ANALISIS KINERJA KEUANGAN DAN OPERASI PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM MELALUI RIGHT ISSUE DI INDONESIA

Abstract

The event of right issues in emerging market have known as part of seasoned equity offering' There are many hypothesis-state negative response from investor as well as positive effect. This research want to test the financiai and operating performance of companies that conducting right issues, especially .o-puny pirformirt. in two years before and after that .rrent. Total of 77 cornpanies that sub diviclecl into issuers and, non issuers sample have chosen. Analysis performed using puir.o t-test a^d independent sample t-test to test the hypothlsis. ih. *ulysis shows ro, ,o*. ;i;f ,h; ratios such as Current ratio, Asset Turnover, RoI, RoE, and pER have statistically significant results. These results mean that the prodtubility and operating performance of sample have decline after conducted right isiues, while liquidity performance have shown increasing value. After comparing *ittt non'issuers sample, the asset turn over of issuers have shown significant result in all of periods, while other ratigs like current ratio, Ieverage, operating and net profit margin and return of investment have shown statistically significant in part of periods. we also test the impact of right issues on performance of the stock return. The result show that companies hu"; ;Gffi;; decline of its stock return compare with non issurzrs ald market return.