ojs2 has produced an error Message: WARNING: Invalid argument supplied for foreach() In file: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php At line: 149 Stacktrace: File: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php line 149 Function: PKPApplication->errorHandler(2, "Invalid argument supplied for foreach()", "/home/jab1/public_html/lib/pkp/classes/core/Core.inc.php", 149, Array(6)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRequest.inc.php line 463 Function: Core->isUserAgentBot("Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)") File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 353 Function: PKPRequest->isBot() File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 106 Function: UsageEventPlugin->_buildUsageEvent("TemplateManager::display", Array(5)) File: (unknown) line (unknown) Function: UsageEventPlugin->getUsageEvent("TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/plugins/HookRegistry.inc.php line 89 Function: call_user_func(Array(2), "TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/template/PKPTemplateManager.inc.php line 332 Function: HookRegistry->call("TemplateManager::display", Array(5)) File: /home/jab1/public_html/pages/article/ArticleHandler.inc.php line 224 Function: PKPTemplateManager->display("article/article.tpl") File: (unknown) line (unknown) Function: ArticleHandler->view(Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRouter.inc.php line 362 Function: call_user_func(Array(2), Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPPageRouter.inc.php line 220 Function: PKPRouter->_authorizeInitializeAndCallRequest(Array(2), Object(Request), Array(1), False) File: /home/jab1/public_html/lib/pkp/classes/core/Dispatcher.inc.php line 134 Function: PKPPageRouter->route(Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPApplication.inc.php line 178 Function: Dispatcher->dispatch(Object(Request)) File: /home/jab1/public_html/index.php line 64 Function: PKPApplication->execute() Server info: OS: Linux PHP Version: 5.6.40-38+ubuntu18.04.1+deb.sury.org+1 Apache Version: N/A DB Driver: mysql DB server version: 5.7.33-0ubuntu0.16.04.1-log
Analisis Faktor-Faktor yang Mempengaruhi Underpricing pada Penawaran Umum Perdana | Indrawati | Jurnal Akuntansi dan Bisnis

Analisis Faktor-Faktor yang Mempengaruhi Underpricing pada Penawaran Umum Perdana

Novita Indrawati

##article.abstract##


The objectives of this study are to obtain empirical evidence and test the factors that affect underpricing of Initial Public Offerings. The factors are proceeds, size, age, percentage of share offered, profitability, leverage, and market condition (IHSG). This study was carried out on the company that conduct Initial Public Offerings in period of 2000-2002 at Jakarta Stock Exchange, with two types of sample: 56 underpricing firms and total of sample of 67 firms as comparison. I use multiple regression analysis to test the hyphotesis. The results of this study indicate that size and leverage affected underpricing. But, other factors: age, percentage of share offered, profitability, and market condition did not affect underpricing.

References


Baron., David. 1982. “A Model of The Demand for Investment Banking Advising and Distribution Services for New Issues”. Journal of Finance. 37 (September). pp 955-976.

Beatty, R.P. 1989. “Auditor Reputation and The Pricing of Initial Public Offering”. The Accounting Review Vol. LXIV.

Beatty, R.P., and Jay R. Ritter. 1986. “Investment Banking, Reputation, and The Underpricing of Initial Public Offerings”. Journal of Financial Economics. pp 213-232.

Chandradewi, Susanna. 2000. “Pengaruh Variabel Keuangan Terhadap Penentuan Harga Pasar Saham Perusahaan Sesudah Penawaran Umum Perdana”. Perspetif. Vol.5 No.1 Juni. hal 15-23.

Christy, M. I. Hasan and S. D. Smith. 1996. “A Note on Underwriter Competition and Initial Public Offerings”. Journal of Business Finance and Accounting. 23 May and June. pp 905-914.

Daljono. 2000. “Analisis Faktor-Faktor yang Mempengaruhi Initial Return Saham yang Listing di BEJ Tahun 1990-1997”. Simposium Nasional Akuntansi III. Jakarta. hal.556-569.

Jones, Charles P. 1998. “Investment: Analysis and Management”. Sixth Edition. John Willey and Sons, Inc.

Hanafi, Mamduh. 1998. “Efisiensi Emisi Saham Baru di Bursa Efek Jakarta (1989-1994)”. Kelola. No.17/VII. hal 88-106.

______________ dan Suad Husnan. 1991. “Perilaku Harga Saham di Pasar Perdana”. Usahawan No.11. Tahun XX. November: hal.12-15.

Husnan, Suad. 1998. “Dasar-Dasar Teori Portofolio dan Analisis Sekuritas”. Edisi Ketiga. UPP YKPN. Yogyakarta.

Kim, Jeong Bong, I. Krisky and J. Lee. 1993. “Motive for Going Public and Underpricing: New Findings from Korea”. Journal of Business Financial and Accounting. 20 (2) January. pp.195-211.

----------. 1995. “The Role of Financial Variables in The Pricing of Korean IPO”. Pasin-Business Finance Journal. Vol. 3, June. pp. 449-464.

Kiymaz, Halil. 2000. “The Initial and Aftermarket Performance of IPOs in An Emerging Market: Evidence from Istanbul Stock Exchange”. Journal of Multinational Financial Management. Vol. 10. pp. 213-227.

Leland H.E., and D. Pyle. 1997. “Information Asymmetries, Financial Structure and Financial Intermediation”. The Journal of Finance. 32 (May). pp. 371-387.

Nurhayati dan Nur Indriantoro. 1998. “Analisis Fator-Faktor yang Berpengaruh Terhadap Tingkat Underpriced Pada Penawaran Perdana”. Jurnal Ekonomi dan Bisnis. Vol. 13.hal.21-30.

Ritter, Jay R. 1998.” Initial Public Offerings”. Contemporary Finance Digest. Volume.2, No.1 (Spring 1998). pp 5-30.

Ritter, Jay R., and Ivo Welch. 2002. ”A Review of IPO Activity, Pricing and Allocations”. The Journal of Finance. Vol. LVII. No.4

Rock., Kevin. 1986. “Why New Issues Are Underpriced”. Journal of Financial Economics. 15 (January/February) pp.187-212.

Rodoni, Ahmad dan Othman Yong. 2001. “Analisis Investasi dan Teori Portofolio”. PT. RajaGrafindo Persada. Jakarta.

Rosyati dan Arifin Sabeni. 2002. “Analisis Faktor-Faktor yang Mempengaruhi Underpricing Saham pada Perusahaan Go Public di Bursa Efek Jakarta Tahun 1997-2000”. Simposium Nasional Akuntansi V Semarang. hal.286-297.

Welch, Ivo. 1992. “Sequential Sales, Learning and Cascades”. Journal of Finance. 47. pp 695-732.




DOI: http://dx.doi.org/10.20961/jab.v5i1.16

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic