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All Journal iBuss Management Contemporary Studies in Economic, Finance and Banking (CSEFB)
Kezia Gabrielle
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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The Effect of Board Structure on Companies’ Merger and Acquisition Performance: Evidence from Indonesian Manufacturing Companies Listed in the IDX in 2010-2019 Kezia Gabrielle; Chindy Juventia
iBuss Management Vol 10, No 1 (2022): iBuss Management
Publisher : iBuss Management

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Abstract

Mergers and acquisitions (M&A), which have been a key corporate strategy that creates numerous advantages, are found to produce adverse effects. Instead of benefiting both parties, most M&As benefit the target company with good returns, leaving the acquirers with zero or negative stock returns. As agency problems might be the main cause, corporate governance comes as solutions that focus on better-structured Board of Directors. Despite its importance, study on this topic is still limited in Indonesia. Thus, the researchers conducted the research and analyzed the influence of board structure towards M&A performance, focusing on deals which acquirers are Indonesian manufacturing companies listed in the IDX within 2010-2019. Using board size, board independence, board ownership, and gender diversity as the independent variables, along with firm size, Return on Assets (ROA), debt ratio, Tobin’s Q, industry relatedness, and target public status as the control variables, study was done with 39 deals which have passed the purposive sampling criteria. All data were analyzed using multiple linear regression, resulting in gender diversity, firm size, and target public status significant and negatively affecting M&A performance. Conversely, board size, board independence, board ownership, firm size, ROA, debt ratio, Tobin’s Q, and industry relatedness appear insignificant towards M&A performance.Keywords: Board structure, Corporate governance, Board size, Board independence, Board ownership, gender diversity, Merger and acquisition performance, Cumulative abnormal return
DAMPAK KEBIJAKAN PEMBERLAKUAN PEMBATASAN KEGIATAN MASYARAKAT (PPKM) DARURAT TERHADAP REAKSI PASAR SAHAM SEKTOR KESEHATAN (HEALTHCARE) PADA BURSA EFEK INDONESIA: SEBUAH PENDEKATAN EVENT STUDY Kezia Gabrielle; Shofwan
Contemporary Studies in Economic, Finance and Banking Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/csefb.2022.01.4.11

Abstract

This study aims to examine the information content contained in the announcement of the emergency Community Activity Restrictions policy announcement on July 1, 2021 which was carried out by analyzing abnormal returns and trading volume of healthcare sector activity in the period surrounding the event. This research is a quantitative research with an event study approach. The data analysis tool used to test the hypothesis in this study is the one sample T-test statistical test on the abnormal return indicator and the Paired sample t-test on the trading volume activity indicator. The results of the t-test indicate that there is a positive abnormal return on the main board stocks, thus proving that the market responds to the event as good news. Meanwhile, on the development board stock, there is an abnormal return that has a negative value, thus proving that the market responded to the event as bad news. It can be concluded that the healthcare sector stock market responds to the emergency PPKM announcement differently according to the characteristics of the stock listing board. The results of the different Paired Sample T-test on the average trading volume activity (ATVA) indicator before and after the emergency PPKM announcement show that there are differences in ATVA on the main board and development board stocks. This difference may be caused by the behavior of investors who sell or buy stocks in the health sector based on the category of the stock listing board
Co-Authors Chindy Juventia Shofwan