DAFTAR PUSTAKA
Breams, Floyd A, Yusuf, Amir A, 1998, Akuntansi Keuangan Lanjutan di Indonesia, Buku Satu, Salemba Empat, Jakarta. Bringham, Eugene F and Erhrhardt C Micheal, 2002, Financial Management Theory and Practice, Tenth Edition, Harcourd College Publishers, New York. Djarwanto Ps, Pangestu Subagjo, 1998, Statistik Induktif, Edisi 4, BPFE, Yogyakarta. Foster, G, 1986, Findneral Statement Analysis, Second Edition Prentice-Hall, Englewood Cliffts, New Jersey. Guredrawati, Etty dan Bambang Sudibyo, 1999, Studi Empiris Tentang Pengaruh Pemilihan Metode Akuntansi Untuk Merger dan Akuisisi Terhadap Volume Perdagangan Saham Perusahaan Publik di Indonesia, Vol 2. No.2. Husnan, Suad, 1999, Dasar-dasar Teori Portofolio Analisis Sekuritas, UPP-AMP YKPN, Yogyakarta. Ikatan Akuntan Indonesia, 2002, Pernyataan Standar Akuntansi Keuangan No. 22 Tentang Akuntansi Penggabungan Usaha, Salemba Empat, Jakarta. Jogyanto, 1998, Teori Portofolio dan Analisis Investasi, BPFE, Yogyakarta. Moin, Abdul, 2003, Merger, Akuisisi dan Divestasi, Ekonisia, Yogyakarta. Mortensen, Roger, 1994, Accounting for Business Combination in the Global Economy, Journal of Accounting Education, Vol. 12. No.1. Payamta dan Doddy Setyawan, 2004, Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia, Jurnal Riset Akuntansi Indonesia, Vol. 7. No. 3. Sartono, Agus, 1996, Managemen Keuangan, Edisi Ketiga, BPFE, Yogyakarta. Sunariyah, 2004, Pengantar Pasar Modal, UPP AMP YKPN, Yogyakarta. Wibowo, Amin, dan Yulita Milla Pakereng, 2001, Pengaruh Pengumuman Merger dan Akuisisi Terhadap Return Saham Perusahaan Akuisitor dan Non Akuisitor dalam Sektor Industri yang sama di Bursa Efek Jakarta, Jurnal Ekonomi dan Bisnis, Vol. 16. No.4.
DAFTAR PERUSAHAAN GO PUBLIK YANG MELAKUKAN MERGER DAN AKUISISI TAHUN 2000-2005 No
Kode
Perusahaan Pengakuisisi
Perusahaan Target
Tanggal Listing
Tgl Merger dan Akuisisi
Klasifika
1
BDMN
PT. Bank Danamon
PT. Bank PDFCI
12/08/1989
01/05/2000
M
2
DYNA
PT. Dynaplast
PT. Sampak Unggul
08/05/1991
01/05/2000
A
3
ETWA
PT. Eterindo Wahanatama
PT. Eternal Petrochemical
16/5/1997
25/1/2000
A
4
DYNA
PT. Dynaplast
PT. Berlin Prospek Co
08/05/1991
25/1/2000
A
5
MEDC
PT. Medco Energi Internasional
PT. Western Simenggalis
10/12/1994
26/1/2000
A
6
GGRM
PT. Gudang Garam
PT. Industri Soda
27/8/1990
28/1/2000
A
7
BHIT
PT. Bhakti Investama
PT. Bentoel Prima
24/11/1997
02/07/2000
A
8
ISAT
PT. Indosat
PT. Satelindo
19/10/1994
23/2/2000
A
9
ETWA
PT. Eterindo Wahanatama
PT. Surya Melindo Megatama
16/5/1997
27/3/2000
A
10
ASII
PT. Astra Internasional
Cyele dan Parriage Limited
04/04/1990
04/07/2000
A
11
BPMN
PT. Bank Danamon
Bank Jaya, Bank Tiara, Bank Pos, Bank Tamara
12/06/1989
17/4/2000
M
12
KLBF
PT. Kalbe Farma
PT. Erbhpharma Internasional
13
SMGR
PT. Semen Gresik
PT. Bintang Cement Mandiri
14
DSFI
PT. Dharma Samudra Finishing Industri
PT. Tirta Arta Mina
15
TLKM
PT. Telkom
PT. Dayamitra Telekomunikasi
16
TURI
PT. Tunas Ridean
PT. Tunas Mobilindo
17
BASS
PT. Bahtera Admina Samudera
PT. Intelegalaxy Delta Fisheries
