Divestasi, Akuisisi Dan Kinerja Perusahaan
DOI:
https://doi.org/10.29407/jae.v8i1.19547Keywords:
Kinerja Perusahaan, Restrukturisasi Portofolio, Divestasi, AkuisisiAbstract
Perusahaan di Indonesia melakukan restrukturisasi portofolio pada tahun 1997 ketika krisis ekonomi, namun hasilnya beragam setelah melakukan restrukturisasi portofolio. Pasca krisis ekonomi tersebut restrukturisasi portofolio dalam bentuk divestasi dan akuisisi di Indonesia masih berlanjut dengan hasil beragam, begitu juga dengan hasil penelitian divestasi dan akuisisi masih beragam dan belum konklusif. Penelitian ini menguji pengaruh divestasi, akuisisi terhadap kinerja perusahaan. Sebanyak 54 perusahaan emiten terdaftar di BEI 2011 – 2019 yang melakukan divestasi dan akuisisi. Penelitian ini menggunakan analisis regresi berganda dan Uji t. Divestasi dan akuisisi pada penelitian ini terbukti berpengaruh terhadap kinerja perusahaan. Diharapkan hasil penelitian ini bermanfaat bagi pengembangan teori restrukturisasi portofolio, eksekutif, manajer, analis bisnis, dan investor untuk menentukan prioritas jenis restrukturisasi portofolio untuk meningkatkan kinerja perusahaan
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Chang, S.J., and Choi, U. (1988). Strategy, structure and performance of Korean business groups: atransactions cost approach, Journal of Industrial Economics, Vol. 37 (2) pp: 141-158.
Choi, Yoon K &Seung Hun Han, (2013), Corporate restructuring, financial deregulation, and firm value:Evidence from Japanese “spin-ins”. Pacific-Basin Finance Journal, Vol. 22 (1) pp: 1-13.
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Banking & Finance, Volume 86, , Pages 159-176
Datta, S., Iskandar-Datta, M., & Raman, K. (2003), Value Creation in Corporate Asset Sales: The Role of Managerial Performance and Lender Monitoring. Journal of Banking and Finance, Vol. 27 (2) pp: 351-375.
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Dittmar, A. & Shivdasani, A. (2003), Divestitures and Divisional Investment Policies. The Journal of Finance, Vol. 58 (6) pp: 2711-2743
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Hanson, R. C. & Song, M. H. (2003), Long-term Performance of Divesting Firms and the Effect of Managerial Ownership. Journal of Economics and Finance, Vol. 27(3) pp: 321-336
Hawawini, Gabriel., Subramanian., Venkat & Verdin, Paul. (2003). Is Performance Driven By Industry – Or Firms-Specific Faktor? A New Look At The Evidence. Strategic Management Journal. 24: 1–16
Haynes, M., Thompson, S., & Wright, M. (2002), The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies. Journal of Industrial Economics, Vol. 50 (2) pp: 173-196
Hite, G.L., Owers, J.E., (1983), Security price reactions around corporate spin-off announcements. Journal of Financial Economics, Vol. 12 (4) pp: 409-436
Hult, G Tomas M., Jr, David J Ketchen., Griffith, David A., Chabowski, Brian R., Hamman, Mary K., Dykes, Bernadine Johnson., Pollite, Wesley A & Cavugil, S Tamer. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39, 1064–1080
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Jasmine, Ulfa. (2017). Pengaruh Leverage, Kepemilikan Institusional, Ukuran Persuahaan, Dan Profitabilitaa Terhadap Penghindaran Pajak. JOM Fekon. Vol.4 No.1
Lakstutiene, A., Stankeviciene, J., Norvaisienec, R., and Narbutiene, J. (2015), “The Impact of Acquisitions on Corporate Performance Results during the Period of Economic Slowdown: Case of Lithuania”, Procedia - Social and Behavioral Sciences, Vol. 213 No.2015, pp.455 – 460.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer. (1999). Corporate ownership around the world, Journal of Finance. Vol. 54 (2) pp: 471-517.
