摘要：The objective of this study is to examine the financial performance of state-owned and non state-owned enterprises that were sold to foreign investors, i.e. International acquisitions, in the years 2000-2010. This research is driven by a number of controversies over the sale of Indonesian state enterprises to foreign investors that allegedly have been done under the pressure of IMF and that were suspiciously priced below the companies real market values. Many people oppose the sale because these companies carried Indonesia government bonds that were given as liquidity bailed-out during the years of crisis between the year of 1998 and 2000. Performance comparison could show whether the sale to foreign investors brought economic benefits as expected. To measure the performance of cross border acquisition this research used both accounting data and capital markets based measures. Samples were matched according to characteristics of companies being analyzed: financial (banks) institutions vs. non-financial companies and pure private vs. state-owned companies. The purposive sampling method was applied. Financial ratios and cumulative abnormal returns of fifteen acquired companies between the years 2000-2010 were examined. The final sample consists of sixty firm-year data. The results indicate that, as hypothesized, there is no performance improvement on state-owned banks acquired by foreign investors. On the other hand, state-non bank companies show significantly different improvement in performance compared to private banks and private-non bank performance. In general, these studies support the notion that politics may play role on the sale of state-owned bank after crisis period (2000-2010). Further investigation is needed to elaborate the findings.
