THE IMPACT OF INTERNAL AND EXTERNAL GROWTH STRATEGY ON FIRM PERFORMANCE POST-IPO
DOI:
https://doi.org/10.25170/jak.v16i1.3272Keywords:
Keywords: internal growth strategy, capital expenditure, marketing intensity, external growth strategy, firm performance.Abstract
Manajemen perlu menentukan strategi yang tepat untuk menggunakan dana dari investor untuk meningkatkan kinerja perusahaan. Strategi ini meningkatkan kapasitas kegiatan internal atau eksternal. Peningkatan intensitas pemasaran dan belanja modal merupakan kegiatan internal, sedangkan kegiatan eksternal adalah melakukan investasi pada perusahaan lain. Penelitian ini bertujuan untuk menganalisis pengaruh strategi pertumbuhan internal dan eksternal terhadap kinerja perusahaan pasca Penawaran Umum Perdana (IPO). Pengujian hipotesis menggunakan regresi balanced panel data dengan model random-effect. Metode pemilihan sampel adalah purposive sampling. Hasil penelitian menunjukkan bahwa belanja modal berpengaruh positif terhadap kinerja perusahaan pasca IPO. Strategi pertumbuhan internal lainnya, seperti intensitas pemasaran dan strategi pertumbuhan eksternal, tidak mempengaruhi kinerja perusahaan. Hasil penelitian menyiratkan bahwa penggunaan dana dari investor untuk meningkatkan kapasitas perusahaan melalui belanja modal dapat meningkatkan kinerja dibandingkan dengan kegiatan pemasaran dan investasi di perusahaan lain.
References
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Ahmad-Zaluki, N. A., & Badru, B. O. (2020). Intended use of IPO proceeds and initial returns. Journal of Financial Reporting and Accounting. 19(2), 184-210.
Akben Selçuk, E. (2016). Does firm age affect profitability? Evidence from Turkey. International Journal of Economic Sciences, 5(3), 1-9.
Aktas, N., de Bodt, E., & Samaras, V. (2008). Do acquisitions and internal growth impact differentially firm performance? Manuskrip tidak diterbitkan.
Alqahtani, N., & Uslay, C. (2018). Entrepreneurial marketing and firm performance: Synthesis and conceptual development. Journal of Business Research.
Andrén, N., & Jankensgård, H. (2020). Disappearing investment‐cash flow sensitivities: earnings have not become a worse proxy for cash flow. Journal of Business Finance & Accounting, 47(5-6), 760-785.
Auqie, V. (2013). Dampak merger dan akuisisi terhadap abnormal return dan kinerja keuangan bidder firm di sekitar tanggal pengumuman merger dan akuisisi pada perusahaan yang terdaftar pada BEI, periode 2009-2012. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(2).
Baker, H. K., & Kiymaz, H. (2011). The short-term and long-term performance of M&As. The Art of Capital Restructuring, 105.
Banerjee, N., & Siddhanta, S. (2015). An empirical investigation on the impact of marketing communication expenditure on firms’ profitability: Evidence from India. Global Business Review, 16(4), 609–622.
Bessler, W., & Zimmermann, J. (2012). Growth strategies of entrepreneurial firms after going public: A European perspective. Midwest Finance Association 2013 Annual Meeting Paper.
Bimo, I. D., Silalahi, E. E., & Kusumadewi, N. L. G. L. (2021). Corporate governance and investment efficiency in Indonesia: The moderating role of industry competition. Journal of Financial Reporting and Accounting.
Celikyurt, U., Sevilir, M., & Shivdasani, A. (2010). How an IPO helps in M&A. Journal of Applied Corporate Finance, 22(2), 94-99.
Chemmanur, T. J., & Yan, A. (2019). Advertising, attention, and stock returns. Quarterly Journal of Finance, 9(3), 1-51.
Cordis, A. S., & Kirby, C. (2017). Capital expenditures and firm performance: evidence from a cross‐sectional analysis of stock returns. Accounting & Finance, 57(4), 1019-1042.
Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711-727.
Du, D., & Osmonbekov, T. (2020). Direct effect of advertising spending on firm value: Moderating role of financial analyst coverage. International Journal of Research in Marketing, 37(1), 196-212.
