Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

scholarly journals Impact of Macroeconomic Factors on Underpricing: Case of Indonesia Stock Exchange

InFestasi ◽  
2021 ◽  
Vol 17 (2) ◽  
pp. Inpres
Author(s):  
Aulia Amin Nasution ◽  
Ali Mutasowifin
Keyword(s):  
Stock Market ◽  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Composite Index ◽  
Secondary Market ◽  
Macroeconomic Factors ◽  
Macroeconomic Variables ◽  
Public Offering

The stock market is one of the alternatives chosen by companies to meet their funding needs. The first offering of a company's shares through the stock market to investors is called an Initial Public Offering. At the time of initial public offering, underpricing often occurs when the initial stock price on the primary market is lower than the stock price on the secondary market which will disadvantage the company because the collected funds are not maximum. This research aims to analyze the effect of macroeconomic factors on underpricing in companies conducting IPOs listed on the Indonesia Stock Exchange from 2010 to 2020. Using Regression Linear Analyze we found that macroeconomic variables as Inflation, IDX Composite Index, and GDP significantly affect underpricing on IPO in Indonesia Stock Exchange for 2010 to 2020

scholarly journals Pengaruh Rasio Pembayaran Dividen terhadap Harga Saham PT Bukit Asam (Persero) Tbk Periode 2005-2015

2017 ◽  
Vol 7 (3) ◽  
pp. 200-213
Author(s):  
Afrian Destama ◽  
Musa Hubeis
Keyword(s):  
Initial Public Offering ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Simple Linear Regression ◽  
Public Company ◽  
Dependent Variables ◽  
Independent Variable ◽  
Public Offering

PT Bukit Asam (Persero) Tbk (PTBA) is a large company engaged in the sub-sector of coal mining and has been listed in the Indonesia Stock Exchange (IDX) as a public company and was registered to have an Initial Public Offering (IPO) in year 2002. The investors as shareholders will strongly expect a high dividend every year (% per year). The annual dividend (in %) so called as Dividend payout ratio (DPR). The objective of the research are to analyze the effect of the DPR on stock prices of PTBA in the period 2005-2015 and as reference to determine dividend policy. The research secondary data was obtained from BEI, Indonesian Central Securities Depository PTBA. The simple linear regression model was developed in the research where the DPR stands for independent variable (y) and the dayly average stock price from the declaration dateto cum date stands for dependent variables. The results showed a positive relationship and unreal 42,3% between the DPR and the stock price of PTBA with the influence of 18,6%. But both variables do not have a linear relationship, so as to predict the stock price can not be done simply by using DPR as independent variables, but also need to consider other factors.

effect of underwriter's reputation and auditor's reputation on underpricing in medium companies taking an initial public offering on the Indonesia stock exchange

2021 ◽  
Vol 9 (1) ◽  
pp. 67-78
Author(s):  
P. Lelyta Apti Dhina Apsari ◽  
Gerianta Wirawan Yasa ◽  
Ida Bagus Putra Astika
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Negative Influence ◽  
Public Offerings ◽  
Analytical Technique ◽  
Underwriter Reputation ◽  
Public Offering

The purpose of this study is to obtain empirical evidence of the influence of auditor reputation and the effect of underwriter reputation on medium-sized companies that conduct initial public offerings. This research was conducted on 190 companies experiencing underpricing listed on the Indonesia Stock Exchange (IDX) for the 2016-2021 period, the research data used in this study is secondary data. The number of samples analyzed was 130 development board companies and experienced underpricing because companies that met the sample criteria. The analytical technique used in this study was Multiple Linear Regression Analysis. The results of the study prove that underwriter reputation has a negative influence on underpricing of medium-sized companies that conduct initial public offerings. The reputation of the auditor has no effect on the underpricing of medium-sized companies that make this initial public offering on the IDX.

scholarly journals Pengaruh Pengungkapan Intellectual Capital, Reputasi Underwriter, Financial Leverage, Umur dan Size Perusahaan terhadap Underpricing Saham IPO di Bursa Efek Indonesia Periode 2014-2018

2020 ◽  
Vol 4 (1) ◽  
pp. 135
Author(s):  
Adinda Solida ◽  
Elvira Luthan ◽  
Nini Sofriyeni
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Financial Leverage ◽  
Quantitative Research Methods ◽  
Underwriter Reputation ◽  
Public Offering

This study aims to examine and analyze the influence of factors that can influence underpricing during an IPO (Initial Public Offering) on the Indonesia Stock Exchange in the 2014-2018 period. This research uses quantitative research methods. The type of data used is secondary data, where the data collected is obtained through the official website of IDX, Yahoo Finance and the company's sample website. The population in this study were all IPO companies on the Stock Exchange in 2014-2018 and for the sample selection in this study using a purposive sampling method, as many as 77 sample companies were obtained. The analytical method used in this study is multiple linear regression. The results showed that intellectual capital disclosure had a negative and significant effect on the level of underpricing. While underwriter reputation, financial leverage, company age, and company size do not affect the level of underpricing.

scholarly journals DETERMINANT TRUE DISCOUNT PADA PENAWARAN SAHAM PERDANA PERIODE 2010-2014

2020 ◽  
Vol 7 (1) ◽  
pp. 46
Author(s):  
Puput Ragil Pratiwi ◽  
Tina Sulistiyani
Keyword(s):  
Initial Public Offering ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Industrial Sector ◽  
Company Size ◽  
Underwriter Reputation ◽  
Maturity Type ◽  
Type Data ◽  
Public Offering

