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All Journal Jurnal Ilmu Manajemen (JIM) Media Mahardhika
Unun Khoirun Nisak
Universitas Negeri Surabaya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Analisis Perbandingan Kinerja Keuangan Perusahaan Akuisitor Sebelum dan Sesudah Merger & Akuisisi (M&A) Tahun 2015 Unun Khoirun Nisak
Jurnal Ilmu Manajemen Vol 8 No 3 (2020)
Publisher : UNESA In Collaboration With APSMBI (Aliansi Program Studi dan Bisnis Indonesia)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (188.428 KB) | DOI: 10.26740/jim.v8n3.p756-767

Abstract

The purpose of this study is to analyze differences in the financial performance of acquisitor companies before and after mergers & acquisitions (M&A) in 2015. Financial performance measurement tools are Current Ratio (CR), Debt to Equity Ratio (DER), Return on Equity (ROE), Total Assets Turnover (TATO), and Market Value Added (MVA). The observation period is for 3 years before and after mergers & acquisitions. The sampling technique that is purposive sampling was obtained by 4 companies of acquisitor. Data analysis techniques used Wilcoxon signed-rank t-test and paired sample t-test. The results of this study are that there is no difference in CR and DER but there are differences in ROE, TATO, MVA in the acquisition company 3 years before and after M&A. The overall results are concluded that the financial performance of the acquisition companies after M&A decreased so that the synergy expected by the company was not achieved.
ANALISIS KOMPARATIF KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA (BEI) TAHUN 2016 Unun Khoirun Nisak; Budiono Budiono
Media Mahardhika Vol. 19 No. 1 (2020): September 2020
Publisher : STIE Mahardhika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29062/mahardika.v19i1.198

Abstract

This study aims to analyze differences in the company's financial performance before and after the Initial Public Offering (IPO) on the Indonesia Stock Exchange in 2016. The observation period was conducted for 2 years before and 2 years after the IPO. The sampling technique was purposive sampling in order to get 12 companies. Variables used to measure financial performance are Current Ratio (CR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), Total Asset Turn Over (TATO) ), and Fixed Asset Turn Over (FATO). This research uses a quantitative approach with statistical methods. The data analysis technique used is one sample Kolmogorof Smirnof to test the normality of the data and paired sample t-test and Wilcoxon signed rank test to test the hypothesis. The results of this study indicate that there are differences in the company's financial performance measured by CR, DAR, DER, and TATO before and after the Initial Public Offering (IPO) and there is no difference in the company's financial performance measured by ROA, ROE, and FATO before and after the Initial Public Offering (IPO). ). The results of overall financial performance after the IPO action have not been fully realized so that the company's expectations for creating better financial performance have not been realized.
Co-Authors Budiono Budiono