Fang, T., Xiaohui, L., Lan, G., & Enjun, X. (2017). Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms. International Business Review, 26(1), 189-202.
Grozdić, V., Marić, B., Radišić, M., Šebestová, J., & Lis, M. (2020). Capital investments and manufacturing firms’ performance: Panel-data analysis. Sustainability, 12(4), 1689.
Grullon, G., Kanatas, G., & Weston, J. P. (2004). Advertising, breadth of ownership, and liquidity. The Review of Financial Studies, 17(2), 439-461.
Gutiérrez, V. G. (2016). Determinants and consequences of SME growth strategies: Resources, institutions and performance. Unpublished dissertation. Universitat Autònoma de Barcelona, Barcelona, Spanyol.
Harahap, S. S. (2011). Analisis Kritis atas Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
Haryanto, T., & Retnaningrum, M. (2019). Pengaruh capital expenditure terhadap revenue, number of customer, profit dan return on investment (studi pada perusahaan telekomunikasi yang terdaftar di BEI periode 2009-2016). JMM Unram-Master of Management Journal, 8(3), 270-279.
Hasanah, A. N., & Oktaviani, T. M. (2017). Analisis kinerja perusahaan dan abnormal return saham sebelum dan sesudah akuisisi. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 4(2).
Hermawan, D. (2010). Analisis pengaruh biaya modal investasi (capital expenditure) terhadap pendapatan perusahaan di masa datang (future corporate earning): Perspektif winner dan loser. Unpublished thesis, Universitas Sebelas Maret, Surakarta, Indonesia.
Horowitz, J. L., Loughran, T., & Savin, N. (2000). Three analyses of the firm size premium. Journal of Empirical Finance, 7(2), 143–153.
Insalaca, V. G. (2017). The impact of growth strategies on the performance of large food and beverage firms. Tesis tidak diterbitkan. Wageningen University & Research, Wagenigen, Belanda.
Ismail, T. H., Abdou, A. A., & Annis, R. M. (2011). Review of literature linking corporate performance to mergers and acquisitions. The Review of Financial and Accounting Studies, 1(1), 89-104.
Jain, B. A., & Kini, O. (2008). The impact of strategic investment choices on post‐issue operating performance and survival of US IPO firms. Journal of Business Finance & Accounting, 35(3‐4), 459-490.
Jaisinghani, D., Tandon, D., & Batra, D. K. (2018). Capital expenditure and persistence of firm performance: an empirical study for the Indian automobiles industry. International Journal of Indian Culture and Business Management, 16(1), 39-56.
Krishnan, H. A., Tadepalli, R., & Park, D. (2009). R&D intensity, marketing intensity, and organizational performance. Journal of Managerial Issues, 21(2), 232-244.
Kumar, B. R., Sujit, K. S., & Kareem Abdul, W. (2019). Brand valuation – examining the role of marketing on firm financial performance. Measuring Business Excellence, 24(1), 90–113.
Kundu, A., Kulkarni, P., & Murthy, A. (2010). Advertising and Firm Value: Mapping the Relationship between Advertising, Profitability and Business Strategy in India. India: Narosa Publications.
Kyengo, J. M., Muathe, S. M. A., & Kinyua, G. M. (2019). Marketing capability and firm performance: An empirical analysis of food processing firms in Nairobi City County, Kenya. The Strategic Journal of Business & Change Management, 6(1), 544-555.
Lee, I. H., & Rugman, A. M. (2012). Firm-specific advantages, inward FDI origins, and performance of multinational enterprises. Journal of International Management, 18(2), 132-146.
Lévesque, M., Joglekar, N., & Davies, J. (2009). The influence of marketing and R&D spending on firm growth. POMS 20th Annual Conference & CORS-INFORMS 2009 Joint International Meeting.
Lewellen, J., & Lewellen, K. (2016). Investment and cash flow: New evidence. Journal of Financial and Quantitative Analysis, 51(04), 1135–1164.
Liao, L. K., Lin, Y. M., & Lin, T. W. (2016). Non-financial performance in product market and capital expenditure. Journal of Business Research, 69(6), 2151–2159.
