Sectoral Differences in Financial Performance Before and After IPO:  Evidence from the Indonesia Stock Exchange

A. A. Rai Niti Darmika Sukawati; I Made Ryan Ananta Putra; A.A. Vidyaswari Kedisan

Authors

A. A. Rai Niti Darmika Sukawati Faculty of Economics and Business, Udayana University, Indonesia
I Made Ryan Ananta Putra Faculty of Economics and Business, Udayana University, Indonesia
A.A. Vidyaswari Kedisan Faculty of Economics and Business, Udayana University, Indonesia

Abstract

This study examines changes in financial performance among companies conducting IPOs on the Indonesia Stock Exchange during 2020–2023 across different industry sectors. Four indicators, changes in Current Ratio, Total Asset Turnover, Debt to Equity Ratio, and Return on Equity were used to capture post-IPO performance adjustments. The Kruskal–Wallis test was applied to compare patterns across sectors. The findings show no significant differences in all indicators, indicating that post-IPO financial adjustments are relatively uniform regardless of industry classification. These results suggest that IPOs primarily function as a mechanism for rebalancing financial and operational structures rather than generating sector-specific performance improvements. In conclusion, post-IPO dynamics appear to be general and not sector-driven.

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