2016 International Conference on Business, Economics, Socio-Culture & Tourism
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ISSN: 9 772528 287003
411 Analysis Financial Performance Bank Before and After Merger and Acquisition (Studies in Banking Companies Listed on the Stock Exchange Period 2009-2014 )
Dwi Widi Pratito , SE , MM ; Diana Puspitasari , SE , MM Lecturer at the Faculty of Economics, University of Semarang
titopratito@gmail.com ; dianapuspitasari887@yahoo.com
ABSTRAC
This article aims to analyze the differences in financial performance of banks before and after mergers and acquisitions in the period 2009-2014 banking firm conduct merger and acquisition activity. The financial performance is measured by using 6 (six) financial ratio is Return On Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPL), Loan to Deposit Ratio (LDR), Interest Rate Ratio (IRR), Assets utilization Ratio (AUR).
Data analysis methods used in this research is quantitative descriptive can be seen from the change in value of the company's financial ratios before and after the occurrence of mergers and acquisitions . This study used T test samples Couples ( Paired Sample T - Test ) , which is used to determine whether two samples were not related to have an average value that is different for the purpose of comparing the average of the same or not significantly , which we wants to know whether there are differences in the company's financial performance before and after the merger and acquisition activity .
The results of this study show that 6 ( six ) financial ratio is Return On Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPL) , Loan to Deposit Ratio (LDR) , Interest Rate Ratio (IRR) , Assets Utilization Ratio (AUR) have a difference in the conditions before and after mergers and acquisitions .
KEYWORDS : Return On Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPL) , Loan to Deposit Ratio (LDR) , Interest Rate Ratio (IRR) , Assets Utilization Ratio (AUR) , Mergers , Acquisitions.
INTRODUCTION Background
In the current era of free competition, the banking company is required to always develop its strategy in order to maintain the existence of the business, can thrive, and capable of a healthy competitive. According Koesnadi (1991), one of the strategies that can be done so that the company can survive or even thrive is to do mergers and acquisitions. Merger and acquisition activity in Indonesia has been taking place in 1970, one of the companies that do mergers and acquisitions is a banking company. The activity was conducted with the hope to strengthen the capital structure and obtain tax relief for the companies concerned.
Merger is a merger of two or more companies into one force with the aim to strengthen the company's position. Meanwhile merging with another way is by means of acquisitions. The acquisition of an expropriation (take over) partial or total stock of another company so that the company take-over have the right of control over the target company. This acquisition may be made to the subsidiary that originally was going public and referred to the internal acquisition, or acquisition of other companies and referred to external acquisitions.
By combining the business through mergers and acquisitions the company is expected to become stronger and be able to obtain synergies, the overall value of the company after the merger and acquisitions are greater than the sum of the value of each company prior to mergers and acquisitions. The reason companies choose mergers and acquisitions as a strategy is that mergers and acquisitions are considered fast road to meet the minimum requirement of capital adequacy of banks that have been set by Bank Indonesia, as well as to create a bank with strong capital, financial strength, and high competitiveness in the running intermediation function, increased capabilities in marketing, research, managerial skills, technology transfer, and the efficiency of a decrease in production costs. Merger and acquisition managers should take into account the performance of the company to be acquired. The company's performance is reflected in the financial performance obtained from analyzing the financial statements of the company. By viewing and analyzing financial performance, the company can assess the suitability of candidates for the company to be acquired. Calculation of financial performance is usually done using financial ratios.
2016 International Conference on Business, Economics, Socio-Culture & Tourism
412 Several studies have examined the differences after the company's performance prior to the merger and acquisition is done, but the results are not always significant. As performed by Nurdin D (1996) who did research on companies that make acquisitions. The results showed no differences in financial ratios wore the ratio Liquidity, Profitability, Solvency ratio and return on total assets in a vulnerable period of 3 years.
Dyaksa (2006) conducted a study of the company merger and acquisition results showed that there are significant differences on financial ratios EPS, NPM, ROE, and ROA for testing 1 year before and 1 year after mergers and acquisitions; ROE financial ratios for the test one year before and 2 years after mergers and acquisitions.
Novani Kurniawati (2014) conducted a study of the bank's performance before and after mergers and acquisitions shows that 4 (four) ratios include current ratio, debt to total assets, Return on Assets, Return on Equity is not a significant difference, only the ratio of Debt to Equity ratio and the Net Profit Margin which have significant differences.
