MENGUJI EFEK MERGER TERHADAP KINERJA SAHAM PT BANK SYARIAH INDONESIA TBK
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Rakhmat Hadi Sucipto(1*)
Program Studi Administrasi Bisnis, Fakultas Ekonomi dan Bisnis, Universitas Bina Sarana Informatika, Jakarta
(*) Corresponding Author
Keywords:
Merger, Stock, Bank
Abstract
The objective of this research was to examine the impact of the merger of three national Islamic banks, specifically PT Bank Syariah Mandiri Tbk, PT Bank BRI Syariah Tbk, and PT Bank BNI Syariah on the Indonesia Stock Exchange's stock trading variables such as price, frequency, volume, and value. The research employed a quantitative approach, and a simple sample t-test was used for analysis. The analysis revealed a notable difference in the company's stock price before and after the merger. However, the findings of other tests indicate no significant difference in the frequency of stock trading, share volume, and stock trading value between the pre and post-merger phases of the companies.
Keywords: Merger; Stock; Bank
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References
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Carpenter, M., & Sanders, W. G. (2021). Strategic Management: Concepts and Cases. Pearson Education Limited.
Cherunilam, F. (2017). Business Policy and Strategic Management. HIMALAYA Publishing House.
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Crouhy, M., Galai, D., & Mark, R. (2014). The Essentials of Risk Management, Second Edition. McGraw Hill LLC.
DePamphilis, D. (2018). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions. Elsevier Science.
DST Systems Inc. (2017). Understanding Market Capitalization. Retrieved March 20, 2023, from https://www.fidelity.com/learning-center/trading-investing/fundamental-analysis/understanding-market-capitalization
Fannani, S. I. (2018). Analisis Pengaruh Merger Dan Akuisisi Terhadap Kinerja Perusahaan Go Public Di Bursa Efek Indonesia.
Garcia, E. A. P., Farinella, J., Schuhmann, P., & Badarinathi, R. (2008). STOCK PRICE REACTION TO MERGER AND ACQUISITON ANNOUNCEMENTS IN CANADA. Annals of the International Masters of Business Administration at UNC Wilmington, 1(2).
Gaughan, P. A. (2017). Mergers, Acquisitions, and Corporate Restructurings. Wiley.
Gup, B. E. (1996). The Bank Director’s Handbook The Board Member’s Guide to Banking & Bank Management. Chicago: Irwin Professional Publishing.
Gurendrawati, E. (1997). Studi Empiris Tentang Pengaruh Pemilihan Metode Akuntansi Untuk Merjer dan Akuisasi Terhadap Volume Perdagangan Saham Perusahan Publik di Indonesia. Universitas Gadjah Mada.
Gustina, I. (2017). Analisis Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi pada Perusahaan yang Go Public yang Terdaftar di BEI. Jurnal Akuntansi Dan Keuangan, 6(1).
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Indupurnahayu, I., Nurhayati, I., Endri, E., Marlina, A., Yudhawati, D., & Muniroh, L. (2022). Islamic Bank Merger and Economic Crisis: Event Study Analysis. Quality-Access to Success, 23(187).
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Maulida, R., Misbahuddin, M., & Gafur, A. (2022). Apakah bank syariah indonesia semakin efisien dan stabil setelah merger? INOVASI, 18(1), 1–16.
Maulidiyah, D. N. (2019). Faktor-Faktor Yang Mempengaruhi Frekuensi Perdagangan Saham Perusahaan Indeks Kompas100 Februari–Juli 2017. Unisnu Jepara.
Mintzberg, H., Ghoshal, S., Lampel, J., & Quinn, J. B. (2003). The Strategy Process: Concepts, Contexts, Cases. Pearson Education.
Minzani, N. M., Laba, A. R., & Rahim, F. R. (2021). The Effect of Stock Trading Volume, Abnormal Return, and Bid-Ask Spread Before and After Stock Split Events on Companies on the Indonesia Stock Exchange. Hasanuddin Journal of Applied Business and Entrepreneurship, 4(4), 1–14.
