PERBEDAAN KINERJA KEUANGAN PERUSAHAAN SETELAH AKUISISI DAN MERGER

Abstract

This study, aimed to get empirical evidence whether there are differences in acquirer’s financial performance before and after Merger and Acquisition as measured by financial ratios and Economic Value Added (EVA). The population of this study was the overall public company listed on the Indonesia Stock Exchange is doing Merger and Acquisition during year 2007. The results of analysis based on the financial ratio and EVA analysis shows that for Merger and Acquisition that occurred in 2007, there were no significant changes in current ratio, total asset turnover, debt to total asset ratio, debt to equity ratio, operating profit margin after the M & A but there was a significant decline in net profit margin, return on asset, dan return on equity after Merger and Acquisition.