Okalesa, Efni, Zulbahridar (2014), conducted research to analyze the comparative financial performance of the Banking Companies Go Public in the Indonesia Stock Exchange Before and After Merger and Acquisition Period Year 2000-2012. The results showed aspects of capital (CAR) there is no difference ,. From the aspect of productive assets (NPL) there is a difference. From the aspect of profitability (ROA) there is a difference. From the aspect of profitability (ROA) there is a difference. From the aspect of liquidity (LDR) there is a difference.
Marbelanty and Adityawarman (2015) conducted a study to analyze the comparative financial performance of Islamic banking with conventional banking. In general, the results showed that there is a significant difference in financial performance between conventional banking to Islamic banking when viewed from LDR, CPIDR, ROA, ROE, PER, DER, and DTAR. Meanwhile, when viewed from LAR, EM, IER, OE, and AUR, there was no significant difference in financial performance between the two.
This study wants to analyze the differences in financial performance of banks as measured by the variable Return On Assets (ROA), Capital Adequacy Ratio, Non Performing Loans (NPL), Loan to Deposit Ratio (LDR), Interest Rate Ratio (IRR), and Asset Utilization Ratio ( AUR), before and after mergers and acquisitions.
Research Question
Based on the background of the problems described above , it can be formulated the following research questions : Is there a difference in financial performance of banks as measured by the variable Return On Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPL) , Loan to Deposit Ratio (LDR) , Interest Rate Ratio (IRR) , and Assets Utilization Ratio (AUR) before and after mergers and acquisitions ?
Research Purposes
In accordance with the problems and research questions above then the goals to be achieved in this study are : To determine the differences in financial performance financial performance of banks as measured by the variable Return On Assets (ROA), Capital Adequacy Ratio (CAR), Non Performing Loans (NPL) , Loan to Deposit Ratio (LDR) , Interest Rate Ratio (IRR), andAssets Utilization Ratio (AUR), before and after mergers and acquisitions .
THEORETICAL FRAMEWORK HYPOTHESIS DEVELOPMENT Financial Performance of Banking
Financial performance is a picture of the financial condition of acertain period, in which the financial performance in the past is often used as a basis for predicting the financial position and performance in the future.
(Febryani and Zulfadin, 2003). Achmad and Kusno (2003) explains that the bank's financial performance assessment is intended to assess the success of the bank's management in managing its business. Assessment of performance in this study proxy for the bank's financial ratios.
Financial ratio analysis is used as a basis for planning decisions to gain an overview of financial development and financial position in the future. Analysis of financial ratios describe the mathematical relationship between a certain amount by the number of others in the financial statements by developing measures of bank performance which has been standardized to provide clues, symptoms, as well as other financial information regarding the state of a bank, (Wahyuningsih and Hadinugroho 2004 ). The financial performance of banks in this study was measured by using a ratio Return On Assets (ROA), Capital Adequacy
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Ratio, Non Performing Loans (NPL), Loan to Deposit Ratio (LDR), Interest Rate Ratio (IRR), and Asset Utilization Ratio (AUR).Merger
Merger is one of the company's strategy to develop and grow the company. Merger defined the merger of two or more companies that eventually merged into one company that has been there before, thus eliminating one of the names of companies that have merged. In other words that the merger is an agreement of two or more companies to join then there is only one company that lingers as a legal entity, while others suspend or dissolve (Moin, 2003).
According to Law No. 40 Year 2007 Article 1 paragraph 9: Merger is a legal act performed by one (1) the company or to merge with the company of others who have no resulting assets and liabilities of the company who joined the switch because of the law to the receiving entity merger and subsequent legal status company that combines self-expire by operation of law.
Acquisitions
According to Moin (2004: 8) acquisition is a form of expropriation of the company by the acquirer (the acquirer) sehinggan will result in the transfer of control over the acquired entity. Usually the acquirer has a larger size than the acquiree. What is meant by that form of control is the power of the power to: (a) Setting the financial and operating policies of the company; (b) To appoint and dismiss management; (c) Getting a majority vote in a board meeting. With the existence of this control, the acquirer will have the benefit of the acquired company. Acquisitions different from the merger due to the acquisition does not cause the other party dissolved as legal entities. The companies involved in the acquisition of juridical still standing and operating independently but there has been a transfer of control by the acquirer.
In the Indonesian Government Regulation No.27 of 1998 on the merger, consolidation and acquisition Limited Company defines acquisition is a legal act carried out by legal entities or individuals to take over either all or most of the company's shares which may result in the shift of control of the company .
