The Performance of Renewable Energy Companies Before and After Initial Public Offering
Abstract
The aim of this research is to analyze the differences in the performance of renewable energy companies before and after the Initial Public Offering (IPO). This research uses Paired Sample T-test as a data analysis method. The population in this study is a renewable energy company that conducts an IPO on the Indonesia Stock Exchange with a total of 3 companies. The sampling technique in this study uses purposive sampling and gets 2 samples. The results of this research indicate that there is no significant difference in the performance of renewable energy companies before and after the IPO. This could be due to the high initial investment costs in the renewable energy industry, the Government's low attention and utilization of renewable energy and the quality of management.
Keywords: Renewable Energy Companies; Performance; Initial Public Offering.
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References
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Bicer, Y., & Dincer, I. (2016). Analysis and performance evaluation of a renewable energy based multigeneration system. Energy, 94, 623–632. https://doi.org/10.1016/j.energy.2015.10.142
Busu, M., & Nedelcu, A. C. (2018). Sustainability and economic performance of the companies in the renewable energy sector in Romania. Sustainability (Switzerland), 10(1). https://doi.org/10.3390/su10010008
Chang, C.-P., & Wang, Q.-J. (2021). Do Environmental Performance and Renewable Energy Move Together? Energy RESEARCH LETTERS, 2(2), 2–5. https://doi.org/10.46557/001c.25731
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Maglad, R., Shaheen, R., & Samkari, M. (2019). Impact of initial public offering on the financial performance of petrochemical industry in Saudi Arabia. Proceedings of the International Conference on Industrial Engineering and Operations Management, 18(November), 592–603.
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Mohd Chachuli, F. S., Mat, S., Ludin, N. A., & Sopian, K. (2021). Performance evaluation of renewable energy R&D activities in Malaysia. Renewable Energy, 163, 544–560. https://doi.org/10.1016/j.renene.2020.08.160
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Nisak, U. K., & Budiono, B. (2020). Analisis Komparatif Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offering (Ipo) Di Bursa Efek Indonesia (Bei) Tahun 2016. Media Mahardhika, 19(1), 71–81. https://doi.org/10.29062/mahardika.v19i1.198
Pastusiak, R., Bolek, M., Malaczewski, M., & Kacprzyk, M. (2016). Company profitability before and after ipo. Is it a windows dressing or equity dilution effect? Prague Economic Papers, 25(1), 112–124. https://doi.org/10.18267/j.pep.540
Rastogi, R., Jaiswal, R., & Jaiswal, R. K. (2020). Renewable energy firm’s performance analysis using machine learning approach. Procedia Computer Science, 175, 500–507. https://doi.org/10.1016/j.procs.2020.07.071
Ruggiero, S., & Lehkonen, H. (2017). Renewable energy growth and the financial performance of electric utilities: A panel data study. Journal of Cleaner Production, 142, 3676–3688. https://doi.org/10.1016/j.jclepro.2016.10.100
Rzeszutek, M., Godin, A., Szyszka, A., & Augier, S. (2020). Managerial overconfidence in initial public offering decisions and its impact on macrodynamics and financial stability: Analysis using an agent-based model. Journal of Economic Dynamics and Control, 118. https://doi.org/10.1016/j.jedc.2020.103965
Sholichah, D. U., & Filianti, D. (2020). Analisa Capital Adequacy Ratio (Car), Return on Asset (Roa), Non Performing Financing (Npf), Dan Financing To Deposit Ratio (Fdr) Bank Panin Dubai Syariah Sebelum Dan Sesudah Ipo Periode 2011-2017. Jurnal Ekonomi Syariah Teori Dan Terapan, 6(2), 228. https://doi.org/10.20473/vol6iss20192pp228-242
Ullah Khan, H. A. (2021). Analysis of the Company’s Financial Performance before and after the Company Conducts an Initial Public Offering. Cesit 2020, 179–184. https://doi.org/10.5220/0010305801790184
