Riris Rotua Sitorus, Wimbildon Sihotang


This study was conducted to examine the effect of promotional costs and debt policy on financial performance with competitive strategy as moderating. Research was conducted on property and real estate companies listed on the Indonesian Stock Exchange. The independent variables of this research are the cost of sale by proxy log promotional costs and debt policy with proxy Debt To Equity Ratio (DER). The dependent variable of this research is financial performance calculated using Return On Equity (ROE) with a competitive strategy as moderating using proxies are cost leadership was measured by Utiliziation Asset Efficiency (AUE) and differentiation was measured using the Premium Price Capability (PPC). The samples used were 29 properties and real estate companies listed on the stock exchange during the period 2011-2015 and generate profits. This study was conducted descriptive and use multiple regression. The research proved that the fee did not significantly affect the Promotion of Financial Performance. Debt policy significantly affected financial performance. Moderation Cost Leadership Competitive Strategy and Competitive Differentiation Strategy significantly affected financial performance. Cost Leadership Competitive Strategy and Competitive Differentiation Strategy can not amplify the effect of the fee on the Promotion of Financial Performance. Competitive Cost Leadership strategy, were not able to moderate the influence of Debt Policy on Financial Performance. Differentiation Competitive Strategy was able to moderate the influence of Debt Policy on Financial Performance.


promotion; debt policy; competitive strategy; financial performance

Full Text:



Adefulu, A. D. 2013. Promotional Strategy Impacts on Organizational Market Share and Profitability. Marketing and Retail Management Department, College of Economics and Management Sciences 11(6): 20-33.

Al-Debi, H. A. dan, A. Mustafa. 2014, The Impact Of Services Marketing Mix 7P'sIn Competitive Advantage To Five Stars Hotel - Case Study Amman Jordan, The Clute Institute International Academic Conference, 39-48.

Anthony, N. R. dan Govindarajan, V. 2005. Management Control Systems. SalembaEmpat: Jakarta

Attar, A. 2014. Corporate Strategy and Capital Structure : An Empirical Study of Listed Manufacturing Firms in Saudi Arabia. Tesis. Program S2 Filosofi Brunel University. Saudi Arabia.

Birjani, H., N. M. jahroni, S. A. Darabai, M. Birjani. 2014. The Effect Of Cost Leadership On ROA and Future Performance Of Accepted Companies In Tehran Stock Exchange. Research Journal Of Finance and Accounting 5(7): 152- 158.

Chiliya, N., G. Herbst dan R. M. Lombard 2009. The impact of marketing strategies on profitability of small grocery shops in South African townships. African Journal of Business Management 3(3): 70-79.

Chumaidiyah, E. 2014, The Marketing Mix Strategy in Influence to the CompetitiveAdvantage, Proceedings of the 2014 International Conference on Industrial Engineering and Operations Management Bali, Indonesia, January 7 – 9, 2014 : 818-826.

Fathurrohman, M. N. 2014. Sejarah para tokoh ilmuan, penemu pertama kali dunia. 01 Desember 2016. (12.00).

Ghitagia, P., N. dan C. G. Kabiru. 2015. Debt financing and financial performance of small and medium size enterprises: evidence from Kenya. Junnal of economics, finance and accounting 2(3): 473-481.

Gweyi dan Karanja. 2014. Effect Of Financial Leverage On Performance Of Deposit Taking Savings And Crdit Co-operative In Kenya. International Journal Of Academic Research In Accounting, Finance And Management Science 4(2): 180-188.

Heirany, F., S. Nayebzadeh, dan H. esmailkhani. 2014. The Effect Of Capital Structure On The Performance Of The Firms Listed On The Tehran Stock Exchange Based On The Competitive Advantage. International Journal Of contemporary Research In Business 5(9): 502-513.

Kasmir. 2016.Analisis Laporan Keuangan. Cetakan ke 9. PT Rajagrafindo Persada. Jakarta.

Kihato, M. F. 2013. The Effect Of promotion Strategies On Competitive Advantage: A Study On disposable Baby Diapers Distributors In Nairobi Kenya. Tesis. Master of business administration School of business university. Nairobi

Markota, L., Z. A. Barac, dan V. Knezovic. 2015. Impact Of Promotion Costs On Company’s Profitability. Journal Of Accounting and Management 1(2): 19-30.

Majeed, S. 2011. The Impact Of Competitive Advantage On Organizational Performance. Europan Journal Of Business and Management 3(4): 191- 196.

Mitani, H. 2014. Capital Structure And Competitive Position In Product Market. International Riview Of Economics And Finance 1(29): 358-371.

Mwangi, E., W dan K. Ombui. 2013, Effects of Competitive Strategies On The Performance Of Mission Hospitals In Kenya (A Case Of Kijabe Mission Hospital), International Journal of Science and Research 2(11): 14-19.

Ngambi, M. T. dan S. I. Wake. 2015. Capital Structure And Firm Performance: An Empirical Study Of Small And Medium-Sized Firms In Cameroon. International Journal Of Information Technology And Business Management 40(1): 106-117.

Odunlami, I. B. dan A. Ogunsiji. 2011. Effect of Sales Promotion as a Tool on Organizational Performance (A case Study of Sunshine Plastic Company), Journal of Emerging Trends in Economics and Management Sciences 2(1): 9-13.

Rizvi, Z, N,S. Malik, S. 2011. Impact of Sales Promotion on Organizations’ Profitability and Consumer’s Perception in Pakistan. InterdisciplinaryJjournal of Contemporary Research in Business 3(5): 296-310.

Sabin, D. dan H. Miras. 2015. Debt level and firm performance: A study on low- cap firms listed on the Kuala Lumpur stock exchange. International jurnal of accounting, business and management 1(1): 1-17.

Sifuna, I. N. 2014. Effect of Competitive Strategies on Performance of Public Universities in Kenya.Tesis.Program S2 AdminitrasiBisnis Kenyatta University. Kenya.

Singh, P.dan N. C. Agarwal. 2002, The Effect of Firm Strategy on the level and structure of executive compensation, Canadian Journal of Administration Sciences 19(1): 42-56.

Shehadeh, H. K. 2014. The Impact Of marketing Mix On Competitive Advantage Among Communications companies in The Hashemite Kingdom Of Jordan. International Journal Of Sales & Marketing 4(4): 21-32.

Talib, M. M. K. 2014. The Effect Of Capital Structure On Profitabillity Of Energy American Firms. International Journal Of Business and Management Invention 3(12): 53-61.

Valipour, H. dan H. Birjani. 2012. The Effects Of Cost Leadership Strategy And Product Differentiation Strategy On The Performance Of Firms. Journal Of Asian Business Strategy 2(1): 14-23.

Valta, P. 2011. Competition And The Cost Of Debt. Journa Of Fiancial economics. 105(3): 661-682.

Yasar, F. 2010. Competitive Strategies and Firm Performance:Case Study On Gaziantep Carpeting Sector. Journal Of Social Science Institute (7)14: 309-324.



  • There are currently no refbacks.