Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Perusahaan yang Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia
Keywords:
financial leverage, auditor reputation, underwriter reputation, underpricing, initial public offering
Abstract
Underpricing is a phenomenon in initial public offering that often occurs in the capital market and has been proven by research in many countries. This study aims to analyze financial and non-financial factors that effect underpricing. This research is done in Indonesia stock exchange specifically on those companies that are going on initial public offering in 2010-2015. Underpricing is measured using intial abnormal return which is the dependent variable of this study. Meanwhile the independent variables are financial leverage (financial variable), auditor reputation, underwriter reputation, (non-financial variables). 114 companies are selected as the sample through purposive sampling method. Logistic regression model is used to test the relationship between the variables. The results show that the reputation of underwriter and auditor are significant and positive in affecting the underpricing. Meanwhile, financial leverage are found to be insignificant in affecting the underpricing.
References
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Bapepam. 2012. Keputusan Ketua Badan Pengawas Pasar Modal, No: kep-347/BL/2012 Tanggal 1 Agustus 2012 tentang Kewajiban Penyajian dan Pengungkapan Laporan Tahunan bagi Emiten atau Perusahaan Publik.
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Blake, D. & Freris, A.F. 1997.The short run performance of initial public offerings: New results using a dynamic beta model. Advances in Pacific Basin Financial Markets 3:1189 – 1210.Disunting oleh T.Bos & T.Fetherston. Connecticut: JAI Press.
Brigham, E. F. dan Houston, J. F. 2014.Dasar-Dasar Manajemen Keuangan.Jakarta :Erlangga.
Carter, Richard and Steven Manaster. 1990. Initial Public Offering and Underwriter Reputation. Journal of Financial.Vol 45. pp 1045-1067.
Chiraphadhanakul, Vichakorn, and Kennedy D.Gunawan. 2005. The Factors Affecting on IPO Return in Thai Stock Market. Proceeding of the International Conference Computer and Industrial Management, ICIM. Bangkok, Thailand. Vol. 13, No.SP 2. pp. 191 – 196
Dawson, S.M. 1987. Secondary stock market performance of initial public offerings, Hong Kong, Singapore and Malaysia: 1978 – 1984Journal of Business Finance and Accounting. Vol. 14, pp. 65 – 76.
Dimovski, William and Robert Brooks. 2008. The Underpricing of Gold Mining Initial Public Offerings. Research in International Business andFinance, Vol 22, No.1. pp 1-16.
Ghosh, C., R. Nag., and C.F. Sirmans. 2000. A Test of Signaling Value of IPO Underpricing with REIT IPO-SEO Pairs. Journal of Real Estate and Economics.Vol. 20. pp. 137-154.
Ghozali, I. 2011, Aplikasi Analisis Multivariate dengan Program SPSS, Badan Penerbit Universitas Diponegoro, Semarang.
Hoberg, G. 2007. The Underwriter Persistence Phenomenon.Journal of Finance. Vol. 62, pp. 1169 - 1206.
Hogan, C.E. 1997. Cost and Benefits of Audit Quality in The IPO Market: A Self Selection Analysis. The Accounting Review.Vol. 72, No. 1. pp. 67-86.
How, Janice C.Y. Izan H.Y. and Monroe Gary S. 1995. Differential Information and The Underpricing of Initial Public Offerings: Australian Evidence. Journal of Accounting and Finance.Vol. 3. pp. 87 – 105
Jhonson, William. 2011. Underpricing and Underwriter Wealth Gains. Investment Management and Financial Innovations, USA.Vol. 8, pp. 45 – 63.
Kasmir. 2014. Analisis Laporan Keuangan (1st ed.). Jakarta: Rajawali Pers.
Kim Jeong Bon, Itzhak Krinsky and Jason Lee. 1993. Motives for Going Public and Underpricing: New Findings from Korea. Journal of Business Financial and Accounting.Vol. 20.pp. 195 - 211.
