Sista Paramita, 090415391 M
(2007)
Perbedaan Kinerja Keuangan Industri Manufaktur yang Melakukan Akuisisi Periode 1993 - 2001.
Thesis thesis, UNIVERSITAS AIRLANGGA.
Abstract
This research investigates the conceptual arguments that acquisition will create better performance sometimes after acquisition take place. Variable that will be tested are: 1) net profit margin, 2) asset turnover, 3) abnormal asset turnover, 4) asset growth, and 5) current ratio. Then, we adjust each of these variable with their industry (industry adjusted) which is then be calculated by using industry adjusted performance by Ooghe (2001) and Soliman (2004), we name them as adjusted net profit margin, adjusted asset turnover, adjusted sales growth, adjusted asset growth and adjusted current ratio. Those variables then be computed using t-test to test the hypotesis. The result for the hypothesis are : 1) for the period (-1,+ 1) and (-1,+2), significant difference appear only for adjusted asset growth, 2) for the period (-1,+3), significant differences appear on adjusted asset turnover and adjusted asset growth. Our comparison result shows that almost all variables differences decline after acquisition, except for variable adjusted net profit margin, which increase each year. According to the empirical evidence from this research, sample firms which conducted acquisition can not show better performance. Based on the fact, that the acquirer translate synergy as making huge cost cut (downsizing, restructuring, and reorganizing), this decision may bring benefit for short term, but in the long run, it can bring disadvantage for the firm (performance decline).
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