N Agus Sunarjanto


Seasoned Equity Offering (SEO) is an additional public offering of a company’s shares in order to generate extra financing for business expansion or fulfillment of its liability. Based on Jakarta Stock Exchange data, 11 listed companies conducted SEO during year 2001. However, only 8 companies meet the requirements as samples for this research. In order to evaluate financial and operational variables, this research uses financial statement figures published 2 year prior and after SEO’s. Current ratio (CR), debt to equity ratio (DER) are chosen to represent financial variables, while net profit margin (NPM) and return on investment (ROI) represent operational variables. This research reveals that there was no significant difference in financial performance before and after SEO’s. It happened due to several factors, such as: (1) the fund generated from SEO’s were used to settle matured debts; and (2) foreign currency denominated debts which increased in value during the period of economic crisis


current ratio, debt to equity ratio, seasoned equity offering

Full Text:



Altman. (1968). Financial analysis and prediction of corporate bankruptcy. Journal of Finance, 23 (4), 584-609.

Bursa Efek Jakarta. (2007). Statistik perusahaan go-public yang melakukan SEO tahun 2001. Diambil dari Jakarta Stock Exchange.

Eckbo, B.E. & Masulis. (1992). Adverse selection and the rights offer paradox. Journal of Financial Economics, 32, 293-332.

Emery, F. (1997). Principle of financial management. Prentice Hall.

Harto, P, (2001). Analisis kinerja perusahaan yang melakukan right issue di Indonesia. Simposium Nasional Akuntansi IV.

Hartono, J. (2000). Teori portofolio dan analisis investasi. Edisi 2. Yogyakarta: BPFE.

Helfert, E.A. (1991). Analisis laporan keuangan. Edisi Ketujuh. Jakarta: Erlangga.

Husnan Suad. (1996). Dasar-dasar teori portfolio dan analisis sekuritas. Yogyakarta: UPP AMP YKPN.

Loughran, T. & Jay Ritter. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52 (2), 1823-1850.

Megginson. (1997). Corporate finance theory. Addison-Wesley Educational Publishers Inc.

Machfoeds, M. (1994). The usefulness of financial ratio in Indonesia. Jurnal Kelola. September 94-110.

Munawir, S. (2002). Analisis laporan keuangan. Edisi Keempat. Yogyakarta: Liberty.

Pengolahan Data Statistik dengan SPSS 11.5. Edisi Pertama. Jakarta: Salemba Infotek.

Riyanto Bambang. (1995). Dasar-dasar pembelanjan perusahaan. Edisi IV. Yogyakarta: BPFE

Sartono. (1996). Manajemen keuangan: Teori dan aplikasi. Edisi ketiga. Yogyakarta: BPFE.

Suhardito. (2001). Analisa ratio-ratio keuangan dalam memprediksi perubahan laba emiten dari industri perbankan. SNA sesi ke 2.

Sulistyanto. (2002). Seasoned Equity Offering: Benarkah underperformance pasca penawaran. Pendidikan Network.

Teoh, Siew Hong, Ivo Welch, & Wong, T.J. (1998). Earning management dan the underperformance of Seasoned Equity Offerings. Journal of Financial Economics, 53 (6), 1935-1974.

Thomson. (1991). Prediction bank failure in 1980’s economic review (second quarter).

Weston & Brigham. (1992). Esensials of managerial finance, tenth edition. USA: Dryden Press

Zainuddin & Hartono, Y. (1999). Manfaat ratio keuangan dalam memprediksi pertumbuhan laba: Suatu studi empiris pada perusahaan perbankan di Bursa Efek Jakarta. Jurnal Riset Akuntansi, 2 (1), 66-90.


  • There are currently no refbacks.

Copyright (c) 2015 Jurnal Organisasi Dan Manajemen

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.