18
TURI
PT. Tunas Ridean
PT. Jardine Internasional Motor
19
PADS
PT. Bahtera Admina Sejahtera
PT. Megah Galaxy
20
BLTA
PT. Berlian Laju Tanker
PT. Citra Pesona
01/10/1998
16/1/2002
A
21
BNLI
PT. Bank Bali
PT. Bank Universial, PT, Bank Artha Media,
15/1/1990
22/4/2000
M
22
HMSP
PT. Hanjaya Mandala Sampurna
PT. Prima Karya Utama Graha
15/8/1990
29/5/2002
A
23
PBRX
PT. Pan Brother Textile
PT. Kanwell Indonesia
16/8/1990
15/12/2002
A
24
CPLN
PT. Charoen Pokphand Indonesia
PT. Megah Bahyangan dan PT. Udang Inti Pertiwi
25
LPBN
PT. Bank Lippo
Santubong Investment BV
26
KLBF
PT. Kalbe Farma
PT. Dankos Laboratories Tbk dan PT. Ensevai
30/7/1991
07/08/2000
A
07/08/1991
15/7/2000
A
24/3/2000
11/10/2000
A
14/11/1995
14/12/2000
A
16/5/1995
16/4/2001
A
11/08/1999
05/01/2001
A
16/5/1995
13/6/2001
A
11/08/1999
14/6/2001
A
PT. Bank Patriot, PT. Bank Prima Express
18/3/1991
04/08/2004
M
11/10/1989
26/7/2005
A
30/7/1991
28/9/2005
A
DAFTAR VOLUME PERDAGANGAN SAHAM HARIAN Selama 5 Hari sebelum dan 5 Hari Setelah Merger dan Akuisisi pada Perusahaan Go Publik (Lembar Saham) No
Kode
1
BDMN
2
DYNA
3
ETWA
4
DYNA
5
MEDC
6
GGRM
7
BHIT
8
ISAT
9
ETWA
10
ASII
11
BPMN
12
KLBF
13
SMGR
14
DSFI
15
TLKM
16
TURI
17
BASS
18
TURI
19
PADS
20
BLTA
21
BNLI
22
HMSP
23
PBRX
24
CPLN
25
LPBN
26
KLBF
-5 -4 -3 -2 3275000 38600000 310000 675000 7412500 1944000 2228500 919500 325000 540500 547500 3488000 821000 1112500 890000 1409000 958500 958500 1999000 5560500 413500 1013000 650500 1364000 3553500 5328500 7431000 0 1064000 0 0 442000 177000 352000 169500 1165500 5194000 5241500 5162000 2416500 130000 55000 30000 0 4701000 1626000 1565000 623000 417500 123000 53500 83000 0 214500 51500 394000 0 0 43768500 13714500 779000 272500 0 0 1500 101000 2500 6000 51500 256000 256000 256000 95000 13500 138000 698000 472500 228500 230000 387500 120000 885000 500000 160000 4695000 10958000 1500 1500 149000 317000 16829000 3024900 5959000 0
4489000 1500 384000 0 0
-1 0 1 2 3819000 13280000 7350000 36745000 1648000 2012500 9791500 2471000 816000 4131000 726000 437500 2797500 1713500 7162500 3488000 1381000 1897000 665000 288500 1963500 1164000 1579500 2110000 0 12182000 17532500 26839500 1364000 881000 921000 4321000 397500 152500 199500 195500 4925000 3899500 930500 1773000 0 200000 625000 3055000 277500 0 0 1579000 1000 0 0 55000 228000 722500 0 0 8036000 18536500 26559000 0 0 154000 252600 87500 0 97000 78000 844000 270000 388500 230000 194500 1078000 548500 77500 289500 301000 2517000 508500 1516500 1525000 3410000 185000 300000
3 2910000 1928500 611500 404000 598500 3143000 7369000 524000 1447000 931000 9055000 654500 123000 3950000 0 307000 67500 194500 10000 4248500 65000
4 510000 978500 381000 2086500 530500 1799000 1575500 0 287000 1447500 0 3072000 147500 2853000 4271000 152000 67500 194500 27500 5090000 0