Research Framework
As previously described, there are differences in the results of research on the financial performance of merger and acquisition activity . Therefore , this study wanted to compare the financial performance of banks before and after the merger and acquisition activity during the period 2009-2014 . Based on the background of the problems described above, it can be described in the model of the theoretical framework as follows :
Research Framework :
Source : developed for research
Based on the above research framework hypothesis can be formulated as follows : H1 : There is a difference Return On Assets ( ROA ) before and after mergers and acquisitions .
H2 : There are differences in the Capital Adequacy Ratio ( CAR ) before and after mergers and acquisitions . H3 : There is a difference of Non Performing Loans ( NPL ) before and after mergers and acquisitions . H4 : There is a difference of Loan to Deposit Ratio ( LDR ) before and after mergers and acquisitions . H5 : There are differences in Interest Rate Ratio ( IRR ) before and after mergers and acquisitions .
Financial Performance of Banks Before Merger and Acquisition :
Return On Assets (ROA) Capital Adequacy Ratio (CAR)
Non Performing Loans (NPL) Loan to Deposits Ratio (LDR)
Interest Rate Ratio (IRR) Assets Utilization Ratio (AUR)
Financial Performance of Banks After Merger and Acquisition :
Return On Assets (ROA) Capital Adequacy Ratio Non Performing Loans (NPL) Loan to Deposits Ratio (LDR)
Interest Rate Ratio (IRR) Assets Utilization Ratio (AUR) Different Test
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H6 : There is a difference Assets Utilization Ratio ( AUR ) before and after mergers and acquisitions .RESEARCH METHOD Types and Sources of Data
The type of data in this study, is a secondary data, the banking company's annual financial statements for 2009-2014 period. Sources of data obtained from www.idx.co.id. As for the research data is the pooling of data that is a combination of time series (time series) and cross section during the period 2009 to 2014.
Population and Sample
The population used in this study are publicly traded banking company mergers and acquisitions during the study period. The criteria for data collection are as follows: (1) publicly traded banking company mergers and acquisitions by foreign companies in 2009-2014; (2) Available annual financial statements published by Bank Indonesia before and after mergers and acquisitions; (3) Presenting a complete financial ratios according to the study. Based on the above criteria, there were 13 banks that have been doing mergers and acquisitions during the period 2009-2014. Of the 13 banks are four banks whose financial statements are not complete; 2 bank for mergers and acquisitions with domestic ownership; so that the final sample obtained was seven banks which have all been merged or acquired by foreign ownership.
Table 1
The Sample of Bank did Merger and Acquisition Period 2009-2014
NO BANK
1 Bank Internasional Indonesia,Tbk 2 Bank CIMB Niaga, Tbk
3 Bank Swadesi, Tbk 4 Bank UOB Indonesia, Tbk 5 Bank Ekonomi Raharja, Tbk 6 Bank Permata, Tbk
7 Bank OCBC NISP, Tbk Source : www.idx.co.id
Method of Collecting Data
1. Study Library: from articles, journals, books, and previous research.
2. Documentary Studies: by collecting secondary data is data the company's annual financial statement data are publicly traded banking mergers and acquisitions during the study period were obtained from www.idx.co.id
Operational Definition and Measurement of Variables 1. Return On Assets (ROA)
Return On Assets (ROA) is a ratio between income before tax to total assets. Use of profit before tax to avoid the effect of the determination of different tax rates between periods analyzed (Bahtiar Usman, 2003). The calculation of Return On Assets (ROA) is as follows (Circular Letter No. 3/30 / DPNP dated December 14, 2001):
Return On Assets (ROA) = x100%
Assets Total
Tax Before Earning
ROA shows the effectiveness of the bank in utilizing all its assets. When a company merger or acquisition, the composition of the company's assets will turn out to be bigger. This makes the company the
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opportunity to generate huge profits through the use of a number of corporate assets. So expect ROA to rise after company mergers and acquisitions.2. Capital Adequecy Ratio (CAR)
CAR is a ratio between equity capital against risk-weighted assets (RWA) (Dendawijaya, 2005). Capital Adequacy Ratio (CAR) is as follows (Circular Letter No. 3/30 / DPNP dated December 14, 2001):
Capital Adequacy Ratio (CAR) = x100%
Assets ted Risk Weigh
Equity s Owner'
CAR ratio is used to measure the adequacy of capital to cover potential losses in the lending activities and securities trading. When the company decided to conduct mergers and acquisitions is expected to create synergies for the company so as to increase the working capital that can be used to meet obligations pendeknya.Analisis term financial performance before and after the merger of the financial ratios at the end of utilization will be used to formulate a series of strategic policy finance, so expect the banking industry more competitive.