Liargova, Panagiotis & Repousis, Spyridon. (2011) The Impact of Mergers and Acquisitions on the Performance of the Greek Banking Sector: An Event Study Approach. International Journal of Economics and Finance. Vol. 3, No. 2
Malik, Muhammad Faizan., Anuar, Melati Ahmad., Khan, Shehzad., Khan, Faisal. (2014). Mergers and Acquisitions: A Conceptual Review. International Journal of Accounting and Financial Reporting, Vol. 4, No. 2
Maria, S.A., Javier, F.F., & Angel, L.G. (2015), Business portfolio restructuring: A comprehensive bibliometric analysis. Scientometrics, Vol. 102 (3) pp: 1921-1950.
Markides, C. (1995), Diversification, Restructuring and Economic Performance. Strategic Management Journal, Vol. 16 (2) pp: 101-118.
Mittra, James. (2007). Life Science Innovation and the Restructuring of the Pharmaceutical Industry: Merger, Acquisition and Strategic Alliance Behaviour of Large Firms. Technology Analysis & Strategic Management, Vol. 19, No. 3, 279–301
Moeller, S.B., Schlingemann, F.P. and Stulz, R.M., 2005. Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave. The Journal of Finance, 60(2), 757-782.
Montgomery, Cynthia A and Wernerfelt, Birger. (1988), Diversification, Ricardian rents, and Tobin's q. RAND Journal of Economics, Vol. 19 (4) pp: 623-632.
Mulherin, J. H. & Boone, A. L. (2000), Comparing Acquisitions and Divestitures. Journal of Corporate Finance, Vol. 6 (2) pp: 117-139.
Neethu, T & Viswanathan, R. (2015). A Study on Financial Performance of Companies Before and After Merger and Acquisition. Indian Journal of Research, 4(3), 6–8.
Oghuvwu, M. E & Omoye, A.S. (2016). Mergers, Acquisitions and Corporate Performance: The Balanced Scorecard Approach, Accounting and Finance Research,Vol. 5 (4) pp: 63-75.
Olokoyo, Felicia Omowunmi. (2013). Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach. African Development Review, Vol. 25, No. 3, 358–369
Omoye, A. S., & Aniefor, S. J. (2016). Mergers and Acquisitions: The Trend in Business Environment in Nigeria. Accounting and Finance Research, 5(2), 10–19.
Pertiwi, Rahayu Amalia., Hasnawati., Herawati, Vinola. (2018). Pengaruh Strategi Organisasi, Investasi Aset Tetap, Dan Kinerja Perusahaan Terhadap Kualitas Laba Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Empiris Manufaktur Yang Terdaftar Di BEI). Jurnal Magister Akuntansi Trisakti, Vol. 5 No. 1
Rosenfeld, J. D. (1984) “Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth.” Journal of Finance, Vol. 39 (5) pp: 1437- 1447
Sulaiman, Abdulwahab Sulaiman., Mijinyawa, Umar Mohammed & Isa, Keffi Tukur. (2019). Effect of Financial Performance, Capital Structure and Firm Size on Firms’ Value of Listed Consumer-goods firms in Nigeria. Dutse International Journal of Social and Economic Research, 2(1), 1-10
Sun. Meijui. (2012), Impact of Divestiture Activities on Corporate Performance: Evidence From Listed Firms In Taiwan. The International Journal of Business and Finance Research. Vol. 6 (2) pp: 59-67.
Syukur, Muhammad & Fitri, Fauziah A., (2016). The impact of acquisition on acquirer companies’ financial performance. Issues in Business Management and Economics. Vol.4 (8), pp. 96-99
Tao, F., Liu, X., Gao, L. & Xia, E. (2017), “Do Cross-border Mergers and Acquisitions increase short term market Performance? The case of Chinese firms”, International Business Review, Vol.26 No.1, pp.189-202
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106.
Tuch, Christian & O'Sullivan, Noel. (2007). The Impact of Acquisitions on Firm Performance: A Review of the Evidence, International Journal of Management Reviews 9 (2):141 - 170
Veld & Veld-Merkoulova, (2004), Do spin-offs really create value? The European case. Journal of Banking & Finance, Vol. 28 (5) pp: 1111–1135
Wakesa, Martin Mabonga & Yabesh, Kongo. (2020). Portfolio Restructuring as a Precursor for Financial Performance of Commercial Banks Listed at Nairobi Securities Exchange. IOSR Journal of Economics and Finance (IOSR-JEF). volume 11, Issue 2. PP 01-07
Wardani, Deni & Rudolfus, Maria Yeschrina. (2016).” Dampak Leverage, Kepemilikan Institusional dan Ukuran Perusahaan Terhadap Kinerja Perusahaan Pada Perusahaan Manufaktur Periode 2011-2015. Jurnal Keuangan dan Perbankan, Vol. 13, No. 1, h. 1-16.
