Research published in the June 2026 edition of the Indonesian Journal of Business Analytics (IJBA) by Depince Pigai and Hasim As'ari from Universitas Mercu Buana Yogyakarta examines in depth the impact of portfolio restructuring through divestiture and acquisition strategies on the performance of companies listed on the Indonesia Stock Exchange (IDX) during the 2011–2019 period. Portfolio restructuring is understood as the reorganization of ownership structures, operational arrangements, and other organizational structures with the primary goal of increasing profitability and strengthening corporate performance. This step involves significant changes in strategies and policies related to the composition of assets, liabilities, capital, and corporate operations to ensure sustainable competitiveness and growth amidst an increasingly tight competitive environment.
Based on an analysis of 54 issuers that carried out these corporate actions, this study empirically proves that divestiture has a significant effect on corporate performance. Divestiture, defined as the reduction or disposal of certain assets or business units, is carried out by companies with various strategic motivations, including generating cash needed to pay off debts or maintain business continuity, as well as refocusing resources on the core business after releasing business lines that are unprofitable or no longer aligned with other corporate activities. This strategy allows companies to become leaner, more efficient, and better organized, while also providing opportunities to invest in projects that have greater potential to increase Earnings Per Share (EPS) and value for shareholders.
In addition to divestiture, the results of this study also show that acquisitions have a significant influence on corporate performance. Companies that carry out acquisitions are proven to be able to show performance improvements from year to year, indicating that the economic motivations and synergies targeted through acquisition actions are successfully achieved. Synergy in this context refers to the total value of the combined company, which is expected to be higher than the value of the company before the acquisition, ultimately having a positive impact on the company's operational and financial performance. Acquisition is considered one of the crucial strategies to maintain competitiveness, expand market share, and serve as a solution to prevent liquidity risks.
This research was compiled in response to a research gap, as the findings from previous studies regarding the relationship between portfolio restructuring and corporate performance remain highly varied and inconclusive. Furthermore, there is also a phenomenon gap where companies in Indonesia that have undergone restructuring show mixed results, ranging from success in improving financial conditions to failures that actually trigger a decline in revenue. Methodologically, this study uses a quantitative approach with multiple regression analysis and moderated regression analysis (MRA) techniques to test the relationship between the independent variables of divestiture and acquisition on corporate performance, while providing valuable insights for executives, managers, and business analysts in formulating effective restructuring strategies in the future.
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