Article Sidebar

Download
PDF
Statistic
Read Counter : 547 Download : 401

Downloads

Download data is not yet available.

Main Article Content

Abstract

The study aims to compare financial performance in Go Public Acquirer Companies before and after acquisition by analyzing significant differences in related to Liquidity (Current Ratio and Quick Ratio), Solvency (Debt to Asset Ratio and Debt to Equity Ratio), Activity (Total Asset Turn Over) and Profitability (Return on Assets, Return on Equity, and Net Profit Margin). This study used secondary data of financial statements two years before and after the acquisition of the acquirer company 2013-2017 with the research period of 2011-2019. The sampling technique use purposive sampling. A hypothesis test tool for testing H1 until H8 using Paired Sample T-Test or Wilcoxon Signed Rank Test. The results showed that there is a significant difference in Debt to Equity Ratio, Total Asset Turn Over, Return on Assets, Return on Equity, dan Net Profit Margin, while in Current Ratio, Quick Ratio, and Debt to Asset Ratio there is no significant difference.

Keywords

Acquisition Financial Performance Paired Sample T-Tes Wilcoxon Signed Rank Test

Article Details

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

How to Cite
Masita, A. N., Widyarti, M. T. H., Karyanti, T. D., & Putri , A. G. (2022). Comparative Analysis of Financial Performance Before and After the Acquisition (Study on the Go Public Acquisitors For The Period of 2011-2019). Ilomata International Journal of Management, 3(3), 337-352. https://doi.org/10.52728/ijjm.v3i3.479

