ANALISIS DAMPAK MERGER DAN AKUISISI TERHADAP KINERJA KEUANGAN PERUSAHAAN TARGET (Pada Perusahaan Diakuisi, periode 1997-2009)

Abstract

This research aims to analyze the difference on firm performance before and after mergers and acquisitions on target firms. Corporate performance is measured by using financial ratio: Net Profit Margin (NPM), Return On investment (ROI), Return On Equity (ROE), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), Current Ratio (CR) and Earning Per Share (EPS). Quantitative method is used in this research, take the data of public company which had conducted mergers and acquisitions and announce its activity in the period 1997-2004, non statistic parametric is used to analyze data. Wilcoxon signed ranks test and Manova are used to answer hypothesis. The results from this research show that parcial study in 7 financial ratio, NMP, ROI, ROE, DER, CR, TATO and EPS only CR that show the significant difference before and after mergers and acquisitions. DER also show the difference in 1 years. While another financial ratio not show the significant difference before and after acquisitions.