EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION

Sigit Handoyo, Fitria Rahmadani Putri

Abstract


The purpose of this study was to find out the practice earning management before merger and acquisition announcement. It also aimed to examine the differences of stock return before and after merger and acquisition announcement among companies that were listed on Indonesia stock exchange. The samples were 35 companies that did merger and acquisition and listed in Indonesia Stock Exchange (IDX) period 2004–2013. Then, the data analysis was performed by computer statistic program SPSS. These samples were selected by using purposive sampling method. Analysis hypothesis used Independent sample t-test and Wilcoxon sign ranks test. The result of independent sample t-test showed that the companies tended to do earning management before merger and acquisitions. While the result of Wilcoxon signed ranks test showed that there was no difference between stock return before and after merger and acquisition announcement.


Keywords


acquisition, earning management, merger, stock return

Full Text:

pdf

References


Dechow, P.M., Hutton, A.P., Kim, J.H., & Sloan, R.G. 1995. Detecting Earning Management: A New Approach. The Accounting Review, 70(2).

Hutagalung, A. 2002. Reaksi Pemegang Saham terhadap Pengumuman Merger dan Akuisisi di Bursa Efek Jakarta. Sinergi Kajian Bisnis dan Manajemen,4(2).

Lestari, N.P. 2011. Manajemen Laba dan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum dan Setelah Merger. Jurnal Manajemen Bisnis,1(2): 153-165.

Meta, A. 2010. Analisis Manajemen Laba dan Kinerja Keuangan Perusahaan Pengakuisisi Sebelum dan Sesudah Merger dan Akuisisi Yang Terdaftar di Bursa Efek Indonesia 2008-2009. Thesis. Jurusan Manajemen Fakultas Ekonomi Universitas Diponegoro Semarang.

Moin, A. 2003. Merger, Akuisisi, dan Divestasi. Ekonisia: Yogyakarta.

Nilam, L.N. 2008. Analisis Perbedaan Tingkat Abnormal Return dan Rasio Keuangan Sebelum dan Sesudah Merger dan Akuisisi. Thesis. Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Diponegoro Semarang.

Pertiwi, K.N.G. 2012. Analisa Earning Management dan Return Pada Perusahaan Merger dan Akuisisi di BEI Tahun 2000-2010. Thesis. Jurusan Akuntansi Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya.

Rahman, M.M., Moniruzzaman, M., & Sharif, M.J. 2012. Techniques, Motives, and Controls of Earnings Management. International Journal of Information Technology and Business Management, 11(1): 22-33.

Raquib, M.A., Musif, M.P.B., & Mohamed, M.B. 2003. Strategic Issues Relating to Corporate Mergers and Acquisitions for Small and Medium Companies-A Thoughtful Analysis from the Viewpoint of Challenges of Changes. Asia Pacific Management Review, 8(1): 99-112.

Saputro, J.A. & Setiawati, L. 2004. Kesempatan Bertumbuh dan Manajemen Laba: Uji Hipotesis Political Cost. Jurnal Riset Akuntansi Indonesia, 7(2): 251-263.

Usadha, I.P.A. & Yasa, G.W. 2008. Analisis Manajemen Laba dan Kinerja Perusahaan Pengakuisisi Sebelum dan Sesudah Merger dab Akuisisi di Bursa Efek Indonesia. Thesis. Fakultas Ekonomi Universitas Udayana Denpasar.

Widyaningdyah, A.U. 2001. Analisis Faktor-faktor yang Berpengaruh terhadap Earnings Management pada Perusahaan Go Public di Indonesia. Jurnal Akuntansi & Keuangan, 3(2): 89-101.

Wiriastari, R. & Mahfud, M.K. 2010. Analisis Dampak Pengumuman Merger dan Akuisisi terhadap Return Saham Perusahan Akuisitor yang Terdaftar di BEI Tahun 2004-2008. Thesis. Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Diponegoro Semarang.

Yudyatmoko, A.N. 2000. Pengaruh Akuisisi terhadap Perubahan Return Saham dan Kinerja Perusahaan. Jurnal dan Prosiding SNA, 794-816.

Zang, A.Y. 2011. Evidence on the Trade-Off between Real Activities Manipulation and Accrual-Based Earnings Management. The Accounting Review, 87(2): 675-703.




DOI: https://doi.org/10.26905/jkdp.v19i1.835

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

Published by University of Merdeka Malang

Mailing Address:
2nd floor Finance and Banking Building, Jl. Terusan Raya Dieng No. 57 Malang, East Java, Indonesia
Phone: +62 813-3180-1534
Email: jkp@unmer.ac.id

This work is licensed under a Creative
Commons Attribution-ShareAlike 4.0