ANALISIS PROFITABILITAS, STRUKTUR MODAL DAN ABNORMAL RETURN SEBELUM DAN SESUDAH AKUISISI PADA PT. INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK

Abstract

Acquisition is a strategy of rapid expansion in external lanes to enter into the new markets or products without build from the beginning. So the acquisition companies will become larger, both from the ability to generate profits, strengthen the capital structure and welfare of shareholders.Research done on certain object that is pt industri jamu and farmasi sido muncul tbk in the financial statements from obtained from the indonesia stock exchange period 2012–2016 whether there is difference of financial ratio return on assets, retun on equity, net profit margin, capital structure debt to equity ratio and abnormal returns before and after the acquisition as an acquisition company. This research does not use sample, because this type of research is study case. Then analyzed using trend analysis, financial ratio, parametric test including normality test, paired sample t-test, one sample t-test and industry standard ratio analysis. Based on the results of trend analysis and financial ratios, only two ratios that experienced an increase after acquisition, followed by the normality test (kolmogorov-smirnov) are said to be normal distributed sample data, for paired mean difference test shows there is one significant ratio whereas only the ratio of debt to equity ratio that has not met the industry ratio.
Keyword : Acquisition, return on assets, return on equity, net profit margin, debt to equity ratio and abnormal return