Jurnal RAK (Riset Akuntansi Keuangan) Vol…..No…..

Pengaruh Strategi Terhadap Kinerja Keuangan Perusahaan Melalui Sistem Pengendalian

Manajemen Pada Perusahaan Manufaktur
The Influence of Strategy on Company Financial Performance through Management Control Systems in Manufacturing
Companies

Donny Bumbunan Mangatas Siahaan1, Christina Juliana2

Universitas Katolik Indonesia Atmajaya
1
[email protected]

ARTICLE INFORMATION ABSTRAK

Article history: Penelitian ini menganalisis pengaruh Strategi terhadap Kinerja Keuangan Perusahaan
Received date: melalui Sistem Pengendalian Manajemen pada Perusahaan Manufaktur yang terdaftar
di BEI pada periode 2019 – 2022. Teknik pengambilan sampel pada penelitian ini
Accepted: menggunakan purposive sampling didapat jumlah sampel sebanyak 144 perusahaan
Available online: selama 4 (empat) tahun dimulai dari tahun 2019 sampai dengan tahun 2022. Teknik
Partial Least Square-Structural Equation Modeling (PLS-SEM) digunakan untuk menilai
model pengukuran dan menguji hipotesis penelitian. Hasil penelitian ini menunjukkan
bahwa Strategi Perusahaan berpengaruh positif signifikan terhadap Kinerja keuangan
perusahaan manufaktur, Strategi Perusahaan berpengaruh positif signifikan terhadap
Sistem pengendalian manajemen. Namun dalam penelitian ini, Sistem pengendalian
manajemen tidak berpengaruh terhadap kinerja keuangan perusahaan manufaktur.

Kata kunci: Kinerja, Strategi, dan Sistem pengendalian manajemen

ABSTRACT: This study analyzes the effect of Strategy on Company Financial

Performance through Management Control Systems in Manufacturing Companies listed
on the IDX in the period 2019 - 2022. The sampling technique in this study used
purposive sampling, obtaining a sample of 144 companies for 4 (four) years starting from
2019 to 2022. The Partial Least Square-Structural Equation Modeling (PLS-SEM)
technique was used to assess the measurement model and test the research hypothesis.
The results of this study indicate that Company Strategy has a significant positive effect
on the financial performance of manufacturing companies, Company Strategy has a
significant positive effect on the Management Control System. However, in this study,
the Management Control System does not affect the financial performance of
manufacturing companies.

Keywords: Financial performance, Corporate Strategy, and Management control

systems

©2019 Akuntansi UNTIDAR. All rights reserved.

*
Corresponding author : P-ISSN:2541-1209
Address: Universitas Katolik Indonesia Atmajaya E-ISSN: 2580-0213
E-mail: ………………………………………….

