Pengaruh Penggabungan Usaha terhadap Environmental, Social and Governance dan Trading Volume Activity
DOI:
https://doi.org/10.32493/jiaup.v12i2.40115Abstract
This research is expected to determine differences in environmental, social and governance activities and trade volume before and after the business merger. This research was conducted on organizations in the finance and energy sectors listed on the Indonesia Stock Exchange. This research was directed using purposive sampling, providing examples of 15 organizations with a perception period of two years before and two years after the business relationship. With the help of SPSS 29, the research searched for data using the paired sample t-test to determine whether there was a difference in the average between the two. related samples. The results of this exploration show that there are significant differences between environmental, social and governance activities and there are no significant differences in trade volume before and after the business merger event.
ABSTRAK
Penelitian ini diharapkan dapat mengetahui perbedaan aktivitas lingkungan, sosial dan tata kelola serta volume perdagangan sebelum dan sesudah penggabungan usaha. Penelitian ini dilakukan pada organisasi sektor keuangan dan energi yang terdaftar di Bursa Efek Indonesia. Penelitian ini diarahkan menggunakan purposive sampling, memberikan contoh 15 organisasi dengan periode persepsi dua tahun sebelum dan dua tahun setelah hubungan bisnis. Dengan bantuan SPSS 29, penelitian mencari data dengan menggunakan uji Paired Sample T-test untuk mengetahui apakah terdapat perbedaan rata-rata diantara keduanya. sampel terkait. Hasil eksplorasi ini menunjukkan terdapat perbedaan yang signifikan antara aktivitas lingkungan, sosial, dan tata kelola serta tidak terdapat perbedaan signifikan pada volume perdagangan sebelum dan sesudah peristiwa penggabungan usaha.
Kata kunci: penggabungan usaha, environmental, social and governance, trading volume activity
References
Adams, C. A., & Abhayawansa, S. (2022). Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting, 82. https://doi.org/10.1016/j.cpa.2021.102309
Adnyani, I. P., & Gayatri, G. (2018). Analisis Reaksi Pasar Terhadap Pengumuman Merger dan Akuisisi Pada Perusahaan Akuisitor yang Terdaftar di BEI. E-Jurnal Akuntansi, 1870. https://doi.org/10.24843/eja.2018.v23.i03.p10
Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance (Bingley), 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258
Andre Setiyono, T., Rinwantin, & Bank BPD Jateng, S. (2021). Euforia Merger-Harga Saham dan Trading Volume BRIS. Magisma, IX.
annisa tulfitria. (2021). Daftar Perusahaan yang Menerbitkan Sustainability Report . ESG Intellegence.
Arieska Mellynia, M., Agung Nugroho, A., & Zukhri, N. (2023). Pengaruh Merger dan Akuisisi Terhadap Return Saham, Abnormal Return dan Trading Volume Activity pada Perusahaan Jasa Sub Sektor Telekomunikasi yang Terdaftar Di Bursa Efek Indonesia. SINOMIKA Journal: Publikasi Ilmiah Bidang Ekonomi Dan Akuntansi, 1(5), 1041–1056. https://doi.org/10.54443/sinomika.v1i5.558
Caiazza, S., Galloppo, G., & Paimanova, V. (2021). The role of sustainability performance after merger and acquisition deals in short and long-term. Journal of Cleaner Production, 314. https://doi.org/10.1016/j.jclepro.2021.127982
Cathrine, Juniarti, & Putri Kharisma Candra Dewi, A. (2021). Pengaruh Merger dan Akuisisi terhadap Kinerja Keuangan Perusahaan dalam Sektor Kesehatan di negara ASEAN.
Dwi Agustin, R., & Nansih Widhiastuti, R. (2021). Dampak Merger dan Akuisisi Pada Kinerja Keuangan (Studiu Kasus Sektor Perbankan di Indonesia) Dampak Merger Dan Akuisisi Pada Kinerja Keuangan (Studi Kasus Sektor Perbankan Di Indonesia).
