scholarly journals Peluang dan Tantangan Initial Public Offering (IPO) Pada Perusahaan Start-Up di Indonesia

2020 ◽  
Vol 5 (2) ◽  
pp. 30
Author(s):  
Anggi Purnama Harahap ◽  
Rahmad Ramadhan Hasibuan ◽  
Lupitta Risma Candanni
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Qualitative Approach ◽  
Going Public ◽  
Public Companies ◽  
Start Up ◽  
The Government ◽  
Public Offering ◽  
General Guidance

This paper will discuss the initial public offering (IPO) for startup companies. Case study of PT Aplikasi Karya Anak Bangsa Go-Jek. The discussion in this paper will emphasize startups and their comparison with IPOs in ordinary companies (Case Study PT Jasa Armada Indonesia, Tbk) and other startup companies, namely PT Kioson Commercial Indonesia, Tbk) in 2017. A qualitative approach with normative descriptive and benchmark method is used to analyze the problem mention above. This research finds that in general, public regulations and general guidance in Law Number 8 of 1995 concerning the Capital Market and other related regulations sufficient to meet the requirements of going public for public companies. But with the development of startup companies in Indonesia, especially PT Aplikasi Karya Anak Bangsa (Go-Jek), planning to conduct an initial public offering encourages the government to immediately make decisions on the initial public offering process rules so that these arrangements will not only reach ordinary companies with the number of assets large but also able to reach start-up companies to contribute to the development of the national economy.

scholarly journals How Do CEO Values Influence IPO Speed? A Conceptual Analysis from the Upper Echelons Perspective

2020 ◽  
Vol 1 (1-2) ◽  
pp. 69-91
Author(s):  
Till Talaulicar
Keyword(s):  
Initial Public Offering ◽  
Conceptual Analysis ◽  
Factor Model ◽  
Five Factor Model ◽  
Risk Propensity ◽  
Upper Echelons ◽  
Going Public ◽  
Upper Echelons Theory ◽  
Start Up ◽  
Public Offering

The present article addresses the important, but widely neglected subject of initial public offering (IPO) speed that indicates how rapidly a firm develops from its foundation to be publicly listed. We argue that the time that elapses between start-up and going public depends on characteristics of the CEO who tends to largely influence the timing of the IPO decision. Based on conceptual analyses that combine upper echelons theory and the five-factor model of personality traits, we reveal a complex set of propositions about the direct effects of certain CEO values on IPO speed as well as about CEO- and firm-related variables that moderate these relationships. More specifically, we propose that the degrees of the CEO’s emotional stability, extraversion, openness to experience as well as risk propensity tend to be positively associated with IPO speed, whereas the CEO’s agreeableness and conscientiousness tend to decelerate the pace of going public. These effects tend to be stronger when the CEO is the founder of the firm, holds also the position of a chairperson (CEO duality) and/or owns substantial stakes of the company’s equity. Firm size and the size of the top management team tend to weaken these direct relationships.

Intimacy and Estrangement

2021 ◽  
Vol 41 (3) ◽  
pp. 423-440
Author(s):  
Emma Park
Keyword(s):  
Initial Public Offering ◽  
The State ◽  
Going Public ◽  
The Public ◽  
Singular Event ◽  
Material Process ◽  
Citizenship Development ◽  
The Government ◽  
Public Offering

Abstract This article explores the incremental privatization of what is today East Africa's largest corporation, communications and finance firm Safaricom. In the late 1990s and early 2000s, British multinational Vodafone became a partial shareholder of Safaricom, with the government of Kenya retaining the majority stake in the company. This was followed by the company going “public” in 2008 through an Initial Public Offering (IPO). In exploring these transformations, this article demonstrates that privatization was not a singular event but turned on the production of divisibility: a discursive, epistemological, and material process whereby seemingly “classificatory wholes”—a corporation, an infrastructure, a state asset—were first presented and then rendered as partible entities. As the lines between the public and the private were being redrawn, another conceptual series—“citizenship,” “development,” the “public”—were similarly transformed into partible objects subject to division. Unraveling the historical entanglement of the corporation and the state, this article clarifies why, today, Kenyans—some of whom have been reformatted as shareholder-client-citizens—call on Safaricom to act like the state from which it has been incrementally “unbundled.”

scholarly journals Regulation A+ Sebagai Alternatif Penghimpun Dana Untuk UMKM Dan Start-Up

2021 ◽  
Vol 24 (01) ◽  
pp. 37-48
Author(s):  
Dinda Silviana Putri
Keyword(s):  
Initial Public Offering ◽  
Financial Services ◽  
Small And Medium Enterprises ◽  
Comparative Approach ◽  
Conceptual Approach ◽  
Start Up ◽  
Research Problems ◽  
The Government ◽  
Public Offering ◽  
Medium Enterprises

