ANALISIS KINERJA BANK SEBELUM DAN SESUDAH MERGER & AKUISISI DENGAN METODE ECONOMIC VALUE ADDED (EVA) DAN MARKET VALUE ADDED (MVA)

Abstract

Merger and acquisition activities can influence financial
performance. Observation about the impact appearing before
and after the activities is required. The objective of this study
is to identify and evaluate the financial performance of
companies based on EVA and MVA values. This descriptive
research is a study on go-public banking companies listed in
the Indonesia Stock Exchange that have carried out merger
and acquisition activities during the period of 2011-2014.
After selecting the samples, PT Bank Permata Tbk., PT Bank
Rakyat Indonesia Tbk., and PT Bank Tabungan Pensiunan
Nasional Tbk. are used as the object of the research. The
results show that positive and increasing EVA value can be
achieved by maximizing acquisition of operational profit and
reducing capital cost, as shown by PT Bank Rakyat Indonesia
Tbk. before and after the acquisition. Positive and increasing
MVA value is achieved from the value of equity market that is
higher than that of deposited equity capital. Positive MVA
values are shown by all samples (PT Bank PermataTbk., PT
Bank Rakyat Indonesia Tbk., and PT Bank Tabungan
Pensiunan Nasional Tbk.).