Subanidja, S eph; S i Wahyuni; Les a i, Melda; Elu, Wil idus B.
A icle
Do gene ic s a egy and p oduc i i y help de ec co po a e
e ail bank up cy isk?
Ve slas: Teo ija i p ak ika / Business: Theo y and P ac ice
P o ided in Coope a ion wi h:
Vilnius Gediminas Technical Uni e si y (VILNIUS TECH)
Sugges ed Ci a ion: Subanidja, S eph; S i Wahyuni; Les a i, Melda; Elu, Wil idus B. (2020) : Do
gene ic s a egy and p oduc i i y help de ec co po a e e ail bank up cy isk?, Ve slas: Teo ija i
p ak ika / Business: Theo y and P ac ice, ISSN 1822-4202, Vilnius Gediminas Technical Uni e si y,
Vilnius, Vol. 21, Iss. 1, pp. 302-313,
h ps://doi.o g/10.3846/b p.2020.10380
This Ve sion is a ailable a :
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Ve slas: Teo ija i p ak ika / Business: Theo y and P ac ice
ISSN 1648-0627 / eISSN 1822-4202
2020 Volume 21 Issue 1: 302–313
h ps://doi.o g/10.3846/b p.2020.10380
only 6 (six) companies ha ha e a posi i e end. I means
ha mos o he companies (64.7%) ha e a dec easing
end o inancial pe o mance. Mo eo e , i seems ha
he companies a e acing a bank up cy isk.
Howe e , he isk is mos equen ly seen om a mic o
pe spec i e ha is inancial pe o mance. The only iew o
s udies in es iga es he isk om an eceden s o inancial
pe o mance such as gene ic s a egic, co po a e social e-
sponsibili y, good co po a e go e nance, in ellec ual capi-
al, and cus ome sa is ac ion. F om he mac o pe spec-
i e, Takahashi, Taques, and Basso (2018) men ioned ha
in gene al bank up cies may be a consequence a iable o
ce ain economic and/o inancial c ises.
F om he mic o pe spec i e, B yan, Fe nando, and T i-
pa hy (2013) men ioned ha pu suing a success ul gene ic
s a egy has a posi i e e ec on i m inancial pe o mance
and he pe o mance was media ed by p oduc i i y a i-
able. Mo eo e , Bha a ai (2018) placed cos leade ship
and di e en ia ion s a egy as an independen a iable on
inancial pe o mance, whe eas Cencia elli e al. (2018)
used in ellec ual capi al as an an eceden o inancial pe -
o mance. Besides, Da a e al. (2016) in es iga ed good
DO GENERIC STRATEGY AND PRODUCTIVITY HELP DETECT
CORPORATE RETAIL BANKRUPTCY RISK?
S eph SUBANIDJA *, S i WAHYUNI , Melda LESTARI, Wil idus B. ELU
School o Pos g adua e, Pe banas Ins i u e, Jaka a, Indonesia
Recei ed 24 May 2019, accep ed 15 No embe 2019
Abs ac . Recen ly, he e ha e been se e al e ail companies expe iencing bank up cy. Many s udies on bank up cy isk a e
mo e seen om he inancial pe o mance pe spec i e. S udies on he isk o inancial pe o mance a e good bu i seems
oo la e o de ec he isk. So a , no esea ch in es iga es some an eceden s on he isk di ec ly. I is commonly ended in
inancial pe o mance. This s udy de ec s ea lie he isk om an eceden s o inancial pe o mance as an indica o o he
isk. The s udy aims o in es iga e he e ec o gene ic s a egy, as well as p oduc i i y, on bank up cy. The s udy is causali y
esea ch. The popula ion is 25 e ail companies. Wi h ce ain c i e ia, he e a e 17 companies as a sample. By using SEM
and sma -PLS, i can be concluded ha cos leade ship a ec s bo h on p oduc i i y and he isk. Then, he di e en ia ion
s a egy does no a ec p oduc i i y, bu i a ec s he isk. Fu he mo e, p oduc i i y is eligible as an in e ening a iable
on he isk. Mo eo e , he s a egy and p oduc i i y a e good bu no enough o de ec he isk. The e o e, o de ec ing
he isk possibili y, i is needed a u he esea ch imp o emen o de ec ing he isk om a mac o and mic o pe spec i e
comp ehensi ely.
Keywo ds: di e en ia ion, cos leade ship s a egy, p oduc i i y, bank up cy isk, e ail companies.
JEL Classi ica ion: G33, M11, M21, M41, L81.
In oduc ion
Recen ly, a lo o news epo ed ha some e ail compa-
nies a e a bank up cy isk. Indica o s o he bank up cy
isk, in gene al, a e iewed om he inancial pe o mance
pe spec i e. Ne e heless, wha caused he inancial pe -
o mance o se e al e ail companies end o decline? The
decline o he pe o mance, om ime o ime, indica es
a isk. Mo eo e , he pe o mance is commonly used as
an ea ly wa ning o de ec ing co po a e bank up cy isk.
