Reaksi Pasar Dan Kinerja Keuangan Atas Aksi Korporasi Berupa Konsolidasi Perusahaan Perbankan Syariah Di Indonesia

Reza Ardian Putra Dewantara; Amrie Firmansyah

doi:10.54957/jurnalku.v2i1.160

Penulis

Reza Ardian Putra Dewantara Politeknik Keuangan Negara STAN
Amrie Firmansyah Politeknik Keuangan Negara STAN

DOI:

https://doi.org/10.54957/jurnalku.v2i1.160

Kata Kunci:

Aksi korporasi, Kinerja operasi, Kinerja pasar, Kombinasi bisnis

Abstrak

The announcement of corporate action is information that can impact the market and the performance of a company. Consolidation by several companies to merge into one new company can be used as a signal for investors as an event that affects investors in making investment decisions in the capital market. This study aims to review market reactions and financial performance on corporate actions in the consolidation of Islamic banking companies in Indonesia. The method used in this study is quantitative with a descriptive statistical approach. The data used in this study is data on the financial statements of 3 Islamic banks before consolidation (fourth quarter of 2020) and after consolidation (2021). This study's market reaction measures are abnormal returns and sales volume activity, while financial performance is measured by ratio analysis. The period in measuring market reaction is 11 days, 5 days before the event, 1 day during the event and 5 days after the event. The results show significant differences in abnormal returns and sales volume activities. In addition, this study also finds an increase in the company's financial performance after consolidation.

Pengumuman aksi korporasi merupakan sebuah informasi yang dapat berdampak pada pasar dan kinerja sebuah perusahaan. Konsolidasi yang dilakukan beberapa perusahaan untuk bergabung menjadi satu perusahaan baru dapat digunakan sebagai sinyal bagi investor sebagai sebuah peristiwa yang mempengaruhi investor dalam pengambilan keputusan investasi di pasar modal. Penelitian ini bertujuan untuk mengulas reaksi pasar dan kinerja keuangan atas aksi korporasi berupa konsolidasi perusahaan perbankan syariah di Indonesia. Metode yang digunakan dalam penelitian ini menggunakan adalah kuantitatif dengan pendekatan statistik deskriptif. Data yang digunakan dalam penelitian ini adalah data laporan keuangan 3 bank syariah sebelum dilakukan konsolidasi (kuartal IV 2020) dan setelah konsolidasi (2021). Ukuran reaksi pasar yang digunakan dalam penelitian ini adalah adalah pengembalian abnormal dan aktivitas volume penjualan, sedangkan kinerja keuangan diukur dengan analisis rasio. Periode dalam mengukur reaksi pasar adalah 11 hari dimana 5 hari sebelum kejadian, 1 hari saat kejadian dan 5 hari setelah kejadian. Hasil penelitian menunjukkan bahwa terdapat perbedaan signifikan pada tingkat pengembalian abnormal dan aktivitas volume penjualan. Selain itu, penelitian ini juga menemukan bahwa terjadi peningkatan kinerja keuangan perusahaan setelah dilakukan konsolidasi.

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