Financial Ratio Approach to Analyze Financial Performance: Comparison Before and After Merger
- Ghina Kemala Dewi Institut Teknologi dan Bisnis Ahmad Dahlan, Tangerang Selatan, Indonesia
-
Ashar Basyir
*
Universitas Gunadarma, Depok,
Indonesia
(*) Corresponding Author
Abstract
A merger is the process of combining two or more companies, where one company is maintained and the other is dissolved, with the assets of the dissolved company being transferred to the remaining company without liquidating it first. This study aims to determine the differences in financial performance at PT Bank CIMB Niaga Tbk before and after the merger by using a general financial analysis method, namely financial ratio analysis. The data used in this research is secondary data in the form of annual financial statements of PT Bank CIMB Niaga Tbk, taken from the period before the merger (2006-2007) and after the merger (2008, 2019, 2020). The type of data used in this study is quantitative research data. Quantitative data refers to data presented in the form of numbers that can be calculated with specific units. Financial performance is assessed using 4 indicators: Current Ratio, Debt to Equity, Net Profit Margin, and Total Asset Turnover. Based on the results of this study, it shows that from the four ratios calculated, two ratios had a positive change: the liquidity ratio measured using the Current Ratio and the profitability ratio measured using Net Profit Margin. There are two ratios that experienced negative changes after the merger: the solvency ratio measured using Debt to Equity Ratio and the activity ratio measured using Total Asset Turnover. The overall result from the calculations of these four ratios shows that there is a significant difference in financial performance before and after the merger. A limitation in this study is the ratio-based approach, where each financial ratio is measured individually. As a result, this study cannot be generalized to other studies.
Downloads
References
Indonesia Dalam Pembangunan Hukum Ekonomi Nasional. Aktualita (Jurnal Hukum), 1(1), 1–15. https://doi.org/10.29313/aktualita.v1i1.3704
Akbar, F., & Fahmi, I. (2020). Pengaruh Ukuran Perusahaan, Profitabilitas Dan Likuiditas Terhadap Kebijakan Dividen Dan Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 62–81. http:jim.unsyiah.ac.id/ekm
Antwi, F. (2019). Capital Adequacy, Cost Income Ratio and Performance of Banks in Ghana. International Journal of Academic Research in Business and Social Sciences, 9(10). https://doi.org/10.6007/ijarbss/v9-i10/6471
Aryani, F. (2022). Effect of Beban Operasional Pendapatan Operasional (Bopo) and Debt To Equity Ratio (Der) Toward Return on Assets (Roa)(Case Study Banking Company Based on Capital Perspective Listed on the Indonesian Stock Exchange (Idx) for Period 2017-2019). Neraca: Jurnal Akuntansi Terapan, 3(2), 100–113.
Choirunisa. (2024). Pengaruh Current Ratio, Debt to Equity Ratio dan Return on Equity terhadap Earning per Share pada PT Industri Jamu dan Farmasi Sido Muncul Tbk. Periode 2012 - 2022. Jurnal PERKUSI, 4(3), 387–401.
Damayanti, N. O., & Sitohang, S. (2019). Pengaruh Current Ratio, Inventory Turnover, Dan Total Asset Turnover Terhadap Return on Asset. Jurnal Ilmu Dan Riset Manajemen, 8(6), 1–15.
Dandy, P. M., & Nugroho, P. I. (2020). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Variabel Moderasi. International Journal of Social Science and Business, 4(2), 189–196.
Efendi, M. J., & Dewianawati, D. (2021). Manajemen Keuangan. Yogyakarta: Bintang Pustaka Madani.
Faizah, I., & Nurmalia, G. (2020). Analisis Kebijakan Struktur Modal Berdasarkan Pot dan Tot Persepektif Ekonomi Syariah. JESI (Jurnal Ekonomi Syariah Indonesia), 10(2), 103. https://doi.org/10.21927/jesi.2020.10(2).103-111
Faizah, I., & Tahir, M. (2023). Analisis Rasio Solvabilitas Pada Perbankan Syariah. Jurnal Akuntansi Dan Perbankan Syariah, 6(2), 211–224.
Halim, A., & Hanafi. (2016). Analisis Laporan Keuangan (6th ed.). Yogyakarta: UPP STIM YKPN.
Hery. (2016). Analisis Laporan Keuangan. Jakarta: PT Grasindo.
Hutabarat, F. (2020). Analisis Kinerja Keuangan Perusahaan. Banten: Desanta Muliavisitama.
Johan, S. (2018). Merger, Akuisisi dan Restrukturisasi. Bogor: IPB Press.
Kasmir. (2019). Pengantar Manajemen Keuangan. Jakarta: Kencana.
Kustiningsih, N., & Farhan, A. (2022). Manajemen Keuangan Dasar-dasar Pengelolaan Keuangan. Sidoarjo: CV Globalcare.