5 2035000 9335800 9910000 1162000 2830500 3266300 640000 1143400 559200 1018500 1406000 2831900 672000 2171500 550900 1656500 1080900 2057600 0 3262600 10663300 0 574000 1153200 75000 452300 440800 2402000 4587800 1496800 0 43000 2547000 651000 1758500 1191300 31000 135600 71300 273500 177600 1415300 3617000 13103800 6889400 0 210300 159820 67500 22200 224900 0 217900 162700 15500 404500 84000 7476000 323900 3767900 770000 638000 264000
5711000 6853000 15520500 8394500 16223000 16805500 1500 1500 1500 1500 1500 1500 75500 160500 160000 0 50000 0 0 22381000 20409000 20032000 9563500 7092000 7335000 5178500 2561500 8559500 27480000 0
1115000 1500 0 3235500 0
2075000 1500 0 3309000 5643000
6541200 1500 217200 8446980 3694500
8922600 1500 10000 8646400 8336500
RATA-RATA VOLUME PERDAGANGAN SAHAM HARIAN SELAMA 5 HARI SEBELUM DAN 5 HARI SETELAH MERGER DAN AKUISISI PERUSAHAAN GO PUBLIK Rata-rata Volume Perdagangan Saham (Lembar Saham) Sebelum M & A Sesudah M & A 1 BDMN PT. Bank Danamon 9335800 9910000 2 DYNA PT. Dynaplast 2830500 3266300 3 ETWA PT. Eterindo Wahanatama 1143400 559200.0 4 DYNA PT. Dynaplast 1406000 2831900 5 MEDC PT. Medco Energi Internasional 2171500 550900.0 6 GGRM PT. Gudang Garam 1080900 2057600 7 BHIT PT. Bhakti Investama 3262600 10663300 8 ISAT PT. Indosat 574000.0 1153200 9 ETWA PT. Eterindo Wahanatama 452300.0 440800.0 10 ASII PT. Astra Internasional 4587800 1496800 11 BPMN PT. Bank Danamon 43000.00 2547000 12 KLBF PT. Kalbe Farma 1758500 1191300 13 SMGR PT. Semen Gresik 135600.0 71300.00 14 DSFI PT. Dharma Samudra Finishing In 177600.0 1415300 15 TLKM PT. Telkom 13103800 6889400 16 TURI PT. Tunas Ridean 210300.0 159820.0 17 BASS PT. Bahtera Admina Samudera 22200.00 224900.0 18 TURI PT. Tunas Ridean 217900.0 162700.0 19 PADS PT. Bahtera Admina Sejahtera 404500.0 84000.00 20 BLTA PT. Berlian Laju Tanker 323900.0 3767900 21 BNLI PT. Bank Bali 638000.0 264000.0 22 HMSP PT. Hanjaya Mandala Sampurna 6541200 8922600 23 PBRX PT. Pan Brother Textile 1500.00 1500.00 24 CPLN PT. Charoen Pokphand Indonesia 217200.0 10000.00 25 LPBN PT. Bank Lippo 8446980 8646400 26 KLBF PT. Kalbe Farma 3694500 8336500 Sumber: Data yang telah diolah No
Kode
Perusahaan Pengakuisisi
Normality Test : Descriptive Statistics N TVASBL TVASSD Valid N (listwise)
26 26 26
Minimum 1500.00 1500.00
Maximum 1.3E+07 1.1E+07
Mean 2414672 2908639
Std. Deviation 3396606.4990 3548956.8674
One-Sample Kolmogorov-Smirnov Test
N Normal Parameters a,b Most Extreme Differences
Mean Std. Deviation Absolute Positive Negative
Kolmogorov-Smirnov Z Asymp. Sig. (2-tailed) a. Test distribution is Normal. b. Calculated from data.
TVASBL 26 2414672 3396607 .239 .232 -.239 1.217 .103
TVASSD 26 2908639 3548957 .232 .232 -.206 1.181 .123
T-Test
Paired Samples Statistics
Pair 1
Mean 2414672 2908639
TVASBL TVASSD
N 26 26
Std. Deviation 3396606.4990 3548956.8674
Std. Error Mean 666129.3 696007.7
Paired Samples Correlations N Pair 1
TVASBL & TVASSD
26
Correlation .750
Sig. .000
Paired Samples Test Paired Differences
Pair 1
TVASBL - TVASSD
Mean -493967
Std. Deviation 2457555.1667
Std. Error Mean 481966.2
95% Confidence Interval of the Difference Lower Upper -1486595 498661.1
t -1.025
df 25
Sig. (2-tailed) .315