Kunz, R. M., & Aggarwal, R. 1994. Why initial public offerings are underpriced: Evidence from Switzerland. Journal of Banking & Finance, Vol.18, pp. 705-723.
Ljungqvist, Alexander. 2005. IPO Underpricing. Handbook of Corporate Finance: Empirical Corporate Finance. The Journal of Finance, Vol. 2, pp. 375 – 422
Martani, D., Sinaga Leony. I., and Syahroza, A. 2012.Analysis on Factors Affecting IPO Underpricing and their Effects on Earning Persistence.World Review of Business Research, Vol. 2.No. 2. pp. 1 – 15.
Ritter, J. R. 1984. The Hot Issue Market of 1980.Journal of Business, Vol. 54, pp . 215 - 240.
Ritter, J.R. 1991, The Long-Run Performance of Initial Public Offerings. The Journal of Finance, March, Vol. XLVI, No. 1, pp. 3-27.
Ross, A. Steven. 1977. The Determination of Financial Structure: The Incentive Signaling Approach. Bell Journal of Economic Vol. 8, No. 1, pp. 23-40.
Shamsher Mohamad, Annuar Md. Nasir and Mohamed Arif. 1993. Analysis of underpricing in the Malaysian new issues market during 1975 – 1990 : Are new issue excessively underpriced. Capital Market Review ,pp. 17 – 28.
Shockley, R. A. 1981. Perceptions of Auditor’s Independence; An empirical analysis.The Accounting Reviews, Vol. 56, pp. 785-800.
Su, Dongwei and Belton M. Fleisher. 1997. Risk, Return and Regulation in Chinese stock Market. Journal of Economics and Business.Vol. 50. pp. 239 – 256
Thornton et al. 2009. Do Underwriters Create Value in the Determination of the IPO Final Offering Price?.The Journal of Applied Business Research.Vol. 25. pp. 1 – 11.
Undang-undang Republik Indonesia No. 8/ 1995. Pasar Modal
Welch, I. 1989. Seasoned Offerings, Imitation Costs, and The Underpricing of Initial Public Offerings. Journal of Finance. Vo. XLIV No.2, pp. 421-449.
Bapepam. 2012. Keputusan Ketua Badan Pengawas Pasar Modal, No: kep-347/BL/2012 Tanggal 1 Agustus 2012 tentang Kewajiban Penyajian dan Pengungkapan Laporan Tahunan bagi Emiten atau Perusahaan Publik.
Baron, D.P, 1982. A Model of The Demand for Investment Bank Advising and Distribution Services for New Issues. Journal of Finance.Vol. 45. pp. 955 – 976
Beatty, R. 1989. Auditor reputation and the pricing of initial public offerings,The Accounting Review, Vol. 64, No. 4. pp. 693-707.
Blake, D. & Freris, A.F. 1997.The short run performance of initial public offerings: New results using a dynamic beta model. Advances in Pacific Basin Financial Markets 3:1189 – 1210.Disunting oleh T.Bos & T.Fetherston. Connecticut: JAI Press.
Brigham, E. F. dan Houston, J. F. 2014.Dasar-Dasar Manajemen Keuangan.Jakarta :Erlangga.
Carter, Richard and Steven Manaster. 1990. Initial Public Offering and Underwriter Reputation. Journal of Financial.Vol 45. pp 1045-1067.
Chiraphadhanakul, Vichakorn, and Kennedy D.Gunawan. 2005. The Factors Affecting on IPO Return in Thai Stock Market. Proceeding of the International Conference Computer and Industrial Management, ICIM. Bangkok, Thailand. Vol. 13, No.SP 2. pp. 191 – 196
Dawson, S.M. 1987. Secondary stock market performance of initial public offerings, Hong Kong, Singapore and Malaysia: 1978 – 1984Journal of Business Finance and Accounting. Vol. 14, pp. 65 – 76.
Dimovski, William and Robert Brooks. 2008. The Underpricing of Gold Mining Initial Public Offerings. Research in International Business andFinance, Vol 22, No.1. pp 1-16.
