PENGARUH PELUNCURAN PRODUK BARU TERHADAP RETURN SAHAM: PENDEKATAN STRATEGI KOMPETITIF STUDI PADA EMITEN DI BURSA EFEK INDONESIA

Eliyani, Linda Rosenta (2014) PENGARUH PELUNCURAN PRODUK BARU TERHADAP RETURN SAHAM: PENDEKATAN STRATEGI KOMPETITIF STUDI PADA EMITEN DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

This study examines the impact of the launch of new product on stock returns. The research design is event study, in which the researcher wants to test the market response to the launch of new products by considering the business strategy used by each firm. The sample of announcing firms are selected based on certain criterias. The samples are identified into strategy group (strategic substitutes, strategic complements) by using Competitive Strategy Measure refer to Sundaram et. al (1996). The analysis is done by comparing the before and after events Cumulative Average Abnormal Return CAAR between strategy groups of the announcing firms. Then, comparing CAAR between announcing firms and its rivals in strategic substitutes group, and in strategic compelements group. The comparative study shows that the announcing firms in strategic substitutes gain higher CAAR than the announcing firms in strategic complements. The rivals in strategic substitutes suffer insiginificant loss. Whereas, the announcing firms gain lower abnormal return compare to the rivals in the same strategic complements. Key words: new product launch, stock return, competitive strategy Penelitian ini mengkaji peluncuran produk baru terhadap return saham. Disain penelitian yaitu event study, yang mana peneliti ingin menguji reaksi pasar terhadap peluncuran produk baru yang dipublikasikan, dengan mempertimbangkan strategi bisnis yang digunakan masing-masing perusahaan. Sampel penelitian merupakan perusahaan yang terdaftar di Bursa Efek Indonesia, dipilih berdasarkan kriteria yang ditentukan. Emiten diidentifikasi atas kelompok strategi (Strategic Substitutes dan Strategic Complements) dengan indikator Competitive Strategy Measure seperti penelitian Sundaram et. al (1996). Analisis komparatif dilakukan dengan membandingkan Cumulative average abnormal return saham sebelum dan sesudah peluncuran produk baru. CAAR emiten peluncur produk baru antara kelompok strategi, dan CAAR antara emiten peluncur produk baru dan kompetitornya. Emiten kompetitornya yaitu emiten lain di sub sektor yang sama. Hasil penelitian menunjukkan emiten peluncur produk baru di kelompok Strategic Substitutes mendapatkan CAAR yang lebih tinggi dibandingkan emiten di kelompok Strategic Complements. Jika dibandingkan dengan kompetitor di kelompok Strategic Substitutes, emiten sampel mendapatkan CAAR lebih tinggi, namun tidak signifikan. Sebaliknya kompetitor di kelompok Strategic Complements mendapatkan abnormal return lebih baik dibandingkan dengan emiten peluncur produk baru. Kata kunci: peluncuran produk baru, return saham, strategi kompetitif

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