Analisis Kinerja Keuangan pada Indonesia Original Brands Award

Erica Leonardo(1*), Devie Devie(2), Hatane Semuel(3),


(1) 
(2) 
(3) 
(*) Corresponding Author

Abstract


Penelitian ini bertujuan untuk mengetahui pengaruh dari customer satisfaction terhadap profitability performance dan firm value dengan menggunakan customer loyalty sebagai variabel intervening. Dalam penelitian ini, financial perfomance diukur menggunakan kinerja jangka pendek (menggunakan variabel profitability performance) dan kinerja jangka panjang (menggunakan variabel firm value). Penelitian ini merupakan penelitian kuantitatif, di mana data yang diperoleh berasal dari majalah SWA, Bursa Efek Indonesia, dan Bloomberg. Sampel dalam penelitian ini adalah perusahaan-perusahaan yang mereknya termasuk dalam Indonesia Original Brands Award yang terdapat dalam majalah SWA pada tahun 2015 dan 2016. Data dalam penelitian ini kemudian diolah menggunakan software Smart PLS. Hasil penelitian ini menunjukkan hubungan yang positif dan signifikan antara variabel customer satisfaction, customer loyalty, profitability performance dan firm value (semua hipotesis diterima). Oleh karena itu, peranan customer satisfaction dan customer loyalty sangat penting bagi perusahaan agar perusahaan dapat memenangkan persaingan di tengah persaingan global yang ada saat ini.

 

 

Kata Kunci—Customer Satisfaction, Customer Loyalty, Financial Performance, Profitability Performance, Firm Value

 

This research aimed to find out the influence of customer satisfaction towards profitability performance using customer loyalty as intervening variable. In this research, financial performance was measured by using short term performance (using profitability performance) and long term performance (using firm value). This research was a quantitative form, the source of data that were obtained from secondary data that collected from SWA magazine, Indonesia Stock Exchage, and Bloomberg. Sample in this research was the companies which the brands registered in Indonesia Original Brands Award in SWA magazine on 2015 and 2016. The data then analyzed by Smart PLS software. The result showed positive and significant relation among customer satisfaction, customer loyalty, profitability performance and firm value (all hypotheses were accepted). Additionally, the role of customer satisfaction and customer loyalty are very important for the company. Therefore the company can win the competition among globalization competitiveness today.

 

 

Keywords— Customer Satisfaction, Customer Loyalty, Financial Performance, Profitability Performance, Firm Value


Full Text:

PDF

References


Ackermann, F. dan Eden, C. (2011). Strategic Management of Stakeholders: Theory and Practice. Long Range Planning, 179-196.

AlNajjar, F. K and Belkaoui, A.R. (1999). Multinationality, Profitability and Firm Value. Managerial Finance Journal, 25(12), 31-41.

Anderson, E. W., Fornell, C., & Lehmann, D. R. (1994). Customer satisfaction,market share, and profitability: Findings from Sweden. Journal of Marketing, 58(3), 53-66.

Anderson, E. W., Fornell, C., & Rust, R.T. (1997). Customer satisfaction, Productivity, and Profitability: Difference Between Goods and Service. Marketing Science, 16(2), 129-145.

Anderson, E. W., & Mittal, V. (2000). Strengthening the Satisfaction-Profit Chain. Journal of Service Research, 107-120.

Anderson, E. W., & Sullivan, M. W. (1993). The antecedents and consequences of customer satisfaction for firm. Journal of Marketing Science.

Arikunto, Suharsimi. (2013). Prosedur Penelitian Suatu Pendekatan Praktik. Jakarta: Rineka Cipta.

Bajkowski, J. (1999). Financial Ratio Analysis: Putting the Numbers to Work. AAII Journal.

Banerjee, A., & Chaudhury, S. (2010). Statistics Without Tears: Populations and Samples. Industrial Psychiatry Journal, 19(I), 60-65.

Baron, R. M & Kenny. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182.

Blocher, Stouth, Juras, & Cokins. (2013). Cost Management: A Strategic Emphasis (6th edition). New York: McGraw Hill Company.

