baltic Sea Region, J. Int. Manag, 14, 65–77.
Kasmir, 2008, Analisis Laporan Keuangan. Edisi Pertama, Rajawali Pers, Jakarta.
Kim, W. C., P. Hwang, dan W.P. Burgers, 1993, “Multinationals’ diversification and the risk-return trade-off”, Strategic Management Journal, 14: 275–286.
Knight, G. A., & S.T. Cavusgil, 2004, Innovation, organizational capabilities, and the born-global firm. Journal of International Business Studies, 35, 124–141.
Knight, G.A., P.W. Liesch, 2016, Internationalization: from incremental to born global, J. World Bus, 51 (1), 93e102.
Kogut, B., 1983, “Foreign direct investment as a sequential process”, in, K. P. Kindelberger and D. Andretsch (Eds), The Multinational Corporations In 1980s: MIT Press, Cambridge MA, 38–56.
Kostova, T. dan S. Zaheer, 1999, Organizational legitimacy under conditions of complexity: The case of the multinational enterprise, Academy of Management Review, 24: 64-81.
Kumar, M.S., 1984, G rowth, Acquisition and Investment: an Analysis of the Growth of Industrial Firms and Their Overseas Activities, Cambridge University Press, Cambridge.
Kyläheiko, K., A. Jantunen, K. Puumalainen, S. Saarenketo, dan A. Tuppura, 2011, Innovation and internationalization as growth strategies: The role oftechnological capabilities and appropriability, International Business Review, 20, 508–520.
Lu, J. W. dan P. W. Beamish, 2004, “ International diversification and firm performance: The S-curve hypothesis”. Academy of Management Journal, 47(4): 598–609.
Lu, J. W., dan P. W. Beamish, 2006, SME Internationaliation and Performance: Growth vs Profitability, J Int Entrepr, 4:27-28.
Luo, Y., R.L. Tung, 2007, International expansion of emerging market enterprises: a springboard perspective, Journal of International Business Studies, 38, 481–498.
Maberya, Ni Putu Ena dan Agung Suaryana, 2009, P engaruh Pemoderasi Pertumbuhan Laba terhadap Hubungan antara Ukuran Perusahaan, Debt to Equity Ratio dengan Profitabilitas pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia, Jurnal Ekonomi, Universitas Udayana, Bali.
Nachum, L., 2004, Geographic and industrial diversification of developing country firms, J. Manag. Stud, 41 (2), 273e294.
Ozdemir, O., A. Upneja, 2016, T he role of internationalization on t he IPO performance of service firms: examination of initial returns, long-run returns, and survivability, Int. Bus. Rev.
Ruigrok, W., H. Wagner, 2003. Internationalization and performance: an organizational learning perspective, Mir. Manag. Int. Rev, 63e83.
Rumelt, R. P., 1982, “Diversification strategy and profitability”, Strategic Management Journal, 3(4): 359–369.
Sawir, Agnes, 2009, A nalisa Kinerja Keuangan dan Perencanaan keauangan Perusahaan, PT. Gramedia Pustaka Utama, Jakarta.
Singla, C. dan R. George, 2013, Internationalization and performance: a contextual analysis of Indian firms, J. Bus. Res, 66, 2500–2506.
Stinchcombe, A.L., 1965, Social Structure and organization, In. J.G. March (Ed.), Handbook of Organizations, pp. 142-193, Chicago: Rand McNally.
Sundaram, A. dan J.S. Black, 1992, The environment and internal organization of multinational enterprises, Academy of Management Review, 17: 729-757
Syamsuddin, Lukman, 2001. M anajemen Keuangan Perusahaan, PT. Raja Grafindo Persada, Jakarta.
Tandelilin, Eduardus., 2010, P ortofolio dan Investasi Teori dan Aplikasi, Edisi Pertama, Kanisius: Yogyakarta.
Verbeek, M., 2000, A Guide to Modern Econometrics, Chichester: John Wiley & Sons, Ltd.
Vithessonthi & Racela, 2015, Short - and long-run effects of internationalization and R&D intensity on firm performance, Journal of Multinational Financial Management. (34), 28–45.
Vithessonthi, Chaiporn, 2016, Capital investment, internationalization, and firm performance: Evidence from Southeast Asian countries, Research in International Business and Finance (38), 393–403.
Vithessonthi, Chaiporn, 2017, Capital investment and internationalization, Journal of Economics and Business 90, 31–48.
Widarjono, Agus, 2007, Ekonometrika Teori dan Aplikasi, Yogyakarta: Ekonisia FE UII.
