FINANCIAL PERFORMANCE ANALYSIS OF TRANSPORTATION AND LOGISTICS SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE BEFORE AND AFTER THE INITIAL PUBLIC OFFERING (IPO) PERIOD (2021-2024)
Keywords:
Initial Public Offering, financial performance, Current Ratio, Return on Assets, Debt to Equity Ratio, Total Asset Turnover.
Abstract
This study aims to analyze the financial performance of transportation and logistics companies listed on the Indonesia Stock Exchange before and after conducting an Initial Public Offering (IPO) during 2021–2024. This quantitative study uses secondary data from companies’ financial statements. Financial performance is measured using the Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO). Data were analyzed using descriptive statistics, normality testing, and difference testing. The results show that after the IPO, CR, ROA, and TATO increased, while DER decreased. These changes indicate improvements in liquidity, profitability, capital structure, and asset utilization. Overall, the findings indicate differences in the financial performance of transportation and logistics companies before and after the IPO.
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Wijaya, A., & Lestari, N. (2022). The effect of the IPO process on post-listing performance in the transportation sector. Journal of Finance and Banking, 26(3), 321–338.
Yusmaniaarti. (2020). Analysis of differences in financial performance before and after an IPO. Journal of Accounting and Management, 12(2), 89–102.
Central Bureau of Statistics. (2022). Indonesian transportation and warehousing statistics. Central Bureau of Statistics.
Central Bureau of Statistics. (2023). Gross domestic product by industry. Central Bureau of Statistics.
Central Statistics Agency. (2024). Growth of the transportation and warehousing sector in the third quarter of 2024.
Brigham, EF, & Houston, JF (2010). Fundamentals of financial management (11th ed.). Salemba Empat.
Brigham, E.F., & Houston, J.F. (2010).Fundamentals of Financial Management. Jakarta: Salemba Empat.
Brigham, E.F., & Houston, J.F. (2018). Fundamentals of financial management. Cengage Learning.
Brigham, E.F., & Houston, J.F. (2021). Financial management: Theory and practice. Cengage Learning.
Indonesia Stock Exchange. (2024). Annual Financial Report of Transportation and Logistics Sector Companies for the Period 2021–2024.
Darmadji, T., & Fakhruddin, HM (2012). Capital markets in Indonesia. Salemba Empat.
Fahmi, I. (2012). Financial report analysis. Alfabeta.
Fahmi, I. (2012).Financial Statement Analysis. Bandung: Alfabeta.
Fahmi, I. (2020). Investment management: Theory and questions and answers. Alfabeta.
Ghozali, I. (2018). Multivariate analysis application with IBM SPSS 25 program. Diponegoro University Publishing Agency.
Ghozali, I. (2018).Multivariate Analysis Application with IBM SPSS 25 Program. Semarang: Diponegoro University Publishing Agency.
Gumanti, TA (2019). Investment management: Concepts, theories, and applications. Mitra Wacana Media.
Harahap, SS (2018). Critical analysis of financial statements. PT RajaGrafindo Persada.
Hartono, J. (2014).Business Research Methodology: Misconceptions and Experiences. Yogyakarta: BPFE.
Hartono, J. (2017). Portfolio theory and investment analysis. BPFE.
Hartono, J. (2017).Portfolio Theory and Investment Analysis. Yogyakarta: BPFE.
Husnan, S. (2015). Fundamentals of portfolio theory and securities analysis. UPP STIM YKPN.
Indonesia Stock Exchange. (2023). Transportation and logistics sector development report. Indonesia Stock Exchange.
Jain, B. A., & Kini, O. (1994). The post-issue operating performance of IPO firms. Journal of Finance, 49(5), 1699–1726.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kasmir. (2017). Financial report analysis. PT RajaGrafindo Persada.
Kashmir. (2019).Financial Statement Analysis. Jakarta: PT RajaGrafindo Persada.
Kasmir. (2019). Introduction to Financial Management. Prenadamedia Group.
Ministry of Transportation of the Republic of Indonesia. (2021). National transportation policy. Ministry of Transportation of the Republic of Indonesia.
Kim, K. A., Kitsabunnarat, P., & Nofsinger, J. R. (2004). Ownership and operating performance in an emerging market: Evidence from Thai IPO firms. Journal of Corporate Finance, 10(3), 355–381.
Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. Journal of Finance, 46(3), 879–903.
Nurhayati. (2019). Evaluation of the financial performance of logistics companies before and after IPO. Journal of Economics and Business, 6(1), 45–58.
Financial Services Authority. (2020). Go public guide. Financial Services Authority.
Financial Services Authority. (2021). Indonesian capital market. Financial Services Authority.
Paningrum, D. (2022). Capital Market Investment Reference Book. Chakra Brahmanda Lentera Institute.
Putra, AR (2021). Changes in ROA and ROE before and after going public in logistics companies. Journal of Financial Management, 9(2), 101–113.
Rahmat, A., & Sari, DP (2022). The effect of IPOs on the financial performance of transportation companies in Indonesia. Journal of Contemporary Accounting, 14(1), 55–70.
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. Journal of Finance, 57(4), 1795–1828.
Samsul, M. (2006). Capital markets and portfolio management. Erlangga.
Scott, W.R. (2015). Financial accounting theory (7th ed.). Pearson Education.
Sujarweni, VW (2017).Financial Statement Analysis: Theory, Application, and Research Results. Yogyakarta: Pustaka Baru Press.
Tandelilin, E. (2017). Capital markets: Portfolio management and investment. Kanisius.
Umar, H. (2013).Research Methods for Business Theses and Dissertations. Jakarta: Rajawali Pers.
Wijaya, A., & Lestari, N. (2022). The effect of the IPO process on post-listing performance in the transportation sector. Journal of Finance and Banking, 26(3), 321–338.
Yusmaniaarti. (2020). Analysis of differences in financial performance before and after an IPO. Journal of Accounting and Management, 12(2), 89–102.
Published
2026-09-02
How to Cite
Santia Despariza, Yudi, & Eko Prasetyo. (2026). FINANCIAL PERFORMANCE ANALYSIS OF TRANSPORTATION AND LOGISTICS SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE BEFORE AND AFTER THE INITIAL PUBLIC OFFERING (IPO) PERIOD (2021-2024). International Journal of Economics, Business and Innovation Research, 5(05), 2944-2961. https://doi.org/10.63922/ijebir.v5i05.6360
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