Evaluasi Kinerja Keuangan Pasca Akuisisi: Studi Kasus Perusahaan EPCI Global (McDermott-CB&I)

Firmansyah, Maulidin Iqbal (2025) Evaluasi Kinerja Keuangan Pasca Akuisisi: Studi Kasus Perusahaan EPCI Global (McDermott-CB&I). Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini bertujuan mengevaluasi dampak akuisisi terhadap performa keuangan perusahaan multinasional di sektor Engineering, Procurement, Construction, and Installation (EPCI). Fokus analisis meliputi perubahan rasio keuangan utama sebelum dan sesudah akuisisi, termasuk profitabilitas, likuiditas, solvabilitas, efisiensi operasional, dan persepsi pasar. Metode yang digunakan adalah pendekatan kuantitatif komparatif dengan uji statistik paired sample t-test pada laporan keuangan periode pra-akuisisi (2016–2017) dan pasca-akuisisi (2021–2022). Hasil penelitian menunjukkan penurunan signifikan pada Return on Equity (ROE), Operating Profit Margin, dan Working Capital Turnover, serta memburuknya struktur permodalan melalui lonjakan Debt to Equity Ratio. Rasio likuiditas seperti Quick Ratio juga menunjukkan krisis kas akut, sedangkan rasio solvabilitas seperti Interest Coverage Ratio menjadi negatif selama beberapa tahun berturut-turut. Temuan ini mengindikasikan bahwa strategi akuisisi lintas sektor tanpa kesiapan integrasi operasional yang memadai justru menciptakan dis-sinergi, beban keuangan baru, dan risiko kegagalan merger. Penelitian ini juga menggarisbawahi pentingnya analisis mendalam terhadap proyek warisan dan struktur pembiayaan sebelum akuisisi dilakukan. Selain memberikan kontribusi terhadap literatur merger dan akuisisi di sektor EPCI, studi ini menawarkan pembelajaran manajerial terkait pentingnya kehati-hatian dalam ekspansi melalui akuisisi dan perlunya roadmap restrukturisasi yang jelas pasca merger.
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This study aims to evaluate the financial performance impact of an acquisition involving a multinational company in the Engineering, Procurement, Construction, and Installation (EPCI) sector. The analysis focuses on the changes in key financial ratios before and after the acquisition, including profitability, liquidity, solvency, operational efficiency, and market perception. A quantitative comparative method was applied using paired sample t-tests on financial statements covering the pre-acquisition period (2016–2017) and post-acquisition period (2021–2022). The findings reveal significant declines in Return on Equity (ROE), Operating Profit Margin, and Working Capital Turnover, along with a worsening capital structure indicated by a sharp rise in the Debt to Equity Ratio. Liquidity ratios such as the Quick Ratio indicate severe cash distress, while solvency metrics like the Interest Coverage Ratio turned negative for several consecutive years. These results suggest that a cross-sector merger without sufficient integration readiness led to dis-synergy, financial strain, and eventual strategic failure. The study highlights the importance of comprehensive due diligence on legacy projects and financing structure prior to acquisition. In addition to contributing to the M&A literature in the EPCI industry, this research offers managerial insights into the need for caution in inorganic growth strategies and the necessity of a clear restructuring roadmap post-merger.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Akuisisi, Performa Keuangan, EPCI, Merger Lintas Sektor, Rasio Keuangan, Restrukturisasi, Sinergi Operasional. Acquisition, Financial Performance, EPCI, Cross Sector Merger, Financial Ratios
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Maulidin Iqbal Firmansyah
Date Deposited:	30 Jul 2025 03:39
Last Modified:	30 Jul 2025 03:39
URI:	http://repository.its.ac.id/id/eprint/123096

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