ANALISIS PROFITABILITAS DAN ABNORMAL RETURN SEBELUM DAN SESUDAH AKUISISI PT ASTRA OTOPARTS Tbk

Abstract

PT Astra Otoparts Tbk is a company produces spare parts for two and four wheels vehicles. Acquistion is takeover ownership control other companies which an alternative to grow business. This research is case study been carried out specifically on certain objects PT Astra Otoparts Tbk in the form financial statement 2011-2015 periods, daily share prices and share price index automotive sector manufacturing companies in March-May 2013 periods has been obtained from Indonesia Stock Exchange. The variables are profitability and abnormal return, profitability ratios include return on assets, return on equity, and net profit margin. These ratios are analyzed using financial ratios, paired sample t-test and one sample t-test, industry ratio standard analysis and trend analysis. Based on the result of the financial ratio analysis there are no ratios which experience enhancement after acquisition has done, paired sample t-test which shows one significant ratio is return on assets, and one sample t-test shows that there are no positive influence to abnormal return around the announcement of the acquisition date, meanwhile based on the industry ratio standard analysis, it shows profitability of PT Astra Otoparts Tbk is considered to be well, continued by trend analysis which shows there are no ratios which experience enhancement after the acquisition has been carried out.
Keyword: acquisition, profitability, abnormal return, industry ratio standard