PENGARUH KINERJA KEUANGAN TERHADAP REAKSI PASAR PADA PERUSAHAAN YANG MELAKUKAN AKUISISI

Abstract

This research aimed to examine the effect of financial performance on the market reaction. While, the financial performance was measured by Current Ratio (CR), Total Assets Turnover (TAT), Debt to Equity Ratio (DER), Return On Equity (ROE), and Earning Per Share Ratio (EPS). Moreover, market reaction was measured by share return. The research was quantitative. Furthermore, the data collection technique used purposive sampling in which the sample was based on criteria given. In line with, there were 155 from 31 companies as sample. Those companies had conducted acquisition or merger and were listed on Indonesia Stock Exchange 2013-2017. In addition, the data analysis technique used multiple linear regeression with SPSS 22. The research result concluded Current Ratio (CR) and Total Assets Turnover (TAT) did not affect the shares return. On the other hand, Return On Equity (ROE) and Earning Per Share Ratio (EPS) had positive effect on the shares return. Besides, Debt to Equity Ratio (DER) had negative effect on the shares return.
Keywords: Financial Performance, Shares Return