3. Non Performing Loan (NPL)
Non Performing Loan (NPL) is the ratio of non performing loans to total loans (Circular Letter No. 3 / 30DNP dated December 14, 2001).
Non Performing Loan (NPL) = x100%
Loans Performing Total
Loans Performing
The ratio of NPL (Non Performing Loan) can be used to measure the risk of a bank on the possibility of no return loans to total loans. In general companies or banks that experienced mergers and acquisitions is a big company with good corporate governance with better managerial capabilities. Thus the expected changes for the better in the NPL ratio after mergers and acquisitions.
4. Loan to Deposit Ratio (LDR)
Loan to Deposit Ratio (LDR): the ratio between the amount of credit given to the number of third-party funds. (Circular Letter No. 3 / 30DNP dated December 14, 2001).
Loan to Deposit Ratio (LDR) = x100%
Funds of Amount
Credit of Number
LDR shows the level of bank intermediation in lending of funds received from the public. When a company merger or acquisition, the composition of the company's equity will turn out to be bigger. This makes the company the opportunity to make greater credit expansion and control with better credit that can reduce LDR so that liquidity is maintained. Thereby it can be concluded that LDR banking companies will be amended when the mergers and acquisitions, because the event is intended to improve the performance of the banking company as a whole and maintain the viability of the company concerned.
5. Interest Rate Ratio (IRR)
Interest Rate Ratio (IRR) that the risk to gauge the possibility of interest received by the bank is smaller than the interest paid by the bank. The formula used to calculate the Interest Rate Risk Ratio is as follows:
Interest Rate Ratio (IRR) = x100%
s Liabilitie Interest
Assets y Sensitivit Interest
6. Assets Utilization Ratio (AUR)
Assets Utilization Ratio (AUR) is a ratio used to measure the efficiency and ability of banks to carry out operations by leveraging the assets owned.
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Assets Utilization Ratio (AUR) = x100%Assets Total
Earning Total
How effective the bank in utilizing all its assets is measured by the ratio of asset utilization. These banks may be said to use assets effectively in generating total revenue if the ratio is higher AUR. If the ratio is lower AUR, the bank did not use their assets to their capacity and need to increase revenue or dispose of some assets (Ross, Westerfield, and Jaffe, 2005). Total income of the bank in this study is defined as net distribution before provision plus all other income.
Data Analysis Method
Data analysis methods used in this research is quantitative descriptive can be seen from the change in value of the company's financial ratios before and after the occurrence of mergers and acquisitions . This study used T test samples Couples ( Paired Sample T - Test ) , which is used to determine whether two samples were not related to have an average value that is different for the purpose of comparing the average of the same or not significantly , which we wants to know whether there are differences in the company's financial performance before and after the merger and acquisition activity . Data were analyzed using descriptive statistics and different test paired samples , due to the small sample size ( less than 30 ) , then used a different test that nonparametric Wilcoxon 's Signed Rank test. The significance level ( α ) , fixed at 5 % .
RESULTS
Descriptive Analysis Results
Tabel 2
Average of CAR, NPL, ROA, LDR, IRR, AUR Conducting Sample Bank did Merger and Acquisition Period 2009-2014
NO BANK
CAR NPL ROA LDR IRR AUR
Pre Post Pre Post Pre Post Pre Post Pre Post Pre Post
1
Bank Internasional
Indonesia,Tbk 10.68 13.06 3.72 1.33 1.79 5.23 58.98 75.52 6.32 8.12 60.67 76.59 2 Bank CIMB Niaga, Tbk 9.47 14.05 3.97 5.40 2.48 2.32 87.65 90.98 1.16 1.62 72.18 91.31 3 Bank Swadesi, Tbk 13.69 28.83 4.05 2.01 2.65 6.11 56.12 75.94 3.98 5.91 65.67 75.36 4
Bank UOB Indonesia,
Tbk 13.12 18.71 1.97 7.32 2.98 2.36 58.98 93.15 0.16 0.91 88.12 92.00 5
Bank Ekonomi Raharja,
Tbk 6.58 19.96 1.64 8.71 1.78 5.60 49.12 62.68 4.38 5.37 61.15 64.10 6 Bank Permata, Tbk 6.87 14.57 15.02 7.65 -1.51 1.41 40.92 88.45 2.17 4.83 78.60 88.63 7 Bank OCBC NISP, Tbk 11.01 15.49 2.89 5.12 1.88 5.53 60.12 72.92 3.15 5.85 70.36 74.48 MEAN 10.20 17.81 4.75 5.36 1.72 4.08 58.84 79.95 3.05 4.66 70.96 80.35
Source : data processed
Based on table 2 above can be concluded that the average capital adequacy ratio calculated from CAR increased after mergers and acquisitions. That is because no capital increase as a result of the merger.
