PERBEDAAN KINERJA  KEUANGAN DAN NILAI PERUSAHAAN SEBELUM DAN SESUDAH PROGRAM TOL LAUT

Vadilla Febriana

doi:10.37303/a.v28i2.699

Vadilla Febriana Politeknik Perkapalan Surabaya

DOI: https://doi.org/10.37303/a.v28i2.699

Keywords: kinerja keuangan, nilai perusahaan, program tol laut, sektor transportasi dan logistik, transportasi laut, financial performance, firm value, logistics and transportation sector, sea toll program, sea transportation

Abstract

Penelitian ini bertujuan untuk menganalisis perbedaan kinerja keuangan dan nilai perusahaan sektor transportasi dan logistik yang terdaftar di Bursa Efek Indonesia (BEI) sebelum dan sesudah implementasi Program Tol Laut. Penelitian ini menggunakan pendekatan kuantitatif komparatif dengan teknik analisis data Wilcoxon Signed Rank Test. Sampel penelitian ditentukan menggunakan metode purposive sampling pada perusahaan sektor transportasi dan logistik selama periode 2006-2024. Kinerja keuangan diukur menggunakan DuPont dan Earnings Per Share (EPS), sedangkan nilai perusahaan diukur menggunakan Price Earning Ratio (PER) dan Price to Book Value (PBV). Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan yang signifikan pada DuPont dan PBV sebelum dan sesudah implementasi Program Tol Laut. Sebaliknya, EPS dan PER menunjukkan perbedaan yang signifikan setelah implementasi Program Tol Laut. Temuan ini menunjukkan bahwa dampak Program Tol Laut lebih cepat tercermin pada laba per saham dan respon pasar dibandingkan pada efisiensi operasional perusahaan secara menyeluruh maupun nilai perusahaan yang berbasis nilai buku. Hasil penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi perusahaan dan pemerintah dalam mengevaluasi efektivitas kebijakan logistik nasional.

This study aims to analyze the differences in financial performance and firm value of transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) before and after the implementation of the Sea Toll Program. This study employs a comparative quantitative approach using the Wilcoxon Signed Rank Test. The sample was selected using a purposive sampling method from transportation and logistics companies during the 2006–2024 period. Financial performance was measured using DuPont and Earnings Per Share (EPS), while firm value was measured using Price Earning Ratio (PER) and Price to Book Value (PBV). The results indicate that there are no significant differences in DuPont and PBV before and after the implementation of the Sea Toll Program. In contrast, EPS and PER show significant differences following the implementation of the program. These findings suggest that the impact of the Sea Toll Program is more rapidly reflected in earnings per share and market responses than in overall operational efficiency and book-value-based firm value. The findings are expected to provide useful insights for companies and policymakers in evaluating the effectiveness of national logistics policies.

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