References

  1. Adomako, S., & Tran, M. D. (2022). Sustainable environmental strategy, firm competitiveness, and financial performance: Evidence from the mining industry. Resources Policy, 75, 102515. https://doi.org/10.1016/j.resourpol.2021.102515
  2. 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
  3. Ahmadi-Gh, Z., & Bello-Pintado, A. (2022). Why is manufacturing not more sustainable? The effects of different sustainability practices on sustainability outcomes and competitive advantage. Journal of Cleaner Production, 337, 130392. https://doi.org/10.1016/j.jclepro.2022.130392
  4. Aljohani, K., & Thompson, R. G. (2020). Receivers-led delivery consolidation policy: Estimating the characteristics of the most interested businesses to participate. Research in Transportation Economics, 80, 100808. https://doi.org/10.1016/j.retrec.2019.100808
  5. Banmairuroy, W., Kritjaroen, T., & Homsombat, W. (2021). The effect of knowledge-oriented leadership and human resource development on sustainable competitive advantage through organizational innovation’s component factors: Evidence from Thailand ’s new S- curve industries. Asia Pacific Management Review. https://doi.org/10.1016/j.apmrv.2021.09.001
  6. Bukido, R., & Bamatraf, L. F. (2018). Peranan Komisi Pengawas Persaiangan Usaha (KPPU) Dalam Menegakan UndangUndang Nomor 5 Tahun 1999 Tentang Larangan Praktek Monopoli Dan Persaingan Usaha Tidak Sehat. Jurnal Ilmiah Al-Syir’ah, 15(1). https://doi.org/10.30984/as.v15i1.474
  7. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. https://doi.org/10.1016/j.irfa.2022.102291
  8. Dewi, I. J. (2011). Implementasi dan Implikasi Kelembagaan Pemasaran Pariwisata yang Bertanggungjawab (Responsible Tourism Marketing) (1st ed.). Pinus Publisher. https://sr.1lib.to/book/16850248/56c2ab
  9. Dewi, N. P. L. K., & Mustanda, I. K. (2021). Comparative Study of Financial Performance Before and After Acquisition. American Journal of Humanities and Social Sciences Research, 5(3), 151–161. https://www.ajhssr.com/wp-content/uploads/2021/03/Q2153151161.pdf
  10. Dewi, P. Y. K., & Suryantini, N. P. S. (2019). Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum dan Sesudah Akuisisi. E-Jurnal Manajemen Universitas Udayana, 7(5), 2323. https://doi.org/10.24843/EJMUNUD.2018.v07.i05.p01
  11. Ejrami, M., Salehi, N., & Ahmadian, S. (2016). The Effect of Marketing Capabilities on Competitive Advantage and Performance with Moderating Role of Risk Management in Importation Companies. Procedia Economics and Finance, 36, 22–28. https://doi.org/10.1016/S2212-5671(16)30012-0
  12. Finansia, L. (2017). Analisis Kinerja Keuangan Perusahaan Sebelum dan Setelah Merger dan Akuisisi. Jurnal Manajemen Bisnis Indonesia (JMBI), 6(1), 43–54. http://journal.student.uny.ac.id/ojs/index.php/jmbi/article/view/10008
  13. Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (I. Ghozali (ed.); 8th ed.). Badan Penerbit Universitas Diponegoro. http://kin.perpusnas.go.id/DisplayData.aspx?pId=218217&pRegionCode=UN11MAR&pClientId=112
  14. Hamid, N., & Purbawangsa, I. B. A. (2022). Impact of the board of directors on financial performance and company capital: Risk management as an intervening variable. Journal of Co-Operative Organization and Management, 10(2), 100164. https://doi.org/10.1016/j.jcom.2021.100164
  15. Hapsari, S. (2016). Analisis Perbedaan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger (Kasus Pada Bank CIMB Niaga Yang Terdaftar Di BEI) [Universitas Muhammadiyah Surakarta]. http://eprints.ums.ac.id/48441/
  16. Kim, S., & Yoo, J. (2022). Corporate Opacity, Corporate Social Responsibility, and Financial Performance. Finance Research Letters, 49, 103118. https://doi.org/10.1016/j.frl.2022.103118
  17. Lähteenmäki, J. (2021). The evolution paths of neutral host businesses: Antecedents, strategies, and business models. Telecommunications Policy, 45(10), 102201. https://doi.org/10.1016/j.telpol.2021.102201
  18. Lim, J., & Ruslim, H. (2020). Analisis Perbedaan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum Dan Sesudah Akuisisi Periode 2012-2017. Jurnal Manajerial Dan Kewirausahaan, 2(1), 282. https://doi.org/10.24912/jmk.v2i1.7469
  19. Malis, R., & Setyorini, D. (2017). Analisis Kinerja Keuangan Perusahaan Manufaktur Yang Melakukan Merger dan Akuisisi Periode 2009-2013. Profita: Jurnal Kajian Ilmu Akuntansi, 5(1), 1–19. http://journal.student.uny.ac.id/ojs/index.php/profita/article/view/9623
  20. Mukti, A. Y., & Rokhyadi, A. (2016). Dampak Pra Dan Post Strategi Akuisisi Pada Kinerja Keuangan Perusahaan. Jurnal Perilaku Dan Strategi Bisnis, 4(1). https://doi.org/10.26486/jpsb.v4i1.444
  21. Mulyadi, D., & Rusydi, I. (2017). Efektivitas Peran Komisi Pengawas Persaingan Usaha (KPPU) Dalam Penanganan Kasus Persaingan Usaha Tidak Sehat. Jurnal Ilmiah Galuh Justisi, 5(1), 81. https://doi.org/10.25157/jigj.v5i1.235
  22. Munawir, S. (2014). Analisa Laporan Keuangan (4th ed.). Liberty. https://opac.perpusnas.go.id/DetailOpac.aspx?id=561978
