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Abstract
Study This discuss impact acquisition of PT Solusi Tunas Pratama Tbk by PT Profesional Telekomunikasi Indonesia Tbk ( Protelindo ) against performance finance company acquirer . Acquisition This own mark as well as a big role in consolidation industry tower Indonesian telecommunications . Research This analyze whether acquisition This truly create mark plus for company acquirer from side profitability , liquidity , solvency and efficiency operational . Research This give contribution new with analyze impact finance acquisition in the sector Indonesian telecommunications use approach ratio comprehensive financial research . This use approach quantitative descriptive with secondary data in the form of report finances taken from Refinitiv Eikon and reports annual official company . Period analysis covers three year before and after acquisition , and testing statistics done using two sample t test independent through device STATA software . The results show decline significant throughout indicator profitability and efficiency operational , as well as the decline ratio liquidity and solvency . This is indicates that acquisition Not yet give impact positive finance in term short . Acquisition scale big No in a way automatic increase performance finance company . This result become warning for management and investors that synergy post-acquisition need effective integration time and strategy For produce mark add the real thing
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References
- Brigham, E.F., & Houston, J.F. (2019). Fundamentals of Financial Management, 15th edition . Boston: Cengage Learning.
- Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. The Academy of Management Review , 20 (1), 92. https://doi.org/10.2307/258888
- Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review , 20 (1), 65. https://doi.org/10.2307/258887
- Firdaus, F. (2021). Takeover of SUPR! Sarana Menara Nusantara Boss: This is an Acquisition The largest TOWR. Retrieved June 7, 2025, from Bisnis.com website: https://market.bisnis.com/read/20211001/192/1449346/caplok-supr-bos-sarana-menara-nusantara-ini-akredit-terbesar-towr
- Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach . Pitman.
- Freeman, R.E., Harrison, J.S., Wicks, A.C., Parmar, B., & de Colle, S. (2010). Stakeholder Theory: The State of the Art. Stakeholder Theory: The State of the Art , 1–343. https://doi.org/10.1017/CBO9780511815768
- Gupta, I., & Raman, T. V. (2022). A study on the Impact of Mergers and Acquisitions on Financial Performance of Agri-Food Companies. Finance: Theory and Practice , 26 (2), 38–47. https://doi.org/10.26794/2587-5671-2022-26-2-38-47
- Hasibuan , B. (2018). FINANCIAL REPORT ANALYSIS TO ASSESS FINANCIAL PERFORMANCE THROUGH LIQUIDITY, SOLVENCY, ACTIVITY, AND PROFITABILITY LEVELS. DIMENSION JOURNAL , 7 (3), 702–715. Retrieved from https://www.journal.unrika.ac.id/index.php/jurnaldms/article/view/5332
- IndoPremier . (2021a). Deal! Sarana Menara Acquires Solusi Tunas for Rp16.73 Trillion . Retrieved June 7, 2025, from indopremier.com website: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Deal!_Sarana_Menara_Akusi_Solusi_Tunas_Rp_16_73_Triliun&news_id=388939&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
- IndoPremier . (2021b). This is the Reason TOWR Acquired SUPR Through Protelindo . Retrieved June 7, 2025, from indopremier.com website: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=This%20Reasons%20TOWR%20Caplok%20SUPR%20Through%20Protelindo&news_id=138872&group_news=IPOTNEWS&news_date=&taging_subtype=&name=&search=&q=&page=
- Indrawati , T. (2021). PROBLEMATIC BANK MERGER IN INDONESIA. Journal The WINNERS , 2 .
