ANALISIS KINERJA KEUANGAN DAN ABNORMAL RETURN SEBELUM DAN SESUDAH AKUISISI PERIODE 2017-2019

Financial performance and abnormal returns are the problems examined in this study with the purpose of knowing the differences in financial performance and abnormal returns before and after the acquisition. Financial performance is measured using four ratios, namely profitability (NPM and ROE), liquidity (CR), solvency (DER), and activity (TATO), with an observation period of 1 year before and 1 year after acquisition. Then abnormal returns were measured using a market model with an observation time of 10 days before and 10 days after the acquisition. The population in this study amounted to 281 companies that made acquisitions in the 2017–2020 period, with the final sample selected using the purposive sampling method, totaling 27 non-financial companies listed on the Indonesia Stock Exchange. The source of data used in this study is secondary data, which was tested using the paired sample t test and the Wilcoxon signed rank test on the SPSS 25 application. The results showed that there were significant differences in the profitability ratios, while the liquidity ratios, solvency ratios, activity ratios, and abnormal return showed no significant difference