O’Ha a e al. (2000) men ioned ha he e is a co ela-
ion be ween inancial pe o mance and i s s ock p ice,
whe eas he s ock p ice is in luenced by mac o-economy
indica o s (Ali e al., 2010). Meanwhile, co po a e bank-
up cy isk can be p edic ed by i s inancial pe o mance
(Caland o, 2007). The e o e s ock p ice can be used as a
signal o inancial pe o mance. So, he e is a link be ween
mac o-economy, s ock p ice, inancial pe o mance, and
bank up cy isk, and in gene al, he isk is de e mined by
mic o and mac o condi ions.
O e he pas i e yea s, Indonesia is acing he phe-
nomenon ha e ail company s ock p ices ha e ended o
decline. F om 17 (se en een) o he e ail companies, i is
Business: Theo y and P ac ice, 2020, 21(1): 302–313 303
co po a e go e nance as an independen a iable on pe -
o mance. Mo eo e , Hasan, Kobeissi, and Wang (2018)
in o med ha co po a e social esponsibili y a ec s inan-
cial pe o mance wi h media ing by p oduc i i y.
F om bo h mac o and mic o pe spec i es, some
a iables a e a ec ing he inancial pe o mance and he
pe o mance in o ms a p edic ion o bank up cy isk.
Howe e , he phenomena show ha bank up cy isk s ill
happens. I seems because he p e ious esea ches, ana-
lyzed he isk pa ially, whe he om a mac o o mic o
pe spec i e. F om a mic o pe spec i e, so a , no esea ch
analyzed some a iables ha a ec he bank up cy isk
di ec ly. I is jus ended a inancial pe o mance. Then
he bank up cy isk is analyzed sepa a ely by using he
pe o mance.
Re e ing o he phenomenon o e ail bank up cy
in Indonesia, dec easing o s ock p ice and he esul s o
esea ch by B yan, Fe nando, and T ipa hy (2013), and
Bha ai (2018), his s udy in es iga es whe he cos lead-
e ship and di e en ia ion s a egy help de ec bank up cy
isk, wi h p oduc i i y as an in e ening a iable?
1. Re iew o li e a u e
In gene al, isk p edic ion s udies o co po a e bank up cy
a e mos ly iewed om a inancial pe o mance pe spec-
i e (Akba e al., 2019; Adnan & Da , 2006; Al man e al.,
1977; Al man, 1968; Beawe , 1968; Bea e , 1966). Mean-
while, some s udies in es iga ed co po a e bank up cy isk
om pe spec i es o me hodology (Ga cia, e al., 2019;
Nyi ai, 2019; Kim, Mun, & Bae, 2018).
The e a e a leas se en models o p edic ing bank-
up cy isk. The models a e Al man Z sco e (1968), Ohl-
son (1980), Ze a (Kasilingam & Ramasunda am, 2012),
Sp inga e (Aghajani & Jouzba kand, 2012; Fulme (Kasil-
ingam & Ramasunda am, 2012), indexes IN01 and IN05
(Ga u o a, e al., 2017). In e ms o using Al man Z-sco e,
Sulud (2014) and Hayes, Hodge, and Hughes (2010) a -
gued ha he Al man Z-sco e model is he i s model
o p edic ing bank up cy isk and be e han o he s, al-
hough ha i s ill canno be gene alized.
As an in e ening a iable, p oduc i i y can be ex-
plained as a a io o o al ou pu and o al inpu (B yan,
Fe nando, & T ipa hy, 2013). Fu he mo e, i is said ha
highe p oduc i i y allows companies o p oduce ou pu
wi h ewe inpu s so ha he e is a educ ion in p oduc-
ion cos s. Besides, Mo ahed and Shamszadeh (2015) con-
cluded ha p oduc i i y has a p edic i e e ec on inan-
cial pe o mance. On he o he hand, an inc ease in global
compe i ion and apid echnological de elopmen caused
managemen has o hink and be esponsi e o changes
in esou ce p oduc i i y (Bloche , S ou , & Cokins, 2010).
Fu he mo e, B yan, Fe nando, and T ipa hy (2013)
men ioned ha companies can compe e wi h hei com-
pe i o s h ough a leas wo elemen s o gene ic s a e-
gy. The elemen s a e di e en ia ion and cos leade ship.
Mo eo e , cos leade ship can be achie ed h ough cos
e iciency and asse sa ings. Wi h inpu p ices lowe han
compe i o s, companies can sell goods and se ices a
lowe p ices as well. I consume s choose p ices as he
main conside a ion in pu chasing o using se ices, he
company will ake bene i om implemen ing cos lead-
e ship s a egies. I was also a gued ha he cos leade -
ship s a egy is s ongly connec ed wi h he de elopmen
o p oduc i i y. This is because p oduc i i y is he abili y
o combine di e en inpu s o p oduce ce ain ou pu s. A
basic p inciple o he s a egy is o educe cos s o all ac-
ions. Thus, a gap be ween p ices in he ma ke and cos s
will be g ea e , and he company will gain a compe i i e
ad an age (Ku & Zehi , 2016).
(Bloche , S ou , & Cokins, 2010) s a ed ha di e en-
ia ion s a egy is a compe i i e s a egy. Fu he mo e, i
is said ha companies end o be success ul by de elop-
ing and main aining he uniqueness o a p oduc . The
uniqueness is mos likely seen om he cus ome ’s pe -
cep ion. Companies ha adop a di e en ia ion s a egy
gain a compe i i e ad an age. Companies ha ake a di -
e en ia ion s a egy in es in de eloping unique p oduc s
o se ices. So ha companies can become p ice leade s
in hei ma ke (Banke , Mash uwala, & T ipa hy, 2014).
