Pengaruh Karakteristik CEO dan Aset Tidak Berwujud Terhadap Kinerja Akuisisi Dimediasi Reputasi Perusahaan¬

Abid Ilmun Fisabil, Kamaliah Kamaliah, Rheny Afriana Hanif

Abstract


The study intends to test the influence CEO characteristics and intangible assets produce on firm acquisition performance, as well as the mediating role of firm reputation. Samples were taken under purposive sampling on publicly traded firms listed on the Indonesian Stock Exchange from 2015 to 2020. SEM Path Analysis was carried out to model the research. The findings suggest a positive significant relation between CEO characteristics and firm reputation. Intangible asset, as the second independent variable, performs a significant positive relation to firm reputation. However, the study did not find any relation between CEO characteristics, intangible assets to firm performance as well as firm reputation to firm performance. In addition, the study also did not find any significant mediating role in firm performance.

Keywords


Acquisition Performance; CEO Characteristics; Intangible Assets; Firm Reputation

Full Text:

PDF

References


ANTARANEWS. (2015, August 11). ANTARANEWS. Retrieved December 17, 2020, from antaranews.com: https://www.antaranews.com/berita/511780/kunci-sukses-lakukan-merger-dan-akuisisi

Baron, D. P., Harjoto, M. A., & Jo, H. (2011). The Economics and Politics of Corporate Social Performance. Cambridge University Press, 13(2).

Basri, Y. Z., & Arafah, W. (2020). CEO characteristics, firm reputation and firm performance after merger and acquisition. Business: Theory and Practice, 21(2), 850-858.

Beams, F. A., Anthony, J. H., Bettinghaus, B., & A., S. K. (2016). Advanced Accounting. Pearsond Education Limited 2018.

Bhorgesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate Socially Responsible Instruments: CEO Altruism, Reputation, and Shareholder Interests. Journal of Corporate Finance, 26, 164-181.

Black, E. L., & Zyla, M. L. (2018). Accounting for Goodwill and Other Intangible Assets. John Wiley & Sons.

Brigham, E. F., & Houston, J. F. (2009). Findametals of Financial Management. Cengage Learning.

Burke, R. J., Martin, G., & Cooper, C. L. (2016). Corporate Reputaion: Managing Opportunities and Threats. New York: Routledge.

Cho, S., & Arthurs, J. (2018). The influence of alliance experience on acquisition premiums and post-acquisition performance. Journal of Business Research, 88, 1-10.

Christensen, T. E., Cottrell, D. M., & Budd, C. J. (2013). Advanced Financial Accounting. McGraw-Hill.

Custódio, C., & Metzger, D. (2013). How do CEOs matter? The effect of industry expertise on acquisition returns. Review of Financial Studies, 26(8), 2008-2047.

detikFinance. (2013, February 19). detikFinance. Retrieved December 17, 2020, from finance.detik.com: https://finance.detik.com/berita-ekonomi-bisnis/d-2173511/ini-dia-5-akuisisi-terbesar-yang-gagal-meraih-sukses

Dumont, M. (2020, August 21). Investopedia. Retrieved December 15, 2020, from investopedia.com: https://www.investopedia.com/articles/financial-theory/08/merger-acquisition-disasters.asp

Dwita, N. S., & Windijarto. (2020). Kinerja Merger dan Akuisisi, Pengalaman Direktur, Usia Direktur, Masa Jabatan Direktur, dan Board Size di Indonesia. J-MKLI (Jurnal Manajemen dan Kearifan Lokal Indonesia), 3(2), 84-93.

Edi, & Saputra, E. (2019). The Effect of Director Experience on Acquisition Performance. Journal Of Accounting, Finance, And Auditing Studies, 136-150.

Feng, M., Wang, X. A., & Kreuze, J. G. (2017). Corporate Social Responsibility and Firm Financial Performance: Comparison Analyses across Industries and CSR Categories. American Journal of Business, 32(4).

Ferdous, J., & Rahman, M. M. (2019). The effects of intangible assets on firm performance: An empirical investigation on selective listed manufacturing firms in DSE, Bangladesh. American Journal of Business, 34(3/4), 148-168.

