scholarly journals Model hubungan informasi non keuangan dengan initial return dan return saham 7 hari

2019 ◽  
Vol 2 (2) ◽  
pp. 107-116
Author(s):  
Basuki Toto Rahmanto
Keyword(s):  
Initial Public Offering ◽  
Stock Prices ◽  
Design Research ◽  
Stock Exchange ◽  
Secondary Market ◽  
Independent Variables ◽  
Initial Return ◽  
Data Ownership ◽  
Data Source ◽  
Public Offering

This study aims to determine the factors that influence the initial return and return of shares after 7 days after the initial public offering of companies that went public on the Indonesia Stock Exchange in the period 2011-2015. This research is causal design research. The data source of this research is a list of listed companies that made an initial public offering in 2011-2015 on the Indonesia Stock Exchange and a list of initial stock prices, stock prices on the first day and stock prices 7 working days after the IPO on the secondary market. As well as auditor reputation data, ownership retention, and company age. The results of the simultaneous regression analysis show that all the independent variables together affect the initial return.

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.

scholarly journals Financial and Non-Financial Information Influencing Initial Return of IPOs on the Indonesia Stock Exchange

2020 ◽  
Vol 9 (2) ◽  
pp. 187-199
Author(s):  
Kharisma Zuliardi ◽  
Rini Setyo Witiastuti
Keyword(s):  
Initial Public Offering ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Secondary Market ◽  
Financial Factors ◽  
Significant Negative Effect ◽  
Initial Return ◽  
Negative Effect ◽  
Public Offering

This study aims to determine the effect of financial factors (Return on Assets, Current ratio, Debt to Equity Ratio) and non-financial factors (company age and percentage of stock offer) listed in the company’s prospectus against the level of Initial Return of shares. This type of research is quantitative research, the population in this study is a company that experienced a positive initial return on the first day on the secondary market that conducted an Initial Public Offering (IPO) on the Indonesia Stock Exchange in 2013-2018 with a total of 150 issuers, while the sample amounted to 122 issuers using the sampling technique that is purposive sampling method. The analytical method used is multiple linear analysis methods using eviews9. The results of the study indicate that the independent variables namely ROA, CR, DER, AGE, and PPS affect the dependent variable initial return. Only the variable ROA and company age that affects the level of initial stock return. ROA has a significant negative effect on initial return, Company Age has a significant negative effect on initial return. While CR, DER, and Percentage of stock offerings do not affect the stock initial return. For further research, it is better to add other variables, namely market ratios and company size that have not been used in this study.

scholarly journals PENGARUH LIKUDITAS DAN NILAI TUKAR TERHADAP HARGA SAHAM SETELAH IPO PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2009 SAMPAI TAHUN 2014

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Denny Andriana
Keyword(s):  
Exchange Rate ◽  
Initial Public Offering ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Statistical Hypothesis ◽  
Independent Variables ◽  
Us Dollar ◽  
Public Offering ◽  
Variable Exchange

Abstract. This study aims to determine the effect of corporate liquidity and exchange rate on stock prices after conducting IPO (Initial Public Offering) in Indonesia Stock Exchange. The study was conducted by taking 78 samples of companies whose IPO in 2009-2014. The analytical method used is multiple linear regression that compares the statistical hypothesis with the results. Regression results show the liquidity variables affect the stock price after the IPO with a positive correlation direction. While the variable exchange rate of Rupiah to US Dollar does not affect the stock price after IPO with negative correlation direction. Tests together (simultaneously) show the independent variables of liquidity and exchange rate as a whole affect the dependent variable or stock price after the IPO Keywords: Liquidity, Exchange Rate, Stock Price Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas perusahaan dan nilai tukar terhadap harga saham setelah melakukan IPO (Initial Public Offering) di Bursa Efek Indonesia. Penelitian dilakukan dengan mengambil 78 sampel perusahaan yang IPO di tahun 2009-2014. Metode analisis yang digunakan adalah regresi linier berganda yang membandingkan hipotesis statistik dengan hasil. Hasil regresi menunjukan variabel likuiditas berpengaruh terhadap harga saham setelah IPO dengan arah korelasi positif. Sedangkan variabel nilai tukar Rupiah terhadap Dolar AS tidak berpengaruh terhadap harga saham setelah IPO dengan arah korelasi negatif. Uji bersama-sama (secara simultan) menunjukan variabel independen yaitu likuiditas dan nilai tukar secara keseluruhan mempengaruhi variabel dependen atau harga saham setelah IPO Kata Kunci: Likuiditas, Nilai Tukar, Harga Saham

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

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 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.

scholarly journals ANALISIS PENGARUH INFORMASI PROSPEKTUS PERUSAHAAN TERHADAP INITIAL RETURN SAHAM PADA PASAR PERDANA DI BURSA EFEK INDONESIA

2019 ◽  
Author(s):  
Afriyeni Afriyeni ◽  
Doni Marlius
Keyword(s):  
Initial Public Offering ◽  
Research Finding ◽  
Regression Models ◽  
Stock Exchange ◽  
Financial Leverage ◽  
Financial Report ◽  
Initial Return ◽  
Multiple Regression Models ◽  
Report Data ◽  
Public Offering

This research investigates three variable of prospectus report that being Signalling Concequences to initial return stock at Initial Public Offering. These variable are Profitabily,, Financial Leverage and Liquidity. The sample took in the present research consists of 35 firms, which have been listed at Indonesia Stock Exchange since 2002 until 2006 years. The financial report data took as time as public offering. The t and F tests in multiple regression models are used to test hypotheses. Research finding show that : Liquidy at financial report are statistically significant to Signalling Concequences Initial Return. Second, other financial as Profitability and Financial Leverage are statistically no significant to Signalling Concequences initial return stock. This results indicates that investor think liquidity is superior to predict initial return stock at Initial Public Offering.

scholarly journals ANALISIS FAKTOR – FAKTOR YANG MEMPENGARUHI INITIAL RETURN SETELAH IPO DI BURSA EFEK INDONESIA PERIODE 2017-2019

2021 ◽  
Vol 6 (1) ◽  
pp. 77-90
Author(s):  
Debi Carolina ◽  
Dwi Desy Miswati
Keyword(s):  
Initial Public Offering ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Financial Leverage ◽  
Factors Affecting ◽  
Financial Firms ◽  
Initial Return ◽  
Public Offering ◽  
The Impact ◽  
A Company

Initial Public Offering is a mechanism in which a company for first time issues new stock and is then offered to the public. The factors affecting the initials return are Return On Asset, Financial Leverage, and Earning Per Share. The problems with this research are (1) What is the development of return on asset, financial leverage, earning per share and initial return on non-financial firms registered in BEI? (2) How does return on asset, financial leverage, and earning per share affect the initials return partially? (3) How does return on asset, financial leverage, and earning per share affect the initials return simultaneously? The purposes of this research are (1) To find out the progression of return on asset, financial leverage, earning per share, and initial return. (2) To know the impact of return on asset, financial leverage, and earning per share toward the initial return partially. (3) To know the impact of return on asset, financial leverage, and earning per share toward the initial return simultaneously. Locus in this research is conducted on a company that did IPO and registered to the Indonesian Stock Exchange in 2017-2019. The number of peoples in this research are 145 companies, and the selection of samples was used by purposive sampling technique to 34 IPO companies listed in the Indonesian Stock Exchange as a research. The method of data analysis used is descriptive and verificative, where it makes classical assumptions and multiple linear regression tests. Simultaneous research reveals that there have been significant effects on initials return. And partial, financial leverage has a positive effect on the initials return. Whereas the return on asset and earning per share have no effect on initials return.

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

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