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What Drives the Payment of Higher Merger Premiums? Soegiharto, Soegiharto
Gadjah Mada International Journal of Business Vol 11, No 2 (2009): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (113.709 KB)

This study examines whether the premiums paid to targets firms are affected by bidder CEO overconfidence, merger waves, method of payment, industry of merged firms, and capital liquidity. Using merger data for the period spanning from 1991 to 2000, this study finds that CEOs pay less premiums in cash mergers and pay more premiums for mergers undertaken during the year of high capital liquidity. Moreover, the findings also demonstrate that CEOs tend to pay higher merger premiums for mergers that occur during merger waves and in high capital liquidity year. CEOsâ behavior, which is the main variable examined in this study, does not show any significant effect on the premiums paid. This suggests that the effect of CEO overconfidence on the premiums paid may be exaggerated.

What Drive the Damage to Post-Merger Operating Performance? Soegiharto, Soegiharto
Gadjah Mada International Journal of Business Vol 12, No 2 (2010): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.355 KB)

This study examines whether biddersâ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behaviorâthemain predictor scrutinezed in this studyâare proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways.Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance

Drivers of Merger Waves: A Revisit Soegiharto, Soegiharto
Gadjah Mada International Journal of Business Vol 10, No 1 (2008): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (79.663 KB)

This study reexamines whether the occurrence of merger waves can be explained by the neoclassical hypothesis or the behavioral hypothesis. Using merger data for the period spanning 1990 through 2001, this study directly compares the two theories and finds that, in general, merger waves occur at the time the capital liquidity is high, firmsâ stocks are overvalued, and deregulatory events exist. These suggest that the existence of an economic motivation for transactions and the availability of lower transaction cost and/or overvalued stock to generate large volume of transactions may cause industry merger waves to cluster in time

What Drive the Damage to Post-Merger Operating Performance? Soegiharto Soegiharto
Gadjah Mada International Journal of Business Vol 12, No 2 (2010): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study examines whether bidders’ post-merger operat-ing performance are affected by their CEO behavior, premiumspaid to the target firms, the period of mergers, the method ofpayment, the industry of merged firms, capital liquidity, andtheir pre-merger operating performance. Testing the U.S. suc-cessful merger and acquisition data for the period of 1990s, thisstudy finds that in-wave mergers, intra-industry mergers, thepayment of lower premiums, and better pre-merger operatingperformance drive the bidders to produce better post-mergeroperating performance. Three measures of CEO behavior—themain predictor scrutinezed in this study—are proposed andexamined, and the results demonstrate that the effects of thesemeasures on post-merger operating performance are mixed,suggesting that each of the behavioral measures designed in thisstudy may capture CEO behavior in different ways.Keywords: capital liquidity; CEO overconfidence; merger waves, method of pay-ment operating performance

What Drives the Payment of Higher Merger Premiums? Soegiharto Soegiharto
Gadjah Mada International Journal of Business Vol 11, No 2 (2009): May - August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study examines whether the premiums paid to targets firms are affected by bidder CEO overconfidence, merger waves, method of payment, industry of merged firms, and capital liquidity. Using merger data for the period spanning from 1991 to 2000, this study finds that CEOs pay less premiums in cash mergers and pay more premiums for mergers undertaken during the year of high capital liquidity. Moreover, the findings also demonstrate that CEOs tend to pay higher merger premiums for mergers that occur during merger waves and in high capital liquidity year. CEOs’ behavior, which is the main variable examined in this study, does not show any significant effect on the premiums paid. This suggests that the effect of CEO overconfidence on the premiums paid may be exaggerated.

Drivers of Merger Waves: A Revisit Soegiharto Soegiharto
Gadjah Mada International Journal of Business Vol 10, No 1 (2008): January - April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study reexamines whether the occurrence of merger waves can be explained by the neoclassical hypothesis or the behavioral hypothesis. Using merger data for the period spanning 1990 through 2001, this study directly compares the two theories and finds that, in general, merger waves occur at the time the capital liquidity is high, firms’ stocks are overvalued, and deregulatory events exist. These suggest that the existence of an economic motivation for transactions and the availability of lower transaction cost and/or overvalued stock to generate large volume of transactions may cause industry merger waves to cluster in time

The Comparison of EPS Standards and Analysis of the Usefulness of Basic and Diluted EPS SOEGIHARTO SOEGIHARTO
The Indonesian Journal of Accounting Research Vol 4, No 3 (2001): JRAI September 2001
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.62