The average credit risk is calculated from the ratio of NPL increased after mergers and acquisitions. This indicates a poor performance due to the amount of bad loans held on the two banks concerned.
Average profitability which is calculated from the ratio of ROA increased after mergers and acquisitions.
That is because there are additional advantages as a result of the merger.
The average liquidity ratio is calculated from LDR increased after mergers and acquisitions. This indicates a good performance because banks are increasingly illiquid and stronger as a result of the merger.
The average ratio of IRR has increased after mergers and acquisitions. That is because the possibility of interest received by banks is greater than the interest paid by the bank.
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The average ability of banks to carry out operations which are calculated from the ratio of AUR increased after mergers and acquisitions. That is because there are additional revenue to fund the company's operations as a result of the merger.Table 3
Descriptive Statistic of Financial Ratios from Bank Sample did Merger an Acquisitions Period 2009-2014
NO KET CAR NPL ROA LDR IRR AUR
Pre Post Pre Post Pre Post Pre Post Pre Post Pre Post 1 MIN 6.58 13.06 2.89 1.33 -1.51 1.41 40.92 62.68 0.16 0.91 60.67 64.10 2 MAX 13.69 28.83 15.02 8.71 2.98 6.11 60.12 93.15 6.32 8.12 88.12 92.00 3 MEAN 10.20 17.81 4.75 5.36 1.72 4.08 58.84 79.95 3.05 4.66 70.96 80.35 4 STD DEV 2.57 5.06 4.28 2.61 1.39 1.82 13.39 10.36 1.93 2.35 9.14 9.72 Source : data processed
Based on Table 3 shows the distribution of the data bank ats samples before and after mergers and acquisitions . From the table above it can be concluded that the average of all financial ratios has increased or increased after mergers and acquisitions .
Analysis Wilcoxon’s Signed Rank Test Results
Analysis Wilcoxon 's Signed Rank Test was used to test whether the average of the financial ratios used in this study, there is a significant difference or not .
Table 4
Results of Wilcoxon's Signed Rank Test Financial Ratio from Bank Sample did Merger and Acquisitions Period 2009-2014
NO RATIO MEAN
Z Sig
Pre Post
1 CAR 10.20 19.90 -7.71 0.002
2 NPL 7.55 5.13 -0.72 0.720
3 ROA 1.06 3.87 -2.39 0.007
4 LDR 53.29 78.59 -21.42 0.003
5 IRR 3.18 4.56 -1.63 0.001
6 AUR 73.25 78.82 -9.52 0.003
Source : data processed
Based on Table 4 above can be explained that there are five (5 ) significant financial ratios namely CAR , ROA , LDR , IRR , and AUR because of its significance value below 0.05 . This indicates that there are significant differences after mergers and acquisitions . These results support the research Dyaksa (2006 ) Okalesa , Efni ; Zulbahridar ( 2014 ) , Marbelanty and Adityawarman ( 2015) which states that the CAR , ROA , LDR significantly different after mergers and acquisitions .
The NPL ratio was not significant because of the significance value 0.720 above 0.05 . This indicates that the bank 's performance is not good because the amount of bad loans held on the two banks concerned.
CONCLUSION, IMPLICATION AND LIMITATION Conclusion
Based on the above test results can be explained that five (5 ) significant financial ratios there is a difference after mergers and acquisitions are calculated from the CAR , ROA , LDR , IRR , and AUR . It is the bank's financial performance is enhanced and well after the merger These results support the research Dyaksa
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(2006 ) Okalesa , Efni ; Zulbahridar ( 2014 ) , Marbelanty and Adityawarman ( 2015) which states that the CAR , ROA , and LDR were significantly different after mergers and acquisitions .The NPL ratio was not significant because of the significance value 0.720 above 0.05 . This indicates that the performance of the bank is not good because of the amount of bad loans held .