INTRODUCTION
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Manufacturing companies, as one management control systems such as the
of the main sectors in the industry, have a Balanced Scorecard, which is a
strategic role in a country's economy, performance measurement tool that links
during the period 2019-2022, the business strategy with financial and non-financial
environment experienced significant performance measurements and can help
changes, including market dynamics, organizations measure and manage
regulatory changes, and the impact of the performance based on strategic
global pandemic. In the midst of these objectives.
conditions, manufacturing companies are Other research conducted by Sari
required to develop and implement and Kurnia (2018) shows that the
effective strategies to maintain and Management Control System influences
improve their financial performance. Company performance through business
Corporate strategy is a crucial strategy as a mediator. Meanwhile,
element in facing challenges and research by Izzudindan Dahtiah (2020)
opportunities in a dynamic market. The shows that partially and simultaneously
fundamental question that arises is to there is a significant influence of Business
what extent does strategy affect the Strategy and Management Control
financial performance of manufacturing Systems on Financial Performance.
companies. Other research by Afifah et.al
During this period, manufacturing (2019) using a descriptive analysis
companies are faced with various approach shows that Management
strategic choices, including product Control Systems and Business Strategy
diversification, market expansion, can improve Company Performance.
operational efficiency, and innovation. Meanwhile, research by Ismail and
Previous studies have shown that the Banung (2015) shows that Management
right choice of strategy can contribute Control Systems can moderate the
positively to revenue growth, profit relationship between Business Strategy
margins, and the company's market and organizational performance.
value. In the research of Juliana, Gani,
Management Control System Jermias (2021) showed that product
(MCS) is the basis for strategy execution differentiation companies use a more
in a company. This mechanism is transformational leadership style and use
designed to ensure that the formulated a more flexible organizational culture and
strategy can be implemented effectively focus on implementing Management
and efficiently. The next question is how Control Systems. In addition, companies
the influence of strategy on financial with high-performance leadership tend to
performance can be bridged by MCS in use a more transactional leadership style,
the context of manufacturing companies. use a more controlled organizational
MCS includes planning, organizing, culture, and focus on management
directing, and controlling organizational control systems that can affect the
activities to achieve predetermined goals. Company's performance both financially
In this context, MCS not only functions and non-financially. Based on previous
as a tool to track operational research, researchers want to conduct
performance, but also as a means to research related to the Influence of
ensure that every step taken is in Strategy on Company Financial
accordance with the established strategy. Performance through Management
Merchant and Stede (2007) state Control Systems in Manufacturing
that management control systems can be Companies listed on the IDX for the
used to influence management behavior period 2019 - 2022.
in supporting strategy and achieving
expected performance. Kaplan and Researchers also want to explore
Norton, (1996), describe how and analyze the impact of company
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strategy on the Company's financial where the effectiveness of a management
performance in these challenging times action or strategy can depend on various
and measuring the influence of strategy contextual or conditional factors that
exist (Usman, 2019).
on financial performance through
Contingency theory was first
Management Control Systems (MSS) is developed by a psychologist named Fred
essential in the context of sustainability Fledler in 1967. called contingency
and operational efficiency of because this theory assumes that the
manufacturing companies listed on the effectiveness of a leadership is determined
Indonesia Stock Exchange. by the suitability of a leader to the
environmental situation (Usman, 2019)

Contingency theory believes that

RESEARCH METHODS there is no single perfect leadership
theory. The success of a leader lies in the
The purpose of this study is to leadership style that is adjusted to the
analyze the influence of strategy on the situation and the people he leads (Usman,
company's financial performance through 2019).
the management control system in
manufacturing companies listed on the Theory of Resources and Capabilities
IDX for the period 2019-2022. Secondary (Resource – Based View)
data in this study comes from the annual
reports of manufacturing companies Theory of Resources and
listed on the IDX during the period 2019- Capabilities (Resource-Based View) is a
conceptual framework in strategic
2022. The sampling technique in this
management that emphasizes the
study used purposive sampling. The importance of internal resources as a key
Partial Least Square-Structural Equation factor in creating competitive advantage
Modeling (PLS-SEM) technique was for a company where rare, valuable,
used to assess the measurement model difficult to imitate, and irreplaceable
and test the research hypothesis. resources can be a source of sustainable
competitive advantage (Kuncoro, 2005).
The author will conduct research
data collection and data processing using According to Kuncoro (2005),
the Structural Equation Model, to Resources-Based View (RBV) is a
determine the relationship between theoretical concept born from research by
Corporate Strategy (SP) and Company economic experts around the world,
Performance (ROI) through the where this theory is believed to be able to
Management Control System (MSS). provide answers in creating competitive
Based on the selection of samples advantage for a company. According to
according to the desired criteria, a sample the Resources-Based View (RBV) model,
size of 144 companies was obtained for 4 above-average returns for a company are
(four) years starting from 2019 to 2022. largely determined by the characteristics
within the company.
Contingency Theory
Corporate Strategy
Contingency theory is a theory
that states that there is no single Corporate strategy is a plan and
management method or approach that is steps designed to achieve the long-term
suitable for all situations or conditions goals of an organization that involves
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selecting targets, allocating resources, and effectiveness in managing its investments.
steps to achieve competitive advantage. In Kasmir (2008), company profitability
Strategy can include selecting target by comparing net profit with investment
markets, products or services to be with the formula:
offered, and how to compete in the 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡
ROI = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡 x 100%
market (Ansoff, et, al., 2018).
Strategy is an activity planned by
top managers with long-term goals of a Management Control System
company accompanied by compiling A management control system is a
how a company can achieve what is
mechanism formally designed to create
expected and what is the goal (Ansoff, et, conditions that can increase opportunities
al., 2018). and achieve expectations and obtain
In Juliana, et.al (2019) using desired results (outputs), by focusing on
Corporate Strategy variables consisting of the goals to be achieved by the
low-cost strategies and product organization and the desired behavior of
differentiation. Companies that participants (Porporato, 2006).
implement a low-cost strategy usually
MCS can be carried out centrally
focus on operational efficiency, tight
control of production costs, and offering and decentralized where centralized
lower prices to consumers, and efficient MCS is decision making and control
resource management. While companies centralized at the top level of the
that implement a differentiation strategy organization or central management
focus on unique product innovation,
while decentralized MCS is decision
higher quality customer service, and
unique customer experiences. The making and control spread across various
implementation of these two strategies levels of the organization.
from product prices, product features, Management Control System
and brand positioning in the market. (MCS) is a framework or mechanism
Measurement of Corporate designed to help an organization achieve
Strategy variables uses a categorical scale its goals through planning, organizing,
to classify the type of strategy directing, and supervising activities
carried out by members of the
(differentiation or low cost) implemented organization.
by each Company with a scale of 0 being In Juliana, et.al's (2019) research
low cost and a scale of 1 being related to control using the Management
differentiation sourced from the Accounting System (MAS) variable
company's financial statements. which is an accounting system that
produces useful information for planning,
controlling and decision making that can
Financial Performance affect company performance. In Gunanto
Financial performance is an (2013), management control is the
evaluation of an organization's process by which a manager influences
performance based on financial measures other members of the organization to
such as revenue, profit, profit growth, implement organizational strategies.
profit margin, cash flow, and is also an In this study, the measurement of
important indicator used to measure the the Management Control System variable
extent to which an organization achieves uses a dummy scale to classify the type of
financial and sustainability goals Management Control System with a scale
(Sucipto, 2003). of 0 being Centralization and a scale of 1
Company performance being Decentralization which is sourced
measurement uses Return on Investment from the Company's Annual Report in its
(ROI) which is a measure of management organizational structure chart.
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The points of difference in the described with the following research
Management Control System model framework:
(Decentralization or Centralization)
implemented by each Company are as
Management Control
follows: (1) The unification of power and H2 System H3

