ANALISIS KINERJA PERUSAHAAN DAN ABNORMAL RETURN SAHAM SEBELUM DAN SESUDAH AKUISISI (Studi Kasus: Perusahaan yang terdaftar di BEI, Periode 2015-2017)

Abstract

ABSTRACT
This study was conducted to analyze whether there are differences in company
performance and abnormal returns between before and after the acquisition. In this study, the company's performance is seen from financial performance proxied by financial ratios, namely Current Ratio (CR), Debt Ratio, Net Profit Margin (NPM), Total Asset Turn Over (TATO), Earnings Per Share (EPS). The population of this research is a
registered company in Indonesia Stock Exchange which do acquisitions in 2015-2017
and using purposive sampling method which then obtained a sample of 11 companies.
The period of observation for the financial performance is 2 years before to 2 years after the acquisitions and for the abnormal return is 22 days before to 22 days after
acquisitions Processing of the data in this research using SPSS 24 application.
Hypothesis testing for financial performance using the Wilcoxon Signed Rank Test, and for the abnormal return using the Paired Sample T-Test. The results of the testing of the hypothesis shows that there are no significant differences in the ratio erning per share (EPS) Total Asset Trun Oven (TATO) and Abnormal Return, but the results of testing against the Current Ratio (CR), Debt Ratio and Net Profit Margin (NPM) there significant difference
Keyword: Acquisition, Financial Performance, Financial Ratio, Abnormal Return.