Fu he mo e, O cullo (2007) men ioned ha he bes way
o ge a sus ainable compe i i e ad an age in he a ea o
a di e en ia ion s a egy is: a. new p oduc inno a ion,
b. echnical excellence, c. p oduc quali y and eliabili y,
d. comp ehensi e cus ome se ice, and e. unique com-
pe i i e capabili y. Mo eo e , Ba ney and Hes e ly (2019)
men ioned ha p oduc di e en ia ion can c ea e cus-
ome p e e ences and i allows he company o make an
abo e-no mal p o i . I is also ha almos any hing can be
a base o di e en ia ion. Mo eo e , he p e e ences a e e i-
dence o a p oduc di e en ia ion ha inc eases he ol-
ume o pu chase and o a p emium p ice o he p oduc .
Resea ches on he in luence o co po a e s a egy on
bank up cy isk we e p e iously ca ied ou by B yan,
Fe nando, and T ipa hy (2013), Mo ahed and Shamsza-
deh (2015) and Bha a ai (2018). Places o esea ch a e
conduc ed in di e en companies and coun ies, bu he e
a e simila i ies in esea ch esul s, namely, cos leade ship
and di e en ia ion s a egy a ec company pe o mance.
The u he esul said ha p oduc i i y, as an in e ening
a iable, has a signi ican e ec on he isk o company pe -
o mance. Mo eo e , p oduc i e companies will be able o
gene a e a g ea e income han hei expenses. Wi h s able
inancial condi ions, bank up cy isk will be lowe .
Besides, Bha a ai (2018) s a ed ha cos leade ship
and di e en ia ion s a egy ha e a posi i e impac on he
sus ainabili y o inancial pe o mance, bu he e is no
mo e in o ma ion abou i s impac on he isk o bank-
up cy. Ano he esea ch ound ha in ellec ual capi al
is nega i ely associa ed wi h he p obabili y o company
de aul s (Cencia elli, G eco, & Alleg ini, 2018). Ano he
a iable ha e ec s on bank up cy isk a e good co po-
a e go e nance a iable. Da a e al. (2016) men ioned
ha co po a e go e nance o complex i ms wi h la ge
boa ds o di ec o s educes bank up cy isk. So ha o
304 S. Subanidja e al. Do gene ic s a egy and p oduc i i y help de ec co po a e e ail bank up cy isk?
p edic a company bank up cy isk, he isk can be p e-
dic ed h ough inancial isk, cos leade ship s a egy,
di e en ia ion s a egy, in ellec ual capi al, and good
co po a e go e nance. Due o he e is no enough in-
o ma ion on company e ail inancial s a emen s, his
s udy analyzes 4 ( ou ) a iables, namely cos leade ship
s a egy, di e en ia ion s a egy, p oduc i i y, and bank-
up cy isk.
The kinds o li e a u e e iew in es iga ed he e ec o
cos leade ship s a egy, di e en ia ion s a egy, and p o-
duc i i y on inancial pe o mance, whe eas he inancial
pe o mance is an ins umen o p edic a bank up cy
isk. This esea ch in es iga es he e ec o he h ee a i-
ables on he bank up cy isk di ec ly. So, based on he e-
iew and he no el y o his esea ch, he esea ch model
can be seen in Figu e 1.
2. Me hodology
This s udy is quan i a i e causali y esea ch. The e a e wo
independen a iables, namely cos leade ship and di e -
en ia ion s a egy, one in e ening a iable, namely p o-
duc i i y, and one dependen a iable, namely bank up cy
isk. The objec o he s udy is Indonesian e ail companies
lis ed on he IDX o inancial s a emen s da a om Janu-
a y 2014 o Decembe 2018. I means ha he analyzed
da a is panel da a.
Cos leade ship s a egy is measu ed by using h ee
p oxies. The p oxy measu emen e e s o he concep
o Balsam, Fe nando, and T ipa hy (2011) and Asdemi ,
Fe nando and T ipa hy (2013). Fi s , he p oxy o he cos
leade ship s a egy a e 1) a io o ne sales o capi al ex-
pendi u es, 2) a io o ne sales o ne book alue o land
and equipmen , and 3) a io o he numbe o employees
o o al asse s used o measu e labo e iciency. Howe e ,
in his s udy, a cos leade ship s a egy is only measu ed
by using he i s and second p oxy. The hi d p oxy is no
u ilized conside ing ha he numbe o employees in e ail
companies is no easible o be jux aposed wi h he com-
pany’s o al asse s. Mo eo e , p oxies o a di e en ia ion
s a egy a e 1) a io o sales, gene al and adminis a i e
expenses o ne sales, 2) a io o esea ch and de elop-
men o ne sales and 3) a io o ne sales o cos o goods
sold. These p oxies o he di e en ia ion s a egy a e also
suppo ed by Ba ney and Hes e ly (2019) ha cus ome
p e e ences a e p oduc di e en ia ion which can inc ease
he olume o sales.
The p oxy o bank up cy isk is measu ed by using
Al man Z-Sco e (Caland o, 2007), wi h i e a iables.
