PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH MERGER DAN AKUISISI (PADA PERUSAHAAN PENGAKUISISI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2004-2006)
Abstract: The purpose
of this study was to examine
the differences in the financial performance of
the acquirer pre
and post mergers
and acquisitions. Financial performance is
measured with some
ratios, Current Ratio
(CR), Total Assets Turnover (TATO), Debt Ratio (DR),
Return on Assets (ROA), and Price Earnings Ratio (PER).
Population of this
study included all
public company which conducted merger and acquisition(M
& A) activity in the period 2004-2006. The samples were
10 companies that
were taken by
purposive sampling method. Analysis of the data used to test
hypotheses using Paired Sample t-Test. Empirical results shows that there are
no significant difference for DR and TATO in testing 1 year before and 1 year
after M & A up to 1 year before and 5 years after M & A. However, CR
shows significant difference in test 1 year before with 2, 4, and 5 years after
M & A; ROA shows significant difference in test 1 year before with 4 years after
M & A;
then PER shows
significant difference in
test 1 year
before with 3 years after M & A.
Penulis: Hamidah, Manasye
Noviani
Kode Jurnal: jpmanajemendd130823
