Determinan Profitabilitas Perusahaan yang Melakukan Initial Public Offering

Abstract

Abstract This study aims to examine whether earnings management and operating performance affect the profitability in publicly traded companies that conducted IPO policies in 2008 and whether there were differences in operating performance and the level of profitability prior and after Initial Public Offering (IPO). The results indicate that the test, which is based on one- sample t-test, proved that the company employs earnings management before conducting the IPO. Whereas based on paired samples t-test and Wilcoxon signed rank found that there were differences in operating performance and company profitability between before and after IPO that the most influential variable was the current ratio and simultaneously earnings management and operating performance affected profitability by 62%. Based on the F test it can be seen that the independent variables influence the dependent variable. While the t-test shows that the three independent variables significantly affect the dependent 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.