ANALISIS PENGARUH MERGER DAN AKUISISI TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi Kasus pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2004-2013)

Abstract

Mergers and acquisitions made by the company with hope to bring an advantages. An advantage situation will occur when merger and acquisition activity is gaining synergies, as a result of corporate synergies expected to improve the performance of the company. This study aims to analyze the differences in firm performance before and after mergers and acquisitions on corporate merger and acquisition activity. Corporate performance is measured by using financial ratio: Price to Book Value (PBV), Operating Profit Margin (OPM), Return on Equity (ROE), Return on Assets (ROA), Debt to Equity Ratio (DER). quantitative methods is used in this study, take the data from all public companies doing mergers and acquisitions in Indonesia Stock Exchange (IDX) with the period 2004 to 2013, sampling in the study using purposive sampling method, with data obtained by 17 corporate mergers and acquisitions. Non-parametric test used was the Wilcoxon Signed Ranks Test and Manova to answer the hypothesis. The results from this research show that parcial study in 5 financial ratio, PBV, OPM, ROA, ROE, DER showed significant results in several years of observation, even DER variables showed significant differences in the overall comparison before and after mergers and acquisitions . Only the ROE that did not show a difference in the whole year of observation before and after mergers and acquisitions. However, the descriptive statistics changes towards the positive on the entire financial ratios after mergers and acquisitions that show the synergy obtained by companies that do mergers and acquisitions