Analisis Kinerja perusahaan setelah melakukan rights issue di bursa efek Jakarta
Yusuf, Muhammad (Adv.: Prof. Dr. Mas'ud Machfoedz, MBA), Prof. Dr. Mas'ud Machfoedz, MBA
Peristiwa right issue di pasar modal yang sedang berkembang merupakan bagian dari seasoned equity offerings. Beberapa hipotesis menyatakan bahwa kinerja perusahaan setelah melakukan right issue mengalami penurunan. Penelitian ini ingin menguji kinerja perusahaan yang melakukan right issue, terutama kinerja perusahaan selama tiga tahun setelah right issue.
Penelitian ini menguji 25 perusahaan yang melakukan right issue di Bursa Efek Jakarta. Analisis kinerja dilakukan dengan menggunakan Wilcoxon's Signed Ranks Test dan Mann-Whitney.
Hasil dari analisis ini menunjukkan untuk beberapa rasio seperti leverage, assets turnover, operating profit margin, net profit margin, retum on assets, return on equity, cash flow to sales dan cash flow return on asse'ls mempunyai hasil yang signifikan secara statistik. Hasil ini menunjukkan bahwa kinerja perusahaan sampel mengalami penurunan setelah right issue.
The event of right issues in emerging market have known as part if seasoned equity offerings. There are many hypotesis state negative performance of companies after right issues. This research want to test the performance of companies that conducting right issues, especially company performance in three years after event. !
This research examines twenty five companies that conducting right issues in Jakarta Stock Exchange. Analysis performed using Wilcoxon's Signed Ranks Test and Mann-Whitney. I
The results of this analysis show for some of the ratios such as levera , assets turnover, operating profit margin, net profit margin, return on assets, return on equity, cash flow to sales and cash flow return on assets ha e stastistically significant result. These result mean that performance of sample ha e decline after right issues.
Kata Kunci : right issue, rasio keuangan, Kinerja Perusahaan, capital Market, performance, financial ratio
