ANALISIS KINERJA OPERASI PERUSAHAAN SEKTOR PERDAGANGAN DAN JASA SEBELUM DAN SESUDAH PENAWARAN SAHAM PERDANA DI BURSA EFEK INDONESIA

Abstract

The study is aimed to analyze the Operation Performance of Trade and Service Sector Companies Before and After Initial Public Offering in the Indonesian Stock Exchange. The company's operating performance measurements used in this study include Operating Return on Assets (ORA), Operating Cash Flow to Total Assets (OCFTA), Sales Growth, and Total Asset Turn Over (TATO). The data cover the financial statements two years before and two years after the initial public offering. Wilcoxon pair test was performed to test the hypothesis. The following results were obtained. Firm’s ORA tend to decrease after the IPO although the decrease is not statistically significant. Firm’s OCFTA s tend to decrease after the IPO although the decrease is not statistically significant. Firm’s Sales Growth tend to decrease after the IPO but the growths are statistically significant. TATO tends to decrease after the IPO, but the decrease is not significally different from zero. .