Capital is a problem that is often faced by start-up companies and Micro, Small and Medium Enterprises (MSMEs). On the other hand, these activities are often the choice of Indonesia's lower and middle class as an effort to improve their economy. For this reason, the Government through the Financial Services Authority (OJK) provides steps to raise capital through a crowdfunding method using information technology (equity crowdfunding / ECF). ECF activities are a solution for start-ups and MSMEs to raise capital in ways that are almost similar to Initial Public Offering (IPO) activities by involving publishers, organizers, and investors. Unfortunately, even though it has been going on since 2018, business activities using the ECF as a real effort to provide additional capital have not been maximally implemented. This is because there are several records that can hinder the optimization of the ECF itself, such as the Investors criteria, shares Flexibility, and maximum securities ownership. This research is normative legal research using a conceptual approach, a statutory approach, and a comparative approach and the development of ECF regulations in Indonesia and reformation on investor limitation law in the ECF in Indonesia as research problems. The results of this study indicate that the application and regulation of the ECF in Indonesia still have various deficiencies. Therefore, a solution is needed by adopting several provisions in Regulation A + in America as an effort to overcome these deficiencies.

The Law and Economics of the Going-Public Decision

2018 ◽  
pp. 26-51 ◽  
Author(s):  
Jay B. Kesten
Keyword(s):  
Initial Public Offering ◽  
Law And Economics ◽  
Turn Of The Millennium ◽  
Going Public ◽  
Public Offerings ◽  
Secular Decline ◽  
The Law ◽  
Public Offering ◽  
Macroeconomic Determinants ◽  
Public Decision

An initial public offering (IPO) is one of the most important events in the life cycle of a developing firm. The decision to “go public,” however, is complicated by the persistently cyclical market for public offerings. This chapter analyzes the macroeconomic determinants of IPO market cyclicality alongside the strategic and corporate governance considerations faced by private firms, arising from the costs and benefits of going public. The law and economics of the going-public decision also are relevant to the secular decline in IPOs since the turn of the millennium. This chapter evaluates several competing and complementary hypotheses that attempt to explain this phenomenon, each of which relies at least in part on the various features of the going-public decision-making process.

MAPPING QUALITY OF PAUD AND PNF ACCREDITATION IN KULONPROGO DISTRICT, YOGYAKARTA

2021 ◽  
Vol 4 (3) ◽  
pp. 954-969
Author(s):  
Royati
Keyword(s):  
Case Study Research ◽  
Qualitative Approach ◽  
Quality Of Education ◽  
Study Research ◽  
Accreditation Program ◽  
Mapping Analysis ◽  
The Government

AbstractAccreditation is one of the governments to improve the quality of education. Likewise, to ensure the quality of education at the PAUD and PNF levels, the government held an accreditation program. However, it still has issues that need to be resolved. This study aims to identify and describe the problems of accreditation and quality mapping in the Education Office of Kulonprogo Regency. This research uses a qualitative approach and type of case study research. Based on the results of this research, in mapping the quality of accreditation in PAUD and PNF in Kulonprogo Regency, the first activity carried out was to conduct a quality mapping analysis of each institution. And the results show that the average standard kindergarten, KB, Pos PAUD, LPK and PKBM institutions that must be supervised strictly is the standard of financing. After conducting the analysis, a workshop was conducted with the Dikpora and all PAUD and PNF heads. Keywords: Quality mapping, accreditation, PAUD, PNF.

scholarly journals EVALUASI DAN DESAIN SISTEM INFORMASI AKUNTANSI PEMUNGUTAN DAN PENYETORAN PPN DALAM UPAYA MENINGKATKAN EFISIENSI KINERJA SUBDINAS PERPAJAKAN PADA PT. PELABUHAN INDONESIA III (PERSERO) CABANG TANJUNG PERAK

2017 ◽  
Vol 1 (1) ◽  
Author(s):  
Anindya Retno Wardhani ◽  
A.A Gde Satia Utama
Keyword(s):  
Information System ◽  
Accounting Information ◽  
Data Entry ◽  
Qualitative Approach ◽  
Real Problem ◽  
Research Subject ◽  
Case Study Method ◽  
Accounting Information System ◽  
The Government