Mitchell, C. (2022). Average Daily Trading Volume (ADTV): Definition, How To Use It. Retrieved March 22, 2023, from
https://www.investopedia.com/terms/a/averagedailytradingvolume.asp
Nasdaq Trader. (2023). Data Fields and Definitions. Retrieved March 22, 2023, from http://www.nasdaqtrader.com/Trader.aspx?id=DailyMarketSummaryDefs
Oktavia, I., & Nugraha, K. G. S. (2018). Faktor-Faktor Yang Mempengaruhi Harga Saham. UNEJ E-Proceeding.
Otok, B. W., & Guritno, S. (2006). Faktor. Faktor Yang Mempengaruhi Volume Perdagangan Saham Menqgunakan Maltivariate A Da Pti Ve Reg Re Ssion^ Sp’ine^ S.
Otoritas Jasa Keuangan. (2016). Salinan Peraturan Otoritas Jasa Keuangan Nomor 74 /POJK.04/2016 tentang Penggabungan Usaha atau Peleburan Usaha Perusahaan Terbuka. Retrieved March 11, 2023, from
https://peraturan.bpk.go.id/Home/Download/134957/POJK Nomor 74 Tahun 2016.pdf
Park, M. (2023). What is Volume of Trade? Retrieved March 20, 2023, from https://corporatefinanceinstitute.com/resources/capital-markets/volume-of-trade/
Price, M. (2021). What Is Average Daily Trading Volume? Retrieved March 22, 2023, from https://www.thebalancemoney.com/what-is-average-daily-trading-volume-5207510
Proctor, C. (2022). What is stock? Learn the Basics of Investing in a Public Company. Retrieved March 18, 2023, from https://www.businessinsider.com/personal-finance/what-is-stock
PT Bank Syariah Indonesia Tbk. (2021). Sejarah Perseroan. Retrieved January 1, 2023, from https://ir.bankbsi.co.id/corporate_history.html
Putri, O. A., & Hariyanti, S. (2022). Analisis strategi merger, akuisisi, serta kinerja bank di Eropa. Jurnal Penelitian Mahasiswa Ilmu Sosial, Ekonomi, Dan Bisnis Islam (SOSEBI), 2(2), 182–201.
Raharjo, D., & Muid, D. (2013). Analisis Pengaruh Faktor-Faktor Fundamental Rasio Keuangan Terhadap Perubahan Harga Saham. Diponegoro Journal of Accounting, 444–454.
Rahman, Z., Ali, A., & Jebran, K. (2018). The effects of Mergers and Acquisitions on Stock Price Behavior in Banking Sector of Pakistan. The Journal of Finance and Data Science, 4(1), 44–54.
Schmidt, J. (2023). Merger. Retrieved March 8, 2023, from https://corporatefinanceinstitute.com/resources/valuation/merger/
Schwab, C. (2023). What are Stocks? Retrieved March 14, 2023, from https://www.schwab.com/stocks/understand-stocks
Skowronski, J. (2023). What is a Merger? Definition, Types, and Examples. Retrieved March 7, 2023, from https://www.theforage.com/blog/skills/merger
Sucipto, R. H. (2022). Komparasi Kinerja Keuangan PT Bank Syariah Indonesia Tbk Sebelum dan Sesudah Merger. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 9(2), 136–155. https://doi.org/10.19105/iqtishadia.v9i2.6359
Sugiyono. (2019). Metode Penelitian Kuantitatif. Bandung: Alfabeta.
Sustrianah, S. (2020). Pengaruh Volume Perdagangan Saham dan Ukuran Perusahaan terhadap Return Saham Perusahaan yang Terdaftar pada Indeks LQ45. JEM Jurnal Ekonomi Dan Manajemen, 6(1), 48–59.