Waggoner, D., A. Neely, dan M. Kennerley, 1999, T he Forces that Shape Organisational Performance Measurement Systems: An Interdisciplinary Review, International Journal of Production Economics, volume 60-61 issue , p53-60.
Zaheer, S., 1995, “ Overcoming the liability of foreignness”, Academy of Management Journal, 38: 341-363.
Zikmund, W.G., B.J. Babin, J.C. Carr, dan M. Griffin, 2009, Business Research Methods, 8th edition, Cengage Learning.
www.finance.yahoo.com diunduh pada tanggal 3 April 2017 www.idx.co.id diunduh pada tanggal 1 Februari 2017
http://www.kemenperin.go.id/statistik/peran.php?ekspor=1 diunduh pada tanggal 8 Mei 2017.
https://www.sahamok.com/perusahaan-manufaktur-di-bei/ diunduh pada 30 maret 2017
Al-Matari, E.M., A.K. Al-Swidi, dan F.H. Bt Fadzil, 2014, The Measurements of Firm Performance’s Dimensions, Asian Journal of Finance & Accounting, Vol. 6, No. 1.
Altaf, Nufazil dan Farooq Ahmad Shah, 2015, Internationalization and firm performance of Indian firms: Does product diversity matter?, Pacific Science Review B: Humanities and Social Sciences 1, 76-84.
Bambang, Riyanto, 2001, Dasar-Dasar Pembelanjaan Perusahaan, Edisi. Keempat, Cetakan Ketujuh, BPFE Yogyakarta, Yogyakarta.
Bausch, A.and M. Krist, 2007, The effect of context-related moderators on the internationalization-performance relationship: evidence from meta-analysis, Manag. Int. Rev. 47, 319–347.
Boas, R. V. dan I.S. Gonzalez, 2007, Internationalization and Firm Performance: The S-Curve Hypothesis under the Eurozone context
Capar, N. dan M. Kotabe, 2003, T he Relationship between International Diversification and Performance in Service Firms, Journal of International Business Studies, 34, 345-355.
Caves, R. E., 1996, Multinational enterprise and economic analysis. Cambridge, MA: Harvard University Press.
Chao, M.C.H., V. Kumar, 2010, T he impact of institutional distance on t he international diversityeperformance relationship, J. World Bus, 45 (1), 93e103.
Chetty, S. dan D. B. Holm, 2000, Internationalisation of small to medium-sized manufacturing firms: a network approach. Int. Bus. Rev. 9, 77–93.
Chung, C.C., Lee, S.H., Beamish, P.W., dan Southam, C., Nam, D., 2013. Pitting real options theory against risk diversification theory: international diversification and joint ownership control in economic crisis, Journal of World Business, 48, 122–136.
Collins, J.M., 1990, A market performance comparison of US firms active in domestic, developed and developing countries, J. Int. Bus, Stud. 271e287.
Contractor FJ, Kundu S, dan Hsu C., 2003, A three-stage theory of international expansion: the link between multicolinearity and performance in the service sector. Journal of International Business Studies, 34: 5–18.
Contractor F.J., 2007, T he evolutionary or multi-stage theory of internationalization and its relationship to the regionalization of firms. In Regional Aspects of Multinationality and Performance, Rugman A (ed). Elsevier: Amsterdam, The Netherlands; 11–29.
Custódio, C. dan D. Metzger, 2014. F inancial expert CEOs: CEO’s work experience and firm’s financial policies, J. Financ. Econ, 114, 125–154.
de Jong, G., J. van Houten, 2014, The impact of MNE cultural diversity on the internationalization-performance relationship: theory and evidence from European multinational enterprises, Int. Bus. Rev. 23, 313–326.
Dunning, H. John, 1993, Multinational Enterprises and the Global Economy, England: Addison-Wesley.
Elango, B., 2006, "An Empirical Analysis of the Internationalization-Performance Relationship Across Emerging Market Firms", Multinational Business Review, Vol. 14 Iss 1 pp. 21 – 44.
Fabling, R., L. Sanderson, 2013, Exporting and firm performance: market entry, investment and expansion, J. Int. Econ, 89, 422–431.
George, G., J. Wiklund, S.A. Zahra, 2005, Ownership and the internationalization of small firms, J. Manag, 31 (2), 210e233.
Geringer, J.M., S. Tallman, dan D.M. Olsen, 2000, Product and international diversification among Japanese multinational firms, Strategic Manag. J, 21 (1), 51e80.