These a iables a e wo king capi al/ o al asse s, e ained
ea nings/ o al asse s, EBIT/ o al asse s, he ma ke alue
o equi y/book alue o o al liabili ies and sales / o al
asse s. C i e ia ha a e used o in e p e he Z-Sco e a e
a sa e zone o Z-sco e is g ea e han 2.99, dis ess zone
o Z sco e is lowe han 1.81 and he g ay zone is be ween
1.81 and 2.99 (Caland o, 2007).
Va iable o p oduc i i y is conside ed o be able o me-
dia e be ween cos leade ship s a egy and di e en ia ion,
and bank up cy isk. The p oduc i i y alue is ob ained by
di iding he o al ou pu by he o al inpu . The popula ion
o his s udy is all 25 companies lis ed on he IDX. Wi h
ce ain conside a ions, i is no all membe s o he popula-
ion a e examined. C i e ia o choosing a sample a e 1)
companies a e lis ed in he IDX un il 2018, 2) companies
a e engaged in he e ail subsec o , and 3) companies ha e
comple e da a o analyze. Wi h hese c i e ia, 17 compa-
nies a e eligible o analyze.
Da a analysis used SEM (S uc u al Equa ion Model)
app oach wi h sma -PLS (Pa ial Leas Squa e) so wa e.
Gö z, Lieh -Gobbe s, and K a (2010) s a ed he PLS ap-
p oach is app op ia e o explo a i e analysis o s uc u al
equa ion models. The s ages o da a analyzed a e as ol-
lows. Fi s , i is he es o he ou e model. The ou e
model es ing is applied o see a co ela ion be ween indi-
ca o and sco e o he cons uc . The indica o is consid-
e ed eliable i he co ela ion alue is abo e 0.60. Second,
i is he inne model es . The inne model es is com-
monly known as a s uc u al model es . This es is con-
duc ed o see he ela ionship be ween a iables, namely
signi icance alues and R-squa e om a esea ch model.
Thi d, i is hypo hesis es ing. The hypo hesis is applied
o ind ou whe he empo a y allega ions made by he
esea che a e accep ed o ejec ed. C i e ia o accep ing
o ejec ing he hypo hesis a e based on he p- alue.
3. Resul s
The esea ch esul s can be g ouped in o a iables desc ip-
ion, es ing o he ou e and inne model, hypo heses es -
ing and discussion as ollows.
Figu e 1. Resea ch model (adap ed om B yan, Fe nando, and T ipa hy (2013), Mo ahed and Shamszadeh (2015)
and Bha a ai (2018))
Cos Leade ship
P oduc i i y
Di e en ia ion
Bank up cy Risk
Business: Theo y and P ac ice, 2020, 21(1): 302–313 305
3.1. Va iables desc ip ion
The i s p oxy o cos leade ship s a egy is he a io o
sales o capi al expendi u e which illus a es a le el o e -
iciency o he company is using asse s. The g ea e alue
o he a io means he company is conside ed mo e e -
icien . Capi al expendi u es made by he company make
a posi i e con ibu ion o sales. The inc ease in capi al
expendi u e should be di ec ly p opo ional o he in-
c ease in sales. F om 17 e ail companies s udied, he e
a e 4 companies whose sales a io o capi al expendi u e
dec eased om 2014 o 2018. This indica es ha an in-
c ease in capi al expendi u e does no con ibu e posi-
i ely o sales. Companies ha ha e inc eased e iciency
a e 7 companies. This shows ha capi al expendi u e can
inc ease sales. The es expe ienced luc ua ions. Compa-
nies wi h luc ua ing a ios illus a e ha an inc ease in
capi al expendi u e does no always make sales highe (see
Appendix 1).
The second p oxy o cos leade ship is he a io o sales
o book alue o asse s. The highe sales a io o he book
alue o ixed asse s indica es highe e iciency in he use
o asse s. High a io igu es e lec ha ixed asse s owned
by he company a e used op imally and may con ibu e o
inc eased sales. Resul s indica e ha six companies ha e
a end ha ends o inc ease om yea o yea . I can be
said ha he company can use exis ing ixed asse s o in-
c ease sales. Six o he companies ha e a end ha ends
o all. This indica es ha he company is unable o use
ixed asse s o inc ease sales. This dec ease can be caused
by wo hings. Fi s , i is he inc ease in ixed asse s wi h-
ou inc easing sales. Second, i is he numbe o ixed as-
se s o he company ha has no changed, bu sales ha
ha e dec eased. O he companies ha a e no men ioned
ha e a ola ile end (see Appendix 2).
The i s p oxy o a di e en ia ion s a egy is sales
and ope a ing cos s. A e ail company ope a ing cos s a e
gene ally di ided in o wo componen s. Fi s , he e is he
cos o sales. Second, he e a e gene al and adminis a i e
cos s. Companies ha ca y ou he di e en ia ion s a egy
will in es in a ious ma ke ing ac i i ies o di e en ia e
hemsel es om compe i o s. Ma ke ing cos s hemsel es
a e sub-sec ions in sales cos s ha a e a iable. Mo e com-
panies wan o di e en ia e hemsel es om compe i o s,
he g ea e he cos s incu ed. Cos is expec ed o be di-
ec ly p opo ional o sales. A smalle a io numbe , he
be e he company manages ope a ing cos s o inc ease
sales. F om 17 companies analyzed, he majo i y ha e o
luc ua e o SG & A/Sales a ios. Only one company ends
o dec ease om yea o yea . This decline indica es ha
he company can manage he inc ease in sales highe han
he inc ease in ope a ing cos s. On he o he hand, se en
companies ha e a a io wi h an upwa d end. This means
ha sales g ow h is no g ea e han he g ow h in com-
pany ope a ing cos s (see Appendix 3).
