Pengaruh Sinergi Akuisisi Terhadap Kinerja Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2010-2016 Dengan Good Corporate Governance Sebagai Variabel Moderasi

IRIANTO, Eugenius Dwi Ardhika (2022) Pengaruh Sinergi Akuisisi Terhadap Kinerja Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2010-2016 Dengan Good Corporate Governance Sebagai Variabel Moderasi. Masters thesis, Universitas Katolik Widya Mandira Kupang.

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Abstract

The thesis entitled "The Effect of Acquisition Synergy on the Performance of Non-Financial Companies Listed on the Indonesia Stock Exchange (IDX) Period 2010-2016 with Good Corporate Governance as a Moderating Variable" was written by Eugenius Dwi Ardhika Irianto, NIM: 81121920007MM, supervised by Dr. Henny A. Manafe, SE., MM. and Dr. Yolinda Yanti Sonbay, SE., M.Sc. This research aims to determine: 1) a description of the excess value of acquisition, operating synergy, financial synergy, good corporate governance, and the performance of non-financial companies listed on Indonesia Stock Exchange (IDX) that carried out acquisitions during 2010-2016 period; 2) the effect’s significance of the acquisition excess value, operating synergy, financial synergy, good corporate governance on company's performance; 3) the significance of moderating role of good corporate governance in the relation between acquisition excess value, operating synergy, financial synergy and company’s performance. The population of this study were non-financial companies listed on IDX that carried out acquisitions during 2010-2016 period. Based on purposive sampling method with predetermined criteria, 31 non-financial companies were selected as research samples. Data were collected using documentation techniques sourced from the company's financial statements, then analyzed in descriptive and inferential statistics using the SmartPLS program. The results of descriptive statistic analysis show the following conclusions: companies got economic benefits from the excess value of acquisition purchases, revenue growth from sales, profit growth and cash flow, the company's ability to access external funds and asset liquidity, good corporate governance mechanisms, rate of return (profit) on assets, capital and investment and growth in company value through stock prices. The results of inferential statistic analysis show: 1) acquisition excess value has a positive and significant effect on company performance; 2) operating synergy has no significant effect on company performance; 3) financial synergy has no significant effect on company performance; 4) good corporate governance has a positive and significant effect on company performance; 5) good corporate governance moderates positively and significantly the effect of the acquisition excess value on company's performance; 6) good corporate governance moderates positively and significantly the effect of operating synergy on company’s performance; 7) good corporate governance does not significantly moderate the effect of financial synergy on company’s performance.

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