Analisis perbedaan abnormal return dan kinerja keuangan perusahaan sebelum dan sesudah merger atau akuisisi (studi pada perusahaan yang terdaftar di bursa efek indonesia tahun 2010-2011)

Hak cipta dan penggunaan kembali: Lisensi ini mengizinkan setiap orang untuk menggubah, memperbaiki, dan membuat ciptaan turunan bukan untuk kepentingan komersial, selama anda mencantumkan nama penulis dan melisensikan ciptaan turunan dengan syarat yang serupa dengan ciptaan asli. Copyright and reuse: This license lets you remix, tweak, and build upon work non-commercially, as long as you credit the origin creator and license it on your new creations under the identical terms.. Team project ©2017 Dony Pratidana S. Hum | Bima Agus Setyawan S. IIP.

DAFTAR LAMPIRAN. 1. Sampel Penelitian 2. Hasil Perhitungan 3. Hasil Pengujian 4. Formulir Konsultasi Skripsi. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

No. Kode. Nama Emiten. Kombinasi Bisnis dengan Perusahaan. LAMPIRAN 1 Sampel Penelitian. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Nama Perusa Kombina.

3.. Tbk RMBA PT Bentoel Internasional PT BAT Ivestama Tbk Indonesia Tbk INPP PT Indonesian Paradise Property Tbk ASII PT Astra Internasional Tbk. 4.. ANTM PT Aneka Tambang Tbk. 5.. ICON. 1. 2.. 8.. PT Island Concepts Indonesia Tbk JSMR PT Jasa Marga (Persero) Tbk EMTK PT Elang Mahkota Teknologi Tbk FREN PT Mobile 8 Telecom Tbk. 9.. LPFF. 10.. APLN. 11.. KIJA. 6. 7.. PT Indosiar Karya Media Tbk. PT Matahari Department Store Tbk PT Agung Podomoro Land Tbk PT Kawasan Industri Jababeka Tbk. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Non Tbk. PT Bentoel I Ivestama Tbk PT Tirta Saga PT Indonesia Wangi Property Tbk PT General Electric PT Astra Inte Services Tbk PT Dwimitra PT Aneka Ta Enggang Khatulistiwa PT Gama Wahyu PT Island Co Abadi Indonesia Tb PT Margabumi PT Jasa Marg Adhikarya Tbk PT Elang Ma Teknologi Tb PT Wahana Inti PT Mobile 8 Nusantara Tbk PT Meadow PT Matahari Indonesia Store Tbk PT Alam Hijau PT Agung Po Teduh Land Tbk PT Banten West PT Kawasan Java Tourism Jababeka Tbk Development PT Tanjung Lesung Leisure Industri.

LAMPIRAN 2 Hasil Perhitungan. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

Perhitungan Abnormal Return PT Bentoel Internasional Investama Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 670,00 680,00 560,00 590,00 590,00 590,00 610,00 590,00 610,00 590,00 570,00 600,00 550,00 590,00 620,00 620,00 650,00 660,00 620,00 500,00 630,00 500,00 500,00 520,00 630,00 630,00 660,00 660,00 650,00 680,00 700,00. Pit-1 680,00 560,00 590,00 590,00 590,00 610,00 590,00 610,00 590,00 570,00 600,00 550,00 590,00 620,00 620,00 650,00 660,00 620,00 500,00 630,00 500,00 500,00 520,00 630,00 630,00 660,00 660,00 650,00 680,00 700,00 700,00. Rit -0,01471 0,214286 -0,05085 0 0 -0,03279 0,033898 -0,03279 0,033898 0,035088 -0,05 0,090909 -0,0678 -0,04839 0 -0,04615 -0,01515 0,064516 0,24 -0,20635 0,26 0 -0,03846 -0,1746 0 -0,04545 0 0,015385 -0,04412 -0,02857 0. IHSGt 2.578,42 2.597,86 2.610,34 2.638,38 2.667,27 2.666,07 2.642,55 2.645,18 2.632,87 2.659,55 2.632,20 2.614,37 2.586,90 2.603,30 2.605,28 2.575,41 2.534,36 2.518,99 2.474,88 2.467,64 2.431,39 2.509,58 2.522,55 2.494,74 2.506,39 2.519,10 2.486,44 2.481,30 2.483,89 2.483,76 2.511,55. IHSGt-1 2.597,86 2.610,34 2.638,38 2.667,27 2.666,07 2.642,55 2.645,18 2.632,87 2.659,55 2.632,20 2.614,37 2.586,90 2.603,30 2.605,28 2.575,41 2.534,36 2.518,99 2.474,88 2.467,64 2.431,39 2.509,58 2.522,55 2.494,74 2.506,39 2.519,10 2.486,44 2.481,30 2.483,89 2.483,76 2.511,55 2.500,04. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0,00749 -0,00478 -0,01063 -0,01083 0,000448 0,008902 -0,001 0,004675 -0,01003 0,010389 0,006822 0,010621 -0,0063 -0,00076 0,011596 0,0162 0,006098 0,017823 0,002936 0,014908 -0,03116 -0,00514 0,011147 -0,00465 -0,00505 0,013136 0,002071 -0,00104 5,4E-05 -0,01106 0,004603. AR -0,00722 0,219067 -0,04022 0,010829 -0,00045 -0,04169 0,034894 -0,03746 0,04393 0,024698 -0,05682 0,080288 -0,0615 -0,04763 -0,0116 -0,06235 -0,02125 0,046693 0,237064 -0,22126 0,291155 0,005141 -0,04961 -0,16996 0,005047 -0,05859 -0,00207 0,016429 -0,04417 -0,01751 -0,0046.

Perhitungan Abnormal Return PT Indonesian Paradise Property Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 143,00 143,00 141,00 136,00 136,00 135,00 130,00 120,00 115,00 115,00 115,00 115,00 115,00 115,00 110,00 105,00 95,00 95,00 85,00 95,00 95,00 105,00 125,00 125,00 99,00 87,00 87,00 86,00 86,00 86,00 130,00. Pit-1 143,00 141,00 136,00 136,00 135,00 130,00 120,00 115,00 115,00 115,00 115,00 115,00 115,00 110,00 105,00 95,00 95,00 85,00 95,00 95,00 105,00 125,00 125,00 99,00 87,00 87,00 86,00 86,00 86,00 130,00 130,00. Rit 0 0,014184 0,036765 0 0,007407 0,038462 0,083333 0,043478 0 0 0 0 0 0,045455 0,047619 0,105263 0 0,117647 -0,10526 0 -0,09524 -0,16 0 0,262626 0,137931 0 0,011628 0 0 -0,33846 0. IHSGt 2.729,48 2.834,19 2.819,47 2.858,39 2.847,62 2.812,89 2.850,43 2.739,33 2.810,62 2.846,24 2.959,02 2.960,90 2.971,25 2.926,86 2.903,32 2.939,30 2.944,71 2.924,73 2.926,53 2.912,83 2.891,27 2.840,43 2.878,67 2.900,53 2.885,02 2.884,70 2.881,33 2.845,01 2.850,83 2.898,58 2.880,97. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. IHSGt-1 2.834,19 2.819,47 2.858,39 2.847,62 2.812,89 2.850,43 2.739,33 2.810,62 2.846,24 2.959,02 2.960,90 2.971,25 2.926,86 2.903,32 2.939,30 2.944,71 2.924,73 2.926,53 2.912,83 2.891,27 2.840,43 2.878,67 2.900,53 2.885,02 2.884,70 2.881,33 2.845,01 2.850,83 2.898,58 2.880,97 2.887,25. Rmt -0,03694 0,005219 -0,01361 0,00378 0,012347 -0,01317 0,040555 -0,02536 -0,01252 -0,03811 -0,00063 -0,00349 0,015167 0,008108 -0,01224 -0,00184 0,006831 -0,00062 0,004705 0,007456 0,0179 -0,01329 -0,00754 0,005378 0,000109 0,001169 0,012767 -0,00204 -0,01647 0,006114 -0,00217. AR 0,036943 0,008965 0,050379 -0,00378 -0,00494 0,05163 0,042778 0,06884 0,012516 0,038113 0,000635 0,003486 -0,01517 0,037346 0,05986 0,1071 -0,00683 0,118262 -0,10997 -0,00746 -0,11314 -0,14671 0,007536 0,257248 0,137822 -0,00117 -0,00114 0,002043 0,016473 -0,34458 0,002174.

