Assessing Mergers and Acquisitions on Acquiring Firms' Profitability: A Comparative Analysis of Pre- and Post-Transaction Performance in ASEAN Stock Market
Abstract
The intense competition in today’s global market drives companies to adopt strategies like mergers and acquisitions (M&A) to enhance their competitive edge. This study, focusing on public companies in ASEAN, examines the relationship between M&A activity and acquiring firms' performance through three profitability ratios while accounting for the type of M&A. Using purposive sampling, 188 paired samples were analyzed through a paired sample t-test to assess profitability changes before and after M&A transactions. An independent sample t-test was conducted on 254 samples to compare the profitability of related versus unrelated M&As. The findings reveal that M&A activities are generally associated with a decline in profitability, particularly in return on assets (ROA) and return on equity (ROE). No significant difference in profitability was found between related and unrelated M&As. The results align with agency and hubris theories, contributing to the ongoing discourse on the implications of M&As on acquiring firms' performance.
Keywords: business combination, M&A, profitability
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References
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Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Berkovitch, E., & Narayanan, M. P. (1993). Motives for Takeovers : An Empirical Investigation. The Journal of Financial and Quantitative Analysis, 28(3), 347–362.
Bhabra, H. S., & Huang, J. (2013). An empirical investigation of mergers and acquisitions by Chinese listed companies, 1997-2007. Journal of Multinational Financial Management, 23(3), 186–207. https://doi.org/10.1016/j.mulfin.2013.03.002
Cioli, V., Giannozzi, A., Ippoliti, V., & Roggi, O. (2020). Cross-border M&A and financial performance: Empirical evidence on bidder/target companies. International Journal of Business and Management, 15(4), 67–86. https://doi.org/10.5539/ijbm.v15n4p67
Colovic, A., Lamotte, O., & Yang, J. (2021). Investors’ decisions following acquisition announcements: A configurational analysis of the role of acquirers’ resources, capabilities, and strategic fit with the target firm. European Management Review, 19(1), 75–91. https://doi.org/10.1111/emre.12481
Cui, H., & Leung, S. C.-M. (2020). The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter? Journal of Contemporary Accounting and Economics, 16(1). https://doi.org/10.1016/j.jcae.2020.100185
Edi, E., & Irayanti, L. (2019). How Merger and Acquisition Affect Firm Performance and Its Quality. Journal of Accounting Finance and Auditing Studies, 5(3), 42–53. https://doi.org/10.32602/jafas.2019.30
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43. https://doi.org/10.1016/S0304-405X(01)00038-1
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Fung, S., Hoje, H., & Tsai, S.-C. (2009). Agency problems in stock market-driven acquisitions. Review of Accounting and Finance, 8(4), 388–430. https://doi.org/10.1108/14757700911006958
Gandamihardja, S., & Rusliati, E. (2020). Kinerja Keuangan Sebelum Dan Sesudah Akuisisi Pada Perusahaan Non-Keuangan. Jurnal Riset Akuntansi Kontemporer, 12(1), 24–30. https://doi.org/10.23969/jrak.v12i1.4042
Halim, C. C., & Widjaja, I. (2020). Analisis Kinerja Perusahaan Sebelum dan Sesudah Merger dan Akuisisi (Studi Empiris pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2017). Jurnal Manajemen Bisnis Dan Kewirausahaan, 4(2), 69. https://doi.org/10.24912/jmbk.v4i2.7524
Hasanah, H. (2020). Analisis Kinerja Keuangan Sebelum Dan Sesudah Akuisisi (Studi Komparatif Pada Perusahaan Food and Baverage Di Bursa Efek Indonesia). Ekonomi Bisnis, 25(2), 122–130. https://doi.org/10.33592/jeb.v25i2.425
Hery. (2018). Analisis Laporan Keuangan : Integrated and Comprehensive Edition. PT Gramedia Widiasarana Indonesia.
