APAKAH MERGER DAN AKUISISI BERPENGARUH PADA KINERJA SAHAM XL AXIATA–SMARTFREN (EXCL) ? ANALISIS KOMPARATIF

Wahyu Mulyadi; Nur Hidayah K Fadhilah

doi:10.31955/mea.v10i2.7501

Wahyu Mulyadi Universitas Nasional
Nur Hidayah K Fadhilah Universitas Nusa Putra

DOI: https://doi.org/10.31955/mea.v10i2.7501

Abstract

Penelitian ini bertujuan menganalisis pengaruh merger dan akuisisi terhadap kinerja saham PT XL Axiata Tbk dan PT Smartfren Telecom Tbk melalui pendekatan komparatif sebelum dan sesudah merger. Industri telekomunikasi Indonesia yang semakin kompetitif mendorong perusahaan melakukan strategi merger dan akuisisi untuk meningkatkan efisiensi operasional, memperluas pangsa pasar, serta memperkuat struktur modal. Penelitian ini menggunakan pendekatan kuantitatif dengan desain deskriptif komparatif, di mana data sekunder diperoleh dari laporan keuangan perusahaan dan data harga saham yang dipublikasikan oleh Bursa Efek Indonesia. Kinerja saham dianalisis menggunakan lima indikator utama, yaitu Price to Book Value (PBV), Return on Equity (ROE), Earnings per Share (EPS), Price Earnings Ratio (PER), dan Debt to Equity Ratio (DER). Analisis data dilakukan melalui statistik deskriptif, uji normalitas, serta uji komparatif menggunakan Paired Sample t-test atau Wilcoxon Signed Rank Test dengan tingkat signifikansi 5 persen. Hasil analisis deskriptif menunjukkan bahwa setelah merger terjadi peningkatan pada sebagian besar indikator kinerja, yaitu EPS, PBV, PER, dan ROE yang mengindikasikan adanya perbaikan profitabilitas serta peningkatan persepsi pasar terhadap nilai perusahaan. Namun demikian, DER juga mengalami peningkatan yang menunjukkan adanya kenaikan tingkat leverage dan risiko keuangan pasca-merger. Temuan ini menunjukkan bahwa merger dan akuisisi berpotensi meningkatkan kinerja fundamental dan valuasi pasar perusahaan, meskipun perlu diimbangi dengan pengelolaan struktur modal yang optimal agar risiko keuangan tetap terkendali. Penelitian ini memberikan kontribusi akademik dalam memperkaya literatur mengenai dampak merger dan akuisisi di sektor telekomunikasi Indonesia serta memberikan implikasi praktis bagi investor, manajemen perusahaan, dan regulator dalam mengevaluasi efektivitas strategi korporasi terhadap nilai perusahaan di pasar modal.

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