PENUTUP KINERJA Jurnal Bisnis dan Ekonomi.

Pengaruh Orientasi Pembelajaran, Kemampuan Produksi, dan Orientasi Pasar Terhadap Strategi Bisnis dan Kinerja Bisnis J.E. Sutanto 119 Gambar 2. Pen�ujian Conirmatory Factor Analysis Secara Simultan Pen�aruh Orientasi Pembelajaran, Kemampuan Produksi, Dan Orientasi Pasar, Terhadap Strate�i Bisnis dan Kinerja Bisnis Model Len�kap Tahap Akhir

5. PENUTUP

Kesimpulan ini juga diperoleh dari hasil pembahasan dan temuan lainnya yang relevan dan diharapkan dapat memperkaya temuan penelitian yang diperoleh. Sedangkan hasil uji hipotesis penelitian dapat disampaikan dari sebanyak 7 hipotesis penelitian dengan mempergunakan teknik analisis statistik persamaan model struktural Structural Equation Modelling dapat diperoleh hasil kesimpulan dan saran seperti berikut: 1 Orientasi pembelajaran mempunyai pengaruh secara signiikan terhadap kinerja bisnis; 2 Kemampuan produksi mempunyai pengaruh secara signiikan terhadap kinerja bisnis; 3 Orientasi pasar mempunyai pengaruh secara signiikan terhadap kinerja bisnis; 4 Orientasi pembelajaran mempunyai pengaruh secara signiikan terhadap stategi bisnis; 5 Kemampuan produksi mempunyai pengaruh secara signiikan terhadap strategi bisnis; 6 Orientasi pasar mempunyai pengaruh secara signiikan terhadap strategi bisnis; 7 Secara simultan orientasi pembelajaran, kemampuan produksi, orientasi pasar mempunyai pengaruh secara signiikan terhadap strategi bisnis dan kinerja Secara keseluruhan dari rangkaian hasil uji model persamaan struktural ternyata perlu dilakukan perbaikkan terhadap model atau kerangka persamaan struktural yang ada menjadi suatu model persamaan struktural alternatif yang memiliki hasil uji yang lebih it. 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Schroeder, dan J.C Anderson, 1989, “A Theory of Production Competence”, Decision Sciences , Vol.20, No. 4, pp: 655-668 Ferdinand, A. 2000, Structural Equation Modelling dalam Penelitian Manajemen. Aplikasi Model-model Rumit dalam Penelitian untuk Thesis S-2 dan Disertasi S-3. Semarang: BP Universitas Diponegoro Hayes, Robert. H., dan Steven C. Wheelwright, 1984, Restoring our Competitive Edge: Competing through Manufacturing , New York: John Wiley Sons. Hill. Charles W.� dan R.G. Jones, 1995, Strategic Management :An Integrated Approach, Third Edition, Boston : Houghton Miflin. Co. Horng, S., Chen, A.C., 1998, “Market Orientation of Small and Medium Sized Firms In Taiwan”, Journal of Small Business Management, Vol. 36, p. 79 - 85 Hurley, R. F., dan Hult, T.M., 1998, “Innovation, Market Orientation, and Organizational �earning: An Integration and Empirical Examination”, Journal of Marketing, Vol. 62, p. 42 – 54 Jaworski,B.J., Kohli, A.K. 1993, “Market Orientation : Antecedents and Conse�uences”, Journal of Marketing, Vol. 57, p. 53 – 70 ______, 1996, “Market Orientation: Review, Reinement and Road Map”, Journal of Market Focused Management, vol. 1, p.119-135. Kohli, A.K., dan Jaworski,B.J., 1990, “Market Orientation: The Construct, Research Propositions and Management Implication”, Journal of Marketing, Vol. 54, p.1–18. Malhotra, N. K., 1999, Marketing Research, New Jersey : Prentice-Hall International Mintzberg, et. al., 1995, The Strategic Process , Prentice-Hall International : New Jersey Miller, D., 1987, “The Structural and Environmental Correlates of Business Strategy”, Strategic Management Journal, Vol. 8. pp: 55-76 Miller, J.G., dan Hayslip, W., 1989, “Implementing Manufacturing Strategic Planning”. Planning Review,July- August, 22-27 Narver ,J.C., dan Slater, S. F., 1990, “The Effect of a Market Orientation on Business Proitability”, Journal of Marketing, Vol. 54,p. 20 – 35 Nunnaly, Y. and Berstein, L., 1993, Psychometric Theory, New York: McGraw