Determinan Profitabilitas Perusahaan yang Melakukan Initial Public Offering

Dwi Sulistiani, Finta Widya Oktora Maha

Abstract


Abstract

This study aims to examine whether earnings management and operatingperformance affect the profitability in publicly traded companies thatconducted IPO policies in 2008 and whether there were differencesin operating performance and the level of profitability prior and afterInitial Public Offering (IPO). The results indicate that the test, which isbased on one- sample t-test, proved that the company employs earningsmanagement before conducting the IPO. Whereas based on pairedsamples t-test and Wilcoxon signed rank found that there were differencesin operating performance and company profitability between beforeand after IPO that the most influential variable was the current ratioand simultaneously earnings management and operating performanceaffected profitability by 62%. Based on the F test it can be seen thatthe independent variables influence the dependent variable. While thet-test shows that the three independent variables significantly affect thedependent variable.



Abstrak

Penelitian ini bertujuan untuk menguji pengaruh manajemen laba dan kinerja operasi terhadap profitabilitas pada perusahaan go public yang melakukan kebijakan IPO di tahun 2008 serta apakah terdapat perbedaan kinerja operasi dan tingkat profitabilitas antara sebelum dan sesudah dilakukan Initial Public Offering (IPO). Hasil penelitian adalah perusahaan melakukan manajemen laba sebelum melakukan IPO berdasarkan uji one sample t-test. Berdasarkan paired samples t-test dan Wilcoxon signed rank menemukan perbedaan kinerja operasi dan profitabilitas perusahaan antara sebelum dan sesudah IPO serta variabel yang paling berpengaruh adalah rasio lancar dan secara simultan manajemen laba dan kinerja operasi mempengaruhi profitabilitas sebesar 62%. Berdasarkan uji F variabel independen secara bersama-sama mempengaruhi variabel dependen. Sedangkan uji t menunjukkan bahwa ketiga variabel independen secara signifikan mempengaruhi variabel dependen.


Keywords


Earnings Management; Current Ratio; Total Asset Turnover; Return on Assets; Initial Public Offering

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