Boru, E. (2014). Profitability Analysis of Ethiopian Airlines from 2009 to 2012.

Bottazzi, Giulio, et all. (2006). Productivity, Profitability, and Financial Performance: A Firm Level Comparative Analysis of Italian Manufacturing and Services. JEL.

Brigham, E dan Gapenski, L. (2006). Intermediate Financial Management. 7th edition. Sea Harbor Drive: The Dryden Press.

Bungin, Burhan. (2005). Metodologi Penelitian Kuantitatif, Komunikasi, Ekonomi, dan Kebijakan Publik Serta Ilmu-Ilmu Sosial Lainnya Edisi Kedua. Jakarta: Kencana Prenada Media Group.

Bungin, Burhan. (2013). Metodologi Penelitian Sosial dan Ekonomi. Jakarta: Kencana Prenada Media Group.

Chang, H.J. (2003). Globalisation, Economic Development, and The Role of The State. London: Zed Books.

Che-Ha, N., & Hashim, S. (2007). Brand Equity, Customer Satisfaction & Loyalty: Malaysian banking sector. International Review of Business Research Papers, 3(5), 123-133.

Chen, Mei Su & Lai, Gene C. (2010). Distribution System, Loyalty, and Performance. International Journal of Retail & Distribution Management, 38(9), 698-718.

Cheung, W., Chung, R. & Fung, S. (2015). The Effects of Stock Liquidity On Firm Value And Corporate Governance: Endoogeneity And The Reit Experiment. Journal of Corporate Finance, 1-48.

Chi & Gursoy. (2009). Employee Satisfaction, Customer Satisfaction and Financial Performance: An Empirical Examination. International Journal of Hospitality Management, 28(2), 245-253.

Cooper dan Emory. (1997). Metode Penelitian Bisnis Jilid 1 Edisi Kelima. Jakarta:Erlangga.

Cronin Jr, J. J., & Taylor, S. A. (1992). Measuring Service Quality: A Reexamination and Extension. The Journal of Marketing, 55-68.

Dekimpe, M.G. dkk. (1997). Decline and Variability in Brand Loyalty. International Journal of Research in Marketing, 14, 405-420.

Destarania. (2012). Fenomena “Brand Switching” Konsumen

Indonesia. Retrieved April 2, 2017, from

http://www.kompasiana.com/ destarania/fenomena-

brand-switching-konsumen indonesia_550d8459a33 311081c2e3c4d.

Drake, Pamela Peterson. (2010). Financial Ratio Analysis.

Efferin, Sujoko, dkk. (2004). Metode Penelitian untuk Akuntansi:

Sebuah Pendekatan Praktis. Yogyakarta: Graha Ilmu.

Fraser, Lyn M & Ormiston, Aileen. (2004). Understanding

Financial Statements. New Jersey: Prentice Hall.

Gee, R., Coates, G., & Nicholson, M. (2008). Understanding and Profitably Managing Customer Loyalty. Marketing Intelligence & Planning, 359-374.

Ghozali, Imam. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Semarang: Badan Penerbit Universitas Diponegoro.

Griffin, Jill. (2002). Consumer Loyalty: How To Earn It, How To

Keep It. Kentucky: Mc Graw Hill.

Griffin, Jill. (2005). Consumer Loyalty: Menumbuhkan dan Mempertahankan Kesetiaan Pelanggan. Edisi Revisi dan Terbaru. Jakarta: Penerbit Erlangga.

Gupta, S., & Zeithaml, V. (2006). Customer metrics and their impact on financial performance. Marketing Science, 25 (6), 718-739.

Hallowell, Roger. (1996). The Relationships of Customer Satisfaction, Customer Loyalty, And Profitability: An Empirical Study. International Journal of Service Industry Management, 7(4), 27-42.

Hanke, John E. dan Arthur G. Reitsch. (1998). Business Forecasting. Sixth Edition. New Jersey: Prentice Hall.

Hariyati, Titiek. (2014). Pengaruh Karakteristik Perusahaan terhadap Tindakan Perataan Laba. Jurnal Ilmu & Riset Akuntansi, 3(9).

