Peranan Corporate Strategy dalam Kesuksesan-kegagalan Merger & Akuisisi: suatu Telaah Literatur

Most empirical studies and literature reviews documented that the final results of the wave of mergers and acquisitions in the United States, Canada, and European countries during the decade of 1980s, 1990s and 2000s were always dissatisfactory. In fact, the extent of the failure is higher than the success.However, a comprehensive investigation on the factors motivating the rise of mergers and acquisitions and the causes for success and failure is still rare. This paper reviews the contribution of corporate strategy in success and failure of mergers and acquisitions during three decades. Specifically, this paper reviews literatures with respect to the motives of corporate mergers and acquisitions actions and the trigger factors of their failures. The result of the literature review shows that corporate strategy has a significant contribution to the extent of the success and failure of corporate mergers and acquisitions. The review finds that trigger factors of mergers and acquisitions failure are the ambiguous communications and cross-cultural gaps, inappropriate and insufficient integration and transformation of new corporate culture, incompatible leadership style accustomed with a new corporate climate, inappropriate corporate planning and internal consolidation, inappropriate anatomy of organizational internal factors, and erroneousness in choosing the partners and the timing of mergers and acquisitions. To ensure the successful and sustainability of corporatemergers and acquisitions, therefore, top management and task force of mergers and acquisitions need to accurately consider those internal and external organization factors

Mengapresiasi Keberanian KPK

tidak ad

PERANAN CORPORATE STRATEGY DALAM KESUKSESAN-KEGAGALAN MERGER & AKUISISI: SUATU TELAAH LITERATUR

Most empirical studies and literature reviews documented that the final results of the wave of mergers and acquisitions in the United States, Canada, and European countries during the decade of 1980s, 1990s and 2000s were always dissatisfactory. In fact, the extent of the failure is higher than the success.However, a comprehensive investigation on the factors motivating the rise of mergers and acquisitions and the causes for success and failure is still rare. This paper reviews the contribution of corporate strategy in success and failure of mergers and acquisitions during three decades. Specifically, this paper reviews literatures with respect to the motives of corporate mergers and acquisitions actions and the trigger factors of their failures. The result of the literature review shows that corporate strategy has a significant contribution to the extent of the success and failure of corporate mergers and acquisitions. The review finds that trigger factors of mergers and acquisitions failure are the ambiguous communications and cross-cultural gaps, inappropriate and insufficient integration and transformation of new corporate culture, incompatible leadership style accustomed with a new corporate climate, inappropriate corporate planning and internal consolidation, inappropriate anatomy of organizational internal factors, and erroneousness in choosing the partners and the timing of mergers and acquisitions. To ensure the successful and sustainability of corporatemergers and acquisitions, therefore, top management and task force of mergers and acquisitions need to accurately consider those internal and external organization factors.Keywords: merger and acquisition, corporate strategy, cross-cultural, financing and operatingsinergy, stockholder wealth

Turnitin_Implementation of University Social Responsibility as a Corporate Social Responsibility Catalyst in SMEs

One of the Corporate Social Responsibility (CSR) models implemented by large companies is the development and assitance of micro, small, and medium enterprises. The aim of CSR increase the economic potential of the community and supporting the sustainability of this earth through sustainable business practices. Universities should be partners of companies and community who can harmonize the needs of SMEs and CSR programs.Higher education institutions have competencies to examine the develoment need of SMEs, through detailed research and surveys of the needs of SMEs. The results of the research conducted can be use for companies that provide CSR so that the CSR program is on target. Therole of universities is referred as Universities Social Responsibility which will be able to become CSR catalyst for SMEs. This research was conducted using a sample of Indonesian Lasem batik craftsmen. CSR companies and university officials involved. Research will be conducted to find the right path in realizing the role of universities as catalyst for CSR in SMEs. Data analysis was conducted with qualitative methods with detailed descriptions of the role of the catalyst. The result showed that the role of higher education as a real catalyst is needed by CSR companies and SMEs communities to translate the real needs of business assistance in terms of marketing, production development, financial management, capital and business development

Analisis Relevansi Nilai Informasi Akuntansi Sebelum dan Sesudah Konversi SAK-IFRS (Studi Empiris Pada Emitem Perbankan Yang Tercatat Di Bursa Efek Indonesia)

