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Financial and Efficiency Performance before and after Mergers and Acquisitions in the Indonesian Infrastructure Industry Setiawan, Chandra; Amelia, Perina
Journal of Infrastructure Policy and Management (JIPM) Vol. 7 No. 1 (2024): Journal of Infrastructure Policy and Management (JIPM)
Publisher : PT Penjaminan Infrastruktur Indonesia (Persero)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35166/jipm.v7i1.40

Abstract

This study examines the differences in the financial and efficiency performance of several companies before and after Mergers and Acquisitions (M&A). It specifically evaluates the impacts of M&A on infrastructure industry companies listed on the Indonesia Stock Exchange by comparing their performance three years before and three years after M&A. The analysis employs non-parametric statistics, including the Wilcoxon Signed Rank Test, and Data Envelopment Analysis (DEA). The companies’ financial performance is assessed using various financial ratios: Current Ratio (CR), Debt to Equity Ratio (DER), Cash Ratio (CR), Interest Coverage Ratio (ICR), Fixed Asset Turnover (FAT), Total Asset Turnover (TATO), Return on Asset (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The data used is secondary data obtained from the Indonesia Competition Commission (ICC/KPPU), the IDX database, and the financial reports of the companies involved. The findings reveal that, overall, the financial and efficiency performance of the five companies did not improve after the M&A. Surprisingly, only one company, i.e., Adhi Karya, successfully increased its efficiency score following the M&A.
Empirical Study: The Urgency of Extraterritorial Principles in Business Competition Law in Indonesia Setiawan, Chandra; Kristianto, Fennieka; Amelia, Perina
Jurnal Indovisi Vol. 7 No. 3 (2025): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19072408

Abstract

Today's fast-paced economy makes business transactions seamless and seamless. Transactions are no longer only local, but also spread across countries. The economic system in this modern era 'obliges' a country to be able to properly apply business competition law. One of the functions of business competition law is as a means of controlling the abuse of economic power by business actors by preventing monopolistic practices and unfair business competition. Meanwhile, in Law no. 5/1999, the ICC has no extraterritorial powers. The research method used in this research is normative juridical by making Law No. 5 Year 1999 as the object of study.
Pengawasan persaingan usaha di era perkembangan ekonomi digital Setiawan, Chandra; Kristianto, Fennieka; Purba, Andryan Maju Kevin Martin; Sabrina, Dania; Christabella, Kezia Sharon; Nadya, Nadya; Amelia, Perina; Yusiani, Reygita
Jurnal Indovisi Vol. 6 No. 3 (2024): Jurnal Indovisi
Publisher : Indonesian Indovisi Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32698/19073508

Abstract

Perkembangan teknologi yang sangat cepat di masa ini membuka lebar peluang dan juga mendorong terjadinya percepatan pertumbuhan ekonomi masing-masing negara. Percepatan perkembangan teknologi digital tentu membawa banyak perubahan, salah satunya dalam hal perkembangan ekonomi digital. Ekonomi digital berkembang sangat pesat di tanah air dengan menyumbang begitu banyak bantuan dalam mempermudah kebutuhan masyarakat. Di sisi lain, muncul ketakutan bahwa pelaku usaha besar di ekonomi digital akan memicu kekuatan pasar yang mana berpotensi menciptakan persaingan usaha yang tidak sehat. Penelitian yuridis-normatif akan dilakukan dalam jurnal ini guna mengkaji lebih dalam mengenai dampak ekosistem digital terhadap persaingan usaha yang di khususkan pada wilayah Indonesia dan juga bagaimana peran Komisi Pengawas Persaingan Usaha (KPPU) dalam menanggapi kemungkinan terjadinya persaingan usaha tidak sehat pada era ekonomi digital. Pada penelitian ini ditemukan bahwa penting untuk mempersiapkan antisipasi melalui peraturan atas perkembangan persaingan usaha dalam sektor ekonomi digital.