ANALISIS REAKSI PASAR SEBELUM DAN SESUDAH PENGUMUMAN AKUISISI DI BURSA EFEK INDONESIA (BEI)

Abstrak

Acquisition is a policy or strategy that aims to expand its business by taking over ownership of another company. The motive of the company in making an acquisition would have a positive or negative market reaction.  Companies that made acquisitions with economic motives would be reacted positively by the market, while non-economic motives would be negatively reacted by the market. Examined the differences in market reaction before and after the announcement of the acquisition which was reflected by the average abnormal return in the period of before and after five days the announcement of the acquisition is the purpose of this study. The sampling method used a purposive sampling technique and produced 55 samples of companies that made acquisitions on the Indonesia Stock Exchange.  The technique used was the Wilcoxon signed rank test.  The results found that there were no significant differences in market reaction before and after the acquisition announcement.  The main reason this could happen was because of investors' ignorance of the company's motives for acquisitions, therefore investors were hesitant in making investment decision.

Keyword:, abnormal return, acquisition, efficiency market, average abnormal return.