Tata Kelola Perusahaan, Keuangan, Merger dan Akuisisi, dan Efisiensi Modal Manusia Sebagai Variabel Moderasi
Abstract
This study aims to determine the effect of corporate governance and finance on mergers and acquisitions and to use human capital efficiency as a moderating variable. This research theoretically uses the theory of corporate control. The research sample is companies that carry out merger and acquisition activities and have been listed on the IDX in 2017-2021. The analytical method used was logistic regression and moderated regression analysis (MRA). The results showed that the size of the board of directors, institutional shareholders, and foreign ownership had a significant positive effect on mergers and acquisitions. Human capital efficiency is able to moderate the relationship between institutional shareholders and cash dividends on mergers and acquisitions.
Keywords: Merger and Acquisition; Corporate Governance; Human Capital Efficiency
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References
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Bi, X., & Boateng, A. (2021). External sources of finance and value creation of Chinese mergers and acquisitions: does ownership type matter? International Journal of Accounting and Information Management, 29(3), 452–471. https://doi.org/10.1108/IJAIM-10-2020-0159
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Chireka, T., & Fakoya, M. B. (2017). The determinants of corporate cash holdings levels: Evidence from selected South African retail firms. Investment Management and Financial Innovations, 14(2), 79–93. https://doi.org/10.21511/imfi.14(2).2017.08
Chittoor, R., Aulakh, P. S., & Ray, S. (2015). What Drives Overseas Acquisitions by Indian Firms? A Behavioral Risk-Taking Perspective. Management International Review, 55(2), 255–275. https://doi.org/10.1007/s11575-015-0238-7
Choi, S. H., & Szewczyk, S. H. (2018). Corporate governance structure and strategic change: evidence from major acquisitions. Managerial Finance, 44(2), 222–240. https://doi.org/10.1108/MF-05-2017-0169
Chu, C. C., Teng, Y. M., & Lee, H. L. (2016). Corporate Governance and Mergers and Acquisitions Performance in Banks: Evidence under the Special Regulatory Environment in Taiwan. Emerging Markets Finance and Trade, 52(10), 2309–2320. https://doi.org/10.1080/1540496X.2015.1103120
Cucari, N. (2019). Qualitative comparative analysis in corporate governance research: a systematic literature review of applications. Corporate Governance (Bingley), 19(4), 717–734. https://doi.org/10.1108/CG-04-2018-0161
Dalwai, T., & Mohammadi, S. S. (2020). Intellectual capital and corporate governance: an evaluation of Oman’s financial sector companies. Journal of Intellectual Capital, 21(6), 1125–1152. https://doi.org/10.1108/JIC-09-2018-0151
Dalwai, T., & Salehi, M. (2021). Business strategy, intellectual capital, firm performance, and bankruptcy risk: evidence from Oman’s non-financial sector companies. Asian Review of Accounting, 29(3), 474–504. https://doi.org/10.1108/ARA-01-2021-0008
Delery, J. E., & Roumpi, D. (2017). Strategic human resource management, human capital and competitive advantage: is the field going in circles? Human Resource Management Journal, 27(1), 1–21. https://doi.org/10.1111/1748-8583.12137
Dereeper, S., & Turki, A. (2016). Dividend policy following mergers and acquisitions: U.S. evidence. Managerial Finance, 42(11), 1073–1090. https://doi.org/10.1108/MF-10-2015-0293
Díaz-Díaz, N. L. L., & De Saá-Pérez, P. (2015). Owners and employees wages: A question of rent appropriability. Management Decision, 53(2), 250–267. https://doi.org/10.1108/MD-01-2014-0008
Dikko, U. M., Alifiah, M. N., & Yahaya, I. D. (2018). A critical review of the rlationship between merger and acquisitions and firm ’ s performance: The moderation effect of corporate governance. Proceedings of the International Conference on Global and Emerging Trends (ICGET) 2018, 182–193.
Dogru, T., & Sirakaya-Turk, E. (2018). Cash holdings and corporate governance: theory and contrary evidence from hotel firms. International Journal of Contemporary Hospitality Management, 30(10), 3117–3134. https://doi.org/10.1108/IJCHM-03-2017-0163
Edvinsson, L., & Malone, M. S. (1997). Intellectual Capital: Realizing Your Company’s True Value by Finding Its Hidden Brainpower, Harper Business, New York, NY.
Elrazaz, T. Z., Elmassri, M., & Ahmed, Y. (2021). Real earnings manipulation surrounding mergers and acquisitions: the targets’ perspective. International Journal of Accounting and Information Management, 29(3), 429–451. https://doi.org/10.1108/IJAIM-11-2020-0188
Elvin, P., & Hamid, N. I. N. B. A. (2015). Ownership Structure, Corporate Governance, and Firm Performance: Evidence From Turkey. International Journal of Economics and Financial Issues, 6, 120.
Ernest, & Young. (1994). Mergers and acquisitions. Ontario: John Wiley and Sons Inc.
Fama, E. F., & Jensen, M. C. (1983). Separation of Wonership and Control. Journal of Law and Economics, 26(2), 301–325. http://www.journals.uchicago.edu/t-and-c
Fich, E. M., Harford, J., & Tran, A. L. (2015). Motivated monitors: The importance of institutional investors’ portfolio weights. Journal of Financial Economics, 118(1), 21–48. https://doi.org/10.1016/j.jfineco.2015.06.014
Fukuda, A. (2020). The Effects of M&A on Corporate Performance in Japan:DID Analysis in the Era of Corporate Governance Reform. Japan and the World Economy, 55, 101013. https://doi.org/10.1016/j.japwor.2020.101013
Gangi, F., Salerno, D., Meles, A., & Daniele, L. M. (2019). Do corporate social responsibility and corporate governance influence intellectual capital efficiency? Sustainability (Switzerland), 11(7), 1–25. https://doi.org/10.3390/su11071899
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Published
2022-10-26
How to Cite
CHANDRA, Budi; SELI, Seli.
Tata Kelola Perusahaan, Keuangan, Merger dan Akuisisi, dan Efisiensi Modal Manusia Sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 10, p. 3046-3068, oct. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91558>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i10.p11.
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