THE EFFECT OF COMPETITIVE ADVANTAGE ON FINANCIAL PERFORMANCE AND FIRM VALUE: EVIDENCE FROM INDONESIAN MANUFACTURING COMPANIES
Wijayanto A. | Suhadak | Dzulkirom M. | Nuzula N.F.
Many companies invest heavily in building competitive advantage to improve their financial performance and corporate value. This study aims to examine and explain the effect of competitive advantage on financial performance and firm value of manufacturing firms in Indonesia. The study was conducted on 30 manufacturing firms in Indonesia by analyzing the data on the company's financial statements of the period from 2010 to 2016. Data were analyzed using Generalized Structured Component Analysis (GSCA). The results conclude that competitive advantage has a positive and significant effect on financial performance and firm value. Financial performance also shows a significant and positive effect to firm value. This study provides empirical evidence of the effect of competitive advantage on firm value which is rarely studied before. This study also strengthens the evidence of the effect of competitive advantage on financial performance and the effect of financial performance on firm value.
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