Perhitungan Abnormal Return PT Astra International Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 47.000,00 47.450,00 48.000,00 48.000,00 48.400,00 47.400,00 47.550,00 49.000,00 51.000,00 52.050,00 52.500,00 54.400,00 54.550,00 54.000,00 53.450,00 53.500,00 52.550,00 52.400,00 52.450,00 51.250,00 50.300,00 49.900,00 52.800,00 52.800,00 53.000,00 53.900,00 54.550,00 54.550,00 52.900,00 52.750,00 54.050,00. Pit-1 47.450,00 48.000,00 48.000,00 48.400,00 47.400,00 47.550,00 49.000,00 51.000,00 52.050,00 52.500,00 54.400,00 54.550,00 54.000,00 53.450,00 53.500,00 52.550,00 52.400,00 52.450,00 51.250,00 50.300,00 49.900,00 52.800,00 52.800,00 53.000,00 53.900,00 54.550,00 54.550,00 52.900,00 52.750,00 54.050,00 52.450,00. Rit -0,00948 -0,01146 0 -0,00826 0,021097 -0,00315 -0,02959 -0,03922 -0,02017 -0,00857 -0,03493 -0,00275 0,010185 0,01029 -0,00093 0,018078 0,002863 -0,00095 0,023415 0,018887 0,008016 -0,05492 0 -0,00377 -0,0167 -0,01192 0 0,031191 0,002844 -0,02405 0,030505. IHSGt 3.548,65 3.535,73 3.569,14 3.564,94 3.554,77 3.455,13 3.478,55 3.631,45 3.736,26 3.783,71 3.760,06 3.727,52 3.703,51 3.699,22 3.659,99 3.625,27 3.611,53 3.620,68 3.637,45 3.568,81 3.581,57 3.571,74 3.658,31 3.689,67 3.692,23 3.747,71 3.786,10 3.769,99 3.722,35 3.696,26 3.694,58. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. IHSGt-1 3.535,73 3.569,14 3.564,94 3.554,77 3.455,13 3.478,55 3.631,45 3.736,26 3.783,71 3.760,06 3.727,52 3.703,51 3.699,22 3.659,99 3.625,27 3.611,53 3.620,68 3.637,45 3.568,81 3.581,57 3.571,74 3.658,31 3.689,67 3.692,23 3.747,71 3.786,10 3.769,99 3.722,35 3.696,26 3.694,58 3.619,09. Rmt 0,003654 -0,00936 0,00118 0,002861 0,028838 -0,00673 -0,04211 -0,02805 -0,01254 0,006289 0,008731 0,006482 0,001161 0,010717 0,009579 0,003803 -0,00253 -0,00461 0,019232 -0,00356 0,002751 -0,02367 -0,0085 -0,00069 -0,0148 -0,01014 0,004272 0,0128 0,007058 0,000455 0,020858. AR -0,01314 -0,0021 -0,00118 -0,01113 -0,00774 0,003579 0,012514 -0,01117 -0,00763 -0,01486 -0,04366 -0,00923 0,009024 -0,00043 -0,01051 0,014275 0,005391 0,003655 0,004182 0,022448 0,005265 -0,03126 0,008497 -0,00308 -0,00189 -0,00178 -0,00427 0,018391 -0,00421 -0,02451 0,009648.

Perhitungan Abnormal Return PT Aneka Tambang Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 2.125,00 2.125,00 2.125,00 2.150,00 2.150,00 2.150,00 2.150,00 2.150,00 2.150,00 2.150,00 2.100,00 2.150,00 2.150,00 2.200,00 2.225,00 2.225,00 2.200,00 2.200,00 2.225,00 2.250,00 2.200,00 2.200,00 2.200,00 2.225,00 2.225,00 2.250,00 2.275,00 2.275,00 2.300,00 2.300,00 2.250,00. Pit-1 Rit 2.125,00 0 2.125,00 0 2.150,00 -0,01163 2.150,00 0 2.150,00 0 2.150,00 0 2.150,00 0 2.150,00 0 2.150,00 0 2.100,00 0,02381 2.150,00 -0,02326 2.150,00 0 2.200,00 -0,02273 2.225,00 -0,01124 2.225,00 0 2.200,00 0,011364 2.200,00 0 2.225,00 -0,01124 2.250,00 -0,01111 2.200,00 0,022727 2.200,00 0 2.200,00 0 2.225,00 -0,01124 2.225,00 0 2.250,00 -0,01111 2.275,00 -0,01099 2.275,00 0 2.300,00 -0,01087 2.300,00 0 2.250,00 0,022222 2.300,00 -0,02174. IHSGt 3.806,19 3.825,82 3.842,95 3.834,20 3.844,02 3.837,76 3.836,97 3.826,14 3.832,38 3.814,82 3.780,16 3.785,94 3.778,45 3.872,95 3.859,81 3.840,21 3.799,23 3.832,02 3.808,71 3.838,14 3.800,52 3.785,45 3.798,55 3.816,27 3.814,93 3.813,87 3.849,30 3.819,62 3.808,93 3.804,93 3.774,87. IHSGt-1 3.825,82 3.842,95 3.834,20 3.844,02 3.837,76 3.836,97 3.826,14 3.832,38 3.814,82 3.780,16 3.785,94 3.778,45 3.872,95 3.859,81 3.840,21 3.799,23 3.832,02 3.808,71 3.838,14 3.800,52 3.785,45 3.798,55 3.816,27 3.814,93 3.813,87 3.849,30 3.819,62 3.808,93 3.804,93 3.774,87 3.788,54. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0,00513 -0,00446 0,002283 -0,00255 0,001631 0,000207 0,002831 -0,00163 0,004604 0,009167 -0,00153 0,001982 -0,0244 0,003405 0,005104 0,010787 -0,00856 0,00612 -0,00767 0,009899 0,003981 -0,00345 -0,00464 0,000352 0,000278 -0,0092 0,007771 0,002806 0,001051 0,007963 -0,00361. AR 0,005132 0,004458 -0,01391 0,002554 -0,00163 -0,00021 -0,00283 0,001628 -0,0046 0,014642 -0,02173 -0,00198 0,001672 -0,01464 -0,0051 0,000576 0,008558 -0,01736 -0,00344 0,012828 -0,00398 0,00345 -0,00659 -0,00035 -0,01139 -0,00178 -0,00777 -0,01368 -0,00105 0,014259 -0,01813.

