PENGARUH MERGER DAN AKUISISI TERHADAP KINERJA KEUANGAN DAN KINERJA PASAR PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The purpose of this study was to analyze the effect of mergers and acquisitions on acquirer’s financial performance and market performance. Financial performance is measured by financial ratio: Current Ratio (CR), Total Assets Turn Over (TATO), Debt to Equity Ratio (DER), Return On Asset (ROA), and Return On Equity (ROE). While market performance is measured by stock returns using abnormal return. Quantitative methods used in this study, the sample in this study include 26 public companies which had conducted mergers and acquisitions activity and listed on Indonesian Exchange Stock (BEI) in the period 2011 – 2014. Paired sample t-test is used to answer the hyphotesis. The results from this study shows Debt to Equity Ratio (DER), Return On Asset (ROA), and stock returns that show the significant difference after merger and acquisitions. While another financial performance variabels did not show the significant difference after merger and acquisitions.