Lijuan, B. & Xiangbin, Y. (2020). Impact of firm-generated content on firm performance and consumer Engagement: Evidence from Social Media in China. Journal of Electronic Commerce Research, 21(1), 56-74.
Majanga, B. B. (2018). Corporate CAPEX and market capitalization of firms on Malawi stock exchange: an empirical study. Journal of Financial Reporting and Accounting, 16(1), 108–119.
Mariana, M. M., & Hatane, S. E. (2016). Pengaruh aktivitas pemasaran terhadap profitabilitas dan nilai perusahaan perusahaan makanan, minuman, dan rokok. Business Accounting Review, 4(1), 281-290.
Mousa, M., Nosratabadi, S., Sagi, J., & Mosavi, A. (2021). The effect of marketing investment on firm value and systematic risk. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 64.
Novari, P. M., & Lestari, P. V. (2016). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate. Unpublished dissertation, Universitas Udayana, Bali.
Oduro, I. M., & Agyei, S. K. (2013). Mergers & acquisition and firm performance: Evidence from the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(7), 99-107.
Panigyrakis, G., Kapareliotis, I., & Ventoura, Z. (2009). Marketing and corporate profitability: the case of Greek firms. Managerial Finance, 35(11), 909–917.
Penrose, E., & Penrose, E. T. (2009). The Theory of the Growth of the Firm. Oxford university press.
Putro, N. A. T. (2019). Pengaruh capital expenditure, pengungkapan enterprise risk management dan leverage terhadap nilai perusahaan (Studi empiris pada perusahaan kontruksi dan bangunan yang listing di BEI 2015-2018). Unpublished thesis. Universitas Islam Indonesia, Yogyakarta, Indonesia.
Qandhari, S. G. A., Khan, M. M. S., & Rizvi, W. (2016). The relationship between cash flow and capital expenditure in the sugar industry of Pakistan. The Journal of Developing Areas, 50(6), 341-353.
Rahman, S. S. A. & Che-Yahya, N. (2019). Initial and long-term performance of IPOs. Does growth opportunity of issuing firm matter? Business and Economic Horizons, 15(2), 276-291.
Rouf, A. (2015). Capital structure and firm performance of listed non-financial firms in Bangladesh. The International Journal of Applied Economics and Finance, 9(1), 25-32.
Shah, S. Z. A., Akbar, S., Ahmad, S., & Stark, A. W. (2021). Advertising, earnings prediction and market value: an analysis of persistent UK advertisers. British Journal of Management, 32(2), 283-305.
Sudiyatno, B., Suharmanto, T., & Sudarsih, S. (2010). Kebijakan perusahaan dan kinerja perusahaan pada perusahaan manufaktur di Bursa Efek Indonesia Jakarta. Laporan penelitian tidak diterbitkan, Universitas Stikubank, Semarang, Indonesia.
Sugiyanto, S., & Candra, A. (2019). Good corporate governance, conservatism accounting, real earnings management, and information asymmetry on share return. Jiafe (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 9-18.
Sunarti, F. R. (2017). Pengaruh marketing expense, ukuran perusahaan, dan umur perusahaan terhadap tingkat profitabilitas perusahaan (Studi empiris pada industri sektor perbankan Indonesia yang listing di BEI periode 2011-2015). Jurnal Administrasi Bisnis, 52(1).
Susilo, H. (2010). Analisis dampak merger atau akuisisi terhadap kinerja dan volume perdagangan saham perusahaan manufaktur di Indonesia. Unpublished dissertation, Universitas Islam Sultan Agung, Semarang, Indonesia.
Syamsuddin, L. (2011). Manajemen Keuangan Perusahaan. Jakarta: PT Raja Grafindo Persada.
Tingler, S. (2015). The modes of firm growth and their effects on firm performance-An empirical analysis of the chemical industry. Unpublished dissertation, Bergische Universität Wuppertal, Jerman.
