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"Beberapa literatur menunjukkan bahwa merjer dan akuisisi umumnya memberikan efek negatif terhadap perusahaan yang terlibat. Penelitian ini bertujuan untuk menganalisis apakah terdapat efek merjer dan akuisisi pada performa perusahaan sektor keuangan dalam jangka pendek dan menengah. Berdasarkan jenis merjer dan akuisisi yang dilakukan, performa perusahaan diukur dari profitabilitas, enterprise value (nilai perusahaan), dan pengembalian saham. Sampel pada penelitian ini berjumlah 165 transaksi merjer dan akuisisi yang melibatkan perusahaan sektor keuangan yang terjadi di Amerika Serikat selama periode Januari 2009 hingga Januari 2019. Menggunakan regresi linear berganda, penelitian ini menemukan bahwa M&A konglomerat terbaik dalam meningkatkan performa jangka pendek, sedangkan M&A horizontal terbaik dalam meningkatkan performa jangka menengah.

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Some literature indicates that mergers and acquisitions generally have a negative effect on the companies involved. This study aims to analyze whether there is an effect of mergers and acquisitions on the performance of financial sector companies in the short and medium term. Based on the types of mergers and acquisitions carried out, company performance is measured by profitability, enterprise value (company value), and stock returns. The sample in this study totaled 165 merger and acquisition transactions involving financial sector companies that occurred in the United States during the period from January 2009 to January 2019. Using multiple linear regression, this study found that conglomerate M&A was the best in increasing short-term performance, while horizontal M&A was the best in improving medium-term performance."

"The chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world."

""With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific ’lenses’ - strategic, financial, socio-cultural, and sectoral approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be ’synthesized’, it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium"-- Provided by publisher."The handbook bridges hitherto separate disciplines engaged in research in mergers and acquisitions (M&A) to integrate strategic, financial, socio-cultural, and sectoral approaches to the field. It examines the management processes involved, as well as valuations and post-acquisition performance, and considers international and sectoral dimensions"-- Provided by publisher."

"Penelitian ini bertujuan untuk menguji pengaruh kinerja keuangan setelah melakukan merjer dan akuisisi terhadap nilai perusahaan. Penelitian ini merupakan pengembangan dari model penelitian yang dilakukan oleh Kumar (2009) dan Huang (2010). Kinerja keuangan diukur dari kinerja profitabilitas, kinerja produktivitas aset dan tingkat pendanaan. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 120 observasi dari perusahaan yang tercatat di Bursa Efek Indonesia yang melakukan merjer dan akuisisi selama tahun 2000-2011.Hasil penelitian ini memberikan bukti empiris bahwa perubahan kinerja profitabilitas dan perubahan tingkat pendanaan antara akhir tahun buku 31 Desember terdekat setelah dan sebelum merjer dan akuisisi serta tingkat pendanaan dan perubahan tingkat pendanaan antara akhir tahun buku 31 Desember satu tahun setelah dan sebelum merjer dan akuisisi berpengaruh positif dan signifikan terhadap peningkatan nilai perusahaan. Namun kinerja profitabilitas, kinerja produktivitas aset, tingkat pendanaan, perubahan kinerja produktivitas aset antara akhir tahun buku 31 Desember terdekat setelah dan sebelum merjer dan akuisisi serta kinerja profitabilitas, kinerja produktivitas aset, perubahan kinerja profitabilitas dan perubahan kinerja produktivitas aset antara akhir tahun buku 31 Desember satu tahun setelah dan sebelum merjer dan akuisisi tidak berpengaruh terhadap nilai perusahaan. Hasil ini juga lebih merepresentasikan transaksi akuisisi saja.

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The objective of this research is to examine the effect of financial performance following mergers and acquisitions on firm value. This research is the development of a model research by Kumar (2009) and Huang (2010). Financial performance are measured from the profitability performance, asset productivity performance and level of funding. Testing hypotheses are conducted using multiple regression models with observations from 120 samples of company which are listed in Indonesian Stock Exchange that did mergers and acquisitions during the year 2000-2011.

