Size Discount: Bukti Empiris dari Akuisisi di Indonesia  

Oleh:

Suherman ; Azhari, Mirza ; Ahmad, Gatot N.

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Ekuitas: Jurnal Ekonomi dan Keuangan vol. 18 no. 3 (Sep. 2014), page 350–364.
Topik: acquisitions; firm size; firm value; agency cost; diversification; growth
Fulltext: 350–364_her.pdf (275.5KB)

Isi artikel

One of the corporate actions often carried out by the company is acquisition. The purpose of the acquisition is to enhance thefirm value. However, empirical findings in developed capital markets such as the United States show that the acquisition lowers the value of the company (which is called as size discount) (Offenberg, 2010; Offenberg, et al., forthcoming). The purposes of this study are 1)to examine the effect of firm size on firm value in the context of acquisitions in developing capital market, particularly in Indonesia, and 2)to investigate whether the agency cost, level of diversification and growth opportunities moderate the relation between firm size and firm value. Sample of this research covers 35 acquiring-companieslisted on Indonesia Stock Exchange between 2008 and 2012. Firm value is measured with Tobin’s Q, firm size is measured with sales, agency cost is measured with cummulative abnormal returns, diversification is measured with business segments, and growth opportunity is measured with price to earning ratio (PER). Using unbalanced panel data (46 observations/46 acquisitions) and controlling for profitability, leverage and liquidity, the result shows that firm size significantly affects the firm value. In addition, agency cost, diversification and growth significantly moderate the relation between firm size and firm value.

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