Analisis Profitabilitas dan Likuiditas Kinerja Keuangan Perusahaan E-Commerce Pra dan Pasca Initial Public Offering
-
Fadia Ayu Restita
*
Universitas Muhammadiyah Ponorogo, Ponorogo,
Indonesia
- Ika Farida Ulfah Universitas Muhammadiyah Ponorogo, Ponorogo, Indonesia
- Nurul Hidayah Universitas Muhammadiyah Ponorogo, Ponorogo, Indonesia (*) Corresponding Author
Abstract
This study examines differences in the profitability and liquidity of e-commerce startups listed on the Indonesia Stock Exchange before and after their Initial Public Offering (IPO). It uses a quantitative approach and secondary data from the annual financial statements of PT Bukalapak.com Tbk, PT GoTo Gojek Tokopedia Tbk, and PT Global Digital Niaga Tbk. Profitability is measured using Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), while liquidity is measured using the Current Ratio (CR) and Cash Ratio (ChR). Descriptive analysis and the Wilcoxon Signed-Rank Test are applied. Mean NPM increased from -3.7078 to -0.7944, ROA from -0.5833 to -0.2722, ROE from -1.0111 to -0.4200, CR from 1.9078 to 9.4378, and ChR from 1.2667 to 6.5978. However, only NPM showed a statistically significant difference (p = 0.008); ROA (p = 0.066), ROE (p = 0.066), CR (p = 0.260), and ChR (p = 0.374) were not significant at the 5% level. This study contributes comparative evidence from five financial ratios across three Indonesian e-commerce companies and demonstrates that descriptive post-IPO changes do not necessarily represent statistically significant differences. The findings may help investors and managers assess post-IPO performance while considering the characteristics of each indicator and company.
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