Feng, J., Goodell, J. W., & Shen, D. (2022). ESG rating and stock price crash risk: Evidence from China. Finance Research Letters, 46. https://doi.org/10.1016/j.frl.2021.102476
Feng, X. (2021a). The role of ESG in acquirers’ performance change after M&A deals. Green Finance, 3(3), 287–318. https://doi.org/10.3934/GF.2021015
Firdaus, M. M. (2021). Mrtodologi Penelitian Kuantitatif Dilengkapi Analisis Regresi IBM SPSS STATISTICS VERSION 26.0. CV. DOTPLUS Publisher.
Freeman, R. E., & Phillips, R. A. (2001). Stakeholder Theory: A Libertarian Defense. http://papers.ssrn.com/paper.taf?abstract_id=263514
Ghazali, A., Studi Manajemen Keuangan, P., Negeri Jakarta, P., & Studi Manajemen Keuangan Politeknik Negeri Jakarta Jl GA Siwabessy, P. D. (2020). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) Terhadap Tingkat Profitabilitas Perusahaan (Studi pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia).
Hilwa Fithratul Qodary, & Sihar Tambun. (2021). Pengaruh Environmental, Social, Governance (ESG) Dan Rentention Ratio Terhadap Return Saham Dengan Nilai Perusahaan Sebagai Variabel Moderating. JUREMI : Jurnal Riset Ekonomi.
I Gede Dirga Surya Arya Widhyadanta ·. (2023). Corporate Social Responsibility Disclosure Dan Reputasi Manajemen Puncak. CV. Intelektual Manifes Media. https://www.google.co.id/books/edition/Reputasi_Perusahaan_Berdasarkan_Corporat/ksbcEAAAQBAJ?hl=id&gbpv=0
Ihyaul Ulum. (2017). Intellectual Capial Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi. UMMPress. https://www.google.co.id/books/edition/Intellectal_Capital/e25jDwAAQBAJ?hl=id&gbpv=0
Iswi Hariyani, S. M., Ir. R. Serfianto, D. P., & Cita Yustisia S., S. (2011). Merger, Konsolidasi, Akuisisi, & Pemisahan Perusahaan. Visi Media. https://www.google.co.id/books/edition/Merger_Konsolidasi_Akuisisi_Pemisahan_Pe/pORZuH1K9QwC?hl=id&gbpv=0
Jeanice, J., & Kim, S. S. (2023). Pengaruh Penerapan ESG Terhadap Nilai Perusahaan di Indonesia. Owner, 7(2), 1646–1653. https://doi.org/10.33395/owner.v7i2.1338
Juniarti, J., Kurnia Anggita, Y., & Angeline, A. (2021). The Impact of Merger and Acquisition on Investor Reaction and Acquirer Firm’s Financial Performance in Technology Firms.
Kartika, F., Dermawan, A., & Hudaya, F. (2023). Pengungkapan environmental, social, governance (ESG) dalam meningkatkan nilai perusahaan publik di Bursa Efek Indonesia. SOSIOHUMANIORA: Jurnal Ilmiah Ilmu Sosial Dan Humaniora, 9(1), 29–39. https://doi.org/10.30738/sosio.v9i1.14014
Komang, N., Astari, P., & Made Suidarma, I. (2020). Analisis Perbedaan Trading Volume Activity, BID-ASK Spread Dan Abnormal Return Sebelum Dan Sesudah Stock Split di PT Unilever Indonesia Tbk. In Jurnal Ilmiah Akuntansi dan Bisnis (Vol. 5, Issue 2). http://journal.undiknas.ac.id/index.php/akuntansi
Kusuma Maharini, A. (2017). Reaksi Pasar Modal Terhadap Peristiwa Merger. www.jawapos.com
Laili, N., Astuti, D. D., & Rahmmawati, L. (2022). Perbedaan Trading Volume Activity, Abnormal Return.
Mandiri Institute. (2022). Industry For Tomorrow: Towards ESG Implementation In Indonesia Industry for Tomorrow: Towards ESG Implementation in Indonesia B Contents Acknowledgements.