Jallow, M. S., Masazing, M., & Basit, A. (2017). The Effects of Mergers & Acquisitions on Financial Performance: Case Study of UK Companies. International Journal of Accounting & Business Management, 5(1), 74–92. https://doi.org/24924/ijabm/2017.04/v5.iss1/74.92
Jensen, M. C. (1986). Agency Costs of Free Cash Flow , Corporate Finance , and Takeovers Agency Costs of Free Cash Flow , Corporate Finance , and Takeovers. American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
Jensen, M. C. (2005). Agency Costs of Overvalued Equity. Financial Management, 34(1), 5–19.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.
Kar, R. N., Bhasin, N., & Soni, A. (2020). Role of mergers and acquisitions on corporate performance: emerging perspectives from Indian IT sector. Transnational Corporations Review, 13(3), 307–320. https://doi.org/10.1080/19186444.2020.1832427
Kasmir. (2019). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Kooli, C., & Lock Son, M. (2021). Impact of COVID-19 on Mergers, Acquisitions & Corporate Restructurings. Businesses, 1(2), 102–114. https://doi.org/10.3390/businesses1020008
Kumar, M., & Pal, R. (2021). The Coronavirus Crisis’ Effect on Mergers and Acquisitions Activity. International Journal of Innovative Research in Technology, 8(6), 247–253.
Lewis, Y., & Bozos, K. (2019). Mitigating post-acquisition risk: the interplay of cross-border uncertainties. Journal of World Business, 54(5), 100996. https://doi.org/10.1016/j.jwb.2019.100996
Lindner, T., Müllner, J., & Puhr, H. (2023). Ownership, institutions, and the agency of M&A completion. Global Strategy Journal, July, 1–31. https://doi.org/10.1002/gsj.1494
Lundstrum, L. L. (2009). Entrenched management, capital structure changes and firm value. Journal of Economics and Finance, 33(2), 161–175. https://doi.org/10.1007/s12197-008-9037-3
Martynova, M., Oosting, S., & Renneboog, L. (2007). The Long-Term Operating Performance in European Mergers and Acquisitions. In G. Gregoriou & L. D. R. Renneboog (Eds.), International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (pp. 79–116). Elsevier. https://doi.org/10.1016/B978-075068289-3.50006-X
Mat Rahim, N., & Ching Pok, W. (2013). Shareholder wealth effects of M&As: The third wave from Malaysia. International Journal of Managerial Finance, 9(1), 49–69. https://doi.org/10.1108/17439131311298520
Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Acquisition Distance and Cross-Border Performance. Journal of International Business Studies, 29(1), 137–158.
Navisah, N., & Asakdiyah, S. (2013). Analisis Kinerja Keuangan Perusahaan Pengakuisisi Sebelum dan Sesudah Merger Akuisisi yang Terdaftar di Bursa Efek Indonesia. Jurnal Fokus Manajemen Bisnis, 3(2), 150–157. https://doi.org/10.12928/fokus.v3i2.1342
Nisak, U. K. (2020). Analisis Perbandingan Kinerja Keuangan Perusahaan Akuisitor Sebelum Dan Sesudah Merger & Akuisisi (M&a) Tahun 2015. Jurnal Ilmu Manajemen, 8(3), 756–767. https://doi.org/10.26740/jim.v8n3.p756-767
Noor, A. S., & Lestari, B. (2020). Analisis Profitabilitas Sebelum Dan Sesudah Merger Atau Akuisisi Pada Perusahaan Manufaktur Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis, 13(2), 436–449.
Novaliza, P., & Djajanti, A. (2013). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia (Periode 2004-2011). Jurnal Akuntansi Dan Bisnis, 1(1), 1–16. https://datakata.files.wordpress.com/2015/09/analisis-merger-dan-akuisisi-terhadap-kinerja-perusahaan-issn.pdf
Oliver, C. (1997). Sustainable competitive advantage: Combining institutional and resource-based views. Strategic Management Journal, 18(9), 697–713. https://doi.org/10.1002/(SICI)1097-0266(199710)18:9<697::AID-SMJ909>3.0.CO;2-C
Penrose, E. T. (1959). The Theory of the Growth of the Firm. John Wiley.