Viana Junior, D. B. C., de Morais, C. R. F., De Luca, M. M. M., & de Vasconcelos, A. C. (2020). Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings. Contabilidade, Gestão e Governança, 23(1), 19–37. https://doi.org/10.21714/1984-3925_2020v23n1a2
Wahyono, B. (2018). Financial Performance Analysis of SMEs Before and After Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). BISE: Jurnal Pendidikan Bisnis Dan Ekonomi, 4(2), 87. https://doi.org/10.20961/bise.v4i2.27016
Yang, R. (2016). Publishing Company Operating Performance Evaluation Before and After the IPO. Icassr 2015, 766–770. https://doi.org/10.2991/icassr-15.2016.210
Yusmaniarti, Sesba, K. A., Astuti, B., & Marini. (2020). Kinerja Keuangan Sebelum Dan Sesudah Initial Public Offering (IPO) Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Sains Manajemen Dan Bisnis Indonesia, 10(2), 229–245. http://jurnal.unsil.ac.id/index.php/jem/article/view/1971
https://www.cnnindonesia.com/ekonomi/20170206144650-92-191601/perusahaan-energi-terragra-asia-incar-rp200-miliar-dari-ipo
https://investasi.kontan.co.id/news/jadi-emiten-baru-saham-mpow-meroket-70
Arfandi, A., & Taqwa, S. (2018). Analisis Kinerja Keuangan Sebelum dan Sesudah Initial Public Offering (IPO) Pada Perusahaan Non Keuangan di Bursa Efek Indonesia. Wahana Riset Akuntansi, 6(2), 1347. https://doi.org/10.24036/wra.v6i2.102516
Bai, L., Liu, Y., Wang, Q., & Chen, C. (2019). Improving portfolio performance of renewable energy stocks using robust portfolio approach: Evidence from China. Physica A: Statistical Mechanics and Its Applications, 533(1), 122059. https://doi.org/10.1016/j.physa.2019.122059
Bicer, Y., & Dincer, I. (2016). Analysis and performance evaluation of a renewable energy based multigeneration system. Energy, 94, 623–632. https://doi.org/10.1016/j.energy.2015.10.142
Busu, M., & Nedelcu, A. C. (2018). Sustainability and economic performance of the companies in the renewable energy sector in Romania. Sustainability (Switzerland), 10(1). https://doi.org/10.3390/su10010008
Chang, C.-P., & Wang, Q.-J. (2021). Do Environmental Performance and Renewable Energy Move Together? Energy RESEARCH LETTERS, 2(2), 2–5. https://doi.org/10.46557/001c.25731
Dewi, L. N., Jhoansyah, D., & Komariah, K. (2020). Analisis Kinerja Keuangan Perusahaan Sebelum dan Sesudah Initial Public Offering (IPO). JAMIN : Jurnal Aplikasi Manajemen Dan Inovasi Bisnis, 3(1), 1. https://doi.org/10.47201/jamin.v3i1.59
Dwisono, R., Kostini, N., & Rasmini, M. (2021). Analisis Kinerja Keuangan Digital Startups Sebelum dan Sesudah Initial Public Offering di Bursa Efek Indonesia pada Tahun 2017 dan 2018. Organum: Jurnal Saintifik Manajemen Dan Akuntansi, 4(1), 1–13. https://doi.org/10.35138/organum.v4i1.115
Filatotchev, I., Chahine, S., & Bruton, G. D. (2018). Board Interlocks and Initial Public Offering Performance in the United States and the United Kingdom: An Institutional Perspective. In Journal of Management (Vol. 44, Issue 4). https://doi.org/10.1177/0149206315621145
Florea, N. M., Bădîrcea, R. M., Meghisan-Toma, G. M., Puiu, S., Manta, A. G., & Berceanu, D. (2021). Linking public finances’ performance to renewable-energy consumption in emerging economies of the european union. Sustainability (Switzerland), 13(11), 1–14. https://doi.org/10.3390/su13116344
Honjo, Y. (2021). Public or perish? From founding to initial public offering. In Review of Managerial Science (Vol. 15, Issue 6). Springer Berlin Heidelberg. https://doi.org/10.1007/s11846-020-00390-4
Juliana, S. R., & Sumani, S. (2019). Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Melakukan Initial Public Offering (Ipo). Jurnal Akuntansi, 13(2), 105–122. https://doi.org/10.25170/10.25170/jara.v13i2.476
Küpelİ, M., Bodur, S., & Alp, İ. (2019). Sigma Journal of Engineering and Natural Sciences Sigma Mühendislik ve Fen Bilimleri Dergisi Research Article RENEWABLE ENERGY PERFORMANCE OF OECD COUNTRIES : A WINDOW ANALYSIS APPLICATION The use of non-renewable energy sources is seen as the main cause . 37(1), 305–318.
Maglad, R., Shaheen, R., & Samkari, M. (2019). Impact of initial public offering on the financial performance of petrochemical industry in Saudi Arabia. Proceedings of the International Conference on Industrial Engineering and Operations Management, 18(November), 592–603.