Utami, D. N. (2021). Iklim Pasar Modal Membaik dari Tahun Lalu, Tren IPO Diproyeksi Ikut Pulih. Accesed on April 12th, 2021. https://market.bisnis.com/read/20210331/7/1375223/iklim-pasar-modal-membaik-dari-tahun-lalu-tren-ipo-diproyeksi-ikut-pulih
Vidal, E., & Mitchell, W. (2017). Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource-based theory. Strategic Management Journal, 39(1), 131–154.
Wachanga, M. R. (2014). The effect of capital expenditure on financial performance of firms listed at the Nairobi securities exchange. Unpublished dissertation, University of Nairobi, Kenya.
Ahmad, A. H., & Cardicna, M. A. M. M. (2020). Pengaruh pertumbuhan, likuiditas terhadap kinerja merger dan akuisisi dimoderasi dengan jenis perusahaan target. Jurnal Manajemen dan Bisnis Indonesia, 6(2), 183-190.
Ahmad-Zaluki, N. A., & Badru, B. O. (2020). Intended use of IPO proceeds and initial returns. Journal of Financial Reporting and Accounting. 19(2), 184-210.
Akben Selçuk, E. (2016). Does firm age affect profitability? Evidence from Turkey. International Journal of Economic Sciences, 5(3), 1-9.
Aktas, N., de Bodt, E., & Samaras, V. (2008). Do acquisitions and internal growth impact differentially firm performance? Manuskrip tidak diterbitkan.
Alqahtani, N., & Uslay, C. (2018). Entrepreneurial marketing and firm performance: Synthesis and conceptual development. Journal of Business Research.
Andrén, N., & Jankensgård, H. (2020). Disappearing investment‐cash flow sensitivities: earnings have not become a worse proxy for cash flow. Journal of Business Finance & Accounting, 47(5-6), 760-785.
Auqie, V. (2013). Dampak merger dan akuisisi terhadap abnormal return dan kinerja keuangan bidder firm di sekitar tanggal pengumuman merger dan akuisisi pada perusahaan yang terdaftar pada BEI, periode 2009-2012. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(2).
Baker, H. K., & Kiymaz, H. (2011). The short-term and long-term performance of M&As. The Art of Capital Restructuring, 105.
Banerjee, N., & Siddhanta, S. (2015). An empirical investigation on the impact of marketing communication expenditure on firms’ profitability: Evidence from India. Global Business Review, 16(4), 609–622.
Bessler, W., & Zimmermann, J. (2012). Growth strategies of entrepreneurial firms after going public: A European perspective. Midwest Finance Association 2013 Annual Meeting Paper.
Bimo, I. D., Silalahi, E. E., & Kusumadewi, N. L. G. L. (2021). Corporate governance and investment efficiency in Indonesia: The moderating role of industry competition. Journal of Financial Reporting and Accounting.
Celikyurt, U., Sevilir, M., & Shivdasani, A. (2010). How an IPO helps in M&A. Journal of Applied Corporate Finance, 22(2), 94-99.
Chemmanur, T. J., & Yan, A. (2019). Advertising, attention, and stock returns. Quarterly Journal of Finance, 9(3), 1-51.
Cordis, A. S., & Kirby, C. (2017). Capital expenditures and firm performance: evidence from a cross‐sectional analysis of stock returns. Accounting & Finance, 57(4), 1019-1042.
Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711-727.
Du, D., & Osmonbekov, T. (2020). Direct effect of advertising spending on firm value: Moderating role of financial analyst coverage. International Journal of Research in Marketing, 37(1), 196-212.
Fang, T., Xiaohui, L., Lan, G., & Enjun, X. (2017). Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms. International Business Review, 26(1), 189-202.
Grozdić, V., Marić, B., Radišić, M., Šebestová, J., & Lis, M. (2020). Capital investments and manufacturing firms’ performance: Panel-data analysis. Sustainability, 12(4), 1689.
Grullon, G., Kanatas, G., & Weston, J. P. (2004). Advertising, breadth of ownership, and liquidity. The Review of Financial Studies, 17(2), 439-461.
Gutiérrez, V. G. (2016). Determinants and consequences of SME growth strategies: Resources, institutions and performance. Unpublished dissertation. Universitat Autònoma de Barcelona, Barcelona, Spanyol.