Popli, M., Ladkani, R. M., & Gaur, A. S. (2017). Business group affiliation and post-acquisition performance: An extended resource-based view. Journal of Business Research, 81, 21–30. https://doi.org/10.1016/j.jbusres.2017.08.003
Rahman, Z., Ali, A., & Jebran, K. (2017). The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan. The Journal of Finance and Data Science, 4(1), 44–54. https://doi.org/10.1016/j.jfds.2017.11.005
Ramaswamy, K. P., & Waegelein, J. F. (2003). Firm financial performance following mergers. Review of Quantitative Finance and Accounting, 20(2), 115–126. https://doi.org/10.1023/A:1023089924640
Rani, N., Yadav, S. S., & Jain, P. K. (2015). Financial Performance Analysis of Mergers and Acquisitions: Evidence from India. International Journal of Commerce and Management, 5(4), 402–423. https://doi.org/10.1108/IJCoMA-11-2012-0075 1.
Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. The Journal of Business, 59(2), 197–216. https://doi.org/http://dx.doi.org/10.1086/296325
Sacui, V., & Maticiuc, M. D. (2020). The Sources of Revenue Synergies in Mergers & Acquisitions. Review of International Comparative Management, 21(4), 592–602. https://doi.org/10.24818/RMCI.2020.4.592
Suhanda, N. H., Hidayat, A. N., & Firmansyah, A. (2019). Firm value and performances in merger policy: Evidence from Indonesia. Academy of Accounting and Financial Studies Journal, 23(2).
Suryaningrum, D. H., Abdul Rahman, A. A., Meero, A., & Cakranegara, P. A. (2023). Mergers and acquisitions: does performance depend on managerial ability? Journal of Innovation and Entrepreneurship, 12(1). https://doi.org/10.1186/s13731-023-00296-x
Tarigan, J., Yenewan, S., & Natalia, G. (2016). Merger dan Akuisisi dari Prespektif Strategis dan Kondisi Indonesia (Pendekatan Konsep dan Studi Kasus) (1st ed.). Ekuilibria.
Tokbolat, Y., Thompson, S., & Le, H. (2018). Shareholder voting in mergers and acquisitions: evidence from the UK. European Journal of Finance. https://doi.org/10.1080/1351847X.2018.1552602
Widhiadnyana, I. K., & Dwi Ratnadi, N. M. (2019). The impact of managerial ownership, institutional ownership, proportion of independent commissioner, and intellectual capital on financial distress. Journal of Economics, Business & Accountancy Ventura, 21(3), 351. https://doi.org/10.14414/jebav.v21i3.1233
Yadong, C., Lee, L. C., Kee, L. P., & Quah, K. (2019). The impact of mergers and acquisitions on financial performance of listed companies in China. International Journal of Entrepreneurship and Management Practices, 2(8), 1–12. https://doi.org/10.35631/ijemp.28001
Zhang, W., Wang, K., Li, L., Chen, Y., & Wang, X. (2018). The impact of firms’ mergers and acquisitions on their performance in emerging economies. Technological Forecasting and Social Change, 135, 208–216. https://doi.org/10.1016/j.techfore.2018.05.015
Zhang, Z., Lyles, M. A., & Wu, C. (2020). The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises. International Business Review, 29(4), 101707. https://doi.org/10.1016/j.ibusrev.2020.101707
Aggarwal, P., & Garg, S. (2022). Impact of Mergers and Acquisitions on Accounting-based Performance of Acquiring Firms in India. Global Business Review, 23(1), 218–236. https://doi.org/10.1177/0972150919852009
Anthony, M. (2017). Effects of merger and acquisition on financial performance: Case Study of commercial banks. International Journal of Business Management & Finance, 1(6), 96–107.