The results provide empirical evidence that changes in profitability performance and changes in level of funding between the end of the fiscal year December 31 closest after and before mergers and acquisitions as well as funding levels and changes in funding levels between the end of the book one year after December 31 and before mergers and acquisitions positive significantly influence to increase firm value. But profitability performance, asset productivity performance, funding levels, asset productivity performance changes between the end of the fiscal year December 31 closest after and before mergers and acquisitions and profitability performance, asset productivity performance, changes in profitability performance and changes in asset productivity performance between the end of the fiscal year December 31 one year after and before mergers and acquisitions has no effect on firm value. These results also represent the acquisitions transaction."

"Penelitian ini bertujuan untuk menganalisis pengaruh merger dan akuisisi (M&A) vertikal terhadap nilai perusahaan di sektor energi global, dengan membedakan integrasi vertikal berdasarkan hulu, hilir, dan lainnya. Latar belakang penelitian ini adalah karena di sektor energi, sebagian besar perusahaan cenderung mengakuisisi perusahaan target yang beroperasi di sektor yang sama. Penelitian ini menggunakan pendekatan kuantitatif dengan mengumpulkan data dari Revinitif dan S&P Capital. Data yang dikumpulkan adalah perusahaan energi yang melakukan aktivitas M&A selama periode 2014-2018 dan mengevaluasi dampaknya terhadap nilai perusahaan selama lima tahun setelah transaksi. Sebanyak 443 transaksi dianalisis menggunakan metode Difference-in-Differences (DID). Hasil penelitian menunjukkan bahwa integrasi vertikal ke hulu dan lainnya memiliki dampak positif yang signifikan terhadap nilai perusahaan, sedangkan integrasi vertikal ke hilir menunjukkan dampak negatif yang signifikan.

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This study aims to analyze the impact of vertical mergers and acquisitions (M&A) on firm value in the global energy sector, distinguishing vertical integration into upstream, downstream, and other categories. The background of this research is that, in the energy sector, most companies tend to acquire target firms operating in the same sector. This study adopts a quantitative approach by collecting data from Refinitiv and S&P Capital. The data consists of energy companies engaged in M&A activities during the 2014-2018 period and evaluates their impact on firm value over five years following the transactions. A total of 443 deals were analyzed using the Difference-in-Differences (DID) method. The results indicate that upstream and other vertical integrations have a significant positive impact on firm value, while downstream vertical integration shows a significant negative impact on firm value."

"Tujuan dari penelitian ini adalah untuk mengetahui analisis fundamental saham dalam menentukan keputusan investasi pada perusahaan yang telah melakukan merger dan akuisisi di Bursa Efek Indonesia dengan menggunakan Metode Free Cash Flow to Equity (FCFE) Tahun 2019–2021. Penelitian ini bertujuan untuk mengetahui pengaruh metode free cash flow to equity terhadap keputusan investasi pada perusahaan yang telah melakukan merger dan akuisisi yang terdaftar di Bursa Efek Indonesia. Populasi penelitian ini terdiri dari enam perusahaan yang telah melakukan merger dan akuisisi. Pada sampel yang diuji, terdapat 18 nilai intrinsik saham yang dihitung menggunakan metode FCFE pada periode 2019–2021. Penelitian ini menggunakan model untuk menguji hubungan antara nilai intrinsik dengan harga saham riil. Uji Wilcoxon adalah uji nonparametrik yang digunakan untuk mengukur perbedaan antara dua kelompok data berpasangan pada skala ordinal atau interval, tetapi datanya tidak berdistribusi normal. Hasil pengujian membuktikan bahwa analisis fundamental saham berpengaruh terhadap keputusan investasi dengan menggunakan metode Free Cash Flow to Equity pada perusahaan yang telah melakukan merger dan akuisisi.

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The purpose of this study is to determine the fundamental analysis of stocks in determining investment decisions on mergers and acquisitions company on the Indonesia Stock Exchange using the Free Cash Flow to Equity Method in 2019–2021. This study aims to determine the effect of the free cash flow to equity method on investment decisions in companies that have conducted mergers and acquisitions listed on the Indonesia Stock Exchange. The population of this study consists of six companies that have carried out mergers and acquisitions. In the sample tested, there are 18 stock intrinsic values calculated using the FCFE method in the period 2019–2021. This study uses a model to examine the relationship between intrinsic value and real stock prices. The Wilcoxon Signed Test is a nonparametric test used to measure the difference between two groups of paired data on an ordinal or interval scale, but the data is not normally distributed. The test results prove that stock fundamental analysis has an effect on investment decisions by using the free cash flow to equity method in companies that have made mergers and acquisitions."

