KINERJA KEUANGAN DAN SHAREHOLDERS RETURN SEBELUM DAN SESUDAH MERGER & AKUISISI

Abstract

The company is developing its business by penetrating a wider market to survive and increase competitiveness. Companies can use mergers and acquisitions. Through mergers and acquisitions, management can increase operational synergies, diversify business products and market strength. The success of companies carrying out merger and acquisition activities can be determined by analyzing financial performance using ratio analysis including liquidity ratios, solvency ratios (leverage), profitability ratios, activity ratios and market test ratios. This purpose of study is to analyze differences in financial performance as measured by current ratio, total debt assets ratio, total assets turnover, net profit margin, return on assets and stockholders return as measured by dividend payout ratio before and after merger and acquisitions. The research population is non financial companies that have carried out mergers and acquisitions and are listed on the Indonesia Stock Exchange in 2017-2019 period. Sample of 29 companies were taken using a purposive sampling technique. Methods of data analysis were carried out using descriptive statistics, and research hypothesis are proven by Paired Sample T-Test for normally distributed data, and Wilcoxon Signed Rank Test for non-normally distributed data. Data processing using SPSS version 25. The results of the study show that there are differences in financial performance as measured by net profit margin and return on assets before and after mergers and acquisitions. Meanwhile, there is no difference in financial performance as measured by current ratio, total debt ratio, total assets turnover, and shareholders returns as measured by dividend payout ratio before and after mergers and acquisitions.