Abstract This study aims to examine the effect of IFRS implementation on the value relevance of accounting information with elements of financial statements based on SAK-IFRS namely Assets, Liabilities, Book Value Equity, Income, Costs and Profit. The population of this study is a banking company listed on the Indonesia Stock Exchange in 2008-2015. The sampling technique used in this study is purposive sampling method, which is the sampling conducted by the author through consideration and based on certain criteria. The analytical tool used is Multiple Linear Regersion. The results showed that the relevance of the value of accounting information (elements of financial statements) for the stock market before and after the conversion of IFRS-SAK increased from time to time after the year SAK-IFRS was enacted. The relevance of the value of accounting information after the conversion of IFRS-SAK is higher than before the conversion of IFRS. There is a significant difference between the relevance of the value of accounting information for the stock market after the conversion of SAK-IFRS compared to before the conversion of SAK-IFRS. Keywords: SAK-IFRS conversion, value of accounting information relevance, stock return, z-test cramer. Abstrak Penelitian ini bertujuan untuk menguji pengaruh penerapan IFRS terhadap relevansi nilai informasi akuntansi dengan elemen – elemen laporan keuangan yang berbasis pada SAK-IFRS yaitu Aset, Liabilitas, Nilai Buku Ekuitas, Pendapatan, Biaya, dan Laba. Populasi dari penelitian ini yaitu Perusahaan perbankan yang tercatat di Bursa Efek Indonesia pada Tahun 2008-2015. Teknik pengambilan sampel yang digunakan dalam penelitian ini adalah metode purposive sampling, yaitu pengambilan sampel yang dilakukan penulis melalui pertimbangan dan dengan berdasarkan kriteria tertentu. Alat analisis yang digunakan adalah Regersi Linier Berganda. Hasil penelitian menunjukkan bahwa Relevansi nilai informasi akuntansi (elemen-elemen laporan keuangan) untuk pasar saham sebelum dan sesudah konversi SAK-IFRS meningkat dari waktu ke waktu setelah tahun diberlakukannya SAK-IFRS. Relevansi nilai informasi akuntansi periode sesudah konversi SAK-IFRS lebih tinggi dibandingkan dengan sebelum konversi SAK-IFRS. Terdapat perbedaan yang signifikan antara relevansi nilai informasi akuntansi untuk pasar saham sesudah konversi SAK-IFRS dibandingkan sebelum konversi SAK-IFRS. Kata kunci: konversi SAK-IFRS, relevansi nilai informasi akuntansi, return saham, z-test cramer

Faktor-Faktor Yang Mempengaruhi Kinerja Harga Saham Dengan CSR Sebagai Variabel Pemoderasi

This study analyzes the effect of financial performance and firm value on stock price performance with corporate social responsibility (CSR) performance as a moderating variable. This research is important because before investing investors will do the valuation in advance, this is in line with the theory of valuation which states that the valuation is done on assets invested, where the assets invested can be in the form of real assets and financial assets (Manurung, 2011). Financial assets in this case are stocks. Assessment of stock price movements in a stock exchange is influenced by several factors, both internal and external factors (Lako, 2004). The main focus in this research is on internal factors of company especially financial performance (QR, DAR, ROA, and TATO), and firm value (PBV). Stock price performance is proxied with stock return and CSR performance is proxied with CSR cost ratio. By using sample of manufacturing company listed in Indonesia Stock Exchange (IDX) during 2010-2015, this research obtained result indicate that (1) TATO and ROA have a significant positive effect to stock return, (2) DAR and QR have positive and not significant On stock returns, (3) the value of companies proxied by PBV has a negative and insignificant effect on stock returns. While the influence of CSR performance as a moderating variable can only moderate the TATO relationship to stock returns. Abstrak Penelitian ini menganalisis pengaruh kinerja keuangan dan nilai perusahaan terhadap kinerja harga saham dengan kinerja corporate social responsibility (CSR) sebagai variabel pemoderasi. Penelitian ini penting dilakukan karena sebelum berinvestasi investor akan melakukan valuasi terlebih dahulu,hal ini sejalan dengan teori valuasi yang menyatakan bahwa valuasi dilakukan atas asset yang diinvestasikan, dimana aset yang diinvestasikan bisa berupa aset riil dan aset finansial (Manurung,2011). Aset finansial dalam hal ini adalah saham.Penilaian pergerakan harga saham di suatu bursa efek dipengaruhi oleh beberapa faktor, baik faktor internal maupun eksternal (Lako, 2004). Fokus utama dalam penelitian ini adalah pada faktor internal perusahaan khususnya kinerja keuangan (QR, DAR, ROA, dan TATO), dan nilai perusahaan (PBV). Kinerja harga saham diproksikan dengan return saham dan kinerja CSR diproksikan dengan rasio biaya CSR. Dengan menggunakan sampel perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama 2010-2015, penelitian ini memperoleh hasil yang menunjukkan bahwa (1) TATO dan ROA berpengaruh signifikan positif terhadap return saham, (2) DAR dan QR berpengaruh positif dan tidak signifikan terhadap return saham, (3) nilai perusahaan yang diproksikan dengan PBV berpengaruh negatif dan tidak signifikan terhadap return saham. Sedangkan pengaruh kinerja CSR sebagai variabel pemoderasi hanya mampu memoderasi hubungan TATO terhadap return saha

