Analisis Dampak Merger Dan Akuisisi Terhadap Kinerja Karyawan Pada Perusahaan Food And Baverage Yang Terdaftar Di Bursa Efek Indonesia
SKRIPSI
ANALISIS DAMPAK MERGER DAN AKUISISI TERHADAP KINERJA
KARYAWAN PADA PERUSAHAAN FOOD AND BAVERAGE YANG TERDAFTAR
DI BURSA EFEK INDONESIA
OLEH :
JUNIANA
100522025
PROGRAM STUDI STRATA-1 AKUNTANSI
DEPARTEMEN AKUNTANSI
FAKULTAS EKONOMI
UNIVERSITAS SUMATERA UTARA
MEDAN
2013
SKRIPSI
ANALISIS DAMPAK MERGER DAN AKUISISI TERHADAP KINERJA
KARYAWAN PADA PERUSAHAAN FOOD AND BAVERAGE YANG TERDAFTAR
DI BURSA EFEK INDONESIA
OLEH :
JUNIANA
100522025
PROGRAM STUDI STRATA-1 AKUNTANSI
DEPARTEMEN AKUNTANSI
FAKULTAS EKONOMI
UNIVERSITAS SUMATERA UTARA
MEDAN
2013
PERNYATAAN
Saya yang bertanda tangan di bawah ini menyatakan dengan sesungguhnya bahwa skripsi saya yang berjudul “Analisis Dampak Merger Dan Akuisisi Terhadap Kinerja Karyawan Pada Perusahaan Food And Baverage yang Terdaftar Di Bursa Efek Indonesia” adalah benar hasil karya tulis saya sendiri yang disusun sebagai tugas akademik guna menyelesaikan beban akademik pada Fakultas Ekonomi Universitas Sumatera Utara.
Bagian atau data tertentu yang saya peroleh dari perusahaan atau lembaga, dan/atau saya kutip dari hasil karya orang lain telah mendapat izin, dan/atau dituliskan sumbernya secara jelas sesuai dengan norma, kaidah dan etika penulisan ilmiah. Apabila di kemudian hari ditemukan adanya kecurangan dan plagiat dalam skripsi ini, saya bersedia menerima sanksi sesuai dengan peraturan yang berlaku.
Medan, Mei 2013 J u n i a n a 100522025
ABSTRAK
ANALISIS DAMPAK MERGER DAN AKUISISI TERHADAP KINERJA KARYAWAN PADA PERUSAHAAN FOOD AND BAVERAGE YANG TERDAFTAR DI BURSA EFEK INDONESIA Penggabungan usaha adalah aktivitas perluasan usaha yang dilakukan dengan cara menggabungkan suatu perusahaan dengan satu atau lebih perusahaan lain ke dalam satu kesatuan ekonomi, sebagai upaya untuk memperluas usaha. Dalam globalisasi ekonomi saat ini dan perkembangan perusahaan-perusahaan
Fast Mooving Consumer Goods (FMCG), persaingan usaha di antara perusahaan-
perusahaan semakin ketat dengan berbagai merek atau brand-brand yang mereka miliki dari masing-masing perusahaan, persaingan usaha di antara perusahaan- perusahaan semakin ketat. Perusahaan-perusahaan tersebut pun mencoba membangun kompetisi yang mereka miliki untuk tetap bertahan, tumbuh dan berkembang, dan salah satu usahanya adalah melakukanvpenggabunggan usaha seperti yang dilakukan oleh salah satu perusahaan food and baverage yang terdaftar di Bursa Efek Indonesia (BEI), PT Indofood CBP Sukses Makmur TBK. Perusahaan ini telah melakukan merger dan akuisisi terbesar pada tahun 2007. Namun merger dan akuisisi yang dilakukan oleh perusahaan-perusahaan tersebut ternyata tidak terlalu berdampak positif pada kinerja karyawan seperti kurangnya produktitas yang diakibatkan berkurangnya fasilitas, penggandaan kerja yang disebabkan penggabungan dua atau lebih badan usaha dan pengurangan tenaga kerja.
Kata kunci : Merger, Akuisisi dan Kinerja Karyawan
ABSTRACT
IMPACT ANALYSIS OF MERGER AND ACQUISITION ON THE PERFORMANCE OF EMPLOYEES IN FOOD AND BAVERAGE LISTED IN
INDONESIA STOCK EXCHANGE Merger activity expansion is done by combining an enterprise with one or more other companies into a single economic entity, as an effort to expand the business. In the current economic globalization and development companies Fast Mooving Consumer Goods (FMCG), competition among companies is getting tougher with different brands or brands that they have from each company, competition among firms increasingly stringent. These companies are also trying to build a competition they have to survive, grow and develop, and one of his business is business combination as practiced by one of the company's food and Baverage listed on the Bursa Efek Indonesia (BEI), PT Indofood CBP Sukses Makmur TBK. The company has conducted the largest mergers and acquisitions in 2007. However, mergers and acquisitions made by these companies were not too positive impact on employee performance such as lack of facilities produktiitas caused reduced, due to doubling work merging two or more business entities and workforce reductions.
