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All Journal Gadjah Mada International Journal of Business Jurnal Pendidikan Ekonomi & Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Indonesian Capital Market Review Jurnal Keamanan Nasional
Ruslan Prijadi
Faculty Of Economics And Business, Universitas Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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The Effect of Vertical Mergers and Acquisitions (M&A) on the Value of Global Energy Sector Companies Rusyda, Rania; Prijadi, Ruslan
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i2.55812

Abstract

This study aims to analyze the impact of vertical mergers and acquisitions (M&A) on firm value in the global energy sector, distinguishing vertical integration into upstream, downstream, and other categories. The background of this research is that, in the energy sector, most companies tend to acquire target firms operating in the same sector. This study adopts a quantitative approach by collecting data from Refinitiv and S&P Capital. The data consists of energy companies engaged in M&A activities during the 2014-2018 period and evaluates their impact on firm value over five years following the transactions. A total of 443 deals were analyzed using the Difference-in-Differences (DID) method. The results indicate that upstream and other vertical integrations have a significant positive impact on firm value, while downstream vertical integration shows a significant negative impact on firm value.
Evaluating GOTO Investment Strategies After Major Investor Exit: DiD Approach Hernawati, Cindy; Prijadi, Ruslan
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 6 No 4 (2025): September
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v6i4.4648

Abstract

Purpose: This study tests whether strategic divestment by prominent investors affects the valuation of firms that keep stakes in a high-growth, volatile company, PT?GoTo Gojek Tokopedia?Tbk?(GOTO). Methodology/approach: A difference-in-differences design compares market performance before and after SoftBank and Alibaba’s exits. Firms retaining GOTO PT?Telkom Indonesia?Tbk?(TLKM) and PT?Astra International?Tbk?(ASII) form the treatment group, while matched non-holders serve as controls. Graphical and statistical checks confirmed parallel trends, validating the model. Results/findings: Continued GOTO ownership after divestment reduces Tobin’s?Q by 0.291 (p?=?0.093). The Average Treatment Effect on the Treated shows a significant 20.459 point drop in firm value post-event (p?<?0.001). Thus, markets penalized exposure to GOTO, consistent with the signaling hypothesis that major investor exits convey adverse information. Conclusion: Retaining equity in a volatile firm after high-profile departures poses valuation and reputational risks. Negative market reactions suggest skepticism about GOTO’s prospects and heightened the perceived risk for remaining shareholders. Therefore, the timing and extent of post-divestment exposure warrant careful strategic consideration. Limitations: The treatment sample is small (two firms), macro sectoral factors are excluded, and data end in Q2?2024, limiting long term inference. Contribution: By linking ownership signals to firm value in an emerging market context, this study enriches the literature on divestment, signaling, and corporate strategy, demonstrating tangible market costs for stakeholders who remain invested after influential exits.
Co-Authors Allo, Elisabeth Brilliant Fani, Asad Arsya Chatib, Chotib Dr. Andi M. Alfian Parewangi Gilang Ramadhan Herlitah Herlitah, Herlitah Hernawati, Cindy Hestiawan, Leviana Loeis, Haris Pratama Nur Fatwa, Nur Nurdin Sobari Nurul Huda Purwanto, Agus Sulih Rambat Lupiyoadi Rusyda, Rania Taufiqurrochman Taufiqurrochman Tiara, Lydia Yuyun Istavirti