Comparative Analysis of Financial Performance (CR, DER, ROA) Before and After Merger Study on Companies Listed on the IDX

Herdiawan, Refa Nabella and Mua’mmar, Moh. Nadhir and Asih, Vemy Suci and Sobana, Dadang Husen (2026) Comparative Analysis of Financial Performance (CR, DER, ROA) Before and After Merger Study on Companies Listed on the IDX. Indonesian Journal of Economics and Management, 6 (1). pp. 1-12. ISSN 2747-0695

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Abstract

Mergers and acquisitions (M&A) are key growth strategies for companies listed on the Indonesia Stock Exchange (IDX), expected to enhance financial performance through efficiency-based synergies. However, empirical findings often vary. This study aims to compare the financial performance of IDX-listed companies before and after mergers, measured by the Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Assets (ROA). Using a quantitative comparative approach, the sample includes six companies that merged between 2002 and 2021, with data derived from IDX annual reports. Analysis methods include descriptive statistics, the Kolmogorov-Smirnov normality test, and the Paired Samples T-Test using SPSS. Results indicate no significant differences in CR (p=0.344), DER (p=0.079), or ROA (p=0.283) before and after mergers. Despite slight improvements in DER and ROA, changes are not statistically significant, suggesting that financial benefits from M&A may require longer-term observation or be influenced by post-merger integration challenges.

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