Perhitungan Abnormal Return PT Island Concepts Indonesia Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00. Pit-1 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00 470.00. Rit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0. IHSGt 3,740.47 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95 3,834.20 3,844.02 3,837.76 3,836.97 3,826.14 3,832.38 3,814.82 3,780.16 3,785.94 3,778.45 3,872.95 3,859.81 3,840.21 3,799.23 3,832.02 3,808.71 3,838.14 3,800.52 3,785.45 3,798.55 3,816.27 3,814.93 3,813.87. IHSGt-1 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95 3,834.20 3,844.02 3,837.76 3,836.97 3,826.14 3,832.38 3,814.82 3,780.16 3,785.94 3,778.45 3,872.95 3,859.81 3,840.21 3,799.23 3,832.02 3,808.71 3,838.14 3,800.52 3,785.45 3,798.55 3,816.27 3,814.93 3,813.87 3,849.30. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0.01417 0.00556 0.006539 -0.01027 -0.00487 -0.00513 -0.00446 0.002283 -0.00255 0.001631 0.000207 0.002831 -0.00163 0.004604 0.009167 -0.00153 0.001982 -0.0244 0.003405 0.005104 0.010787 -0.00856 0.00612 -0.00767 0.009899 0.003981 -0.00345 -0.00464 0.000352 0.000278 -0.0092. AR 0.014174 -0.00556 -0.00654 0.010268 0.004871 0.005132 0.004458 -0.00228 0.002554 -0.00163 -0.00021 -0.00283 0.001628 -0.0046 -0.00917 0.001527 -0.00198 0.0244 -0.00341 -0.0051 -0.01079 0.008558 -0.00612 0.007668 -0.0099 -0.00398 0.00345 0.004643 -0.00035 -0.00028 0.009205.

Perhitungan Abnormal Return PT Jasa Marga (Persero) Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 3625.00 3675.00 3625.00 3525.00 3500.00 3525.00 3500.00 3525.00 3475.00 3450.00 3425.00 3425.00 3450.00 3425.00 3325.00 3350.00 3325.00 3350.00 3425.00 3375.00 3425.00 3500.00 3475.00 3475.00 3450.00 3450.00 3450.00 3425.00 3425.00 3450.00 3500.00. Pit-1 3675.00 3625.00 3525.00 3500.00 3525.00 3500.00 3525.00 3475.00 3450.00 3425.00 3425.00 3450.00 3425.00 3325.00 3350.00 3325.00 3350.00 3425.00 3375.00 3425.00 3500.00 3475.00 3475.00 3450.00 3450.00 3450.00 3425.00 3425.00 3450.00 3500.00 3475.00. Rit -0.01361 0.013793 0.028369 0.007143 -0.00709 0.007143 -0.00709 0.014388 0.007246 0.007299 0 -0.00725 0.007299 0.030075 -0.00746 0.007519 -0.00746 -0.0219 0.014815 -0.0146 -0.02143 0.007194 0 0.007246 0 0 0.007299 0 -0.00725 -0.01429 0.007194. IHSGt 3,924.13 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56 3,823.65 3,821.83 3,794.94 3,729.12 3,722.30 3,740.47 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95 3,834.20 3,844.02 3,837.76 3,836.97 3,826.14 3,832.38 3,814.82 3,780.16 3,785.94 3,778.45 3,872.95 3,859.81. IHSGt-1 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56 3,823.65 3,821.83 3,794.94 3,729.12 3,722.30 3,740.47 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95 3,834.20 3,844.02 3,837.76 3,836.97 3,826.14 3,832.38 3,814.82 3,780.16 3,785.94 3,778.45 3,872.95 3,859.81 3,840.21. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0.00076 0.009908 0.01522 0.004418 -0.00913 0.006514 0.000476 0.007087 0.017649 0.001832 -0.00486 -0.01417 0.00556 0.006539 -0.01027 -0.00487 -0.00513 -0.00446 0.002283 -0.00255 0.001631 0.000207 0.002831 -0.00163 0.004604 0.009167 -0.00153 0.001982 -0.0244 0.003405 0.005104. AR -0.01285 0.003885 0.013149 0.002725 0.002037 0.000629 -0.00757 0.007302 -0.0104 0.005467 0.004857 0.006928 0.00174 0.023536 0.002805 0.01239 -0.00233 -0.01744 0.012532 -0.01204 -0.02306 0.006987 -0.00283 0.008875 -0.0046 -0.00917 0.008826 -0.00198 0.017153 -0.01769 0.00209.

Perhitungan Abnormal Return PT Elang Mahkota Teknologi Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 2300.00 2400.00 2175.00 1960.00 1950.00 1930.00 1900.00 1880.00 1880.00 1900.00 1870.00 1890.00 1910.00 1850.00 1850.00 1830.00 1820.00 1890.00 1820.00 1800.00 1860.00 1860.00 1780.00 1770.00 1900.00 1850.00 1810.00 1730.00 1740.00 1730.00 1750.00. Pit-1 2400.00 2175.00 1960.00 1950.00 1930.00 1900.00 1880.00 1880.00 1900.00 1870.00 1890.00 1910.00 1850.00 1850.00 1830.00 1820.00 1890.00 1820.00 1800.00 1860.00 1860.00 1780.00 1770.00 1900.00 1850.00 1810.00 1730.00 1740.00 1730.00 1750.00 1750.00. Rit -0.04167 0.103448 0.109694 0.005128 0.010363 0.015789 0.010638 0 -0.01053 0.016043 -0.01058 -0.01047 0.032432 0 0.010929 0.005495 -0.03704 0.038462 0.011111 -0.03226 0 0.044944 0.00565 -0.06842 0.027027 0.022099 0.046243 -0.00575 0.00578 -0.01143 0. IHSGt 4,068.07 4,050.63 4,023.42 4,032.97 4,023.20 3,997.64 3,980.85 3,938.02 3,995.59 4,003.69 3,939.47 3,908.96 3,924.13 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56 3,823.65 3,821.83 3,794.94 3,729.12 3,722.30 3,740.47 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95. IHSGt-1 4,050.63 4,023.42 4,032.97 4,023.20 3,997.64 3,980.85 3,938.02 3,995.59 4,003.69 3,939.47 3,908.96 3,924.13 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56 3,823.65 3,821.83 3,794.94 3,729.12 3,722.30 3,740.47 3,794.25 3,773.27 3,748.76 3,787.65 3,806.19 3,825.82 3,842.95 3,834.20. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt 0.004306 0.006764 -0.00237 0.002429 0.006396 0.004218 0.010876 -0.01441 -0.00202 0.016301 0.007807 -0.00387 -0.00076 0.009908 0.01522 0.004418 -0.00913 0.006514 0.000476 0.007087 0.017649 0.001832 -0.00486 -0.01417 0.00556 0.006539 -0.01027 -0.00487 -0.00513 -0.00446 0.002283. AR -0.04597 0.096684 0.112064 0.002699 0.003967 0.011572 -0.00024 0.014409 -0.0085 -0.00026 -0.01839 -0.00661 0.033189 -0.00991 -0.00429 0.001076 -0.02791 0.031947 0.010635 -0.03934 -0.01765 0.043112 0.010507 -0.05425 0.021467 0.01556 0.05651 -0.00088 0.010912 -0.00697 -0.00228.

