Maharani, Anindya Kusuma (2017) Reaksi Pasar Modal Terhadap Peristiwa Merger Dan Akuisisi (Studi pada Industri Perbankan Indonesia yang Listing di Bursa Efek Indonesia periode 2010-2015). Sarjana thesis, Universitas Brawijaya.
Abstract
Merger dan akuisisi merupakan salah satu strategi penting bagi perusahaan untuk melakukan perkembangan dan efisiensi dengan menciptakan sinergi, mengurangi biayabiaya, mengakuisisi aset, dan memperluas jangkauan pasar. Penelitian ini dilakukan dengan tujuan untuk mengetahui perbedaan average abnormal return (AAR) dan average trading volume activity (ATVA) sebelum dan sesudah peristiwa merger dan akuisisi yang dilakukan perusahaan perbankan di Indonesia yang terdaftar di Bursa Efek Indonesia pada periode 2010-2015. Metode penelitian ini adalah event study dengan market model. Teknik pengambilan sampel yang digunakan dengan purposive sampling. Sampel yang digunakan dalam dalam penelitian ini adalah 5 perusahaan perbankan yang melakukan merger dan akuisisi pada periode 2010-2015 yang terdaftar di BEI. Periode pengamatan ini adalah 10 hari sebelum, 1 hari saat, dan 60 hari setelah pengumuman merger dan akuisisi. Metode pengumpulan data ini termasuk metode dokumentasi. Variabel penelitian yaitu Abnormal Return dan Trading Volume Activity diuji menggunakan Paired sample t-Test. Hasil pengujian hipotesis I menunjukkan bahwa terdapat perbedaan average abnormal return (AAR) saham yang signifikan sebelum dan sesudah peristiwa merger dan akuisisi. Hasil pengujian hipotesis II menunjukkan bahwa terdapat perbedaan signifikan pada average trading volume activity (ATVA) sebelum dan sesudah peristiwa merger dan akuisisi Hasil tersebut menunjukkan bahwa terdapat reaksi pasar yang signifikan terhadap pengumuman merger dan akuisisi. Hal ini berarti bahwa peristiwa merger dan akuisisi yang dilakukan perusahaan perbankan pada periode 2010-2015 memiliki kandungan informasi (information content) terhadap pasar modal.
English Abstract
Merger and acquisition is one of important strategies for companies to develop and to improve their efficiency by creating synergy, reducing costs, acquiring assets, and expanding market coverage. This study tries to identify the difference of average abnormal return (AAR) and average trading volume activity (ATVA) before and after the merger and acquisition by Indonesian banking companies listed in the Indonesia Stock Exchange in the period of 2010-2015. This research uses event study and market model method. Through purposive sampling, this study has selected five Indonesian banking companies listed in the Indonesia Stock Exchange that has carried out merger and acquisition practice during 2010-2015 as the sample. The observation periods are ten days prior to, one day during, and 60 days following the merger and acquisition announcement. The data were collected through documentation. The research variables are Abnormal Return and Trading Volume Activity assessed using Paired sample t-Test. The result of the first hypothesis testing shows that there are significant differences in the AAR of stocks before and after merger and acquisition events. The result of the second hypothesis testing shows that there are significant differences in the ATVA before and after merger and acquisition events. Those results indicate significant market reaction on merger and acquisition announcements. This means that merger and acquisition practices carried out by banking companies during 2010-2015 contain information for capital market.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FE/2017/307/051705988 |
| Uncontrolled Keywords: | Pasar Modal, Merger Dan Akuisisi, Event Study, Abnormal Return, Trading Volume Activity |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.63 Specific forms of investment > 332.632 Securities, real estate, commodities > 332.632 04 Special topics of securities, real estate, commodities |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Yusuf Dwi N. |
| Date Deposited: | 14 Aug 2017 06:59 |
| Last Modified: | 03 Nov 2021 07:00 |
| URI: | http://repository.ub.ac.id/id/eprint/1268 |
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