authority, in the hands of high-level Corporate

H1
Financial
Performance
Strategy
management, is known as Centralization.
Decentralization means the distribution Figure 1. Conceptual Framework
of power and authority by the top level to
functional level management. (2)
Centralization is the systematic and Corporate Strategy and Financial
consistent concentration of authority at Performance
central points. In contrast, Corporate strategy is a plan and
decentralization is the systematic steps designed to achieve the long-term
delegation of authority within an goals of an organization. Kaplan and
organization. (3) Centralization is best for Norton (1996) introduced the Balanced
Scorecard as a performance measurement
small organizations, but large
tool that links strategy with financial and
organizations must practice non-financial performance
decentralization. (4) Formal measurements, while Hitt, et al., (2016)
communication exists in centralized research looks at the role of corporate
organizations. On the contrary, in governance in the development and
implementation of strategies for better
decentralization, communication extends
financial performance.
in all directions. (4) In centralization due Financial performance is an
to the concentration of power in the important indicator used to measure the
hands of one person, decisions take time. extent to which an organization achieves
On the contrary, decentralization proves financial and sustainability goals. Porter,
ME (1985) introduced the concept of
to be better in decision making because
generic strategy, namely low-cost
decisions are taken closer to action. (5) leadership, differentiation, and showed
There is full leadership and coordination how these generic strategy choices can
in Centralization. Decentralization impact the company's financial
divides the burden on top level managers. performance, while Barney, J.B (1991)
put forward the concept of a resource-
(6) When the organization has
based view that highlights the role of the
inadequate control over management, company's internal resources in creating
then centralization is implemented, competitive advantages that have a
whereas when the organization has positive impact on financial performance.
complete control over its management, Research conducted by Juliana,
et.al (2021) shows that there is an
decentralization is implemented.
influence between business strategy and
Based on the theoretical the company's financial performance.
framework and previous research studies Product differentiation companies use a
regarding the influence of standard more transformational leadership style,
deviation, namely Corporate Strategy on use a more flexible organizational
culture, and focus on implementing a
Financial Performance through the
Management Control System that can
Management Control System, it can be

