DEWANGGA, Evan (2019) THE IMPACTS OF CROSS-BORDER MERGER AND ACQUISITION ON FINANCIAL PERFORMANCE IN INDONESIA (STUDY ON PUBLIC NON-FINANCIAL FIRMS WHICH COMPLETED M&A IN INDONESIA DURING 2005-2012 PERIOD). Undergraduate thesis, UNDIP: Fakultas Ekonomika dan Bisnis.

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Abstract

This research aims to analyze the impact of public non-financial firm's
financial performance which completed cross-border merger and acquisition in
Indonesia during the period of 2005-2012 by comparing five financial ratios from
five years before and after merger and acquisition. These financial ratios are current
ratio (CR), return on assets (ROA), net profit margin (NPM), asset turnover (ATO),
earning per share (EPS).

The samples of this research consists of 18 non-financial firms obtained
from Bloomberg Terminal using purposive sampling. Wilcoxon signed ranks test
and MANOVA are utilized to compare the financial ratio individually and
simultaneously before and after M&A.

The results of this research showed overall negative impact of financial
performance after M&A, especially on profitability and efficiency ratio in
acquirer’s company. As ROA and ATO decreased significantly after M&A. Other
ratios which being examined showed insignificant decrement. This means that
acquirer did not achieved synergy after doing M&A in Indonesia, which is main
motive of executing M&A. Furthermore, target’s companies showed to have
insignificant impact after M&A

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