ANALISIS REAKSI PASAR MODAL TERHADAP KEPUTUSAN MERGER DAN AKUISISI PERUSAHAAN PADA INDUSTRI YANG SAMA DI BURSA EFEK INDONESIA PERIODE 1998 - 2008

The current research aimed to study the stock market reaction to the announcement of merger and acquisition of companies of the same industry in Indonesia stock exchange during the 1998-2008 period. The market reaction is measured by abnormal return. It was measured for both acquisitor and non-acquisitor companies. Measurement by abnormal return in non acquisitor companies aimed to determine if there was a transfer of information in the same industry in relation to the announcement of merger and acquisition conducted by a company. The data employed in the study are of documentary data. The populations are companies involved in merger and acquisitions in the Indonesia stock exchange over the 1998-2008 period. Mergers and acquisitions were conducted in similar companies and not in banking companies. The sampling was done by purposive sampling method, in which 20 eligible companies were obtained. The period of observation used a 71 day event windo