Analisis Perbandingan Kinerja Keuangan Setelah Merger atau Akuisisi

  • Rizky Trinanda Akhbar Sekolah Tinggi Ilmu Ekonomi Pandu Madania, Indonesia
  • Ali Nurdin Sekolah Tinggi Ilmu Ekonomi Pandu Madania, Indonesia
  • Ulfa Siti Maspupah Sekolah Tinggi Ilmu Ekonomi Pandu Madania, Indonesia

Abstract

This study aims to investigate the company's financial performance before and after a merger or acquisition process. The research focuses on the financial performance of companies listed in Indonesia Stock Exchange that did a merger or acquisition in 2012. Secondary data from financial statements was collected and analyzed for four years before and four years after the merger or acquisition. The variables examined are profitability ratios (NPM, ROI, ROA and ROE), activity ratios (TATO and FATO), market ratios (EPS and PER), liquidity ratios (CR and QR) and solvency ratios (DR and DER). Non probability sampling method with a purposive sampling approach is used to determine the samples of this study. Using descriptive statistical test we find that financial performance before a merger or acquisition is fluctuating while after a merger or acquisition tends to decline. In other words, merger and acquisition not effective yet to improve company’s financial performance.


Keywords: Acquisition; Financial Performance; Merger.

Downloads

Download data is not yet available.

References

Ahmed, F., Manwani, A., & Ahmed, S. (2018). Merger & acquisition strategy for growth, improved performance and survival in the financial sector. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 5(4), 196–214.

Akben-Selcuk, E., & Altiok-Yilmaz, A. (2011). The impact of mergers and acquisitions on acquirer performance:
Evidence from Turkey. Business and Economics Journal, 22, 1–8.

Albizzatti, N., & Sias, D. (2004). New tricks for the old deal pro. MERGERS AND ACQUISITIONS-PHILADELPHIA-, 39, 28–35.

Bolbanabad, A. M., Mosadeghrad, A. M., Arab, M., & Majdzadeh, R. (2017). Impact of merger and acquisition on university performance. Archives of Iranian Medicine, 20(8), 0–0.

Bursa Efek Indonesia. Diunduh pada 31 Juli 2017, www.idx.co.id.

Gadiesh, O., Ormiston, C., & Rovit, S. (2003). Achieving an M&A’s strategic goals at maximum speed for maximum value. Strategy & Leadership.

Gugler, K., Mueller, D. C., Yurtoglu, B. B., & Zulehner, C. (2003). The effects of mergers: An international comparison. International Journal of Industrial Organization, 21(5), 625–653.

Harari, O. (1997). Curing the M&A madness. Management Review, 86(7), 53.

IMAA (2020) https://imaa-institute.org/mergers-and-acquisitions-statistics/. Diakses pada tanggal 16 Mei 2020.

Ismail, T. H., Abdou, A. A., & Annis, R. M. (2011). Review of literature linking corporate performance to mergers and acquisitions. The Review of Financial and Accounting Studies, 1(1), 89–104.

Komisi Pengawas Persaingan Usaha. Diunduh pada 31 Juli 2017, www.kppu.go.id.

Laiman, L., & Hatane, S. E. (2017). Analisis dampak merger dan akuisisi terhadap kinerja keuangan pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode tahun 2007–2014. Business Accounting Review, 5(2), 517–528.

Lau, B., Proimos, A., & Wright, S. (2008). Accounting measures of operating performance outcomes for Australian mergers. Journal of Applied Accounting Research.

Mahesh, R., & Prasad, D. (2012). Post-merger and acquisition financial performance analysis: A case study of select Indian airline companies. International Journal of Engineering and Management Sciences, 3(3), 362–369.

Motis, J. (2007). Mergers and acquisitions motives. Toulouse School of Economics EHESS (GREMAQ) and University of Crete. Retrieved from Economics. Soc. Uoc. Gr/Wpa/Docs/Paper2mottis. Pdf.

Oduro, I. M., & Agyei, S. K. (2013). Mergers & acquisition and firm performance: Evidence from the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(7), 99–107.

Perwito, Wibowo, L. A., & Hamdani, D. (2020). Penciptaan Nilai Perusahaan: Spesial Isu Merger dan Akuisisi Perusahaan Publik di Indonesia. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 3(1), 85–93.

Rozen-Bakher, Z. (2018). Comparison of merger and acquisition (M&A) success in horizontal, vertical and conglomerate M&As: Industry sector vs. Services sector. The Service Industries Journal, 38(7–8), 492–518.

Setiawan, I. P. D. A., & Rasmini, N. K. (2018). Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum dan Sesudah Merger dan Akuisisi Periode 2011-2014. E-Jurnal Akuntansi, 24(1), 687–714.

Van Horne, J. C., & Wachowicz Jr, J. M. (2013). Prinsip-Prinsip Manajemen Keuangan Buku 1. Edisi Ketiga Belas. Jakarta: Salemba Empat.

Yeh, T., & Hoshino, Y. (2002). Productivity and operating performance of Japanese merging firms: Keiretsu-related and independent mergers. Japan and the World Economy, 14(3), 347–366.

Zuhri, S., Fahlevi, M., Abdi, M. N., Irma, D., & Maemunah, S. (2020). The impact of merger and acquisition on financial performance in Indonesia. Journal of Research in Business, Economics, and Education, 2(1).
Published
2021-04-25
How to Cite
AKHBAR, Rizky Trinanda; NURDIN, Ali; MASPUPAH, Ulfa Siti. Analisis Perbandingan Kinerja Keuangan Setelah Merger atau Akuisisi. E-Jurnal Akuntansi, [S.l.], v. 31, n. 4, p. 966-976, apr. 2021. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/63268>. Date accessed: 29 mar. 2024. doi: https://doi.org/10.24843/EJA.2021.v31.i04.p13.
Section
Artikel