The second p oxy used in calcula ing di e en ia ion
s a egy is he a io o esea ch and de elopmen cos s
o sales. The key o success o companies o be di e en
om compe i o s is o p o ide high-quali y and inno a-
i e goods and se ices. Thus, consume s will p o ide
mo e alue and end o emembe he goods and se ices
owned by he company han hose o compe i o s. To be
di e en and win he ma ke , he cos s o esea ch and
de elopmen will be highe . The smalle he a io shows
be e condi ions. Resul s show ha i e companies ha e
an up end. This means ha sales g ow h is g ea e han
g ow h in esea ch and de elopmen cos s. On he o he
hand, h ee companies ha e a di e en end. O he com-
panies ha a e no men ioned ha e a luc ua ing end
(see Appendix 4).
The hi d p oxy o a di e en ia ion s a egy is he sales
a io o he cos o goods sold. The success o a company
adop ing a di e en ia ion s a egy is measu ed by i s abil-
i y o de e mine a highe p ice. The p ices will no be a
p oblem o consume s because he company is unique
in e ms o goods and se ices p oduced. Resul s show
ha only ou companies ha e pe o med. This indica es
ha he company can con ol he inc ease in sales abo e
he inc ease in he cos o goods. On he o he hand, i e
companies expe ience he opposi e. The a io o sales o
he cos o goods has dec eased. G ow h in basic p ices is
g ea e han sales g ow h (see Appendix 5).
In e ms o p oduc i i y, i can be summa ized ha
he e is no company in which p oduc i i y has a ising
end. Fou companies ha e dec eased hei p oduc i i y.
This indica es ha an inc ease in sales is no g ea e han
an inc ease in cos s. While 13 o he companies ha e a
luc ua ing end (see Appendix 6)
In e ms o bank up cy isk, he e a e a ious ap-
p oaches o calcula e he bank up cy isk. In his s udy,
bank up cy isk is calcula ed using he Al man Z-Sco e
app oach. The Sco e o mula consis s o se e al a ios,
namely wo king capi al o o al asse s, e ained ea nings
o o al asse s, ope a ing income o o al asse s, equi y
ma ke alue o o al deb and sales o o al asse s. Each
a io is hen mul iplied by a p ede e mined cons an . I
can be seen ha no all companies a e in a sa e posi ion in
2018. Th ee companies ha e alue Z < 1.81. Besides, h ee
companies a e in a ulne able o g ay a ea posi ion. The
Z-sco e o he h ee companies is be ween 1.81 and 2.99.
I means ha he e a e six o se en een e ail companies
a e no in sa e pe o mance (see Appendix 7).
3.2. Tes ing o ou e and inne model
The da a analysis me hod in his s udy is SEM, wi h he
so wa e used is sma -PLS. The esul o he ull model
can be seen in Figu e 2.
The esul o he model in Figu e 2 can be used as
ou e and inne model es s as ollows. The e a e h ee
c i e ia used o es he ou e o a model. The c i e ia a e
con e gen alidi y, disc iminan alidi y, and composi e
eliabili y. The limi o he co ela ion alue used is equal
o o g ea e han 0.6. Fi s , he ou e es o he cos lead-
e ship s a egy model is used by wo p oxies. The co e-
la ion alue o he i s p oxy is 0.886 and he second
306 S. Subanidja e al. Do gene ic s a egy and p oduc i i y help de ec co po a e e ail bank up cy isk?
one is 0.942. Bo h alues a e abo e he alue o 0.6. I
can be concluded ha he p oxies mee he equi emen s
o model adequacy. Second, he es o he di e en ia-
ion s a egy ou e model, esul ing in ha all p oxies used
ha e ul illed he co ela ion alue abo e he alue o 0.60.
Thus, he di e en ia ion s a egy a iable has me he con-
e gen alidi y o a model and can p oceed o he nex
da a p ocessing. Thi d, he es o he ou e model p o-
duc i i y a iable in o ms a co ela ion alue abo e he
alue o 0.60. Thus he p oduc i i y a iable calcula ed by
di iding he numbe o inpu s pe ou pu is easible and
can p oceed o he nex da a p ocessing. Finally, he es o
bank up cy isk ou e model esul s ha he Z-sco e alue
mee s he adequacy o he model wi h a co ela ion alue
o mo e han 0.60.
The second es is he inne model es . The es is also
known as a s uc u al model es . This es is conduc ed
o see he ela ionship be ween a iables, signi icance al-
ues, and R-squa e esea ch models. Model assessmen be-
gins by looking a he R-squa e o he dependen a iable.