  23. Nasir, M., & Morina, T. (2018). Analisis Perbandingan Kinerja Keuangan Pada Perusahaan Sebelum dan sesudah merger dan akuisisi (Studi Perusahaan yang Melakukan Merger dan Akuisisi yang Terdaftar Di BEI 2013-2015). Jurnal Economic Resources, 1(2), 71–85. http://repository.umi.ac.id/488/1/1. Analisis Perbandingan Kinerja Keuangan Pada Perusahaan Sebelum dan Sesudah Mereger dan Akuisisi.pdf
  24. Nirmala, S., & Arsha, S. (2016). An Empirical Study On Mergers and Acquisitions On Manufacturing Sector In India Using Wilcoxon Signed Rank Test. International Journal of Applied Research, 5(9), 898–903. https://www.jetir.org/view?paper=JETIR1809782
  25. Nurgiyantoro, B., Gunawan, & Marzuki. (2017). Statistik Terapan Untuk Penelitian Ilmu Sosial (Teori dan Praktik dengan IBM SPSS 21). Gajah Mada University Press. https://opac.perpusnas.go.id/DetailOpac.aspx?id=1134777
  26. Pogodina, V., Chistyakova, A., Ershova, N., Fomenko, N., & Danilochkina, N. (2022). Formation of a competitive development strategy for a transport and logistics company. Transportation Research Procedia, 63, 1595–1600. https://doi.org/10.1016/j.trpro.2022.06.173
  27. Primatama, W. A. (2015). Pengaruh Company Size, Return On Asset, Net Profit Margin, Financial Leverage dan Operating Profit Margin Terhadap Praktik Income Smoothing. Jurnal Akuntansi Dan Sistem Teknologi Informasi, 11, 304–311. https://ejurnal.unisri.ac.id/index.php/Akuntansi/article/view/1150
  28. Rehan, M., Khan, M. I., & Kamran, M. (2018). Effect of Corporate Social Responsibility on Profitability of Banks. European Academic Research Journal, 6(4), 3763–3782. https://www.researchgate.net/publication/329584599_Effect_of_Corporate_Social_Responsibility_on_Profitability_of_Banks
  29. Rigo, P. D., Siluk, J. C. M., Lacerda, D. P., Rediske, G., & Rosa, C. B. (2022). The competitiveness factors of photovoltaic installers companies and a BSC model. Solar Energy, 235, 36–49. https://doi.org/10.1016/j.solener.2022.02.017
  30. Santoso, S. (2014). Statistik Non Parametrik Konsep dan Aplikasi dengan SPSS (1st ed.). Elex Media Komputindo. https://opac.perpusnas.go.id/DetailOpac.aspx?id=889344
  31. Sihombing, N., & Kamal, M. (2016). Analisis Pengaruh Pengumuman Merger dan Akuisisi Terhadap Abnormal Return Saham dan Kinerja Keuangan Perusahaan (Studi pada perusahaan yang melakukan Merger dan Akuisisi pada Tahun 2011 dan terdaftar di Bursa Efek Indonesia). Diponegoro Journal of Management, 5(3), 1–15. https://ejournal3.undip.ac.id/index.php/djom/article/view/14882/14398
  32. Sudana, I. M. (2015). Manajemen Keuangan Perusahaan : Teori & Praktik (N. Sallama (ed.); 2nd ed.). Erlangga. https://opac.perpusnas.go.id/DetailOpac.aspx?id=984419
  33. Suhadak, Liliana, & Hidayat, R. (2016). Analisis Dampak Akuisisi Terhadap Return Saham dan Volume Perdagangan (Studi pada Multinational Company yang Terdaftar di BEI Periode Tahun 2010-2012). Jurnal Administrasi Bisnis (JAB), 38(1), 1–15. http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/1482
  34. Tiwari, S., Wee, H. M., Zhou, Y., & Tjoeng, L. (2021). Freight consolidation and containerization strategy under business as usual scenario & carbon tax regulation. Journal of Cleaner Production, 279, 123270. https://doi.org/10.1016/j.jclepro.2020.123270
  35. Utari, N. A., Asriany, A., & Hamid, R. S. (2022). Analisis Perbandingan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan Yang Terdaftar di BEI Periode 2015-2020. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 5(1), 536–545. https://doi.org/10.36778/jesya.v5i1.630
  36. Varana, C. J., & Rusliati, E. (2018). Analisis Perbedaan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan yang Terdaftar di BEI. Jurnal Riset Bisnis Dan Manajemen, 11(1), 44. https://doi.org/10.23969/jrbm.v11i1.872
  37. Vintosa, V. V. A., & Suwitho. (2018). Analisis Perbedaan Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan yang Terdaftar di BEI. Jurnal Ilmu Dan Riset Manajemen, 7(9), 1–23. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/1612
  38. Vlas, C. O., Richard, O. C., Andrevski, G., Konrad, A. M., & Yang, Y. (2022). Dynamic capabilities for managing racially diverse workforces: Effects on competitive action variety and firm performance. Journal of Business Research, 141, 600–618. https://doi.org/10.1016/j.jbusres.2021.11.060
  39. Wagemann, C., Buche, J., & Siewert, M. B. (2016). QCA and business research: Work in progress or a consolidated agenda? Journal of Business Research, 69(7), 2531–2540. https://doi.org/10.1016/j.jbusres.2015.10.010
  40. Waskito, M., & Hidayat, D. (2020). Analisis Kinerja Keuangan Sebelum dan Sesudah Akuisisi Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (Periode 2011 – 2016). Kinerja, 2(02), 149–172. https://doi.org/10.34005/kinerja.v3i01.970
  41. Wu, Y., & Huang, S. (2022). The effects of digital finance and financial constraint on financial performance: Firm-level evidence from China’s new energy enterprises. Energy Economics, 112, 106158. https://doi.org/10.1016/j.eneco.2022.106158