ABSTRAKPenelitian ini menguji kinerja jangka pendek atas perusahaan yang mengakuisisi target perusahaan privat selama periode tahun 2004 hingga 2015, untuk mengidentifikasi dampak pengumuman akuisisi terhadap harga saham perusahaan pengakuisisi. Penelitian ini merupakan penelitian event study dengan metode market model dan periode estimasi 120 hari, dengan indikator Average Abnormal Return dan Average Cumulative Abnormal Return yang dilihat selama 43 hari sekitar pengumuman akuisisi, dan secara kumulatif terbagi menjadi 3 periode yaitu, pre announcement, announcement dan post announcement. Pada Average Abnormal Return selama 43 hari tersebut dan Average Cumulative Abnormal Return pada masa pre announcement, announcement, dan post announcement, perusahaan pengakuisisi perusahaan privat tidak mendapatkan abnormal return.

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ABSTRACT

This study examines announcement of the acquisition of private target acquirer companies in year 2004-2015, to identify the impact of the acquisition announcement to the stock price of acquirer?s companies. This study used event study methodology with market model and 120 days estimation period with indicators of Average Abnormal Return in 43 days event period around acquisition announcements and Average Cumulative Abnormal Return in three periods of event windows, which are pre announcement, announcement and post announcement period. Average Abnormal Returns around those 43 days and Average Cumulative Abnormal Return in pre announcement, announcement and post-announcement period shows no abnormal returns.