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affect financial and non-financial In this study, 3 (three) research
performance. variables were used, namely the
Based on the results of previous Corporate Strategy variable (where
research, the first hypothesis can be
formulated as follows: category 0 is for Centralization, and
H1: There is an Influence of Company category 1 is for Decentralization), the
Strategy on Financial Performance Management Control System variable
(where 1 is for Low Cost, and 2 is for
Corporate Strategy and Management Differentiation), and the ROI variable of
Control System manufacturing companies. The following
Corporate strategy is a plan and are descriptive statistics for each research
steps designed to achieve the variable.
organization's long-term goals that Table 1. Descriptive Variables
involve selecting targets, allocating
Std.
resources, and steps to achieve
competitive advantage. By determining Mean Deviation
the business strategy that will be carried ROI 7,3087 6,34393
out, the Company can determine the SP 0,5625 0,49651
management control system that will be SPM 0,5139 0,50024
used to run the Company's operations.
Valid N
Based on this, the second
hypothesis can be formulated as follows: (listwise)
H2: There is an Influence of Corporate Source: Processed data (2024)
Strategy on Financial Performance Based on the table above, it can be
seen that the ROI variable has an average
Management Control System and of 7.3087%, which means that the
Financial Performance average profit level of manufacturing
companies is quite high. For the
The management control system Corporate Strategy (SP) variable, which is
is one of the organizational tools that is a categorical variable with an average of
useful for supporting the maximum 0.5625, which means that Corporate
performance of an industry. To ensure Strategy with category 1 is more, which
success and sustainable development, means that there are more companies
today's industry must have a good system with a decentralized strategy where the
and quality strategy, one of which is a control of power is in accordance with
good system is a maximum management their authority.
control system (Anggraini, 2019). For the Management Control
With the existence of a System (MSS) variable, it is a categorical
management control system, it can direct variable with an average of 0.5139, which
company members to have the same goal means that the Management Control
and act in accordance with that goal. System with category 1 (Differentiation)
Therefore, the use of a more is more, which means that there are more
comprehensive and informative companies that differentiate in terms of
management control system will be able their production.
to improve company performance.
The sample for Corporate Strategy
with the Centralization category is 252
RESULTS AND DISCUSSION (43.8%) where there are 63 companies
during the 4 years of research, while for
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the Decentralization category there are rejected (Ha1 is accepted), which means
324 (56.3%) where there are 81 that there is an influence of Corporate
companies. Strategy on the financial performance of
manufacturing companies.
The sample for the Management
Control System with the Low Cost Based on the results of testing the
category was 280 (48.6%) where there first hypothesis, it was found that the
were 70 companies during the 4 years of coefficient value was positive at 0.069
indicating that the influence of Corporate
research, while for the Differentiation Strategy on Company Performance is
category there were 296 (51.4%) where positive, which means that if the
there were 74 companies. Company's Strategy increases, the
Company's Financial Performance will
Hypothesis Testing also increase, or in other words that the
To show the direct influence Company's Strategy with product
differentiation will be able to improve the
between the variables used in this study is
financial performance of the
shown with the following illustration: Manufacturing Company, or vice versa if
the Company's Strategy with low cost can
show the Company's financial
performance.
The results of this study are in line
with research conducted by Juliana, et.al
(2021) which shows that there is an
influence between business strategy and
the Company's financial performance.
Product differentiation companies use a
more transformational leadership style,
Figure 2. Hypothesis Testing use a more flexible organizational
culture, and focus on implementing a
Based on the test results with the
Management Control System that can
structural model (SEM) with SMART- affect financial and non-financial
PLS, the results of testing hypothesis 1 performance.
were obtained, which are shown in the Financial performance is an
following table: important indicator used to measure the
extent to which an organization achieves
Table 2. Hypothesis Testing
financial and sustainability goals. Porter,
Hypothesis Estimate C.R P - value M.E (1985) introduced the concept of
Testing generic strategies, namely low cost
H1: SP → ROI 0,069 1,693 0,046 leadership, differentiation, and showed
H2: SP → SPM 0,151 3,594 0,000 how the choice of these generic strategies
H3: SPM → ROI -0,036 0,810 0,209 can impact the financial performance of
Source: Processed data (2024) the Company, while Barney, J.B (1991)
put forward the concept of a resource-
based view which highlights the role of
Hypothesis 1 the company's internal resources in
Based on the table above for testing creating competitive advantages that
hypothesis 1, it is known that the p-value have a positive impact on financial
of 0.046 is smaller than 0.05, so H01 is performance.
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no significant influence between the
Hypothesis 2 Management Control System and
Financial Performance. With the