Mahfiro, Maslichah, & Mawardi, M.C. (2020). E-JRA Vol. 09 No. 11 Agustus 2020 Fakultas Ekonomi dan Bisnis Universitas Islam Malang. E-Jra, 09(11), 70–79.
Maqbool, R., Deng, X., & Ashfaq, S. (2020). Success of renewable energy projects under the financial and non-financial performance measures. Sustainable Development, 28(5), 1366–1375. https://doi.org/10.1002/sd.2089
Mohd Chachuli, F. S., Mat, S., Ludin, N. A., & Sopian, K. (2021). Performance evaluation of renewable energy R&D activities in Malaysia. Renewable Energy, 163, 544–560. https://doi.org/10.1016/j.renene.2020.08.160
Morina, F., Ergün, U., & Hysa, E. (2021). Understanding drivers of renewable energy firm’s performance. Environmental Research, Engineering and Management, 77(3), 32–49. https://doi.org/10.5755/j01.erem.77.3.29230
Nisak, U. K., & Budiono, B. (2020). Analisis Komparatif Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offering (Ipo) Di Bursa Efek Indonesia (Bei) Tahun 2016. Media Mahardhika, 19(1), 71–81. https://doi.org/10.29062/mahardika.v19i1.198
Pastusiak, R., Bolek, M., Malaczewski, M., & Kacprzyk, M. (2016). Company profitability before and after ipo. Is it a windows dressing or equity dilution effect? Prague Economic Papers, 25(1), 112–124. https://doi.org/10.18267/j.pep.540
Rastogi, R., Jaiswal, R., & Jaiswal, R. K. (2020). Renewable energy firm’s performance analysis using machine learning approach. Procedia Computer Science, 175, 500–507. https://doi.org/10.1016/j.procs.2020.07.071
Ruggiero, S., & Lehkonen, H. (2017). Renewable energy growth and the financial performance of electric utilities: A panel data study. Journal of Cleaner Production, 142, 3676–3688. https://doi.org/10.1016/j.jclepro.2016.10.100
Rzeszutek, M., Godin, A., Szyszka, A., & Augier, S. (2020). Managerial overconfidence in initial public offering decisions and its impact on macrodynamics and financial stability: Analysis using an agent-based model. Journal of Economic Dynamics and Control, 118. https://doi.org/10.1016/j.jedc.2020.103965
Sholichah, D. U., & Filianti, D. (2020). Analisa Capital Adequacy Ratio (Car), Return on Asset (Roa), Non Performing Financing (Npf), Dan Financing To Deposit Ratio (Fdr) Bank Panin Dubai Syariah Sebelum Dan Sesudah Ipo Periode 2011-2017. Jurnal Ekonomi Syariah Teori Dan Terapan, 6(2), 228. https://doi.org/10.20473/vol6iss20192pp228-242
Ullah Khan, H. A. (2021). Analysis of the Company’s Financial Performance before and after the Company Conducts an Initial Public Offering. Cesit 2020, 179–184. https://doi.org/10.5220/0010305801790184
Viana Junior, D. B. C., de Morais, C. R. F., De Luca, M. M. M., & de Vasconcelos, A. C. (2020). Ownership Concentration and Corporate Performance of Brazilian Firms before and after Initial Public Offerings. Contabilidade, Gestão e Governança, 23(1), 19–37. https://doi.org/10.21714/1984-3925_2020v23n1a2
Wahyono, B. (2018). Financial Performance Analysis of SMEs Before and After Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). BISE: Jurnal Pendidikan Bisnis Dan Ekonomi, 4(2), 87. https://doi.org/10.20961/bise.v4i2.27016
Yang, R. (2016). Publishing Company Operating Performance Evaluation Before and After the IPO. Icassr 2015, 766–770. https://doi.org/10.2991/icassr-15.2016.210
Yusmaniarti, Sesba, K. A., Astuti, B., & Marini. (2020). Kinerja Keuangan Sebelum Dan Sesudah Initial Public Offering (IPO) Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Sains Manajemen Dan Bisnis Indonesia, 10(2), 229–245. http://jurnal.unsil.ac.id/index.php/jem/article/view/1971
https://www.cnnindonesia.com/ekonomi/20170206144650-92-191601/perusahaan-energi-terragra-asia-incar-rp200-miliar-dari-ipo
https://investasi.kontan.co.id/news/jadi-emiten-baru-saham-mpow-meroket-70
Published
2022-03-26
How to Cite
RAMADHAN, Prasetyo.
The Performance of Renewable Energy Companies Before and After Initial Public Offering.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 3, p. 672-683, mar. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/82324>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i03.p09.
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