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All Journal Jurnal Sinergi Economic Journal of Emerging Markets Jurnal Siasat Bisnis
Zunaidah Sulong
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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The Effect of Merger and Acquisition Announcements on Stock Price Behaviour and Financial Performance Changes: A Case of Banks in Malaysia D. Agus Harjito; Zunaidah Sulong
Sinergi: Kajian Bisnis dan Manajemen Vol. 8 No. 1 (2006)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/js.v8i1.421

Abstract

This study attempts to examine the effect of mergers and acquisitions completion announcements on the stock price behavior for two anchor banks; Hong Leong Bank Berhad and Arab Malaysian Bank Berhad. The analysis uses the event study technique, the Naïve Model, a model that is based on Market Model with constrained  = 0 and  = 1 to compute the abnormal returns surrounding the mergers and acquisitions completion announcement date; also to evaluate the effect of mergers and acquisitions completion announcement on the banks’ return. This study also analyses the financial performance changes to provide a naïve analytical framework by using financial ratios for these two anchor banks. Overall, the result from event study shows that the mergers and acquisitions completion announcements are more likely to be treated as positive information. However, the results from financial performance measures for all the ratios, that are calculated, indicate that there is no improvement in any of the performance measures after the mergers and acquisitions is completed.Keywords: merger, acquisition, stock prices, financial performance.
Lingkages Between Foreign Direct Investment and its Determinants in Malaysia Zunaidah Sulong; D. Agus Harjito
Economic Journal of Emerging Markets Vol. 10 No. 1 (2005)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.v10i1.601

Abstract

This paper addresses the relationship between Foreign Direct Investment (FDI) and its determinants in Malaysia. The annual data for the period of 1970 to 1999 were employed in this study. The OLS regression is used to determine the relationship between FDI and its independent variables. The variables are estimated in the full model (Model I) and different sub-models (Model II, Model III and Model IV). Generally, the results indicate that there are at least four factors that may be used to predict the level of FDI in Malaysia. These variables are inflation rate, gross domestic product (GDP), import, and export are among the main determinants of FDI in Malaysia.Keywords: foreign direct investment, inflation rate, GDP, import, and export
The Interaction Effects of Top Management Team Attributes and Environment on Organizational Growth D. Agus Harjito; Zunaidah Sulong
Jurnal Siasat Bisnis Vol. 1 No. 10 (2005)
Publisher : Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

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Abstract

This paper attempts to explore how TMT (Top Management Team) attributes interact with environment dimensions to influence organizational growth. Specifically, this study will examine environmental dimensions as a potentially important moderator of the association between TMT attributes and organizational growth. However, the overall findings provide mixed results for the hypotheses tested. The results of direct effect show that: (1) organizational growth exhibits a significant positive relationship with TMT tenure; (2) TMT functional heterogeneity is insignificant with no change in the variance of organizational growth; and (3) positive but insignificant relationship between industrial heterogeneity and organizational growth. Furthermore, the interaction effect results indicate that: (1) as munificence increases, the relationship between TMT tenure and organizational growth shows increasingly positive; (2) concentration, dynamism and munificence moderate the relationship between TMT functional heterogeneity and organizational growth; (3) finally, the interaction effect also provide mixed results, such: as environment concentration increases, the relationship between TMT industrial heterogeneity and organizational growth increases positively; by contrast, as environment dynamism increases, the relationship between TMT industrial heterogeneity and organizational growth increases negatively; while the interaction between TMT industrial heterogeneity and environment munificence is not significant to explain the organizational growth.Key words: Organization growth, environment, management team.
Co-Authors D. Agus Harjito Arif Singapurwoko