The Economic Times. (2023). What is “Stocks.” Retrieved March 19, 2023, from https://economictimes.indiatimes.com/definition/Stocks
The Global Economy. (2023). Stock Market Value Traded. Retrieved March 22, 2023, from https://www.theglobaleconomy.com/rankings/value_traded/
Trading Economics. (2023). Stocks Traded, Total Value. Retrieved March 22, 2023, from https://tradingeconomics.com/united-states/stocks-traded-total-value-us-dollar-wb-data.html
US Securities and Exchange Commision. (2023). Stocks. Retrieved March 19, 2023, from https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks
Voigt, K., & O’Shea, A. (2023). What Is Stock? Retrieved March 19, 2023, from https://www.nerdwallet.com/article/investing/what-is-a-stock
Wardana, L. K., & Nurita, C. D. (2022). Analisis Komparasi Kinerja Keuangan PT Bank Syariah Indonesia Sebelum dan Setelah Merger. Dalam Jurnal Jati: Jurnal Akuntansi Terapan Indonesia, 1(1).
Wijayanto, A. (2016). Pengaruh Frekuensi Perdagangan Saham, Volume Perdagangan Saham, Kapitalisasi Pasar dan Jumlah Hari Perdagangan terhadap Return Saham (Studi pada Saham Perusahaan Dagang Eceran yang Terdaftar dalam Indeks Saham Syariah Indonesia Sebelum Sampai Sesudah Bul. Management Analysis Journal, 5(1).
Yusra, M. (2019). Pengaruh Frekuensi Perdagangan, Trading Volume, Nilai Kapitalisasi Pasar, Harga Saham, Dan Trading Day Terhadap Return Saham Pada Perusahaan Kosmetik Dan Keperluan Rumah Tangga Di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 7(1), 65–74.
Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120.
Ansoff, H. I., Kipley, D., Lewis, A. O., Helm-Stevens, R., & Ansoff, R. (2018). Implanting Strategic Management. Springer International Publishing.
Banks, E. (2016). Dictionary of Finance, Investment and Banking. Palgrave Macmillan UK.
Barney, J. B., & Hesterly, W. S. (2018). Strategic Management and Competitive Advantage: Concepts and Cases. Pearson.
Becerra, M. (2009). Theory of the Firm for Strategic Management: Economic Value Analysis. Cambridge University Press.
Berger, A. N., Molyneux, P., & Wilson, J. O. S. (2018). The Oxford Handbook of Banking. OUP Oxford.
Carpenter, M., & Sanders, W. G. (2021). Strategic Management: Concepts and Cases. Pearson Education Limited.
Cherunilam, F. (2017). Business Policy and Strategic Management. HIMALAYA Publishing House.
Chopra, P. A. (2022). Impact of Mergers and Acquisitions on Stock Prices. Retrieved March 3, 2023, from https://www.mastertrust.co.in/Blog/impact-of-mergers-and-acquisitions-on-stock-prices
Crouhy, M., Galai, D., & Mark, R. (2014). The Essentials of Risk Management, Second Edition. McGraw Hill LLC.
DePamphilis, D. (2018). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions. Elsevier Science.
DST Systems Inc. (2017). Understanding Market Capitalization. Retrieved March 20, 2023, from https://www.fidelity.com/learning-center/trading-investing/fundamental-analysis/understanding-market-capitalization
Fannani, S. I. (2018). Analisis Pengaruh Merger Dan Akuisisi Terhadap Kinerja Perusahaan Go Public Di Bursa Efek Indonesia.
Garcia, E. A. P., Farinella, J., Schuhmann, P., & Badarinathi, R. (2008). STOCK PRICE REACTION TO MERGER AND ACQUISITON ANNOUNCEMENTS IN CANADA. Annals of the International Masters of Business Administration at UNC Wilmington, 1(2).
Gaughan, P. A. (2017). Mergers, Acquisitions, and Corporate Restructurings. Wiley.
Gup, B. E. (1996). The Bank Director’s Handbook The Board Member’s Guide to Banking & Bank Management. Chicago: Irwin Professional Publishing.
Gurendrawati, E. (1997). Studi Empiris Tentang Pengaruh Pemilihan Metode Akuntansi Untuk Merjer dan Akuisasi Terhadap Volume Perdagangan Saham Perusahan Publik di Indonesia. Universitas Gadjah Mada.
Gustina, I. (2017). Analisis Kinerja Keuangan Sebelum dan Sesudah Merger dan Akuisisi pada Perusahaan yang Go Public yang Terdaftar di BEI. Jurnal Akuntansi Dan Keuangan, 6(1).
