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

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.

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MANAJEMEN LABA, RETURN SAHAM, DAN KINERJA OPERASI SEBAGAI PEMODERASI

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v15i2.2068 ◽

2017 ◽

Vol 15 (2) ◽

pp. 133

Author(s):

Farid Addy Sumantri ◽

Purnamawati .

Keyword(s):

Earnings Management ◽

Stock Returns ◽

Initial Public Offering ◽

Stock Return ◽

Operating Performance ◽

Abnormal Returns ◽

Return On Assets ◽

One Year ◽

Public Offering ◽

The Relationship

The purpose of this study was to determine the indications of the practice of earnings management at the time of the IPO, one year after the IPO, and two years after the IPO. This study also examined the effect of earnings management on stock returns and operating performance in moderating the relationship between earnings management and stock returns.The study sample comprised 33 firms that go public in the year 2007 to 2011 using a purposive sampling method. Earnings management is proxied by discretionary accruals using the Modified Jones Model, which used proxy for the stock return is cummulative abnormal returns (CAR), while for the company's operating performance used proxy for the return on assets (ROA).The results showed that there were indications of earnings management at the time of the IPO, one year after the IPO, and two years after the IPO with a lower profit rate. No effect on earnings management is proxied by stock return cummulative abnormal returns (CAR). Operating performance of the company also can not moderate the relationship between earnings management with stock return. Keywords: Earning Management, Initial Public Offering, Cummulative Abnormal Return, Return On Asset

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ANALISIS KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH MELAKUKAN INITIAL PUBLIC OFFERING (IPO)

Jurnal Akuntansi ◽

10.25170/10.25170/jara.v13i2.476 ◽

2019 ◽

Vol 13 (2) ◽

pp. 105-122

Author(s):

Sabda Risky Juliana ◽

Sumani Sumani

Keyword(s):

Initial Public Offering ◽

Descriptive Analysis ◽

T Test ◽

Return On Equity ◽

Paired Sample ◽

Significant Difference ◽

Before And After ◽

Equity Ratio ◽

Public Offering ◽

Turn Over

This study aims to determine the differences in corporate financial performance before and after Initial Public Offering (IPO). Variables in this study using Current Ratio (CR), Total Assets Turn Over (TATO), Debt to Equity Ratio (DER), Return On Equity (ROE). The sample used in this study is a company that IPO in 2013-2014 as many as 37 companies with purposive sampling method. Hypothesis testing method using paired sample t-test (paired sample t-test).Based on the results of descriptive analysis shows the increase of CR means after IPO, while in TATO, DER, ROE decreased. Based on the results of paired sample T-test shows there are significant differences in CR, TATO, ROE after IPO, while DER no significant difference after IPO.

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

JURNAL MANAJEMEN DAN BISNIS SRIWIJAYA ◽

10.29259/jmbs.v16i4.7668 ◽

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).

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Financial Performance Analysis of SMEs Before and After Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX)

BISE Jurnal Pendidikan Bisnis dan Ekonomi ◽

10.20961/bise.v4i2.27016 ◽

2018 ◽

Vol 4 (2) ◽

pp. 87

Author(s):

Budi Wahyono

Keyword(s):

Performance Analysis ◽

Financial Performance ◽

Initial Public Offering ◽

Stock Exchange ◽

T Test ◽

Paired Sample ◽

Significant Difference ◽

Before And After ◽

And Performance ◽

Public Offering

SME funding needs have not been fully met. IPO is one of the efforts that can be done by SMEs to meet these funding needs. However, it is not yet known whether the financial performance of SMEs will increase after conducting an IPO. This study aims to analyze the financial performance of SMEs before and after the IPO. The sample of this study is SMEs that listed on the IDX in 2017, which is as many as five SMEs. SME financial performance is measured through three SME financial ratios, namely liquidity, solvency, and profitability. The paired sample t-test was used to compare the financial performance of SMEs before and after the IPO. The results showed that there is no significant difference in the financial performance of SMEs before and after the IPO. The results of this study provide recommendations for further research related to the valuation and performance of SME IPOs.

