Pengaruh Akuisisi Terhadap Harga Saham pada Perusahaan Target Studi pada PT Alfa Retailindo Tbk

Globalization has created a very tight competition in the business world. One of the strategies used by many company to face the competition is through acquisitions and mergers to improve long-term competitive advantage. This study aimed to test whether there is impact of acquisition toward target company�s stock price in the Indonesian capital market. The method used in this research is event study (studi peristiwa). The study was conducted to demonstrate whether there is any impact of the acquisition towards the target company's stock price, and compare whether there are abnormal return in the period before and after the event occured. Hypothesis testing is performed using the t-test to see whether there are any statistically significant differences in the average abnormal return of the stock price before and after the events of the acquisition. The results of this research indicate that the average abnormal return in the period around the acquisition event is different from zero. It also shows that the market reacted positively to the events of the acquisition, as indicated by the positive value of the average abnormal return before and after the acquisition. The results of hypothesis testing in this research concluded that there was no statistically significant difference in average abnormal stock returns before and after the acquisition. Several tests that have been performed in this research showed consistent results that there were abnormal returns in the acquisition of target company's shares, and hypothesis testing showed that there was no significant differences in the average abnormal return in the period before and after the events of the acquisition. Therefore we can conclude that there is effect of the acquisition towards stock price of target company