scholarly journals The Effect of Information Asimmetry On Earnings Management In Companies That Conduct An Initial Public Offering (IPO) On The Indonesia Stock Exchange (IDX)

2019 ◽  
Vol 16 (4) ◽  
pp. 222-236
Author(s):  
Riski Hernando
Keyword(s):  
Earnings Management ◽  
Hypothesis Testing ◽  
Information Asymmetry ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Test Results ◽  
Analysis Techniques ◽  
Independent Variables ◽  
Public Offering

This study aims: to determine the effect of information asymmetry on Earnings Management in companies that carry out initial public offering on the Indonesia Stock Exchange in the period before go public, when go public, or after go public.Design and methodology: Sampling in this study is to use the purposive sampling method, where the company to be studied must certain criteria. The number of companies used as research samples based on predetermined criteria is 142 companies. The population in this study are banking/financial companies, service companies, and trading companies that made initial public offering on the Indonesia Stock Exchange (IDX). Analysis techniques are carried out with simple linear regression analysis techniques. The analytical method uses descriptive statistics, data quality tests, and hypothesis testing. Test the quality of the data in the form of classic assumption test which includes: normality test, multicollinearity test, heteroscedasticity test and autocorrelation test. Hypothesis testing uses the t test to test the coefficient partially with a significant level of 5%.Results: The test results prove that information asymmetry has a significant effect on earnings management during and after conducting an IPO, but when go public does not pass the heteroscedasticity test. The test results also prove that information asymmetry has no significant effect on earnings management before the IPO. Regression results indicate that the coefficient of determination possessed by the variables observed before, during, and after the IPO are respectively R-square= 0.039, 0.121, and 0.221. This means that the influence of the independent variables on the dependent variable is 3.9%, 12.1% and 22.1%.Originality/value: the addition of research variables to the independent variables can be done considering there are about 96.1%, 87.9%, and 77.9% influenced by other variables not included in this research model.Keywords: Asimmetry Information, Earnings Management, Initial Public Offering (IPO).

scholarly journals PENGARUH VARIABEL KEUANGAN DAN NON-KEUANGAN TERHADAP UNDERPRICING SAHAM PADA PERUSAHAAN JASA SAAT INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA (BEI): STUDI KASUS PADA SAHAM SYARIAH DAN NON SYARIAH PERIODE 2012-2017

2020 ◽  
Vol 7 (5) ◽  
pp. 886
Author(s):  
Vabila Ananta Setya ◽  
Bayu Arie Fianto
Keyword(s):  
Initial Public Offering ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Research Approach ◽  
Return On Assets ◽  
Analysis Techniques ◽  
Service Companies ◽  
Underwriter Reputation ◽  
Public Offering ◽  
Auditor Reputation

This study aims to investigate the factors that influence the underpricing of stocks in service companies during an initial public offering (IPO) on Bursa Efek Indonesia (BEI) for the period 2012-2017 (Comparison of Sharia and non-sharia stocks). The data used in this study consist of 20 stocks that experienced the underpricing from a total of 44 IPOs of sharia-compliant service companies and 19 stocks that experienced the underpricing from a total of 32 IPOs of non-shariah-compliant service companies. The research approach used is a quantitative approach with multiple linear regression analysis techniques. This research reveals that the underwriter reputation and auditor reputation have a significant effect on the underpricing at the IPO on Bursa Efek Indonesia (BEI) for the period 2012-2017.Keyword: Underpricing, Underwriter Reputation, Auditor Reputation, Financial Leverage, Return on Assets, Initial Public Offering (IPO)

scholarly journals PENGARUH VARIABEL KEUANGAN PERUSAHAAN (RETURN ON ASSET, EARNING PER SHARE, CURRENT RATIO, DAN FINANCIAL LEVERAGE) TERHADAP UNDERPRICING

2014 ◽  
Vol 4 (1) ◽  
pp. 48
Author(s):  
Maryoto Maryoto ◽  
Salamatun Asakdiyah
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
T Test ◽  
Coefficient Of Determination ◽  
Test Results ◽  
Financial Leverage ◽  
Return On Assets ◽  
Current Ratio ◽  
A Value ◽  
Public Offering

This research wa carried out on companies that do the Initial Public Offering (IPO) in the period 2008-2009. With a population of 31 companies and get a sample of 27 companies with the technique of sampling using purposive sampling. In this study tested the hypothesis by using multiple regression and t test. After doing an analysis of 27 companies in initial public offering in 2008 until 2009 are listed in Indonesia Stock Exchange, obtained the results of the calculation of the coefficient of determination (R2) obtained a value 0f 0.170 is in a position of positive mean return on assets (ROA), earning per share (EPS), current ratio (CR), and financial leverage (FL) 1.7% to explain underpricing. Thus 98.3% underpricing is explained by other variables not examined in this study. By using the t test for variable return on assets (ROA), earnings per share (EPS), current ratio (CR), and financial leverage (FL) had no significant influence on underpricing with the test results significantly greater value than the alpha (5%).

scholarly journals Analisis Pengaruh Faktor-Faktor Terhadap Underpricing pada Penawaran Umum Saham Perdana Di Bursa Efek Indonesia

