DAMPAK PENGUMUMAN AKUISISI TERHADAP ABNORMAL RETURN SAHAM AKUISITOR DAN TARGET

The market reaction toward the announcement of acquisition can be evaluated by using the abnormal return of the company which carries out the acquisition. The positive abnormal return indicates good reaction of the market and vice versa. The abnormal return variable is applied in this research which occurs 22 days before and 22 days after the acquisition announcement date on the company in 2010 – 2012 period in the Indonesia Stock Exchange (IDX). The quantitative method of research with descriptive study which uses purposive sampling is applied in this research. Then, it is analyzed by using one sample t-test parametric test as well as paired sample t-test to answer the hypothesis. The result of evaluation indicates the negative influence around the acquisition announcement date, or in other words the reaction of the market is negative toward the acquisition itself. There are abnormal return’s differences among the doer of acquisition and the target about the announcement date but this is not significant. The positive influence has occurred long before the acquisition announcement date which is caused by the information has been known by the market first, that mean the stocks market in Indonesia has not fulfilled the assumption of efficient stocks market. Keywords: acquisition, abnormal return, stocks, efficient.