Haryanto, A. (2021). Strategi Merger dan Akuisisi serta Kelebihan dan Kekurangannya. Retrieved March 2, 2023, from https://www.jojonomic.com/blog/strategi-merger-dan-akuisisi/
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic Management: Competitiveness & Globalization: Concepts and Cases (Twelfth Ed). Boston: Cengage Learning.
Indupurnahayu, I., Nurhayati, I., Endri, E., Marlina, A., Yudhawati, D., & Muniroh, L. (2022). Islamic Bank Merger and Economic Crisis: Event Study Analysis. Quality-Access to Success, 23(187).
Jones, M. (2023). Trading Volume: What It Is & How It Affects Stocks. Retrieved March 20, 2023, from https://seekingalpha.com/article/4437223-what-does-volume-mean-stocks
Lawrence J. Gitman, & Zutter, C. J. (2012). Principles of Managerial Finance (Thirteenth). Boston: Pearson Learning Solutions.
Loo, A. (2023). Average Daily Trading Volume (ADTV). Retrieved March 22, 2023, from https://corporatefinanceinstitute.com/resources/equities/average-daily-trading-volume-adtv/
Maulana, A. (2022). Analisis pengaruh merger dan akuisisi terhadap return saham dan volume perdagangan saham pada perusahaan yang terdaftar di BEI 2016-2020. Universitas Negeri Malang.
Maulida, R., Misbahuddin, M., & Gafur, A. (2022). Apakah bank syariah indonesia semakin efisien dan stabil setelah merger? INOVASI, 18(1), 1–16.
Maulidiyah, D. N. (2019). Faktor-Faktor Yang Mempengaruhi Frekuensi Perdagangan Saham Perusahaan Indeks Kompas100 Februari–Juli 2017. Unisnu Jepara.
Mintzberg, H., Ghoshal, S., Lampel, J., & Quinn, J. B. (2003). The Strategy Process: Concepts, Contexts, Cases. Pearson Education.
Minzani, N. M., Laba, A. R., & Rahim, F. R. (2021). The Effect of Stock Trading Volume, Abnormal Return, and Bid-Ask Spread Before and After Stock Split Events on Companies on the Indonesia Stock Exchange. Hasanuddin Journal of Applied Business and Entrepreneurship, 4(4), 1–14.
Mitchell, C. (2022). Average Daily Trading Volume (ADTV): Definition, How To Use It. Retrieved March 22, 2023, from
https://www.investopedia.com/terms/a/averagedailytradingvolume.asp
Nasdaq Trader. (2023). Data Fields and Definitions. Retrieved March 22, 2023, from http://www.nasdaqtrader.com/Trader.aspx?id=DailyMarketSummaryDefs
Oktavia, I., & Nugraha, K. G. S. (2018). Faktor-Faktor Yang Mempengaruhi Harga Saham. UNEJ E-Proceeding.
Otok, B. W., & Guritno, S. (2006). Faktor. Faktor Yang Mempengaruhi Volume Perdagangan Saham Menqgunakan Maltivariate A Da Pti Ve Reg Re Ssion^ Sp’ine^ S.
Otoritas Jasa Keuangan. (2016). Salinan Peraturan Otoritas Jasa Keuangan Nomor 74 /POJK.04/2016 tentang Penggabungan Usaha atau Peleburan Usaha Perusahaan Terbuka. Retrieved March 11, 2023, from
https://peraturan.bpk.go.id/Home/Download/134957/POJK Nomor 74 Tahun 2016.pdf
Park, M. (2023). What is Volume of Trade? Retrieved March 20, 2023, from https://corporatefinanceinstitute.com/resources/capital-markets/volume-of-trade/
Price, M. (2021). What Is Average Daily Trading Volume? Retrieved March 22, 2023, from https://www.thebalancemoney.com/what-is-average-daily-trading-volume-5207510
Proctor, C. (2022). What is stock? Learn the Basics of Investing in a Public Company. Retrieved March 18, 2023, from https://www.businessinsider.com/personal-finance/what-is-stock
PT Bank Syariah Indonesia Tbk. (2021). Sejarah Perseroan. Retrieved January 1, 2023, from https://ir.bankbsi.co.id/corporate_history.html
Putri, O. A., & Hariyanti, S. (2022). Analisis strategi merger, akuisisi, serta kinerja bank di Eropa. Jurnal Penelitian Mahasiswa Ilmu Sosial, Ekonomi, Dan Bisnis Islam (SOSEBI), 2(2), 182–201.