Ghoshal, S., 1987, “ Global strategy: An organizing framework”, Strategic Management Journal, 21(1): 51–80.
Gitman, J. Lawrence, 2003, “Principles of Manajerial Finance”, International Edition, 10th edition, Pearson Education, Boston.
Gomes, L., & K. Ramaswamy, 1999, An empirical examination of the form of the relationship between multinationality and performance. Journal of International Business Studies, 30, 173–187.
Grant, R. M., A.P. Jammine, dan H. Thomas, 1988, “Diversity, diversification, and profitability among British manufacturing companies”. Academy of Management Journal, 31: 771–801.
Griner, E. H., dan L.A. Gordon, 1995, Journal of Internal cash flow, insider ownership, and capital expenditures: a test of the pecking order and managerial hypotheses, Journal of Business Finance & Accounting, 22(2), 179-199.
Guillen, M.F., E. Garcia-Canal, 2009. The American model of the multinational firm and the “new” multinationals from emerging economies, Academy of Management Perspectives, 23, 23–35
Guisinger, S., 2001, From OLI to OLMA: incorporating higher levels of environmental and structural complexity into the Eclectic paradigm. International Journal of the Economics of Business, v. 8, n. 2, p. 257-272
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, McGraw-Hill. Gujarati, D.N., 2008, Ekonometrika Dasar, Jakarta: Erlangga.
Gulamhussen, M. A., C. Pinheiro, & A.F. Pozzolo, 2014, I nternational diversification and risk of multinational banks: Evidence from the pre-crisis period, Journal of Financial Stability, 13, 30–43.
Hajela, A., M. Akbar, 2013, Internationalisation of small and medium software firms from India, Int. J. Technol. Learn. Innovation Dev, 2 6 (1e2), 88e101.
Hamel, G. & C. K. Prahalad, 1985, “ Do you really have a global strategy?”, Harvard Business Review, 63(4): 139–140.
Herrmann, P., D.K. Datta, 2005, R elationships between top management team characteristics and international diversification: an empirical investigation*. Br., J. Manag, 16 (1), 69e78.
Hitt, M.A., R.G. Hoskisson, dan H. Kim, 1997, International Diversification: Effects of Innovation and Firm Performance in Product-Diversified Firms, Academy of Management Journal, 40, 767-798
Hitt, M. A., R.D. Ireland, & R.E. Hoskisson, 1999, S trategic Management: Competitiveness and Globalization (3rd Ed), Cincinnati: South-Western College Publishing.
Horne R., 2001, Compliance, adherence and concordance. In: Taylor K, Harding G, editors. Pharmacy Practice. London: Taylor and Francis. 165–184.
Hsu, C.C., dan D.J. Boggs, 2003, Internationalization and performance: traditional measures and their decomposition, Multinatl. Bus. Rev, 11, 23–50.
Ibrahim, Hadiasman, 2008, Pengaruh Tingkat Suku Bunga, Peringkat Obligasi, Ukuran Perusahaan, dan DER terhadap Yield to Maturigl Obligasi Korporasi di Bursa Efek Indonesia Periode 2004-2006, Tesis, Universitas Diponegoro.
Indra, A. Zubaidi, 2006, Faktor-Faktor Fundamental Keuangan yang Mempengaruhi Resiko Saham, Jurnal Bisnis dan Manajemen, Vol 12 No. 3.
Jansson, H., S. Sandberg, 2008, Internationalization of small and medium sized enterprises in the Baltic Sea Region, J. Int. Manag, 14, 65–77.
Kasmir, 2008, Analisis Laporan Keuangan. Edisi Pertama, Rajawali Pers, Jakarta.
Kim, W. C., P. Hwang, dan W.P. Burgers, 1993, “Multinationals’ diversification and the risk-return trade-off”, Strategic Management Journal, 14: 275–286.
Knight, G. A., & S.T. Cavusgil, 2004, Innovation, organizational capabilities, and the born-global firm. Journal of International Business Studies, 35, 124–141.
Knight, G.A., P.W. Liesch, 2016, Internationalization: from incremental to born global, J. World Bus, 51 (1), 93e102.
Kogut, B., 1983, “Foreign direct investment as a sequential process”, in, K. P. Kindelberger and D. Andretsch (Eds), The Multinational Corporations In 1980s: MIT Press, Cambridge MA, 38–56.
Kostova, T. dan S. Zaheer, 1999, Organizational legitimacy under conditions of complexity: The case of the multinational enterprise, Academy of Management Review, 24: 64-81.
