| In an uncertain business environment, most of the companies will do some actions to optimize their performance such as merger & acquisition, where this action commonly followed by divestiture. Previous studies have shown diverse impacts from divestiture. In this study, the sample used were companies listed in Indonesia Stock Exchange in 2009-2018 who did a divestiture action. A non-parametric Wilcoxon Signed Rank test was used in comparing companies’ financial ratio such as TATO, Cash Ratio, M/B Ratio, Net Profit Margin on Sales, ROA, ROE, and P/E Ratio. From this study, TATO, ROA, Net Profit Margin to Sales, and P/E Ratio from pre until post divestiture were different, but it weren’t for Cash Ratio, M/B Ratio and ROE. |