Branch of PT Pelabuhan Indonesia III (Persero) in Tanjung Perak is one of the institution body that appointed by the Government to carry out the collection and remittance of WAPU VAT according to PMK No. 85 / PMK.03 / 2012 (amended by PMK No. 136 / PMK.03 / 2012). WAPU VAT collection and deposit system are inefficient because it requires a lot of time and effort when it comes to input the data entry of tax invoice, printing Tax Deposit and sent it to Bank Perception. Three steps activities need to be done more than once. Therefore, Branch of PT Pelabuhan Indonesia III (Persero) in Tanjung Perak need the collection and remittance of the WAPU VAT system that sufficient to improve the efficiency of tax suboffices performance.This research aims to design the accounting information system for collecting and depositing process WAPU VAT. WAPU VAT Deposit using e-tax payment application are expected to overcome the problems that will arise in the WAPU VAT system deposit.Exploratory qualitative approach with case study method chosen in order to dig up the real problem occurs and find a solution. This research are expected to contribute significantly towards Branch of PT Pelabuhan Indonesia III (Persero) in Tanjung Perak as a research subject. In addition, the implementation of draft e-tax application payment system are expected to improve efficiency process of collection and remittance of WAPU VAT. Keyword : System Design, Wapu VAT, Efficiency, e-tax payment

scholarly journals Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

2008 ◽  
Vol 56 (6) ◽  
pp. 59-68
Author(s):  
Tomáš Meluzín
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Western Europe ◽  
The United States ◽  
Bank Loans ◽  
Professional Literature ◽  
Mortgage Crisis ◽  
The Usa ◽  
Eastern European Countries ◽  
Public Offering

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

scholarly journals Crowdfunding in Saudi Arabia: A Case Study of the Manafa Platform

2019 ◽  
Vol 11 (11) ◽  
pp. 72
Author(s):  
Heba Gazzaz
Keyword(s):  
Saudi Arabia ◽  
Capital Market ◽  
Financial Support ◽  
Legal Framework ◽  
Start Up ◽  
The World ◽  
Alternative Finance

Crowdfunding is an innovative form of financial support that is increasingly used around the world. Crowdfunding can provide a new investment channel and help those with innovative ideas and start-up businesses to circumvent traditional financing struggles and secure alternative finance. This paper presents an overview of crowdfunding, its fundamentals, and its main participants. Specifically, it explores the characteristics of crowdfunding in Saudi Arabia by examining the first and successful crowdfunding platform (Manafa) to be licensed by the country’s capital market authority. This paper shows that the sole applicable model in Saudi Arabia is equity-based crowdfunding, and this is significantly controlled and operated under a more efficient legal framework than much foreign crowdfunding. However, the Saudi market would benefit from greater awareness of crowdfunding as a new investment channel, and from the introduction of the debt-based crowdfunding model in accordance with Saudi market regulations.

Does prospectus information matter in IPO pricing?

2018 ◽  
Vol 9 (4) ◽  
pp. 514-530 ◽  
Author(s):  
Rasidah Mohd-Rashid ◽  
Mansur Masih ◽  
Ruzita Abdul-Rahim ◽  
Norliza Che-Yahya
Keyword(s):  
Initial Public Offering ◽  
Institutional Investors ◽  
Ordinary Least Squares ◽  
Quadratic Model ◽  
Cross Sectional ◽  
Content Type ◽  
Ipo Pricing ◽  
The Government ◽  
Public Offering ◽  
Lower Uncertainty

Purpose The purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. Design/methodology/approach This study uses cross-sectional data for a 14-year period from 2000 to 2014 in examining hypotheses relating to Shariah-compliant status, institutional investors, underwriter ranking and shareholder retention, with respect to their associations with the offer price of the IPOs. Further, this study uses ordinary least squares (OLS) for all models, including the models for both subsamples of Shariah- and non-Shariah-compliant IPOs. As for robustness, this study incorporates the quantile regression and quadratic model. Findings The results tend to provide support for the argument that firms with Shariah-compliant status reflect lower uncertainty and project better signalling of quality due to greater scrutiny by the government and thus are able to offer IPOs at higher prices. Similarly, firms with a higher proportion of shareholder retention indicate lower risks as insiders forego their options to diversify their portfolio, and hence could price their IPOs higher. Finally, the involvement of institutional investors and higher underwriter ranking could be used by firms to disregard information asymmetry, and therefore, the issuer might have to discount the IPO offer price. Research limitations/implications This study focuses solely on information in the prospectus that should not be disregarded by the investors in valuing the appropriateness of the IPO offer price. This study contributes in terms of providing a better understanding of the determinant factors of the IPO offer price of the firms which are Shariah-compliant. Originality/value This paper provides evidence for the determinants of the IPO offer price in a fixed pricing mechanism for both Shariah-and non-Shariah-compliant IPOs.

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