Field, L. C., & Mkrtchyan, A. (2017). The effect of director experience on acquisition performance. Journal of Financial Economics, 123(3), 488-511.

Fischer, P. M., Tayler, W., & Cheng, R. H. (2010). Advanced Accounting. Cengage Learning.

Fombrun, C. J. (1996). Reputation: Realizing Value from the Corporate Image. Harvard Business School Press.

Ghozali, I. (2018). Aplikasi Analisis Multivariate - Dengan Program

IBM SPSS 25. Semarang: Badan Penerbit Universita Diponogoro.

Gottschalk, P. (2006). CIO and Corporate Strategic Management: Changing Role of CIO to CEO Changing ROle of CIO to CEO. IGI Global.

Govindarajan, V., & Anthony, R. N. (2007). Management Controll Systems. Irwin: McGraw-Hill.

Gujarati, D. N., & Porter, D. C. (2009). Basic Econometerics. New York: McGraw-Hill.

Gunawan, K. H., & Sukaharta, I. M. (2013). Kinerja Pasar dan Kinerja Keuangan Sesudah Merger dan Akuisisi di Bursa Efek Indonesia. E-Jurnal Akuntansi Univeristas Udayana, 270-290.

Hansem, R. G. (1987). A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business, 75-95.

Harford, J., Humphery-Jenner, M., & Powell, R. (2012). The sources of value destruction in acquisitions by entrenched managers. Journal of Financial Economics, 106(2), 247-261.

Hariyani, I. (2011). Merger, Konsolidasi, Akuisisi & Pemisahan Perusahaan: Cara Cerdas Mengembangkan & Memajukan Perusahaan. VisiMedia.

Hartmann, C. C., & Carmenate, J. (2021). Does Board Diversity INfluene Firms' Corporate Social Resposibilty Reputation? Social Responsibility Journal, 17(8).

Hasprova, O., Brabec, Z., & Rozkovec, J. (2019). The influance of intangible assets on company performance. Acta Academica Karviniensia, 19, 34-46.

Horngren, C. T., SUndem, G. L., Stratton, W. O., Burgstahler, D., & Schtzberg, J. (2011). Introduction to Management Accounting. Persong Education Limited International.

Ibrahimi, M. (2018). Mergers & Acquistion: Theory, Strategy, Finance. John Wiley & Sons.

IMF. (2020, June). International Monetery Funds. Retrieved December 15, 2020, from imf.org: https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020

Jones, L., Palumbo, D., & Brown, D. (2020, January 24). BBC News. Retrieved January 25, 2020, from bbc.com: https://www.bbc.com/news/business-51706225

Khan, M. H.-U.-Z. (2010). The Effect of Corporate Governance Elements on Corporate Social Resposibility (CSR) Reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2).

Kimmer, P. D., Weygandt, J. J., & Kieso, D. E. (2015). Financial Accounting: Tools for Business Decision Making. John Wiley & Sons.

Krishnan, H. A., Hitt, M. A., & Park, D. (2007). Acquisition premiums, subsequent workforce reductions and post-acquisition performance. Journal of Management Studies, 44(5), 709-732.

Kumar, V., & Sharma, P. (2019). Introductioin to Merger, Acquisition, and Corporate Restructuring: in and insight into mergers and acquistion. Singapore: Palgrave Macmillan.

Mard, M. J., Hitchner, J. R., & Hyden, S. D. (2010). valuation for financial reporting: fair value, business combinations, intangible assets, goodwill, impairment analysis. John Wiley & Sons.

Mardianto, Christian, N., & Edi. (2018). Dampak Merger dan Akuisis Terhadap Kinerja Keuangan Perusahaan. Jurnal Benefita, 44-52.

McDonald, M. L., Westphal, J. D., & Graebne, r. M. (2008). What do they know? The effects of outside director acquisition experience on firm acquisition performance. Strategic Management Journal, 29(11), 1155-1177.

Moin, A. (n.d.). Merger, Akuisisi dan Divestasi (Edisi Pertama ed.). Yogyakarta, Indonesia: Ekonisia.

Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquistions? The Journal of Finance, 45(1), 31-48.

Myers, S. C., & Setiawan, D. (1984). Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Fiinancing Economics, 13(2), 187-221.