Changes in he alue o R-squa e can be used o see how
he independen a iables in luence he dependen a i-
able. The R-squa e alue o p oduc i i y is 0.883 and he
bank up cy isk is 0.372. The highe he R-squa e alue
means he g ea e he abili y o an independen a iable
o explain he dependen a iable. This makes s uc u al
equa ions be e .
The company p oduc i i y a iable has a alue o R-
squa e ha is 0.883. This means ha he cos leade ship
s a egy and di e en ia ion s a egy can explain 88.3% o
he p oduc i i y a iable. The R-squa e alue indica es
ha he model is in a s ong ca ego y. This inding means
ha be e cos leade ship and di e en ia ion s a egy, he
company has a highe le el o p oduc i i y. Fu he mo e,
he bank up cy isk a iable has an R-squa e alue o
0.372. The meaning o his alue is ha cos leade ship,
di e en ia ion s a egy and p oduc i i y can explain a
37.2% changing in bank up cy isk a iable. The emain-
ing o 62.8% o bank up cy isk is explained by o he ac-
o s ou side he esea ch model. O he ac o s in ques ion
can be in he o m o company alue, company liquidi y,
company image o he economic condi ion o a coun y
whe e he company conduc s i s business ac i i ies. Based
on he R-squa e alue, his model is a mode a e le el. This
inding explains ha i he gene ic po e s a egy and
company p oduc i i y ge s be e , he Al man Z-sco e will
be highe . The highe o Al man Z-sco e indica es ha he
company a oids bank up cy isk.
3.3. Hypo heses es ing
Based on Figu e 1, he e a e se en hypo hesis es ing. The
hypo hesis is based on p- alue and he limi o accep ing
o ejec ing a hypo hesis is 5%. The esul summa y o
hypo heses es ing is shown in Table 1.
Table 1. Resul summa y o hypo heses es ing
Va iabl e O iginal Sample
Es ima e - S a is ics p-Values
X1–Y 0.033 0.282 0.778
X2–Y 0.948 7.867 0.000
X1–Z –0.191 0.607 0.544
X2–Z –1.617 1.288 0.199
Y– Z 1.734 1.683 0.093
Based on Table 1, i can be summa ized he esul s o
he hypo hesis as ollows. Hypo hesis 1 s a es ha a cos
leade ship s a egy (X1) does no in luence bank up cy
isk (Z). I is known ha he p- alue be ween cos lead-
e ship s a egy and bank up cy isk is 0.544. This alue
is g ea e han he equi ed alue, namely 0.05. Thus he
i s hypo hesis is ejec ed. Then, i is concluded ha he
cos leade ship s a egy a ec s bank up cy isk in e ail
companies in Indonesia.
Hypo hesis 2 s a es ha a di e en ia ion s a egy (X2)
does no in luence bank up cy isk (Z). The esul shows
ha he p- alue be ween cos di e en ia ion s a egy
and bank up cy isk is 0.199. This alue is g ea e han
he equi ed alue. I means ha he second hypo hesis
Figu e 2. A ull model o esea ch esul
Business: Theo y and P ac ice, 2020, 21(1): 302–313 307
is ejec ed. So, i is said ha he di e en ia ion s a egy
a ec s bank up cy isk in e ail companies in Indonesia.
Hypo hesis 3 s a es ha a cos leade ship s a egy (X1)
does no in luence company p oduc i i y (Y). The calcula-
ion esul shows ha he p- alue be ween cos leade ship
s a egy and p oduc i i y is 0.778. This alue is g ea e
han he equi ed alue. Thus he hi d hypo hesis is e-
jec ed. I is concluded ha cos leade ship s a egy a ec s
he p oduc i i y o e ail companies in Indonesia.
Hypo hesis 4 s a es ha a di e en ia ion s a egy (X2)
does no in luence p oduc i i y (Y). I is known ha he p-
alue be ween di e en ia ion s a egy and p oduc i i y is
0,000. This alue is smalle han he equi ed alue. Thus
he ou h hypo hesis is accep ed. I can be said ha he
di e en ia ion s a egy does no a ec he p oduc i i y o
e ail companies in Indonesia.
Hypo hesis 5 s a es ha p oduc i i y (Y) does no in-
luence bank up cy isk (Z). I is known ha he p- alue
be ween p oduc i i y and bank up cy isk is 0.093. This
alue is g ea e han he equi ed alue. Thus he i h
hypo hesis is ejec ed. I is concluded ha p oduc i i y
a ec s bank up cy isk in e ail companies in Indonesia.
Table 2. Resul summa y o di ec and indi ec e ec
E ec Di ec E ec Indi ec E ec p-Values
X1 on Z 0.191
X1 on Y 0.033
Y on Z 1.734
X1 on Y on Z 0.057 0.738
X2 on Z 1.617
X2 on Y 0.948
Y on Z 1.734
X2 on Y on Z 1.644 0.114
In o de o explain a di ec and indi ec e ec (Ta-
ble2) o he independen a iables on he bank up cy isk,
h ough a a iable o p oduc i i y, i can be summa ized
u he hypo hesis. Hypo hesis 6 in o ms he di ec and
indi ec e ec o cos leade ship s a egy on bank up cy
isk h ough p oduc i i y, whe eas hypo hesis 7 desc ibes
bo h di ec and indi ec e ec o di e en ia ion s a egy
on he isk h ough a a iable o p oduc i i y as an in e -
ening a iable
Hypo hesis 6 s a es p oduc i i y (Y) media es a ela-
ionship be ween cos leade ship s a egy (X1) and bank-
up cy isk (Z). I is known ha he p- alue be ween cos
leade ship s a egy and bank up cy isk media ed by p o-
duc i i y is 0.738. This alue is g ea e han he equi ed
alue. Thus he six h hypo hesis is ejec ed. I is concluded
ha p oduc i i y media es he causal ela ionship be ween
cos leade ship s a egy and he bank up cy isk o e ail
companies in Indonesia.
