Abstract
This study aims to analyze the differences in trading volume activity and abnormal stock returns before and after the announcement of mergers and acquisitions in companies listed on the Indonesia Stock Exchange (IDX). The research population is all companies listed on the IDX that have carried out mergers and acquisitions for the 2017-2021 period and reported them to the Komisi Pengawas Persaingan Usaha (KPPU). Then, a sample of 31 companies was selected to be studied for 10 days, namely 5 days before and 5 days after the announcement of mergers and acquisitions. The data analysis technique used in this study uses SPSS for windows. The results of the study found that there were no significant differences in trading volume activity and abnormal stock returns before and after the announcement of mergers and acquisitions in companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period. Therefore, investors are expected to be more selective in choosing and analyzing information that occurs in the capital market.
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