"Penelitian ini bertujuan menguji apakah terdapat perbedaan kinerja keuangan perusahaan pada sebelum dan sesudah melakukan merger dan akuisisi (M&A). Pada penelitian ini, kinerja keuangan diukur menggunakan Current Ratio, TATO (Total Asset Turnover), DER (Debt to Equity Ratio), DAR (Debt to Asset Ratio), NPM (Net Profit Margin), ROE (Return on Equity), dan ROA (Return on Asset). Jangka waktu observasi adalah setahun sebelum hingga tiga tahun sesudah M&A. Kami meneliti 123 transaksi M&A yang dilakukan perusahaan publik Indonesia dalam rentang waktu antara tahun 2006-2016 dan membandingkan pengaruhnya pada tiga kelompok sektor industri yaitu kelompok sektor penghasil bahan baku, manufaktur, dan jasa non keuangan. Kami kemudian membagi semua sampel perusahaan pada dua jenis M&A yaitu M&A konglomerat dan nonkonglomerat. Uji statistik yang digunakan adalah Paired Sample t-Test dan Wilcoxon Signed Rank Test. Penelitian ini menunjukkan bahwa pada kelompok sektor penghasil bahan baku, hanya TATO yang menunjukkan perbedaan signifikan saat dibandingkan antara sebelum dan sesudah M&A. Pada dua sektor lainnya, tidak terdapat perbedaan signifikan pada semua rasio keuangan. Pada jenis M&A konglomerat dan nonkonglomerat juga tidak ditemukan ada perbedaan signifikan yang konsisten pada semua rasio yang diteliti. Pada abnormal return, terdapat perbedaan signifikan antara sebelum dan sesudah merger pada perusahaan kelompok sektor penghasil bahan baku dan manufaktur tetapi tidak pada kelompok sektor jasa non-keuangan.

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This study analyzes whether there are differences in financial performance and abnormal returns before with after mergers and acquisitions (M&A) were carried out. In this study, financial performance is proxied by financial that includes Current Ratio, TATO (Total Asset Turnover), DER (Debt to Equity Ratio), DAR (Debt to Asset Ratio), NPM (Net Profit Margin), ROE (Return on Equity), and ROA (Return on Asset). The financial ratios observation period is one year before and three years in a row after mergers and acquisitions. We study 123 M&A deals initiated by Indonesian public companies from 2006 to 2016 and compare the effects between three industrial group sectors, i.e. primary sectors, industry & manufacturing sectors, and non-financial service sectors. We further divide all

sample enterprises into two different types of M&A, namely conglomerate M&A and non-conglomerate M&A. The statistical test used is the Paired Sample t-Test

and Wilcoxon Signed Rank Test. This study shows that in primary sectors company, only TATO show significant differences in the comparison before and after M&A. In the other two sectors, there are no significant differences in all ratios. The study also shows that there is no consistent significant result in conglomerate and non-conglomerate M&A. This study also demonstrates that there is a significant difference in abnormal return on primary and manufacture group sectors but not on non-financial sectors."

"Completely updated for today's market, the classic guide to mergers and acquisitions, "Mergers and Acquisitions from A to Z", demystifies the entire process. The book provides extensive information on the entire transaction, and covers the latest trends and best practices. For those already involved in M&A deals or simply considering a move in that direction, this book is a must-have resource."

