Evaluating The Financial Performance of The Acquired Company (Indonesian Banking Industry Period 2009-2013)

CESAR ARIO BASUKI, Zaki Baridwan, Prof. Dr., M.Sc.

2015 | Tesis | S2 Manajemen

Penelitian ini mengobservasi dan menganalisis apakah akuisisi mempengaruhi secara positif kondisi keuangan dari perusahaan yang di akuisisi pada industri perbankan Indonesia yang telah tercatat di bursa efek Indonesia periode 2009-2013. Pengujian focus kepada kondisi keuangan sebagaimana tercermin melalui rasio profitabilitas seperti PM, ROE, ROA, rasio manajemen resiko suku bunga seperti IY, BEY, dan NIM, rasio likuiditas LAR dan LDR, dan rasio nilai pasar seperti PER dan MBR. Tesis ini mengevaluasi dengan membandingkan kondisi selama 12 bulan sebelum dan 3,6, 9, dan 12 bulan setelah akuisisi. Dengan menggunakan Wilcoxon signed rank test dan tingkat keyakinan 5%, penelitian ini menemukan bahwa akuisisi tidak mempengaruhi secara positif industry perbankan yang di akuisisi.

This research observes and analyzes whether acquisitions can influence positively the financial performance of acquired company in Indonesia listed banking industry in period 2009-2013, and the examination focuses on the financial performance as reflected by profitability ratios such as PM, ROE, and ROA, interest rate risk management ratios such as BEY, IY, and NIM, liquidity ratios such as LAR and LDR, and market value ratios such as PER and MBR. This thesis evaluates by comparing the performance in 12 months before and 3, 6, 9, and 12 months after acquisition. By using Wilcoxon signed rank test with 5% significance level, this research finds that the acquisition does not influence positively the acquired banking industry.

Kata Kunci : Acquisitions, Banks, Profitability Ratios, Interest Rate Risk Management Ratios, Liquidity Ratios, Market Value Ratios, Wilcoxon Signed Rank Test