THE EFFECT OF INITIAL PUBLIC OFFERING (IPO) ON FIRMS PERFORMANCE

Ratu Dintha Insyani Zukhruf Firdausi Sulaksana, Nono Supriatna

Abstract


Abstract. The purpose of this study is to see trends on firms formance that have conducted IPOs and to see differences in firms formance seen from the ratio of profitability, leverage, liquidity, activity and growth. This study uses quantitative research by conducting a different test analysis using the Wilcoxon Signed Ranks Test and MANOVA test on financial statements of firms that conducted IPOs in 2014. Based on the results of testing, it can be seen that financial performance trends show an increase in terms of profitability, liquidity and growth ratios but there is a decrease in terms of liquidity and activity ratios. The results of the Wilcoxon Signed Ranks Test show that only the leverage and liquidity ratios appear to have differences before and after the IPO. While other ratios do not appear to have a significant difference even though there is an increase in value but the increase does not cause significant differences. MANOVA test results to see the effect of IPO on company performance are seen through profitability ratios, leverage, liquidity, activity and growth simultaneously, it is known that there are no significant differences in company performance after and before the IPO.

 

Abstrak. Tujuan dari penelitian ini adalah untuk melihat tren dari kinerja perusahaan yang telah melakukan IPO dan untuk melihat perbedaan dari kinerja perusahaan yang dilihat dari rasio profitabilitas, leverage, likuiditas, aktivitas perusahaan dan pertumbuhan perusahaan. Penelitian ini menggunakan penelitian kuantitatif dengan melakukan analisis uji beda memakai Wilcoxon Signed Ranks Test dan uji MANOVA terhadap laporan keuangan dari 13 perusahaan yang melakukan IPO di tahun 2014. Berdasarkan hasil pengujian, dapat diketahui bahwa secara trend kinerja keuangan menunjukan adanya peningkatan pada segi rasio profitabilitas, likuiditas dan pertumbuhan tetapi adanya penurunan di segi rasio likuiditas dan aktivitas. Hasil Wilcoxon Signed Ranks Test menunjukan bahwa hanya rasio leverage dan likuiditas yang terlihat memiliki perbedaan pada saat sebelum dan sesudah IPO. Sedangkan rasio lainnya terlihat tidak memiliki perbedaan yang signifikan meskipun terdapat kenaikan nilai tetapi kenaikan tersebut tidak menyebabkan perbedaaan yang berarti.  Hasil uji MANOVA untuk melihat pengaruh IPO terhadap kinerja perusahaan yang dilihat melalui rasio profitabilitas, leverage, likuiditas, aktivitas dan pertumbuhan secara simultan, diketahui bahwa tidak terdapat perbedaan yang berarti pada kinerja perusahaan sesudah dan sebelum IPO.

Kata kunci: Initial Public Offering (IPO), Kinerja Perusahaan, Rasio Aktivitas, Rasio Leverage, Rasio Likuiditas, Rasio Pertumbuhan, Rasio Profitabilitas.

 


Keywords


Initial Public Offering (IPO), Company Performance, Activity Ratio, Leverage Ratio, Liquidity Ratio, Growth Ratio, Profitability Ratio.

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DOI: http://dx.doi.org/10.17509/jrak.v7i1.15376

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