This paper examines whether both basic earnings per share (BEPS) and diluted earnings per share (DEPS) have the potential to provide financial statement users with information that is useful for improving their decision making. It also explores the potential for BEPS and DEPS to function as useful input information in predictive decision models or in ranking‑decision models. This research is based on a study undertaken by DeBerg and Murdoch (1994) that examines the usefulness of EPS disclosure. The methodology of this research is modeled out based on theirs to test the same objects in an Australian setting. In addition, this study examines the effects of disclosure of both variations of EPS have on the market capitalization of firms. This study utilises the disclosures of listed firms in ASX over a four-year period. The results indicate that BEPS and DEPS contain essentially the same information and that disclosing both is superfluous. Since BEPS and DEPS, as well as price‑earnings (P/E) ratios computed using BEPS and DEPS are very highly correlated, it is quite improbable these data could be utilized as separate independent variables in a predictive decision model. Furthermore, ranking firms by price per basic earnings ratio (P/BE) and price per diluted earnings ratio (P/DE) results only in insignificant reordering.

Why Do Bidder CEOs Get Disciplined Following Mergers? Soegiharto Soegiharto
The Indonesian Journal of Accounting Research Vol 15, No 1 (2012): IJAR January 2012
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.247

This study examines the effect of CEOs' behavior (overconfidence/ less overconfidence), merger period (in-wave/non-wave), method of payment (stock/cash), industry of merged firm (across-industry/ within-industry), premium paid to target firm, and operating performance on the likelihood of a CEO turnover amongst bidding firms. Testing the US successful merger and acquisition data for the period of the 1990s, this study finds that the effect of merger waves and the method of payment on CEO turnover are positive and significant. Three measures of CEO behavior proposed and tested in this study, however, generally have insignificant effect on CEO turnover.

Does The Psychology of Investment Decisions Depend on Risk Perception And Financial Literacy? Anifa, Anis Sukha; Soegiharto, Soegiharto
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 13, No 2 (2023): MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.13.2.2023.152-163

This study examines and analyses the effect of overconfidence, herding effect, and disposition effect bias on investment decisions mediated by risk perception and moderated by financial literacy. The sample for this study uses 184 investors from 19 provinces in Indonesia using a purposive sampling technique. Regression partial least squares test the hypothesis with the Warp-PLS application version. The study's results found that overconfidence bias does not affect risk perception. Herding effect bias and disposition bias have positive effects on risk perception. Risk perception has a positive effect on investment decisions. Risk perception fully mediates the relationship between disposition effect bias on investment decisions. However, risk perception does not mediate the relationship between overconfidence bias and herding effect bias on investment decisions. Meanwhile, financial literacy must moderate the relationship between risk perception and investment decisions. The implication of the study is expected to assist the Financial Services Authority in increasing investors' financial literacy in the capital market.

The Influence Of Sustainability Report Disclosure, Firm Size, And Green Accounting On Return on Assets Of Companies In Basic Materials Sector In 2020-2024 Yudhistira, Muhammad; Soegiharto, Soegiharto
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.131

Purpose – This study aims to analyze the effect of Sustainability Report Disclosure, Firm Size, and Green Accounting on Return on Assets (ROA) of basic materials sector companies listed on the Indonesia Stock Exchange for the period 2020-2024. Design/methodology/approach – This research employs a quantitative approach with causal-explanatory design using secondary data obtained from annual reports and sustainability reports. The sample consists of 16 basic materials sector companies selected using purposive sampling technique, resulting in 80 observations during 2020-2024. Data analysis was conducted using panel data regression with Random Effect Model (REM) approach, supported by EViews9 software. Variable measurement uses disclosure index based on GRI Standards 2021 for Sustainability Report, natural logarithm of total assets for Firm Size, and dummy variable for Green Accounting based on environmental cost disclosure. Findings – The results showed that the overall model was significant (F-statistic = 2.245; p-value = 0.090), explaining 8.14% of the variation in ROA (R² = 0.814). Individually, the Sustainability Report Disclosure variable had no effect on ROA (coefficient = 0.0034; p-value = 0.4998), indicating that corporate sustainability transparency has not been able to improve asset profitability. Firm size did not affect ROA (coefficient = 0.0008; p-value = 0.6878). The results showed that firm size does not directly reflect a company's ability to generate profits from its assets. On the other hand, Green Accounting shows a negative effect on ROA (coefficient = -0.0608; p-value = 0.0163), this can be interpreted that the costs arising from the implementation of Green Accounting in the short term have the potential to reduce the company's profitability, although in the long term it can provide non-financial benefits such as reputation and business sustainability. Practically, companies that implement Green Accounting (disclose environmental costs in sustainability reports) have a lower ROA of 6.1 points compared to companies that do not implement it, assuming other variables are constant. Research limitations/implications – This research was obtained from financial reports and sustainability reports. The data obtained only covers a five-year period and may not fully capture the quality or substance of the disclosures, but only the quantity. JEL: G3, Q5

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