The Effect of organizational form and firm size on Acquisition activity-an empirical evidence from Jakarta Stock Exchange

JAMAL, Dr. Erni Ekawati, MBA

2004 | Tesis | Magister Manajemen

Besarnya abnormal return yang diperoleh oleh pemegang saham perusahaan pengakuisisi dapat disebabkan oleh banyak faktor antara lain perbedaan strategi akuisisi (akuisisi hostile atau friendly), metode pembayaran (kas, ekuitas, atau utang), bentuk organisasi (akuisisi private atau public) dan ukuran perusahaan (perusahan pengakuisisi besar atau kecil). Hasil dari penelitian terdahulu di pasar modal asing mengilustrasikan adanya pengaruh size and organizational form terhadap kekayaan pemegang saham perusahaan pengakuisisi. Mereka menunjukkan bahwa mengakuisisi perusahaan private lebih menguntungkan daripada mengakuisisi perusahaan public (Organizational Form Effect). Mereka juga menunjukkan bahwa perusahaan pengakuisisi kecil mendapatkan abnormal return yang lebih besar daripada perusahaan pengakuisisi besar (Size Effect). Tujuan dari penelitian ini adalah untuk menginvestigasi apakah benar terdapat firm size and organizational form effect, khususnya di Pasar Modal Indonesia. Metode one sample t-test and multiple regression digunakan untuk membuktikan hipotesis. Hasil pengujian secara statistik menunjukkan bahwa tidak adanya pengaruh size and organizational form terhadap kekayaan pemegang saham perusahaan pengakuisisi. Variabel kontrol seperti Risk (ß), market to book (M/B), price earning ratio (PER), and price book value (PBV) tidak juga mempengaruhi kekayaan pemegang saham perusahaan pengakuisisi. Secara umum dapat dikatakan bahwa kegiatan akuisisi di Indonesia akan menurunkan kekayaan pemegang saham perusahaan pengakuisisi. Hal ini ditunjukkan dengan abnormal return negatif yang diperoleh pemegang saham perusahaan pengakuisisi.

The magnitude of an abnormal return could be caused by many factors, such as the acquisition strategy differences (hostile and friendly takeover), the method of payment (cash, equity or debt), organizational form (private or public acquisition), and the firm size (large and small firms). The result of the previous researches in the foreign capital market illustrates that there is an effect of the organizational form and firm size to the shareholders’ wealth. It is measured by the acquiring firms’ average abnormal return. The result of their study find that the acquiring firms’ shareholders get an abnormal return that significantly higher for the private acquisition than public acquisition. They also find there is a size effect on acquisition activity. The small acquiring firms get an abnormal return that significantly higher than large acquiring firms (Size Effect) The aim of this research is to investigate whether there is an organizational form and size effect on the acquisition activity. One simple t-test and multiple regression method are the methods for testing the hypothesis. The research findings show that statistically there is no organizational and size effect on the acquisition activity in Indonesia. The organizational form and size effect do not influence the shareholders’ wealth. The control variable, such as Risk (ß), market to book (M/B), price earning ratio (PER), and price book value (PBV) could not also influence the acquiring firms shareholders’ wealth. The acquisition activity in Indonesia would decrease the acquiring firms shareholders’ wealth

Kata Kunci : Abnormal Return,Pemegang Saham,Akuisisi