APAKAH KEMAMPUAN MANAJERIAL MEMILIKI PERAN PADA SIKLUS HIDUP PERUSAHAAN? BUKTI EMPIRIS MENGGUNAKAN DATA ENVELOPMENT ANALYSIS
Kata Kunci:
data envelopment analysis (DEA), decline, Filipina, growth, Indonesia, introduction, kemampuan manajerial, mature, siklus hidup perusahaan, SingapuraAbstrak
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.
Referensi
Badunenko, O. & Mozharovskyi, P. (2016). Nonparametric Frontier Analysis using Stata. The Stata Journal, 3, 550-589. https://journals.sagepub.com/doi/10.1177/1536867X1601600302
Baik, B. C. (2020). Managerial Ability and Income Smoothing. The Accounting Review, 95(4), 1-22. https://doi.org/10.2308/accr-52600
Baltagi, B. H. (2005). Econometric Analysis of Panel Data (Third edition). John Wiley & Sons
Biswas, P. K. (2022). Firm Life Cycle and Financial Statement Comparability. Advances in Accounting, 58. https://doi.org/10.1016/j.adiac.2022.100608
Chen, Z. (2024). Business Strategy Analysis: Evidence on Apple Inc. Advances in Economics, Business and Management, 104-112. https://doi.org/10.2991/978-94-6463-506-5_13
Demerjian, P., Lewis-Western, M., & McVay, S. (2017). How does intentional earnings smoothing vary with managerial ability? Journal of Accounting, Auditing and Finance, 35(1), 1–32. https://doi.org/10.1177/0148558X17748405
Demerjian, P., Lev, B., Lewis, M. F., & McVay, S. E. (2013). Managerial ability and earnings quality. Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Demerjian, P., Baruch, L., & Sarah, M. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58(7), 1229-1248. https://doi.org/10.1287/mnsc.1110.1487
Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Finkelstein, S. H., Hambrick, D.C. & Canella, A.A. (2009). Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards. New York: Oxford University.
Gan, H. (2018). Does CEO managerial ability matter? Evidence from corporate investment efficiency. Rev Quant Finan Acc, 52, 1085–1118.
Gul, F.A., Khedmati, M., Lim, E.K., & Navisi, F. (2018). Managerial ability, financial distress, and audit fees. Accounting Horizons, 32(1), 29-51.
Habib, A. & Hasan, M.M. (2017). Managerial ability, investment efficiency and stock price
crash risk. Research in International Business and Finance, 42, 262-274. https://doi.org/10.1016/j.ribaf.2017.07.048
Hakim, L., Rahayu, D., & Endri, E. (2022). Managerial ability, corporate governance, and IFRS adoption as determinants of earnings management: Evidence from Indonesia. Problems and Perspectives in Management, 20(1), 367-378. http://dx.doi.org/10.21511/ppm.20(1).2022.30
Hambrick, D. C., & Mason, P.A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193-206. https://doi.org/10.2307/258434
Herusetya, A. (2024). Metode penelitian akuntansi berbasis kuantitatif- Penerapan praktis stata dalam bidang akuntansi keuangan dan auditing. Penerbit NEM, Pekalongan, Indonesia. https://books.google.co.id/books/about/Metode_Penelitian_Akuntansi_Berbasis_Kua.html?id=TNv2EAAAQBAJ&redir_esc=y
Hitt, M. A., Ireland, R.D., & Hoskisson, R.E. (2017). Strategic Management: Competitiveness & Globalization: Concepts. Boston, Cengage Learning.
Hill, C.W.I.H & Jones, G. R. (2013). Theory of Strategic Management with Cases. 10th edition, Cengage Learning.
Holcomb, T. R., Holmes Jr, R. M., & Connelly, B. L. (2009). Making the most of what you have: Managerial ability as a source of resource value creation. Strategic Management Journal, 30(5), 457–485. https://doi.org/10.1002/smj.747
Ji, Y. & Lee, C. (2010). Data envelopment analysis. The Stata Journal, 10(2), 267-280. https://doi.org/10.1177/1536867X1001000207
Li, Y., Li, X., Xiang, E., & Djajadikerta, H. G. (2020). Financial distress, internal control, and earnings management: Evidence from China. Journal of Contemporary Accounting & Economics, 16(3), 121–139. https://doi.org/10.1016/j.jcae.2020.100210
Kohler, U., & Kreuter, F. (2012). Data analysis using stata. Third edition. StataCorp LP
Krishnan, G. V., Wang, C., & Yu, W. (2021). Do high ability managers mitigate litigation related to financial reporting? Journal of Management Accounting Research, 33(1), 171–196. https://doi.org/10.2308/jmar-18-034
Krishnan, G. V. (2021). Does Financial Reporting Quality Vary Across Firm Life Cycle? Journal of Business Finance and Accounting, 48(5-6), 954-987. https://doi.org/10.1111/jbfa.12508
Mergoni, A., Emrouznejad, A., & Witte, K.D. (2024). Fifty years of Data Envelopment Analysis. European Journal of Operational Research, 1-25. https://doi.org/10.1016/j.ejor.2024.12.049
Totong, A., & Herusetya, A. (2024). Does managerial ability have information content for capital market players? An empirical study in Indonesia. Proceeding of The 4th International Conference on Entrepreneurship. Available at: https://ojs.uph.edu/index.php/IConEnt/article/view/9177/4619
Wooldridge, J.M. (2020). Introduction econometrics: A modern approach. 7th. Edition. Boston, Cengage.
