ANALISIS KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH SEASONED EQUITY OFFERINGS DI BURSA EFEK JAKARTA
Abstract: Seasoned Equity
Offering (SEO) is an additional public offering of a company’s shares in order
to generate extra financing for business expansion or fulfillment of its
liability. Based on Jakarta Stock Exchange data, 11 listed companies conducted
SEO during year 2001. However, only 8 companies meet the requirements as
samples for this research. In order to evaluate financial and operational
variables, this research uses financial statement figures published 2 year
prior and after SEO’s. Current ratio (CR), debt to equity ratio (DER) are
chosen to represent financial variables, while net profit margin (NPM) and
return on investment (ROI) represent operational variables. This research
reveals that there was no significant difference in financial performance before
and after SEO’s. It happened due to several factors, such as: (1) the fund
generated from SEO’s were used to settle matured debts; and (2) foreign
currency denominated debts which increased in value during the period of
economic crisis
Penulis: N Agus Sunarjanto
Kode Jurnal: jpmanajemendd070084
