APAKAH KEMAMPUAN MANAJERIAL MEMILIKI PERAN PADA SIKLUS HIDUP PERUSAHAAN? BUKTI EMPIRIS MENGGUNAKAN DATA ENVELOPMENT ANALYSIS
Schlagworte:
data envelopment analysis (DEA), decline, Filipina, growth, Indonesia, introduction, kemampuan manajerial, mature, siklus hidup perusahaan, SingapuraAbstract
Studi ini menguji asosiasi kemampuan manajerial dengan siklus hidup perusahaan pada emerging market. Kemampuan manajerial diukur menggunakan pendekatan Demerjian et al. (2012) dengan teknik Data Envelopment Analysis (DEA), sedangkan siklus hidup perusahaan diukur dengan arus kas model Dickinson (2011), yang mencakup tahapan introduction, growth, mature, dan decline. Sampel studi diambil dari beberapa negara ASEAN, yaitu Indonesia, Filipina, dan Singapura yang tercatat di S&P Capital IQ, kecuali sektor keuangan, dan dengan metode purposive sampling diperoleh 4.410 observasi dari 441 perusahaan untuk periode pengamatan 2014-2023. Dengan menggunakan analisis data panel fixed effects, studi ini menemukan bukti empiris adanya hubungan positif kemampuan manajerial dengan tahapan introduction dan tahapan mature, namun tidak menemukan bukti untuk tahapan siklus hidup yang lain. Pengujian sensitivitas untuk negara Filipina dan Singapura menemukan bukti yang mendukung temuan utama, yaitu hubungan positif antara kemampuan manajerial dengan tahap introduction, namun tidak ditemukan bukti pada tahapan siklus hidup lainnya, kecuali untuk Indonesia ditemukan hubungan positif antara kemampuan manajerial dengan tahap mature. Studi ini memberikan implikasi bahwa kemampuan tim manajer yang lebih tinggi memiliki peran penting pada tahapan siklus hidup perusahaan untuk menjaga keberlangsungan usaha.
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