Analisis Dampak Kombinasi Bisnis Melalui Akuisisi Terhadap Kinerja Keuangan Perusahaan Pada Sektor Finance Non Perbankan

Yosep Eka Putra (Universitas Islam Negeri Mahmud Yunus Batusangkar)
Mega Rahmi (Universitas Islam Negeri Mahmud Yunus Batusangkar)
Sari Ramadani Fitri (Universitas Islam Negeri Mahmud Yunus Batusangkar)
Rahmi Rahmadani (Universitas Islam Negeri Mahmud Yunus Batusangkar)
Riza Yulia Putri (Universitas Islam Negeri Mahmud Yunus Batusangkar)
Rena Karmila (Universitas Islam Negeri Mahmud Yunus Batusangkar)

Jejak digital: Jurnal Ilmiah Multidisiplin
Vol. 2 No. 4 (2026): JUNI-JULI

This study analyzes the impact of acquisitions on the financial performance of non-banking financial companies listed on the Indonesia Stock Exchange during 2023–2025. A quantitative descriptive and causal design was used with a sample of 30 companies selected through purposive sampling. Financial performance is measured using ROA, ROE, DER, and NPM. Since the data are not normally distributed (p < 0.05), non-parametric tests (Friedman and Kruskal-Wallis) were applied. Descriptive results show high variability in performance indicators across firms. The results indicate no significant differences in ROA, ROE, DER, and NPM before and after acquisitions (p > 0.05), suggesting that acquisition synergies have not yet materialized in the short term and may require a longer period to have a measurable effect.