Review Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi

Authors

  • Yumna Sekar Utami Universitas Pembangunan Nasional Veteran Jakarta
  • Rosita Putri Cahyawati Universitas Pembangunan Nasional Veteran Jakarta
  • Ahmad Iqbal Suyudi Universitas Pembangunan Nasional Veteran Jakarta
  • Yafet Yulianto Universitas Pembangunan Nasional Veteran Jakarta
  • Lucky Monic Sabatini

DOI:

https://doi.org/10.54259/akua.v1i1.218

Keywords:

Financial Performance, Mergers, Acquisitions

Abstract

This review is intended to explain the dissimilarity of financial performance before and after mergers and acquisitions in developing countries and Indonesia. Liquidity, capital, profitability, and stock performance are financial ratios used when measuring a company's financial performance. Theoretically, explanations that support mergers and acquisitions are described, then critically discuss empirical studies of previous research in the previous literature. From the existing literature, it is known that there are different results on the financial performance of companies in developing countries including Indonesia after mergers and acquisitions are carried out.

Downloads

Download data is not yet available.

References

Abdulazeez, D. A., Suleiman, O., & Yahaya, A. (2016). Impact of Merger and Acquisitions on the Financial Performance of Deposit Money Banks in Nigeria. Arabian Journal of Business and Management Review, 6(4), 1–5. https://doi.org/10.4172/2223-5833.1000219

Al-Hroot, Y. A., Al-Qudah, L. A., & Alkharabsha, F. I. (2020). The Impact of Horizontal Mergers on The Performance of The Jordanian Banking Sector. Journal of Asian Finance, Economics and Business, 7(7), 49–58. https://doi.org/10.13106/jafeb.2020.vol7.no7.049

Amatilah, F. F., Syarief, M. E., & Laksana, B. (2021). Perbandingan Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi pada Perusahaan Non-Bank yang Tercatat di BEI Periode 2015 Comparison of financial performance pre and post merger and acquisition of firm non-bank listes on IDX in 2015. Indonesian Journal of Economic and Management, 1(2), 375–385.

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.

As’ari, L., Amin, M., & Mawardi, M. C. (2017). Analisis Dampak Pengumuman Merger dan Akuisisi Terhadap Abnormal Return Saham Pada Perusahaan Akuisitor yang Terdaftar di BEI Tahun 2013-2015. Jurnal Ilmiah Riset Manajemen, 6(2), 32–41.

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), 258–281. https://doi.org/10.6007/ijarbss/v4-i11/1307

Ayoush, M., Rabayah, H., & Jibreel, T. (2020). The Impact of Mergers on the Financial Performance of Jordanian Public Shareholding Companies. The Journal of Asian Finance, Economics and Business, 7(10), 751–759. https://doi.org/10.13106/jafeb.2020.vol7.n10.751

Batubara, R. H., Marlina, & Sugianto. (2020). Pengaruh Struktur Modal, Likuiditas dan Profitabilitas terhadap Nilai Perusahaan Industri Perbankan. Business Management, Economic, and Accounting National Seminar, 1(1), 1059–1076.

Boloupremo, T., & Ogege, S. (2019). Mergers, Acquisitions and Financial Performance: A Study of Selected Financial Institutions. EMAJ: Emerging Markets Journal, 9(1), 36–44. https://doi.org/10.5195/emaj.2019.162

Bursa Efek Indonesia. (2013). Berbenah Menuju Era Baru Pasar Modal.

Caiazza, S., Galloppo, G., & Paimanova, V. (2021). The Role of Sustainability Performance After Merger and Acquisition Deals in Short and Long-Term. Journal of Cleaner Production, 314. https://doi.org/https://doi.org/10.1016/j.jclepro.2021.127982

CNBC Indonesia. (2018). Perang Dagang Berkecamuk, Nafsu Merger & Akuisisi Surut.

Daneshwara, A. N. (2021). Urgensi Penerapan Sistem Pre-Merger Notification sebagai Sistem Pengawasan Merger, Akuisisi, dan Konsolidasi di Indonesia. Jurist-Diction, 2(2), 519–542.

Dewi, S. L., & Widjaja, I. (2021). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Keuangan dan Abnormal Return pada Perusahaan di Bursa Efek Indonesia Tahun 2014-2018. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(1), 34–39.

Edi, & Rusadi, S. (2017). Analisis Pengukuran Kinerja Keuangan Pasca Merger dan Akuisisi Pada Perusahaan yang Terdaftar di Bei. Jurnal Benefita, 2(3), 230. https://doi.org/10.22216/jbe.v2i3.1435

Gaughan, P. A. (2018). Mergers, Acquisitions, and Corporate Restructurings (Seventh Ed). New Jersey:JohnWiley & Sons, Inc.