Keywords: Mergers, Acquisitions and Employee Performance
KATA PENGANTAR
BISMILLAHIRRAHMANIRRAHIM ASSALAMU ‘ALAIKUM Wr.Wb.Syukur alhamdulillah segala Puji dan Syukur bagi Allah yang telah melimpahkan rahmad dan hidayah-Nya yang tidak terkira, sehingga peneliti dapat menyelesaikan skripsi dengan judul “Analisis Dampak Merger Dan Akuisisi
Terhadap Kinerja Karyawan Pada Perusahaan Food And Baverage yang
Terdaftar Di Bursa Efek Indonesia” yang merupakan salah satu syarat untuk
menyelesaikan perkuliahan di Universitas Sumatera Utara Jurusan Akuntansi.Teristimewa buat kedua orang tuaku, Ayahanda Ir. Muhammad Naim dan ibunda Siti Hajar yang tidak pernah bosan mencurahkan perhatian, doa, kasih sayang dan pengorbanan baik moril maupun materil, yang semua itu tidak mampu peneliti ungkapakan dan lukiskan lewat kata dan lisan.
Penyelesaiaan skripsi ini tidak terlepas dari dukungan berbagai pihak, untuk itu peneliti mengucapkan banyak terimakasih kepada:
1. Bapak Prof. DR. Azhar Maksum, M.Ec, Ac, Ak selaku Dekan Fakultas Ekonomi Universitas Sumatera Utara.
2. Bapak Drs. Syafruddin Ginting Sugihen, MAFIS, Ak selaku Ketua Departemen S1 Akuntansi dan Bapak Drs. Hotmal Ja’far, MM. Ak selaku Sekretaris Departemen S1 Akuntansi Universitas Sumatera Utara.
3. Bapak Drs. Firman Syarif, M.Si, Ak selaku Ketua Program Studi S1 Akuntansi dan Ibu Dra. Mutia Ismail, MSi, Ak selaku Sekretaris Fakultas Ekonomi Universitas Sumatera Utara.
4. Bapak Hotmal Ja’far, MM. Ak selaku Dosen Pembimbing atas bimbingan dan pengarahan yang diberikan sehingga skripsi ini dapat terselesaikan.
5. Ibu Dra. Mutia Ismail, MSi, Ak selaku Dosen Pembaca Penilai Skripsi.
6. Seluruh pihak yang telah membantu peneliti, yang tidak dapat dituliskan satu per satu. Buat adik-adikku tersayang Fauzi Iskandar, Novia Triharna, serta abangnda tercinta Rahmadsyah Lubis yang selalu senantiasa menghadiahkan keceriaan, kebahagiaan, dan dorongan serta semangat ketika peneliti menghadapi semua masalah dan menjadi alasan bagi peneliti untuk tetap semangat, terus maju dan berusaha.
Peneliti memohon semoga Allah SWT dapat memberikan balasan yang baik atas bantuan yang telah diberikan kepada peneliti. Harapan peneliti semoga skripsi ini dapat bermanfaat demi kemajuan ilmu pengetahuan di bidang Akuntasi. Dalam menyelesaikan skripsi ini, peneliti menyadari bahwa masih banyak kekurangan, sehingga dengan kerendahan hati peneliti sangat mengharapakan saran, dan kritikan yang bersifat membangun untuk kesempurnaan skripsi ini.
Medan, Mei 2013 Peneliti Juniana 100522025
DAFTAR ISI PERNYATAAN ············································································ i
ABSTRAK ··················································································· ii
ABSTRACT ················································································· iii
KATA PENGANTAR.............................................................................................. iv
DAFTAR ISI ················································································ vi
DAFTAR TABEL ·········································································· viii
DAFTAR GRAFIK ········································································ ix
DAFTAR LAMPIRAN ···································································· x
BAB I PENDAHULUAN ································································ 1
1.1 Latar Belakang Masalah ····················································· 1
1.2 Perumusan Masalah ·························································· 3
1.3 Tujuan Penelitian ····························································· 3
1.4 Manfaat Penelitian ··························································· 3
BAB II TINJAUAN PUSTAKA ························································· 5
2.1 Tinjauan Teoritis ····························································· 5
2.1.1 Pengertian Penggabungan Usaha ··································· 5
2.1.2 Bentuk Penggabungan Usaha ········································ 6
2.1.3 Pengertian Merger dan Akuisisi ····································· 7
2.1.3.1 Sifat Penggabungan Usaha ·································· 8
2.1.3.2 Bentuk Penggabungan Usaha (Business Combination) 9
2.1.4 Alasan Melakukan Merger dan Akuisisi ··························· 10
2.1.5 Kelebihan dan Kekurangan Merger ································· 11
2.1.6 Kelebihan dan Kekurangan Akuisisi ······························· 12
2.1.7 Pengertian Kinerja Karyawan ······································· 13
2.1.8 Konsep Kinerja Karyawan ··········································· 14
2.1.9 Indikator Kinerja Karyawan ········································· 16
2.1.9.1 Pengukuran Indikator Kinerja ······························· 16
2.1.9.2 Pengumpulan Data Indikator ································ 16
2.1.9.3 Indikator Pertanyaan Kuisioner ····························· 18
2.2 Kerangka Konseptual ························································ 19
2.3 Hipotesis ······································································ 20
BAB III METODE PENELITIAN ······················································ 21
3.1 Jenis Penelitian ······························································· 21
