ANALISIS MANAJEMEN LABA DAN KINERJA KEUANGAN PERUSAHAAN PENGAKUISISI SEBELUM DAN SESUDAH AKUISISI
ABSTRACT: This study discuss
about earnings management and financial performance of theacquirer before and
after acquisition. The purpose of research was to obtainempirical evidence of
how earning management have done by acquirer companiesbefore the implementation
of acquisition. In addition it aims to determine thechanges in the acquirer’s
financial performance before and after the acquisition. This research is a
comparative study which to compare the financial performance the acquirer
before and after the company make acquisition. Analysis of financialperformance
uses financial rations, including profitability, activity, andsolvability.
Analysis of earnings management using the theory of Jones modified. Earnings
management by the acquirer is a proxy for discretionary accruals (DA).The
company performance was measured by using financing rations (a net profit margin,
return on assets, total assets turnover, and debt to equity ratio). The resultof
analysis showed that there are two companies which have positive discretionary accrual
value and the other three companies which have negative discretionary accrual
value. Moreover financial performance of the acquirer company is experiencing
the different more toward to reduction of financial performance. Theconclusion
was that earning management of two acquirer companies (ANTM andUNTR) have done
by increasing the profit (income increasing accruals) before doing the
acquisition. While, the other three companies (ENRG, RAJA, and SMGR)have done
earning management by decreasing the profit (income decreasing accruals) before
doing the acquisition. Furthermore, financial performance that measure with NPM
and DER increased after acquisition, while ROA and TATO decreased after
acquisition.
Keyword: Earning Management,
Acquisition, Financial Performance
Penulis: Tyasshela Sani Wibowo
Kode Jurnal: jpmanajemendd151591
