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All Journal Jurnal Locus Penelitian dan Pengabdian Journal of Accounting and Finance Management (JAFM)
Damayanti, Prisilla
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Aerospace Engineering Automotive Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Mathematics

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Analysis of the Impact of Company Merger on Company Financial Performance: A Case Study of PT Perikanan Indonesia Carla Theresia, Yohana; Damayanti, Prisilla; Dwiyani Hadiwidjaja, Rini
Journal of Accounting and Finance Management Vol. 6 No. 3 (2025): Journal of Accounting and Finance Management (July - August 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v6i3.2297

Abstract

This study aims to analyze the impact of the merger between PT Perikanan Indonesia and PT Perikanan Nusantara on the financial performance of the merged entity. This merger was implemented in 2021 as an effort to improve operational efficiency and company competitiveness. The research data includes PT Perikanan Indonesia's financial statements over a six-year period, namely three years before and three years after the merger (2018–2023). The research method used is quantitative, with analysis techniques including descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank Test. The analysis results show that liquidity ratios (CR and QR) decreased, while solvency ratios (DAR and DER) increased. On the other hand, profitability ratios (NPM, ROA, ROE) showed a downward trend after the merger. These findings indicate that the merger did not have a positive impact on PT Perikanan Indonesia's financial performance, caused by increased liabilities and a less than optimal integration process. The implications of this study highlight the need for more mature and flexible post-merger integration strategy planning.
Profitability and Dividend Policy Analysis with Firm Size as a Moderating Variable in Determining Stock Prices of a Company Mulyawan, Anggi; Mubarok, Faizul; Damayanti, Prisilla
Jurnal Locus Penelitian dan Pengabdian Vol. 5 No. 1 (2026): JURNAL LOCUS: Penelitian dan Pengabdian
Publisher : Riviera Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58344/locus.v5i1.5467

Abstract

This study aims to analyze the effect of Net Profit Margin (NPM), Return on Equity (ROE), and Dividend Payout Ratio (DPR) on stock prices, with firm size as a moderating variable, in companies listed in the IDX30 index of the Indonesia Stock Exchange. The study is motivated by stock price fluctuations that do not always reflect a company’s fundamental performance. A quantitative approach was applied using secondary data from financial statements and stock prices for the 2019–2024 period. The analysis employed the Robust Least Squares (RLS) method to obtain estimates that are resistant to heteroscedasticity and extreme data. The results show that NPM has no significant effect on stock prices, while ROE and DPR have a negative and significant impact. This indicates that high ROE may signal leverage-related risk, whereas large dividend payments tend to reduce investors’ perceptions of growth potential. Firm size has a positive and significant effect on stock prices, implying that larger companies are more trusted by investors. The moderation test reveals that firm size strengthens the influence of ROE and DPR on stock prices but does not moderate the effect of NPM. These findings highlight that in large firms, equity-based profitability and dividend policy play a crucial role in determining market value.
Co-Authors Carla Theresia, Yohana Dwiyani Hadiwidjaja, Rini Faizul Mubarok Mulyawan, Anggi