Harahap, S. S. (2011). Analisis Kritis atas Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
Haryanto, T., & Retnaningrum, M. (2019). Pengaruh capital expenditure terhadap revenue, number of customer, profit dan return on investment (studi pada perusahaan telekomunikasi yang terdaftar di BEI periode 2009-2016). JMM Unram-Master of Management Journal, 8(3), 270-279.
Hasanah, A. N., & Oktaviani, T. M. (2017). Analisis kinerja perusahaan dan abnormal return saham sebelum dan sesudah akuisisi. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 4(2).
Hermawan, D. (2010). Analisis pengaruh biaya modal investasi (capital expenditure) terhadap pendapatan perusahaan di masa datang (future corporate earning): Perspektif winner dan loser. Unpublished thesis, Universitas Sebelas Maret, Surakarta, Indonesia.
Horowitz, J. L., Loughran, T., & Savin, N. (2000). Three analyses of the firm size premium. Journal of Empirical Finance, 7(2), 143–153.
Insalaca, V. G. (2017). The impact of growth strategies on the performance of large food and beverage firms. Tesis tidak diterbitkan. Wageningen University & Research, Wagenigen, Belanda.
Ismail, T. H., Abdou, A. A., & Annis, R. M. (2011). Review of literature linking corporate performance to mergers and acquisitions. The Review of Financial and Accounting Studies, 1(1), 89-104.
Jain, B. A., & Kini, O. (2008). The impact of strategic investment choices on post‐issue operating performance and survival of US IPO firms. Journal of Business Finance & Accounting, 35(3‐4), 459-490.
Jaisinghani, D., Tandon, D., & Batra, D. K. (2018). Capital expenditure and persistence of firm performance: an empirical study for the Indian automobiles industry. International Journal of Indian Culture and Business Management, 16(1), 39-56.
Krishnan, H. A., Tadepalli, R., & Park, D. (2009). R&D intensity, marketing intensity, and organizational performance. Journal of Managerial Issues, 21(2), 232-244.
Kumar, B. R., Sujit, K. S., & Kareem Abdul, W. (2019). Brand valuation – examining the role of marketing on firm financial performance. Measuring Business Excellence, 24(1), 90–113.
Kundu, A., Kulkarni, P., & Murthy, A. (2010). Advertising and Firm Value: Mapping the Relationship between Advertising, Profitability and Business Strategy in India. India: Narosa Publications.
Kyengo, J. M., Muathe, S. M. A., & Kinyua, G. M. (2019). Marketing capability and firm performance: An empirical analysis of food processing firms in Nairobi City County, Kenya. The Strategic Journal of Business & Change Management, 6(1), 544-555.
Lee, I. H., & Rugman, A. M. (2012). Firm-specific advantages, inward FDI origins, and performance of multinational enterprises. Journal of International Management, 18(2), 132-146.
Lévesque, M., Joglekar, N., & Davies, J. (2009). The influence of marketing and R&D spending on firm growth. POMS 20th Annual Conference & CORS-INFORMS 2009 Joint International Meeting.
Lewellen, J., & Lewellen, K. (2016). Investment and cash flow: New evidence. Journal of Financial and Quantitative Analysis, 51(04), 1135–1164.
Liao, L. K., Lin, Y. M., & Lin, T. W. (2016). Non-financial performance in product market and capital expenditure. Journal of Business Research, 69(6), 2151–2159.
Lijuan, B. & Xiangbin, Y. (2020). Impact of firm-generated content on firm performance and consumer Engagement: Evidence from Social Media in China. Journal of Electronic Commerce Research, 21(1), 56-74.
Majanga, B. B. (2018). Corporate CAPEX and market capitalization of firms on Malawi stock exchange: an empirical study. Journal of Financial Reporting and Accounting, 16(1), 108–119.
Mariana, M. M., & Hatane, S. E. (2016). Pengaruh aktivitas pemasaran terhadap profitabilitas dan nilai perusahaan perusahaan makanan, minuman, dan rokok. Business Accounting Review, 4(1), 281-290.
Mousa, M., Nosratabadi, S., Sagi, J., & Mosavi, A. (2021). The effect of marketing investment on firm value and systematic risk. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 64.