Hermuningsih, S. (2013). Profitability, Growth Opportunity, Capital Structure and The Firm Value. Journal of Economic Literature, 115-136.

Hurriyati, R (2005). Bauran Pemasaran dan Loyalitas Konsumen.

Bandung: Alfabeta.

Irawan, H. (2002). 10 Prinsip Kepuasan Pelanggan. Jakarta: PT.

Elex Media Komputindo.

Irawan, Handi. (2003). Indonesian Customer Satisfaction. Membedah Strategi Kepuasan Pelanggan Merek Pemenang ICSA. Jakarta: PT. Elex Media Komputindo.

Irawan, Handi. (2004). Kepuasan Pelayanan Jasa. Jakarta:

Salemba Empat.

Ittner, C., Larcker, D., & Taylor, D. (2009). Commentary the Stock Market's Pricing of Customer Satisfaction. Marketing Science, 28(5), 826-835.

Jeong, Yongju & Yongsung, Lee. (2010). A Study on the Customer Satisfaction and Customer Loyalty of Furniture Purchaser in On-line Shop. Asian Journal on Quality, 11(2), 146-156.

Jogiyanto. (2008). Metodologi Penelitian Sistem Informasi.

Yogyakarta: Andi.

Jogiyanto. (2012). Konsep dan Aplikasi Structural Equation Modeling. Yogyakarta: UPP STIM YKPN.

Jumingan. (2006). Analisis Laporan Keuangan, Cetakan Pertama.

Jakarta: PT Bumi Aksara.

Kaelan. (2012). Metodologi Penelitian Kualitatif Interdisipliner.

Yogyakarta: Paradigma.

Kashif, Shukran, Rehman & Sarifuddin (2015). Customer Satisfaction and Loyalty in Malaysian Islamic Banks: A PAKSERV Investigation. International Jouurnal of Marketing, 33(1):23-40.

Keisidou, E., Sarigiannidis, L., Maditinos, D. I., & Thalassinos, E.

I. (2013). Customer satisfaction, loyalty and financial performance: A holistic approach of the Greek banking sector. International Journal of Bank Marketing, 259-288.

Keiningham, T., Gupta, S., Aksoy, L., & Buoye, A. (2014). The high price of customer satisfaction. MIT Sloan Management Review.

Khosravi, S., Fathi, Z., dan Valinia, S.N. (2014). Investigating The Relationship Between Financial Evaluation (Economic and Market Value-Added) and Dividen Yield of The Companies Listed on Tehran Stock Exchange. Journal of Current Research In Science, 2(1), 104-109.

Kotler, Philip. (2000). Marketing Management 10th Edition. New Jersey: Prentice Hall.

Kotler, P. & Keller, K. (2006). Marketing Management 12th Edition. New Jersey: Prentice Hall.

Kouser, et all. (2012). Inter Realitionship Between Profitabilityy, Growth, and Size: A Case Of Non-Financial Companies from Pakistan. Journal Commer.Soc.Sci, 6(2), 405-419.

Kuncoro, M. (2003). Metode Riset untuk Bisnis & Ekonomi.

Jakarta: Erlangga.

Lukitaningsih, Ambar. (2013). Iklan yang Efektif sebagai Strategi Komunikasi Pemasaran. Jurnal Ekonomi dan Kewirausahaan,13(2), 116-129.

Luo, Xueming & Bhattacharcya, CB. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-18.

Memon, Fozia, et all. (2012). Capital Structure and Firm Performance: A Case of Textile Sector of Pakistan. Asian Journal of Business and Management Science, 1(9), 09-15.

Moleong, Lexy J. (2006). Metodologi Penelitian Kualitatif.

Bandung: Rosdakarya.

Nayebzadeh et al. (2013). The Relationship between Customer Satisfaction and Loyalty with the Bank Performance in IRAN. International Journal of Academic Research in Business and Social Sciences, 3(6).

Ndubisi, Nelson O. (2007). Relationship Marketing and Customer Loyalty. Marketing Intelligence & Planning, 25(1), 98-106.