Ashfaq, K., Usman, M., Hanif, Z., & Yousaf, T. (2014). Investigating the impact of merger & acquisition on post merger financial performance (relative & absolute) of companies (evidence from non-financial sector of Pakistan). International Journal of Academic Research in Business and Social Sciences, 4(11). https://doi.org/10.6007/ijarbss/v4-i11/1307
Barai, P., & Mohanty, P. (2014). Role of industry relatedness in performance of Indian acquirers—Long and short run effects. Asia Pacific Journal of Management, 31(4), 1045–1073. https://doi.org/10.1007/s10490-014-9372-1
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Berkovitch, E., & Narayanan, M. P. (1993). Motives for Takeovers : An Empirical Investigation. The Journal of Financial and Quantitative Analysis, 28(3), 347–362.
Bhabra, H. S., & Huang, J. (2013). An empirical investigation of mergers and acquisitions by Chinese listed companies, 1997-2007. Journal of Multinational Financial Management, 23(3), 186–207. https://doi.org/10.1016/j.mulfin.2013.03.002
Cioli, V., Giannozzi, A., Ippoliti, V., & Roggi, O. (2020). Cross-border M&A and financial performance: Empirical evidence on bidder/target companies. International Journal of Business and Management, 15(4), 67–86. https://doi.org/10.5539/ijbm.v15n4p67
Colovic, A., Lamotte, O., & Yang, J. (2021). Investors’ decisions following acquisition announcements: A configurational analysis of the role of acquirers’ resources, capabilities, and strategic fit with the target firm. European Management Review, 19(1), 75–91. https://doi.org/10.1111/emre.12481
Cui, H., & Leung, S. C.-M. (2020). The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter? Journal of Contemporary Accounting and Economics, 16(1). https://doi.org/10.1016/j.jcae.2020.100185
Edi, E., & Irayanti, L. (2019). How Merger and Acquisition Affect Firm Performance and Its Quality. Journal of Accounting Finance and Auditing Studies, 5(3), 42–53. https://doi.org/10.32602/jafas.2019.30
Fama, E. F., & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43. https://doi.org/10.1016/S0304-405X(01)00038-1
Fernández, S., Triguero, Á., & Alfaro-Cortés, E. (2018). M&A effects on innovation and profitability in large European firms. Management Decision, 57(1), 100–114. https://doi.org/10.1108/MD-08-2017-0730
Fung, S., Hoje, H., & Tsai, S.-C. (2009). Agency problems in stock market-driven acquisitions. Review of Accounting and Finance, 8(4), 388–430. https://doi.org/10.1108/14757700911006958
Gandamihardja, S., & Rusliati, E. (2020). Kinerja Keuangan Sebelum Dan Sesudah Akuisisi Pada Perusahaan Non-Keuangan. Jurnal Riset Akuntansi Kontemporer, 12(1), 24–30. https://doi.org/10.23969/jrak.v12i1.4042
Halim, C. C., & Widjaja, I. (2020). Analisis Kinerja Perusahaan Sebelum dan Sesudah Merger dan Akuisisi (Studi Empiris pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2017). Jurnal Manajemen Bisnis Dan Kewirausahaan, 4(2), 69. https://doi.org/10.24912/jmbk.v4i2.7524
Hasanah, H. (2020). Analisis Kinerja Keuangan Sebelum Dan Sesudah Akuisisi (Studi Komparatif Pada Perusahaan Food and Baverage Di Bursa Efek Indonesia). Ekonomi Bisnis, 25(2), 122–130. https://doi.org/10.33592/jeb.v25i2.425
Hery. (2018). Analisis Laporan Keuangan : Integrated and Comprehensive Edition. PT Gramedia Widiasarana Indonesia.