Ghosh, C., R. Nag., and C.F. Sirmans. 2000. A Test of Signaling Value of IPO Underpricing with REIT IPO-SEO Pairs. Journal of Real Estate and Economics.Vol. 20. pp. 137-154.
Ghozali, I. 2011, Aplikasi Analisis Multivariate dengan Program SPSS, Badan Penerbit Universitas Diponegoro, Semarang.
Hoberg, G. 2007. The Underwriter Persistence Phenomenon.Journal of Finance. Vol. 62, pp. 1169 - 1206.
Hogan, C.E. 1997. Cost and Benefits of Audit Quality in The IPO Market: A Self Selection Analysis. The Accounting Review.Vol. 72, No. 1. pp. 67-86.
How, Janice C.Y. Izan H.Y. and Monroe Gary S. 1995. Differential Information and The Underpricing of Initial Public Offerings: Australian Evidence. Journal of Accounting and Finance.Vol. 3. pp. 87 – 105
Jhonson, William. 2011. Underpricing and Underwriter Wealth Gains. Investment Management and Financial Innovations, USA.Vol. 8, pp. 45 – 63.
Kasmir. 2014. Analisis Laporan Keuangan (1st ed.). Jakarta: Rajawali Pers.
Kim Jeong Bon, Itzhak Krinsky and Jason Lee. 1993. Motives for Going Public and Underpricing: New Findings from Korea. Journal of Business Financial and Accounting.Vol. 20.pp. 195 - 211.
Kunz, R. M., & Aggarwal, R. 1994. Why initial public offerings are underpriced: Evidence from Switzerland. Journal of Banking & Finance, Vol.18, pp. 705-723.
Ljungqvist, Alexander. 2005. IPO Underpricing. Handbook of Corporate Finance: Empirical Corporate Finance. The Journal of Finance, Vol. 2, pp. 375 – 422
Martani, D., Sinaga Leony. I., and Syahroza, A. 2012.Analysis on Factors Affecting IPO Underpricing and their Effects on Earning Persistence.World Review of Business Research, Vol. 2.No. 2. pp. 1 – 15.
Ritter, J. R. 1984. The Hot Issue Market of 1980.Journal of Business, Vol. 54, pp . 215 - 240.
Ritter, J.R. 1991, The Long-Run Performance of Initial Public Offerings. The Journal of Finance, March, Vol. XLVI, No. 1, pp. 3-27.
Ross, A. Steven. 1977. The Determination of Financial Structure: The Incentive Signaling Approach. Bell Journal of Economic Vol. 8, No. 1, pp. 23-40.
Shamsher Mohamad, Annuar Md. Nasir and Mohamed Arif. 1993. Analysis of underpricing in the Malaysian new issues market during 1975 – 1990 : Are new issue excessively underpriced. Capital Market Review ,pp. 17 – 28.
Shockley, R. A. 1981. Perceptions of Auditor’s Independence; An empirical analysis.The Accounting Reviews, Vol. 56, pp. 785-800.
Su, Dongwei and Belton M. Fleisher. 1997. Risk, Return and Regulation in Chinese stock Market. Journal of Economics and Business.Vol. 50. pp. 239 – 256
Thornton et al. 2009. Do Underwriters Create Value in the Determination of the IPO Final Offering Price?.The Journal of Applied Business Research.Vol. 25. pp. 1 – 11.
Undang-undang Republik Indonesia No. 8/ 1995. Pasar Modal
Welch, I. 1989. Seasoned Offerings, Imitation Costs, and The Underpricing of Initial Public Offerings. Journal of Finance. Vo. XLIV No.2, pp. 421-449.
Published
2020-06-01
How to Cite
Rianty N, M., & Riana, D. (2020). Pengaruh Variabel Keuangan dan Non Keuangan terhadap Underpricing pada Perusahaan yang Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia. Akuntansi Dan Manajemen, 15(1), 42-54. https://doi.org/10.30630/jam.v15i1.56
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Articles
