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All Journal Primanomics : Jurnal Ekonomi & Bisnis
Muhammad Yazid
UIN Mahmud Yunus Batusangkar
Economics, Econometrics & Finance

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Analisis Pengaruh Merger Dan Akuisisi Terhadap Kinerja Keuangan Perusahaan Pada Berbagai Subsektor Di Bursa Efek Indonesia Periode 2024–2025 (Studi Pada 15 Perusahaan Non-Keuangan) Yosep Eka Putra; Mega Rahmi; Melisa Widia; Miftahul Qhoiri; Muhammad Yazid; Mutia Aulia; Mutia Nur Sahirah
Primanomics : Jurnal Ekonomi & Bisnis Vol. 24 No. 3 (2026): Primanomics : Jurnal Ekonomi dan Bisnis
Publisher : LPPM Universitas Buddhi Dharma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31253/pe.v24i3.4725

Abstract

This study analyzes the influence of mergers and acquisitions (M&A) on the financial performance of 15 non-financial companies on the Indonesia Stock Exchange for the period 2024-2025 using a descriptive quantitative method with secondary data from the annual financial statements measured through six ratios (ROA, ROE, NPM, CR, DER, and TATO) and tested using the Wilcoxon Signed Rank Test. The results showed that there was no significant difference in the overall financial ratio between the period before and after the M&A (p > 0.05), so that all six hypotheses were rejected, although descriptively 53.33% of companies showed an increase in ROA and ROE after M&A with the Raw Goods subsector showing performance improvement while Telecommunications and Energy experienced a decrease. These findings support the hubris theory and agency theory that M&A does not always create added value in the short term due to management overconfidence and opportunistic behavior, with limitations on short observation periods and small sample counts, so it is advisable for management to conduct comprehensive due diligence, for investors not to consider M&A as an automatic signal to invest, and for regulators to increase transparency of information on the realization of M&A synergies.
Co-Authors Mega Rahmi Melisa Widia Miftahul Qhoiri Mutia Aulia Mutia Nur Sahirah Yosep Eka Putra