ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER PADA PERUSAHAAN MANUFAKTUR

Abstract

This research aims to analyze the effect of mergers on the financial performance of a manufacturing company using profitability ratios proxied with return on assets (ROA) and return on equity (ROE), liquidity ratios proxied with current ratio (CR) and quick ratio (QR), as well as the activity ratio projected by total asset turnover (TATO). Where a merger is a business combination of two or more companies into one company then only one company remains alive as a legal entity, while the other stops its activity or dissolves. The population in this research is obtained by using purposive sampling method at manufacturing company which listed in Indonesia Stock Exchange (IDX) which conducting merger activity in 2012, and based on predetermined criterion, 2 sample of manufacturing company that merged in 2012. The analytical method used to measure financial performance by using financial ratio analysis, parametric test covering paired sample t-test with spss 21 application tool.the results of the paired sample t-test showed that there was a significant difference in the ratio of return on assets (ROA), quick ratio (QR) and total asset turnover (TATO) in the four years before and four years after the merger. While the ratio of return on equity (ROE) and current ratio (CR) showed no significant differences during the year of research.
Keywords: Mergers, financial performance, paired sample t-test