ANALISIS KOMPARATIF KINERJA KEUANGAN PERUSAHAAN AKUISITOR SEBELUM DAN SESUDAH AKUISISI YANG GO PUBLIK ANTARA 2011-2014

Abstract

The goal of this research is to examine the financial performance of the acquiring company that acquired at the 2011-2014 period using an analysis of financial performance as measured by the current ratio, quick ratio, total asset turnover, debt to equity ratio, earning per share, net profit margin, return on asset and return on equity. The population that used was 194 companies that included in merger and acquisition notifications of the Business Competition Supervisory Commission (KPPU), with sample of 15 acquiring companies. The analysis technique that used is the Wilcoxon Sign Rank Test for all variables pre and post acquisition, because the data of all variables are abnormally distributed.The results of this study indicated that financial ratios proxied by total asset turnover, earning per share, net profit margin, return on asset, and return on equity experience differences after making significant acquisitions. While the financial ratios proxied by the current ratio, quick ratio, and debt to equity ratio did not experience a difference after the acquisition. The financial performance condition after the acquisition is decrease in the overall results of the financial ratio. The implications of this research are generally indicate that a decrease in financial performance after the acquisition shows that the company has not been able to balance the financial conditions after the acquisition.

Keywords: acquisition; financial performance; paired sample t-test, wilcoxon sign rank test