3.2 Tempat Penelitian ···························································· 21
3.3 Batasan Operasional ························································· 21
3.4 Definisi Operasional ························································· 21
3.4.1 Keputusan Merger dan Akuisisi (X) ······························· 22
3.4.2 Kinerja Karyawan (Y) ··············································· 22
3.5 Populasi Dan Sampel ························································ 22
3.6 Jenis Data ····································································· 24
3.7 Metode Pengumpulan Data ················································· 26
3.8 Teknik Analisis······························································· 26
3.8.1 Uji Asumsi Klasik ····················································· 26
BAB IV HASIL PENELITIAN DAN PEMBAHASAN ···························· 29
4.1 Deskripsi Objek Penelitian ················································· 29
4.2 Analis Data ··································································· 30
4.2.1 Analisis Deskriptif Kinerja Karyawan ····························· 30
4.3 Pembahasan ··································································· 45
4.3.1 Uji Validitas ··························································· 45
4.3.1.1 Sebelum Merger dan Akuisisi ······························ 45
4.3.2 Uji Reabilitas ·························································· 46
4.3.2.1 Pengujian Hipotesis ·········································· 47
4.3.2.1.1 Pengujian Hipotesis secara Parsial ············ 47
4.3.2.1.2 Hubungan Sebelum Merger dan Akusisi terhadap kinerja karyawan ······················ 47
4.3.2.1.3 Hubungan Setelah Merger dan Akusisi terhadap kinerja karyawan ······················ 49
4.3.3 Pengujian secara serempak (Parsial) ································ 50
4.3.3.1 Hubungan Sebelum Merger dan Akusisi dan Sebelum Merger dan Akusisi terhadap kinerja karyawan ········· 50
4.3.3.1.1 Uji Determinasi ·································· 51
4.3.3.1.2 Uji Hipotesis F ··································· 51
BAB V KESIMPULAN DAN SARAN ················································ 53
5.1 Kesimpulan ··································································· 53
5.2 Saran ··········································································· 54
DAFTAR PUSTAKA ······································································ 55
LAMPIRAN ················································································· 56
DAFTAR TABEL
3.1 Daftar Populasi Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2011 ························································ 23
4.1 Kecakapan Kerja (dalam melaksanakan tugas atau perintah atasan ··········· 30
4.2 Keterampilan dalam menyelesaikan tugas ········································ 31
4.3 Kesungguhan dalam melaksanakan tugas ········································· 31
4.4 Kecekatan dalam mengerjakan tugas ·············································· 32
4.5 Daya guna dan hasil guna ··························································· 33
4.6 Tanggung jawab terhadap penyelesaian tugas ···································· 33
4.7 Memikul resiko (kesadaran dan tindakan karyawan dalam menanggung resiko terhadap hasil kerjanya) ···················································· 34
4.8 Keihlasan dalam melaksanakan tugas ············································· 35
4.9 Kemampuan kerja bersama-sama ·················································· 35
4.10 Penerimaan terhadap keputusan yang telah diambil ····························· 36
4.11 Kecakapan kerja (dalam melaksanakan tugas atau perintah atasan) ··········· 37
4.12 Keterampilan dalam menyelesaikan tugas ········································· 38
4.13 Kesungguhan dalam melaksanakan tugas ········································· 38
4.14 Kecekatan dalam mengerjakan tugas ·············································· 39
4.15 Daya guna dan hasil guna ··························································· 40
4.16 Tanggung jawab terhadap penyelesaian tugas ···································· 40
4.17 Memikul resiko (kesadaran dan tindakan karyawan dalam menanggung terhadap hasil kerjanya ······························································· 41
4.18 Keikhlasan dalam melaksanakan tugas ············································ 42
4.19 Kemampuan kerja bersama-sama ·················································· 43
4.20 Penerimaan terhadap keputusan yang telah diambil ······························ 44
4.21 Hasil Uji Validitas Sebelum Merger dan Akuisisi ······························· 45
4.22 Hasil Validitas Setelah Merger dan Akuisisi ······································ 46
4.23 Hasil Uji Reliabilitas X1,X2 dan Y ················································ 47
4.24 Koefisien Korelasi Model Summary ·············································· 47
a
4.25 Uji t Coefficients ···································································· 48
4.26 Koefisien korelasi Model Summary ··············································· 49
a
4.27 Uji t Coefficients ···································································· 50
4.28 Koefisien korelasi Model Summary ··············································· 50