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All Journal Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Cean Maria Bella
Universitas Sriwijaya
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Does Acquisition Improve Financial Performance? Evidence from Public Companies in Indonesia Cean Maria Bella; M. Shalahuddin; Henny Oktaviyani
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11649

Abstract

Mergers and acquisitions (M&A) activity in Indonesia has continued to increase and is theoretically expected to generate synergies—such as cost efficiency, strengthened market share, and diversification—thereby improving corporate financial performance. However, empirical evidence is often inconsistent and suggests that the benefits of acquisitions are not always immediately reflected in post-transaction performance. This study employs a quantitative approach with a comparative design to examine differences in financial performance before and after acquisitions among 10 publicly listed companies that conducted acquisitions in 2021, using an observation period of one year prior to the acquisition (2020) and three years after the acquisition (2022–2024). Performance is measured using ROA, ROE, DER, Current Ratio (CR), and EPS. The analysis is conducted using the Wilcoxon Signed Rank Test. The results show no significant differences between pre-acquisition and post-acquisition financial performance across all variables for the 2022–2024 period. These findings indicate that acquisitions have not been proven to improve profitability, liquidity, capital structure, or shareholder value in the short to medium term. Therefore, acquisition success is likely determined more by the effectiveness of post-acquisition integration, integration cost control, and the quality of synergy strategy implementation than by the acquisition decision alone.
THE IMPACT OF FINANCIAL TECHNOLOGY (FINTECH) ADOPTION ON THE INCOME OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) IN TUGUMULYO DISTRICT Nene Diana; Taufik Taufik; Agung Putra Reneo; Cean Maria Bella
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 1 (2026): Edisi Januari - April 2026
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i1.7328

Abstract

The development of financial technology (fintech) has changed the way MSMEs conduct transactions while opening up wider access to financing. This study aims to analyze the effect of fintech on the income of MSMEs in Tugumulyo District, with fintech proxied by the use of peer-to-peer (P2P) lending services and the Indonesian Standard Quick Response Code (QRIS). This study uses a quantitative approach with a causal design. Primary data were collected through questionnaires distributed to 70 MSME owners who have adopted at least one fintech service. Data analysis techniques were performed using multiple linear regression, accompanied by classical assumption tests, simultaneous tests (F-tests), partial tests (t-tests), and determination coefficients. The results of the study indicate that P2P lending and QRIS together have a significant effect on MSME income. Meanwhile, in part, P2P lending has been proven to have a positive and significant effect on MSME income, suggesting that digital-based financing access enhances capital capacity and business activities. QRIS also shows a positive and significant effect on MSME income, reflecting improved transaction efficiency and payment convenience for consumers. These findings confirm the strategic role of fintech adoption in increasing MSME income through operational efficiency and inclusive financial access. These findings contribute empirical evidence to the literature by highlighting the role of fintech in improving MSME income within a semi-rural context, which remains underexplored in prior studies.
Co-Authors Agung Putra Reneo Henny Oktaviyani M. Shalahuddin Nene Diana Taufik Taufik