- Octasylva , ARP, & Rurianto , J. (2020). Analysis of the Cellular Telecommunication Industry in Indonesia: SCP (Structure Conduct Perfoemance ) Approach . INOBIS: Jurnal Innovation Indonesian Business and Management , 3 (3), 391–408. https://doi.org/10.31842/JURNALINOBIS.V3I3.146
- Portelindo . (2022). PT PROFESSIONAL TELEKOMUNIKASI INDONESIA - Annual Report 2021 . Retrieved from www.ptsmn.co.id
- Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). WILEY. Retrieved from www.wileypluslearningspace.com
- Tempo. (2021). Issuer Group Jar Acquisition of 94.03 Percent of Solusi Tunas Pratama Shares for Rp 16.72 T | tempo.co. Retrieved June 7, 2025, from Tempo website: https://www.tempo.co/ekonomi/emiten-grup-djarum-akredit-94-03-persen-saham-solusi-tunas-pratama-rp-16-72-t-468379
References
Brigham, E.F., & Houston, J.F. (2019). Fundamentals of Financial Management, 15th edition . Boston: Cengage Learning.
Clarkson, M. B. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. The Academy of Management Review , 20 (1), 92. https://doi.org/10.2307/258888
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review , 20 (1), 65. https://doi.org/10.2307/258887
Firdaus, F. (2021). Takeover of SUPR! Sarana Menara Nusantara Boss: This is an Acquisition The largest TOWR. Retrieved June 7, 2025, from Bisnis.com website: https://market.bisnis.com/read/20211001/192/1449346/caplok-supr-bos-sarana-menara-nusantara-ini-akredit-terbesar-towr
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach . Pitman.
Freeman, R.E., Harrison, J.S., Wicks, A.C., Parmar, B., & de Colle, S. (2010). Stakeholder Theory: The State of the Art. Stakeholder Theory: The State of the Art , 1–343. https://doi.org/10.1017/CBO9780511815768
Gupta, I., & Raman, T. V. (2022). A study on the Impact of Mergers and Acquisitions on Financial Performance of Agri-Food Companies. Finance: Theory and Practice , 26 (2), 38–47. https://doi.org/10.26794/2587-5671-2022-26-2-38-47
Hasibuan , B. (2018). FINANCIAL REPORT ANALYSIS TO ASSESS FINANCIAL PERFORMANCE THROUGH LIQUIDITY, SOLVENCY, ACTIVITY, AND PROFITABILITY LEVELS. DIMENSION JOURNAL , 7 (3), 702–715. Retrieved from https://www.journal.unrika.ac.id/index.php/jurnaldms/article/view/5332
IndoPremier . (2021a). Deal! Sarana Menara Acquires Solusi Tunas for Rp16.73 Trillion . Retrieved June 7, 2025, from indopremier.com website: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Deal!_Sarana_Menara_Akusi_Solusi_Tunas_Rp_16_73_Triliun&news_id=388939&group_news=RESEARCHNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&page=1
IndoPremier . (2021b). This is the Reason TOWR Acquired SUPR Through Protelindo . Retrieved June 7, 2025, from indopremier.com website: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=This%20Reasons%20TOWR%20Caplok%20SUPR%20Through%20Protelindo&news_id=138872&group_news=IPOTNEWS&news_date=&taging_subtype=&name=&search=&q=&page=
Indrawati , T. (2021). PROBLEMATIC BANK MERGER IN INDONESIA. Journal The WINNERS , 2 .
Octasylva , ARP, & Rurianto , J. (2020). Analysis of the Cellular Telecommunication Industry in Indonesia: SCP (Structure Conduct Perfoemance ) Approach . INOBIS: Jurnal Innovation Indonesian Business and Management , 3 (3), 391–408. https://doi.org/10.31842/JURNALINOBIS.V3I3.146
Portelindo . (2022). PT PROFESSIONAL TELEKOMUNIKASI INDONESIA - Annual Report 2021 . Retrieved from www.ptsmn.co.id
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). WILEY. Retrieved from www.wileypluslearningspace.com
Tempo. (2021). Issuer Group Jar Acquisition of 94.03 Percent of Solusi Tunas Pratama Shares for Rp 16.72 T | tempo.co. Retrieved June 7, 2025, from Tempo website: https://www.tempo.co/ekonomi/emiten-grup-djarum-akredit-94-03-persen-saham-solusi-tunas-pratama-rp-16-72-t-468379