Analisis Perbandingan Return on Investment (Roi), Earning Per Share (Eps), Dan Abnormal Return Perusahaan Sebelum Dan Sesudah Merger Dan Akuisisi (Studi Pada Perusahaan Di Bursa Efek Indonesia Yang Melakukan Merger Dan Akuisisi Tahun 2010)

Abstract

This study attempts to investigate whether differences in the financial performance of bidder firm in Indonesian Stock Exchange pre and post mergers and acquisitions. The performance measured by financial ratios and stock return. Financial ratios compute for 4 years pre and post mergers and acquisitions and 30 days pre and post mergers and acquisitions used to compute stock return. Return On Investment (ROI) and Earning Per Share (EPS) are used to compute financial ratios and abnormal return used to compute stock return. The result regarding the ROI show that mean ROI post mergers and acquisition increase than mean ROI pre mergers and acquisitions, but statistic test using paired sample t-test show that difference is not significant. The result regarding EPS show that mean EPS post merger and acquisition increase, and the statistic test using paired sample t-test show the difference is significant. The result regarding abnormal return show that mean post mergers and acquisition decreasing and the statistic test using wilcoxon signed rank test show the difference is not significant