ANALISIS KINERJA PERUSAHAAN: SEBELUM DAN SESUDAH INITIAL PUBLIC OFFERING DI BURSA EFEK INDONESIA
Ikhsan, Adhisyahfitri Evalina
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The purpose of this study was to examine and analyze the performance differences before and after firms go public. population used in this study were non-financial companies that do an IPO on the Indonesia Stock Exchange in 2001-2004. The process of selecting a population selected on the basis of certain criteria. Thus the population of this study amounted to 22 companies. The results showed that a decrease in performance of the company (operating performance) after the IPO. Performance degradation is the result of management efforts to show good financial performance in the periods prior to the IPO. Overall, this study found evidence of a trend decline in operating performance post-IPO. The results show that there are differences regarding both the performance of companies operating return on assets, operating cash flow, sales growth, cash flow to net income and cash flow return on sales before with after the Initial Public Offering unless the total asset turnover.