Mergers and acquisitions’s impact on financial performance: an evaluation with perspective of time

Lakhwani, Dr. Vinod M; Tiwari, Satish Chandra; Jauhari, Sangeeta

doi:10.4314/jfas.v9i5s.67

Cited by 4 publications

(4 citation statements)

References 1 publication

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“…Kinerja keuangan perusahaan yang semakin baik akan menjadikan perusahaan tersebut mempunyai daya saing yang tinggi sekaligus mampu untuk meningkatkan nilai perusahaan. Terdapat perbedaan hasil penelitian yang dilakukan oleh Tarigan et al (2018), Shrestha et al (2017), Lakhwani et al (2017), Yanan & Basit, (2016), Abdulazeez et al (2016), Saxena et al (2020), dan Yusuf & Ichsan, (2020) yang menunjukkan bahwa merger dan akuisisi dapat meningkatkan kinerja keuangan perusahaan. Sementara penelitian Sujud & Hachem (2018), Ahmed et al (2018) dan Shah & Khan (2017) yang menunjukkan hasil bahwa merger dan akuisisi tidak dapat meningkatkan kinerja keuangan perusahaan.…”

Section: Pendahuluanunclassified

Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi

Yuliantari

Baskara²

2023

EEB

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The purpose of this study was to determine the increase or decrease in the company's financial performance after mergers and acquisitions. This research was conducted on non-financial companies listed on the Indonesia Stock Exchange that carried out mergers and acquisitions for the period 2010-2018. The number of companies used as a sample is 32 companies using the census method, namely the entire population is used as a sample. The analytical technique used is the Paired-Sample T-test. Based on the results of the analysis, it was found that the financial performance as measured by the Current Ratio, Total Assets Turnover, and Earning Per Share decreased but was not significant, and for Return On Assets it showed a significant decrease while the Debt to Equity Ratio experienced an insignificant increase which means the position Financial risk is more risky after companies carry out mergers and acquisitions. The motive for companies to do mergers and acquisitions is managerial advantage where managers may have other motives besides maximizing the value of the company. Companies that will carry out mergers and acquisitions in order to achieve success must make preparations by looking at the financial condition and management of the company to be acquired or the company that will conduct the merger

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Section: Pendahuluanunclassified

Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi

Yuliantari

Baskara²

2023

EEB

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“…In all over the world, M&A has become a prominent route to attain inorganic growth for corporations, but they must still choose targets to acquire or merge after cautious analysis of the costs and benefits associated with the M&A. An appropriate integration plan must be designed in advance to facilitate M&A (Lakhwani et al, 2017).…”

Section: Literature Reviewmentioning

confidence: 99%

“…This research was aimed at assessing the impact of the establishment of a state-owned holding company on the company performance in PT.X Group and to know whether the holding's objective to increase the company's financial performance after the establishment of the holding company is attained. Lakhwani et al (2017) conducted a research to 24 sample companies from various sectors in India that had acquired companies in the financial year of 20052006, to measure M&A financial performance in the long term with the support of Du Pont ROA Analysis and concluded that M&A was a good strategy for the long term and the company could gain optimal return provided that the selection of target is conducted wisely with a well-considered plan. M&A gained benefits in the long run but entirely depending on the company that selected this path and how to take it forward.…”

