FINANCIAL PERFORMANCE AND CORPORATE VALUE POST MERGER AND ACQUISITION (STUDY ON MANUFACTURING INDUSTRY ISSUER IN INDONESIA)
DOI:
https://doi.org/10.29121/ijetmr.v5.i11.2018.314Keywords:
Merger or Acquisition, Financial Performance, Company Value, Paired Sample T-TestAbstract
This study was aimed to analyze company financial performance before and after merger or acquisition. Financial performance was measured using Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Inventory Turnover (ITO), Operating Profit Margin (OPM), Return on Assets (ROA), Return on Equity (ROE), while corporate value was measured using Price to Book Value (PBV). This study was limited to manufacturing industry issuers which had merged and acquisited between 2003 and 2011. Sample was collected using purposive sampling method and there were 11 companies. Data analysis was statistic parametric analysis using paired sample t-test. Study result found that CR, DER, TATO, ITO, OPM, ROA, ROE, and PBV after merger and acquisition was better than before merger and acquisition, even ROA and ROE showed significant improvement.
Downloads
References
Abbas, Qamar and Ahmed IH, Rauf IA, Muhammad SI, Maliha Z. 2014. Financial performance of banks in Pakistan after Merger and Acquisition. Journal of Global Entrepreneurship Research. 4:13 DOI: https://doi.org/10.1186/s40497-014-0013-4
Ahmed, Muhammad and Zahid Ahmed. 2014. Mergers and Acquisitions: Effect on Financial Performance of Banking Institutions of Pakistan. Journal of Basic and Applied Scientific Research. Res., 4(4)249-259.
Aprilia, Nur Syilvia dan Hening Widi Oetomo. 2015. Perbandingan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan Manufaktur.Jurnal Ilmu dan Riset Manajemen Volume 4, Nomor 12.
Brigham, Eguene F. dan Michael C. Ehrhardt. 2013. Financial Management: Theory & Practice (with Thomson ONE - Business School Edition 1-Year Printed Access Card) (Finance Titles in the Brigham Family).14th Edition. South-Western College.
CW, Annisa Meta dan H. Prasetiono. 2010. Analisis Manajemen Laba Dan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum Dan Sesudah Merger Dan Akuisisi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2008-2009.Jurnal Manajemen. Universitas Diponegoro.
Djohanputro, Bramantyo. 2008. Manajemen Resiko Korporat. PPM Manajemen. Jakarta
Emery, Douglas, John D. Finnerty, dan John D. Stowey. 2011. Corporate Financial Management: Bridging the Gap Between Theory and Practice. 4th Edition. Wohl Publishing.
Gunawan, Kadek Hendra dan I Made Sukartha. 2013. Kinerja pasar dan kinerja keuangan sesudah merger dan akuisisi di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana. Bali.
Harjeet dan Jiayin. 2013. An empirical investigation of mergers and acquisition by chinese listed companies, 1997-2007.
Keown, Arthur J.; John D. Martin, Mwilliam J. Petty, and David J. Scott, Jr. .2005. Financial Mangement: Principles and Applications. Pearson Education, Inc., New Jersey.
Kumara, Manoj dan Satyanarayana. 2013. Comparative Study of Pre and Post Corporate Integration through Mergers and acquisition. International Journal of Business and Management Invention. Vol 2 Issue 3, pp.31-38.
Kuncoro, Wahyu. 2014. “Analisis Pengaruh merger dan akuisisi terhadap kinerja keuangan perusahaan: perusahaan yang terdaftar di Bursa Efek Indonsia periode 2004-2013”. Tesis. Universitas Diponegoro.
Kurniawan, Tri Andy dan Endang Tri Widyarti. 2007. Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Setelah Merger dan Akuisisipada Perusahaan Manufaktur di BEI Tahun 2003-2007. Tesis. Universitas Diponegoro.
Mardanugraha, E. 2005.Evaluasi Merger Perbankan di Indonesia Ditinjau Melalui Fungsi Biaya Parametrik. Jurnal Ekonomidan Pembangunan Indonesia Vol. VI No. 10. DOI: https://doi.org/10.21002/jepi.v6i1.105
Novaliza, Putri dan Atik Djajanti. 2013. Analisis Pengaruh Merger Dan Akuisisi Terhadap Kinerja Perusahaan Publik Di Indonesia (Periode 2004 - 2011). Jurnal Akuntansi & Bisnis. Vol.1 No.1;2013
Pillof, SJ danSantomero AM. 1996. The Value of Bank Merger and Acquisition. Working Paper. Financial Institution Center The Warthon School University of Pensnylvania.
Rani, Neelam, Surendra S. Yadaf and P.K. Jain 2013. Financial performance analysis of mergers and acquisitions: evidence from India. International Journal of Commerce and Management. Vol. 25 No. 4. pp. 402-423. DOI: https://doi.org/10.1108/IJCoMA-11-2012-0075
Sisbintari, Ika. 2011. Analisis Komparatif CAR, LDR, ROA dan ROE Sebelum dan Sesudah Merger Pada PT. Bank Cimb Niaga Tbk.. Jurnal ISIP. Universitas Jember.
Sharma, Sonia. 2013. Measuring Post Merger Performance – A Study of Metal Industry. International Journal of Applied Research and Sudies (iJARS) ISSN: 2278-9480. Volume II, Issue 8.
Suryawathy, I Gusti Ary. 2014. Analisis Kinerja Keuangan Sebelum Dan Sesudah Merger Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah dan Humanika. Vol. 3 No. 2.
Wheelen, Thomas L. dan J. David Hunger. 2006.Startegic Management and Business Policy.Prentice Hall. New Jersey
Whitaker, Scott C. 2012. Mergers & Acquisitions Integration Handbook. Wiley-Finance. DOI: https://doi.org/10.1002/9781119202301
Widyaputra, Dyaksa. 2006. Analisis Perbandingan Kinerja Perusahaan & Abnormal Return Saham Sebelum & Sesudah Merger Dan Akuisisi (Di Bursa Efek Jakarta Periode 1998-2004). Tesis. Universitas Diponegoro
Yonathan, Edwin dan Ancella A. Hermawan. 2013. The effect of financial performance following mergers and acqusitions on firm value. Universitas Indonesia.
Downloads
Published
How to Cite
Issue
Section
License
License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere.
- That its release has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
Copyright
Authors who publish with International Journal of Engineering Technologies and Management Research agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
For More info, please visit CopyRight Section