Mendrofa, T. R., Sihotang, D. P., Sitompul, E. M., Hasugian, C., & Siallagan, H. (2024). Analysis of Financial Ratios to Financial Performance at PT Bank CIMB Niaga Tbk. Jurnal Comparative: Ekonomi Dan Bisnis, 6(4), 715–726. https://doi.org/10.31000/combis.v6i4.12833
Nurriyah, I., Ayu, D., Permatasari, R., Fadhilah, J., Gunardi, G., Karyadi, K., & Sugiyanto, S. (2022). Pengaruh Analisis Rasio Keuangan Terhadap Kinerja Keuangan Perusahaan Pada Bank Negara Indonesia (Pt. Bni). Jurnal Co-Management, 4(3), 721–724.
OJK. (2014). POJK Nomor 18/POJK.03/2014 Tentang Penerapan Tata Kelola Terintegrasi Bagi Konglomerasi Keuangan. Otoritas Jasa Keuangan. https://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/peraturan-ojk/Documents/POJK18TataKelolaTerintegrasi_1417076198.pdf
Pardede, D. H., Nawawi, Z. M., & Atika. (2023). Pengaruh Total Asset Turnover (TAT), Kualitas Aktiva Produktif (KAP) Terhadap Profitabilitas (ROA) Dengan Non Performing Financing (NPF) Sebagai Variabel Moderasi Pada Bank Umum Syariah Di Indonesia Periode 2018 - 2022. At-Tasyri’iy Pernbakan Syariah, 6, 30–57.
Ridwan, S. A., & Hermana, C. (2024). Analisis Return On Equity , Return On Assets , dan Net Profit Margin Terhadap Kinerja Keuangan Pada Perusahaan Sektor Perbankan ( Studi Kasus Pada PT Bank Negara Indonesia Periode 2020-2022 ). INNOVATIVE: Journal Of Social Science Research Volume, 4(3), 7028–7036.
Samryn. (2015). Pengantar Akuntansi: Metode Akuntansi untuk Elemen Laporan Keuangan Diperkya dengan Perspektif IFRS & Perbankan (2nd ed.). Jakarta: Rajawali Pers.
Sari, N., Nuringwahyu, S., & Krisdianto, D. (2018). Analisis Rasio Likuiditas, Solvabilitas dan Rentabilitas untuk Melihat Kinerja Keuangan Bank (Studi pada PT. BAnk CIMB Niaga, Tbk Periode 2012 - 2017). Jurnal Ilmu Administrasi Niaga/Bisnis, 7, 135–152. http://riset.unisma.ac.id/index.php/jiagabi/index
Setia, M. N., & Ermawati, Y. (2024). Pada Perbankan Yang Terdafar Di Bursa Efek Indonesia Periode 2019-2021. JEBS (Jurnal Ekonomi, Bisnis, Dan Sosial), 1(4), 70–81.
Siddiq, R. M., Setiawan, S., & Nurdin, A. A. (2020). Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas terhadap Earning Per Share pada Bank Umum yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Economics and Management, 1(1), 72–82. https://doi.org/10.35313/ijem.v1i1.2419
Sirait, P. (2017). Analisis Laporan Keuangan. Yogyakarta: Ekuilibria.
Siregar, E. (2021). Merger; Tinjauan Undang-undang Nomor 40 Tahun 2007 Tentang Perusahaan Terbatas dan POJK.03/2018 Tentang Persyaratan Dan Tata Cara Penggabungan, Peleburan, Pengambilalihan, Integrasi Dan Konversi Bank Umum. Islamic Circle, 1(2), 92–109. https://doi.org/10.56874/islamiccircle.v1i2.393
Sofian, D. R., & Nurhayati. (2020). Analisis Pengaruh Debt to Equity Ratio (DER) Terhadap Return on Asset (ROA) pada PT Semen Indonesia Tbk. Journal of Business and Economics Research (JBE), 1(3), 220–225.
Sugiyono. (2018). Metode penelitian Kuantitatif, Kualitatif dan R&D. Bandung : Alfabeta.
Susyana, F. I., & Nugraha, N. M. (2021). Pengaruh Net Profit Margin, Return On Assets, Dan Current Ratio Terhadap Pertumbuhan Laba. Jurnal Ekonomi Manajemen Perbankan, 3(1), 56–69.
V.Wiratna Sujarweni. (2017). Analisis Laporan Keuangan Teori, Aplikasi, Dan Hasil. Yogyakarta: Pustaka Baru Press.
Wardana, L. K., & Nurita, C. D. (2022). Analisis Komparasi Kinerja Keuangan PT Bank Syariah Mandiri dan PT. Bank Rakyat Indonesia. JATI: Jurnal Akuntansi Terapan Indonesia, 1(1), 77–88.
Wisnu, F. E. L., Herlianto, F., Siregar, A. M. N., & Tarina., D. D. Y. (2023). Analisis Faktor Serta Dampak Merger Bank Cimb Niaga dan Lippo. Jurnal Penelitian Ilmu-Ilmu Sosial, 1(November), 118–124. https://jurnal.kolibi.org/index.php/neraca/article/view/163
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Financial Ratio Approach to Analyze Financial Performance: Comparison Before and After Merger
Pages: 53-62
Copyright (c) 2025 Ghina Kemala Dewi, Ashar Basyir
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