Gustina, I. (2017). Analisis Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi Pada Perusahaan yang Go Public yang Terdaftar di BEI. Jurnal Akuntansi Dan Keuangan, 6(1).

Hroot, Y. A. K. Al. (2016). The Impact of Mergers on Financial Performance of the Jordanian Industrial Sector. International Journal of Management & Business Studies, 6(1), 9–13. https://doi.org/10.13140/RG.2.1.4480.3602

Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.2139/ssrn.94043

Laiman, L., & Hatane, S. E. (2017). Analisis Dampak Merger dan Akuisisi Terhadap Kinerja Keuangan pada Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2007-2014. Business Accounting Review, 5(2), 517–528.

Lakhwani, V. M., Tiwari, S., & Jauhari, S. (2018). Mergers and Acquisitions’s Impact on Financial Performance: an Evaluation with Perspective of Time. Journal of Fundamental and Applied Sciences, 9(5S), 945. https://doi.org/10.4314/jfas.v9i5s.67

Larasati, N. D., Agustina, Y., Istanti, L. N., & Wijijayanti, T. (2017). Do Merger And Acquisition Affect On Company’s Financial Performance? Sriwijaya International Journal of Dynamic Economics and Business, 1(4), 375–386. https://doi.org/10.29259/sijdeb.v1i4.375-386

Mall, P., & Gupta, K. (2019). Impact of Mergers and Acquisitions on Accounting-based Performance of Acquiring Firms in India. Drishtikon: A Management Journal, 10(1), 27–46. https://doi.org/10.1177/0972150919852009

Mardaningsih, D., Nurlaela, S., & Wijayanti, A. (2021). Pengaruh Leverage, Likuiditas, Firm Size, dan Sales Growth Terhadap Kinerja Keuangan Pada Perusahaan LQ45. 17(1), 46–52.

Morina, T., & Nasir, M. (2018). Perusahaan Sebelum dan Sesudah Merger dan Akuisisi (Studi Perusahaan yang Melakukan Merger dan Akuisisi yang Terdaftar di BEI 2013-2015). Journal Economic Resources, 1(1), 71–85.

Muhammad, H., Waqas, M., & Migliori, S. (2019). The Impact of M&A on Bank’s Financial Performance: Evidence from Emerging Economy. Corporate Ownership & Control, 16(3), 52–63. https://doi.org/https://doi.org/10.22495/cocv16i3art5

Nagasha, S., Musimenta, J. B. and D., & Lulu, G. (2017). The Impact of Merger and Acquisition on The Individual. Makerere Business Journal, 13(2), 109–128. https://doi.org/10.1016/b978-0-7506-2341-4.50006-0

Nasir, M., & Morina, T. (2018). Analisis Perbandingan Kinerja Keuangan Pada Perusahaan Sebelum dan Sesudah Merger dan Akuisisi. Jurnal Economics Resources, 1(1).

Nicholson, R. R., & Salaber, J. (2015). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22(6), 963–980. https://doi.org/10.1016/j.ibusrev.2013.02.003

Novitasari, I., Endiana, I. D. M., & Arizona, P. E. (2020). Pengaruh Mekanisme Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di BEI. Jurnal Kharisma, 2(1), 47–57.

Nurfauziah, & Nuzul Ainy, R. (2018). Financial Performance Analysis of Companies with Merger and Acquisition Deals. KnE Social Sciences, 3(10), 862–872. https://doi.org/10.18502/kss.v3i10.3431

Patel, R. (2018). Pre & Post-Merger Financial Performance: An Indian Perspective. Journal of Central Banking Theory and Practice, 7(3), 181–200. https://doi.org/10.2478/jcbtp-2018-0029

Pratiwi, P. D. (2017). Kesejahteraan Pemegang Sahambidder Dalam Jangka Panjang Pasca Merger Dan Akuisisi. Optimum: Jurnal Ekonomi Dan Pembangunan, 6(2), 155. https://doi.org/10.12928/optimum.v6i2.7865

Putri, P., Yasa, I. N. P., & I Putu Julianto. (2020). Mengungkap Dampak Akuisisi Terhadap Kinerja Keuangan Perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Universitas Pendidikan Ganesha, 11(3), 527–537. https://ejournal.undiksha.ac.id/index.php/S1ak/article/download/26961/17229

