Analisis Perbandingan Kinerja Perusahaan Sebelum dan Sesudah Merger Dan Akuisisi (Studi Kasus pada Perusahaan yang melakukan M&A yang terdaftar di BEI Tahun 2012-2014)

Abstract

The purpose of this research is to know whether there is a difference of company performance before and after merger and acquisition which measured using financial ratios between Return on Equity (ROE), Return On Investment (ROI), Current Ratio, Debt to Equity Ratio (DER ) and Debt to Equity Ratio (DAR). If there are differences in corporate performance before and after mergers and acquisitions, then merger and acquisition activity does affect the development of a company from small to large. This study was analyzed using Paired Sampe T Test for normal distributed data and Wicoxon Signed Rank Test for abnormal data. Normality test in this research using kolmogorov smirnov test. The test results show the existence of a difference of company performance before and after conducting merger and acquisition which measured by using financial ratios. For ROE ratios, ROI and DAR hypotheses are accepted because the sig value is less than 0.05. As for the ratio of CR and DER the hypothesis is rejected because the sig value exceeds 0.05. on the hypothesis ROE ratio is accepted because of the significance of 0.03 <0.05 or 3%. In the ROI ratio the hypothesis is also accepted because of the significance of 0.00 <0.05 or 0%. As for the current ratio or CR hypothesis is rejected because of the significance of 0.98> 0.05 which means contrary to the theory that the sig value must be less than 0.05 (5%). The subsequent results on the hypothesis DER ratio were also rejected because of the significance value of 0.24> 0.05 or 2.4% while for the DAR ratio the hypothesis was accepted because of the significance of 0.02 <0.05 or equal to 2%. Of the five ratios, 3 ratios experienced differences before and after mergers and acquisitions and 2 ratios did not experience performance differences before and after mergers and acquisitions.