ANALISIS PERBEDAAN KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PT.JASA MARGA,Tbk

Abstract

The purpose of this research is to test whether there is a difference in financial performance before and after the acquisition in PT. Jasa Marga,Tbk has been done. Since this research uses case study, samples are not used. It means that the status of researchsubjectwhich correlates toaspecificsubjectof thewholepersonality which its subject canbe individuals, groups, or even institutions. Meanwhile, the data analysis technique has been done by using Paired Sample T-test. Based on the result of the analysis with paired sample T-test which shows that there are 6 financial ratios which do not have any significant difference after the acquisition, these ratios are current ratio, debt to equity ratio, debt to assets ratio, net profit margin, return on assets, and return on equity. Meanwhile, there is only 1 ratio which experiences improvement after the acquisition that is total assets turnover. The implication of the research, in general, shows that there is a decline of financial performanceafterthe acquisitionhas been carried out shows that the primarymotive of the companytocarry out the acquisitionisnot an economic motivesbut it is a non-economicmotives i.e. the desire tobe alargegroup. Moreover, the acquisitioncannot be seenin a short termduetoimprove the financial performancethe company requirestime toachieve asynergywithother companies.
Keywords:Financial Performance, Financial Ratio, Acquisition.