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.
Highlights
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 researh are companies that go public in the Indonesia capital market until the year of 2006
Summary
Konflik keagenan merupakan konflik yang bersifat fenomenal dan terjadi karena adanya pemisahan antara kepemilikan dan kontrol dalam perusahaan, seperti dijelaskan oleh teori Keagenan (Jensen dan Meckling, 1976). Struktur kepemilikan di Indonesia terkonsentrasi pada sedikit pemilik (Claessens, Djankov, dan Lang, 2000; Zhuang et al, 2000; Gunarsih, 2003), sehingga konflik keagenan yang terjadi adalah konflik antara pemegang saham mayoritas dengan pemegang saham minoritas (Prowsen, 1998). Namun di Korea yang mempunyai karakteristik bisnis yang sangat terkonsentrasi pada kelompok (Korean Business groups), justru strategi merger dan akuisisi sebagai sarana tunneling oleh pemegang saham mayoritas yang merugikan pemegang saham minoritas (Bae Kee Hong, et al, 2002). Pandangan Johnson et al (2000) yang menjelaskan bahwa strategi merger dan akuisisi dengan mentransfer kemakmuran dan memberikan keuntungan bagi pemegang saham mayoritas dan merugikan pemegang saham minoritas, disebut ”tunneling view”. B. Bagaimana reaksi pasar terhadap pengumuman merger dan akuisisi, baik pada struktur kepemilikan terkonsentrasi tinggi maupun rendah. B. Untuk menguji dan menganalisis reaksi pasar terhadap pengumuman merger dan akuisisi, baik pada struktur kepemilikan terkonsentrasi tinggi maupun rendah. Untuk menguji dan menganalisisi pengaruh investasi terhadap kinerja struktur kepemilikan terkonsentrasi tinggi maupun rendah
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