Hypo hesis 7 s a es p oduc i i y (Y) media es he
ela ionship be ween di e en ia ion s a egy (X2) and
bank up cy isk (Z). I is known ha he p- alue be ween
di e en ia ion s a egy and bank up cy isk wi h p o-
duc i i y as he in e ening a iable is 0.114. This alue
is g ea e han he equi ed alue. Thus he se en h hy-
po hesis is ejec ed. I is concluded ha p oduc i i y me-
dia es he ela ionship be ween di e en ia ion s a egy and
bank up cy isk o e ail companies in Indonesia.
3.4. Discussion
The i s hypo hesis esul indica es ha he bank up cy
isk expe ienced by companies is a ec ed by he cos
leade ship s a egy. Cos leade ship s a egy helps com-
panies o be able o manage cos s used du ing p oduc ion
o be lowe . Wi h low p oduc ion cos s, he selling p ice
o goods o se ices will be cheape . The cheape selling
p ices a e expec ed o a ac mo e consume s and e ain
exis ing consume s. I he a ge ma ke is consume s wi h
p ice-o ien ed, hen he cos leade ship s a egy will be
e y sui able.
In his s udy, e ail companies, he e is no p oduc-
ion p ocess om aw ma e ials o inished goods. All
i ems sold a ou le s o s o es a e goods om supplie s o
dis ibu o s. This causes e ail companies can se p ices
acco ding o wha hey wan . Many ac o s need o be
conside ed when se ing a selling p ice. The ac o s in
ques ion include he pe cep ion o he p ice o an i em
o se ice, he p ice o e ed by a compe i o , he cu en
economic condi ion o he communi y and o he ac o s.
The esul s o his s udy in line wi h he esea ch o Mo a-
hed and Shamszadeh (2015), and B yan, Fe nando, and
T ipa hy (2013), which s a ed ha cos leade ship s a egy
in luences dec easing he isk o co po a e bank up cy.
The second hypo hesis esul s a es ha he di e en ia-
ion s a egy a ec s bank up cy isk. I aced, he e a e
h ee elemen s in calcula ing di e en ia ion s a egies.
They a e a ios o ope a ing cos s o sales, a io o esea ch
and de elopmen cos s o sales and a io o sales o he
cos o goods sold. F om he h ee a ios, only sales a e
used in he Al man Z-Sco e o mula. So, i is na u al ha
he high and low isk o a company’s bank up cy is in lu-
enced by he di e en ia ion s a egy. Then, he di e en ia-
ion s a egy is used by companies o c ea e a uniqueness
ha can a ac consume s. Besides, o a ac ing con-
sume s, he uniqueness is also expec ed o inc ease b and
awa eness. These wo hings a e some hing ha seems o
appea in bo h a sho and long e m pe iod. Because o
his, he di e en ia ion s a egy does necessa ily a ec on
bank up cy isk o e ail companies in Indonesia.
The hi d hypo hesis esul s a es ha a cos leade ship
s a egy a ec s p oduc i i y. Re ail company p oduc i i y
in his s udy is measu ed by calcula ing o al inpu o o al
ou pu . The inpu in ques ion is sales, while he ou pu is
cos s o gene a e a sale. The company’s s a egy based on
he pe iod is di ided in o h ee, namely long- e m, medi-
um- e m and sho - e m s a egies. The gene ic s a egy
is included in he long- e m s a egy. Inc easing sales and
lowe ing cos s a e some hing ha can be done na u ally
and s a egically by a company. Re ail companies depend
308 S. Subanidja e al. Do gene ic s a egy and p oduc i i y help de ec co po a e e ail bank up cy isk?
on supplie s in de e mining he selling p ice and cos o
goods sold. This makes a cos leade ship s a egy does a -
ec p oduc i i y.
The ou h hypo hesis esul in o ms ha he di e -
en ia ion s a egy does no in luence p oduc i i y. The
esul con adic s wi h he esea ch o Mo ahed and
Shamszadeh (2015) and B yan, Fe nando, and T ipa hy
(2013). The be e he company makes a di e en ia ion
s a egy, he uniqueness o he goods o se ices o e ed
will be inc easingly embedded in he minds o consum-
e s. Tha way, consume s will make a company main e -
e ence when making a pu chase. This will inc ease sales
olume and cus ome loyal y. Inc easing sales will make
p oduc i i y be e . Howe e , om a cus ome poin o
iew, p oduc di e en ia ion canno happen ins an ly. I
is needed some e o and akes ime o make he p oduc
becoming “ op o mind” ha he p oduc s seem di e en
om o he s.