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MANAJEMEN LABA, RETURN SAHAM, DAN KINERJA OPERASI SEBAGAI PEMODERASI

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v13i2.1743 ◽

2017 ◽

Vol 13 (2) ◽

pp. 61 ◽

Cited By ~ 1

Author(s):

Farid Addy Sumantri ◽

Purnamawati ,

Keyword(s):

Earnings Management ◽

Stock Returns ◽

Initial Public Offering ◽

Stock Return ◽

Operating Performance ◽

Abnormal Returns ◽

Return On Assets ◽

One Year ◽

Public Offering ◽

The Relationship

The purpose of this study was to determine the indications of the practice of earnings management at the time of the IPO, one year after the IPO, and two years after the IPO. This study also examined the effect of earnings management on stock returns and operating performance in moderating the relationship between earnings management and stock returns. The study sample comprised 33 firms that go public in the year 2007 to 2011 using a purposive sampling method. Earnings management is proxied by discretionary accruals using the Modified Jones Model, which used proxy for the stock return is cummulative abnormal returns (CAR), while for the company’s operating performance used proxy for the return on assets (ROA). The results showed that there were indications of earnings management at the time of the IPO, one year after the IPO, and two years after the IPO with a lower profit rate. No effect on earnings management is proxied by stock return cummulative abnormal returns (CAR). Operating performance of the company also can not moderate the relationship between earnings management with stock return. Keywords: Earning Management, Initial Public Offering, Cummulative Abnormal Return, Return On Asset

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ANALISIS VARIABEL YANG BERPENGARUH TERHADAP KINERJA PERUSAHAAN DI BURSA EFEK INDONESIA

10.31227/osf.io/7vum4 ◽

2019 ◽

Author(s):

SUSENO - SUSENO

Keyword(s):

Linear Regression ◽

Multiple Linear Regression ◽

Stock Exchange ◽

T Test ◽

The Other ◽

Financial Leverage ◽

F Test ◽

Research Results ◽

Independent Variables ◽

Influential Variable

ANALISIS VARIABEL YANG BERPENGARUH TERHADAP KINERJA PERUSAHAAN DI BURSA EFEK INDONESIAOleh : Suseno STIE SATRIA Purwokerto ABSTRACT The aims of the research are (1) to analyze influence of age, scale, financial leverage, and profitability to performance of firms at The Indonesian Stock Exchange. (2) to determine the most influential variable on the performance of the firms. Hypotheses proposed in this research were: (1) Age, Scales, Financial Leverage, Profitability influences the performance of firms, (2) Age influences the performance of firms, (3) Scales influences the performance of firms, (4) Financial Leverage influences the performance of firms, (5) Profitability influences the performance of firms. Instrument of analysis employed in the research was multiple linear regression with t test and F test.The results of analyses of t test showed that profitability did not influence the performance of the firms. It was indicated by the value of computed t which was smaller than the value of t table. Meanwhile, the t test of age, scale and financial leverage indicated that the value of computed t > t table. It means that these variables (scale and financial leverage) influenced the performance of the firms. The F test showed that the independent variables of age, scale, financial leverage and profitability as a whole significantly influenced the performance of the firms. It was indicated by the calculated F > the value of F table, the value the age computed t which was smaller than the value of -t table..Based on the research results that age and profitability do not influence the performance of the firms, it is suggested that investors should not pay any attention to those variables. On the other hand, they should pay attention to the variables of scale and financial leverage. It is recommended that for further research should include longer periode of the sample.