Based on the table above for testing
existence of a Management Control
hypothesis 2, it is known that the p-value System, it is expected to direct company
of 0.000 is smaller than 0.05, so H02 is members to have the same goal and act in
rejected (Ha1 is accepted), which means accordance with that goal. Therefore, the
that there is an influence of Corporate use of a more comprehensive and
informative Management Control System
Strategy on the Management Control
will be able to improve company
System. performance.
Based on the results of testing the However, this study did not show
second hypothesis, it is known that significant results. The Management
Corporate Strategy has a significant effect Control System carried out (both
on the Management Control System with centralized and decentralized) does not
a coefficient value of 0.151, which means
have a significant influence on the
that the influence is positive. In this case
Corporate Strategy with product Company's Financial Performance.
differentiation can improve the
Management Control System with CONCLUSION
decentralization.
In Juliana, et.al (2019), Corporate Conclusion
Strategy consists of low-cost strategy and
Based on the results of the
product differentiation. Companies that
research and discussion in the previous
implement a low-cost strategy usually
chapter, several conclusions can be given
focus on operational efficiency,
as follows:
controlling production costs, and offering
1. Based on the results of testing
lower prices to consumers. While
companies that implement a hypothesis 1, it can be seen that there
differentiation strategy focus on product is a significant positive influence
innovation, higher quality, and unique between Company Strategy on
customer experiences. Company Performance, where
The results of this study indicate Differentiation Strategy can improve
that the more differentiated products Company performance.
there are, the more organizational control 2. Based on the results of testing
is needed that allows the units below hypothesis 2, it can be seen that there
them to play an active role in monitoring is a significant positive influence
the development of their company's between Company Strategy on
operations. Management Control System, where
Differentiation Strategy can increase
Hypothesis 3 the use of decentralized Management
Based on the table above for Control System.
testing hypothesis 3, it is known that the 3. Based on the results of testing
p-value of 0.209 is greater than 0.05, so hypothesis 3, it can be seen that there
H03 is accepted (Ha3 is rejected), which is no significant influence between
means that there is no influence of the Management Control System on
Management Control System on the
Company financial performance,
Company's Financial Performance.
Based on the results of testing the Centralized and decentralized
third hypothesis, it is known that there is Companies do not have a significant
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influence on Company financial 3. Reconsideration of Management
performance. Control Systems: Although
management control systems do not
Suggestion act as a mediating variable, this study
Based on the research results, the may encourage managers to
following recommendations are given: reconsiderate the design and
1. It is expected that in further research, implementation of existing control
the number of other independent systems.
variables can be increased which can This may involve adjustments in
also affect the company's performance performance measurement, use of
as seen based on the ROI value, for more relevant measurement tools, or
example the level of the company's changes in decision-making
debt usage. processes.
2. In further research, the Management 4. Change in Investment Priorities: If
Control System variable can be management control systems do not
analyzed as a moderator (intervening act as a significant mediator in the
variable) where the analysis is carried relationship between strategy and
out to see the effect of Company performance, managers may consider
Strategy on Financial Performance allocating resources and investments
through the Management Control to other areas that may have a greater
System. impact on firm performance.
3. In further research, it is expected to 5. Development of Alternative
use variations in other types of Competencies: Managers need to
company industries, such as banking identify and develop alternative
and services so that the results are competencies that may improve firm
more diverse. performance beyond management
control. This may include
improvements in innovation,
Implication and Limitation marketing, manufacturing, or product
distribution capabilities, depending
The following are some on the firm’s strategy and objectives.
implications that may arise and may be 6. Strengthening Non-Financial
beneficial for the Bank according to the Aspects: If the management control
research results:
system does not have a significant
1. Change in Managerial Focus:
impact on company performance,
Managers need to pay attention to
managers need to strengthen the
other aspects that may mediate the
measurement and management of
relationship between strategy and firm
non-financial aspects that may have a
performance.
greater influence, such as customer
2. This could include factors such as
satisfaction, brand loyalty, or
organizational culture, product
employee satisfaction.
innovation, operational excellence, or
7. Employee Engagement: This finding
other factors that may have a greater
can encourage managers to place
influence on improving firm
more emphasis on employee
performance.
engagement and strong leadership in

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supporting strategy implementation Terhadap Kinerja Karyawan.
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