Corporate Actions and Company’s Value Evidence from Indonesia Stock Exchange for Ten Years

2012 ◽  
Vol 4 (1) ◽  
Author(s):  
Nurul Hasanah Uswati Dewi
Keyword(s):  
Mergers And Acquisitions ◽  
Stock Exchange ◽  
Poor Quality ◽  
Added Value ◽  
Financial Factors ◽  
Company Value ◽  
Before And After ◽  
The Difference ◽  
Corporate Actions

The purpose of managing a company is to prosper the owners, in which the higher the company’s value, the higher the owners’ welfare. In this case, the company’s value can be reflected in financial performance and company size as seen in the total assets, sales, and market capitalization. In addition, agency theory that leads to the opportunistic nature of management will result in poor quality of earnings and corporate value. The purpose of this study is to examine whether there are differences of the effect of the financial factors on the company’s value before and after doing a merger and acquisition. Since this effort is to provide company’s added value, it is expected to create more long-term added value than just temporary one. Therefore, the effect of the announcement of the merger can’t be seen after the merger or acquisition takes place, but its changes need monitoring afterwards that is in periods. It took several years before and after mergers and acquisitions. The sample consists of companies listed in Indonesia Stock Exchange for ten years. Wilcoxon Signed Ranks Test was employed in this study. The result shows that there is the difference of effect of financial factors on the company’s value before and after mergers and acquisitions. Keywords - corporate actions, merger, acquisition, company value

scholarly journals Manajemen Laba Dan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum Dan Sesudah Merger Dan Akuisisi Di Indonesia

2016 ◽  
Vol 5 (3) ◽  
Author(s):  
Alwan Sri Kustono ◽  
Agnes Sindhy Pikatan
Keyword(s):  
Mergers And Acquisitions ◽  
Earnings Management ◽  
Financial Performance ◽  
Stock Exchange ◽  
Management Practice ◽  
Manufacturing Companies ◽  
Discretionary Accrual ◽  
Management Measures ◽  
Before And After ◽  
The Difference

The study examine the earnings management practice in aquirer companies before and after mergers and acquisitions. It also show the difference financial performance. The purpose of this study was to prove the existence of the practice earnings management by the acquirer in the period prior to the mergers and acquisitions. this study also aimed to see whether there differences in the financial performance of the acquirer after the merger policy and acquisition of the manufacturing companies listed on the Stock Exchange over a period reporting year 2006-2008. The sample in this study are 13 manufacturing companies listed on the Indonesia Stock Exchange in reporting mergers and acquisitions 2006-2008. The conclusion of this study is there is no strong evidence through discretionary accrual indicating that earnings management measures made by the acquirer in the period prior to the merger and acquisitions and also no significant differences in financial performance afterimplementation of mergers and acquisitions on the acquirer.

scholarly journals VALUE-BASED MANAGEMENT IN THE PROCESS OF MERGERS AND ACQUISITIONS: A SYNERGISTIC APPROACH

2017 ◽  
pp. 106-120
Author(s):  
Halyna OSTROVSKA ◽  
Volodymyr TYTOR
Keyword(s):  
Mergers And Acquisitions ◽  
Business Environment ◽  
Added Value ◽  
Synergy Effect ◽  
International Expansion ◽  
Value Based Management ◽  
Company Value ◽  
Characteristic Features ◽  
Investment Portfolios ◽  
Acquisition Processes

Introduction. The dynamism of the integration processes, activation of mergers and acquisition processes, modernization of enterprises, development of new entrepreneurship forms, strengthening the international expansion of leading companies, the internationalization of capital is a characteristic features of the world economic development present stage. Creating different types of integrated structures becomes one of the effective ways enterprises adapt to the transformation processes, a prerequisite for organizational and economic preconditions for sustainable economic growth and competitiveness increasing of businesses - participants of integrated union. In present business environment of mergers and acquisitions (mergers&acquisitions, M&A) is one of the most important mechanisms for the rising value of enterprises, improving their activity effectiveness, risk diversification and optimization of investment portfolios by achieving a synergistic effect. Purpose. Development and substantiation of methodical approach due to the selection of companies based on synergetic merger (absorption), as a criteria for evaluating the effectiveness of the company value management and making recommendations for its practical application. Results. The author puts forth his conception of the improvement of the technique of the estimation of the synergy effect from mergers and acquisitions of companies. Conclusion. So, mergers and acquisitions of enterprises agreements have ample opportunities in term of the implementation of key strategic objectives and added value business. However, despite the high quantitative dynamics, in practice in most cases, the value still has not been created. This is primarily due to the inadequate estimates synergy effect and limited use of strategic opportunities to create added value in step of integration.

