Pengaruh Merger Terhadap Return Saham Perusahaan Pengakuisisi Yang Terdaftar Di Bursa Efek Indonesia Dengan Kinerja Keuangan Sebagai Variabel Intervening

The objective of investors invest their funds in securities of shares is to obtain a certain level of return with minimal risk. Rate of return on stock ownership can be obtained in two forms, namely dividends and capital gains (stock price is higher than the purchase price). When investing in stocks, investors will choose which companies stocks will provide a high return. This study aims to empirically examine the effect of mergers on stock return and tested the effect of mergers on acquirer stock returns of financial performance as an intervening variable. Testing the hypothesis was tested by using 5% significant degree. The population consists of 334 companies listed in Indonesia Stock Exchange. Sampling method using purpossive sampling. The number of samples in this study were as many as 34 companies with the observation period 0f 6 (six) years of the period 2000-2006. Hypothesis testing is done by using path analysis and t test.The result showed that the merger effect on acquirer stock return, which means the merger directly influence the acquirer stock return. Thus the hypothesis that mergers effect the stock return are empirically supported of accepted. The result also show that the merger does not effect the stock returns of financial performance as an intervening variable. Thus the hypothesis that mergers effect the acquirer stock returns through financial performance as an intervening variable is not empirically supported or rejected.