Firm Performance Following IPO

JURNAL MANAJEMEN MOTIVASI 2026 Open access

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Authors: Satrio Rifky Aprilianto, Mohammad Nofal, Cici Rianty K. Bidin, Anisah Anisah
DOI: 10.29406/jmm.v22i1.8607
Cited by: 0

Abstract

This study examines the financial performance of 59 companies that conducted Initial Public Offerings (IPOs) on the Indonesia Stock Exchange in 2022. Using a comparative quantitative approach, it analyzes financial indicators from one year before and after the IPO. Performance metrics include profitability (ROA, ROE, NPM), leverage (DAR), activity (TATO), and asset growth (AG). The Wilcoxon Signed-Rank Test and t-test were used to assess differences. Results indicate a decline in profitability, leverage, activity, and asset growth post-IPO, suggesting that IPOs may not immediately enhance financial performance.

Fields of Study & Subjects

Financial Analysis and Corporate Governance Corporate Finance and Governance Corporate Governance and Financial Management

Publication details

Journal / source
JURNAL MANAJEMEN MOTIVASI
Volume
22
Issue
1
Pages
1047–1053
Publication date
17 January 2026