Analisis Pengaruh Tata Kelola Perusahaan terhadap Kinerja Merger dan Akuisisi

Tjong, Jimmy (2019) Analisis Pengaruh Tata Kelola Perusahaan terhadap Kinerja Merger dan Akuisisi. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

Penelitian ini bertujuan mengetahui hubungan tata kelola perusahaan dengan kinerja merger dan akuisisi. Kinerja merger dan akuisisi diukur menggunakan cumulative abnormal return (CAR) sebagai variabel dependen. Sedangkan pengukuran dari tata kelola perusahaan yaitu ukuran dewan, dewan independen, keragaman jenis kelamin dewan, kompensasi eksekutif, kepemilikan managemen, kepemilikan institusional, masa jabatan CEO dan kepemilikan saham CEO digunakan sebagai variabel independen. Menggunakan 53 emiten yang melakukan merger dan akuisisi selama periode tahun 2010-2015 sebagai sampel penelitian. Pengambilan sampel menggunakan metode purposive sampling. Penelitian yang dilakukan bersifat kuantitatif. Berdasarkan peninjauan dari tujuan penelitian, penelitian termasuk penelitian dasar. Sedangkan peninjauan dari karakteristik masalah maka penelitian termasuk penelitian kausal komparatif. Menggunakan metode analisis regresi berganda untuk menganalisis penelitian. Analsis tersebut digunakan untuk menganalisis hubungan antara variabel dependen tunggal dan beberapa variabel independen. Hasil mengungkapkan adanya hubungan signifikan antara tata kelola perusahaan terhadap kinerja merger dan akuisisi secara simultan. Hasil uji data menunjukkan bahwa ukuran dewan, keragaman jenis kelamin dewan, kompensasi eksekutif dan kepemilikan institusional tidak berpengaruh terhadap kinerja merger dan akuisisi. Sedangkan dewan independen dan kepemilikan saham CEO memiliki pengaruh signifikan negatif terhadap kinerja merger dan akuisisi. Kepemilikan manajerial dan masa jabatan CEO memiliki pengaruh signifikan positif terhadap kinerja merger dan akuisisi. ********************************************************************** This study aims to determine the relationship between corporate governance and the performance of mergers and acquisitions. The performance of mergers and acquisitions is measured using the cumulative abnormal return (CAR) as the dependent variable. While the measurement of corporate governance, namely board size, independent board, gender diversity of the board, executive compensation, management ownership, institutional ownership, CEO tenure and CEO share ownership are used as independent variables. Using 53 issuers that carry out mergers and acquisitions during the period 2010-2015 as research samples. Sampling uses purposive sampling method. The research conducted is quantitative. Based on a review of the objectives of the study, the research included basic research. While reviewing the characteristics of the problem, the research included comparative causal research. Using the method of multiple regression analysis to analyze research. Analysis is used to analyze the relationship between a single dependent variable and several independent variables. The results reveal a significant relationship between corporate governance and the performance of simultaneous mergers and acquisitions. The test results show that board size, board gender diversity, executive compensation and institutional ownership do not affect the performance of mergers and acquisitions. While the independent board and CEO share ownership have a significant negative effect on the performance of mergers and acquisitions. Managerial ownership and CEO tenure have a significant positive effect on the performance of mergers and acquisitions.

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