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Learning The Strategy of Reasoning Through Marzano Dimensional Mastery Learning Model Among Form Four Students for The Topic Of Differentiation

Sains Humanika ◽

10.11113/sh.v9n1-4.1116 ◽

2017 ◽

Vol 9 (1-4) ◽

Author(s):

Mohamad Nizam Arshad ◽

Noor Azean Atan ◽

Abdul Halim Abdullah ◽

Mahani Mokhtar ◽

Mohd Salleh Abu

Keyword(s):

Teaching And Learning ◽

Learning Strategy ◽

Implementation Process ◽

T Test ◽

Education Development ◽

Paired Samples ◽

Significant Difference ◽

Before And After ◽

Post Test ◽

Reasoning Skills

Reasoning skills are very important in encouraging students to think more critically and logically, as depicted in the Malaysian Education Development Plan (2013-2025). Therefore, this study looked into improving the Differentiation Reasoning Level (DRL) of reasoning skills among students for a topic in the Additional Mathematics subject, known as Differentiation, through reasoning learning strategy. The study participants consisted of a total of 31 students from a secondary boarding school in Johor, selected through a purposive sampling method. A pre-test was carried out for the participants, from the advanced level, followed by a number of repetition tests, before the post-test assessment was conducted. The data collection for this study employed a set of Reasoning Test on Differentiation (RTD) and 10 sets of learning activities on Differentiation based on modified Marzano Rubric for Specific Task of Situations (1992). This dimension involved four types of reasoning skills, namely, comparison, classification, inductive, and deductive. The survey data, through paired samples t-test, revealed a significant difference between the mean scores in pre-test and post-test (p <0.05). In addition, the paired sample t-test showed a significant difference on the level of reasoning among students from each construct in the reasoning skills before and after using this module. In conclusion, the Marzano Model of Dimensional Learning (1992) is a thinking skill model that can help improve students' reasoning skills. The model covers analysis aspects of what has been learned by implementing the process of identifying reasons, which will help students to add and expand their knowledge. The findings also implied that, the processes of teaching and learning play an important role in ensuring students’ capability to emphasize on the implementation process of reasoning skills

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IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets

Sustainability ◽

10.3390/su10082844 ◽

2018 ◽

Vol 10 (8) ◽

pp. 2844 ◽

Cited By ~ 9

Author(s):

Rui Li ◽

Wei Liu ◽

Yong Liu ◽

Sang-Bing Tsai

Keyword(s):

Financial Crisis ◽

Initial Public Offering ◽

Small Firms ◽

Effective Means ◽

Ipo Underpricing ◽

2008 Financial Crisis ◽

Before And After ◽

The Difference ◽

The 2008 Financial Crisis ◽

Public Offering

A firm’s capability of raising funding is closely related to its sustainable development. With a more efficient allocation of funding among the whole society, social resources will be better utilized. Initial Public Offering (IPO) can indeed be an effective means of raising capital for corporate ventures. Using 1069 firms which completed IPOs on Chinese stock exchanges between 1st January 2004 and 1st January 2013, we investigate the difference in IPO underpricing before and after the 2008 financial crisis. Based on OLS regression models, we find that the IPOs are less underpriced in the post-crisis period. We examine the moderating effects of firm size on the difference in IPO underpricing between pre- and post-crisis periods, finding that small firms experienced less IPO underpricing than large firms after the financial crisis. After applying different model specifications such as Robust and OProbit regressions, the results remain consistent. Our study contributes to understanding the dynamics and influences of the financial crisis on firms’ IPO cost from the perspective of information asymmetry.

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PENGARUH KOMUNIKASI TERAPEUTIK TERHADAP PENURUNAN TINGKAT KECEMASAN PASIEN PRE-OPERATIF DI IBS BLU RSUP Prof. Dr. R.D. KANDOU MANADO

e-NERS ◽

10.35790/ens.v1i1.1772 ◽

2013 ◽

Vol 1 (1) ◽

Author(s):

Reychie Janis Sanggel ◽

Jeavery Bawotong ◽

Gresty Masi

Keyword(s):

