Impact of the merger decision of Islamic bank on Islamic capital market reaction in Indonesia

Moch. Adika Saputra*  -  Institut Agama Islam Negeri Kudus, Indonesia
Santi Wulandari  -  Institut Agama Islam Negeri Kudus, Indonesia
Ibnu Muttaqin    -  Institut Agama Islam Negeri Kudus, Indonesia

(*) Corresponding Author
DOI: 10.21580/jiemb.2022.4.1.11666

Supp. File(s): Research Materials
One way to strengthen the banking industry is to expand externally through mergers. The expected impact on the capital market due to the merger is a positive change in price fluctuations and trading volume of shares on the market, in which the merger makes banking performance more developed. This study aims to determine the reaction of the Indonesian Islamic capital market to the decision to merge Islamic banks owned by state-owned enterprises in Indonesia, namely Bank Syariah Indonesia, which is a bank resulting from a merger between PT Bank BRI Syariah Tbk, PT Bank Syariah Mandiri, and PT Bank BNI Syariah. This type of research includes quantitative research and an independent t-test as a statistical approach to comparative analysis. The results of the study show that there is a positive reaction from the capital market to the decision to merge state-owned Islamic banks. This can be seen from price activity, trading volume and stock returns. This research can provide an overview of the market reaction to an event

 

Supplement Files

Keywords: Islamic banking; Islamic capital market reaction.

  1. Ang., R. (1997). Buku Pintar Pasar Modal Indonesia (The Intelligent Guide to Indonesia Capital Market). Jakarta: Mediasoft Indonesia.
  2. Arista, D., & Astohar. (2012). Analisis Faktor-Faktor yang Mempengaruhi Return Saham (Kasus pada Perusahaan Manufaktur yang Go Public di BEI Periode Tahun 2005-2009). Jurnal Ilmu Manajemen Dan Akuntansi Terapan (JIMAT), 3(1). https://doi.org/10.36694/JIMAT.V3I1.29
  3. Coyle, B. (2000). Mergers and Acquisitions: Corporate Finance. London: Global Professional Publishing.
  4. Dewi, N. L. Y. A. P., Endiana, I. D. M., & Arizona, I. P. E. (2020). Pengaruh Rasio Keuangan dan Kebijakan Deviden terhadap Return Saham. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 2(3), 227–229. Retrieved from https://ejournal.unmas.ac.id/index.php/kharisma/article/view/1494
  5. Gattoufi, S., Al-Muharrami, S., & Al-Kiyumi, A. (2017). The impact of mergers and acquisitions on the efficiency of GCC banks. Banks and Bank Systems, 4(4), 94–101. Retrieved from https://www.businessperspectives.org/index.php/journals/banks-and-bank-systems/issue-163/the-impact-of-mergers-and-acquisitions-on-the-efficiency-of-gcc-banks
  6. Georgios, K., & Georgios, H. (2011). Du Pont Analysis of a Bank Merger and Acquisition between Laiki Bank from Cyprus and Marfin Investment Group from Greece Is there an increase of profitability of the new bank? MIBES Transactions, 5(2), 30–49.
  7. Hartono, J. (2008). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
  8. Husnan, S. (2009). Dasar-dasar Teori Portofolio & Analisis Sekuritas (4th ed.). Yogyakarta: UPP STIM YKPN.
  9. Kamaruddin, A. (2004). Dasar-Dasar Manajemen Investasi dan Portofolio. Jakarta: Rineka Cipta.
  10. Kurniati, M., & Asmirawati. (2022). Efek Merger dan Akuisisi terhadap Kinerja Keuangan Perusahaan Go Public. JPS (Jurnal Perbankan Syariah), 3(1), 72–84. https://doi.org/10.46367/JPS.V3I1.473
  11. Moin, A. (2010). Merger, Akuisisi, dan Divestasi (2nd ed.). Yogyakarta: Ekonisia.
  12. Pratiwi, I. G. A. M. A. M. A., Dwipradnyana, I. M. M., & Diatmika, I. G. N. D. (2021). Analisis Perbandingan Return Saham dan Volume Perdagangan Saham Sebelum dan Setelah Merger (Studi Kasus pada PT. Bank Syariah Indonesia Tbk.). Majalah Ilmiah Universitas Tabanan, 18(1), 108–113. Retrieved from https://ojs.universitastabanan.ac.id/index.php/majalah-ilmiah-untab/article/view/117
  13. Sartono, A. (2011). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
  14. Sunariyah. (2000). Pengantar Pengetahuan Pasar Modal. Yogyakarta: UPP AMMP YKPN.
  15. Susanti, L. N. (2019). Analisis Pengaruh Pengumuman Merger dan Akuisisi terhadap Abnormal Return, Return Saham dan Volume Perdagangan Saham Perusahaan Go Public yang Terdaftar di BEI (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2. Sekolah Tinggi Ilmu Ekonomi YKPN Yogyakarta.
  16. Swandari, F. (2002). Pengaruh Perilaku Resiko, Kepemilikan Institusi dan Kinerja terhadap Kebangkrutan Bank Umum di Indonesia. Journal of Indonesian Economy and Business, 17(4), 460–472. https://doi.org/10.22146/jieb.6814
  17. Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. Yogyakarta: Kanisius.
  18. Wairooy, M. A. (2018). The Effect of Merger Announcements on Abnormal Returns and Stock Trading Volume Activities (Study on Banking Companies in Bank Indonesia). Balance: Jurnal Ekonomi, 14(2), 195–209. https://doi.org/10.26618/jeb.v15i2.2189
  19. Zuliarni, S. (2013). Pengaruh Kinerja Keuangan terhadap Harga Saham pada Perusahaan Mining And Mining Service di Bursa Efek Indonesia (BEI). Jurnal Aplikasi Bisnis, 3(1), 36–48. https://doi.org/10.31258/JAB.3.1

Open Access Copyright (c) 2022 Moch Adika Saputra, Santi Wulandari, Ibnu Muttaqin
Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Journal of Islamic Economics Management and Business (JIEMB)
Department of Master of Sharia Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Walisongo Semarang, Indonesia

Jl Prof. Dr. Hamka Kampus III Ngaliyan Semarang 50185
Phone: +62 852-2007-5758
Website: https://febi.walisongo.ac.id/
Email: jiemb@walisongo.ac.id 

ISSN: 2721-0197 (Print)
ISSN: 2721-0324 (Online)
DOI : 10.21580/jiemb

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License 

apps