The purpose of this research is to review the changes of the company’s internal and external factors before and after merger and acquisitions. Internal factors consist of it’s sales, it’s cost, and the company’s growth. Meanwhile, external factors consist of value of the firm and stock return. First of all, the company’s internal and external factors are tested by Kolmogorov Smirnov Normality Data. The result of this test is not normally
distributed, so that test of hypothesis uses non-parametric test, which is Wilcoxon Signed Rank Test. The sample of this research is all companies listed in Indonesian Stock Exchange, involved in merger and acquisitions in 2011, except for banking institutions. The result of this research is there are significant changes in increase of sales and cost in internal factors. Nevertheless the company’s growth doesn’t change significantly. On the other hand, for external factors, the value of the company and stock return doesn’t change significantly. |