Skripsi ini kupersembahkan untuk xrhombus papa dan

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SKRIPSI INI KUPERSEMBAHKAN UNTUK: xrhombus Papa dan mama tercinta ”Ya Allah ampunilah dosa-dosa kedua orangtuaku dan sayangilah mereka sebagaimana mereka menyayangiku di waktu aku kecil” xrhombus Kakakku tersayang (Mbak Lia) dan Adikku tersayang (Dicky) xrhombus Sahabat-sahabat terbaikku (Iyuth, Okta, Martha, Ayu, Metta) yang slalu memberikan motivasi, dukungan dan semangat xrhombus Seluruh teman-teman seperjuangan Akuntansi 2006
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vi ABSTRACT This study aims to examine the difference accounting performance measures between two types organizational strategy prospector and defender, then to examine the effect of market reaction for both organizational strategy. There are four variables is used as implicated by organizational strategy are income growth, sales growth, dividend payout, and return on investment. Life cycle theory approach is used to analyze the difference accounting performance measures prospector and defender. The definite selection between prospector and defender firms are total employee to total net sales ratio, price to book value ratio, capital expenditure to total asset ratio, and capital expenditure to market equity value ratio. Four values of this research is analyzed use to Principal Component Analysis. The samples of this research are the manufacturing firms listed in Indonesian Stock Exchange in 2005 -2008. The samples are collected using purposive sampling method and resulted 32 firms become the samples . The result of this research show that income and sales growth of prospector firms are greater than defender firms (significant at 0,01 level). Dividend payout of prospector firms are smaller than defender firms (significant at 0,01 level). Return On Investment of prospector firms are smaller than defender firms, but the result is not significant. While, the market reaction of prospector firms are greater than defender firms, the difference significantly at 0,01 level. Keywords: Prospector and Defender, Income Growth, Sales Growth, Dividend Payout, Return On Investment, Life Cycle Theory, Market Reaction.
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vii ABSTRAK Penelitian ini bertujuan untuk menguji perbedaaan pengukuran kinerja akuntansi pada dua tipe strategi organisasional prospector dan defender , serta menguji pengaruh reaksi pasar terhadap kedua strategi organisasional tersebut. Terdapat empat variabel yang digunakan sebagai implikasi dari strategi organisasional tersebut adalah pertumbuhan laba, pertumbuhan penjualan, dividend payout dan return on investment . Pendekatan life cycle theory digunakan untuk menganalisis perbedaan pengukuran kinerja akuntansi prospector dan defender . Penentuan seleksi perusahaan bertipologi prospector dan defender ditentukan menggunakan empat variabel, yaitu rasio jumlah karyawan terhadap jumlah penjualan bersih (KARPEN), rasio Price to Book Value (PBV), rasio belanja modal terhadap total aset (CETA), dan rasio belanja modal terhadap nilai pasar ekuitas (CEMVE). Nilai keempat proksi tersebut di analisis menggunakan Principal Component Analysis . Sampel penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2005 – 2008.
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