Kinerja Takeover di Indonesia pada Periode 2009-2011

Leondolimar, Rismon (0955002) (2013) Kinerja Takeover di Indonesia pada Periode 2009-2011. Undergraduate thesis, Universitas Kristen Maranatha.

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Abstract

This research aims to investigate whether the assumption and prediction of neoclassical hypothesis, that managers maximize shareholder’s wealth, takeovers create value and capital market is efficient, holds on takeovers in Indonesia during 2009-2001 from bidders’ shareholders’ point of view. Therefore, at first, the bidder’s abnormal return is expected to be significantly higher than zero at the 5% significance level. This research uses event study methodology and the sample consists of 55 transactions of corporate actions associated with takeovers carried out during 2009-2011 by bidders listed on Indonesia Stock Exchange. These are transactions recorded by Bapepam-LK. The event window is expanded to 7 days, 3 days before the announcement, the day of the announcement and 3 days after the announcement. The market model parameters are estimated over the 120 days prior to the event window. It is concluded that bidder’s abnormal return from takeover activity is not higher than zero. The average cumulative abnormal return is 2,51% and not statistically significant. Four out of 55 transactions have positive cumulated abnormal return that is statistically significant. There are also positive average abnormal returns on two days and one day before the announcement day. The presence of average abnormal returns on the days surrounding the announcement day indicates that the capital market in Indonesia is semi-strong form efficient.

Item Type: Thesis (Undergraduate)
Uncontrolled Keywords: takeover, mergers, acquisitions, abnormal return, event study
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: Faculty of Economics > 55 Management Department (Night Classes)
Depositing User: Perpustakaan Maranatha
Date Deposited: 16 Nov 2015 09:31
Last Modified: 16 Nov 2015 09:31
URI: http://repository.maranatha.edu/id/eprint/17164

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