Jallow, M. S., Masazing, M., & Basit, A. (2017). The Effects of Mergers & Acquisitions on Financial Performance: Case Study of UK Companies. International Journal of Accounting & Business Management, 5(1), 74–92. https://doi.org/24924/ijabm/2017.04/v5.iss1/74.92
Jensen, M. C. (1986). Agency Costs of Free Cash Flow , Corporate Finance , and Takeovers Agency Costs of Free Cash Flow , Corporate Finance , and Takeovers. American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
Jensen, M. C. (2005). Agency Costs of Overvalued Equity. Financial Management, 34(1), 5–19.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.
Kar, R. N., Bhasin, N., & Soni, A. (2020). Role of mergers and acquisitions on corporate performance: emerging perspectives from Indian IT sector. Transnational Corporations Review, 13(3), 307–320. https://doi.org/10.1080/19186444.2020.1832427
Kasmir. (2019). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Kooli, C., & Lock Son, M. (2021). Impact of COVID-19 on Mergers, Acquisitions & Corporate Restructurings. Businesses, 1(2), 102–114. https://doi.org/10.3390/businesses1020008
Kumar, M., & Pal, R. (2021). The Coronavirus Crisis’ Effect on Mergers and Acquisitions Activity. International Journal of Innovative Research in Technology, 8(6), 247–253.
Lewis, Y., & Bozos, K. (2019). Mitigating post-acquisition risk: the interplay of cross-border uncertainties. Journal of World Business, 54(5), 100996. https://doi.org/10.1016/j.jwb.2019.100996
Lindner, T., Müllner, J., & Puhr, H. (2023). Ownership, institutions, and the agency of M&A completion. Global Strategy Journal, July, 1–31. https://doi.org/10.1002/gsj.1494
Lundstrum, L. L. (2009). Entrenched management, capital structure changes and firm value. Journal of Economics and Finance, 33(2), 161–175. https://doi.org/10.1007/s12197-008-9037-3
Martynova, M., Oosting, S., & Renneboog, L. (2007). The Long-Term Operating Performance in European Mergers and Acquisitions. In G. Gregoriou & L. D. R. Renneboog (Eds.), International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (pp. 79–116). Elsevier. https://doi.org/10.1016/B978-075068289-3.50006-X
Mat Rahim, N., & Ching Pok, W. (2013). Shareholder wealth effects of M&As: The third wave from Malaysia. International Journal of Managerial Finance, 9(1), 49–69. https://doi.org/10.1108/17439131311298520
Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Acquisition Distance and Cross-Border Performance. Journal of International Business Studies, 29(1), 137–158.
Navisah, N., & Asakdiyah, S. (2013). Analisis Kinerja Keuangan Perusahaan Pengakuisisi Sebelum dan Sesudah Merger Akuisisi yang Terdaftar di Bursa Efek Indonesia. Jurnal Fokus Manajemen Bisnis, 3(2), 150–157. https://doi.org/10.12928/fokus.v3i2.1342
Nisak, U. K. (2020). Analisis Perbandingan Kinerja Keuangan Perusahaan Akuisitor Sebelum Dan Sesudah Merger & Akuisisi (M&a) Tahun 2015. Jurnal Ilmu Manajemen, 8(3), 756–767. https://doi.org/10.26740/jim.v8n3.p756-767
Noor, A. S., & Lestari, B. (2020). Analisis Profitabilitas Sebelum Dan Sesudah Merger Atau Akuisisi Pada Perusahaan Manufaktur Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi Dan Bisnis, 13(2), 436–449.
Novaliza, P., & Djajanti, A. (2013). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia (Periode 2004-2011). Jurnal Akuntansi Dan Bisnis, 1(1), 1–16. https://datakata.files.wordpress.com/2015/09/analisis-merger-dan-akuisisi-terhadap-kinerja-perusahaan-issn.pdf
Oliver, C. (1997). Sustainable competitive advantage: Combining institutional and resource-based views. Strategic Management Journal, 18(9), 697–713. https://doi.org/10.1002/(SICI)1097-0266(199710)18:9<697::AID-SMJ909>3.0.CO;2-C
Penrose, E. T. (1959). The Theory of the Growth of the Firm. John Wiley.
