ANALISIS KINERJA KEUANGAN DAN KINERJA PASAR PERUSAHAAN SEBELUM DAN SESUDAH AKUISISI (STUDI PADA PERUSAHAAN TERDAFTAR YANG MELAKUKAN AKUISISI PADA TAHUN 2019-2021 DI BURSA EFEK INDONESIA)

The purpose of this study is to compare the market and financial performance of
companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2021
before and after acquisitions. Return on Equity (ROE) and Return on Assets (ROA)
are used to measure financial performance, and Trading Volume (TV) and Abnormal Return (AR) are used to monitor market performance. Ten businesses
that made purchases throughout the period under observation make up the sample.
AR and TV data were examined over a five-day timeframe prior to and following
the acquisition, whilst ROA and ROE data were examined over a three-year period.
The Paired Sample t-Test for ROE and the Wilcoxon Signed Rank Test for ROA,
AR, and TV are among the statistical tests that are employed. The findings indicate
that there were no appreciable variations in any of the four variables between the
pre- and post-acquisition times. These results imply that acquisitions have little
effect on the companies' market and financial performance. The Resource-Based
View and Signaling Theory, which suggest that strategic signals like acquisitions
do not always result in instant performance gains, provide a theoretical explanation
for this.