The i h hypo hesis esul shows ha bank up cy isk
is a ec ed by company p oduc i i y. The esul is in line
wi h he esea ch o Mo ahed and Shamszadeh (2015)
and B yan, Fe nando, and T ipa hy (2013) which s a ed
ha p oduc i i y in luences educing he isk o co po-
a e bank up cy. Companies ha expe ience an inc ease
in p oduc i i y do no always expe ience a bank up cy
isk. Howe e , om 17 companies s udied, he e a e 9
companies in which p oduc i i y changes a e in line wi h
bank up cy isk. This s udy shows ha p oduc i i y is
dominan as he cause o bank up cy isk.
The six h and se en h hypo hesis esul s which s a e
ha p oduc i i y media es he ela ionship be ween Po -
e ’s gene ic s a egy and bank up cy isk a e p o en in
his s udy. This is in line wi h Mo ahed and Shamszadeh
(2015) and B yan, Fe nando, and T ipa hy (2013) esea ch.
In he p e ious discussion, i is men ioned ha cos lead-
e ship and di e en ia ion s a egy, a ec bank up cy isk.
A e adding o he a iables, namely, p oduc i i y which
is conside ed o be able o media e he ela ionship be-
ween he s a egy and isk a iables, he bank up cy isk
can be de ec ed by he gene ic s a egy which media ed
by p oduc i i y.
Based on he esul s o he s udy, i is a gued ha
p oxy used o calcula e company p oduc i i y is su icien
enough o ep esen he independen and dependen a i-
ables. P oduc i i y as an in e ening a iable is expec ed
o media e he ela ionship be ween he po e ’s gene ic
s a egy and he bank up cy isk. Fu he mo e, a e es -
ing, changes a e happening wi h he use o p oduc i i y
as an in e ening a iable. Acco ding o Ba on and Kenny
(1986), he ole o a a iable as a media o will occu i :
1) independen a iables ha e a signi ican e ec on he
dependen a iable in he i s equa ion, 2) independen
a iables ha e a signi ican e ec on he in e ening a i-
able in he second equa ion, 3) in e ening a iables mus
ha e an e ec signi ican o he dependen a iable in he
hi d equa ion. F om he s a emen abo e, almos all o
he condi ions a e ul illed in he s udy. The es esul s
show ha only he di e en ia ion s a egy does no in-
luence p oduc i i y. Meanwhile, o he a iables ha e an
in luence. Fo his eason, p oduc i i y can be placed as
an in e ening a iable be ween cos leade ship s a egy
and di e en ia ion s a egy on bank up cy isk o e ail
companies in Indonesia. Fu he mo e, p oduc i i y is a
s ong signal o explain bank up cy isk.
Conclusions and manage ial implica ion
The s udy concluded ha i s ly, cos leade ship and di -
e en ia ion s a egy a ec bank up cy isk in e ail com-
panies lis ed on he Indonesia S ock Exchange. Second-
ly, cos leade ship s a egy a ec s p oduc i i y in e ail
companies, bu a di e en ia ion s a egy does no a ec
p oduc i i y. Thi dly, p oduc i i y a ec s bank up cy
isk. Fou hly, he indi ec e ec o he gene ic s a egy
is g ea e han he di ec e ec on he bank up cy isk,
so p oduc i i y can media e he cause-e ec ela ionship
be ween cos leade ship s a egy and bank up cy isk in
e ail companies. Finally, di e en ia ion and cos leade -
ship s a egy, wi h p oduc i i y as an in e ening a iable,
able o de ec he bank up cy isk o he e ail companies
h ough p oduc i i y. Al hough he cos leade ship and
di e en ia ion s a egy a e jus na u al hings and gene -
ally well implemen ed by companies, hese s a egies a e
s ill good bu no enough o p edic a eluc ance o e-
ail companies in Indonesia especially h ough a signal o
p oduc i i y. Finally, he s udy ound ha o p edic he
bank up cy isk h ough inancial pe o mance is good.
To de ec ea lie he isk om p oduc i i y and gene ic
s a egy a e also good, bu i is s ill no enough due o ha
mos ly he bank up cy isk, is in luenced by ou side o he
independen a iables.
Based on conclusions, i seems ha p obably, he bes
way o de ec he bank up cy isk, i s i is om ex e -
nal condi ions hen second i is om in e nal condi ions.
I is ecommended ha al hough bank up cy isk can be
de ec ed and commonly p edic ed by company mic o pe -
spec i es, such as inancial pe o mance, gene ic s a egy,
p oduc i i y, good co po a e go e nance, co po a e so-
cial esponsibili y, cus ome sa is ac ion, and in ellec ual
capi al, he company should also implemen manage ial
p ac ical analysis s a ing he isk i s , i is om mac o
pe spec i es such as inancial c isis, global compe i i e-
ness and especially apid echnological de elopmen , hen
second, i is om mic o pe spec i es such as inancial pe -
o mance, s a egies which a e used and implemen ed and
o he ela ed ma e s. I means ha i is needed comp es-
si e esea ch om mac o and mic o pe spec i es simul-
aneously.
Acknowledgemen s
The a icle is ully and inancially suppo ed by Pe banas
Ins i u e Jaka a, Indonesia.
Business: Theo y and P ac ice, 2020, 21(1): 302–313 309
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