O’Sullivan, D., & McCallig, J. (2012). Customer satisfaction, earnings and firm value. European Journal of Marketing, 46(6), 827-843.

Oliver, R.L (1999). Whence Customer Loyalty? Journal of Marketing, 63, 33-44.

Olivia, T. et al (1992). A Catastrophe Model for Developing Service Satisfaction Strategies. Journal of Marketing, 56(3), 83-95.

Osazuwa, N. P., and Ahmad, A. C,. (2016). The Moderating Effect of Profitability and Leverage on The Relationship Between Eco-Efficiency and Firm Value in Publicly Traded Malaysian Firms. Social Responsibility Journal, 12(2), 295-306.

Pérez, A., Salmones, M. M. G. and del Bosque, I. R. (2013). The Effect of Corporate Associations on Consumer Behaviour. European Journal of Marketing, 47(12), 218-238.

Rai, A. K., & Srivastava, M. (2012). Customer Loyalty Attributes:

A Perspective. NMIMS Management Review, 49-76. Ramadhan, Muhamad

Agung. (2016). Peluang Pasar di Indonesia. Rangkuti, Freddy. (2009). Strategi Promosi yang Kreatif & Analisis Kasus Integrated Marketing Communication. Jakarta: PT. Gramedia Pustaka Utama.

Rudianto. (2013). Akuntansi Manajemen. Jakarta: Erlangga. Sabrin, Sarita, B., S, D. T., and Sujono. (2016). The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange. The International Journal of Engineering and Sciences, 5(10), 81-89.

Salvatore, D. (2005). Ekonomi Manajerial dalam Perekonomian Global. Jakarta: Salemba Empat.

Sarosa, Samiaji. (2012). Penelitian Kualitatif: Dasar-Dasar. Jakarta: PT. Indeks.

Sekaran, Uma. (2006). Metodologi Penelitian Untuk Bisnis. Jakarta: Salemba Empat.

Sekaran, Uma. (2014). Metodologi Penelitian Untuk Bisnis. Jakarta: Salemba Empat.

Stoner, T. H. (2003). A Financial Model for Evaluating Projects with Performance Contracts Report to The Brazilian Energy Efficiency Financial Task Force.

Samadquadri, A. (2013). Financial Performance Analysis.

Sudiyatno et all (2012). The Company’s Policy, Firm Performance, and Firm Value: An. Empirical Research on Indonesia Stock Exchange. American International Journal od Contemporary Research, 2(12).

Sugiyono. (2014). Metode Penelitian Kuantitatif Kualitatif dan R&D. Bandung : Alfabeta.

Suryowati (2016). Meski Pendapatan Per Kapita Naik, Kesejahteraan si Miskin Belum Membaik.

SWA Magazine. (2015). Indonesia Original Brands Index. Jakarta: PT Swasembada Media Bisnis.

Tobin’s, James, (1969). A General Equilibrium Approach to

Monetary Theory. Journal of Money, Credit and Banking, 12- 29.

Tugas, F. C. (2012). A Comparative Analysis of the Financial Ratios of Listed Firms Belonging to the Education Subsector in the Philippines for the Years 2009-2011. International Journal of Business and Social Science, 3(21), 179-190.

Umar, Husein. (2005). Metode Penelitian untuk Skripsi dan Tesis Bisnis. Jakarta: PT. Raja Grafindo Persada.

Williams, P., & Naumann, E. (2011). Customer satisfaction and business performance: a firm-level analysis. Journal of Services Marketing, 25(1), 20-32.

Zeithaml, V. A. (2000). Service Quality, Profitability, and the Economic Worth of Customers: What We Know and What We Need to Learn. Journal of the Academy of Marketing Science, 28(1), 67-85.

Zhang, Nijun. (2017). Relationship between Intangible Assets and Financial Performance of Listed Telecommunication Firms in China, Base On Empirical Analysis. African Journal of Business Management, 11(24), 751-757.

Zineldin, M. (2000). Beyond Relationship Marketing: Technologicalship Marketing. Marketing Intelligence & Planning, 18(1), 9-23.


Refbacks

  • There are currently no refbacks.