Implication
From the analysis in the previous chapter , the results of this study are consistent with previous research , conducted by Dyaksa (2006 ) Okalesa , Efni ; Zulbahridar ( 2014 ) , Marbelanty and Adityawarman ( 2015) which states that the significant financial performance calculated from the CAR , ROA , and LDR differences after mergers and acquisitions .
Limitations
This study has limitations, particularly in terms of:
1. The study period is limited from 2009-2014 alone .
2. The research sample was relatively small ie 7 samples because only limited to the banking companies are doing mergers and acquisitions by foreign parties .
3. This study only uses six (6 ) banking financial ratios .
REFERENCES Journal articles
Hamidah. Noviani, M. (2013). Perbandingan Kinerja Keuangan Perusahaan Sebelum dan Sesudah Merger dan Akuisisi (Pada Perusahaan Pengakuisisi yang Terdaftar di Bursa Efek Indonesia Periode 2004-2006). Jurnal Riset Manajemen Sains Indonesia (JRMSI) Vol. 4 No. 1
Halim, Kusuma Indawati. (2013), Analisis Kinerja Keuangan dan Indikasi Earnings Mangement sebelum dan sesudah Akuisisi Perbankan oleh Investor Asing. Jurnal Socioscientia Kopertis Wilayah XI Kalimantan Februari 2013, Volume 5 Nomor 1.
Marbelanty, Fivtina dan Adityawarman. (2015). Analisis Perbandingan Kinerja Keuangan Antara Perbankan Konvensional dengan Perbankan Syariah di Indonesia. Jurnal Akuntansi, Vol.4, No.4, hal.1-10.
Novaliza dan Djajanti. (2013). Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia”. Jurnal Akuntansi dan Bisnis, Vol. 1, No, 1 hal 1-16.
Okalesa, Efni, Zulbahridar. (2014). Analisis Perbandingan Kinerja Keuangan Perusahaan Perbankan yang Go Public di Bursa Efek Indonesia Sebelum dan Sesudah Merger dan Akuisisi periode Tahun 2000-2012. Jurnal Tepak Manajemen Bisnis (online), Vol VI No 3.
Payamta dan Setiawan, (2004). “Analisis Pengaruh Merger dan Akuisisi Terhadap Kinerja Perusahaan Publik di Indonesia”. Jurnal Riset Akuntansi Indonesia, Vol. 7, No. 3. Peraturan Pemerintah Republik Indonesia No. 27 Tahun 1998, tentang Penggabungan, Peleburan dan Pengambilalihan Perseroan Terbatas.
Restika, S M. 2013. Kinerja keuangan sebelum dan sesudah merger: Bukti Empiris dari Industry Perbankan Indonesia. Jurnal Ilmu dan Riset Akuntansi. 1 (2): 34-42.
Wahyu, Eri, 2010. Analisis Perbandingan Kinerja Keuangan Perusahaan Sebelum dan Sesudah Merger dan Akuisisi (Studi pada Perusahaan Pengakuisisi di BEI). Semarang.
Books
Dendawijaya, Lukman. (2005). Manajemen Perbankan. Penerbit Ghalia Indonesia. Jakarta.
Ghozali, Imam, (2006), Aplikasi Analisis Multivariate Dengan Program SPSS, Badan penerbit Universitas Diponegoro, Semarang.
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Electronic Bookhttp : //www.idx.co.id, Annual Report Bursa Efek Indonesia MISCELLANEOUS
Chairman :
Name : Dwi Widi Pratito , SE , MM
Place and Date of Birth : Semarang , February 29, 1968 Home Address : Jl . Tegal Sari , Semarang
No Hp : 081393933268
Office address : Faculty of Economics, University of Semarang
Jl Sukarno Hatta Semarang
Office Tel No : 024-6702757
E - mail : titopratito@gmail.com
Member :
Names : Diana Puspitasari , SE , MM
Place and Date of Birth : Semarang , 20 September 1984 Home Address : Jl . Stonen Timur No. 39 , Semarang
No Hp : 082221576234
Office address : Faculty of Economics, University of Semarang
Jl Sukarno Hatta Semarang
Office Tel No : 024-6702757
E - mail : dianapuspitasari887@yahoo.com
All the data I input and biographical data contained in it is correct and legally defensible . This study has never been published or published elsewhere . This statement I made to actually meet one of the requirements for the submission of full paper Icbest 2016 .
Semarang 14 Juli 2016 Chairman
Dwi Widi Pratito, SE, MM