Rani, P., Shauki, E. R., Darminto, D., & Prijadi, R. (2020). Motives, Governance, and Long-term Performance of Mergers and Acquisitions in Asia. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1791445

Rashid, A., & Naeem, N. (2017). Effects of mergers on corporate performance: An empirical evaluation using OLS and the empirical Bayesian methods. Borsa Istanbul Review, 17(1), 10–24. https://doi.org/10.1016/j.bir.2016.09.004

Resmilia, R., Hardiyanto, A. T., & Ilmiyono, A. F. (2019). Pengaruh Merger dan Akuisisi Terhadap Kinerja Keuangan Perusahaan Manufaktur Go Public yang Terdaftar di BEI Periode 2012-2014. Jurnal Online Mahasiswa (JOM) Bidang Akuntansi, 1(hal 140), 43. http://www.springer.com/series/15440%0Apapers://ae99785b-2213-416d-aa7e-3a12880cc9b9/Paper/p18311

Saleh, R., & Kohar, A. (2020). Analisis Pengaruh Merger Dan Akuisisi Terhadap Kinerja Keuangan Pada Perusahaan Sektor Non Keuangan Yang Terdaftar Di Bei Tahun 2014 – 2018. Account, 7(2), 1289–1298. https://doi.org/10.32722/acc.v7i2.3545

Saputra, A., Syifahayati, A. H., Khosyian, A., Selarasati, D. R., Martha, D., Napitupulu, G., Asyifa, D. A., & Gunawan, A. (2021). Tinjauan Evaluasi Motif Merger-Akuisisi dalam Perspektif Kinerja Keuangan. Prosiding The 12th Industrial Research Workshop and National Seminar, 1234–1239.

Sihono, T. (2008). Krisis Finansial Amerika Serikat dan Perekonomian Indonesia. Jurnal Ekonomi Dan Pendidikan, 5(2), 171–192. https://doi.org/10.21831/jep.v5i2.597

Singh, S., & Das, S. (2018). Impact of Post-Merger and Acquisition Activities on The Financial Performance of Banks : A Study of Indian Private Sector and Public Sector Banks. Revista Espacios Magazine, 39(26), 25.

Suharyono. (2020). Sejarah dan Misteri Gelombang Merger: Sebuah Perspektif Amerika dan Inggris. Ilmu Dan Budaya, 41(69), 8063–8090.

Surya, C. B. O. (2021). Analisis Dampak Keputusan Akuisisi Terhadap Kinerja Keuangan PT Bank Rakyat Indonesia Tbk (Studi Kasus Akuisisi BTMU-BRI Finance Oleh PT Bank Rakyat Indonesia Tbk). Jurnal Indonesia Sosial Teknologi, 2(2), 161–170.

Nurani, M. (2019). Analisis factor-faktor penghambat pengembangan usaha mikro kecil dan menengah dalam perspektif ekonomi Islam. Lampung: Universitas Islam Negeri Raden Intan Lampung.

Sutaguna, I.N.T. & Putra, A.M. (2019). Persepsi masyarakat Desa Panatahan terhadap dikembangkannya Desa Penatahan sebagai desa wisata di Kecamatan Penebel, Kabupaten Tabanan. Jurnal Perhotelan dan Pariwisata, Vol. 9(2).

Downloads

Published

2022-01-10

How to Cite

Sekar Utami, Y., Putri Cahyawati, R., Iqbal Suyudi, A., Yulianto, Y., & Monic Sabatini, L. (2022). Review Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi . AKUA: Jurnal Akuntansi Dan Keuangan, 1(1), 57–67. https://doi.org/10.54259/akua.v1i1.218

Issue

Vol. 1 No. 1 (2022): Januari 2022

Section

Articles

License

Copyright (c) 2022 Yumna Sekar Utami, Rosita Putri Cahyawati, Ahmad Iqbal Suyudi, Yafet Yulianto, Lucky Monic Sabatini

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Hak cipta pada setiap artikel adalah milik penulis.
Penulis mengakui bahwa AKUA (Jurnal Akuntansi dan Keuangan) sebagai publisher yang mempublikasikan pertama kali dengan lisensi Creative Commons Attribution 4.0 International License.
Penulis dapat memasukan tulisan secara terpisah, mengatur distribusi non-ekskulif dari naskah yang telah terbit di jurnal ini kedalam versi yang lain, seperti: dikirim ke respository institusi penulis, publikasi kedalam buku, dan lain-lain. Dengan mengakui bahwa naskah telah terbit pertama kali pada AKUA (Jurnal Akuntansi dan Keuangan).