Hill Inc. Pengaruh Orientasi Pembelajaran, Kemampuan Produksi, dan Orientasi Pasar Terhadap Strategi Bisnis dan Kinerja Bisnis J.E. Sutanto 121 Pelham, A.M., 2000, “Market Orientation and Other Potential Inluences on Performance in Small and Medium- Sized Manufacturing Firms”, Journal of Small Business Management, January, p. 49 – 66 Pelham, A.M, Wilson, D. T., 1996, “A �ongitudinal Study of the Impact of Market Structure, Firm Structure, Strategy and Market Orientation culture on Dimensions of Small-Firm Performance”, Journal of the Academy of Marketing Science, Vol.24, p. 27-43. Porter, M.E., 1992, Strategi Bersaing, Edisi terjemahan, Jakarta: Penerbit Erlangga. _______, 1985, Competitive Advantage:Creating and Sustaining Superior Performance , New York : The Free press. Rue, �.�., dan Byars, �.�., 1997, Management, Skill and Application , New York: Mc Graw Hill Companies. Schoeder, Roger G., 1989, Operations Management, Decision Making in the Operations Function, Third Edition, New York : Mc-Graw-Hill Book Co. Slater, Stanley F., dan John C. Nerver, 1994, “Does Competitive Environment Moderate Orientation-Performance Relationship?”, Journal of Marketing, Vol. 58, pp: 46-55 Slater, S. F., dan Narver,J.C.,1995, “Market Orientation and the Learning Organization”, Journal of Marketing, Vol., 59, p. 63-74. Schein, E. H., 1996, “Three Cultures of Management: The Key to Organizational �earning”, Sloan Management Review, Fall, p. 9-20. Sinkula, J.M, 1994, “Market Information Processing and Organizational �earning”, Journal of Marketing, Vol. 58, p. 35-45 Sinkula, J. M., Baker, W.E., Noordewier, T., 1997, “A Framework for Market Based Organizational Learning : �inking Values, Knowledge and Behavior”, Journal of the Academy Marketing Science, Vol. 25, p. 305- 318. Singgih Santoso, 2002, SPSS Versi 10, PT Elex Media Kompitindo, Jakarta. Sekaran, Uma, 1992, Research Methods For Business: A Skill-Building Approach. Second Edition. New York: John Willey and Sons, Inc. Sekaran, Uma, 2000, Research Methods For Business: A Skill-Building Approach, Singapore: John Willey and Sons, Inc. Skinner,W.,1985, Manufacturing: the Formidable Competitive Weapon . Wiley, New York. Vickery,S.K., C. Droge, and R.R. Marklan, 1993, “Production Competence and Business Strategy: Do They Affect Business Performance?”, Decision Sciences, Vol. 24 2, pp: 435-455. Varadarajan, P. R, Jayachandran, 1999, “Marketing Strategy: An Assessment of the State of the Field and Outlook”. Journal of The Academy of Marketing Science, Vol. 26,p. 120-143. KINERJA, Volume 13, No.2, Th. 2009: Hal. 122-134 122 PENGARUH SET KESEMPATAN INVESTASI TERHADAP HUBUNGAN ANTARA KEPEMILIKAN MANAJERIAL DAN ALIRAN KAS BEBAS DENGAN TINGKAT LEVERAGE PERUSAHAAN Endang Raino Wirjono Email : rainomail.uajy.ac.id Fakultas Ekonomi Universitas Atma Jaya Yo�yakarta Abstract Agency theory mentions that leverage debt is one of mechanism used by shareholders to minimize agency problem with manager. In this context, previous researchers show that leverage was influenced by free cash flow and insider ownership managerial ownership. This research aims to examine the determinants of leverage in a research model and treats investment opportunity set IOS as moderating variable that will influence the relationship between free cash flow and managerial ownership with leverage. By using sample consist of 38 manufacturing companies, result from moderated Regression Analysis MRA statistically shows evidence that IOS influences the relationship between free cash flow and leverage. This result supported Tarjo’s research 2002. Keywords: agency theory, free cash flow, investment opportunity set, leverage, managerial ownership

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