"Penelitian ini dilakukan untuk mengetahui pengaruh spillover effect informasi laporan keuangan perusahaan pada industri sejenis terhadap kinerja operasional perusahaan yang melakukan merger dan akuisisi, jumlah perusahaan peer, dan ukuran perusahaan pengakuisisi yang menerima spillover effect. Sampel penelitian ini menggunakan 1.105 transaksi M&A di kawasan Asia Pasifik pada periode 2015-2019. Penelitian ini menggunakan pengujian regresi Ordinary Least Square dengan year-fixed effect. Kinerja perusahaan diukur menggunakan proksi ROS (return on sales) yang dihitung melalui laba operasional dibagi total penjualan. Hasil penelitian menunjukkan bahwa terdapat pengaruh positif dan signifikan dari spillover effect informasi laporan keuangan pada industri sejenis terhadap kinerja operasional perusahaan. Pengaruh spillover effect ini semakin kuat jika terdapat lebih banyak perusahaan peer. Pengaruh spillover effect ini juga lebih kuat jika ukuran perusahaan pengakuisisi lebih kecil dari perusahaan peer.

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This study was conducted to examine the effect of the spillover effect of information on the company's financial statements in similar industries on the operational performance of companies conducting mergers and acquisitions, the number of peer companies, and the size characteristics of the acquiring companies that receive the spillover effect. The samples of this study are 1.105 M&A transactions in the Asia Pacific region in the 2015-2019 period. This study uses Ordinary Least Square regression testing with a fixed year effect. The company's performance is measured using the ROS (return on sales) proxy which is calculated through operating profit divided by total sales. The results of the study indicate that there is a positive and significant influence of the spillover effect of financial statement information on the industry on the company's operational performance. The effect of this spillover effect is stronger if there are more peer companies. This spillover effect also stronger if the size of the acquiring company is smaller than that of the peer company. "

"Penelitian ini dimaksudkan untuk melihat pengaruh merger dan akuisisi yang dilakukan oleh perusahaan pengakuisisi dalam satu sektor terhadap kinerja perusahaan dilihat dari rasio keuangannya dan nilai ekonomis perusahaan dengan pendekatan Economic value added. Tujuan dari penelitian ini yaitu untuk mengetahui apakah terdapat perbedaan yang signifikan pada kinerja perusahaan setelah melakukan merger & akuisisi. Metode penelitian menggunakan perbandingan rasio keuangan tiga tahun sebelum dan tiga tahun setelah merger dan akuisisi. Obyek penelitian ini adalah perusahaan manufaktur yang terdaftar di BEI yang melakukan akuisisi selama periode 2004-2008. Untuk mengukur kinerja perusahaan menggunakan parameter rasio keuangan Net profit Margin, ROA, ROE, EPS, Current Ratio, Quick ratio, debt to equity, Total asset turnover, Inventory Turnover dan menggunakan metode EVA sebagai indikator keberhasilan manajemen dalam mengelola sumber dana yang dimiliki. Dan juga penelitian ini juga mencoba untuk mengetahui kinerja pasca-akusisi antara akuisisi konglomerat dan non-konglomerat, dimana peneliti ingin mengetahui pengaruh strategi diversifikasi yang dilakukan akan memberikan dampak pada kinerja perusahaan. Dari hasil pengujian didapat kesimpulan bahwa perusahaan mengalami perubahan yang signifikan setelah melakukan merger & akuisisi terhadap EVA, ROE, Total Asset Turnover. Namun jika dibandingkan antara konglomerat dan non-konglomerat, hasilnya terdapat perbedaan signifikan pada Current Ratio, Quick Ratio, dan Debt To Equity.

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This study aimed to observe the effect of mergers and acquisitions made by the acquirer in the sector on corporate performance seen from the ratio of corporate financial and economic value Economic value added approach. The purpose of this study is to determine whether there are significant differences in the performance of the company after the merger & acquisitions. The research method used financial ratios three years before and three years after mergers and acquisitions. The object of this study is manufacturing companies listed on the Stock Exchange were acquired during the period 2004-2008.

To measure the performance of companies using the parameters of financial ratios Net Profit Margin, ROA, ROE, EPS, Current Ratio, Quick ratio, Debt To Equity, Total Asset Turnover, Inventory Turnover and using EVA as an indicator of success in managing resource management funds. And also this study also tried to determine the post-acquisition performance of the acquisition conglomerate and non-conglomerate, where researchers wanted to know the effect of the diversification strategy that do will have an impact on company performance.

From the test results could be concluded that the company did not change significantly after the merger and acquisition of all financial ratios. However, when compared between the conglomerate and non-conglomerate, the results are significant differences in the EPS, Current Ratio, Quick Ratio, Debt To Equity."