Novari, P. M., & Lestari, P. V. (2016). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate. Unpublished dissertation, Universitas Udayana, Bali.
Oduro, I. M., & Agyei, S. K. (2013). Mergers & acquisition and firm performance: Evidence from the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(7), 99-107.
Panigyrakis, G., Kapareliotis, I., & Ventoura, Z. (2009). Marketing and corporate profitability: the case of Greek firms. Managerial Finance, 35(11), 909–917.
Penrose, E., & Penrose, E. T. (2009). The Theory of the Growth of the Firm. Oxford university press.
Putro, N. A. T. (2019). Pengaruh capital expenditure, pengungkapan enterprise risk management dan leverage terhadap nilai perusahaan (Studi empiris pada perusahaan kontruksi dan bangunan yang listing di BEI 2015-2018). Unpublished thesis. Universitas Islam Indonesia, Yogyakarta, Indonesia.
Qandhari, S. G. A., Khan, M. M. S., & Rizvi, W. (2016). The relationship between cash flow and capital expenditure in the sugar industry of Pakistan. The Journal of Developing Areas, 50(6), 341-353.
Rahman, S. S. A. & Che-Yahya, N. (2019). Initial and long-term performance of IPOs. Does growth opportunity of issuing firm matter? Business and Economic Horizons, 15(2), 276-291.
Rouf, A. (2015). Capital structure and firm performance of listed non-financial firms in Bangladesh. The International Journal of Applied Economics and Finance, 9(1), 25-32.
Shah, S. Z. A., Akbar, S., Ahmad, S., & Stark, A. W. (2021). Advertising, earnings prediction and market value: an analysis of persistent UK advertisers. British Journal of Management, 32(2), 283-305.
Sudiyatno, B., Suharmanto, T., & Sudarsih, S. (2010). Kebijakan perusahaan dan kinerja perusahaan pada perusahaan manufaktur di Bursa Efek Indonesia Jakarta. Laporan penelitian tidak diterbitkan, Universitas Stikubank, Semarang, Indonesia.
Sugiyanto, S., & Candra, A. (2019). Good corporate governance, conservatism accounting, real earnings management, and information asymmetry on share return. Jiafe (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 9-18.
Sunarti, F. R. (2017). Pengaruh marketing expense, ukuran perusahaan, dan umur perusahaan terhadap tingkat profitabilitas perusahaan (Studi empiris pada industri sektor perbankan Indonesia yang listing di BEI periode 2011-2015). Jurnal Administrasi Bisnis, 52(1).
Susilo, H. (2010). Analisis dampak merger atau akuisisi terhadap kinerja dan volume perdagangan saham perusahaan manufaktur di Indonesia. Unpublished dissertation, Universitas Islam Sultan Agung, Semarang, Indonesia.
Syamsuddin, L. (2011). Manajemen Keuangan Perusahaan. Jakarta: PT Raja Grafindo Persada.
Tingler, S. (2015). The modes of firm growth and their effects on firm performance-An empirical analysis of the chemical industry. Unpublished dissertation, Bergische Universität Wuppertal, Jerman.
Utami, D. N. (2021). Iklim Pasar Modal Membaik dari Tahun Lalu, Tren IPO Diproyeksi Ikut Pulih. Accesed on April 12th, 2021. https://market.bisnis.com/read/20210331/7/1375223/iklim-pasar-modal-membaik-dari-tahun-lalu-tren-ipo-diproyeksi-ikut-pulih
Vidal, E., & Mitchell, W. (2017). Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource-based theory. Strategic Management Journal, 39(1), 131–154.
Wachanga, M. R. (2014). The effect of capital expenditure on financial performance of firms listed at the Nairobi securities exchange. Unpublished dissertation, University of Nairobi, Kenya.
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Published
2022-03-31
How to Cite
Prisilla, G., & Bimo, I. D. (2022). THE IMPACT OF INTERNAL AND EXTERNAL GROWTH STRATEGY ON FIRM PERFORMANCE POST-IPO. Jurnal Akuntansi, 16(1), 121–140. https://doi.org/10.25170/jak.v16i1.3272
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