Woo, Carolyn Y., Willard, Gary E., Daellenbach, Urs. S. Spin-off performance: A case of overstated expectations? Strategic Management Journal. Vol. 13, No. 6 , pp. 433-447
Yeh, T., & Hoshino, Y. (2002), Productivity and Operating Performance of Japanese Merging Firms: Keiretsu- related and Independent Acquisitions. Japanese and the World Economy, Vol. 14 (3) pp: 243-366.
Zhang, Weihong., Wang, Kecheng., Li, Ling., Chen, Yong & Wang, Xinmeng. (2018)., The impact of firms' mergers and acquisitions on their performance in emerging economies. Technological Forecasting & Social Change., Volume 135. Pages 208-216
Alexander, G.J., Benson, P.G. & Kampmeyer, J.M. (1984). Investigating the valuation effects of announcements of voluntary corporate selloffs. Journal ofFinance, Volume 39, Issue 2: 503-517.
As’ari, Hasim., Pabulo, Azfa Mutiara Ahmad., Badus Zaman, Badrus. (2019)., Pengaruh Restrukturisasi Perusahaan Terhadap Kinerja Perusahaan. Jurnal Akuntansi & Ekonomi FE. UN PGRI Kediri. Vol. 4 No. 3
Bergh, Donald D. (1998). Product-Market Uncertainty, Portfolio Restructuring, and Performance: An Information-processing and Resource-Based View. Journal of Management, Vol. 24, No. 2, 135-155
Bowman, E. H., Signh, H., Useem, M., Bhadury, R. (1999), When Does Restructuring Improve Economic Performance?California Management, Vol.41 (2) pp: 33-54.
Brahmana, R.K., You, H.-W. & Yong, X.-R. (2021), "Divestiture strategy, CEO power and firm performance", Management Research Review, Vol. 44 No. 3, pp. 418-436.
Chakrabarti, A., Singh, K. & Mahmood, I. (2007). Diversification and performance: Evidence from East Asian firms. Strategic Management Journal, Volume 28, Issue 2
Chang, S.J., and Choi, U. (1988). Strategy, structure and performance of Korean business groups: atransactions cost approach, Journal of Industrial Economics, Vol. 37 (2) pp: 141-158.
Choi, Yoon K &Seung Hun Han, (2013), Corporate restructuring, financial deregulation, and firm value:Evidence from Japanese “spin-ins”. Pacific-Basin Finance Journal, Vol. 22 (1) pp: 1-13.
Dang, Chongyu., Li, Zhichuan (Frank)., Yang, Chen. (2018)., Measuring firm size in empirical corporate finance, Journal of
Banking & Finance, Volume 86, , Pages 159-176
Datta, S., Iskandar-Datta, M., & Raman, K. (2003), Value Creation in Corporate Asset Sales: The Role of Managerial Performance and Lender Monitoring. Journal of Banking and Finance, Vol. 27 (2) pp: 351-375.
David, Fred R & David, Forest R. (2017) Strategic Management: A Competitive Advantage Approach, Concepts, 16th Edition. Harlow: Pearson Education
Denis, Diane K., & Rodgers, Kimberly J. (2007). Chapter 11: Duration, Outcome, and Post-Reorganization Performance, Journal of Financial and Quantitative Analysis, Vol.42 (1) pp: 101–118.
Diaz, B.D. & Azofra, S.S., (2009). Determinants of premiums paid in European banking mergers and acquisitions.
International Journal of Banking, Accounting and Finance, 1(4), 358- 380.
