Perbandingan Kinerja Keuangan Perusahaan Perkebunan Sebelum dan Setelah Akuisisi
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Abstract
Merger and Acquisition (M & A) conducted by estate companies listed on the Indonesia Stock Exchange (ISE) are expected to increase their competitiveness in a dynamic business environment. However, there is no consensus from previous studies on the impact of M & A on the financial performance of the companies involved. This study was conducted to compare the financial performance of estate companies listed on the Stock Exchange (ISE) before and after M & A. The data used were secondary data obtained from the websites of the companies, the Indonesia Stock Exchange and PT Indonesian Capital Market Electronic Library. The test was performed using paired t-test and Wilcoxon test. The results show that the values of ROA, ROE and PBV of the estate companies after M & A are significantly lower than those before M & A.
Keywords: mergers and acquisitions, financial performance, paired t-test, Wilcoxon test
ABSTRAK
Merger dan akuisisi (M&A) yang dilakukan oleh perusahaan-perusahaan perkebunan yang terdaftar di Bursa Efek Indonesia (BEI) diharapkan mampu meningkatkan daya saingnya pada lingkungan bisnis yang dinamis. Akan tetapi, tidak ditemukan adanya konsensus dari penelitian-penelitian terdahulu mengenai dampak M&A terhadap kinerja keuangan perusahaan-perusahaan yang terlibat. Penelitian ini dilakukan untuk membandingkan kinerja keuangan perusahaan-perusahaan perkebunan yang terdaftar di BEI sebelum dan sesudah M&A. Data yang digunakan berupa data sekunder yang diperoleh dari website masing-masing perusahaan, website Bursa Efek Indonesia dan website PT Indonesian Capital Market Electronic Library. Pengujian dilakukan dengan menggunakan uji t berpasangan dan uji Wilcoxon. Hasil penelitian menunjukkan bahwa ROA, ROE dan PBV perusahaan perkebunan setelah M&A signifikan lebih rendah dibandingkan ROA, ROE dan PBV sebelum M&A.
Kata kunci: merger dan akuisisi, kinerja keuangan, uji t berpasangan, uji Wilcoxon
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