Perhitungan Abnormal Return PT Mobile 8 Telecom Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00. Pit-1 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00. Rit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0. IHSGt 3,735.12 3,850.27 3,921.64 4,122.09 4,136.51 4,177.85 4,193.44 4,130.80 4,145.83 4,174.11 4,132.78 4,087.09 4,106.82 4,068.07 4,050.63 4,023.42 4,032.97 4,023.20 3,997.64 3,980.85 3,938.02 3,995.59 4,003.69 3,939.47 3,908.96 3,924.13 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56. IHSGt-1 3,850.27 3,921.64 4,122.09 4,136.51 4,177.85 4,193.44 4,130.80 4,145.83 4,174.11 4,132.78 4,087.09 4,106.82 4,068.07 4,050.63 4,023.42 4,032.97 4,023.20 3,997.64 3,980.85 3,938.02 3,995.59 4,003.69 3,939.47 3,908.96 3,924.13 3,927.10 3,888.57 3,830.27 3,813.43 3,848.56 3,823.65. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0.02991 -0.0182 -0.04863 -0.00349 -0.00989 -0.00372 0.015164 -0.00362 -0.00678 0.010002 0.011177 -0.0048 0.009525 0.004306 0.006764 -0.00237 0.002429 0.006396 0.004218 0.010876 -0.01441 -0.00202 0.016301 0.007807 -0.00387 -0.00076 0.009908 0.01522 0.004418 -0.00913 0.006514. AR 0.029906 0.018201 0.048627 0.003486 0.009895 0.003719 -0.01516 0.003625 0.006776 -0.01 -0.01118 0.004804 -0.00953 -0.00431 -0.00676 0.00237 -0.00243 -0.0064 -0.00422 -0.01088 0.014409 0.002024 -0.0163 -0.00781 0.003866 0.000757 -0.00991 -0.01522 -0.00442 0.009129 -0.00651.

Perhitungan Abnormal Return PT Matahari Department Store Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00. Pit-1 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00 2700.00. Rit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0. IHSGt 3,425.68 3,443.11 3,293.24 3,269.45 3,348.71 3,549.03 3,537.18 3,513.17 3,473.94 3,316.14 3,426.35 3,369.14 3,697.49 3,752.11 3,755.05 3,835.18 3,774.33 3,799.04 3,874.78 3,896.12 3,998.50 4,005.39 4,001.43 3,889.97 3,866.17 3,841.73 3,844.38 3,847.02 3,880.46 3,839.62 3,842.75. IHSGt-1 3,443.11 3,293.24 3,269.45 3,348.71 3,549.03 3,537.18 3,513.17 3,473.94 3,316.14 3,426.35 3,369.14 3,697.49 3,752.11 3,755.05 3,835.18 3,774.33 3,799.04 3,874.78 3,896.12 3,998.50 4,005.39 4,001.43 3,889.97 3,866.17 3,841.73 3,844.38 3,847.02 3,880.46 3,839.62 3,842.75 4,020.99. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0.00506 0.045507 0.007276 -0.02367 -0.05644 0.003351 0.006835 0.011292 0.047586 -0.03217 0.016979 -0.0888 -0.01456 -0.00078 -0.02089 0.016121 -0.0065 -0.01955 -0.00548 -0.02561 -0.00172 0.000989 0.028654 0.006156 0.006362 -0.00069 -0.00069 -0.00862 0.010639 -0.00082 -0.04433. AR 0.00506 -0.04551 -0.00728 0.023668 0.056445 -0.00335 -0.00683 -0.01129 -0.04759 0.032165 -0.01698 0.088804 0.014556 0.000783 0.020893 -0.01612 0.006502 0.019548 0.005476 0.025605 0.00172 -0.00099 -0.02865 -0.00616 -0.00636 0.000688 0.000687 0.008619 -0.01064 0.000815 0.044329.

Perhitungan Abnormal Return PT Agung Podomoro Land Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 295 300 300 300 305 290 290 300 300 300 300 310 320 315 325 335 330 335 330 335 330 335 325 335 335 325 335 325 330 335 335. Pit-1 300 300 300 305 290 290 300 300 300 300 310 320 315 325 335 330 335 330 335 330 335 325 335 335 325 335 325 330 335 335 330. Rit -0.01667 0 0 -0.01639 0.051724 0 -0.03333 0 0 0 -0.03226 -0.03125 0.015873 -0.03077 -0.02985 0.015152 -0.01493 0.015152 -0.01493 0.015152 -0.01493 0.030769 -0.02985 0 0.030769 -0.02985 0.030769 -0.01515 -0.01493 0 0.015152. IHSGt 3,781.76 3,793.24 3,752.67 3,780.79 3,779.84 3,781.10 3,715.08 3,687.77 3,647.05 3,637.19 3,696.03 3,687.01 3,735.53 3,679.83 3,754.50 3,792.25 3,814.09 3,813.84 3,833.04 3,778.89 3,783.88 3,857.36 3,805.65 3,778.24 3,783.63 3,705.81 3,763.03 3,685.01 3,790.85 3,829.96 3,813.00. IHSGt-1 3,793.24 3,752.67 3,780.79 3,779.84 3,781.10 3,715.08 3,687.77 3,647.05 3,637.19 3,696.03 3,687.01 3,735.53 3,679.83 3,754.50 3,792.25 3,814.09 3,813.84 3,833.04 3,778.89 3,783.88 3,857.36 3,805.65 3,778.24 3,783.63 3,705.81 3,763.03 3,685.01 3,790.85 3,829.96 3,813.00 3,738.61. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt -0.00302 0.010809 -0.00744 0.000253 -0.00033 0.017771 0.007406 0.011165 0.00271 -0.01592 0.002448 -0.01299 0.015137 -0.01989 -0.00996 -0.00573 6.5E-05 -0.00501 0.014331 -0.00132 -0.01905 0.013589 0.007254 -0.00142 0.020999 -0.01521 0.021173 -0.02792 -0.01021 0.004447 0.0199. AR -0.01364 -0.01081 0.007437 -0.01665 0.052058 -0.01777 -0.04074 -0.01117 -0.00271 0.01592 -0.03471 -0.01826 0.000736 -0.01088 -0.0199 0.020877 -0.01499 0.02016 -0.02926 0.016472 0.004124 0.01718 -0.0371 0.001424 0.00977 -0.01464 0.009596 0.012767 -0.00471 -0.00445 -0.00475.