Dittmar, A. & Shivdasani, A. (2003), Divestitures and Divisional Investment Policies. The Journal of Finance, Vol. 58 (6) pp: 2711-2743
Edi & Cen, Su. (2016). Analisis Akuisisi Terhadap Kinerja Keuangan Perusahaan Pengakuisisi Dan Diakuisisi Terdaftar Di Bursa Efek Indonesia. Jurnal Benefita 1(3)
Gaur, Jighyasu & Gupta, Ritu (2011)., Comparing firm performance on the basis of age, size, leverage, and group affiliation in Indian IT industry. Romanian Journal of Marketing, Vol. 6 Issue 3
Xavier Gimbert, Xavier., Bisbe, Josep., & Mendoza, Xavier. (2010). The Role of Performance Measurement Systems in Strategy Formulation Processes. Long Range Planning 43. 477- 497
Gupta, P. K. (2012). Mergers and Acquisitions (M&A): the Strategic Concepts for the Nuptials of Corporate Sector. Innovative Journal of Business and Management, 1(4), 60–68.
Hanson, R. C. & Song, M. H. (2003), Long-term Performance of Divesting Firms and the Effect of Managerial Ownership. Journal of Economics and Finance, Vol. 27(3) pp: 321-336
Hawawini, Gabriel., Subramanian., Venkat & Verdin, Paul. (2003). Is Performance Driven By Industry – Or Firms-Specific Faktor? A New Look At The Evidence. Strategic Management Journal. 24: 1–16
Haynes, M., Thompson, S., & Wright, M. (2002), The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies. Journal of Industrial Economics, Vol. 50 (2) pp: 173-196
Hite, G.L., Owers, J.E., (1983), Security price reactions around corporate spin-off announcements. Journal of Financial Economics, Vol. 12 (4) pp: 409-436
Hult, G Tomas M., Jr, David J Ketchen., Griffith, David A., Chabowski, Brian R., Hamman, Mary K., Dykes, Bernadine Johnson., Pollite, Wesley A & Cavugil, S Tamer. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39, 1064–1080
Ismail, T. H., Abdou, A. A. & Annis, R. M. (2011), “Exploring Improvements of Post-Merger Corporate Performance- the Case of Egypt”, The IUP Journal of Business Strategy, Vol. VIII, No. 1.
Jasmine, Ulfa. (2017). Pengaruh Leverage, Kepemilikan Institusional, Ukuran Persuahaan, Dan Profitabilitaa Terhadap Penghindaran Pajak. JOM Fekon. Vol.4 No.1
Lakstutiene, A., Stankeviciene, J., Norvaisienec, R., and Narbutiene, J. (2015), “The Impact of Acquisitions on Corporate Performance Results during the Period of Economic Slowdown: Case of Lithuania”, Procedia - Social and Behavioral Sciences, Vol. 213 No.2015, pp.455 – 460.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer. (1999). Corporate ownership around the world, Journal of Finance. Vol. 54 (2) pp: 471-517.
Liargova, Panagiotis & Repousis, Spyridon. (2011) The Impact of Mergers and Acquisitions on the Performance of the Greek Banking Sector: An Event Study Approach. International Journal of Economics and Finance. Vol. 3, No. 2
Malik, Muhammad Faizan., Anuar, Melati Ahmad., Khan, Shehzad., Khan, Faisal. (2014). Mergers and Acquisitions: A Conceptual Review. International Journal of Accounting and Financial Reporting, Vol. 4, No. 2
Maria, S.A., Javier, F.F., & Angel, L.G. (2015), Business portfolio restructuring: A comprehensive bibliometric analysis. Scientometrics, Vol. 102 (3) pp: 1921-1950.
Markides, C. (1995), Diversification, Restructuring and Economic Performance. Strategic Management Journal, Vol. 16 (2) pp: 101-118.
Mittra, James. (2007). Life Science Innovation and the Restructuring of the Pharmaceutical Industry: Merger, Acquisition and Strategic Alliance Behaviour of Large Firms. Technology Analysis & Strategic Management, Vol. 19, No. 3, 279–301
Moeller, S.B., Schlingemann, F.P. and Stulz, R.M., 2005. Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave. The Journal of Finance, 60(2), 757-782.
Montgomery, Cynthia A and Wernerfelt, Birger. (1988), Diversification, Ricardian rents, and Tobin's q. RAND Journal of Economics, Vol. 19 (4) pp: 623-632.
Mulherin, J. H. & Boone, A. L. (2000), Comparing Acquisitions and Divestitures. Journal of Corporate Finance, Vol. 6 (2) pp: 117-139.
Neethu, T & Viswanathan, R. (2015). A Study on Financial Performance of Companies Before and After Merger and Acquisition. Indian Journal of Research, 4(3), 6–8.
