Analisis Motif Merger dan Akuisisi terhadap Abnormal Return Saham Perusahaan Pengakuisisi Periode 2010-2014

Abstract

The purpose of this research is to determine the effect of the motives of mergers and acquisitions, namely the economic motive, diversification, and synergies in the acquirer of the company's performance, measured by abnormal return. The object of this research is the acquirer who do mergers and acquisitions between 2010-2014 and the acquirer has a motive of mergers and acquisitions. Data used in this research is secondary data. The sampling technique using purposive sampling method, which is by selecting a sample based on certain criteria. Thus obtained samples are 37 acquirer. This research using t test analysis in answering the research hypothesis. From the analysis conducted, it was found that the difference motive causing the difference results. On the economic motive hasn’t influence on the performance of the acquirer. This indicates that merger and acquisition based on economic motive hasn’t information content. While the motive of diversification and synergies found any significant abnormal returns around the announcement date of the mergers and acquisitions, their influence on the performance of the acquirer. However, the overall pattern of mergers and acquisitions (economic, diversification, synergies motives) not affect the performance of the acquirer.