PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI

Abstract

This research is meant to find out the compare of financial performance before and after the acquisition on the
acquirer company. The ratios which have been applied in order to measure the financial performance in this
research i.e. current ratio, debt to equity ratio, debt to total asset ratio, net profit margin, return on asset, return
on equity and total asset turnover. This research has been carried out by using secondary data which has been
obtained from Indonesia Stock Exchange (IDX) in 2010-2012 periods. The period of this research is three years
before and three years after the acquisition. The population in this research has been selected as the research by
using purposive sampling so that three companies have been selected as the research samples. The analysis
method has been done by using paired t-testand the SPSS application. The result of this research shows that
there are two ratio which show that there are significant differences of financial performance before and after the
acquisition i.e. debt to equity ratio and debt to total asset ratio. Meanwhile, the current ratio, net profit margin,
return on asset, return on equity and total asset turnover do not give any significant influence. It means that
the company has experiences decrease in capability to finance their business activities with their own capital. It
shows that in general the acquisition has not been able to increase the financial performance of the company.

Keywords : Acquisition, financial performance, financial ratio.