2 If p-value α, the operating return on assets, the operating cash flow
to total assets, sales growth, and total assets turnover after going public is higher than before going public.
3.6 Framework for Problem Solving
Based on the data analysis methods and data analysis, the problem solving framework is as follows:
Figure 3.1 Frameworks for Problem Solving Start
List of companies that going public on the Indonesia Stock Exchange at period of 2007-2010
Income Statement Operating performance Ratio:
1. Operating return on assets
2. Operating cash flow to total assets
3. Sales growth
4. Total assets turnover
Operating performance ratio before and after Go public
Conclusion 1.
One sample Wilcoxon Test 2.
Paired samples Wilcoxon Test 1.
One sample T-test 2.
Paired samples T-test. Data Normality Test
Abnormal return
Finish
Stock prices and the market index
Normal Not Normal
Based on research methods and data analysis, the descriptions of framework for problem solving that can be presented are;
1. Start.
2. The study will begin by collecting data of the company that conducted an IPO
in 2007-2010 in Indonesia Stock Exchange. 3.
The next data will needed is the price offered at the time of initial public offering and the next few days in Indonesia Stock Exchange, as well as the
companys financial report before and after the IPO in the period 2007-2012. The data will get from Prospectus.
4. Stock price data is needed to calculate the stock return, and then the stock price
index gained to calculate market return. From that calculation, we can calculate and getting the expected return E R
it
and abnormal return AR
it
. Furthermore, financial report will be separated by the time before and after
IPO, and then calculated using the operating performance ratios in accordance with the formula described earlier.
5. Financial statement data are obtained first separated according the period
before going public financial statements and financial statement after go public later financial ratios calculated using operating performance in accordance with
the formula described earlier. 6.
There will be known abnormal stock returns and operating performance ratios before and after going public.
7. After all, researcher will test the data whether the data is normally distributed
or not. Abnormal return and operating performance ratios will be tested using Shapiro-Wilk. If the abnormal returns are normally distributed, the research
hypothesis test will use one-sample t-test and paired samples t-test. But if the abnormal returns are not normally distributed, the hypotheses tests will use
one-sample Wilcoxon test and paired samples Wilcoxon test. 8.
Based on the result, it can be drawn the conclusion and solve the problem.
9.
Stop.
23
CHAPTER IV FINDINGS AND DISCUSSION
