ANALISIS DAMPAK PENGUMUMAN MERGER DAN AKUISISI TERHADAP ABNORMAL RETURN SAHAM PADA PERUSAHAAN AKUISITOR YANG TERDAFTAR DI BEI TAHUN 2013-2015

Abstract

Entering the era of free trade and globalization, industry competition is getting tougher in Indonesia. Therefore, companies need to develop a strategy in order to maintain its extensions in the world of competition. This study focuses on external growth strategy is to conduct mergers and acquisitions. Mergers and acquisitions are a form of business combination of interest by the companies in Indonesia. This research is a study of events which aims to show how the stock market reaction to the announcement of mergers and acquisitions by using indicators of abnormal return. The population in this study is the companies registered and listed in Indonesia Stock Exchange (BEI). The sample used in this study is the companies announced a merger and acquisition information from 2013 to 2015 period. Based on the criteria, it is acquired 26 companies sampled in this study. Hypothesis testing is paired samples t-test. Based on the results of data analysis can be concluded that there is no difference in abnormal returns before and after the announcement of mergers and acquisitions as indicated by the t-test value of 0,939 is more than 0,05 (α> 0.05). Then H0 accepted, H1 rejected.