Perhitungan Abnormal Return PT Kawasan Industri Jababeka Tbk.. t +15 t +14 t +13 t +12 t +11 t +10 t +9 t +8 t +7 t +6 t +5 t +4 t +3 t +2 t+1 t=0 t -1 t -2 t -3 t -4 t -5 t -6 t -7 t -8 t -9 t -10 t -11 t -12 t -13 t -14 t -15. Pit 195.00 189.00 188.00 188.00 189.00 185.00 179.00 181.00 177.00 177.00 178.00 174.00 170.00 170.00 151.00 150.00 151.00 155.00 156.00 158.00 157.00 159.00 157.00 157.00 158.00 160.00 155.00 156.00 159.00 158.00 155.00. Pit-1 189.00 188.00 188.00 189.00 185.00 179.00 181.00 177.00 177.00 178.00 174.00 170.00 170.00 151.00 150.00 151.00 155.00 156.00 158.00 157.00 159.00 157.00 157.00 158.00 160.00 155.00 156.00 159.00 158.00 155.00 161.00. Rit 0.031746 0.005319 0 -0.00529 0.021622 0.03352 -0.01105 0.022599 0 -0.00562 0.022989 0.023529 0 0.125828 0.006667 -0.00662 -0.02581 -0.00641 -0.01266 0.006369 -0.01258 0.012739 0 -0.00633 -0.0125 0.032258 -0.00641 -0.01887 0.006329 0.019355 -0.03727. IHSGt 3,770.29 3,768.35 3,701.54 3,751.60 3,763.58 3,792.15 3,759.61 3,781.76 3,793.24 3,752.67 3,780.79 3,779.84 3,781.10 3,715.08 3,687.77 3,647.05 3,637.19 3,696.03 3,687.01 3,735.53 3,679.83 3,754.50 3,792.25 3,814.09 3,813.84 3,833.04 3,778.89 3,783.88 3,857.36 3,805.65 3,778.24. IHSGt-1 3,768.35 3,701.54 3,751.60 3,763.58 3,792.15 3,759.61 3,781.76 3,793.24 3,752.67 3,780.79 3,779.84 3,781.10 3,715.08 3,687.77 3,647.05 3,637.19 3,696.03 3,687.01 3,735.53 3,679.83 3,754.50 3,792.25 3,814.09 3,813.84 3,833.04 3,778.89 3,783.88 3,857.36 3,805.65 3,778.24 3,783.63. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Rmt 0.000513 0.01805 -0.01334 -0.00318 -0.00753 0.008655 -0.00586 -0.00302 0.010809 -0.00744 0.000253 -0.00033 0.017771 0.007406 0.011165 0.00271 -0.01592 0.002448 -0.01299 0.015137 -0.01989 -0.00996 -0.00573 6.5E-05 -0.00501 0.014331 -0.00132 -0.01905 0.013589 0.007254 -0.00142. AR 0.031233 -0.01273 0.013345 -0.00211 0.029156 0.024864 -0.00519 0.025624 -0.01081 0.001819 0.022735 0.023863 -0.01777 0.118422 -0.0045 -0.00933 -0.00989 -0.00886 0.000332 -0.00877 0.00731 0.022694 0.005725 -0.00639 -0.00749 0.017927 -0.00509 0.000182 -0.00726 0.012101 -0.03584.

Ringkasan Rata-rata Abnormal Return Sebelum dan Sesudah Merger atau Akuisisi Perusahaan RMBA INPP ASII ANTM ICON JSMR EMTK FREN LPPF APLN KIJA. Rata-rata sebelum merger atau akuisisi 0.000834213 -0.012628774 0.000431709 -0.003095512 0.001067607 -0.002312294 0.003424853 -0.003593474 0.004079403 -0.001227275 -0.001554686. Rata-rata sesudah merger atau akuisisi 0.007275104 0.02584028 -0.00717675 -0.002436739 0.00068428 0.002949228 0.012027994 0.004806645 0.00690322 -0.008071538 0.015863431. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

Perhitungan Return on Asset Perusahaan 2 tahun sebelum merger atau akuisisi. Perusahaan RMBA (2008) INPP (2008) ASII (2008) ANTM (2009) ICON (2009) JSMR (2009) EMTK (2009) FREN (2009) LPPF (2009) APLN (2009) KIJA (2009). NI Asset t Asset t-1 Average Asset 239,137,880,999 4,455,531,963,727 3,859,160,327,022 4,157,346,145,375 -300,899,060 116,905,657,390 114,164,176,431 115,534,916,911 9,191,000,000,000 80,740,000,000,000 63,520,000,000,000 72,130,000,000,000 604,307,088,000 9,929,113,928,000 10,245,040,780,000 10,087,077,354,000 3,756,283,944 59,215,546,427 14,086,516,108 36,651,031,268 992,693,559,000 16,174,263,947,000 14,642,760,013,000 15,408,511,980,000 161,760,045,000 3,764,885,526,000 3,811,203,301,000 3,788,044,413,500 -724,396,366,372 4,756,934,743,736 4,761,934,587,511 4,759,434,665,624 -18,314,000,000 1,523,789,000,000 59,334,000,000 791,561,500,000 35,117,122,827 4,444,699,619,000 2,734,460,554,000 3,589,580,086,500 16,368,559,880 3,193,997,429,182 2,961,051,648,319 3,077,524,538,751. ROA 5.75% -0.26% 12.74% 5.99% 10.25% 6.44% 4.27% -15.22% -2.31% 0.98% 0.53%. Perhitungan Return on Asset Perusahaan 1 tahun sebelum merger atau akuisisi. Perusahaan RMBA (2009) INPP (2009) ASII (2009) ANTM (2010) ICON (2010) JSMR (2010) EMTK (2010) FREN (2010) LPPF (2010) APLN (2010) KIJA (2010). NI (147,943,000,000) 3,610,791,486 10,040,000,000,000 1,674,924,411,000 -6,327,272,118 1,184,495,808,000 503,672,335,000 -1,401,813,486,084 62,617,000,000 281,814,592,000 62,123,552,046. Asset t Asset t-1 4,894,434,000,000 4,455,531,963,727 496,197,698,949 116,905,657,390 88,980,000,000,000 80,740,000,000,000 12,218,889,770,000 9,929,113,928,000 67,075,730,611 59,215,546,427 18,468,691,940,000 16,174,263,947,000 4,314,284,667,000 3,764,885,526,000 4,483,609,881,543 4,756,934,743,736 2,245,184,000,000 1,523,789,000,000 7,755,988,289,000 4,444,699,619,000 3,335,857,281,974 3,193,997,429,182. Average Asset 4,674,982,981,864 306,551,678,170 84,860,000,000,000 11,074,001,849,000 63,145,638,519 17,321,477,943,500 4,039,585,096,500 4,620,272,312,640 1,884,486,500,000 6,100,343,954,000 3,264,927,355,578. ROA -3.16% 1.18% 11.83% 15.12% -10.02% 6.84% 12.47% -30.34% 3.32% 4.62% 1.90%. Perhitungan Return on Asset Perusahaan pada tahun merger atau akuisisi. Perusahaan NI Asset t Asset t-1 Average Asset RMBA (2010) 218,621,000,000 4,902,597,000,000 4,894,434,000,000 4,898,515,500,000 INPP (2010) 21,356,200,864 810,578,823,861 496,197,698,949 653,388,261,405 ASII (2010) 17,004,000,000,000 113,362,000,000,000 88,980,000,000,000 101,171,000,000,000 ANTM (2011) 1,927,891,998,000 15,201,235,077,000 12,218,889,770,000 13,710,062,423,500 ICON (2011) 623,114,515 92,696,874,647 67,075,730,611 79,886,302,629 JSMR (2011) 1,179,281,837,000 20,915,890,567,000 18,468,691,940,000 19,692,291,253,500 EMTK (2011) 738,037,568,000 7,135,047,383,000 4,314,284,667,000 5,724,666,025,000 FREN (2011) -2,400,247,590,614 12,296,578,650,738 4,483,609,881,543 8,390,094,266,141 LPPF (2011) 465,648,000,000 2,422,472,000,000 2,245,184,000,000 2,333,828,000,000 APLN (2011) 684,908,751,000 10,838,820,997,000 7,755,988,289,000 9,297,404,643,000 KIJA (2011) 326,131,166,919 5,597,356,750,923 3,335,857,281,974 4,466,607,016,449. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. ROA 4.46% 3.27% 16.81% 14.06% 0.78% 5.99% 12.89% -28.61% 19.95% 7.37% 7.30%.