Oghuvwu, M. E & Omoye, A.S. (2016). Mergers, Acquisitions and Corporate Performance: The Balanced Scorecard Approach, Accounting and Finance Research,Vol. 5 (4) pp: 63-75.
Olokoyo, Felicia Omowunmi. (2013). Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach. African Development Review, Vol. 25, No. 3, 358–369
Omoye, A. S., & Aniefor, S. J. (2016). Mergers and Acquisitions: The Trend in Business Environment in Nigeria. Accounting and Finance Research, 5(2), 10–19.
Pertiwi, Rahayu Amalia., Hasnawati., Herawati, Vinola. (2018). Pengaruh Strategi Organisasi, Investasi Aset Tetap, Dan Kinerja Perusahaan Terhadap Kualitas Laba Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Empiris Manufaktur Yang Terdaftar Di BEI). Jurnal Magister Akuntansi Trisakti, Vol. 5 No. 1
Rosenfeld, J. D. (1984) “Additional Evidence on the Relation Between Divestiture Announcements and Shareholder Wealth.” Journal of Finance, Vol. 39 (5) pp: 1437- 1447
Sulaiman, Abdulwahab Sulaiman., Mijinyawa, Umar Mohammed & Isa, Keffi Tukur. (2019). Effect of Financial Performance, Capital Structure and Firm Size on Firms’ Value of Listed Consumer-goods firms in Nigeria. Dutse International Journal of Social and Economic Research, 2(1), 1-10
Sun. Meijui. (2012), Impact of Divestiture Activities on Corporate Performance: Evidence From Listed Firms In Taiwan. The International Journal of Business and Finance Research. Vol. 6 (2) pp: 59-67.
Syukur, Muhammad & Fitri, Fauziah A., (2016). The impact of acquisition on acquirer companies’ financial performance. Issues in Business Management and Economics. Vol.4 (8), pp. 96-99
Tao, F., Liu, X., Gao, L. & Xia, E. (2017), “Do Cross-border Mergers and Acquisitions increase short term market Performance? The case of Chinese firms”, International Business Review, Vol.26 No.1, pp.189-202
Taouab, O., & Issor, Z. (2019). Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106.
Tuch, Christian & O'Sullivan, Noel. (2007). The Impact of Acquisitions on Firm Performance: A Review of the Evidence, International Journal of Management Reviews 9 (2):141 - 170
Veld & Veld-Merkoulova, (2004), Do spin-offs really create value? The European case. Journal of Banking & Finance, Vol. 28 (5) pp: 1111–1135
Wakesa, Martin Mabonga & Yabesh, Kongo. (2020). Portfolio Restructuring as a Precursor for Financial Performance of Commercial Banks Listed at Nairobi Securities Exchange. IOSR Journal of Economics and Finance (IOSR-JEF). volume 11, Issue 2. PP 01-07
Wardani, Deni & Rudolfus, Maria Yeschrina. (2016).” Dampak Leverage, Kepemilikan Institusional dan Ukuran Perusahaan Terhadap Kinerja Perusahaan Pada Perusahaan Manufaktur Periode 2011-2015. Jurnal Keuangan dan Perbankan, Vol. 13, No. 1, h. 1-16.
Woo, Carolyn Y., Willard, Gary E., Daellenbach, Urs. S. Spin-off performance: A case of overstated expectations? Strategic Management Journal. Vol. 13, No. 6 , pp. 433-447
Yeh, T., & Hoshino, Y. (2002), Productivity and Operating Performance of Japanese Merging Firms: Keiretsu- related and Independent Acquisitions. Japanese and the World Economy, Vol. 14 (3) pp: 243-366.
Zhang, Weihong., Wang, Kecheng., Li, Ling., Chen, Yong & Wang, Xinmeng. (2018)., The impact of firms' mergers and acquisitions on their performance in emerging economies. Technological Forecasting & Social Change., Volume 135. Pages 208-216
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Published
2023-04-06
How to Cite
As’ari, H., & Zaman, B. (2023). Divestasi, Akuisisi Dan Kinerja Perusahaan . JAE (JURNAL AKUNTANSI DAN EKONOMI), 8(1), 130–137. https://doi.org/10.29407/jae.v8i1.19547
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Volume 8 No 1 Tahun 2023
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