Analisis Dampak Merger dan Akuisisi terhadap Abnormal Return dan Kinerja Keuangan Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Abstract

This research was conducted to analyze whether there are differences in abnormal returns and financial performance before with after mergers and acquisitions carried out. In this research, financial performance is proxied by financial ratios, namely for the liquidity ratio seen from the current ratio, the profitability ratio seen from return on equity and return on assets, while the solvency ratio seen from debt ratio and debt to equity ratio. The population of this research is a registered company in Indonesia Stock Exchange which do mergers and acquisitions in 2008-2010. The samples using purposive sampling method in order to obtain a sample of 19 companies. The period of observation for the abnormal return is 10 days before to 10 days after mergers and acquisitions. As for the financial performance that is 3 years before to 3 years after the mergers and acquisitions. Processing of the data in this research using SPSS application 17. Hypothesis testing for abnormal returns using the Wilcoxon Signed Rank Test, and for the financial performance using the Paired Sample T-Test. The result of this research showed that there was no difference in abnormal returns and financial performance before with after mergers and acquisitions carried out. Keywords: Mergers, Acquisitions, Abnormal Return, Financial Performance, Financial Ratios

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