Zombie dan Diversifikasi Pada Masa Covid-19
DOI:
https://doi.org/10.33395/owner.v7i4.1709Keywords:
Market Diversification, Product Diversification, Financial Crisis, Covid-19 Pandemic, Zombie CompaniesAbstract
The financial crisis has caused companies to compete to maintain their financial performance in order to avoid entering the category of "zombie companies." A zombie company is one that has low profits and has experienced losses for several consecutive years. Diversification strategies, such as varying products and/or selling products abroad, are believed to improve a company’s financial performance. This study examines the effect of diversification on zombie companies during the COVID-19 pandemic. The population of this study consists of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2021. The sampling technique is purposive, with a sample size of 126 companies. This study uses logistic regression analysis to examine the effect of diversification on zombie companies with tangibility, age, and company size as control variables. The results of this study found that diversification has no effect on zombie companies. As for the control variables of tangibility, age, and company size, they have no effect on zombie companies. This study concludes that both product and market diversification do not help companies avoid zombie conditions during the COVID-19 pandemic. This could be due to the global nature of the COVID-19 pandemic, which hinders the export process in all countries that are mostly affected by the pandemic. Even though product diversification has been carried out, the products offered are still related to products whose sales are still affected by the COVID-19 pandemic.
Downloads
References
Acharya, U. R., Fujita, H., Oh, S. L., Hagiwara, Y., Tan, J. H., & Adam, M. (2017). Application of deep convolutional neural network for automated detection of myocardial infarction using ECG signals. Information Sciences, 415–416, 190–198. https://doi.org/10.1016/j.ins.2017.06.027
Antara. (2020, April 1). 4 sektor yang paling tertekan akibat corona menurut Sri Mulyani. Tempo.Co. https://bisnis.tempo.co/read/1326504/4-sektor-yang-paling-tertekan-akibat-corona-menurut-sri-mulyani
Banerjee, R., & Hofmann, B. (2020). Corporate zombies: Anatomy and life cycle. https://doi.org/https://dx.doi.org/10.2139/ssrn.3783166
Binh, T. Q., Thi, P., Uyen, M., & Thuan, N. T. (2020). Zombie Companies In Vietnam: The Empirical Insight and Experiences From Asian and European Companies. Academy of Accounting and Financial Studies Journal, 24(1), 1–9.
BPS. (2023, April). ekspor dan impor. Badan Pusat Statistik. https://www.bps.go.id/exim/
Brock, D. M., & Yaffe, T. (2008). International diversification and performance: The mediating role of implementation. International Business Review, 17(5), 600–615. https://doi.org/10.1016/j.ibusrev.2008.07.003
Caballero, R. J., Hoshi, T., & Kashyap, A. K. (2008). Zombie lending and depressed restructuring in Japan. American Economic Review, 98(5), 1943–1977. https://doi.org/10.1257/aer.98.5.1943
Chakrabarti, A., Singh, K., & Mahmood, I. (2007). Diversification and performance: Evidence from east Asian firms. Strategic Management Journal, 28(2), 101–120. https://doi.org/10.1002/smj.572
Harasztosi, Péter., Schich, Sebastian., Hallak, Issam., & European Commission. Joint Research Centre. (2018). Fear the Walking Dead??: incidence and effects of zombie firms in Europe. JRC Publications Repository. https://doi.org/http://dx.doi.org/10.30564/jesr.v1i1.393
Hoshi, T. (2006). Economics Of The Living Dead*. The Japanese Economic Review, 57(1), 1–20. https://doi.org/https://doi.org/10.1111/j.1468-5876.2006.00354.x
Hoshi, T., Diego, S., & Kim, Y. (2012). Macroprudential Policy and Zombie Lending in Korea.
Luu, H. N., Nguyen, L. Q. T., Vu, Q. H., & Tuan, L. Q. (2020). Income diversification and financial performance of commercial banks in Vietnam: Do experience and ownership structure matter? Review of Behavioral Finance, 12(3), 185–199. https://doi.org/10.1108/RBF-05-2019-0066
Mehmood, R., Hunjra, A., & Chani, M. (2019). The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management, 12(1), 49. https://doi.org/10.3390/jrfm12010049
Munir, M., & Rachman Putra, A. (2021). The Influence of Brand Image and Product Quality of Samsung Brand Washing Machine on Brand Loyalty. Journal of Marketing and Business Research, 1(2), 2962–9012. https://doi.org/10.56348/mark.v1i2.36
Naimo, F. A., & Ogbeide, S. O. (n.d.). Evidences and Determinants of Zombie Firms: Implication on Economic Growth.
Novita, S., Tjahjadi, B., & Irwanto, A. (2019). Zombie Dan Diversifikasi Dalam Masa Krisis Keuangan Global. Jurnal Reviu Akuntansi Dan Keuangan, 9(3), 1–14. https://doi.org/10.22219/jrak.v9i3.62
Ogbeide, S. O., Ogiugo, H. U., & Adesuyi, I. O. (2021). Corporate governance mechanisms and financial reporting quality of commercial banks in Nigeria. Insights into Regional Development, 3(1), 136–146. https://doi.org/10.9770/ird.2021.3.1(8)
Oladimeji, M. S., & Itohowo, U. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120–131. https://doi.org/10.7441/joc.2019.04.08
Ozigbo, A. M.-, & Daniel, Dr. C. O. (2020). Diversification Strategy and Financial Performance of Nigeria Private Firms. International Journal of Scientific Research and Management, 8(07), 1883–1889. https://doi.org/10.18535/ijsrm/v8i07.em02
Papworth, Mark & Marrinan, Theresa & Martin, Brad & Keegan, Dominique & Chaddock, & Anna. (2013). Low intensity cognitive-behaviour therapy: A practitioner’s guide.
Penrose E.T. (1959). The Theory of the Growth of the Firm. Oxford university press.
Quang Binh, T., Thi, V., Huong, T., Thi, N., & Loan, B. (2020). Zombie Companies: Experimental Research From Real Estate Listed Sectors. Revista Argentina de Clinica Psicologica, XXIX, 1–10. https://doi.org/10.24205/03276716.2020.1133
SH Satoto. (2009). Strategi Diversifikasi Terhadap Kinerja Perusahaan. Jurnal Keuangan Dan Perbankan, 13(2), 280–287. https://doi.org/https://doi.org/10.26905/jkdp.v13i2.936
Sinarti, & Darmajati, J. (2019). Pengaruh Laverage, Diversifikasi Produk dan Ukuran Perusahaan Terhadap Profitabilitas. Journal Of Applied Managerial Accounting, 3(1), 1–11.
Tantra, W., Ayu, I., & Wesnawati, R. (2017). Prosiding Seminar Nasional Hasil Penelitian-Denpasar. Prosiding, 175-218.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Michelle Fedora, Tan Ming Kuang
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
