TUNNELING ATAU VALUE ADDED DALAM STRATEGI MERGER DAN AKUISISI DI INDONESIA
ABSTRACT: The purpose of this
research is to analyze the effect of merger and acquisition strategy for
majority and minority shareholders at Indonesia capital market. This research
is important since most of company ownership structure in Indonesia is
categorized concentrated structure, where its create a conflict between
majority and minority shareholders. The population of the research are
companies that go public in the Indonesia capital market until the year of
2006. These samples of this research consists of 35 companies, divided two
groups : high and low concentrated ownership structure, that are selected based
on purposive sampling method. In processes testing the hypothesis, 2 indicators
were used, i.e. market indicator and accounting indicator. Event study analysis
was used for market indicator, whereas multiple regression analysis was used
for accounting indicator. The results show a market reaction negative and
statistically significant on merger and acquisition announcement. Effect of
merger and acquisition strategy on performance is negative and statistically
significant. This is indicated that tunneling by majority shareholder to
minority shareholders through merger and acquisition strategy, and acquisition
not value added for shareholder minority.
Keywords: tunneling, value
added, merger and acquisition strategy, majority and minority shareholders
Penulis: Mutamimah
Kode Jurnal: jpmanajemendd090202