Perhitungan Return on Asset Perusahaan 1 tahun sesudah merger atau akuisisi. Perusahaan RMBA (2011) INPP(2011) ASII (2011) ANTM (2012) ICON (2012) JSMR (2012) EMTK (2012) FREN (2012) LPPF (2012) APLN (2012) KIJA (2012). NI 305,997,000,000 2,097,931,753 21,077,000,000,000 2,993,115,731,000 1,907,281,519 1,535,812,200,000 1,029,499,905,000 -1,563,090,528,610 770,881,000,000 841,290,753,000 380,022,434,090. Asset t 6,333,957,000,000 1,133,499,220,101 154,319,000,000,000 19,708,540,946,000 83,363,453,861 24,753,551,441,000 10,177,897,837,000 14,339,806,990,815 2,929,752,000,000 15,195,642,352,000 7,077,817,870,077. Asset t-1 4,902,597,000,000 810,578,823,861 113,362,000,000,000 15,201,235,077,000 92,696,874,647 20,915,890,567,000 7,135,047,383,000 12,296,578,650,738 2,422,472,000,000 10,838,820,997,000 5,597,356,750,923. Average Asset 5,618,277,000,000 972,039,021,981 133,840,500,000,000 17,454,888,011,500 88,030,164,254 22,834,721,004,000 8,656,472,610,000 13,318,192,820,777 2,676,112,000,000 13,017,231,674,500 6,337,587,310,500. ROA 5.45% 0.22% 15.75% 17.15% 2.17% 6.73% 11.89% -11.74% 28.81% 6.46% 6.00%. Perhitungan Return on Asset Perusahaan 2 tahun sesudah merger atau akuisisi. Perusahaan RMBA (2012) INPP (2012) ASII (2012) ANTM (2013) ICON (2013) JSMR (2013) EMTK (2013) FREN (2013) LPPF (2013) APLN (2013) KIJA (2013). NI -323,351,000,000 11,721,862,510 22,742,000,000,000 409,947,369,000 3,677,081,913 1,237,820,534,000 1,364,544,542,000 -2,534,463,228,719 1,150,160,000,000 930,240,497,000 104,477,632,614. Asset t 6,935,601,000,000 1,843,630,146,241 182,274,000,000,000 21,865,117,391,000 73,912,750,950 28,366,345,328,000 12,825,628,223,000 15,866,493,429,557 2,936,882,000,000 19,679,908,990,000 8,255,167,231,158. Asset t-1 6,333,957,000,000 1,133,499,220,101 154,319,000,000,000 19,708,540,946,000 83,363,453,861 24,753,551,441,000 10,177,897,837,000 14,339,806,990,815 2,929,752,000,000 15,195,642,352,000 7,077,817,870,077. Average Asset 6,634,779,000,000 1,488,564,683,171 168,296,500,000,000 20,786,829,168,500 78,638,102,406 26,559,948,384,500 11,501,763,030,000 15,103,150,210,186 2,933,317,000,000 17,437,775,671,000 7,666,492,550,618. ROA -4.87% 0.79% 13.51% 1.97% 4.68% 4.66% 11.86% -16.78% 39.21% 5.33% 1.36%. Perhitungan Return on Equity Perusahaan 2 tahun sebelum merger atau akuisisi. Perusahaan RMBA (2008) INPP (2008) ASII (2008) ANTM (2009) ICON (2009) JSMR (2009) EMTK (2009) FREN (2009) LPPF (2009) APLN (2009) KIJA (2009). NI Equity t Equity t-1 Average Equity 239,137,880,999 1,730,200,574,890 1,541,519,459,541 1,635,860,017,216 -300,899,060 113,897,285,219 112,132,700,740 113,014,992,980 9,191,000,000,000 33,080,000,000,000 26,963,000,000,000 30,021,500,000,000 604,307,088,000 8,201,579,401,000 8,063,137,821,000 8,132,358,611,000 3,756,283,944 24,847,383,594 3,868,327,966 14,357,855,780 992,693,559,000 7,745,441,050,000 6,572,008,105,000 7,158,724,577,500 161,760,045,000 2,615,638,338,000 2,249,538,229,000 2,432,588,283,500 -724,396,366,372 792,532,394,656 727,318,231,654 759,925,313,155 -18,314,000,000 238,877,000,000 43,601,000,000 141,239,000,000 35,117,122,827 1,425,994,299,000 701,946,983,000 1,063,970,641,000 16,368,559,880 1,606,454,935,510 1,590,086,375,630 1,598,270,655,570. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. ROE 14.62% -0.27% 30.61% 7.43% 26.16% 13.87% 6.65% -95.32% -12.97% 3.30% 1.02%.

