Kepemilikan aset spesifik, keunggulan kompetitif, dan struktur modal perusahaan: Studi kasus perusahaan publik di Indonesia

Abstract

Sustainable competitive advantage arises from unique asset ownership. Asset specificity creates company's distinctive competence that difficult to be imitated by competitor. This asset specificity is more difficult to imitate if information and description about this asset are not transparent for competitor, even for company that owns this asset because of the unique production process or ambiguous relationship with other internal factors such as corporate culture and quality of human resources. On the other hand, the ownerhip of this specific and opaque asset has serious consequences on financing strategy. Bank faces serious difficulty to make an accurate valuation of specific and opaque asset so that bank charges higher cost of debt. This will imply that company capital structure will be dominated by equity. This paper test this hypothesis in Indonesian context using non-financial firm data. This paper tests empirically hypothesis that is developed from resource based view strategy that very well known in strategic management literature stating that the asset specificity and opacity affect financial strategy of the firm. We found that Indonesian firms have unique condition that different from expectation of resource based view strategy. On average, Indonesian firms' R&D expenses are very low and have very marginal effect to capital structure. Conservatism of Indonesia accounting principle on reporting R&D expenses has serious bias on measuring asset specificity and opacity.Keywords: asset specificity; opacity; capital structure; distinctive competence Abstrak Sustainable competitive advantage muncul dari kepemilikan asset-asset yang memiliki suatu keunikan sehingga menciptakan distinctive competence yang sulit ditiru oleh para pesaing. Keunikan tersebut makin sulit ditiru apabila asset tersebut tidak transparan bagi para pesaing atau, bahkan, bagi perusahaan yang memilikinya sendiri karena proses produksi yang unik atau ambiguitas hubungannya dengan faktor-faktor internal lainnya seperti kultur perusahaan atau kualitas SDM. Namun di sisi lain, kepemilikan asset yang unik ini membawa dampak yang serius bagi perusahaan dari sisi pendanaannya. Bank, misalnya, kesulitan untuk menilai secara akurat asset yang spesifik dan opaque seperti ini sehingga biaya hutang yang dituntut bank menjadi lebih tinggi. Implikasi dari hal itu, struktur modal perusahaan seperti ini akan didominasi oleh ekuitas. Riset ini berupaya menguji hal tersebut dalam konteks perusahaan-perusahaan non keuangan di Indonesia sekaligus uji empirik atas hipotesis resource based strategy yang dikenal dalam literature manajemen strategik dengan riset empirik keuangan yang sejauh ini tidak mempertimbangkan komposisi dan keunikan asset dapat mempengaruhi struktur modal perusahaan. Kami menemukan bukti bahwa perusahaan Indonesia memiliki kondisi yang berbeda dari yang diprediksi oleh resouce based view strategy. Pengeluaran R&D rata-rata perusahaan Indonesia relatif sangat rendah dan tidak berdampak pada struktur modal perusahaan. Selain itu, ko...

Asset Specificity and Conservatism on Manufacturing Company in Indonesian

“…to be unique, namely physically, operating procedures, place and, supporting human resources. According to Wibowo (2016), in measuring the specificity asset value that has been developed, there are 3 measurement tools, namely, first, the ratio of internal R&D expenses to total sales, secondly the ratio of salary costs to total operating costs of the company, and finally marketing costs to net sales.…”