Pengaruh Merger atau Akuisisi Terhadap Kinerja Keuangan dan Harga Saham Perusahaan Publik  

Oleh:

HARTANTO, MARIA ANGELINE ; Faliany, Lim Jade

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI - atma jaya
Dalam koleksi: Telaah Manajemen: Jurnal Riset & Konsep Manajemen vol. 7 no. 1 (May 2012), page 43-57.
Topik: Merger or Acquisition; Financial Performance; Financial Ratio; Stock Price
Fulltext: text ocr - 43-57 (Bernard).pdf (1.36MB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: TT32.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study aims to examine the effect of mergers or acquisitions of public company's stock prices listed at the Indonesian Stock Exchange (IDX). In addition, this study will also examine the effect of a merger or acquisition to changes in the company's financial performance. The method used is the method of paired t-test. Stock prices and financial ratios of the company before the merger or acquisition will be compared with stock prices and financial ratios after the merger or acquisition. To analyze the financial performance of companies, the financial ratio analysis namely: debt ratio, total asset turnover, net profit margin, operating returns on assets, return on equity, earning per share, price earnings ratio, and market-to-book ratio is used. The objects of this study were 18 companies listed at the Indonesian Stock Exchange and which have implemented mergers or acquisitions during the period of 2004-2007. With the observation period of three years before and three years after mergers or acquisitions for the financial ratios, while for the stock price 22 days before and 22 days after a merger or acquisition. The result of this study is that the merger or acquisition do not significantly affect the company's stock price improvement. Company's stock price around the announcement date of merger or acquisition proved to fluctuate.

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