Perhitungan Return on Equity Perusahaan 1 tahun sebelum merger atau akuisisi. Perusahaan RMBA (2009) INPP (2009) ASII (2009) ANTM (2010) ICON (2010) JSMR (2010) EMTK (2010) FREN (2010) LPPF (2010) APLN (2010) KIJA (2010). NI (147,943,000,000) 3,610,791,486 10,040,000,000,000 1,674,924,411,000 -6,327,272,118 1,184,495,808,000 503,672,335,000 -1,401,813,486,084 62,617,000,000 281,814,592,000 62,123,552,046. Equity t Equity t-1 1,910,906,000,000 1,730,200,574,890 487,160,382,443 113,897,285,219 48,974,000,000,000 33,080,000,000,000 9,583,550,411,000 8,201,579,401,000 16,020,111,478 24,847,383,594 8,359,466,427,000 7,745,441,050,000 3,123,548,490,000 2,615,638,338,000 -119,482,873,477 792,532,394,656 -3,165,565,000,000 238,877,000,000 4,215,808,774,000 1,425,994,299,000 1,668,578,487,556 1,606,454,935,510. Average Equity ROE 1,820,553,287,445 -8.13% 300,528,833,831 1.20% 41,027,000,000,000 24.47% 8,892,564,906,000 18.84% 20,433,747,536 -30.96% 8,052,453,738,500 14.71% 2,869,593,414,000 17.55% 336,524,760,590 -416.56% -1,463,344,000,000 -4.28% 2,820,901,536,500 9.99% 1,637,516,711,533 3.79%. Perhitungan Return on Equity Perusahaan pada tahun merger atau akuisisi. Perusahaan NI RMBA (2010) 218,621,000,000 INPP (2010) 21,356,200,864 ASII (2010) 17,004,000,000,000 ANTM (2011) 1,927,891,998,000 ICON (2011) 623,114,515 JSMR (2011) 1,179,281,837,000 EMTK (2011) 738,037,568,000 FREN (2011) -2,400,247,590,614 LPPF (2011) 465,648,000,000 APLN (2011) 684,908,751,000 KIJA (2011) 326,131,166,919. Equity t 2,129,527,000,000 604,050,759,733 58,803,000,000,000 10,722,043,550,000 18,443,663,720 8,360,509,655,000 4,773,202,907,000 3,268,971,894,665 -2,702,413,000,000 5,031,268,353,000 3,501,702,416,961. Equity t-1 1,910,906,000,000 487,160,382,443 48,974,000,000,000 9,583,550,411,000 16,020,111,478 8,359,466,427,000 3,123,548,490,000 -119,482,873,477 -3,165,565,000,000 4,215,808,774,000 1,668,578,487,556. Average Equity 2,020,216,500,000 545,605,571,088 53,888,500,000,000 10,152,796,980,500 17,231,887,599 8,359,988,041,000 3,948,375,698,500 1,574,744,510,594 -2,933,989,000,000 4,623,538,563,500 2,585,140,452,259. ROE 10.82% 3.91% 31.55% 18.99% 3.62% 14.11% 18.69% -152.42% -15.87% 14.81% 12.62%. Perhitungan Return on Equity Perusahaan 1 tahun sesudah merger atau akuisisi. Perusahaan RMBA (2011) INPP(2011) ASII (2011) ANTM (2012) ICON (2012) JSMR (2012) EMTK (2012) FREN (2012) LPPF (2012) APLN (2012) KIJA (2012). NI 305,997,000,000 2,097,931,753 21,077,000,000,000 2,993,115,731,000 1,907,281,519 1,535,812,200,000 1,029,499,905,000 -1,563,090,528,610 770,881,000,000 841,290,753,000 380,022,434,090. Equity t 2,247,284,000,000 637,482,493,417 75,838,000,000,000 12,832,316,056,000 22,337,691,875 9,787,785,568,000 7,866,219,392,000 4,984,408,178,131 -1,931,532,000,000 6,348,903,770,000 3,975,401,188,796. Equity t-1 2,129,527,000,000 604,050,759,733 58,803,000,000,000 10,722,043,550,000 18,443,663,720 8,360,509,655,000 4,773,202,907,000 3,268,971,894,665 -2,702,413,000,000 5,031,268,353,000 3,501,702,416,961. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Average Equity 2,188,405,500,000 620,766,626,575 67,320,500,000,000 11,777,179,803,000 20,390,677,798 9,074,147,611,500 6,319,711,149,500 4,126,690,036,398 -2,316,972,500,000 5,690,086,061,500 3,738,551,802,879. ROE 13.98% 0.34% 31.31% 25.41% 9.35% 16.93% 16.29% -37.88% -33.27% 14.79% 10.16%.

Perhitungan Return on Equity Perusahaan 2 tahun sesudah merger atau akuisisi. Perusahaan RMBA (2012) INPP (2012) ASII (2012) ANTM (2013) ICON (2013) JSMR (2013) EMTK (2013) FREN (2013) LPPF (2013) APLN (2013) KIJA (2013). NI -323,351,000,000 11,721,862,510 22,742,000,000,000 409,947,369,000 3,677,081,913 1,237,820,534,000 1,364,544,542,000 -2,534,463,228,719 1,150,160,000,000 930,240,497,000 104,477,632,614. Equity t 1,923,933,000,000 990,218,058,925 89,814,000,000,000 12,793,487,532,000 22,408,536,090 10,866,980,040,000 9,363,869,390,000 3,049,944,949,412 -781,372,000,000 7,212,683,391,000 4,186,031,873,203. Equity t-1 2,247,284,000,000 637,482,493,417 75,838,000,000,000 12,832,316,056,000 22,337,691,875 9,787,785,568,000 7,866,219,392,000 4,984,408,178,131 -1,931,532,000,000 6,348,903,770,000 3,975,401,188,796. Average Equity 2,085,608,500,000 813,850,276,171 82,826,000,000,000 12,812,901,794,000 22,373,113,983 10,327,382,804,000 8,615,044,391,000 4,017,176,563,772 -1,356,452,000,000 6,780,793,580,500 4,080,716,531,000. ROE -15.50% 1.44% 27.46% 3.20% 16.44% 11.99% 15.84% -63.09% -84.79% 13.72% 2.56%. Ringkasan Rata-rata Return on Asset Sebelum dan Sesudah Merger atau Akuisisi. ROA Perusahaan RMBA INPP ASII ANTM ICON JSMR EMTK FREN LPPF APLN KIJA. Rata-rata Sebelum Merger atau Akuisisi 0.012938043 0.004587169 0.122867612 0.105578689 0.001143279 0.06640404 0.08369348 -0.227803568 0.005045536 0.027989791 0.012173144. Rata-rata Sesudah Merger atau Akuisisi 0.002864401 0.005016443 0.146304525 0.09559936 0.034212886 0.05693127 0.118783099 -0.14258765 0.340081125 0.058987644 0.036795546. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

Ringkasan Rata-rata Return on Equity Sebelum dan Sesudah Merger atau Akuisisi.. Perusahaan RMBA INPP ASII ANTM ICON JSMR EMTK FREN LPPF APLN KIJA. ROE Rata-rata Sebelum Rata-rata Sesudah Merger atau Akuisisi Merger atau Akuisisi 0.032461074 -0.007606351 0.004676161 0.008891277 0.275432077 0.29383002 0.13133003 0.14307013 -0.024014712 0.128944823 0.142883276 0.144554753 0.121008772 0.160646945 -2.559402511 -0.504841228 -0.086228542 -0.590314208 0.06645402 0.142519791 0.02408954 0.063626202. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

