Kinerja Keuangan, Abnormal Return Sebelum dan Setelah Pengumuman Merger

Sumantri, Farid Addy

doi:10.22236/agregat_vol1/is1pp73-93

Cited by 4 publications

(5 citation statements)

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“…Regarding the market reaction to the legalization of the merger, there were different results. The results of the study (Sumantri, 2017;Haryanto et al, 2018) show that there are significant differences in abnormal returns in the events before and after the merger of several companies listed on the IDX for the period 2006 -2008, from the results of several previous studies which tend to prove merger activities. has a positive effect on the response of capital market participants, so a justification for the hypothesis can be drawn up which shows a significant difference in Abnormal Return of BRIS shares before and after the merger of Bank Syariah Indonesia.…”

Section: Impact Of Merger On Returnmentioning

confidence: 71%

Analysis of Capital Market Reactions To The Merger of Indonesian Sharia Banks: BRIS Stocks Evidence

Agustin

2022

J. Keuang. dan Perbank.

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This study aims to obtain evidence of the stock market’s reaction to the merger of Indonesian Islamic banks and its prediction power to JCI. The variables used in this study are abnormal returns and trading volume activity with an observation period of 60 days before the event and 60 days after the event. We use 2 types of time series data, which are daily data to analyze AR and trading volume activity, and weekly data to analyze the causality relationship. The results showed that there were no differences in abnormal returns before and after the merger, but there were differences in trading volume activity before and after the merger. In addition, this study also aims to determine the reciprocal relationship using Granger causality between the JCI and BRIS stocks prices before and after the merger of Indonesian Islamic banks. The results of the study show that there is no reciprocal relationship between the Composite Stocks Price Index and the stock’s price of BRIS and vice versa.

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Section: Impact Of Merger On Returnmentioning

confidence: 71%

Analysis of Capital Market Reactions To The Merger of Indonesian Sharia Banks: BRIS Stocks Evidence

Agustin

2022

J. Keuang. dan Perbank.

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“…Hasil pengujian terhadap kinerja keuangan yang di proksi dengan Current Ratio (CR) menunjukkan adanya perbedaan sebelum dan setelah pengumuman merger. (Sumantri, 2017) H1 : Terdapat perbedaan yang signifikan dalam Current Ratio (CR) perusahaan sebelum dan sesudah akuisisi Total Asset Turnover (TATO) merupakan rasio yang digunakan untuk mengukur perputaran dari semua aktiva yang dimiliki oleh perusahaan serta mengukur jumlah penjualan dari setiap rupiah aktiva yang dimiliki oleh perusahaan. Semakin besar rasio ini menunjukkan manajemen yang lebih baik atau tingkat efektivitas perusahaan dalam menggunakan seluruh asset untuk menciptakan penjualan.…”

Section: Melindungi Diri Dari Pengambilalihanunclassified

“…Hasil pengujian terhadap kinerja keuangan yang di proksi dengan Return on Equity (ROE) menunjukan adanya perbedaan sebelum dan setelah pengumuman merger. (Sumantri, 2017). Ada perbedaan kinerja keuangan yang diukur menggunakan total asset turnover, earning per share, net profit margin, return on asset, dan return on equity.…”

Section: H3 : Terdapat Perbedaan Yang Signifikan Dalam Debt To Assets...unclassified

Analisis Kinerja Keuangan Perusahaan yang Melakukan Akuisisi di Bursa Efek Indonesia

Nany

Pertiwi²

2022

sosioekons

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Acquisitions are considered to be able to create a synergy that leads to an increase in outputs and outcomes from the implementation of the concept of economics of scale. In fact, not all companies experience an increase in performance and several cases state that acquisitions have no effect on financial performance and even reduce the company's financial performance. The purpose of this study was to determine the difference in financial performance before and after acquisitions. Financial performance was proxied by the Current Ratio (CR), Asset Turnover (TATO), Debt to Asset Ratio (DAR), Return On Equity (ROE), and Earnings Per Share (EPS). The research was conducted at the Indonesian Stock Exchange. The object of this research is the company listed on the Indonesia Stock Exchange (IDX) that made the acquisition in 2011-2017. The analysis technique used was Wilcoxon Signed Ranks. Based on the analysis it was found that Total Assets Turnover (TATO) showed differences before and after acquisition. While the Current Ratio (CR) and Debt to Asset Ratio (DAR) showed no differences before and after acquisition. Return On Equity (ROE) showed a difference one year before two years after the acquisition and two years before and two years after the acquisition. Earnings Per Share (EPS) showed a difference only one year before-two years after the acquisition

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“…Abnormal return adalah selisih antara tingkat keuntungan yang sebenarnya dengan tingkat keuntungan yang diharapkan (Hasanah & Oktaviani, 2017). Abnormal return akan terjadi apabila pasar bereaksi terhadap pengumuman M&A yang mempunyai informasi dalam pasar modal dan terjadi tingkat pengembalian sehingga memperoleh keuntungan diatas normal (Sumantri & Agustianti, 2017).…”

Section: Tinjauan Teoritisunclassified

Analisis Pengaruh Merger dan Akuisisi terhadap Kinerja Keuangan dan Abnormal Return pada Perusahaan di Bursa Efek Indonesia Tahun 2014-2018

Dewi

Widjaja

2021

JMBK

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This study aims to examine the difference in firm performances and abnormal returns before and after the merger and acquisition in the companies listed on the Indonesian Stock Exchange in the year 2014 to 2018. The data observation period is 1 year before the merger dan acquisition and 2 years after merger and acquisition. The analysis technique used is the Wilcoxon Signed Rank Test for ratio performance and Paired Sample T-test for abnormal return. The results of the testing of the hypothesis show that period 1 year before M&A and comparison comparison 2 years after M&A shows there is no significant difference in company financial performance before and after merger and acquisition. Hypothesis for Abnormal return, there is no difference before and after merger and acquisition.Penelitian ini bertujuan untuk menguji perbedaan kinerja perusahaan dan abnormal return sebelum dan sesudah merger dan akuisisi pada perusahaan yang terdaftar di Bursa Efek pada tahun 2014 hingga 2018. Periode observasi data adalah 1 tahun sebelum merger dan akuisisi dan 1& 2 tahun sesudah merger dan akuisisi. Metode analisa data yang digunakan adalah Wilcoxon Signed Rank Test dan Paired Sample T-Test untuk abnormal return. Hasil pengujian hipotesis menunjukkan bahwa periode 1 tahun sebelum M&A dan perbandingan 2 tahun setelah M&A menunjukkan tidak ada perbedaan signifikan dalam kinerja keuangan perusahaan sebelum dan sesudah merger dan akuisisi. Hipotesis untuk Abnormal return, tidak ada perbedaan sebelum dan sesudah merger dan akuisisi.

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Kinerja Keuangan, Abnormal Return Sebelum dan Setelah Pengumuman Merger

Cited by 4 publications

References 0 publications

Analysis of Capital Market Reactions To The Merger of Indonesian Sharia Banks: BRIS Stocks Evidence

Analysis of Capital Market Reactions To The Merger of Indonesian Sharia Banks: BRIS Stocks Evidence

Analisis Kinerja Keuangan Perusahaan yang Melakukan Akuisisi di Bursa Efek Indonesia

Analisis Pengaruh Merger dan Akuisisi terhadap Kinerja Keuangan dan Abnormal Return pada Perusahaan di Bursa Efek Indonesia Tahun 2014-2018

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