ANALISIS KINERJA SAHAM BANK SYARIAH INDONESIA SATU TAHUN PASCA MERGER (STUDI KASUS BANK SYARIAH INDONESIA, TBK)
DOI:
https://doi.org/10.35384/jamie.v1i2.519Keywords:
ROA, ROE, EM, PM, AUAbstract
This study reveals the performance of Bank Syariah Indonesia, compared to the performance of BRISyariah which is one of the banks that merged into BSI. Prior to the merger, there were three Sharia Banks owned to the state-owned Bank Association, namely Bank BRISyariah (BRIS) which had gone public, as well as Bank BNI Syariah (BNIS) and Bank Syariah Mandiri (BSM) which had not gone public. BSI's financial performance is better than the financial performance of BRIS, BNIS, and BSM as can be seen from the income statement and balance sheet, as well as from financial ratios such as ROA, ROE, EM, PM and AU. BSI's stock performance is also better than the stock performance of BRIS, as can be seen from PER and PBV. The improvement in financial performance and stock performance after the merger shows that the synergy and increased economies of scale resulting from the merger have had a positive impact on the bank's financial performance, which has also been appreciated by shareholders on the stock exchange. Meanwhile, the analysis of BSI's stock beta shows that the number after the merger is higher than the BRIS beta before the merger. However, the increase in beta cannot be concluded as an increase in systematic risk, because the beta of BNIS and BSM are not yet known.
References
A. M. Elnahas, M. Kabir Hassan, and G. M. Ismail, “Religion and mergers and acquisitions contracting: The case of earnout agreements,” J. Corp. Financ., vol. 42, pp. 221–246, 2017, doi: 10.1016/j.jcorpfin.2016.11.012.
B. A. Karim, W. S. Lee, Z. A. Karim, and M. Jais, “The Impact of Subprime Mortgage Crisis on Islamic Banking and Islamic Stock Market,” Procedia - Soc. Behav. Sci., vol. 65, no. December, pp. 668–673, 2012, doi: 10.1016/j.sbspro.2012.11.182.
Ball, R. and P. Brown, “An empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research (Autumn, 1968), pp. 159-178.
Bamber, Linda Smith., Orie E. Baron,Doughlas E. Stevens, “Trading Volume Around Earnings Announcements and Other Financial Report: Theory, Research Design, Empirical Evidence, and Direction of Future Research”, Contemporary Accounting Research, 2011, pp. 431-471.
Beaver, W.H., “The Information Content of Annual Earnings Announcements,”Journal of Accounting Research”, (Supplement, 1968), pp. 67-72.
Bodie, Zvi., Alex Kane, Alan J. Marcus, “Investments”, McGraw Hill, New York, 2020.
Christensen, Theodore E., David M. Cottrell, Richard E. Baker, “Advanced Financial Accounting”, McGraw Hill, New York, 2019.
D. Yudistra, “Efficiency in Islamic Banking: An Empirical Analysis of 18 Banks,” Islam. Financ. Archit. - Risk Manag. Financ. Stab., vol. 44, no. 0, pp. 479–496, 2006.
G. K. Nair, H. Purohit, and N. Choudhary, “Influence of risk management on performance: An empirical study of International Islamic Bank,” Int. J. Econ. Financ. Issues, vol. 4, no. 3, pp. 549–563, 2014.
George Foster , "Financial statement analysis" , Prentice-Hall, 1986
Gujarati, N. Damodar., “Essentials of Econometrics”, McGraw Hill, New York, 2021
J. D. Cummins, M. A. Weiss, and H. Zi, “Organizational form and efficiency: The coexistence of stock and mutual property-liability insurers,” Manage. Sci., vol. 45, no. 9, pp. 1254–1269, 1999, doi: 10.1287/mnsc.45.9.1254.
John J Pringle and Robert S. Harris, "Essential of Managerial Finance" , Pearson Scott Foresman, 1984
M. Abduh and M. Azmi Omar, “Islamic banking and economic growth: the Indonesian experience,” Int. J. Islam. Middle East. Financ. Manag., vol. 5, no. 1, pp. 35–47, 2012, doi: 10.1108/17538391211216811.
M. Aggarwal, “Effect of Merger on Financial Performance in Banking Industry: A Case Study of ICICI Bank and BoR,” SSRN Electron. J., 2018, doi: 10.2139/ssrn.3205861.
M. K. Hassan and J.-S. Yu, “Stock Exchange Alliances in Organization of Islamic Conferences (Oic) Countries,” SSRN Electron. J., no. July, pp. 1–30, 2011, doi: 10.2139/ssrn.1001716.
M. K. Hassan, “The X-Efficiency In Islamic Banks,” Islam. Econ. Stud., vol. 13, no. 2, pp. 49–78, 2006.
M. Personal and R. Archive, “Islamic Stock Markets in a Global Context,” Econ. Dev. Islam. Financ., no. 53035, pp. 275–296, 2013, doi: 10.1596/9780821399538_ch10.
Moin, Abdul, Merger, Akuisisi dan Divestasi, Yogyakarta, Indonesia: Ekonisia, 2003
P. Pietro Biancone, B. Saiti, D. Petricean, and F. Chmet, “The bibliometric analysis of Islamic banking and finance,” J. Islam. Account. Bus. Res., vol. 11, no. 9, pp. 2069–2086, 2020, doi: 10.1108/JIABR-08-2020-0235.
Ross, Stephen A., “Corporate Finance”, New York, Mc Graw Hill, 2022.
S. H. Kassim and M. Shabri, “Impact of financial shocks on Islamic banks: Malaysian evidence during 1997 and 2007 financial crises,” Int. J. Islam. Middle East. Financ. Manag., vol. 3, no. 4, pp. 291–305, 2010, doi: 10.1108/17538391011093243.
S. Srairi and I. Kouki, “Efficiency and Stock Market Performance of Islamic Banks in GCC Countries,” ISRA Int. J. Islam. Financ., vol. 4, no. 2, pp. 89–116, 2012, doi: 10.12816/0002749.
S. TUREN, “Performance and Risk Analysis of the Islamic Banks: The Case of Bahrain Islamic Bank,” J. King Abdulaziz Univ. Econ., vol. 7, no. 1, pp. 3–14, 1995, doi: 10.4197/islec.7-1.1.
Scott, William R, “Financial Accounting Theory”, Canada, Pearson, 2017.
T. Chokri and E. A. Anis, “Measuring the Financial Performance of Islamic Banks in Selected Countries,” J. Bus. Financ. Aff., vol. 07, no. 01, pp. 93–104, 2018, doi: 10.4172/2167-0234.1000328.
White, Gerald I, Ashwinpaul C. Sondhi, Dov Fried, “The Financial Analysis and Use of Financial Statements, Wiley, Hoboken, New Jersey, 2003
Downloads
Published
Issue
Section
License
Copyright (c) 2023 Journal of Accounting, Management and Islamic Economics
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract Views: 71
| 
File Downloads: 267
