ANALISIS KINERJA KEUANGAN PADA PERUSAHAAN YANG MELAKUKAN AKUISISI

Abstract

This research is meant to test whether there are some differences between financial performances in the
company which has carried out the acquisition. The financial performance has been measured by using
financial ratio i.e. liquidity ratio, activity ratio, solvability ratio and profitability ratio. The population is all
companies which have carried out the acquisition in 2011-2013 periods are listed in Indonesia Stock Exchange.
The sample collection technique has been conducted by using purposive sampling technique and 11 companies
with the research period during 2 years before and after the acquisition have been obtained as samples. The
hypothesis test has been carried out by using non-parametric test i.e. Wilcoxon Signed Rank Test. Based on the
result of the research, it has been found that there are some differences between activity and profitability ratio
before and after the acquisition. Meanwhile, liquidity and solvability ratio does not have any difference before
and after the acquisition. It is caused by the synergy which has been obtained from the acquisition activity
cannot be seen in the short term period, because a long period of time is required in order to increase the
financial ratio of the company.
Keyword: Acquisition, financial performance, financial ratio