Corporate Added Value in the Context of Web 2.0

2010 ◽  
pp. 91-100
Author(s):  
Oliver Bohl ◽  
Shakib Manouchehri
Keyword(s):  
Web 2.0 ◽  
Capital Market ◽  
Business Models ◽  
Added Value ◽  
Market Model ◽  
Negative Effects ◽  
Activity Model ◽  
Corporate Actions ◽  
The Relationship

Firms have faced and explored the increased use of Web 2.0. Driven mainly by private users, Web 2.0 may also have significant implications for corporate actions and business models. By systematically scanning and verifying possible positive and negative effects on the value of their creation, firms might be able to formulate and establish well-grounded strategies for corporate Web 2.0 applications and services. To establish such a process in an effective and adequate manner, it is necessary to analyze the relationship between Web 2.0 and corporate added value. This chapter contributes to these efforts by demonstrating that the corporate use of Web 2.0 applications is reinforced by fundamental and long-term business trends. The discussion pertains to the possibilities emerging from the application of Web 2.0 paradigms to business models; the market model, the activity model, and the capital market model. The potentials, risks, mainsprings, and restrictions associated with the corporate use of Web 2.0 are evaluated.

KINERJA FINANSIAL PERUSAHAAN YANG MELAKUKAN AKUISISI

2015 ◽  
Vol 11 (2) ◽  
pp. 48 ◽  
Author(s):  
Elok Sri Utami
Keyword(s):  
Financial Performance ◽  
Return On Investment ◽  
Activity Ratio ◽  
Stock Exchange ◽  
Return On Equity ◽  
Total Debt ◽  
Before And After ◽  
Equity Ratio ◽  
The Difference ◽  
Firm Activity

This study attempts to examine empirical evidence of the firms’ financial performances conducting acquisition at the Indonesian Stock Exchange. A sample of 22 firms undertaking acquisition during 2007-20010 is examined. The t-test for mean difference is employed to examine the performance for the period prior to and after the acquisition. The results show that the firms’ liquidity ratio is not significantly different for the periods before and after acquisition. Total debt to total assets ratio and total debt to equity ratio are significantly different. In particular, the average of these two ratios is higher in the period after the acquisition. This study also documents that the firm activity ratio, measured as total assets turnover, is indifferent between the periods. In addition, the firms’ return on investment and return on equity is lowering after acquisition and the difference is significant. Keywords: acquisition, financial performance,Indonesian Stock Exchange

scholarly journals REAKSI PASAR MODAL DARI DAMPAK PERISTIWA KERUSUHAN MAKO BRIMOB MEI 2018 TERHADAP ABNORMAL RETURN INDEKS LQ45 YANG TERDAFTAR DI BEI

PERFORMA ◽  
2021 ◽  
Vol 4 (2) ◽  
pp. 30-36
Author(s):  
Dewo Adhi Guminto ◽  
Maria Assumpta Evi Marlina
Keyword(s):  
Abnormal Return ◽  
T Test ◽  
P Value ◽  
Normality Test ◽  
Average Abnormal Return ◽  
Before And After ◽  
The Subject ◽  
The Difference ◽  
Corporate Actions ◽  
Observation Period

This research is an event study that aims to determine the difference in the average Abnormal return (AR) before, during and after the Mako Brimob riots. The subject of this study is the LQ45 index company that has fulfilled the criteria, namely the company does not conduct corporate actions such as the announcement of stock split, right issue, merger & acquisition and devidend in the observation period, which is five days before the riot, one day during the riot (May 9, 2018) and five days after the riots. The results of the data normality test found that the data in this study were normally distributed. p-value shows the number 0.412. The results of the different tests using independent Sample T-Test (H1) showed no difference in the average abnormal return before and during the Mako Brimob riots (ρ = 0.050). The results of different tests using independent Sample T-Test (H2) showed no difference in the average abnormal return during and after the incident of the Mako Brimob riots (ρ = 0.117). The results of different tests using Paired Sample T-Test (H3) showed no difference in the average abnormal return before and after the incident of the Mako Brimob riots (ρ = 0.77).

scholarly journals Perbedaan Motivasi Wanita PUS Usia 35-49 Tahun untuk Menggunakan Implant Sebelum dan Setelah Diberi Penyuluhan di Dusun Mojolegi Desa Bendo Kec. Pare.