Section: Introductionmentioning

confidence: 99%

The Financial Performance of Soe Holding Cement Company

Widianingsih

Bakri

Tamara

2020

EIJBMS

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The government has a strategic plan to establish a SOE holding company that oversees certain companies by division based on the business sector to create an added value in terms of improvement in business performance, one of which is a state-owned holding company of the cement industry. The purpose of this study was to assess the extent of the effect of the establishment of a state-owned holding company PT. X on company’s performance. This research was applied research, specifically aimed at measuring company’s performance before and after the establishment of a Holding Company. The performance assessment was measured by analyzing the ratio of the Consolidated Financial Statements to the observation period between2009-2016. The data analysis adopted was the financial ratios including liquidity, solvency, profitability and activities ratios with paired sample t test. The strategy in this study was comparative because this research emphasized on the comparison of financial performance before and after the establishment of the Holding Company PT.X. The research finding as a whole is that the financial ratios tested indicated good value, because in its reality it is positive. However, statistically the Current Ratio, Gross Profit Margin, Net Profit Margin, ROA, ROE and Inventory Turnover showed significant differences before and after the establishment of a holding company, where the six ratios have the better values in the period before the holding company establishment. While, statistically the calculation results revealed that there was no significant differences in the Quick Ratio, Debt to Equity Ratio, Debt to Assets Ratio, Price to Earnings Ratio and Dividend Pay-out Ratio.

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“…Tüm bu aşamalardan sonra, firmanın, birleşme/satın almanın gerçekleştirilme amacı doğrultusunda sinerji kurup kuramayacağına dair bir analiz yapması gerekmektedir. Eğer işlemler amacına ulaşmış ve sinerji yaratılmışsa elde edilen faydaların hemen bir etki mi yaratacağı yoksa şirketin finansal performanslarına yansımasının zaman mı alacağı incelenmelidir (Lakhwani, 2017).…”

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Bi̇rleşme Ve Satin Almalarin Alan Şi̇rketi̇n Pay Değeri̇ne Kisa Vadeli̇ Etki̇si̇

Yaşar¹,

Soysal²,

KAYALI³

2023

joh

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İşletmenin kuruluşundaki amaç uzun vadede piyasa değerinin maksimize edilmesidir. Bu amaç kapsamında işletme sonsuz vadede faaliyetlerini sürdürecek, büyüyecek ve kâr elde ederek sorumluluklarını yerine getirecektir. Neticede büyüyen işletmelerin piyasa değerleri yükselerek sahibi ve ortaklarının servetlerinin artmasını sağlamış olacaktır. İşletmelerin büyüme gerekçelerinin temelinde ölçek ekonomilerinden yararlanma, pazarlara nüfus ederek rekabette üstünlük sağlama ve piyasa payını arttırma gibi nedenler olabilmektedir. Büyüme zaman içerisinde işletme kaynaklı olabileceği gibi satın alma ve birleşmelerle de kısa vadede işletmenin büyümesi, ar-ge faaliyetlerinde sinerji etkisi yaratılması, yetenekli personel olanaklarından yararlanılması, negatif şerefiye ile varlıkların daha düşük değerle işletmeye katılması söz konusu olabilmektedir. Bu çalışmanın amacı, Borsa İstanbul'da işlem gören halka açık şirketlerin yaptığı satın almaların kısa vadeli pay fiyatlarına yaptığı etkiyi araştırmaktır. Bu amaçla 2019, 2020 ve 2021 yıllarında yapılan 33 adet satın alma işlemi incelenmiş, duyuru tarihi itibariyle 15 günlük kısa vadeli piyasa ve düzeltilmiş getiri yöntemine göre performansları analiz edilmiştir. Payların kısa dönem fiyat performans ölçümünde kullanılan başlangıç getirisi iki farklı şekilde hesaplanmıştır. Bunlardan birincisi ilk ham getiri diğeri Borsa İstanbul AŞ 100 Getiri Endeksine göre düzeltilmiş artık getiridir. Birleşme ve satın almaların genel olarak ortalama pay senetlerine kısa vadede 1, 5, 10 ve 15. günlerin sonunda hep pozitif 1

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Mergers and acquisitions’s impact on financial performance: an evaluation with perspective of time

Abstract: Mergers and Acquisitions (M&A) is the most prefered technique of the corpoates from

Cited by 4 publications

References 1 publication

Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi

Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi

The Financial Performance of Soe Holding Cement Company

Bi̇rleşme Ve Satin Almalarin Alan Şi̇rketi̇n Pay Değeri̇ne Kisa Vadeli̇ Etki̇si̇

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