Does Financial Conglomeration Create Value? Evidence of East Asia Countries

Pipin Pintaka Adji, Dr. Wakhid Slamet Ciptono, MBA, MPM

2012 | Tesis | S2 Magister Manajemen

Diversifikasi yang dilakukan perusahaan masih dipertanyakan apakah sebenarnya menambah nilai atau tidak. Penelitian-penelitian sebelumnya memperlihatkan adanya discount dari diversifikasi tetapi belum banyak yang mengekspose lembaga keuangan, termasuk diantaranya baru dilakukan di United States dan Eropa (Laeven dan Levine, 2007; Van Lelyveld dan Knot, 2009). Penelitian ini mempelajari apakah diversifikasi yang dilakukan oleh lembagalembaga keuangan di Asia Timur menciptakan nilai atau tidak, dengan berfokus spesifik pada penilaian konglomerasi bank dan asuransi. Berdasarkan dua databases: Bankscope dan ThompsonOne Banker, didapat 66 financial conglomerates termasuk 4 financial conglomerates berbasis asuransi, 65 bank murni, dan 22 asuransi murni. Data tersebut didapat dari 10 negara: Singapore, Malaysia, Indonesia, Thailand, the Philippines, South Korea, China, Japan, Taiwan, dan Hong Kong. Unbalanced panel data dari tahun 2001 sampai dengan 2008 yang digunakan dalam penelitian ini, memperlihatkan hasil adanya premium untuk konglomerasi tersebut. Variabel yang signifikan mempengaruhi premium adalah size, mixedness of the business model, the leverage of the conglomerates, dan firm performance. Sedangkan variabel risk menunjukkan hasil tidak signifikan

There is an ongoing debate about the diversification whether it is create or destroy value. The earlier literatures show diversification discount but there are only few studies for the financial institutions and it is conducted for the United States and Europe (Laeven and Levine, 2007; Van Lelyveld and Knot, 2009). This study investigates whether the diversifications in East Asian financial conglomerates create value or destroy it and find what cause it, by focusing specifically on the valuation of bank-insurance conglomerates. Using two databases: Bankscope and ThompsonOne Banker, there are 66 financial conglomerates including 4 insurance-based financial conglomerates, 65 pure banks, and 22 pure insurance. The data gathered from 10 countries within the region, including Singapore, Malaysia, Indonesia, Thailand, the Philippines, South Korea, China, Japan, Taiwan, and Hong Kong. Using unbalanced panel data from 2001 until 2008, this research finds premium instead of discount for those conglomerates. The premium is explained by the size, the mixedness of the business model, the leverage of the conglomerates, and firm performance. Meanwhile, this research also found that Riskiness of the firm show insignificant result.

Kata Kunci : Financial Conglomeration, Diversifikasi, Excess Value, Premium, Asia Timur