Acquisition and its impact on acquiring firms' shareholder value :: A Comparison between conglomerate and non-conglomerate acquisitions

WICAKSANTI, Veronica Ambar, Gudono, Dr.,MBA

2007 | Tesis | Magister Manajemen

Penelitian ini ditujukan untuk menganalisa performa saham perusahaan pengakuisisi selama 36 bulan sejak akuisisi dilakukan; untuk membuktikan apakah performa jangka panjang perusahaan pengakuisisi menjadi lebih baik atau lebih buruk setelah akuisisi; dan untuk membuktikan apakah ada perbedaan performa antara perusahaan-perusahaan yang melakukan akuisisi konglomerasi dengan perusahaanperusahaan yang melakukan akuisisi non-konglomerasi. Performa saham perusahaan-perusahaan pengakuisisi akan dihitung pada penelitian ini. Data-data sekunder mengenai harga saham perusahaan pengakuisisi maupun perusahaan-perusahaan control portfolio, kapitalisasi pasar, tingkat diskon Sertifikat Bank Indonesia, dan Index Harga Saham Gabungan juga dikumpulkan. Dalam hal ini, purposive sampling method digunakan—yang terdiri dari 22 perusahaan yang telah melakukan akuisisi konglomerasi maupun non-konglomerasi. Dari uji statistik menggunakan metode the crude dependence adjustment terhadap hipotesis pertama disimpulkan bahwa secara garis besar akuisisi tidak dapat memberikan abnormal return jangka panjang yang positif kepada pemegang saham pada perusahaan pengakuisisi. Selain itu, uji statistik menggunakan metode the two independent sample tests menyimpulkan bahwa tidak terdapat perbedaan antara perusahaan yang melakukan akuisisi konglomerasi dengan perusahaan yang melakukan akuisisi non-konglomerasi.

This research was addressed to analyze the acquiring firms’ stock performance 36 months after the acquisitions; to get some evidence whether the longterm performance of the acquiring firms is better or worse after the acquisitions; and to get some evidence whether there are performance differences between acquiring firms who conduct conglomerate acquisition and acquiring firms who conduct nonconglomerate acquisition. Acquiring firms’ stock performance was going to be calculated. Secondary data about acquiring firms and control portfolio firms’ stock price, market capitalization, discount rate of Sertifikat Bank Indonesia, and the Jakarta Composite Stock Index were collected. Purposive sampling method was used, which consists of 22 firms who conduct both conglomerate and non-conglomerate acquisitions. From the T-statistics test using the crude dependence adjustment method toward the first hypothesis tested in this research, it is shown that in general, acquisition was not able to give long-term positive abnormal return for the shareholders of the acquiring firms. In addition, t-statistics test result using the two independent sample tests shows that there is no performance difference between acquiring firms who conduct conglomerate acquisition and acquiring firms who conduct non-conglomerate acquisition.

Kata Kunci : Akuisisi,Konglomerasi dan Non Konglomerasi, Return Saham, acquisition, conglomerate acquisition, non-conglomerate acquisition, abnormal return.