Naval, B. (2017). Business Research Methods. New Delhi: Dorling Kindersley.

Naziah, U., Yusralaini, & L, A. A. (2013). Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi Pada Perusahaan Manufaktur Yang Listing Di BEI 2009-2012. Jurnal Online Mahasiswa Fakultas Ekonomi, 12-15.

Novaliza, P., & Djajanti, A. (2013). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia (Periode 2004-2011). Jurnal Akuntansi dan Bisnis, 13-14.

Ogunfowora, B. (2014). The impact of ethical leadership within the recruitment context: the roles of organizational reputation, applicant personality, and value congruance. Leadership Quarterly, 25(3), 528-543.

Payamta, P., & Setiawan, D. (2004). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia. The Indonesian Journal of Accounting Research, 7(3).

Petitt, B. S., & Ferris, K. R. (2013). Valuation for Mergers and Acquisition: Valuation_2. FT Press.

Rahman, Z. U., Khan, A., & Rahman, A. (2020). Corporate social responsibility's influence on firm risk and firm performance: the mediating role of firm reputation. Corporate Social Responsibility and Environmental Management, 27(6), 2991-3005.

Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. Journal of Business, 197-216.

Saputra, E. (2019). Analisis Pengaruh Pengalaman Direktur terhadap Kinerja Akuisisi. Digital Repository Universitas Internasional Batam.

Schweiger, D. (2002). M&A Integration: A Framework for Executives and Managers. South Carolina: McGraw-Hill.

Sherman, A. J., & Cook, R. C. (2011). International Mergers: How to detect corruption. Journal of Corporate Accounting & Finance, 22(6), 11-15.

Sidik, S. (2020, Semptember 21). CNBC Indonesia. Retrieved December 15, 2020, from cnbcindonesia.com: https://www.cnbcindonesia.com/market/20200921135429-17-188227/banyak-perusahaan-mulai-nyerah-bagaimana-emiten-di-bei

Situmorang, S. H., Muda, I., Dalimunthe, D. M., Fadli, & Syarief, F. (2010). Analisis Data untuk Riset Manajemen dan Bisnis. Medan: USU Press.

Siyoto, S., & Sodik, M. A. (2015). Dasar Metodologi Penelitian. Sleman: Literasi Media Publishing.

Solimun, Fernandes, A. A., & Nurjannah. (2017). Metode Statistika Multivariat: Pemodelan Persamaan Struktural (SEM). Malang: UB Press.

Soyadi, E. Y. (2019). The Effect of Director Experience on Acquisition Performance. journal of accounting finance and auditing studies (JAFAS), 5(4), 136-150.

Tahat, Y. A., Ahmed, A. H., & M., A. M. (2018). The impact of intangibles on firms' financial and market performance: UK Evidence. Review of Quantitative Finance and Accounting, 50(4), 1147-1168.

Tang, C. H., Lee, Y. H., M., C., & Huang, Y. L. (2020). CEO Characteristics Enhancing the Impact of CEO Overconfidence on Firm Value after Mergers and Acquisitions - A Case Study in China. Review of Pacific Basin Financial Markets and Policies, 23(1), 2050003.

Teti, E., Dell'Acqua, A., Etro, L., & Volpe, M. (2017). The impact of board independency, CEO duality and CEO fixed compensation on M&A performance. Journal of Corporate Governance, 17(4), 947-971.

The World Bank. (2020, June 8). The World Bank. Retrieved June 9, 2020, from worldbank.org: https://www.worldbank.org/en/news/press-release/2020/06/08/covid-19-to-plunge-global-economy-into-worst-recession-since-world-war-ii

Veselinova, E., & Samonikov, M. G. (2018). Building Brand Equity and Consumer Trust Through Radical Transparency Practices. Pennsylvania: IGI Global.

Weston, J. F., & Weaver, S. (2001). Mergers and Acquistion. . McGraw-Hill: The McGraw-Hill MBA Series.

Weygandt, Kimmel, J. J., Kieso, P. D., & E., D. (2015). Financial Accounting: IFRS Edition (3rd ed.). Hoboken: John Wiley & Sons.




DOI: https://doi.org/10.17509/jrak.v11i3.55110

Refbacks

  • There are currently no refbacks.


Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats