Analisis Komparatif Kinerja Keuangan Pra-Pasca Merger dan Akuisisi Ditinjau dari Metode EVA, MVA dan Rasio Keuangan (Studi Empiris pada Perusahaan Non Sektor Keuangan yang Terdaftar di BEI Periode 2015-2020)

Abstract

This research compares the financial performance before and after mergers and acquisitions (M&A) of non-financial sector companies listed on Indonesian Stock Exchange (IDX). It focuses on the financial performance two-year before the M&A. during the M&A, and after the M&A. The financial performance is assessed by referring to Economic Value Added (EVA), Market Value Added (MVA), and financial ratios. Sample of 22 companies is selected through purposive sampling. and secondary data are processed from the financial reports.

Due to the abnormal distribution of the data, partial analysis is performed using Wilcoxon Signed-Rank Test, while a MANOVA test with STATA 17 application is carried out to simultaneous analysis. The results of simultaneous analysis indicate there is no significant difference in the financial performance before and after M&A for the companies. However, the partial test results in a significant difference on the MVA variable two years before the M&A, one and two years after the M&A. and during the M&A. Furthermore, the ROA variable demonstrates a significant difference two years before the M&A, and one and two years after the M&A. However, M&A tends to have negative effect on the MVA and ROA variables.