This study aims to obtain empirical evidence regarding DETERMINANT TRUE DISCOUNT IN PRESIDENT STOCK OFFERS 2010-2014. Diamana, Underpricing is proxied by True discount as the dependent variable and the Underwriter Reputation, Company Size, Company Age, Type of Company or Industry Sector, and Share Percentage offered as independent variables. The population in this study are all companies that made an initial public offering on the Indonesia Stock Exchange in 2010 to 2014 as many as 126 companies. The sample of this research were 80 companies taken from the population using purposive sampling method, besides that the researchers used secondary data type data. The results of this study indicate that the variable Company Size, Company Type or Industrial Sector, and the percentage of shares offered affect the True Discount given to investors in companies that register (register) on the Indonesia Stock Exchange in 2010-2014. While the Underwriter Reputation and Company Age variables do not affect the True Discount given to investors in companies that register (register) on the Indonesia Stock Exchange in 2010-2014. Then Reputation Underwriter (RU), Company Size (size), Age of Company (Maturity), Type of Company (JP), Percentage of Shares offered (PS) jointly affect the True Discount given to investors in companies that register (listing ) on the Indonesia Stock Exchange in 2010-2014.

scholarly journals Determinant of Initial Return of the Companies Doing Initial Public Offering on Indonesia Stock Exchange in 2014 - 2018

2020 ◽  
Vol 5 (8) ◽  
pp. 268-278
Author(s):  
Yohanes Martinianus Rada ◽  
Bambang Santosoe Marsoem
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Secondary Market ◽  
Selling Price ◽  
Share Ownership ◽  
Initial Return ◽  
Underwriter Reputation ◽  
The Difference ◽  
Public Offering

Initial return is a benefit or loss for investors because of the difference between purchased price of shares in the primary market with the selling price of the relevant shares in the secondary market. With this situation, investors can enjoy or dont get the return of the stock purchase. Thus study focus on Initial Return Positive that is benefit for investor. This study aimed to determine the effect of ROE, DER, Share Ownership, Underwriter Reputation and Firm Ages to the initial return on the IPO companies in the Indonesia Stock Exchange. Samples were selected of 55 from two sectors that list in Indonesia Stock Exchangethat that is Trade, Services & Investment and Infrastructure, Utilities & Transportation with a purposive sampling technique. The data gathered the financial statement on the IPO company prospectus in the period of 2014 to 2018. The method of analysis used in this study is linear multiple regression analysis method. Result show that Underwriter Reputation partialy has signifikan effect on Initial Return. ROE, DER Share Ownership and Firm Age have effect to Initial Return

scholarly journals PENGARUH REPUTASI UNDERWRITER DAN UMUR PERUSAHAAN, TERHADAP UNDERPRICING SAHAM PADA SAAT INITIAL PUBLIC OFFERING

2020 ◽  
Vol 4 (2) ◽  
pp. 129-141
Author(s):  
Dinnul Alfian Akbar ◽  
Fernando Africano
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Sampling Method ◽  
Sampling Technique ◽  
Secondary Market ◽  
Stock Index ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Independent Variable ◽  
Public Offering

Underpricing is a condition where the stock price in the primary market is lower than the stock price in the secondary market. There are various factors that can affect the level of underpricing of both financial and non-financial factors. This study aims to analyze the effect of underwriter reputation and company age on underpricing.This study uses a sample of companies listed on the Indonesian Sharia Stock Index (ISSI) which conducted an initial public offering in the 2014-2018 period. The sampling technique was conducted using the purposive sampling method with predetermined criteria. Obtained a sample of 88 companies.The results showed that all variables simultaneously had a significant effect on the level of undepricing of shares. Partially the underwriter reputation variable has a significant negative effect on the level of underpricing of shares, while the firm age does not significantly influence the underpricing of shares. The magnitude of the influence of the independent variable research on underpricing shares is 32.4% while the rest is influenced by other variables outside the study

scholarly journals Peran Growth Opportunities, Free Cash Flow, dan Relative Issue Size dalam Reaksi Pasar terhadap Pengumuman Right Issue

The Winners ◽  
2007 ◽  
Vol 8 (1) ◽  
pp. 24
Author(s):  
Synthia Atas Sari ◽  
Hartiwi Prabowo
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Final Conclusion ◽  
Growth Opportunities ◽  
Normal Period ◽  
Stock Price Reaction ◽  
Test Market ◽  
Public Offering

Right issue is when a firm announces its plan to publicly offer additional shares of common stock after Initial Public Offering (IPO). The aim of this research are to test market stock price and examine the role of growth opportunities in stock price reaction to right issue announcement. Sample was taking from companies which been listed in Jakarta Stock Exchange and publish right issue from 1998 to 2005. To measure growth opportunities, the companies were divided into 2 groups, growth and mature. This classification using Tobin’s q proxy method (market-book value ratio). The research have final conclusion, that is at right issue announcement in Jakarta Stock Exchange, market give positive reaction and statistically significant, and so in normal period.

scholarly journals Initial Public Offering Allocations, Price Support, and Secondary Investors

2016 ◽  
Vol 51 (5) ◽  
pp. 1663-1688 ◽  
Author(s):  
Sturla Lyngnes Fjesme
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Secondary Market ◽  
Theoretical Interest ◽  
Price Support ◽  
Media Attention ◽  
The Past ◽  
Price Manipulation ◽  
Public Offering

Tying initial public offering (IPO) allocations to after-listing purchases of other IPO shares as a form of price support has generated much theoretical interest and media attention. Price support is price manipulation and can reduce secondary investor return. In the past, obtaining data to investigate price support has proven to be difficult. I document that price support is harming secondary investor return using new data from the Oslo Stock Exchange. I also show that investors who engage in price support are allocated more future oversubscribed allocations, whereas harmed secondary investors significantly reduce their future participation in the secondary market.

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