ANALISIS PERBEDAAN KINERJA KEUANGAN PERUSAHAAN GO PUBLIK SEBELUM DAN SESUDAH MERGER DAN AKUISISI
Last modified: 2020-12-16
Abstract
In conditions of intense competition, companies are required to always develop their strategies in order to maintain their existence, or even develop and improve their performance. Business mergers in the form of mergers and acquisitions (M&A) are a form of external expansion that is widely used. Many studies have been conducted to investigate the effect of mergers on company performance, but the results are not always consistent. Some studies have found a positive effect, but the results of other studies have found negative results. This study aims to examine how the influence of M & A on company performance after doing the M & A. The problem of this research is: "Are there differences in liquidity ratios, leverage ratios, activity ratios and profitability ratios before and after mergers and acquisitions?"
The population of this study is all publicly traded manufacturing companies listed on the Indonesia Stock Exchange that carried out Mergers and Acquisitions during 2014-2018. With purposive sampling technique, 34 companies were finally obtained as the research sampling. To focus on the problem, this study is limited to the effect of M & A on the economic performance of go public manufacturing companies. These ratios were then tested with parametric statistics, namely by using the One-Sample Kolmogorov-Smirnov Test to determine the normality of the data, because there were data with an abnormal distribution followed by a non-parametric statistical test, namely the Wilcoxon Signed Rank Test. As for all performance variables simultaneously tested with Manova.
The results of the analysis show that there is no significant difference in performance for the period before and after M&A for CR, QR, DTAR, FAT, NPM, ROI and ROE to test partially, but there are two ratios, namely DER and TAT, which show significant differences. Meanwhile, simultaneous testing for all financial ratios shows a significant difference.