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Comparative Analysis of Pra-Post Merger and Acquisition Financial Performance Reviewed From EVA, MVA and Financial Ratio Methods (Empirical Study of Non-Financial Sector Companies Listed on the IDX for the Period 2015-2020)

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This study aims to compare the pre-post M&A financial performance of non-financial companies listed on the Indonesia Stock Exchange (IDX) in the 2-year period before mergers and acquisitions (M&A), in the year of M&A, and 2 years after M&A. Performance was measured using Economic Value Added (EVA), Market Value Added (MVA), and financial ratios. The research sample consisted of 22 companies selected by purposive sampling, and secondary data were analyzed from financial statements. Partial analysis was conducted with the Wilcoxon Sign Test because the data was not normally distributed, while simultaneous analysis used the MANOVA test with the STATA version 17 application. The results of simultaneous testing showed no significant difference in financial performance between before and after M&A. However, partial test results found significant differences in MVA variables in the period 2 years before, 1 and 2 years after M&A, as well as in the year of M&A. In addition, the ROA variable also shows significant differences in the 2-year period before, 1 and 2 years after M&A. However, the effect of M&A on MVA and ROA variables tends to be negative.

Increasing SMEs’ Acquisitions on SMEs Export Platform using Five A’s Concept

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Export is one of the influential factors in national economic growth. Increasing exports and investment made by developing countries can boost output and economic growth. To bolster Indonesia’s export performance Bank Negara Indonesia currently working on the development of a new business model called Xpora, which specifically targets business actors in the export sector within the Micro, Small, and Medium Enterprises segments with a primary focus on empowering and facilitating them. Looking at the acquisition side, it is recorded that BNI has 27,321 numbers of export debtor accounts. There were only around 4,000 account that took part in the Xpora incubation program and those who managed to receive financing were 195 debtors or around 0.7% of the total export account. That indicates Xpora Acquisition strategy didn’t work well. Research was conducted using quantitative methods through survey media using the Five A’s concept to measure the awareness level of SMEs about Xpora. The results show several low touch points in the Five’s  components that include ‘Ask’, ‘Appeal’, Aware representing Lack of supporting facility and change in consumer behaviour related to information seeking, lack of digital activation and unappealing promotion content, unmatched between service provided and customer needs, lack of awareness of new brand proposition.