Syntax Idea ◽  
2021 ◽  
Vol 3 (9) ◽  
pp. 2127
Author(s):  
Moch Irfandi ◽  
Sri Muljaningsih ◽  
Kiki Asmara
Keyword(s):  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Test Results ◽  
Firm Age ◽  
Return On Assets ◽  
Independent Variables ◽  
Earnings Per Share ◽  
Equity Ratio

Underpricing is an IPO phenomenon in the capital markets and have been proven by researchers in many countries. This study aims to determine the effect of debt to equity ratio, earnings per share, company age, return on assets on underpricing listed on the Indonesia Stock Exchange in the 2015-2019 period. This study uses multiple linear regression analysis where debt to equity ratio, earnings per share, company age, return on assets as independent variables, and underpricing as dependent variable. This study uses a quantitative approach and the data used in this study are secondary data taken from periodic underpricing data listed on the Indonesia Stock Exchange from 2015 to 2019. The test results show that the variable debt to equity ratio, earnings per share has a positive and significant effect. on underpricing, the firm age variable has no effect on underpricing and the variable return on assets has a negative and significant effect on underpricing.

scholarly journals Determinants of Underpricing in Islamic and Non-Islamic Shares on IPO

2020 ◽  
Vol 5 (1) ◽  
pp. 70
Author(s):  
Vabila Ananta Setya ◽  
Indri Supriani ◽  
Bayu Arie Fianto
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
T Test ◽  
Test Method ◽  
Empirical Comparison ◽  
Factors Affecting ◽  
Service Companies ◽  
Public Offering

This study aims at investigating the factors affecting the share’s underpricing in service companies of the Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) covering the period from 2011 to 2017. Compared to the precedent studies, this study provides an empirical comparison between Islamic and non-Islamic shares on 22 underpricing stock samples from 44 IPOs in Islamic service shares and 21 underpricing samples from 32 IPOs in non-Islamic service shares. This study adopts a multiple linear regression analysis and an independent sample t-test method. It is revealed that the underwriter's reputation and auditor's reputation have a significant effect on the underpricing of IPO on IDX, both in Islamic and non-Islamic service companies. The result of independent samples t-test indicates that Islamic service shares companies have better financial performance compared to non-Islamic service shares companies. Predicated upon the results, this study implicatively insinuates that companies based on Shariah compliance could anticipate the underpricing level more expeditiously since the Shariah principles are in line with the decreasing level of underpricing.

scholarly journals Analisis Kualitas Auditor, Leverage Dan Persentase Saham Initial Public Offering Terhadap Earnings Management Perusahaan Go Public

2019 ◽  
Vol 7 (2) ◽  
pp. 137
Author(s):  
Hasanuddin Hasanuddin
Keyword(s):  
Earnings Management ◽  
Multiple Regression ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Financial Statements ◽  
Business Continuity ◽  
Corporate Management ◽  
Dysfunctional Behavior ◽  
Public Offering ◽  
Personal Welfare

AbstractThe action of corporate management to intervene in the process of drafting financial statements is an act of dysfunctional behavior that will affect the enhancement of personal welfare management and The company's employees and the value of its leadership. This research aims to test and prove empirically the cause and influence of earnings management in the company that go public after the enactment of Accounting and Auditing Enforcement Release (AAER) by Security Exchange Commission (SEC). The variables tested were reputation Auditor, Leverage and stock percentage of Initial Public Offering (IPO) at the company that go Public on the Indonesia Stock Exchange from 2000 to 2004. The method of analysis used is multiple regression that previously done testing through several stages. Results show that the leverage variable significantly affects earnings management. This indicates that the debt that is the source of external funds used to finance the business continuity is strongly associated with earnings management. 

Analisis Manajemen Laba dan Kinerja Operasi Terhadap Profitabilitas pada Perusahaan Go Public yang Melakukan Initial Public Offering (IPO)

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Dwi Sulistiani ◽  
Finta Widya Oktora Maha
Keyword(s):  
Earnings Management ◽  
Initial Public Offering ◽  
Operating Performance ◽  
T Test ◽  
Independent Variables ◽  
Paired Samples ◽  
Signed Rank ◽  
Before And After ◽  
Influential Variable ◽  
Public Offering

This study aimed to determine whether the publicly traded company initial public offering (IPO) using the earnings management policies, as well as to see the effect of earnings management and operating performance on profitability in the company went public policy that performs an (IPO) in 2008. The results showed that the test is based on one- sample t test proved that the company indicated use of earnings management around IPOs. While based on paired samples t - test , and Wilcoxon signed rank the result that there are differences in operating performance and profitability of the company went public between before and after the policy does IPO. It results that the most influential variable is the current ratio dan 62% of the level of profitability of companies doing an IPO is influenced by variables of earnings management and operating performance. Through the F test can be seen that all the independent variables simultaneously affect the dependent variable. Hypothesis testing using T test showed that of the three independent variables found to significantly affect the dependent variable.

