Merger dan Akuisisi sebagai Strategi Korporasi: Implikasi terhadap Profitabilitas, Likuiditas, Efisiensi Aset, dan Struktur Modal di Indonesia
DOI:
https://doi.org/10.55837/ed.v4i1.178Keywords:
Merger dan Akuisisi, Aksi Korporasi, Kinerja Keuangan, Pasar Berkembang, Perusahaan Publik IndonesiaAbstract
Purpose ― Penelitian ini bertujuan untuk mengkaji secara empiris dampak merger dan akuisisi terhadap kinerja keuangan perusahaan di Indonesia, dengan menilai perbedaan profitabilitas, likuiditas, efisiensi aktivitas, dan struktur modal sebelum dan sesudah aksi korporasi.
Methods ― Studi ini mengadopsi pendekatan kuantitatif dengan menganalisis 34 peristiwa M&A yang melibatkan 29 perusahaan publik Indonesia selama 2019–2023. Lima rasio keuangan, yaitu ROA dan NPM sebagai rasio profitabilitas, CR sebagai rasio likuiditas, TATO sebagai rasio efisiensi aktivitas, dan DER sebagai rasio struktur modal. Keseluruhan rasio diobservasi satu tahun sebelum dan sesudah aksi korporasi; perbedaan rata-ratanya diuji menggunakan paired-sample t-test untuk data berdistribusi normal dan Wilcoxon signed-rank test untuk data non-normal.
Findings ― Merger dan akuisisi yang dilakukan perusahaan publik di Indonesia selama periode 2019–2023 tidak menghasilkan perbedaan yang signifikan secara statistik terhadap empat dari lima indikator kinerja keuangan utama, yaitu return on assets (ROA), net profit margin (NPM), current ratio (CR), dan total asset turnover (TATO). Hanya debt to equity ratio (DER) yang menunjukkan perbedaan signifikan yang mana DER sesudah M&A adalah berbeda lebih besar dari sebelumnya, yang mencerminkan perubahan struktur pendanaan pasca-M&A.
Implication ― Peningkatan signifikan DER pasca-merger dan akuisisi mengindikasikan perlunya manajemen untuk menyeimbangkan strategi pendanaan berbasis utang dengan kapasitas arus kas dan mitigasi risiko keuangan, agar struktur modal tetap sehat dan keberlanjutan keuangan perusahaan terjaga.
Originality ― Memfokuskan analisis empiris pada dampak merger dan akuisisi terhadap lima rasio keuangan utama perusahaan publik Indonesia selama periode 2019–2023.
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