Null Hypothesis ◽

T Test ◽

Patient Anxiety ◽

Therapeutic Communication ◽

Significance Level ◽

Paired Samples ◽

Before And After ◽

Independent Variable ◽

Keywords Anxiety ◽

Different Levels

Abstrak: Dalam menyiapkan pasien yang akan dioperasi, maka perawat dituntut mampu menyiapkan pasien untuk siap menjalani tindakan pembedahan. Sehingga komunikasi terapeutik dapat diterapkan oleh perawat untuk mengurangi kecemasannya. Penelitian ini bertujuan untuk mengetahui pengaruh komunikasi terapeutik terhadap penurunan tingkat kecemasan pasien pre-operatif di IBS BLU RSUP Prof.Dr.R.D.Kandou Manado. Desain dalam penelitian ini adalah pra-eksperiment one group pretest-posttest design. Sampel adalah pasien yang akan menjalani operasi di IBS BLU RSUP Prof.Dr.R.D.Kandou Manado yang mempunyai kecemasan. Variabel independen adalah komunikasi terapeutik dan variabel dependen adalah tingkat kecemasan pasien pre-operatif. Analisa data menggunakan uji-T sampel berpasangan pada tingkat kemaknaan 95% (α ≤0,05) dengan bantuan program SPSS versi 20. Hasil analisa didapatkan nilai p=0,000, artinya p <α. Hal ini berarti hipotesis nol (H0) ditolak. Dengan kata lain terdapat perbedaan tingkat kecemasan sebelum dan sesudah dilakukan komunikasi terapeutik pada pasien pre-operatif di IBS BLU RSUP Prof.Dr.R.D.Kandou Manado. Kata kunci: kecemasan, komunikasi terapeutik, pasien pre-operatif. Abstract: In preparing the patient to be operated, the nurses are able to prepare patients to readily undergo surgery. So that therapeutic communication can be applied by nurses to reduce anxiety. This study aimed to determine the effect of therapeutic communication to the decline in the level of patient pre-operative anxiety in IBS BLU Dr Prof.Dr.RDKandou Manado. The design in this study were pre-experimental one group pretest-posttest design. Samples are patients who will undergo surgery in the department of Prof.Dr.RDKandou Manado BLU IBS who have anxiety. The independent variable was therapeutic communication and the dependent variable is the level of pre-operative patient anxiety. Analysis of data using paired samples T-test at 95% significance level (α ≤ 0.05) with SPSS version 20. Analysis results obtained p=0.000, meaning that p <α. This means that the null hypothesis (H0) is rejected. In other words, there are different levels of anxiety before and after therapeutic communication in pre-operative patients in the IBS BLU Dr Prof.Dr.RD. Kandou Manado. Keywords: anxiety, therapeutic communication, pre-operative patients.

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Does Leverage Constrain Real and AEM Around IPO Corporate Event? Evidence from the Emerging Market

Global Business Review ◽

10.1177/0972150918825196 ◽

2019 ◽

Vol 20 (2) ◽

pp. 354-367

Author(s):

Sani Hussaini Kalgo ◽

Bany-Ariffin A.N. ◽

Hairul Suhaimi Bin Nahar ◽

Bolaji Tunde Matemilola

Keyword(s):

Earnings Management ◽

Initial Public Offering ◽

Emerging Market ◽

Order Theory ◽

Agency Cost ◽

Free Cash Flow ◽

Cross Sectional ◽

Pecking Order Theory ◽

Public Offering ◽

The Impact

The article investigates whether Malaysian initial public offering (IPO) firms engage in real and accrual earnings management (AEM) and examines the impact of leverage on the earnings management’s discretionary behaviour of the firms for the period of 2003–2013. The Dechow, Sloan, and Sweeney (1995, The Accounting Review, 70[2], 193–225) cross-sectional modified Jones model was used to estimate discretionary accruals, while Roychowdhury’s (2006, Journal of Accounting and Economics, 42[3]), 335–370) cross-sectional models were used to investigate abnormal real activity discretionary behaviour. The results indicate Malaysian IPO firms engage in real and accrual discretionary behaviour. The graphical presentations of the earnings’ management proxies indicate higher real and AEM for high-leverage firms. Similarly, the multivariate analysis indicates a positive relationship between leverage and earnings management, which is in tandem with the agency cost of free cash flow theory and debt hypothesis. It is also consistent with the pecking-order theory of capital structure. This study suggests that regulatory agencies and standard setters should continue to improve quality of accounting reports in order to protect investors’ invested capital.

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