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All Journal MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN E-Jurnal Ekonomi dan Bisnis Universitas Udayana E-Jurnal Manajemen Universitas Udayana Jurnal Keuangan dan Perbankan E-JURNAL AKUNTANSI
Ni Nyoman Ayu Diantini
Fakultas Ekonomi Dan Bisnis, Universitas Udayana, Bali, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education

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PROFITABILITAS DAN NILAI PERUSAHAAN PASCA MERGER: PENDEKATAN DIFFERENCE IN DIFFERENCE PADA INDEKS LQ45 I Gede Candra Darma Saputra; Ni Nyoman Ayu Diantini
E-Jurnal Manajemen Vol 14 No 3 (2025)
Publisher : Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJMUNUD.2025.v14.i3.p03

Abstract

Penelitian ini bertujuan untuk menganalisis hubungan antara profitabilitas dan nilai perusahaan sebelum serta sesudah merger. Profitabilitas diukur menggunakan Return on Asset (ROA), sedangkan nilai perusahaan diproksikan dengan Price to Book Value (PBV). Untuk membatasi variabel yang mempengaruhi hubungan tersebut, penelitian ini menggunakan dua variabel kontrol, yaitu Leverage dan Ukuran Perusahaan (Firm Size). Objek penelitian mencakup perusahaan yang secara konsisten terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia serta melakukan merger selama periode 2018–2020. Selain itu, perusahaan yang dipilih juga terdaftar di Komisi Pengawas Persaingan Usaha (KPPU). Sampel penelitian ditetapkan menggunakan metode purposive sampling dan terdiri dari 23 perusahaan. Analisis data dilakukan dengan metode Difference in Difference menggunakan software Stata versi 17. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif terhadap nilai perusahaan. Namun, setelah merger dilaksanakan, intervensi merger tidak memiliki dampak signifikan terhadap hubungan antara profitabilitas dan nilai perusahaan. Dengan kata lain, meskipun profitabilitas tetap berkontribusi terhadap nilai perusahaan, merger tidak memperkuat atau melemahkan hubungan tersebut secara signifikan. This study aims to analyze the relationship between profitability and firm value before and after a merger. Profitability is measured using Return on Assets (ROA), while firm value is proxied by Price to Book Value (PBV). To control influencing variables, this study includes two control variables: Leverage and Firm Size. The research focuses on companies consistently listed in the LQ45 Index of the Indonesia Stock Exchange and those that underwent mergers between 2018 and 2020 while being registered with the Business Competition Supervisory Commission (KPPU). The sample consists of 23 companies selected using the purposive sampling method. Data analysis is conducted using the Difference in Difference method with the assistance of Stata version 17 software. The results indicate that profitability has a positive effect on firm value. However, after the merger, the intervention does not significantly impact the relationship between profitability and firm value. This means that, although profitability continues to contribute to firm value, the merger itself does not strengthen or weaken this relationship significantly. The findings suggest that other factors beyond mergers may play a more critical role in shaping the relationship between profitability and firm value. Future research could explore additional variables that may influence this dynamic to provide a more comprehensive understanding of the impact of mergers on corporate performance.
Co-Authors Adelia Islami Yanti Anak Agung Gede Agung Artha Kusuma Candra Nur Afida Putri Diah Mentari Cahyani Dinda Ayu Yogaswari I Gede Candra Darma Saputra I Gst Bagus Honor Satrya Kadek Stia Rani Komang Ayu Trisnaningsih Luh Gede Audhya Candranithi Tenaya Luh Gede Sri Artini Made Yessi Puspitha Margaretha Kadek Aryati Muhamad Rudini Kusumawijaya Ni Komang Dian Trisnawati Ni Luh Putu Andra Puspaningrum Ni Luh Putu Ika Ardina Putri Ni Putu Melinda Dewi Ni Putu Sinta Jeneca Putu Sarah Meilany Benggu