2017 ◽  
Vol 3 (2) ◽  
pp. 68
Author(s):  
Triatmi Andri Yanuarini ◽  
Susanti Pratamaningtyas ◽  
Rika Aprilia Susanti
Keyword(s):  
Random Sampling ◽  
Simple Random Sampling ◽  
Test Design ◽  
Childbearing Age ◽  
Exclusion Criteria ◽  
Before And After ◽  
Post Test ◽  
The Difference ◽  
Removal Technique

Women who have age 35 these group will get increased morbidity and mortality experience if they pregnant. Implant is one method of effective an safety long-term contraception. Bendo Health Center have the lowest acceptor implants in Kediri that is 0%. The purpose of this research to know the difference motivation of childbearing age couples women in age  35-49 years to use implant before and after giving information. The design used a pre-experiment design with one group pre-test post-test design, the population was all childbearing age couples women in age  35-49 years at Mojolegi Hamlet Bendo Village Pare District who have children, not use contraception or still use non-Long Term contraception Method which total 72 people. The samplehave a lot 61 people according to inclusion and exclusion criteria. The sample removal technique used simple random sampling. The result of this research, from 61 respondents get average of respondent motivation before give information is 65 and after give information is 69, show that respondent’s motivation get increase after got information. And after going through the data analysis it was found z calculate ; z table, so in this case have difference motivation of childbearing age couples women in age  35-49 years to use implants before and after giving information.; Keywords: Counseling, Motivation, Implants

scholarly journals ABNORMAL RETURN DAN LIKUIDITAS SAHAM ATAS PENGUMUMAN AKUISISI

2017 ◽  
Vol 20 (1) ◽  
pp. 151
Author(s):  
Suherman Suherman ◽  
Riznita Nuraisyah ◽  
Gatot N. Ahmad
Keyword(s):  
Mergers And Acquisitions ◽  
Abnormal Return ◽  
Trading Volume ◽  
Abnormal Returns ◽  
Merger And Acquisition ◽  
Stock Liquidity ◽  
Before And After ◽  
The Difference ◽  
Adjusted Model ◽  
Observation Period

Tujuan penelitian ini adalah untuk menganalisis perbedaan abnormal return dan likuiditas saham sebelum dan sesudah pengumuman akuisisi. Pengukuran abnormal return menggunakan market-adjusted model. Pengukuran likuiditas saham menggunakan volume perdagangan dan Amihud’s Illiquidity ratio. Periode pengamatan (event windows) penelitian ini selama 11 hari bursa, yaitu 5 hari bursa sebelum pengumuman akuisisi dan 5 hari bursa sesudah pengumuman akuisisi. Sampel penelitian ini adalah 70 perusahaan yang mengumumkan akuisisi antara 2010-2014. Hasil uji hipotesis menunjukkan bahwa 1)terjadi perbedaan abnormal return yang signifikan sebelum dan sesudah akuisisi, dan 2)tidak terdapat perbedaan likuiditas saham yang signifikan pada periode sebelum dan sesudah akuisisi.The purpose of this study is to analyze the difference of abnormal return and liquidity before and after the announcement of mergers and acquisitions. Abnormal returns are measured with market-adjusted model. Liquidity is measured with trading volume and Amihud Illiquidity ratio. The observation period (event windows) of this research is 11 trading days which 5 trading days before the announcement of the merger and acquisition and 5 trading days after the announcement mergers and acquisitions. Research sample consists of 70 companies which announce merger and acquisition between 2010 and 2014. The results show that 1)there is significant differences of abnormal returns before and after merger and acquisition, and 2)there is no significant differences of stock liquidity before and after merger and acquisition.