LAMPIRAN 3 Hasil Pengujian. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

Descriptive Statistics N. Range. Minimum. Maximum. Mean. Std. Deviation. AR_SBLM_MA. 11. ,0167. -,0126. ,0041. -,001325. ,0044982. AR_SSDH_MA. 11. ,0339. -,0081. ,0258. ,005333. ,0100330. ROA_SBLM_MA. 11. ,3507. -,2278. ,1229. ,019509. ,0930179. ROA_SSDH_MA. 11. ,4827. -,1426. ,3401. ,068455. ,1176388. ROE_SBLM_MA. 11. 2,8348. -2,5594. ,2754. -,170109. ,7984018. ROE_SSDH_MA. 11. ,8841. -,5903. ,2938. -,001518. ,2824629. Valid N (listwise). 11. One-Sample Kolmogorov-Smirnov Test AR_SBLM_MA. AR_SSDH_MA. 11. 11. Mean. -,001325. ,005333. Std. Deviation. ,0044982. ,0100330. Absolute. ,216. ,151. Positive. ,116. ,151. Negative. -,216. -,091. Kolmogorov-Smirnov Z. ,717. ,499. Asymp. Sig. (2-tailed). ,683. ,964. N Normal Parameters. a,b. Most Extreme Differences. a. Test distribution is Normal. b. Calculated from data.. One-Sample Kolmogorov-Smirnov Test ROA_SBLM_MA. ROA_SSDH_MA. 11. 11. ,019509. ,068455. ,0930179. ,1176388. Absolute. ,331. ,198. Positive. ,133. ,168. Negative. -,331. -,198. 1,097. ,656. ,180. ,783. N Normal Parameters. a,b. Most Extreme Differences Kolmogorov-Smirnov Z Asymp. Sig. (2-tailed). Mean Std. Deviation. a. Test distribution is Normal. b. Calculated from data.. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

One-Sample Kolmogorov-Smirnov Test ROE_SBLM_MA. ROE_SSDH_MA. 11. 11. Mean. -,170109. -,001518. Std. Deviation. ,7984018. ,2824629. Absolute. ,451. ,310. Positive. ,288. ,192. Negative. -,451. -,310. 1,496. 1,027. ,023. ,242. N Normal Parameters. a,b. Most Extreme Differences Kolmogorov-Smirnov Z Asymp. Sig. (2-tailed) a. Test distribution is Normal. b. Calculated from data.. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

One-Sample Kolmogorov-Smirnov Test SQRROE_SBL M_MA N. 11. Normal Parameters. Mean. a,b. ,540021. Std. Deviation. Most Extreme Differences. ,4114303. Absolute. ,350. Positive. ,350. Negative. -,243. Kolmogorov-Smirnov Z. 1,160. Asymp. Sig. (2-tailed). ,135. a. Test distribution is Normal. b. Calculated from data.. Paired Samples Correlations N Pair 1. AR_SBLM_MA &. Correlation 11. AR_SSDH_MA. Sig.. -,458. ,156. Paired Samples Test Paired Differences Mean. t. Std.. Std. Error. 95% Confidence Interval. Deviation. Mean. of the Difference Lower. Pair 1. AR_SBLM_MA AR_SSDH_MA. -,0066581. ,0127383. ,0038408. -,0152159. Pair 1. ROA_SBLM_MA & ROA_SSDH_MA. Upper ,0018996. Correlation 11. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. Sig. (2tailed). -1,734. Paired Samples Correlations N. Df. ,580. Sig. ,061. 10. ,114.

Paired Samples Test Paired Differences Mean. t. Std.. Std. Error. 95% Confidence Interval. Deviation. Mean. of the Difference Lower. Pair 1. ROA_SBLM_MA -. -,0489455. ROA_SSDH_MA. ,0989599. ,0298375. Df. Sig. (2tailed). Upper. -,1154276. ,0175367. -1,640. 10. ,132. Paired Samples Correlations N Pair 1. SQRROE_SBLM_MA &. Correlation 11. ROE_SSDH_MA. Sig.. -,738. ,010. Paired Samples Test Paired Differences Mean. t. Std.. Std. Error. 95% Confidence Interval. Deviation. Mean. of the Difference Lower. Pair 1. SQRROE_SBLM_MA ROE_SSDH_MA. ,5415393. ,6484878. ,1955264. ,1058792. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015. df. Sig. (2tailed). Upper ,9771994. 2,770. 10. ,020.

LAMPIRAN 4 Formulir Konsultasi Skripsi. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

DAFTAR RIWAYAT HIDUP A. DATA PRIBADI 1. Nama. : Steffi Aprilda Natasya Lim. 2. Tempat dan Tanggal Lahir: Pontianak, 21 April 1993 3. Alamat Rumah. : Jl. Raya Kuta Bumi Ruko Pondok Makmur Blok CS 2 No. 6, Tangerang 15561 Telp. 021 59315537, 08994579621 E-mail: steffi.aprilda21@gmail.com. 4. Jenis Kelamin. : Perempuan. 5. Status. : Belum Menikah. 6. Kesehatan. : Baik. 7. Tinggi dan Berat Badan : 165cm/51kg. B. PENDIDIKAN Formal . 2011 – sekarang. Universitas Multimedia Nusantara Fakultas Ekonomi Jurusan Akuntansi. . 2008 – 2011. SMA Maria Mediatrix Tangerang. . 2005 – 2008. SMP Maria Mediatrix Tangerang. . 2000 – 2005. SD Shalom II BK – 3 Tangerang. . 1999 – 2000. SD Gembala Baik Pontianak. Informal . 2014. Brevet A & B Terpadu Ikatan Akuntan. Indonesia . 2008 – 2010. PEC English Course. C. PENGALAMAN KERJA . 2014 - sekarang.  2014 - sekarang. Trainee Graduate di EY Indonesia Koordinator Asisten Laboratorium Akuntansi. Keuangan 1. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

. 2014 - sekarang. Asisten Laboratorium Akuntansi Keuangan 1. (Semester 7) . 2014. Magang sebagai Junior Auditor di KAP Suganda Akna Suhri dan Rekan (Juli-Agustus 2014). . 2014. Koordinator Asisten Laboratorium Akuntansi. Keuangan 2 . 2014. Asisten Laboratorium Akuntansi Keuangan 2. (Semester 6) . 2014. Asisten Laboratorium Akuntansi Manajemen. (Semester 6) . 2013. Asisten Laboratorium Akuntansi Biaya (Semester 5). . 2013. Asisten Laboratorium Pengantar Akuntansi 2. (Semester 4). D. PENGALAMAN ORGANISASI . 2013. Panitia Lomba Akuntansi Tingkat SMA (ACEs 2). . 2010. Panitia Natal 2010 Gereja St. Gregorius Agung. . 2009 – 2010. Anggota OMK Gereja St. Gregorius Agung. . 2009 – 2010. Ketua OSIS SMA Maria Mediatrix. . 2008 – 2009. Wakil Ketua OSIS SMA Maria Mediatrix. . 2006 – 2007. Sekretaris 2 OSIS SMP Maria Mediatrix. E. PENGHARGAAN AKADEMIK . Memperoleh beasiswa untuk semester 3-5 dari Universitas Multimedia Nusantara. . Semifinalis Lomba Akuntansi A-War Accounting Week UMN. . Finalis Lomba ATV FEUI. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.

F. PENGHARGAAN NON-AKADEMIK . 2013. Big 5 dalam kontes Miss Universitas Multimedia Nusantara. . 2009. Juara 3 dalam kontes Cowo-cewe Idola 2009 by Bentuk. Management. Analisis Perbedaan..., Steffi Aprilda, FB UMN, 2015.