ANALISIS KINERJA KEUANGAN PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PADA ERA PASCA KONVERGENSI IFRS PERIODE
DOI:
https://doi.org/10.36090/e-dj.v8i2.1687Keywords:
Ifrs, Digital Transformation, Financial Reporting Quality, Accounting Technology, Financial Accounting Standards.Abstract
This study aims to analyze the financial performance of manufacturing companies listed on the Indonesia Stock Exchange during the post-convergence International Financial Reporting Standards (IFRS) period of 2022–2025 by examining profitability, liquidity, solvency, and firm value ratios to provide an overview of companies' financial performance following the implementation of IFRS-based financial reporting standards.
This study employed a quantitative descriptive and comparative approach using secondary data obtained from the annual financial reports of 44 manufacturing companies selected through purposive sampling. The observation period covered 2022–2025, resulting in 176 firm-year observations. Financial performance was analyzed using Return on Assets (ROA), Return on Equity (ROE), Current Ratio (CR), Quick Ratio (QR), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), and firm value. The data were analyzed descriptively based on annual trends and comparisons across manufacturing subsectors.
The results indicate that, overall, manufacturing companies experienced improved financial performance, as reflected by increasing average ROA and ROE, improved solvency through declining DAR and DER, and relatively stable liquidity as measured by CR and QR throughout the observation period. However, firm value exhibited a downward trend, suggesting that improvements in fundamental financial performance were not fully reflected in market valuation. Furthermore, substantial performance disparities were identified across manufacturing subsectors, with the Consumer Goods subsector demonstrating the strongest performance, while several companies remained in financial distress, characterized by negative profitability and high leverage.
The findings reinforce the relevance of agency theory and signaling theory in explaining the relationship between financial reporting quality and corporate financial performance in the post-IFRS convergence era. Practically, the study provides valuable insights for corporate management in improving operational efficiency and capital structure, for investors in evaluating companies' financial fundamentals more comprehensively, and for regulators in strengthening oversight of financial reporting quality and financial risks within the manufacturing sector.
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