Raharjo, D., & Muid, D. (2013). Analisis Pengaruh Faktor-Faktor Fundamental Rasio Keuangan Terhadap Perubahan Harga Saham. Diponegoro Journal of Accounting, 444–454.
Rahman, Z., Ali, A., & Jebran, K. (2018). The effects of Mergers and Acquisitions on Stock Price Behavior in Banking Sector of Pakistan. The Journal of Finance and Data Science, 4(1), 44–54.
Schmidt, J. (2023). Merger. Retrieved March 8, 2023, from https://corporatefinanceinstitute.com/resources/valuation/merger/
Schwab, C. (2023). What are Stocks? Retrieved March 14, 2023, from https://www.schwab.com/stocks/understand-stocks
Skowronski, J. (2023). What is a Merger? Definition, Types, and Examples. Retrieved March 7, 2023, from https://www.theforage.com/blog/skills/merger
Sucipto, R. H. (2022). Komparasi Kinerja Keuangan PT Bank Syariah Indonesia Tbk Sebelum dan Sesudah Merger. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 9(2), 136–155. https://doi.org/10.19105/iqtishadia.v9i2.6359
Sugiyono. (2019). Metode Penelitian Kuantitatif. Bandung: Alfabeta.
Sustrianah, S. (2020). Pengaruh Volume Perdagangan Saham dan Ukuran Perusahaan terhadap Return Saham Perusahaan yang Terdaftar pada Indeks LQ45. JEM Jurnal Ekonomi Dan Manajemen, 6(1), 48–59.
The Economic Times. (2023). What is “Stocks.” Retrieved March 19, 2023, from https://economictimes.indiatimes.com/definition/Stocks
The Global Economy. (2023). Stock Market Value Traded. Retrieved March 22, 2023, from https://www.theglobaleconomy.com/rankings/value_traded/
Trading Economics. (2023). Stocks Traded, Total Value. Retrieved March 22, 2023, from https://tradingeconomics.com/united-states/stocks-traded-total-value-us-dollar-wb-data.html
US Securities and Exchange Commision. (2023). Stocks. Retrieved March 19, 2023, from https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks
Voigt, K., & O’Shea, A. (2023). What Is Stock? Retrieved March 19, 2023, from https://www.nerdwallet.com/article/investing/what-is-a-stock
Wardana, L. K., & Nurita, C. D. (2022). Analisis Komparasi Kinerja Keuangan PT Bank Syariah Indonesia Sebelum dan Setelah Merger. Dalam Jurnal Jati: Jurnal Akuntansi Terapan Indonesia, 1(1).
Wijayanto, A. (2016). Pengaruh Frekuensi Perdagangan Saham, Volume Perdagangan Saham, Kapitalisasi Pasar dan Jumlah Hari Perdagangan terhadap Return Saham (Studi pada Saham Perusahaan Dagang Eceran yang Terdaftar dalam Indeks Saham Syariah Indonesia Sebelum Sampai Sesudah Bul. Management Analysis Journal, 5(1).
Yusra, M. (2019). Pengaruh Frekuensi Perdagangan, Trading Volume, Nilai Kapitalisasi Pasar, Harga Saham, Dan Trading Day Terhadap Return Saham Pada Perusahaan Kosmetik Dan Keperluan Rumah Tangga Di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 7(1), 65–74.
Published
2023-07-01
How to Cite
Sucipto, R. (2023). MENGUJI EFEK MERGER TERHADAP KINERJA SAHAM PT BANK SYARIAH INDONESIA TBK. Journal of Management : Small and Medium Enterprises (SMEs), 16(2), 337-350. https://doi.org/10.35508/jom.v16i2.10398
Section
Articles