Kumar, M.S., 1984, G rowth, Acquisition and Investment: an Analysis of the Growth of Industrial Firms and Their Overseas Activities, Cambridge University Press, Cambridge.
Kyläheiko, K., A. Jantunen, K. Puumalainen, S. Saarenketo, dan A. Tuppura, 2011, Innovation and internationalization as growth strategies: The role oftechnological capabilities and appropriability, International Business Review, 20, 508–520.
Lu, J. W. dan P. W. Beamish, 2004, “ International diversification and firm performance: The S-curve hypothesis”. Academy of Management Journal, 47(4): 598–609.
Lu, J. W., dan P. W. Beamish, 2006, SME Internationaliation and Performance: Growth vs Profitability, J Int Entrepr, 4:27-28.
Luo, Y., R.L. Tung, 2007, International expansion of emerging market enterprises: a springboard perspective, Journal of International Business Studies, 38, 481–498.
Maberya, Ni Putu Ena dan Agung Suaryana, 2009, P engaruh Pemoderasi Pertumbuhan Laba terhadap Hubungan antara Ukuran Perusahaan, Debt to Equity Ratio dengan Profitabilitas pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia, Jurnal Ekonomi, Universitas Udayana, Bali.
Nachum, L., 2004, Geographic and industrial diversification of developing country firms, J. Manag. Stud, 41 (2), 273e294.
Ozdemir, O., A. Upneja, 2016, T he role of internationalization on t he IPO performance of service firms: examination of initial returns, long-run returns, and survivability, Int. Bus. Rev.
Ruigrok, W., H. Wagner, 2003. Internationalization and performance: an organizational learning perspective, Mir. Manag. Int. Rev, 63e83.
Rumelt, R. P., 1982, “Diversification strategy and profitability”, Strategic Management Journal, 3(4): 359–369.
Sawir, Agnes, 2009, A nalisa Kinerja Keuangan dan Perencanaan keauangan Perusahaan, PT. Gramedia Pustaka Utama, Jakarta.
Singla, C. dan R. George, 2013, Internationalization and performance: a contextual analysis of Indian firms, J. Bus. Res, 66, 2500–2506.
Stinchcombe, A.L., 1965, Social Structure and organization, In. J.G. March (Ed.), Handbook of Organizations, pp. 142-193, Chicago: Rand McNally.
Sundaram, A. dan J.S. Black, 1992, The environment and internal organization of multinational enterprises, Academy of Management Review, 17: 729-757
Syamsuddin, Lukman, 2001. M anajemen Keuangan Perusahaan, PT. Raja Grafindo Persada, Jakarta.
Tandelilin, Eduardus., 2010, P ortofolio dan Investasi Teori dan Aplikasi, Edisi Pertama, Kanisius: Yogyakarta.
Verbeek, M., 2000, A Guide to Modern Econometrics, Chichester: John Wiley & Sons, Ltd.
Vithessonthi & Racela, 2015, Short - and long-run effects of internationalization and R&D intensity on firm performance, Journal of Multinational Financial Management. (34), 28–45.
Vithessonthi, Chaiporn, 2016, Capital investment, internationalization, and firm performance: Evidence from Southeast Asian countries, Research in International Business and Finance (38), 393–403.
Vithessonthi, Chaiporn, 2017, Capital investment and internationalization, Journal of Economics and Business 90, 31–48.
Widarjono, Agus, 2007, Ekonometrika Teori dan Aplikasi, Yogyakarta: Ekonisia FE UII.
Waggoner, D., A. Neely, dan M. Kennerley, 1999, T he Forces that Shape Organisational Performance Measurement Systems: An Interdisciplinary Review, International Journal of Production Economics, volume 60-61 issue , p53-60.
Zaheer, S., 1995, “ Overcoming the liability of foreignness”, Academy of Management Journal, 38: 341-363.
Zikmund, W.G., B.J. Babin, J.C. Carr, dan M. Griffin, 2009, Business Research Methods, 8th edition, Cengage Learning.
www.finance.yahoo.com diunduh pada tanggal 3 April 2017 www.idx.co.id diunduh pada tanggal 1 Februari 2017
http://www.kemenperin.go.id/statistik/peran.php?ekspor=1 diunduh pada tanggal 8 Mei 2017.
https://www.sahamok.com/perusahaan-manufaktur-di-bei/ diunduh pada 30 maret 2017
Published
2018-03-01
Section
Bidang Manajemen (M)
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