Mihaiu, D. M., Șerban, R. A., Opreana, A., Țichindelean, M., Brătian, V., & Barbu, L. (2021). The impact of mergers and acquisitions and sustainability on company performance in the pharmaceutical sector. Sustainability (Switzerland), 13(12). https://doi.org/10.3390/su13126525
Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh Environment, Social and Governance Disclosure terhadap Kinerja Perusahaan. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500
Oliveira, C. J. B. de, & Gebreyes, W. A. (2022). One Health: Connecting environmental, social and corporate governance (ESG) practices for a better world. In One Health (Vol. 15). Elsevier B.V. https://doi.org/10.1016/j.onehlt.2022.100435
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Kinerja Perusahaan. Diponogoro Journal Of Accounting, 9, 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
Sugiyono. (2019). Metode Penelitian Kuantitatif,Kualitatif Dan R & D. Alfabeta .
Surya Wijaya, M., & Putu Sudana, I. (2017). Pengaruh Sustainibility Report Pada Reaksi Pasar Dengan Kinerja Keuangan Sebagai Variabel Kontrol (Vol. 21).
Suttipun, M. (2023). ESG Performance and Corporate Financial Risk of the Alternative Capital Market in Thailand. Cogent Business and Management, 10(1). https://doi.org/10.1080/23311975.2023.2168290
Tampakoudis, I., Noulas, A., Kiosses, N., & Drogalas, G. (2021). The effect of ESG on value creation from mergers and acquisitions. What changed during the COVID-19 pandemic? Corporate Governance (Bingley), 21(6), 1117–1141. https://doi.org/10.1108/CG-10-2020-0448
Tarigan, J., Yenewan, S., & Natalia, G. (2016). Merger Dan Akuisisi: dari perspektif strategis dan kondisi indonesia (Pendekatan Konsep dan Studi Kasus) BONUS: 23 Kasus Utama M&A di Indonesia dan Global.
Tenriwaru. (2021). Kesejahteraan tanpa sekat : sebuah kritik terhadap akuntansi CSR. Tohar Media. https://www.google.co.id/books/edition/Kesejahteraan_tanpa_sekat_sebuah_kritik/brpbEAAAQBAJ?hl=id&gbpv=0
Wairooy, M. A. (2019). Pengaruh Pengumuman Merger Terhadap Abnormal Return Dan Aktivitas Volume Perdagangan Saham (Studi Pada Perusahaan Perbankan Di Bank Indonesia). Jurnal Ekonomi Balance Fakultas Ekonomi Dan Bisnis, 15. https://journal.unismuh.ac.id/index.php/balance
Yahya, H. (2023). The role of ESG performance in firms’ resilience during the COVID-19 pandemic: Evidence from Nordic firms. Global Finance Journal, 58. https://doi.org/10.1016/j.gfj.2023.100905
Yazar Soyadı, E. (2019). How Merger and Acquisition Affect Firm Performance and Its Quality. Journal of Accounting Finance and Auditing Studies (JAFAS), 5(3), 42–53. https://doi.org/10.32602/jafas.2019.30
Yen, T. Y., & André, P. (2019). Market reaction to the effect of corporate social responsibility on mergers and acquisitions: Evidence on emerging markets. Quarterly Review of Economics and Finance, 71, 114–131. https://doi.org/10.1016/j.qref.2018.07.003
Yin, X. N., Li, J. P., & Su, C. W. (2023). How does ESG performance affect stock returns? Empirical evidence from listed companies in China. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16320
Zheng, D., Yuan, Z., Ding, S., & Cui, T. (2021). Enhancing environmental sustainability through corporate governance: the merger and acquisition perspective. Energy, Sustainability and Society, 11(1). https://doi.org/10.1186/s13705-021-00318-0
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Cynthia Novyanthi Posumah, Heni Nurani Hartikayanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang have CC-BY-SA or an equivalent license as the optimal license for the publication, distribution, use, and reuse of scholarly work.
In developing strategy and setting priorities, JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang recognize that free access is better than priced access, libre access is better than free access, and libre under CC-BY-SA or the equivalent is better than libre under more restrictive open licenses. We should achieve what we can when we can. We should not delay achieving free in order to achieve libre, and we should not stop with free when we can achieve libre.