Pola Kinerja Perusahaan Sesudah Merger dan Akuisisi serta Analisis Terhadap Faktor-Faktor yang Mempengaruhinya

Ade Ali Nurdin, Muhamad Umar Mai, Setiawan Setiawan


This study aims to arrange the pattern of corporate performance after mergers and acquisitions that cover the performance outcomes for 12 years. Another objective is to analyze the determinants of company performance outcomes after mergers andacquisitions. The research was conducted at the Indonesia Stock Exchange from 2003 to 2014. The results show that the company performance in the first until the third year is below the average performance before the mergers and acquisitions happened. Entering the fourth year the company performance improved above the performance before mergers and acquisitions and had it peaked in the eleventh year, after which it declined. High profitability is the main target that companies must achieve after mergers and acquisitions. The result of the analysis shows that the return on investment positively influenced by total asset turnover and the increase of exchange rate, and negatively related to leverage and BI Rate. The company will achieve a higher total asset turnover if institutional investors own most of its shares. Firms with larger board size and institutional ownership have higher leverage.

Abstrak.Penelitian ini bertujuan, pertama: untuk menyusun pola kinerja perusahaan setelah merger dan akuisisi yang menjangkau capaian kinerja untuk jangka waktu 12 tahun; kedua: untuk menganalisis faktor determinan capaian kinerja perusahaan setelah merger dan akuisisi. Penelitian dilakukan di Bursa Efek Indonesia tahun 2003-2014. Hasil penelitian menunjukkan bahwa kinerja perusahaan pada tahun pertama sampai tahun ketiga berada di bawah rata-rata capaian kinerja sebelum merger dan akuisisi. Memasuki tahun keempat kinerja perusahaan meningkat di atas kinerja sebelum merger dan akuisisi, dan mencapai puncaknya pada tahun kesebelas, setelah itu mengalami penurunan. Profitabilitas yang tinggi merupakan target utama yang harus dicapai perusahaan setelah merger dan akuisisi. Hasil analisis menunjukkan bahwa return on invesment dipengaruhi secara positif oleh total asset turn over dan kenaikkan Kurs. Return on invesment berhubungan negatif dengan leverage dan BI Rate. Total asset turn over akan lebih tinggi dicapai perusahaan apabila sebagian besar sahamnya dimiliki investor institusi. Perusahaan-perusahaan dengan board size dan institutional ownersip yang lebih besar memiliki leverage yang lebih tinggi.

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DOI: https://doi.org/10.17509/jrak.v8i2.20064


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