Kinerja Keuangan Sebelum dan Sesudah Rights Issue: Bukti Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia
DOI:
https://doi.org/10.63185/pej.v3i3.315Keywords:
Rights Issue, Seasoned Equity Offerings, Kinerja Keuangan, Return on Assets, Debt to Asset Ratio, Price Earnings RatioAbstract
Penelitian ini bertujuan untuk menganalisis perbedaan kinerja keuangan perusahaan sebelum dan sesudah pelaksanaan rights issue pada perusahaan yang terdaftar di Bursa Efek Indonesia. Penelitian menggunakan pendekatan kuantitatif dengan desain studi komparatif (before–after comparative study). Populasi penelitian terdiri atas perusahaan yang terdaftar di Bursa Efek Indonesia selama periode 2020–2023, dengan sampel sebanyak 13 perusahaan yang dipilih menggunakan teknik purposive sampling. Kinerja keuangan diukur menggunakan Return on Assets (ROA), Debt to Asset Ratio (DAR), dan Price Earnings Ratio (PER). Analisis data dilakukan melalui statistik deskriptif, uji normalitas Shapiro–Wilk, dan Wilcoxon Signed Rank Test sebagai pengujian hipotesis. Hasil penelitian menunjukkan bahwa DAR dan PER mengalami perubahan yang signifikan setelah pelaksanaan rights issue, sedangkan ROA tidak menunjukkan perubahan yang signifikan. Temuan ini mengindikasikan bahwa rights issue lebih efektif dalam memperbaiki struktur modal dan memengaruhi penilaian pasar dibandingkan meningkatkan profitabilitas perusahaan dalam jangka pendek. Penelitian ini memberikan kontribusi empiris terhadap literatur mengenai Seasoned Equity Offerings pada pasar modal negara berkembang dengan menunjukkan bahwa dampak rights issue lebih cepat tercermin pada perubahan struktur modal dan persepsi pasar daripada pada peningkatan kinerja operasional. Hasil penelitian ini diharapkan menjadi masukan bagi manajemen perusahaan, investor, dan regulator dalam mengevaluasi efektivitas kebijakan rights issue sebagai strategi pendanaan perusahaan.
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