PENGARUH RIGHT ISSUE TERHADAP KINERJA KEUANGAN PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

The purpose of this research is to find out the difference in financial performance before and after the right issue and to analyze the influence of the rights issue to the financial performance of the company. The research object is non-bank companies, financial institutions and financial institutions which are listed in Indonesia Stock Exchange and these companies have published the Right Issue from 2010 to 2013. This research is a quantitative research which is done by using the secondary data. The sampling technique has been done by using purposive sampling. Data collection is done by carrying out field research. Data analysis techniques are descriptive statistical analysis, the classical assumption test, paired samples t-test, regression test, and hypothesis testing. The result of the research shows that there are significant differences of financial ratios i.e.: debt to equity ratio, return on equity, net profit margin before and after the right issue whereas current ratio, total turnover asset do not have any difference before and after the right issue. Based on the calculation it has been found that the rights issue has significant influence to the financial performance of current ratio (CR), debt to equity (DER), net profit margin (NPM), and total assets turnover (TATO). It shows that the rights issue is carried out by the manager to finance the due date debt and the manager carried out the right issue for business expansion with the expectation that it will increase the financial performance of the company and to gain additional profit whereas the return on equity does not influence by the right issue variable.
Keywords: Right Issue, Likuiditas Rasio, Activity Ratio, Leverage Rasio, and Profitability Ratio.