Pengaruh Asimetri Informasi, Tingkat Leverage dan Ukuran Perusahaan Terhadap Praktik Manajemen Laba

2019 ◽  
Vol 10 (1) ◽  
pp. 87-110
Author(s):  
Fanny Oktivia Denovis
Keyword(s):  
Earnings Management ◽  
Information Asymmetry ◽  
Management Practices ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Sampling Technique ◽  
Multiple Linear Regression Analysis ◽  
Manufacturing Companies ◽  
Mining Sector ◽  
Asymmetry Of Information

Earnings Management is a phenomenon that is influenced by various factors. Among them are such as information asymmetry, firms size and leverage. In Indonesia, earnings management existing cases of a few years ago. This study aims to investigate the influence of Information Asymmetry, Leverage, and firms size to earnings management practices in the mining sector manufacturing companies listed on the Indonesian Stock Exchange. This study takes the population of the mining sector manufacturing companies listed on the Indonesian Stock Exchange (BEI) 2010-2014. The sampling technique used was purposive sampling method. The analytical method used in this study using multiple linear regression analysis to examine the effect of Information Asymmetry, leverage, and the size of the company as an independent variable, earnings management practices as rhe dependent variable. The results showed that asymmetry of information, leverage, and firms size has effect on earnings management practices in the mining sector manufacturing companies listed in Indonesia Stock Exchange Period 2010-2014

scholarly journals What Impacts IPO Underpricing? Evidence from Dhaka Stock Exchange

2018 ◽  
Vol 13 (3) ◽  
pp. 88 ◽  
Author(s):  
Maria Hossain Sochi ◽  
Raisul Islam
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Time Frame ◽  
Agency Cost ◽  
Least Square ◽  
Ipo Underpricing ◽  
Ordinary Least Square ◽  
Independent Variables ◽  
Public Offering

Initial Public Offering (IPO) is an important and widely popular research topic among many researchers in finance discipline. This study is prepared to identify the connection among various empirical studies and theories regarding underpricing of IPO in the stock market of Bangladesh. We have chosen the time frame of June 2011 to June 2016 at DSE to conduct the research. In this study, ordinary least square (OLS) regression method is used to identify in what extent the dependent and the independent variables are related in the level of underpricing. The results of the study disclose that oversubscription rate, offer size have substantial influence in IPO underpricing at DSE. On the other hand, offer time and size of the firm do not have significant influence on the level of underpricing. These variables are very significant and play important roles with the level of underpricing at DSE and it shows relation to signaling theory, information asymmetry theory and agency cost theory.

scholarly journals PENGARUH FREE CASH FLOW, LIKUIDITAS DAN KEPEMILIKAN ASING TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

2019 ◽  
Vol 3 (1) ◽  
pp. 20-35
Author(s):  
Oktariyani Oktariyani ◽  
Afriyanti Hasanah
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Control Variable ◽  
Multiple Linear Regression Analysis ◽  
Foreign Ownership ◽  
Free Cash Flow ◽  
Analysis Techniques ◽  
Independent Variables ◽  
Debt Policy

This study aims to determine the effect of free cash flow, liquidity and foreign ownership on debt policies in companies listed on the Indonesia Stock Exchange. The samples used in this study are basic and chemical sector companies listed on the Indonesia Stock Exchange for the 2012-2016 period. The independent variables in this study are free cash flow, liquidity and foreign ownership. The control variable in this study is asset structure. The research method uses a quantitative approach with multiple linear regression analysis techniques. The result of this study is that liquidity affects debt policy because the higher the level of liquidity of the company, the greater the company's ability to pay debts. Foreign ownership affects debt policy because foreign ownership can improve the performance and supervision of managers in the company, especially in determining funding decisions including debt policy, while free cash flow has no effect on debt policy, this is because companies tend to prioritize the use of free cash flow funds for investment and operational needs of the company. This research can be used as a reference for companies in determining funding decisions through debt policy so that the funding decisions taken are more effective.

scholarly journals DETERMINANTS FACTOR ANALYSYS OF UNDERPRICING ON INITIAL PUBLIC OFFERING AT INDONESIA STOCK EXCHANGE

2017 ◽  
Vol 15 (1) ◽  
pp. 21
Author(s):  
Ardhiani Fadila ◽  
Muhammad Zilal Hamzah ◽  
Pardomuan Sihombing
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Stock Prices ◽  
Stock Exchange ◽  
Financial Information ◽  
Financial Data ◽  
Economic Data ◽  
Independent Variables ◽  
Underwriter Reputation ◽  
Public Offering

Under pricing is phenomenon of IPO which often happened in capital market and have been examined by researchers in many countries. This study aims to analyze the determinant factors of under pricing. This data is collected from some stocks at Indonesia Stock Exchange, especial for non-financial sector company which performed initial public offering period 2010-2014.<br />The samples used were 75 companies that were taken through purposive sampling. Independent variables in this study are Macro Economic Data, Financial Data and Non-Financial Data.<br />The result shows that all independent variables simultaneously have a significance correlation toward under pricing. Its prove that the rate of inflation has effect on determining IPOs price which impact on profit companies also stock prices. While non-financial information (proxies by underwriter reputation) has a negative correlation toward the degree of under pricing. Its mean that a good performance of underwriter can decrease the IPOs under pricing.

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