KINERJA PERUSAHAAN PENGAKUISISI SETELAH MERGER Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2000 – 2006

Abstract

This research aimed to analyze the impact of mergers on the operating performance of acquiring corporates in different industries listed in Indonesia Stock Exchange, with testing as measured by financial ratios before merger and after merger. Financial ratios used in this research include Ratios Profitability (Operating Profit Margin, Gross Profit Margin, Net Profit Margin, Return on Net Worth, and Return on Capital Employed) and Leverage Ratio (Debt Equity Ratio). The data used in this research is secondary data. The population in this study is that all companies merge. While the study sample was used throughout the acquirer of a merger based on the types of industries listed in Indonesia Stock Exchange, from the years 2000 to 2006. The sampling method is by using purposive sampling, with a total sample of 15 companies. The methods of data analysis used in this study is Paired Samples T-Test. The test of Paired Samples T-Test showed that the operating performance of the acquirer did not experience an increase in the period after the merger. Although one of the financial ratios used by the debt equity ratio give different results, but the differences were not sufficient to prove the existence of differences in operating performance of the acquirer in the period after the merger. The results of this study indicate that the purpose for which the merger was not achieved. It needs a long period to achieve these objectives. To develop the company through a merger, the company should merge with another company that adds value to the products produced by the company.