scholarly journals Efeitos do pregão eletrônico sobre a eficiência e a volatilidade condicional no mercado de ações brasileiro

2019 ◽  
Vol 17 (1) ◽  
pp. 80
Author(s):  
Leandro Maciel ◽  
Rosangela Ballini
Keyword(s):  
Stock Exchange ◽  
Electronic Trading ◽  
Trading System ◽  
Trading Systems ◽  
Global Capital ◽  
Random Walk Hypothesis ◽  
Before And After ◽  
Negative Effect ◽  
Volatility Regimes

<p>Stock exchange automation, characterized by the replacement of floor trading systems by electronic trading systems, is one of the main restructuring processes observed in global capital markets in recent decades. This paper investigates the effects of automation in the São Paulo Stock Exchange (B3), which adopted an electronic trading system in October 2005. Empirical analysis of the Bovespa index rejects the random walk hypothesis for the periods before and after B3 automation, and provides evidence of distinct volatility regimes. After automation, there is an increase in the linear dependence of IBovespa returns, suggesting a negative effect of automation on the Brazilian stock market’s efficiency. On the other hand, in the same period, there is evidence for a reduction in the long-term persistence of conditional volatility, in response to shocks to returns.</p>

scholarly journals Analisis Pengaruh Stock Split Terhadap Volume Perdagangan, Harga Saham, dan Abnormal Return pada Perusahaan yang Terdaftar di BEI Periode 2017 - 2018

2020 ◽  
Vol 4 (1) ◽  
pp. 84
Author(s):  
Agus Amanda Tanoyo
Keyword(s):  
Stock Prices ◽  
Trading Volume ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Rank Test ◽  
Volume Activity ◽  
Stock Split ◽  
Before And After ◽  
Signed Rank Test ◽  
The Difference

This study aims to determine the difference in the trading volume activity, stock prices and abnormal returns before and after the announcement of a stock split. The population of this study are all companies listed in Indonesia Stock Exchange that take corporate action in the form of stock split at period 2017-2018. Sampling using purposive sampling. Based on the sampling criteria predetermined number of samples acquired 24 stocks. The analytical method used is the analysis Wilcoxon Signed Rank Test with the observation period (event window) is 14 days. The results showed that there were differences in the trading volume activity and stock prices before and after the announcement of stock split, while the last hypothesis showed that there were no differences in abnormal returns before and after the announcement of stock split.

Short and long term effects of feeding supplements of oats, wheat and lupin grain on the production of ewes lambing in autumn

1984 ◽  
Vol 24 (126) ◽  
pp. 332
Author(s):  
PA Kenney ◽  
GB Roberts
Keyword(s):  
Milk Production ◽  
Dry Matter ◽  
Poor Quality ◽  
Long Term Effects ◽  
Bare Ground ◽  
Wool Production ◽  
Short And Long Term ◽  
The Difference

Four groups, each of about 40 Border Leicester x Merino ewes due to lamb in May, 1978, were held on bare ground and hand-fed poor quality hay, either alone or with oat, wheat or lupin grain at 270 g dry matter/head.d, from two weeks before until six weeks after lambing. A fifth group of ewes grazed separately on green pasture. After hand-feeding ceased in July 1978, ewes from all five groups grazed together and were re-joined with rams in November-December. Increases in wool production (90-230 g greasy fleece), milk production (9-23 ml/h) and growth of lambs (20-4 1 g/d) resulted from feeding supplements to the hay-fed ewes. Ewes fed oats and lupins performed best and, compared with those fed wheat, produced fewer fleeces with major faults (8 and 12% vs 29%, respectively) and less milk (58 and 62 ml/h vs 49 ml/h, respectively). At the end of hand-feeding, the ewes were 18-23 kg lighter than those that had been at pasture, but by the time joining took place in November-December, the difference was only 4-8 kg. Ewes fed hay alone mated 8-12 d later and lambed 5-9 d later (May 1979) than ewes in all other groups. Also, 6% of the ewes fed lupins or allowed to graze pasture during lambing in 1978 were barren in 1979, compared with 25% of barren ewes in all other treatments. It was concluded that wheat, in contrast to lupins and oats, was an inadequate supplement for lambing ewes consuming only low quality roughage.

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