(Hasil Similarity) The Effect Of Existential Intelligence, Personality, and Self Determined Motivation On Pro-Environmental Behavior : A Theory-Of-Planned-Behavior-Based-Examination

This study aims to analyze the effect of existential intelligence, personality, and self-determined motivation on pro-environmental behavior of students at Adiwiyata schools, also analyzes the variables of a theory of planned behavior (TPB) as the intervening variables. The novelty describes a new idea of predicting pro-environmental behavior, especially among high school students, by integrated analysis of existential intelligence, self-determination motivation and personality, and mediation of planned behavior, which is rarely used. 886 respondents consisted of Adiwiyata high schools students in Semarang City who participated in March-April 2021. The data was analyzed using AMOS-SEM, and the results show that existential intelligence and self-determined motivation positively affect pro-environmental behavior. Meanwhile, the personality of extroverted intuitive thinking judging (ENTJ), extroverted intuitive feeling perceiving (ENFP), extroverted sensing feeling perceiving (ESFP), introverted sensing thinking judging (ISTJ), an introverted intuitive feeling perceiving (INFP) type also has a positive effect on the proenvironmental behavior. Further, attitude, subjective norm (SN), and perceived behavioral control have a significant positive effect in mediating the existential intelligence, self-determined motivation, and personality of ENFP, ESFP, ISTJ, and INFP on the pro-environmental behavior. Meanwhile, the SN does not have a significant effect in mediating the ENTJ personality. In addition, the intention has a significant positive effect in mediating the existential intelligence, self-determined motivation, and personality of ENTJ, ENFP, ESFP, ISTJ, and INFP type on the pro-environmental behavio

EXISTENTIAL INTELLIGENCE AND PRO-ENVIRONMENTAL BEHAVIOR OF STUDENTS IN ADIWIYATA AND NON-ADIWIYATA SCHOOLS: ARE THEY DIFFERENT?

This study aims to analyze differences in existential intelligence and pro-environmental behavior of students in Adiwiyata and non-Adiwiyata schools. The article describes a new idea of predicting pro-environmental behavior based on existential intelligence among high school students at Adiwiyata and non-Adiwiyata schools. This idea allows us to determine the differences in pro-environmental behavior between adiwiyata and non-adiwiyata schools. A total of 1,539 respondents participated in April-June 2021, consisting of students of Adiwiyata and non-Adiwiyata high schools in Semarang. The data were analyzed using Mann Withney Statistic Non-Parametric method. The new method effectiveness evaluation is confirmed by the calculation hypothesis testing using non-parametric statistics with the Mann-Whitney test. If significance (Sig.) 0.05, then the hypothesis is not supported empirically. The results show that the existential intelligence of students in Adiwiyata schools is higher than the ones in non-Adiwiyata schools. Further, the pro-environmental behavior of students in Adiwiyata schools is also higher than the ones in non-Adiwiyata schools, confirming the differences in pro-environmental behavior of Adiwiyata and non-Adiwiyata schools through existential intelligence contribute to scientific novelty in this study. Increasing pro environmental behavior can be done by increasing existential intelligence