PERBEDAAN ABNORMAL RETURNBERDASARKAN FIRM SIZE, KARAKTERISTIK TARGET DAN METODE PEMBAYARAN PADA PERUSAHAAN YANG MELAKUKAN MERGER DAN AKUISISI

Setyaningrum, Wahyu Dwi (2010) PERBEDAAN ABNORMAL RETURNBERDASARKAN FIRM SIZE, KARAKTERISTIK TARGET DAN METODE PEMBAYARAN PADA PERUSAHAAN YANG MELAKUKAN MERGER DAN AKUISISI. Other thesis, Universitas Sebelas Maret.

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    Abstract

    This research aims to examine whether there is abnormal return difference in the merging and acquisitioning companies based on firm size, target characteristic and payment method. This research was conducted to the public companies enlisted in Indonesia Stock Exchange in 2000-2008 that merger and acquisition. The population of research was the go-public companies undertaking acquisition and enlisted in Indonesia Stock Exchange in 2000-2008. The sampling technique employed was purposive sampling. The data employed in this research was secondary data on stock’s closing price index of bidding firm, market stock price, total asset of bidding firm, characteristic of acquisition target companies (public or non-public) and payment method employed in merger and acquisition (cash or stock). Data analysis was done using variance test with Mann-Whitney U test. The results of research show that: 1) there is abnormal return difference in the merging and acquisitioning companies based on the form size. This result supports Moeler, Schlingemann and Stulz’s study (2002). However, this result does not support Frank, Harris, and Titman’s study (1991). 2). There is no abnormal return difference based on the characteristic of target firm, public and non public, in the merging and acquisitioning companies. This result does not support the Chevalier and Redor’s study (2005). In addition, this result also does not support Fuller, Neter, Stegemoller’s study (2002). 3) There is no abnormal return difference based on the cash payment method and stock in the company undertaking merger and acquisition. This result supports Frank, Harris, and Titman’s study (1991). However, this result does not support Frank. Haris, and Mayer’s (1998), Travalos’ studies (1987) in Moeller, Schlingemann, Stulz (2002). Keywords: merger and acquisition, abnormal return, firm size, payment method, firm characteristic.

    Item Type: Thesis (Other)
    Subjects: H Social Sciences > H Social Sciences (General)
    H Social Sciences > HB Economic Theory
    H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
    Divisions: Fakultas Ekonomi
    Fakultas Ekonomi > Manajemen
    Depositing User: Andika Setiawan
    Date Deposited: 18 Jul 2013 16:43
    Last Modified: 18 Jul 2013 16:43
    URI: https://eprints.uns.ac.id/id/eprint/6265

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