Analisis Kinerja Keuangan Sebelum dan Setelah Initial Public Offering (IPO) pada Perusahaan Sektor Teknologi yang Terdaftar di Bursa Efek Indonesia

Abstract

This study aims to analyze differences in the financial performance of technology sector companies before and after their Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). The increasing number of technology companies conducting IPOs reflects the growing need for external funding to support business expansion; however, the impact of IPOs on financial performance, particularly in the early post-IPO period, remains an important issue for empirical investigation. In this study, firm size is included as a control variable to account for differences in company scale and ensure a more objective analysis of IPO effects on financial performance. The population of this study comprises all companies that conducted IPOs on the IDX during the period 2021–2023. Using purposive sampling, the sample is limited to technology sector companies with complete financial data for one year before and one year after the IPO. Financial performance is measured using four financial ratios: profitability proxied by Return on Assets (ROA), solvency by Debt to Equity Ratio (DER), liquidity by Current Ratio (CR), and activity by Total Asset Turnover (TATO). Data analysis is performed using descriptive statistics and the Wilcoxon Signed Rank Test due to the non-normal distribution of the data. The results indicate significant differences in financial performance before and after the IPO. Profitability (ROA), liquidity (CR), and activity (TATO) ratios tend to decline significantly in the post IPO period, indicating that increases in total assets and short-term obligations are not followed by proportional growth in profits, current assets, and sales in the short term. In contrast, the solvency ratio (DER) shows a significant decrease, reflecting an improvement in the capital structure as equity increases without a corresponding rise in debt. Overall, the findings suggest that IPOs have varied impacts across different dimensions of financial performance. While IPOs improve capital structure, they do not automatically enhance profitability, liquidity, or asset utilization in the short term. These results highlight the importance of effective post IPO financial management, particularly for technology sector companies.