PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH MERGER DAN AKUISISI (PADA PERUSAHAAN PENGAKUISISI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2004-2006)

ABSTRACT Manasye Noviani, 2013; The Comparison of Financial Performance Pre and Post Merger and Acquisition (on The Acquirer Listed in Indonesia Stock Exchange in The Period 2004-2006). Skripsi, Jakarta: Concentration of Financial Management, Study Program of Management, Department of Management, Faculty of Economics, State University of Jakarta. The purpose of this study is to examine the differences in the financial performance of the acquirer pre and post mergers and acquisitions. Financial performance is measured with some ratios, Current Ratio (CR), Total Assets Turnover (TATO), Debt Ratio (DR), Return on Assets (ROA), and Price Earnings Ratio (PER). The data collection method used in this study is documentary data. Population of this study included non-financial company which conducted merger and acquisition activity in the period 2004-2006. The samples consist of 10 companies that were taken by purposive sampling method. Analysis of the data used to test hypotheses using Paired Sample T-Test. Empirical results shows that there are no significant difference for DR and TATO in testing 1 year before and 1 year after M & A up to 1 year before and 5 years after M & A. However, CR shows significant difference in test 1 year before with 2, 4, and 5 years after M & A; ROA shows significant difference in test 1 year before with 4 years after M & A; then PER shows significant difference in test 1 year before with 3 years after M & A. Key words: Financial Performance, Merger, Acquisition