Pengaruh internal capability determinants dan amount of fund raised during the IPO terhadap financial performance pada perusahaan yang go public tahun 2021
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Abstract
IPOs are targeted by companies as a form of funding to revive financial performance after being affected by the pandemic. Given that everything that happens during an IPO is an external factor that the company cannot control, the company needs to balance it through internal funding by emphasizing the company's internal capabilities to identify funding decisions that are beneficial to the company. This research is conducted to examine the impact of internal funding through the company's internal capabilities in the form of financial strength and operational efficiency and external through the IPO funds on the company's financial performance. With a quantitative approach, the use of secondary data from a sample of 43 companies is analyzed through multiple regression of panel data using Eviews 12. The results of the analysis show that Firm Size, Liquidity, Leverage, Tangibility, COGS, Asset Utilization, and Net Profit Margin as indicators of internal capabilities significantly affect Financial Performance. However, Retention as an indicator of internal capability and IPO Proceeds have no significant effect on Financial Performance. However, all indicators in Internal Capability and IPO Fund Acquisition affect Financial Performance significantly simultaneously.
IPO menjadi incaran perusahaan sebagai bentuk pendanaan untuk membangkitkan kinerja keuangan pasca terdampak pandemi. Mengingat segala hal yang terjadi ketika IPO merupakan faktor eksternal yang tidak dapat dikontrol perusahaan, maka perusahaan perlu menyeimbangkannya melalui pendanaan dari sisi internal dengan menekan kapabilitas internal perusahaan untuk mengidentifikasi keputusan pendanaan yang bermanfaat bagi perusahaan. Dilakukannyha penelitian ini adalah untuk mengkaji dampak pendanaan internal melalui kapabilitas internal perusahaan berupa kekuatan finansial dan efisiensi operasional maupun eksternal melalui perolehan dana IPO terhadap kinerja keuangan perusahaan. Dengan pendekatan kuantitatif, penggunaan data sekunder dari sampel sebanyak 43 perusahaan dianalisis melalui regresi berganda data panel menggunakan Eviews 12. Hasil analisis menunjukkan bahwa Firm Size, Liquidity, Leverage, Tangibility, COGS, Asset Utilization, dan Net Profit Margin sebagai indikator kapabilitas internal mempengaruhi Kinerja Keuangan secara signifikan. Namun, Retention sebagai indikator kapabilitas internal dan Perolehan Dana IPO tidak memiliki pengaruh signifikan terhadap Kinerja Keuangan. Meskipun demikan, seluruh indikator dalam Kapabilitas Internal dan Perolehan Dana IPO mempengaruhi Kinerja Keuangan dengan signifikan secara simultan.
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