Popli, M., Ladkani, R. M., & Gaur, A. S. (2017). Business group affiliation and post-acquisition performance: An extended resource-based view. Journal of Business Research, 81, 21–30. https://doi.org/10.1016/j.jbusres.2017.08.003
Rahman, Z., Ali, A., & Jebran, K. (2017). The effects of mergers and acquisitions on stock price behavior in banking sector of Pakistan. The Journal of Finance and Data Science, 4(1), 44–54. https://doi.org/10.1016/j.jfds.2017.11.005
Ramaswamy, K. P., & Waegelein, J. F. (2003). Firm financial performance following mergers. Review of Quantitative Finance and Accounting, 20(2), 115–126. https://doi.org/10.1023/A:1023089924640
Rani, N., Yadav, S. S., & Jain, P. K. (2015). Financial Performance Analysis of Mergers and Acquisitions: Evidence from India. International Journal of Commerce and Management, 5(4), 402–423. https://doi.org/10.1108/IJCoMA-11-2012-0075 1.
Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. The Journal of Business, 59(2), 197–216. https://doi.org/http://dx.doi.org/10.1086/296325
Sacui, V., & Maticiuc, M. D. (2020). The Sources of Revenue Synergies in Mergers & Acquisitions. Review of International Comparative Management, 21(4), 592–602. https://doi.org/10.24818/RMCI.2020.4.592
Suhanda, N. H., Hidayat, A. N., & Firmansyah, A. (2019). Firm value and performances in merger policy: Evidence from Indonesia. Academy of Accounting and Financial Studies Journal, 23(2).
Suryaningrum, D. H., Abdul Rahman, A. A., Meero, A., & Cakranegara, P. A. (2023). Mergers and acquisitions: does performance depend on managerial ability? Journal of Innovation and Entrepreneurship, 12(1). https://doi.org/10.1186/s13731-023-00296-x
Tarigan, J., Yenewan, S., & Natalia, G. (2016). Merger dan Akuisisi dari Prespektif Strategis dan Kondisi Indonesia (Pendekatan Konsep dan Studi Kasus) (1st ed.). Ekuilibria.
Tokbolat, Y., Thompson, S., & Le, H. (2018). Shareholder voting in mergers and acquisitions: evidence from the UK. European Journal of Finance. https://doi.org/10.1080/1351847X.2018.1552602
Widhiadnyana, I. K., & Dwi Ratnadi, N. M. (2019). The impact of managerial ownership, institutional ownership, proportion of independent commissioner, and intellectual capital on financial distress. Journal of Economics, Business & Accountancy Ventura, 21(3), 351. https://doi.org/10.14414/jebav.v21i3.1233
Yadong, C., Lee, L. C., Kee, L. P., & Quah, K. (2019). The impact of mergers and acquisitions on financial performance of listed companies in China. International Journal of Entrepreneurship and Management Practices, 2(8), 1–12. https://doi.org/10.35631/ijemp.28001
Zhang, W., Wang, K., Li, L., Chen, Y., & Wang, X. (2018). The impact of firms’ mergers and acquisitions on their performance in emerging economies. Technological Forecasting and Social Change, 135, 208–216. https://doi.org/10.1016/j.techfore.2018.05.015
Zhang, Z., Lyles, M. A., & Wu, C. (2020). The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises. International Business Review, 29(4), 101707. https://doi.org/10.1016/j.ibusrev.2020.101707
Published
2024-07-31
How to Cite
THEJA, Dea Devina et al.
Assessing Mergers and Acquisitions on Acquiring Firms' Profitability: A Comparative Analysis of Pre- and Post-Transaction Performance in ASEAN Stock Market.
Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 19, n. 2, p. 201-217, july 2024.
ISSN 2303-1018.
Available at: <https://ojs.unud.ac.id/index.php/jiab/article/view/119774>. Date accessed: 20 jan. 2025.
doi: https://doi.org/10.24843/JIAB.2024.v19.i02.p01.
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