ANALISIS KINERJA KEUANGAN PERUSAHAAN PUBLIKSEBELUM DAN SESUDAH MELAKUKAN MERGER DANAKUISISI DI BURSA EFEK INDONESIA
2011
Mergers and acquisitions are one way of external expansion the company
with the primary objective in order to survive in the midst of business competition
is getting tight and fierce. The purpose of this study was to provide empirical
evidence of the influence of mergers and acquisitions of public company financial
performance prior to the implementation of mergers and acquisitions with after
the implementation of mergers and acquisitions seen from the financial ratios
include: liquidity, activity, solvency, and profitability.
This study used 38 companies that make mergers and acquisitions in
Indonesia Stock Exchange in the period between the years 2000-2007. The
method used in this study is Paired Sample t-test to test the hypothesis of
differences in financial performance.
The results show that there is no significant difference to quick ratio, total
asset turnover, debt to total assets ratio, debt to equity ratio, operating profit
margin, net profit margin and return on Investment in the period one year prior to
implementing mergers and acquisitions with a period one year and two years
after the merger and acquisition. Significant difference found only in the financial
performance of current ratio and fixed asset turnover in the period sate years
after mergers and acquisitions, as well as return on equity performance period of
two years after mergers and acquisitions. Factors to be possible causes of the
absence of a positive difference is due to weak companies in implementing
strategies, as well as any other purpose other than economic objectives such as
control of other companies to build a larger company.
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